IPO and Fundraising - The company completed an initial public offering on January 28, 2026, selling 25,300,000 units at $10.00 per unit, generating gross proceeds of $253 million[16]. - The private placement involved the sale of 107,500 units at a price of $9.7374 per unit, totaling approximately $1.05 million[17]. - GigCapital5, Inc. completed its IPO in September 2021, selling 23,000,000 units at $10.00 per unit, generating $230 million in proceeds[28]. - GigInternational1, Inc. raised $209 million through its IPO in May 2021 but opted for liquidation in November 2022 instead of pursuing a business combination[28]. - GigCapital7 Corp. raised $200 million in its IPO in August 2024, selling 20,000,000 units at $10.00 per unit, and is pursuing a business combination with Hadron Energy, Inc.[28]. - GigCapital8 Corp. completed its IPO in October 2025, generating $253 million by selling 25,300,000 units at $10.00 per unit, and is currently seeking acquisition targets[28]. - A total of $253,000,000 has been placed into the trust account following the consummation of the Offering[76]. Acquisition Strategy - The company aims to focus on acquisition targets in the aerospace and defense (A&D) and technology, media, and telecommunications (TMT) industries, particularly in cybersecurity and AI sectors[18]. - The management team has over 30 years of experience in public markets and has successfully completed five business combinations out of nine SPACs affiliated with GigCapital Global[24]. - The company plans to leverage its management's extensive network to identify and evaluate suitable acquisition targets, aiming for significant market growth in the A&D and TMT sectors[22]. - The global A&D and TMT economy is experiencing increased demand for unmanned aerial vehicles (UAV) and drone technologies due to rising geopolitical tensions and commercial applications[23]. - The management team has developed a pipeline of high-potential acquisition targets through extensive screening with previous GigCapital platforms[27]. - The company emphasizes a careful and strategic approach to acquisitions, considering market size, growth potential, and regulatory factors[22]. - The management team emphasizes the importance of strong management in potential target businesses to drive growth post-acquisition[32]. Business Combination and Redemption - The target business acquired must have a fair market value equal to at least 80% of the trust account balance at the time of the business combination[35]. - The company anticipates structuring a business combination involving 100% of the equity interests or assets of the target business[36]. - The company has $253 million available for business combinations, assuming no redemptions, providing flexibility in structuring deals[40]. - The company acknowledges the risks associated with a lack of business diversification following the initial business combination[41]. - The company will seek shareholder approval for its initial business combination if required by applicable law or stock exchange listing requirements[45]. - Shareholders may redeem their shares for their pro rata share of the trust account, which is subject to taxes payable, regardless of their vote on the proposed business combination[50]. - The company must have net tangible assets of at least $5,000,001 upon consummation of the initial business combination[49]. - If the initial business combination is not completed within 24 months from the closing of the Offering, the company will redeem 100% of the outstanding public shares[60]. - The redemption price for public shares will be equal to the aggregate amount in the trust account, less up to $100,000 for dissolution expenses, divided by the number of outstanding public shares[60]. - Non-managing investors are not required to hold public shares or vote in favor of the initial business combination, but they have agreed to vote their private investor shares in favor[62]. - The company anticipates that the liquidation of assets will take no more than ten business days after the decision to liquidate[65]. - The company will file tender offer documents with the SEC, containing financial information about the initial business combination as required under SEC's proxy rules[49]. - Shareholders may withdraw their redemption requests at any time up to the vote on the proposed business combination[57]. - The company will limit claims against the trust account by requiring third parties to waive any claims to the funds held in the trust account[63]. - The initial per-share redemption price would be $10.00 if the company fails to complete a business combination within the required time period[66]. - The company is obligated to redeem all outstanding public shares if the initial business combination is not consummated within 24 months from the closing of the Offering[76]. Financial Performance and Risks - The company has not engaged in any operations or generated any revenues as of December 31, 2025[82]. - The net proceeds from the Offering are entirely comprised of money market funds investing solely in United States treasuries, minimizing exposure to interest rate risk[82]. - Insiders and non-managing investors will not participate in any redemption distribution from the trust account regarding their shares[68]. - The company may face intense competition from well-established entities in identifying and effecting business combinations[73]. - Shareholders will receive audited financial statements of the prospective target business as part of any proxy solicitation materials or tender offer documents[80]. - The company is not required to assess internal control procedures until the fiscal year ending December 31, 2027, as per the Sarbanes-Oxley Act[81]. - Any bankruptcy claims could deplete the trust account, affecting the amount returned to public shareholders[69].

Quantum Computing Development - The company has achieved 12 logical qubits as of December 31, 2025, with a target of reaching 30 logical qubits by 2026[55] - The quantum computing system, Sqale, has demonstrated a high fidelity of 99.73% on the controlled-Z gate, positioning the company at the forefront of fault-tolerant quantum computing[52] - The company is targeting a near-term milestone of over 100 logical qubits, recognized as essential for achieving quantum advantage in commercially valuable applications[55] - The Sqale system features large qubit arrays, high gate fidelities, dynamic qubit reconfiguration, and all-to-all connectivity, enhancing its computational capabilities[67] - The company aims to achieve 100 logical qubits by 2028 and demonstrate MegaQuOp scale, measuring one million sequential logical operations in the same year[86] - The company’s neutral atom architecture in quantum computing offers advantages in qubit layout flexibility and scalability without requiring cryogenics, positioning it against competitors like IonQ and IBM[110] Quantum Sensing - The company’s quantum sensors are outperforming classical alternatives in key metrics of sensitivity, stability, and environmental robustness, establishing quantum sensing as a near-term driver of the quantum economy[63] - The company is pioneering the development of next-generation quantum inertial and gravimetric sensors for GPS-denied environments, including space and underwater applications[46] - The company’s quantum sensing portfolio includes products like Tiqker, Sqywire, and Exaqt, which compete against traditional sensing equipment and quantum sensor startups[109] Revenue Generation and Market Opportunities - Revenue is generated through multiple channels, including direct product sales, quantum computing as a service, government-funded R&D contracts, and software licensing[64] - The quantum computing market is projected to reach approximately $130 billion by 2040, driven by demand in various sectors including financial services and cybersecurity[74] - The global quantum sensing market is expected to reach around $30 billion by 2040, with applications in precision timing and navigation[74] - Sales to the U.S. government represented approximately 60% of the company's revenue for the fiscal year ended December 31, 2025[192] - Revenue related to contracts with the UK government accounted for approximately 12% of total revenue for the fiscal year ended December 31, 2025[192] Strategic Partnerships and Collaborations - The company collaborates with strategic partners such as the U.S. Department of Defense, DARPA, and NASA, enhancing its market reach and technical validation[47] - The company maintains strategic partnerships with defense contractors and government agencies, enhancing its market access and product development[94] Financial Performance and Projections - The company reported net losses of $31.8 million and $53.8 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $231.1 million as of December 31, 2025[146] - The company anticipates that the rate of losses will significantly increase in future periods due to ongoing investments in product design, development, and manufacturing[147] - The company believes its cash, cash equivalents, and marketable securities as of December 31, 2025, should be sufficient to meet anticipated operating cash needs for at least the next 12 to 18 months[165] - The company has U.S. federal and state net operating loss carryforwards of approximately $117.4 million and $104.0 million as of December 31, 2025 and 2024, respectively[170] - The company may require substantial additional capital to pursue its business objectives and respond to unforeseen circumstances[165] Regulatory and Compliance Challenges - The company is subject to U.S. and international regulations regarding export controls and data protection, impacting its operational practices[101][102] - The company is subject to U.S. Department of Defense Cybersecurity Maturity Model Certification (CMMC) requirements, which could impact its ability to bid on contracts if certification is not achieved[217] - The company must comply with National Institute of Standards and Technology Special Publication 800-171 (NIST-SP 800-171) for safeguarding Controlled Unclassified Information (CUI), with potential adverse effects on revenue if compliance is not maintained[223] Operational Risks and Challenges - The company faces significant challenges in developing quantum products to meet commercial use-case requirements, including scalability and fidelity of qubits[143] - The company may not be able to scale its business quickly enough to meet customer and market demand, which could adversely affect its financial condition[155] - The company has not yet developed partnerships for manufacturing or validated a manufacturing process necessary for high-volume production of quantum products[144] - The company has experienced challenges in attracting and retaining key employees with specialized knowledge, which is critical for its success in the competitive quantum technology market[189] Cybersecurity and Data Protection - Cybersecurity risks are heightened due to reliance on third-party service providers and potential supply-chain attacks[214] - The company has experienced phishing attacks in the past and anticipates continued attempts in the future[216] - Non-compliance with privacy and security obligations could lead to costly disclosures and adverse consequences, including government enforcement actions and reputational harm[221] Internal Controls and Governance - The company identified material weaknesses in internal control over financial reporting, which could impair the accuracy of financial statements[200] - Remediation of identified material weaknesses may extend into 2027, with no assurance of effectiveness[201] Product Development and Innovation - The company is developing utility-scale quantum computing systems, an ultra-broadband quantum radio frequency aperture/receiver system prototype, and an optical atomic clock utilizing quantum sensing technology[173] - The company’s Superstaq platform differentiates itself in the quantum software layer through tight integration with hardware and cross-platform compatibility[113] - The software product CML has shown over 10x memory savings compared to traditional Transformer technology by utilizing quantum data carriers[89] Market Competition - The quantum technology industry is highly competitive, with major competitors including Amazon, Google, IBM, and various countries investing in quantum research[180] - Adverse events in the quantum computing industry, such as project delays and supply chain disruptions, could significantly affect the company's financial performance and future prospects[232]

Quantum Computing Development - The company has achieved 12 logical qubits as of December 31, 2025, with a target of reaching 30 logical qubits by 2026[55] - The company is targeting a near-term milestone of over 100 logical qubits, recognized as essential for achieving quantum advantage in commercially valuable applications[55] - The Sqale quantum computing system currently supports arrays of up to 1,600 trapped atoms and has demonstrated 12 logical qubits with a 99.73% two-qubit CZ gate fidelity[85] - The company aims to achieve 100 logical qubits by 2028 and demonstrate MegaQuOp scale, measuring one million sequential logical operations in a system[86] - The company’s neutral atom architecture in quantum computing offers advantages in qubit layout flexibility and scalability without requiring cryogenics[110] Quantum Sensing Technology - The company’s quantum sensors are outperforming classical alternatives in key metrics of sensitivity, stability, and environmental robustness, establishing quantum sensing as a near-term driver of the quantum economy[63] - The company’s quantum sensing portfolio includes Tiqker, Sqywire, and Exaqt, which compete with traditional sensing equipment and quantum sensor startups[109] - The company is developing utility-scale quantum computing systems, an ultra-broadband quantum radio frequency aperture/receiver system prototype, and an optical atomic clock utilizing quantum sensing technology[173] Revenue Generation and Market Position - Revenue is generated through a diversified model including direct product sales, quantum computing as a service, software licensing, and government contracts[64] - The global quantum sensing market is projected to reach approximately $30 billion by 2040, driven by applications in precision timing, navigation, and RF field detection[74] - The global quantum computing market is expected to reach approximately $130 billion by 2040, with growth fueled by adoption across various sectors including financial services and pharmaceuticals[74] - Sales to the U.S. government represented approximately 60% of total revenue for the fiscal year ended December 31, 2025[192] - Revenue related to contracts with the UK government accounted for approximately 12% of total revenue for the fiscal year ended December 31, 2025[192] Strategic Partnerships and Collaborations - The company collaborates with strategic partners such as the U.S. Department of Defense, NASA, and Lockheed Martin to co-develop solutions and accelerate product adoption[47] - The company maintains strategic partnerships with major defense contractors and government agencies, enhancing market access and product development[94] Internal Operations and Manufacturing - The company operates a vertically integrated, full-stack platform that accelerates innovation and ensures system performance[59] - The company has a vertically integrated manufacturing capability, managing production across its Boulder, Colorado, and Oxford, United Kingdom facilities[134] - The company is focused on scaling sensor manufacturing and expanding the distribution of its software offerings within enterprise and national security domains[78] - The company has not yet developed partnerships for manufacturing or validated a manufacturing process necessary for high-volume production of quantum products[144] Financial Performance and Projections - The company reported net losses of $31.8 million and $53.8 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $231.1 million as of December 31, 2025[146] - The company anticipates that the rate of losses will significantly increase in future periods due to ongoing investments in product design, development, and manufacturing[147] - The company believes its cash, cash equivalents, and marketable securities as of December 31, 2025, should be sufficient to meet anticipated operating cash needs for at least the next 12 to 18 months[165] - The company has U.S. federal and state net operating loss carryforwards of approximately $117.4 million and $104.0 million as of December 31, 2025 and 2024, respectively[170] Risks and Challenges - The company faces significant challenges in developing quantum products to meet commercial use-case requirements, including scalability and fidelity of qubits[143] - The company may not be able to scale its business quickly enough to meet customer and market demand, which could adversely affect its financial condition[155] - The company faces risks related to changes in government programs, budget processes, and political support for security and defense programs[195] - Adverse economic conditions, including inflation and geopolitical tensions, could negatively affect business growth and customer demand for quantum software products[229] Cybersecurity and Compliance - Cybersecurity threats, including ransomware attacks, pose significant risks to the company's operations and sensitive information[209] - The company is subject to U.S. Department of Defense Cybersecurity Maturity Model Certification (CMMC) requirements, which may impact its ability to bid on contracts if certification is not achieved[217] - Non-compliance with privacy and security obligations could result in costly disclosures and adverse consequences, including government enforcement actions and reputational harm[221] Internal Controls and Governance - The company identified material weaknesses in its internal control over financial reporting, which could impair the accuracy of financial statements[200] - Remediation of identified material weaknesses may extend into 2027, with no assurance of effectiveness[201] - The company has taken steps to enhance internal controls, including hiring additional accounting resources and implementing a risk assessment process[204]

Financial Performance - Net loss for Q4 2025 was $7.3 million, an improvement from a net loss of $12.7 million in Q4 2024, and for the full year 2025, the net loss was $18.2 million compared to $29.4 million in 2024[8] - Basic and diluted net loss per share for Q4 2025 was $(0.78), significantly improved from $(4.94) in Q4 2024, and for the full year 2025, it was $(2.46) compared to $(11.42) in 2024[9] Expenses - Research and development expenses for Q4 2025 were $5.5 million, down from $8.6 million in Q4 2024, and for the full year 2025, they were $18.0 million compared to $23.7 million in 2024[6] - General and administrative expenses for Q4 2025 were $2.1 million, slightly down from $2.2 million in Q4 2024, while for the full year 2025, they increased to $8.7 million from $4.5 million in 2024[7] Cash Position - Cash, cash equivalents, and short-term investments as of December 31, 2025, were $30.8 million, slightly down from $31.6 million as of December 31, 2024, with a cash runway expected to fund operations into Q4 2026[10] - Total current assets as of December 31, 2025, were $31.5 million, slightly down from $31.7 million in 2024[17] Clinical Trials - The ongoing Phase 2 trial of TTI-101 in hepatocellular carcinoma is expected to report topline data in H2 2026[3] - A 9.4% baseline-weighted reduction in fibrosis score was observed in the Phase 2 IPF trial of TTI-101, compared to 2.4% for placebo, along with a 4.5-fold greater decline in IL-6 levels[4] - The healthy volunteer study of TTI-109 is ongoing, with topline data anticipated in Q2 2026[4] - The company plans to enhance the REVERT LIVER CANCER trial by adding up to 15 participants to explore once-a-day dosing, with topline results expected in the second half of 2026[4]

Financial Performance - Sales for the year ended December 31, 2025, were $5,636,000, a decrease from $7,739,000 in 2024, primarily due to customers deferring capital expenditures amid economic uncertainty [5]. - The company reported a net loss of $3,749,000 or ($0.19) per share for 2025, an improvement from a net loss of $4,477,000 or ($0.22) per share in 2024 [5]. - Net sales for 2025 were $5.64 million, down from $7.74 million in 2024, representing a decrease of about 27.4% [26]. - Gross profit decreased from $3.56 million in 2024 to $3.08 million in 2025, a decline of approximately 13.5% [26]. - Total operating expenses reduced from $7.66 million in 2024 to $6.93 million in 2025, a decrease of about 9.5% [26]. - Net loss for 2025 was $3.75 million, compared to a net loss of $4.48 million in 2024, showing an improvement of approximately 16.3% [26]. - Basic net loss per common share improved from $(0.22) in 2024 to $(0.19) in 2025 [26]. Revenue and Market Opportunities - International revenue accounted for approximately 29% of total revenue, up from 21% in the previous year, reflecting successful global market expansion [5]. - The global pharmaceutical manufacturing market is projected to grow from $136 billion in 2024 to approximately $191 billion by 2029, presenting significant opportunities for the company [8]. - The food safety market is valued at $28 million in 2025 and is expected to grow to $31 million in 2026, driven by increased demand for contamination-free food [9]. - The sales backlog grew to approximately $1.8 million, indicating improved visibility into near-term revenue conversion [5]. - The company has a total opportunity book for integration projects valued at $16 million and a SteraMist iHP opportunity book of $20 million, positioning it for future revenue growth [12]. Capital and Financing - The company completed a $535,000 convertible note financing in 2025 to support growth initiatives and is exploring options to reduce outstanding convertible note obligations [11]. - The company entered into an equity line of credit allowing it to sell up to $20 million in common stock over a 24-month period, providing flexible access to capital [11]. Assets and Liabilities - Total assets decreased from $9.69 billion in 2024 to $7.03 billion in 2025, a decline of approximately 27.4% [23]. - Total current liabilities increased from $2.72 billion in 2024 to $3.16 billion in 2025, an increase of approximately 16.2% [23]. - Long-term liabilities rose from $2.87 billion in 2024 to $3.28 billion in 2025, an increase of about 14.4% [23]. - Cash and cash equivalents decreased significantly from $664.88 million in 2024 to $87.78 million in 2025, a decline of approximately 86.8% [23]. - Accounts receivable decreased from $1.88 billion in 2024 to $689.15 million in 2025, a decline of about 63.4% [23]. Operational Efficiency - Gross profit margin remained strong at approximately 55%, indicating operational efficiency and the value of the company's technology [5].

Financial Results Announcement - T Stamp, Inc. announced its results for the year ended December 31, 2025, on March 31, 2026[5]. - A press release detailing the financial results was issued on March 31, 2026[5]. - The financial statements and exhibits related to the earnings report are included in Exhibit 99.1[7]. Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[4]. Official Approval - The report was signed by CEO Gareth Genner, indicating official approval of the financial results[10].

Company Operations - As of January 31, 2026, Kroger operates 2,697 supermarkets, with 2,250 having pharmacies and 1,731 having fuel centers[22]. - Kroger serves approximately 63 million households annually, with over 95% of customer transactions linked to a loyalty card[29]. - Kroger owns 33 food production plants, which support its private label product strategy[32]. - Kroger operates approximately 2,700 owned or leased facilities, with total owned assets and finance leases valued at $60.0 billion and accumulated depreciation of $35.8 billion as of January 31, 2026[96]. - The company operates 1,731 fuel centers, which may face increased regulation and demand fluctuations due to environmental concerns[79]. Financial Performance - Sales for the quarter reached $147,642 million, a 0.4% increase from $147,123 million in the previous year[125]. - Adjusted net earnings attributable to The Kroger Co. per diluted common share were $4.85, representing an 8.5% increase compared to the previous year[125]. - Operating profit was reported at $1,890 million, a decrease of 50.9% from $3,849 million in the previous year, impacted by $2.5 billion in fulfillment network impairment charges[125]. - Cash flows from operations totaled $7,300 million, reflecting a 26% increase compared to the previous year[131]. - Total sales to retail customers without fuel reached $132.712 billion in 2025, marking a 1.3% increase from $130.973 billion in 2024[152]. - The company incurred $1.5 billion in opioid settlement charges in 2023, impacting overall financial performance[149]. - Net earnings per diluted share for 2025 were $1.54, a 58% decrease from $3.67 in 2024, while adjusted net earnings per diluted share increased by 9% to $4.85[180]. Investments and Growth Strategy - Kroger invested approximately $183 million in associate training in 2025, focusing on onboarding and leadership development[36]. - The company plans to significantly increase investment in major store projects, including new stores, to accelerate sales growth and improve market share[52]. - The company plans to invest in major storing projects to enhance both in-store and eCommerce sales[121]. - Capital investments totaled $3.9 billion in 2025, reflecting increased spending on major store projects and technology developments[210]. eCommerce and Digital Strategy - Kroger's eCommerce solutions include Pickup and Delivery services available at 2,408 supermarkets, enhancing customer convenience[25]. - eCommerce sales grew by 16% compared to the previous year, with a 17% increase when excluding certain fulfillment center exits[131]. - The company is enhancing its digital strategy under the leadership of Yael Cosset, focusing on e-commerce and personalization[48]. - The company's omnichannel retail business strategy focuses on Fresh, Our Brands, Personalization, and eCommerce to enhance customer experience and drive sales growth[117]. Customer Engagement and Loyalty - In 2025, Kroger's private label products, branded as Our Brands, generated over $39 billion in sales[31]. - The company is focusing on enhancing customer connection through investments in Fresh, Our Brands, Personalization, and eCommerce to generate customer loyalty and sustainable growth momentum[52]. - Growth in loyal households, customer traffic, and digitally engaged customers is essential for profit growth and powering the company's business model[53]. Risks and Challenges - The competitive environment includes intense competition from various retail formats, including online retailers and grocery delivery services, which could adversely affect sales and profitability if customer preferences are not accurately anticipated[52]. - The company may face challenges in implementing its alternative profit strategy, which could adversely affect business growth and financial condition[53]. - The company has a risk factor related to the evolving competitive landscape, which could impact financial condition and results of operations if not managed effectively[51]. - The company faces increased competition due to evolving customer preferences and advancements in online and mobile channels, which may adversely affect its financial condition if fulfillment costs are not managed effectively[54]. - Product safety concerns could lead to customer avoidance of certain products, resulting in reputational damage and financial losses due to potential liability claims or product recalls[57]. - The company relies on complex information technology systems, and any disruptions could lead to significant operational losses[61]. - Rapid developments in AI and related technologies may increase competitive and security risks, necessitating increased investments in new capabilities and compliance measures[62][63]. Corporate Governance and Leadership - The company has appointed Gregory S. Foran as Chief Executive Officer effective February 2026, bringing extensive experience from Air New Zealand and Walmart[48]. - The company emphasizes the importance of adapting to changing customer needs and preferences to maintain competitiveness in the market[52]. - The company has implemented a comprehensive Third-Party Cyber Risk Management program to assess and mitigate cybersecurity risks associated with third-party relationships[89]. - Kroger's cybersecurity governance is overseen by the Audit Committee, which receives quarterly updates on risks and mitigation actions from the Chief Data Officer and Chief Information Security Officer[95]. Shareholder Returns - Kroger's value creation model aims for a total shareholder return within the target range of 8% to 11% over time[120]. - The Board of Directors approved a $2.0 billion share repurchase program to reacquire shares through various methods[217]. - Kroger's quarterly cash dividends were $0.32 per share and $0.35 per share in 2025, with an expectation to continue increasing dividends over time[102].

Cybersecurity and Fraud Prevention - Trust Stamp acquired 100% of Lexverify Ltd and a 50% ownership interest in Cyberfish CyberPsychology Solutions Ltd to enhance capabilities in cybersecurity and fraud prevention [23]. - The global losses from payment card fraud reached approximately $33.8 billion in 2024, with projections indicating online payment fraud losses could total $362 billion globally by 2028 [26]. - The company is investing in the development of technologies to combat AI-powered attacks, with new tools expected to be submitted for third-party certification in Q2 2026 [51]. - The company is actively pursuing innovations in privacy-preserving identification systems, with a non-provisional application filed on 02/06/2026 [94]. - The company is developing systems for multi-factor authentication and identification, which are critical for enhancing security in digital transactions [94]. - The company may face significant liabilities and reputational harm from potential data breaches involving personally identifiable information (PII) [128]. - The company is subject to various federal and state regulations regarding data privacy, with penalties for non-compliance potentially reaching up to $250,000 per violation [131]. - The company is strengthening its cybersecurity certifications by adding Cyber Essentials and renewing D-Seal certification, which emphasizes ethical data use [204]. Financial Performance and Projections - For the fiscal year ended December 31, 2025, the company incurred a net loss of $8.33 million, an improvement from a net loss of $12.54 million for the fiscal year ended December 31, 2024 [123]. - The company has an accumulated deficit of $69.78 million as of December 31, 2025, and has not yet generated profits since its incorporation in 2016 [125]. - The company expects to raise additional capital through equity and/or debt offerings to support working capital requirements and operating losses [124]. - The company currently has two customers that account for substantially all of its revenues [124]. - The company anticipates sustaining operating losses into 2026 as it continues research and development and seeks to expand its customer base [134]. - A foreign currency loss of $2 thousand was recorded for the year ended December 31, 2025, and a loss of $5 thousand for the year ended December 31, 2024 [153]. Intellectual Property and Innovation - The company has pending patent applications related to multi-factor authentication and biometric data, with a notable application filed on 03/05/2026 [92]. - The company has a total of 12 pending patent applications as of the latest report, indicating a strong focus on research and development in biometric technologies [94]. - The company has issued multiple patents related to biometric identification and verification systems, with the latest patent issued on March 1, 2022, for passive-subject liveness verification in digital media [97]. - The company has expanded its intellectual property portfolio to enhance its position in presentation attack detection and tokenization [196]. - The company is focusing on privacy-secured biometric identification, with a patent issued on July 25, 2023, which may enhance user trust and data protection [95]. Market Expansion and Strategic Partnerships - Trust Stamp's biometric authentication technology aims to address the 1.4 billion unbanked individuals globally, with significant potential in emerging markets [31]. - Trust Stamp received its first purchase order for the Irreversibly Transformed Identity Token from an African telecommunications company, serving hundreds of millions of subscribers [41]. - The company is in advanced negotiations for technology deployment with an international pharmacy and primary care group in the EU and MENA region [33]. - Trust Stamp's participation in the Mastercard Lighthouse MASSIV program aims to enhance financial inclusion and secure identity programs in Africa [40]. - The company opened an office in Tokyo to pursue opportunities in the APAC region, supported by funding from the City of Tokyo and the Japanese government [19]. - The company has entered into a partnership with CyberFish, acquiring 50% of its authorized share capital to pursue opportunities in the UK banking sector and age-verification market [43]. - Trust Stamp Malta Limited established Trust Stamp Rwanda Limited in April 2021 to support expansion into Africa [107]. Compliance and Regulatory Challenges - The company is subject to various data privacy regulations, including GDPR and HIPAA, due to its handling of sensitive personally identifiable information [74]. - The company has established a framework for compliance with various data protection regulations, including GDPR and CCPA, which may impact its operational strategies [82][84]. - The company is actively monitoring compliance with state-specific privacy laws, which may complicate its data management efforts [80]. - Compliance with U.S. and international data protection laws could incur substantial costs and require changes to business practices, potentially affecting profitability [133]. - The company is focused on expanding its market presence while ensuring compliance with stringent privacy laws across different jurisdictions, including the UK GDPR and Nigeria Data Protection Act [88][91]. Corporate Governance and Management - Trust Stamp's recent restructuring includes the resignation of a board director and the appointment of a new director to enhance governance [197][198]. - The company has rationalized its team size to maximize the impact of investable dollars, with a total of 4 full-time and 1 part-time team members in the US as of December 31, 2025 [59]. - The company lacks certain business development resources due to a small management team, which could negatively impact growth [151]. Stock and Shareholder Information - As of March 30, 2026, the last reported sale price of the company's Class A Common Stock was $2.32 per share [176]. - The number of registered holders of the company's Class A Common Stock was approximately 2,713 as of March 30, 2026 [176]. - The company has not paid any dividends on its Class A Common Stock and does not anticipate paying any in the foreseeable future [179]. - The company has issued 21,368 shares of Class A Common Stock for employee stock awards through Tstamp Incentive Holdings [180].

Financial Performance - Connect Biopharma reported a net loss of $15.1 million, or ($0.27) per share, for the three months ended December 31, 2025, compared to a net loss of $8.9 million, or ($0.16) per share, for the same period in 2024[6]. - For the twelve months ended December 31, 2025, the net loss was $55.5 million, or ($1.00) per share, compared to a net loss of $15.6 million, or ($0.28) per share, for the same period in 2024[6]. - License and collaboration revenues for the twelve months ended December 31, 2025, were $64,000, a significant decrease from $26.0 million in 2024[6]. Cash and Financing - Cash, cash equivalents, and short-term investments were $44.3 million as of December 31, 2025, expected to fund operations into the second half of 2027[6]. - The company entered into a securities purchase agreement for $20.2 million equity financing, extending its cash runway into the second half of 2027[1]. Research and Development - Research and development expenses increased to $37.8 million for the twelve months ended December 31, 2025, compared to $29.3 million in 2024, primarily due to rademikibart-related development costs[6]. - Positive topline data from the Phase 1 study of IV rademikibart showed rapid improvement in forced expiratory volume (FEV) in asthma and COPD patients, with mean FEV improvements of ~200 - 400 mL maintained through Day 29[3]. - Rademikibart achieved rapid, durable efficacy results in a Phase 3 study for moderate-to-severe atopic dermatitis, with near-maximal responses in ~90% of patients[5]. - The company is currently recruiting participants for Phase 2 Seabreeze STAT studies for acute exacerbations in asthma and COPD, with topline data expected mid-2026[1]. Partnerships and Milestones - Connect Biopharma is eligible to receive remaining milestone payments up to approximately $110 million under its license agreement with Simcere for rademikibart in Greater China[8]. Investor Relations - Investor Relations contact is Alex Lobo, reachable at (212) 698-8802[18]. - Media inquiries can be directed to Ignacio Guerrero-Ros, Ph.D., or David Schull at Russo Partners, LLC[18].

Financial Performance - The agricultural equipment downturn has led to significant reductions in revenues and profitability, with no recovery observed in fiscal 2026[110] - Inflationary pressures and rising interest rates have negatively impacted customers' purchasing decisions, contributing to decreased revenue and profitability[113] - The company's financial performance is highly dependent on CNH's ability to maintain competitive product offerings and timely delivery[96] - The competitive landscape is challenging, with aggressive pricing strategies from competitors affecting profit margins[115] - Changes in CNH's operating practices could adversely affect the company's business and results of operations[102] Operational Challenges - Supply chain disruptions have previously caused significant delays in product lead times, impacting inventory levels[119] - The company experienced an oversupply of new equipment and parts inventory in fiscal 2025 and 2026, leading to downward pressure on product sale prices and margins[124] - The company's used equipment inventory has been subject to downward adjustments, impacting cost of goods sold and reducing operating income[125] - The shortage of qualified service technicians may negatively impact the company's ability to satisfy customer service needs and increase compensation expenses[144] International Operations and Risks - The company is subject to risks related to international operations, including compliance with foreign laws and currency fluctuations[121] - The Russian-Ukraine conflict has significantly disrupted the company's Ukrainian operations, with potential asset write-offs and loss of revenues and profits if operations cease[122] - The continuation of the Russia-Ukraine conflict could lead to significant UAH devaluations, impacting results and cash flows[281] - The company has $2.8 million of net monetary assets denominated in Ukrainian hryvnia, which poses a risk due to potential UAH devaluations[281] Financial Position and Debt - As of January 31, 2026, the company's indebtedness includes floorplan payable financing and long-term debt, which could limit financial and operational flexibility[127] - The company expects to use cash flow from operations and borrowings to fund operations, but future performance is uncertain and affected by various external factors[128] - As of January 31, 2026, the company had total floorplan payables of $553.8 million, with $287.0 million at variable interest rates[280] Market and Regulatory Environment - Changes in tax rates or new tax legislation could adversely affect the company's financial results, particularly with the potential implementation of a global minimum tax[135] - The agricultural and construction equipment industries are highly seasonal, causing significant fluctuations in quarterly results and cash flows[132] Cybersecurity and Data Protection - The company is exposed to cybersecurity risks that could compromise information systems and lead to legal claims or regulatory penalties[149] - The company maintains cyber risk insurance, but it may not cover all losses from future breaches[151] - The European Union General Data Protection Regulation imposes stringent data protection requirements, with significant penalties for noncompliance[150] - The company has experienced cybersecurity incidents in the past, but none have materially impacted its financial position[151] Growth Strategy - The company faces risks in its growth strategy, particularly related to acquisitions, which may not achieve planned long-term revenue growth[140] Interest Rate Sensitivity - A one percentage point increase in interest rates could decrease pre-tax earnings and cash flow by approximately $2.9 million, while a decrease could increase them by the same amount[280] - The company is exposed to market risks from changes in interest rates and foreign currency exchange rates[279] - The company uses derivative financial instruments to manage foreign currency exchange rate risks, but a hypothetical 10% change in rates would not materially impact results[281]