Exhibit 99.1 Glucotrack Reports First Quarter 2025 Financial Results and Recent Corporate Highlights On track to implant first patients in long-term, multicenter feasibility study of the fully implantable continuous blood glucose monitor (CBGM) system in Australia in Q3 2025 Investigational Device Exemption (IDE) approval for novel CBGM technology from FDA expected in Q4 2025 Rutherford, NJ, May 14, 2025 (GLOBE NEWSWIRE) — Glucotrack, Inc. (Nasdaq: GCTK) ("Glucotrack" or the "Company"), a medical technology ...

Financial Performance - The company reported a net loss of $29.1 million for the three months ended March 31, 2025, with an accumulated deficit of $4.5 billion[148]. - Total revenue for the three months ended March 31, 2025, was $38.7 million, an increase of $20.1 million compared to $18.6 million for the same period in 2024, primarily due to eight additional infusions[177]. - The net loss for the three months ended March 31, 2025, was $29.1 million, a decrease of $40.7 million compared to a net loss of $69.8 million in the same period of 2024[177]. - Net cash used in operating activities for the three months ended March 31, 2025, was $43.4 million, a decrease from $74.7 million in the same period of 2024[189]. Cash and Liquidity - Cash and cash equivalents were approximately $78.7 million as of March 31, 2025, with restricted cash of $13.6 million[150][154]. - As of March 31, 2025, the company had cash and cash equivalents of approximately $78.7 million, primarily held in U.S. government agency securities and money market accounts[182]. - The company expects existing cash and cash equivalents to fund operations into June 2025, contingent on the completion of the Merger Transaction[185]. - The company cautions that its cash runway estimate may be affected by revenues and operating costs that could differ materially from current assumptions[154]. Research and Development - The company plans to continue incurring research and development expenses while scaling manufacturing capabilities for its gene therapies[152][165]. - Research and development expenses were $17.7 million for the three months ended March 31, 2025, down from $25.1 million in 2024, reflecting a decrease of $7.4 million[180]. - The accumulated deficit as of March 31, 2025, was $4.5 billion, with expectations for research and development expenses to decrease as commercial activities increase[183]. Mergers and Acquisitions - A merger agreement was announced on February 21, 2025, with a cash tender offer of $3.00 per share plus a contingent value right or $5.00 per share[149][157]. - The merger transaction is expected to close in the first half of 2025, which is critical for the company's liquidity[149][151]. - The company entered into a Merger Agreement on February 21, 2025, with expectations for completion in the first half of 2025[184]. Sales and Financing Activities - The company sold its first Rare Pediatric Disease Priority Review Voucher for net proceeds of $102.0 million and the second for $92.9 million in early 2023[145]. - In Q1 2023, the company sold its second PRV for aggregate net proceeds of $92.9 million[193]. - In Q1 2023, the company sold 1.2 million shares of common stock at $120.00 per share, generating aggregate net proceeds of $130.5 million[193]. - In December 2023, the company sold 4.2 million shares of common stock at $30.00 per share, resulting in aggregate net proceeds of $118.1 million[193]. - The company entered into a Loan Agreement for up to $175.0 million in debt financing in March 2024[193]. - The company has not made any sales pursuant to the Open Market Sales Agreement with Jefferies LLC as of March 31, 2025, which allows for sales up to $125.0 million[193]. Cost Management - Cost of product revenue decreased to $12.2 million for the three months ended March 31, 2025, from $25.9 million in the same period of 2024, attributed to reduced costs related to excess manufacturing capacity[178]. - Selling, general and administrative expenses decreased to $30.3 million for the three months ended March 31, 2025, from $46.3 million in 2024, a reduction of $16.1 million[179]. - The company has never been profitable and expects to continue incurring significant expenses and operating losses for the foreseeable future[148]. Regulatory Approvals - The FDA approved three gene therapies: ZYNTEGLO, SKYSONA, and LYFGENIA, with commercialization efforts focused in the U.S.[140][141]. Market Risks - The company has exposure to market risk related to changes in interest rates, primarily due to investments in short-term securities[194].

Collaboration with AbbVie - The company has entered into an exclusive option agreement with AbbVie Inc., granting AbbVie the option to obtain a co-exclusive license for the development and commercialization of reproxalap in the U.S. and an exclusive license outside the U.S.[95] - AbbVie has made a non-refundable payment of $1.0 million for the option and extended the exercise period by paying an additional $5.0 million[96] - Upon execution of the collaboration agreement, AbbVie will pay a $100.0 million upfront cash payment, with potential for up to $300.0 million in regulatory and commercial milestone payments[98] - The collaboration with AbbVie includes a profit-sharing model of 60% for AbbVie and 40% for the company from the commercialization of reproxalap in the U.S.[98] - The profit-sharing arrangement with AbbVie for the commercialization of reproxalap is set at 60% for AbbVie and 40% for the company in the U.S.[127] Financial Position and Funding - The company has no products approved for sale and has primarily funded operations through the sale of common stock and debt, indicating a need for additional capital to fund product development[101] - The Hercules Credit Facility allows for a term loan of up to $60.0 million, with $15.0 million funded as of March 31, 2025, and various amendments extending payment terms and conditions[103] - As of March 31, 2025, total stockholders' equity was approximately $63.6 million, with cash, cash equivalents, and marketable securities totaling $90.1 million[119] - As of March 31, 2025, the company expects its cash, cash equivalents, and marketable securities to fund operations into 2027, excluding potential licensing and product revenue[128] - The company anticipates needing additional funding for ongoing research and development activities, regulatory activities, and commercialization efforts[128] - The company may seek additional capital through debt, equity, or partnerships, amid economic uncertainties and market disruptions[129] Research and Development - The company is developing multiple product candidates, including reproxalap for dry eye disease and ADX-2191 for retinitis pigmentosa, with ongoing clinical trials and regulatory submissions[93] - Research and development expenses increased to $7.4 million for the three months ended March 31, 2025, up 20.1% from $6.2 million in the same period of 2024[115] - Approximately 40% of total research and development expenses for the three months ended March 31, 2025, were related to late-stage product candidates, primarily reproxalap[116] - The company expects research and development expenses to increase as it advances ADX-246, ADX-248, and other compounds through preclinical and clinical development[104] - The company does not expect reproxalap or any other product candidates to be commercially available before at least the second half of 2025[107] Operational Results - Net loss for the three months ended March 31, 2025, was approximately $9.9 million, representing a 22.9% increase from a net loss of $8.1 million in the same period of 2024[115] - Total other income (expense), net, decreased to $0.5 million for the three months ended March 31, 2025, down 62.0% from $1.3 million in the same period of 2024[118] - General and administrative expenses decreased to $3.0 million for the three months ended March 31, 2025, down 6.4% from $3.2 million in the same period of 2024[117] - Net cash used in operating activities for Q1 2025 was $12.5 million, an increase from $10.0 million in Q1 2024, primarily due to higher research and development expenses[131] - Net cash provided by investing activities was $7.3 million for Q1 2025, compared to a net cash outflow of $30.4 million in Q1 2024[132] - Net cash provided by financing activities was $1.0 million for Q1 2025, significantly higher than $18.2 thousand in Q1 2024[133] Regulatory and Compliance Risks - The company is subject to various risks and uncertainties that could impact its financial position and operational results, including regulatory approvals and market acceptance of its product candidates[94] - The company will incur ongoing costs related to compliance with the Sarbanes-Oxley Act and other regulatory requirements as a public entity[130]

Financial Performance - Q1'25 total revenue was $18.9M, down 16% quarter-over-quarter and 10% year-over-year, aligning with guidance[51]. - Gross profit for Q1'25 was a loss of $(8.1)M, consistent with guidance of a gross loss of $(5)M to $(10)M per quarter for FY'25[52]. - Operating expenses (OpEx) for Q1'25 were $64.2M, with a target to reduce quarterly OpEx to the low-$30M range by the end of FY'25[52]. - GAAP net loss for Q1 2025 was $76,516,000, compared to a net loss of $44,222,000 in Q4 2024 and $125,714,000 in Q1 2024[79]. - Non-GAAP net loss for Q1 2025 was $63,080,000, an improvement from $49,831,000 in Q4 2024 and $80,456,000 in Q1 2024[79]. - GAAP operating cash flow for Q1 2025 was $(44,229,000), compared to $(61,360,000) in Q4 2024 and $(81,229,000) in Q1 2024[81]. - Total GAAP operating expenses for Q1 2025 were $64,172,000, down from $78,166,000 in Q4 2024 and $115,314,000 in Q1 2024[77]. - Non-GAAP operating expenses for Q1 2025 were $45,168,000, compared to $55,031,000 in Q4 2024 and $73,179,000 in Q1 2024[77]. - Ending cash, cash equivalents, and restricted cash for Q1 2025 was $61,222,000, down from $111,296,000 in Q4 2024[73]. - GAAP gross profit (loss) for Q1 2025 was $(8,100,000), compared to $12,478,000 in Q4 2024 and $(10,455,000) in Q1 2024[76]. - Non-GAAP gross profit (loss) for Q1 2025 was $(6,437,000), an improvement from $14,041,000 in Q4 2024 and $(4,759,000) in Q1 2024[76]. - Stock-based compensation for Q1 2025 amounted to $19,380,000, compared to $23,343,000 in Q4 2024[82]. - The company reported a net cash provided by investing activities of $20,445,000 in Q1 2025, compared to $34,426,000 in Q4 2024[73]. Cost Management - Luminar expects over $100 million in product development savings as it scales by customer with the new unified product architecture[27]. - The expected Bill of Materials (BOM) reduction from Iris to Halo is over 50%[33]. - Luminar aims to reduce quarterly operating expenses from mid/high-$30 million to a low-$30 million range by the end of 2025[46]. - The company has achieved significant cost savings through its restructuring plan implemented in May 2024, which includes a reduction in redundant roles[11]. - The company aims to reduce 2026 convertible debt to below $100M by June 2026, with a current outstanding face amount of $185M[50]. Revenue and Growth Projections - The company expects FY'25 total revenue growth of 10% to 20% and anticipates sensor shipments of 30k-33k, significantly up from ~9k in FY'24[55][57]. - Approximately 6,000 LiDAR units were shipped in Q1'25, representing a 50% increase quarter-over-quarter[54]. - The company is on track to ramp series production volume by at least 3x year-over-year, supporting additional vehicle model launches[60]. Technology Development - Luminar anticipates a targeted faster time to market, aiming for a 2x improvement[27]. - The company is actively developing various software capabilities that have not yet achieved production-ready status[13]. - Progress is being made on next-generation technology, specifically Luminar Halo, with development work for Volvo Cars and Mercedes-Benz[61]. Partnerships and Market Strategy - Luminar's partnerships with major OEMs like Nissan and Mercedes are expected to enhance the adoption of its LiDAR technology[24]. - The company is focused on core transceiver expertise while maintaining ownership of OEM customer relationships through strategic partnerships[30]. - The company plans to issue approximately $30M per quarter under its equity financing program[59].

Lithium Refinery Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to supply battery-grade lithium primarily for the electric vehicle market [171]. - The company is in the development stage and has purchased a site in Muskogee, Oklahoma, for its planned refinery, which will have a phased capacity of up to 50,000 metric tons per annum [192][193]. - The refinery will utilize a technological innovation allowing it to refine various sources of lithium brine, aiming to produce a consistent feedstock [194]. - The total refinery cost is estimated at $1,165 million, with plans to finance through a mix of debt, equity, and potential government grants [232]. Financial Performance - The company has not generated any revenue since inception and has been operating at a loss, with a net loss of $3,809,700 for the three months ended March 31, 2025, compared to a net loss of $1,399,213 for the same period in 2024 [217]. - General and administrative expenses increased significantly to $5,748,648 for the three months ended March 31, 2025, up from $1,235,366 in the prior year, reflecting an increase of $4,513,282 [217]. - As of March 31, 2025, the accumulated deficit was $56,428,648, up from $52,618,948 as of December 31, 2024 [231]. - The company has not earned any revenue and has been operating at a loss since inception, with a stockholders' deficit of $12,835,162 as of March 31, 2025 [234]. Capital and Financing - The company received up to $257 million in performance-based incentives from the State of Oklahoma, contingent on job creation and capital expenditures [174]. - Stardust Power secured a loan of $1.75 million from Endurance Antarctica Partners II, LLC, with a 15% interest rate, maturing in March 2025 [185]. - The company has issued promissory notes totaling $492,000 with an interest rate of 6%, maturing in 2025, to support its financing needs [205]. - The Company anticipates funding its near-term operations through the sale of equity securities, promissory notes, and debt financing [233]. - The Company plans to raise additional capital through equity issuance or borrowings to fund operations and investments over the next year [252]. Compliance and Regulatory Issues - The company received notices from Nasdaq regarding non-compliance with listing standards due to market value and bid price issues [186]. - The company has a compliance period until September 15, 2025, to regain compliance with Nasdaq's Minimum Price Rule, requiring a minimum bid price of $1.00 per share for 10 consecutive business days [187]. - The company must also comply with the MVPHS Rule by maintaining a market value of publicly held shares of at least $15,000,000 for 10 consecutive business days by September 15, 2025 [188]. - The MVLS Rule requires the company to achieve a market value of listed securities of $50,000,000 for 10 consecutive business days by September 30, 2025, to avoid delisting [189]. Strategic Partnerships and Agreements - The company entered into a non-binding letter agreement with Sumitomo for a long-term offtake agreement to supply 20,000 metric tons of lithium carbonate annually, with potential to increase to 25,000 metric tons [182]. - Stardust Power purchased 10 million shares (approximately 6% equity) of IRIS Metals Limited for $1.6 million to explore strategic partnerships in lithium production [181]. - The company has entered into an engineering agreement with Primero USA, Inc. for approximately $4.7 million to assist in the development of its lithium facility [180]. - The Company is negotiating fixed price off-take agreements to mitigate commodity price risks associated with lithium hydroxide and lithium carbonate [274]. - The Company plans to enter into 10-year long-term sales contracts with EV manufacturers to stabilize product pricing and manage supply chain risks [276]. Cash Flow and Operating Activities - For the three months ended March 31, 2025, net cash used in operating activities was $2,875,187, a significant increase from $934,680 in the same period of 2024, reflecting a net loss of $3,809,700 [246][247]. - Net cash provided by financing activities for the three months ended March 31, 2025, was $4,511,080, primarily from a public offering that generated gross proceeds of $5,750,400 [250]. - For the three months ended March 31, 2025, net cash used in investing activities was $960,332, mainly for capital project costs related to refinery construction [249]. Risks and Challenges - The company has a limited operating history and faces significant risks and challenges, including competition and macroeconomic conditions [198][201]. - The Company is currently facing a volatile inflationary environment, which could impact its financial condition and operations [289]. - The Company is subject to credit risk for cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [288]. - As of March 31, 2025, the Company had no significant risk related to changes in interest rates [287].

Lithium Refinery Development - Stardust Power is developing a large-scale lithium refinery in Oklahoma to supply battery-grade lithium primarily for the electric vehicle market [171]. - The company plans to construct a refinery with a phased approach, starting with a production line of up to 25,000 metric tons per annum, with a second line to increase total capacity to 50,000 metric tons per annum [193]. - The total refinery cost is estimated at $1,165 million, with plans to finance through a mix of debt, equity, and potential government grants [232]. Financial Performance and Funding - The company has not generated any revenue since inception and has been operating at a loss, with a net loss of $3,809,700 for the three months ended March 31, 2025, compared to a net loss of $1,399,213 for the same period in 2024 [217]. - General and administrative expenses increased significantly to $5,748,648 for the three months ended March 31, 2025, up from $1,235,366 in the same period of 2024, reflecting an increase of $4,513,282 [217]. - The company has an accumulated deficit and has not earned any revenue since inception, raising concerns about its ability to continue operations without additional capital [252]. - The company anticipates funding its near-term operations through the sale of equity securities, promissory notes, and debt financing [233]. - For the three months ended March 31, 2025, net cash used in operating activities was $2,875,187, a significant increase from $934,680 in the same period of 2024 [246][247]. - The Company reported net cash provided by financing activities of $4,511,080 for the three months ended March 31, 2025, primarily from a public offering that raised $5,750,400 [250]. Agreements and Partnerships - Stardust Power executed a non-binding letter agreement with Sumitomo for a long-term offtake agreement to supply 20,000 metric tons of lithium carbonate annually, with potential for increase [182]. - The company is in the process of negotiating with multiple suppliers for brine feedstock, including producers from the oil and gas industry, to source raw materials for lithium production [203]. - The Company entered into a consulting agreement with DRE Chicago LLC for $500,000 and a loan of $250,000 at 15% interest, maturing in March 2025, with an equity kicker of $375,000 in Common Stock [268]. - A binding term sheet was established with Endurance Antarctica Partners II, LLC for a loan of $1,750,000 at 15% interest, maturing in March 2025, along with $3,500,000 in Common Stock as an equity kicker [269]. Compliance and Regulatory Issues - The company received notices from Nasdaq regarding non-compliance with listing standards due to market value and bid price issues [186]. - The company has a 180-day compliance period until September 15, 2025, to regain compliance with Nasdaq's Minimum Price Rule, requiring a minimum bid price of $1.00 per share for 10 consecutive business days [187]. - The company also has until September 30, 2025, to comply with the MVLS Rule, which requires a market value of publicly held shares to close at $50,000,000 or more for 10 consecutive business days [189]. Investments and Equity - The company invested $1.6 million in IRIS Metals Limited, acquiring approximately 6% of its total equity, to explore strategic partnerships [181]. - The company issued 3,981 shares of common stock during the three months ended March 31, 2025, generating net proceeds of $15,922 [238]. - The fair value of the Company's Common Stock is determined based on third-party appraisals and various market conditions, impacting stock-based compensation measurements [261]. Market and Economic Conditions - The Company is currently facing a volatile inflationary environment, which could impact its financial condition and operations [289]. - The Company is subject to credit risk for cash balances exceeding the FDIC insured amount of $250,000, with only one financial banking institution [288]. - As of March 31, 2025, the Company had no significant risk related to changes in interest rates [287].

Financial Performance - Total revenues for Q1 2025 were $22.4 million, a 39.5% decrease from $37.1 million in Q1 2024[180] - Cost of revenues decreased by 40.8% to $14.4 million in Q1 2025 from $24.3 million in Q1 2024, attributed to lower units sold[181] - Gross profit for Q1 2025 was $8.0 million, down 37.2% from $12.8 million in Q1 2024, with a gross profit margin of 35.9% compared to 34.5% in the prior year[182] - General and administrative expenses for Q1 2025 were $10 million, representing 44.8% of revenue, down from $15.2 million or 41.1% of revenue in Q1 2024[183] - Research and development expenses for Q1 2025 were $0.9 million, representing 4.1% of revenue, compared to $1.2 million or 3.2% of revenue in Q1 2024[184] - Other expense, net for Q1 2025 was $0.5 million, a decrease of $2.1 million from $2.6 million in Q1 2024[185] - Net loss for Q1 2025 was approximately $3.2 million, down from a net loss of $7.1 million in Q1 2024[186] - For the three months ended March 31, 2025, the company reported a net loss of $3.243 million, compared to a net loss of $7.089 million for the same period in 2024, indicating a 54.4% improvement in net loss year-over-year[189] - EBITDA for the three months ended March 31, 2025, was $1.557 million, compared to a negative EBITDA of $1.543 million for the same period in 2024, reflecting a significant turnaround[189] - Adjusted EBITDA for the three months ended March 31, 2025, was a loss of $25 thousand, compared to a positive adjusted EBITDA of $179 thousand for the same period in 2024[189] Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $8.1 million, down from $11.8 million as of March 31, 2024, representing a decrease of 31.4%[191] - The company had net cash used in operating activities of $4.7 million for the three months ended March 31, 2025, compared to $1.9 million for the same period in 2024, indicating increased cash outflow[192] - The company expects to achieve positive cash flow from operations and is actively working to refinance its existing debt to improve financial flexibility[206] - The company anticipates that cash and cash equivalents, along with anticipated cash flows from operations, will provide sufficient liquidity for working capital needs and debt service requirements[198] - The company is facing significant challenges due to global supply chain uncertainties and increased costs of capital, which may impact its ability to access funding sources[197] Compliance and Financial Covenants - The company was not in compliance with its financial covenant related to the Senior Leverage Ratio under the Credit Agreement at multiple points, including December 31, 2024, and March 31, 2025[199][202] - The Company reported stockholders' equity of ($12,896,000) as of December 31, 2024, failing to meet the Nasdaq requirement of at least $2.5 million[208] - The Company intends to submit a compliance plan to Nasdaq within 45 days to regain compliance with Listing Rule 5550(b)[208] - The market value of the Company's listed securities was $2,830,180 as of April 4, 2025, significantly below the Nasdaq requirement of at least $35 million[208] Shareholder Matters - Following a private placement in February 2025, the Company may need to increase the number of authorized shares of Class A common stock due to the potential exercise of 1,323,000 warrants[209] - There is uncertainty regarding shareholder approval for the increase in authorized shares, which could impair the Company's ability to raise equity capital[209] Accounting and Financial Reporting - The Company has no significant off-balance sheet arrangements that could affect its financial condition or liquidity[211] - The Company’s financial statements are prepared in accordance with GAAP, requiring assumptions and estimates that could materially differ from actual results[212] - Key accounting estimates critical for understanding financial results include revenue recognition, intangible assets, and stock-based compensation expense[213] - Recent accounting pronouncements may materially impact the Company's consolidated financial condition and results of operations[215] Revenue Decline Factors - The decrease in revenues was primarily due to lower global demand for interactive flat panel displays and competitive pricing in the industry[180] - The increase in gross profit margin is primarily related to changes in product mix despite pricing pressures[182] - The company is focused on ongoing initiatives to reduce operating expenses across all cost groups[183]

Financial Performance - Total revenues for Q1 2025 were $22.4 million, a decrease of 39.5% compared to $37.1 million in Q1 2024[5] - Gross profit for Q1 2025 was $8.0 million, down 37.2% from $12.8 million in Q1 2024, with a gross profit margin of 35.9%[7] - Net loss for Q1 2025 was $3.2 million, an improvement from a net loss of $7.1 million in Q1 2024, resulting in a net loss per share of $1.41 compared to $3.81[10] - Adjusted EBITDA for Q1 2025 was a loss of $25 thousand, compared to a gain of $0.2 million in Q1 2024[13] - Revenues for Q1 2025 were $22.423 million, a decrease of 39.5% compared to $37.093 million in Q1 2024[25] - Gross profit for Q1 2025 was $8.043 million, down 37.1% from $12.815 million in Q1 2024[25] - Net loss for Q1 2025 was $3.243 million, an improvement from a net loss of $7.089 million in Q1 2024[25] - Adjusted EBITDA for Q1 2025 was $(25) thousand, compared to $179 thousand in Q1 2024[26] - Operating expenses for Q1 2025 were $10.951 million, down 33.1% from $16.420 million in Q1 2024[25] Cash and Assets - The company ended Q1 2025 with $8.1 million in cash and $1.6 million in working capital, alongside a stockholders' deficit of $15.8 million[7] - Total current assets decreased to $73.953 million in Q1 2025 from $78.382 million in Q4 2024, a decline of 5.4%[24] - Cash and cash equivalents increased slightly to $8.077 million in Q1 2025 from $8.007 million in Q4 2024[24] - Total stockholders' deficit increased to $(15.815) million in Q1 2025 from $(12.896) million in Q4 2024[24] - Total liabilities decreased to $96.002 million in Q1 2025 from $99.692 million in Q4 2024, a reduction of 1.7%[24] Strategic Initiatives - Boxlight launched the Clevertouch Max 2 in the U.S. market, moving towards a unified flat panel brand globally[7] - The company formalized partnerships with five major third-party emergency management platforms for integrated School Safety Solutions[7] - Boxlight received ISO 27001 accreditation for information security management for Clevertouch[7] - The company is strategically focusing on operational efficiency and expanding its commercial ecosystem in anticipation of renewed spending in the education sector[4] Foreign Currency Impact - The company reported a foreign currency translation adjustment of $570 thousand in Q1 2025, compared to a loss of $811 thousand in Q1 2024[25]

Revenue and Sales Performance - Total revenue increased by 83% to $1.0 million for the three months ended March 31, 2025, compared to approximately $0.5 million for the same period in 2024[220]. - Hardware product sales accounted for the entire revenue of $1.0 million, offset by a $0.5 million decrease due to the end of a multi-year license and development contract[220]. - Revenue from the Asia Pacific region was $960,000, representing 95% of total revenue for Q1 2025, compared to $333,000 or 61% in Q1 2024[221]. - For the three months ended March 31, 2025, 100% of the revenue was derived from international operations, compared to 61% for the same period in 2024[252]. - For the three months ended March 31, 2025, one customer accounted for approximately 95% of total revenue, while two customers accounted for 100% of revenue in the same period in 2024[258]. Business Opportunities and Partnerships - The company has identified a potential $458 million in future business opportunities through near-term customer implementations[209]. - As of March 31, 2025, the company has initiated or is in progress with 40 proof-of-concept projects with potential customers[211]. - The company has established 34 partnerships with independent software and hardware vendors as of March 31, 2025[212]. - A total of 21 design wins have been confirmed with partners or customers as of March 31, 2025[213]. Mergers and Shareholder Information - The merger with BurTech Acquisition Corp was completed on January 13, 2025, with Legacy Blaize becoming a wholly owned subsidiary[198]. - Legacy Blaize shareholders were issued 87,314,968 shares of common stock upon the merger[199]. - The company has an earnout arrangement that includes up to 3,750,000 shares to be issued based on stock price thresholds ranging from $12.50 to $20.00 per share[210]. Expenses and Financial Performance - Cost of revenue for the three months ended March 31, 2025 increased by $21,000, or 7%, compared to the same period in 2024, primarily due to hardware sales[223]. - Research and development expenses rose by $9.0 million, or 220%, for the three months ended March 31, 2025, driven by personnel costs and new chip development[224]. - Selling, general and administrative expenses increased by $9.4 million, or 235%, for the three months ended March 31, 2025, mainly due to employee-related costs and professional services[225]. - Total operating expenses for the three months ended March 31, 2025 were $39.0 million, a significant increase of 349% compared to $8.7 million in 2024[222]. - Total other expense, net for the three months ended March 31, 2025 was $109.6 million, reflecting an increase of $101.1 million, or 1,198%, compared to the same period in 2024[230]. - Net loss for the three months ended March 31, 2025 was approximately $147.8 million, compared to a net loss of $16.7 million for the same period in 2024[233]. Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2025 were approximately $45.0 million, with an accumulated deficit of $577.0 million[235]. - Net cash used in operating activities was $15.9 million for the three months ended March 31, 2025, compared to $7.4 million in 2024[239]. - The company expects to raise additional financing to support revenue growth and operational needs, indicating potential future capital raises[236]. - The company has determined that its liquidity condition raises substantial doubt about its ability to continue as a going concern[237]. Credit and Currency Risk - As of March 31, 2025, one customer accounted for approximately 95% of total accounts receivable, down from 98% as of December 31, 2024[257]. - The allowance for credit losses was $0.4 million as of March 31, 2025, and December 31, 2024[256]. - The company is primarily exposed to foreign currency exchange rate risk, particularly in the Indian rupee, British pound, and Philippine peso[253]. - The gain on foreign exchange transactions was not material for the three months ended March 31, 2025, and 2024[254]. - The company manages credit risk through ongoing evaluations of customers' financial conditions and establishes an allowance for credit losses based on various factors[256]. - The company’s reporting and functional currency is the U.S. dollar, which is affected by movements in foreign currencies[253]. - The company has a strategy to manage foreign currency risk by negotiating contracts to receive payments in the same currency used for expenses[252]. - The cash accounts in financial institutions may exceed the Federal Depository Insurance coverage of $250,000, exposing the company to credit risk[255].

Financial Performance - The company reported a net loss of $2.3 million for the three months ended March 31, 2025, compared to a net loss of $10.7 million for the same period in 2024, representing a 78% improvement [78]. - The company incurred a net cash outflow of $5.1 million from operating activities for the three months ended March 31, 2025, compared to $10.5 million for the same period in 2024, indicating a decrease in cash burn [89]. - Interest income for Q1 2025 was $55,000, down from $378,000 in Q1 2024, a decrease of 85% due to lower cash balances [80]. Expenses - Research and development expenses decreased by $6.0 million to $15,000 in Q1 2025, down from $6.0 million in Q1 2024, a reduction of 100% due to winding down operations [78]. - General and administrative expenses decreased by $2.7 million to $2.4 million in Q1 2025, down from $5.1 million in Q1 2024, a decrease of 53% [79]. Cash Position - The company had $5.6 million in cash and cash equivalents as of March 31, 2025, which is expected to fund operations until the closing of the contemplated Merger [81]. - The company has no current plans to sell additional shares under its Sales Agreement prior to the closing of the Merger, with $66.0 million remaining available [83]. Strategic Actions - Following a strategic review, the company announced a Merger Agreement with Crescent, expected to close in late Q2 2025, which will result in Crescent becoming a wholly owned subsidiary [68]. - The company does not currently intend to continue development of uproleselan or any other drug candidates, as there are no ongoing clinical trials [67]. - If the Merger and Private Placement do not close by Q3 2025, the company may seek other strategic alternatives or liquidate [87].