Financial Performance - For the three months ended September 30, 2025, the company incurred a net loss of $22.2 million, compared to a net loss of $2.5 million for the same period in 2024, representing an increase of 788% [200]. - For the nine months ended September 30, 2025, the company incurred a net loss of $27.3 million, compared to a net loss of $7.0 million for the same period in 2024, indicating a 289% increase [200]. - Net loss increased to $22,192,000 in Q3 2025 from $2,497,000 in Q3 2024, a change of 789% [224]. - The company has incurred recurring annual losses since inception, indicating ongoing financial challenges [200]. - The company’s net loss for the nine months ended September 30, 2025, was $27.3 million, adjusted for non-cash charges of $10.7 million [247]. Cash Flow and Financing - The company reported cash used in operating activities of $11.1 million for the nine months ended September 30, 2025, compared to $1.8 million for the same period in 2024, reflecting a significant increase in cash burn [200]. - The company obtained net cash from financing activities of $14.9 million for the nine months ending September 30, 2025, compared to $1.8 million for the same period in 2024, showing a substantial increase in financing [201]. - Cash provided by financing activities was $14.9 million for the nine months ended September 30, 2025, compared to $1.8 million in the same period of 2024, reflecting a 718% increase [249][250]. - Cash and cash equivalents on hand, along with proceeds from the Business Combination and PIPE Investment, total approximately $14.5 million, which includes $9 million from the first tranche and $2 million from the second tranche of a convertible note [244]. - The company may need to seek additional equity or debt financing after September 30, 2025, depending on future capital requirements and market conditions [245]. Operating Expenses - General and administrative expenses surged by $20,220,000 or 2636% to $20,987,000 in Q3 2025, primarily due to transaction costs related to the Business Combination [226]. - Research and development expenses increased by $311,000 or 76% to $722,000 in Q3 2025, driven by higher personnel and regulatory fees [225]. - Total operating expenses rose to $21,709,000 in Q3 2025 from $1,178,000 in Q3 2024, reflecting a change of 1743% [224]. - General and administrative expenses for the nine months ended September 30, 2025, increased by $20,418,000 or 941% to $22,587,000 compared to the same period in 2024 [231]. Business Development and Strategy - The company launched Lumee Oxygen in Europe in 2023 and plans to launch Lumee Glucose in 2025, pending regulatory approval [196]. - The company is targeting both public and private payors for coverage of Lumee Glucose, which is designed for easy insertion with a hypodermic needle, differentiating it from other continuous glucose monitoring systems [198]. - The company is focused on building its commercial infrastructure in Europe and the United States while exploring partnerships in Asia [203]. - The company is negotiating the formation of the APAC Joint Venture to develop and commercialize products in the Asia Pacific region [238]. Grants and Obligations - Government grant revenue decreased to $0 in Q3 2025 from $75,000 in Q3 2024, a change of -100% [224]. - Total contractual obligations as of September 30, 2025, amount to $21.1 million, with $6.7 million due in 2025 and $14.4 million in 2026 [251]. Other Financial Metrics - Interest expense decreased by $904,000 or 84% to $(169,000) in Q3 2025, attributed to the repayment of convertible notes [228]. - The company raised gross proceeds of $98.0 million from convertible preferred stock and convertible notes from inception through September 30, 2025 [235]. - The fair value of the Ascent PIPE convertible loan is estimated at $14.4 million as of September 30, 2025, classified as a Level 3 financial instrument due to the absence of observable market inputs [256]. - Changes in fair value of the related party convertible loan are recognized in earnings each period, with a 100 basis point change in the discount rate affecting fair value by approximately $17 thousand [260][259]. - Cash used in investing activities for the nine months ended September 30, 2025, was $1 million, compared to no cash used in the same period of 2024 [246][248]. - Estimated near-term capital requirements through September 30, 2025, are approximately $19.4 million, primarily for research and development, manufacturing, and marketing of Lumee Oxygen and Lumee Glucose devices [245].

Financial Performance - RGC Resources, Inc. reported consolidated earnings of $13.3 million, or $1.29 per share, for the fiscal year ended September 30, 2025, a 12.7% increase from $11.8 million, or $1.16 per share, in the previous fiscal year[4] - For the quarter ended September 30, 2025, RGC Resources reported a net loss of $204,000, or $0.02 per share, compared to a net income of $141,000, or $0.01 per share, for the same quarter in 2024[5] - Operating revenues for the twelve months ended September 30, 2025, were $95.3 million, up 12.6% from $84.6 million in the previous year[11] - Operating expenses increased to $76.9 million for the twelve months ended September 30, 2025, compared to $67.6 million in the prior year, reflecting a 13.4% rise[11] Asset and Equity Growth - Total assets as of September 30, 2025, were $329.8 million, a 2.5% increase from $320.7 million in 2024[11] - Stockholders' equity rose to $113.6 million as of September 30, 2025, compared to $108.1 million in the previous year, indicating a 5.0% increase[11] Operational Highlights - The company achieved record levels of gas deliveries, contributing to higher operating margins, despite facing inflationary cost increases and lower equity earnings from the Mountain Valley Pipeline[4] - The company successfully refinanced and extended the maturity of RGC Midstream's debt in September 2025, enhancing financial stability[5] Dividends and Future Outlook - Cash dividends per common share increased to $0.2075 for the quarter ended September 30, 2025, compared to $0.2000 in the same quarter of 2024[11] - The company anticipates continued customer growth and infrastructure investment, although it acknowledges risks related to inflation and gas prices[7]

Acquisition and Expansion - Griffon Corporation's subsidiary, The AMES Companies, acquired Pope for approximately AUD 21,800 (approximately $14,500), expanding its Australian operations[17] - The CPP segment's global sourcing strategy expansion resulted in a facility footprint reduction of approximately 1.2 million square feet, or about 15% of CPP's total square footage, and a headcount reduction of approximately 600[19] - The CPP segment expanded its product lines to include long-handled tools and material handling products for the U.S. market, completing this initiative by September 30, 2024[18] Financial Performance and Strategy - Griffon aims for a target of 15% EBITDA margin through an asset-light business model, enhancing free cash flow and reducing capital expenditures[20] - In 2025, Home Depot accounted for 10% of Griffon's consolidated revenue, with CPP specifically contributing 12%[68] - CPP's sales are highly seasonal, with 49% of sales occurring in the second and third quarters of 2025, down from 52% in 2024 and 54% in 2023[70] Product and Market Position - Clopay, a subsidiary, is the largest manufacturer and marketer of garage doors in North America, with a significant portion of sales driven by home remodeling and renovation projects[26] - Clopay operates a network of 57 distribution centers across the U.S. and Canada, providing just-in-time inventory and flexibility in delivery[42] - The company has a strong portfolio of brands, including AMES, True Temper, and ClosetMaid, which enhances its market position[45] Raw Materials and Supply Chain - The principal raw material for Clopay's manufacturing is galvanized steel, with all raw materials generally available from multiple sources[39] - CPP's primary raw materials include resin, hickory wood, and steel, which are generally available from multiple sources[56] - CPP employs approximately 2,000 employees worldwide[44] Innovation and Intellectual Property - Griffon has undertaken transformative transactions since 2017, including divesting its specialty plastics and defense electronics businesses to focus on core markets[16] - Griffon has approximately 1,564 registered trademarks and 149 pending trademark applications globally, emphasizing the importance of brand protection in its HBP and CPP businesses[76] - HBP holds around 65 issued patents and 27 pending patent applications in the U.S., while CPP has approximately 855 issued patents and 187 pending patent applications, highlighting the focus on innovation[77] Sustainability and ESG Commitment - The company aims for a 30% reduction in six key ESG metrics, including carbon emissions and water consumption, by 2030[79] - Approximately 70% of the steel used in HBP's garage doors is recycled steel, demonstrating a commitment to sustainable practices[80] - The company expects to file its 2024 Sustainability Report before the end of calendar 2025, continuing its commitment to transparency in ESG practices[78] Community Engagement and Employee Welfare - Griffon has invested over $1 million in employee welfare facilities, including improvements to break areas and cafeterias[82] - Griffon is involved in over 100 charitable and community organizations, reinforcing its commitment to community engagement[81] Risk Management - A 100 basis point change in benchmark interest rates like SONIA or SOFR would not materially impact Griffon's results of operations or liquidity[300] - A 10% change in the value of foreign currencies would not have a material effect on Griffon's financial position and cash flows, indicating a managed exposure to currency risk[301] Competitive Landscape - The long-handled tools and landscaping product industry is highly competitive, with many small, privately-held companies as competitors[58] - CPP's competitive advantages include a history of innovation, dependable supply chain, and high on-time delivery rates[61] Automation and E-commerce - The company has made significant investments in automation and fulfillment operations to support e-commerce growth[55] - CPP's product development focuses on new products and line extensions to meet consumer needs and expand revenue opportunities[54] Supplier Responsibility - The company has implemented a Supplier Code of Conduct that binds suppliers to the same ESG goals and criteria, enhancing its supply chain responsibility[79]

Revenue Generation - OpGen generated $4.0 million in revenue from listing sponsorship and consulting services in the nine months ended September 30, 2025, compared to $196,149 in total revenue for the same period in 2024[138]. - The company did not generate any revenues in the three months ended September 30, 2025, and 2024, due to the scaling down of legacy operations[134]. - The company anticipates generating revenues from CapForce's ventures in cross-border securities trading and digital investment banking activities[131]. Operating Expenses - Total operating expenses for the nine months ended September 30, 2025, decreased approximately 57% to $1.82 million from $4.27 million in the same period in 2024[139]. - General and administrative expenses for the three months ended September 30, 2025, were $701,915, a decrease of approximately 9% from $768,551 in the same period in 2024[135]. Research and Development - Research and development expenses decreased approximately 100% for the nine months ended September 30, 2025, compared to the same period in 2024, aligning with the company's strategic repositioning[139]. Cash and Liquidity - As of September 30, 2025, OpGen had cash and cash equivalents of $0.4 million, down from $1.3 million at December 31, 2024[141]. - Net cash used in operating activities for the nine months ended September 30, 2025 was $(978,685), compared to $(4,637,508) for the same period in 2024[144]. - Net cash provided by financing activities for the nine months ended September 30, 2025 was $82,243, compared to $5,118,851 in 2024[148][149]. - The company anticipates funding operations primarily through financing arrangements with AEI Capital Ltd. until the operating business can sustain itself[151]. - The company has no material contractual commitments as of September 30, 2025, other than a continuing liability under a former office lease[150]. - The company has the right to sell up to $7.0 million of additional shares of common stock to AEI Capital Ltd. until December 31, 2025[143]. - As of September 30, 2025, there were no off-balance sheet arrangements[155]. Financial Performance - The company reported a net income of $2.5 million for the nine months ended September 30, 2025, down from $7.6 million in 2024[145][146]. - No cash was used in investing activities during the nine months ended September 30, 2025 or 2024[147]. Corporate Actions - Following the acquisition by AEI Capital Ltd., the company formed a wholly-owned subsidiary, CapForce, to offer listing sponsorship and consultancy services[128]. - In March 2024, the company sold 3,000,000 shares of Series E Convertible Preferred Stock to David E. Lazar for gross proceeds of $3.0 million, with 550,000 shares sold initially for $550,000[143]. - As of September 30, 2024, the company sold 1,079,109 shares of common stock to AEI Capital Ltd. for gross proceeds of $2.0 million[143]. - Curetis and Ares Genetics filed for insolvency in November 2023, leading to their deconsolidation from OpGen's financial statements[125]. Strategic Initiatives - The company implemented cash management initiatives in November 2023, including restructuring U.S. operations and reducing headcount[124].

Development Focus - The company is focused on developing Adrulipase, a biologic for treating exocrine pancreatic insufficiency in cystic fibrosis and chronic pancreatitis patients [210]. - The company discontinued the Latiglutenase, Capeserod, and Niclosamide programs, indicating a strategic shift in its development focus [210]. - The company plans to move the Adrulipase program forward in 2026 after positive safety data from a Phase 2b study [218]. - The company is evaluating potential asset acquisitions and business combinations to expand its product pipeline [243]. Financial Performance - As of September 30, 2025, the company had cash and cash equivalents of approximately $2.5 million and cumulative losses attributable to common stockholders of approximately $3.7 million [240]. - The company has not generated any revenue to date and anticipates continuing net losses for the foreseeable future [240]. - The net loss for the three months ended September 30, 2025 totaled approximately $1,152,809, a decrease of approximately $1,428,162, or 55%, compared to a net loss of approximately $2,580,971 for the same period in 2024 [265]. - The net loss for the nine months ended September 30, 2025 totaled approximately $3,410,700, a decrease of approximately $2,410,367, or 41%, compared to a net loss of approximately $5,821,067 for the same period in 2024 [275]. Compliance and Regulatory Matters - The company received a letter from Nasdaq on September 6, 2024, indicating non-compliance with the minimum bid price requirement of $1.00 per share [224]. - Nasdaq granted the company a 180-day extension until September 1, 2025, to regain compliance with the minimum bid price requirement [225]. - The company has regained compliance with Nasdaq Listing Rule 5620(a) after holding its Annual Meeting on June 30, 2025 [227]. - The company expects the closing of the Rescission Agreement regarding IMGX to occur on or prior to November 30, 2025 [214]. Expenses and Cash Flow - Research and development expenses for the three months ended September 30, 2025 totaled approximately $6,673, a decrease of approximately $200,326, or 97%, compared to $206,999 for the same period in 2024 [256]. - General and administrative expenses for the three months ended September 30, 2025 totaled approximately $928,114, a decrease of approximately $757,494, or 45%, compared to $1,685,608 for the same period in 2024 [256]. - Cash used in operating activities for the nine months ended September 30, 2025 was approximately $1,729,201, a significant decrease compared to $9,046,305 for the same period in 2024 [276]. - Cash provided by financing activities for the nine months ended September 30, 2025 was approximately $3,725,000, compared to $5,613,152 for the same period in 2024 [280]. Strategic Acquisitions - On September 30, 2025, the company acquired Grid AI Corp., purchasing 424,348 shares of common stock and 38,801,546 shares of Series H Non-Voting Convertible Preferred Stock [211]. - Grid AI's operations will be integrated into the company's business, with expanded discussions planned for future filings [223]. - The company assumed a revolving line of credit from IMGX with a maximum borrowing capacity of $7.5 million, maturing on September 13, 2025 [246]. Future Outlook - The company is actively pursuing a Qualified Public Equity Offering (QPEO) of not less than $5,000,000 [229]. - The company expects research and development expenses to increase during the remainder of the fiscal year [258]. - The company expects to incur substantial expenditures for the development of Adrulipase and will require additional financing for clinical trials and regulatory approvals [242]. - The accumulated interest on the Revolving Note as of September 30, 2025, was approximately $79,500 [245].

Development Focus - The company is focused on developing Adrulipase, a biologic for treating exocrine pancreatic insufficiency in cystic fibrosis and chronic pancreatitis patients[210] - The company discontinued the Latiglutenase, Capeserod, and Niclosamide programs, indicating a strategic shift in its development focus[210] - The company plans to move the Adrulipase program forward in 2026 after positive safety data from a Phase 2b study[218] - The company has focused its research and development expenses on Adrulipase, Niclosamide, Capeserod, and Latiglutenase, expecting these expenses to increase in the foreseeable future[250] - The company is evaluating potential asset acquisitions and business combinations to expand its product pipeline[243] Financial Performance - As of September 30, 2025, the company had cash and cash equivalents of approximately $2.5 million and cumulative losses attributable to common stockholders of approximately $3.7 million[240] - The company has not generated any revenue to date and anticipates continuing net losses for the foreseeable future[240][249] - The net loss for the three months ended September 30, 2025 totaled approximately $1,152,809, a decrease of approximately $1,428,162, or 55%, compared to a net loss of approximately $2,580,971 for the same period in 2024[265] - The net loss for the nine months ended September 30, 2025 totaled approximately $3,410,700, a decrease of approximately $2,410,367, or 41%, compared to a net loss of approximately $5,821,067 for the same period in 2024[275] - Cash used in operating activities for the nine months ended September 30, 2025 was approximately $1,729,201, a significant improvement compared to $9,046,305 for the same period in 2024[276] Compliance and Regulatory Matters - The company received a 180-day extension from Nasdaq until September 1, 2025, to regain compliance with the minimum bid price requirement of $1.00 per share[225] - The company has been granted an extension until June 30, 2025, to regain compliance with Nasdaq Listing Rule 5620(a) after holding its Annual Meeting[227] Mergers and Acquisitions - On September 30, 2025, the company acquired Grid AI Corp., purchasing 424,348 shares of common stock and 38,801,546 shares of Series H Non-Voting Convertible Preferred Stock[211] - The company announced a merger with ImmunogenX, Inc. in March 2024, but has since initiated a plan to dispose of certain assets, including Latiglutenase and CypCel[212] - The company expects to close the Rescission Agreement with IMGX by November 30, 2025, which will result in IMGX no longer being a subsidiary[214] Expenses and Financing - The company entered into a Revolving Loan Agreement with a principal amount of $2.0 million, with an initial loan disbursement of $700,000 and an interest rate of 18% per annum[245] - The accumulated interest on the Revolving Note as of September 30, 2025, was approximately $79,500[245] - The company is actively pursuing a Qualified Public Equity Offering (QPEO) of not less than $5 million[245] - General and administrative expenses for the three months ended September 30, 2025 totaled approximately $928,114, a decrease of approximately $757,494, or 45%, compared to $1,685,608 for the same period in 2024[256] - General and administrative expenses for the nine months ended September 30, 2025 totaled approximately $2,362,957, a decrease of approximately $11,172,284, or 83%, compared to $13,535,241 for the same period in 2024[266] - Research and development expenses for the three months ended September 30, 2025 totaled approximately $6,673, a decrease of approximately $200,326, or 97%, compared to $206,999 for the same period in 2024[256] - For the nine months ended September 30, 2025, research and development expenses totaled approximately $32,080, a decrease of approximately $850,442, or 96%, compared to $882,522 for the same period in 2024[266] - Net cash provided by financing activities for the nine months ended September 30, 2025 was approximately $3,725,000, compared to $5,613,152 for the same period in 2024[280] Future Outlook - The company has not yet achieved profitability and may never do so, raising substantial doubt about its ability to continue as a going concern[240][242] - The company plans to incur substantial expenditures for the development of Adrulipase and will require additional financing for clinical trials and regulatory approvals[242] - The company expects research and development expenses to increase during the remainder of the fiscal year[258] - Cash provided by investing activities for the nine months ended September 30, 2025 was $336,427, attributed to the Grid AI acquisition, compared to $0 in 2024[279]

Financial Performance - The Company reported a net loss from operations of $5.7 million for the nine months ended September 30, 2025, with cash on hand of $6.9 million and marketable securities of $3.1 million[255]. - As of September 30, 2025, the Company had working capital of $4.6 million and stockholders' equity of $14.3 million, including an accumulated deficit of $137.6 million[255]. - Net loss for the three months ended September 30, 2025, was $2,811,388, compared to a net loss of $1,929,391 for the same period in 2024, representing a 46% increase in losses[272]. - The company has not generated any revenue from product sales and does not expect to do so in the near future[261]. - Other income (expense), net for the three months ended September 30, 2025, was $1,022,736, compared to $103,752 in 2024, indicating a significant increase in expenses[285]. - As of September 30, 2025, the company had cash on hand of $6,904,185 and marketable securities of $3,091,772, with a net loss attributable to stockholders of $8,424,093 for the nine months ended[309]. - Net cash provided by financing activities was $9,351,879 for the nine months ended September 30, 2025, compared to $13,926,528 in 2024, reflecting a decrease of 32.5%[316]. - Cash flows used in operating activities were $5,865,877 for the nine months ended September 30, 2025, compared to $6,855,523 in 2024, indicating a decrease of 14.4%[310]. - The company recorded a gain of $244,000 related to the change in fair value of derivative liabilities for the nine months ended September 30, 2025, compared to a loss of $11,000 in 2024[307]. - Other income, net of expenses, totaled $400,783 for the nine months ended September 30, 2025, a significant improvement from a net expense of $13,315,173 in 2024[305]. Strategic Focus and Development - The Company has shifted its focus to energy-efficient blockchain and cryptocurrency infrastructure through quantum-class laser-based computing, specifically the qc-LPU100, which aims to outperform traditional GPUs and QPUs in speed and efficiency[236]. - Over the next twelve months, the Company anticipates finalizing qc-LPU100 prototypes and initiating pilot testing with select AI and DePin Token users[239]. - The Company plans to generate revenue through direct sales, leasing, and licensing of qc-LPU100 units, with potential revenue streams including hardware sales and subscription-based access[240]. - The Company is evaluating the potential divestiture of its pharmaceutical platforms, Isomyosamine and Supera-CBD, to maximize value and fund its new strategic focus[237]. - The company expects operating expenses to increase as development activities for the qc-LPU100 advance[263]. - The company is evaluating strategic alternatives for its historical therapeutic platforms, including potential divestiture or licensing transactions[258]. - The Company agreed to acquire 100% of LPU's membership interests, with consideration including shares convertible into 747,362 shares of Common Stock[384]. - The Company will pay up to $8,500,000 in non-recurring engineering fees to Lightsolver for development work related to cryptocurrency mining applications[394]. Capital Structure and Financing - The Company closed a $7.0 million private placement of Series H Preferred Stock to fund its strategic shift towards technology adaptation[238]. - The Company has increased its authorized shares of Common Stock from 250 million to 1.25 billion to support its capital needs[244]. - The Company received net proceeds of approximately $5.0 million from the Series F-1 Private Placement, intended for general corporate purposes[338]. - The Company received net proceeds of approximately $8.9 million from the Series G Private Placement, intended for general corporate purposes[351]. - The Series F-1 and Series G Preferred Stock holders are entitled to vote on an as-converted basis, with voting calculated at a conversion price of $2.253 per share[342][355]. - The Company engaged placement agents for the Series H Private Placement, agreeing to pay a cash fee of 4% of gross proceeds and issue warrants equal to 4% of the shares underlying the securities issued[371][372]. - The Company has engaged Palladium as a financial advisor, agreeing to a monthly retainer of $15,000 and issuing 15,433 shares of Common Stock[387]. Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2025, were $1,788,652, a decrease of 2% from $1,825,639 in the same period of 2024[272]. - General and administrative expenses for the nine months ended September 30, 2025, were $2,703,815, a decrease of 14% from $3,149,041 in 2024[290]. - Research and development expenses for the three months ended September 30, 2025, totaled $356,352, down 50% from $707,747 in 2024, primarily due to the suspension of the Phase 2b study of Isomyosamine[281][282]. - Total research and development expenses rose to $2,775,337 for the nine months ended September 30, 2025, up from $2,307,789 in 2024, marking a 20.3% increase[300]. - Development program costs increased by $837,474 during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to drug product production and consulting fees[301]. - Stock-based compensation decreased significantly by $781,264 during the nine months ended September 30, 2025, compared to the same period in 2024[297]. - Franchise tax expenses for Delaware increased to $200,050 for the nine months ended September 30, 2025, compared to $40,548 for the same period in 2024, representing a 392% increase[298]. - The company incurred franchise tax expenses of $200,050 for the three months ended September 30, 2025, compared to $0 in 2024[280]. Regulatory and Compliance Issues - The Company faces regulatory challenges related to cryptocurrency, hardware, and emerging quantum technology, which may impact its operations and compliance[242]. - The Company has not experienced any changes in internal control over financial reporting that materially affect its financial reporting[402].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-36268 Q/C Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 22-2 ...

Financial Performance - Total revenue for Q3 2025 was $9.3 million, a decrease of 6.1% from $9.9 million in Q3 2024[7] - Net income for Q3 2025 was $2.9 million, a significant improvement from a net loss of $57.4 million in Q3 2024, driven by a $38.1 million non-cash gain on financial instruments[10] - Adjusted EBITDA loss was $13.5 million in Q3 2025, an improvement from a loss of $27.1 million in the same period last year[11] - The net loss for the nine months ended September 30, 2025, was $48,867,000, an improvement from a net loss of $110,738,000 for the same period in 2024[30] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(73.707) million, compared to $(66.981) million for the same period in 2024[34] Revenue Breakdown - Engineering and other services revenue was $4.0 million in Q3 2025, down from $4.9 million in Q3 2024, due to project completions[7] - CarbonSmart revenue increased to $3.0 million in Q3 2025 from $2.2 million in Q3 2024, attributed to higher sales volume[14] - The company generated $2,972,000 in CarbonSmart product sales for the three months ended September 30, 2025, an increase of 34.6% from $2,209,000 in the same period of 2024[26] Expenses and Costs - Cost of revenue decreased by $1.2 million, or 15%, in Q3 2025 compared to Q3 2024, primarily due to reduced engineering and service costs[8] - Operating expenses were $18.0 million in Q3 2025, down from $34.8 million in Q3 2024, reflecting a $3.0 million decrease in personnel and contractor expenses[9] - Research and development expenses for the nine months ended September 30, 2025, totaled $41,684,000, compared to $60,548,000 for the same period in 2024, reflecting a decrease of 31.2%[26] - Stock-based compensation expense decreased to $1.104 million in Q3 2025 from $3.221 million in Q3 2024[34] - Depreciation expense for the nine months ended September 30, 2025, was $2.860 million, down from $4.289 million in the same period of 2024[34] Cash and Investments - As of September 30, 2025, total cash and investments were $23.5 million, down from $39.6 million as of June 30, 2025, reflecting cash usage for operations[12] - Cash and cash equivalents decreased to $23,502,000 as of September 30, 2025, down from $60,967,000 at the end of the same period in 2024, representing a decline of 61.5%[30] - Total current assets as of September 30, 2025, were $50,629,000, significantly lower than $99,334,000 as of December 31, 2024, indicating a decrease of 48.9%[23] Liabilities - The total liabilities decreased to $91,098,000 as of September 30, 2025, from $161,236,000 as of December 31, 2024, a reduction of 43.4%[23] Operational Losses - The company reported a loss from operations of $15,657,000 for the three months ended September 30, 2025, compared to a loss of $32,957,000 for the same period in 2024[26] - Loss from equity method investees decreased to $152 thousand in Q3 2025 from $5.535 million in Q3 2024[34] Future Outlook - The company is focusing on improving its financial metrics and reducing losses in future quarters[34] - LanzaJet's ethanol-to-jet plant began full operations in November 2025, marking a significant milestone in sustainable aviation fuel production[6] - LanzaTech was awarded a €40 million grant from the EU Innovation Fund for a CCUS facility in Norway, expected to produce 23.5 kt of ethanol annually[6]

Financial Performance - Total revenue for Q3 2025 was $9.3 million, a decrease of 6.1% from $9.9 million in Q3 2024[7] - Net income for Q3 2025 was $2.9 million, a significant improvement from a net loss of $57.4 million in Q3 2024, driven by a $38.1 million non-cash gain on financial instruments[10] - Adjusted EBITDA loss was $13.5 million in Q3 2025, an improvement from a loss of $27.1 million in the same period last year[11] - The company reported a comprehensive income of $2,699,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $57,479,000 for the same period in 2024[26] - Net loss for the nine months ended September 30, 2025, was $48,867,000, an improvement from a net loss of $110,738,000 for the same period in 2024[30] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(73.707) million, compared to $(66.981) million for the same period in 2024[34] Revenue Breakdown - Engineering and other services revenue was $4.0 million in Q3 2025, down from $4.9 million in Q3 2024, due to project completions[7] - CarbonSmart revenue increased to $3.0 million in Q3 2025 from $2.2 million in Q3 2024, attributed to higher sales volume[14] Expenses and Costs - Cost of revenue decreased by $1.2 million, or 15%, in Q3 2025 compared to Q3 2024, primarily due to reduced engineering and service costs[8] - Operating expenses were $18.0 million in Q3 2025, down from $34.8 million in Q3 2024, reflecting a $3.0 million decrease in personnel and contractor expenses[9] - Research and development expenses for the nine months ended September 30, 2025, were $41,684,000, down from $60,548,000 for the same period in 2024, a decrease of 31.2%[26] - Stock-based compensation expense decreased to $1.104 million in Q3 2025 from $3.221 million in Q3 2024[34] - Depreciation expense for the nine months ended September 30, 2025, was $2.860 million, down from $4.289 million in 2024[34] Cash and Investments - As of September 30, 2025, total cash and investments were $23.5 million, down from $39.6 million as of June 30, 2025, reflecting cash usage for operations[12] - Cash and cash equivalents decreased to $19,627,000 as of September 30, 2025, from $43,499,000 as of December 31, 2024, representing a decline of 54.9%[23] - The company had cash flows used in operating activities of $58,692,000 for the nine months ended September 30, 2025, compared to $69,384,000 for the same period in 2024, indicating a reduction of 15.4%[30] Assets and Liabilities - Total assets decreased to $99,290,000 as of September 30, 2025, from $174,683,000 as of December 31, 2024, a reduction of 43.1%[23] - Total current liabilities decreased to $24,836,000 as of September 30, 2025, from $30,447,000 as of December 31, 2024, a decrease of 18.5%[23] Other Financial Metrics - The company issued preferred stock, generating proceeds of $15,050,000 during the nine months ended September 30, 2025[30] - The weighted-average number of common shares outstanding for the three months ended September 30, 2025, was 2,320,018, reflecting a retroactive adjustment due to a 1-for-100 reverse stock split[26] - Loss from equity method investees decreased to $152 thousand in Q3 2025 from $5.535 million in Q3 2024[34] - Interest income, net improved to $(311) thousand in Q3 2025 from $(791) thousand in Q3 2024[34] - Change in fair value of the Convertible Note resulted in a loss of $(42.980) million for the nine months ended September 30, 2025, compared to a gain of $21.572 million in 2024[34] - The company reported a loss on Brookfield SAFE extinguishment of $6.216 million for the nine months ended September 30, 2025[34] - Change in fair value of PIPE Warrant resulted in a loss of $(12.200) million in Q3 2025[34] Strategic Developments - LanzaJet's ethanol-to-jet plant began full operations in November 2025, marking a significant milestone in sustainable aviation fuel production[6] - LanzaTech was awarded a €40 million grant from the EU Innovation Fund for a CCUS facility in Norway, expected to produce 23.5 kt of ethanol annually[6] - The company is focusing on improving financial metrics and reducing losses in future quarters[34]