Revenue Performance - Total revenues for the year ended December 31, 2025, decreased by approximately $2.2 million to approximately $8.8 million from approximately $11.0 million in 2024[286]. - Bitcoin mining revenues decreased to approximately $8.3 million for the year ended December 31, 2025, down from $10.4 million in 2024[287]. - Specialty finance revenues increased by 2.0% to approximately $452 thousand in 2025 compared to approximately $444 thousand in 2024[289]. Bitcoin Mining Operations - The company held approximately 211 Bitcoin as of December 31, 2025, compared to 150 Bitcoin as of December 31, 2024[274]. - The average revenue per Bitcoin mined increased to $100,649 in 2025 from $61,152 in 2024[279]. - The direct costs to mine one Bitcoin, including miner-related depreciation, were $156,522 in 2025, compared to $86,290 in 2024[279]. - Bitcoin mining revenues decreased to 82.3 Bitcoin with an average price of approximately $102 thousand in 2025, down from 170.6 Bitcoin at approximately $61 thousand in 2024, primarily due to the halving in April 2024 and 4,000 mining machines being offline[288]. - The company owned approximately 7,200 machines with a total hashing capacity of approximately 0.75 EH/s as of December 31, 2025, up from 5,840 machines with 0.63 EH/s in 2024[275]. - The company’s Bitcoin treasury strategy involves retaining a majority of its Bitcoin and acquiring new Bitcoin through mining operations[269]. - The company’s mining operations are subject to significant risks, including volatility in Bitcoin prices and changes in energy costs[270]. Financial Losses - The operating loss for the year ended December 31, 2025, was $22.9 million, compared to a loss of $6.5 million in 2024[286]. - The company recorded a net loss attributable to common shareholders of $28.5 million for the year ended December 31, 2025, compared to $14.1 million in 2024[286]. - The net loss attributable to LM Funding America, Inc. was approximately $26.9 million in 2025, compared to a net loss of approximately $7.3 million in 2024[312]. - The company reported a net loss of $26,975,191 for the year ended December 31, 2025, compared to a net loss of $7,655,432 in 2024, indicating a significant increase in losses[327]. - Core loss before interest, taxes, and depreciation for 2025 was $10,912,674, a decline from a core income of $4,076,871 in 2024, highlighting deteriorating operational performance[327]. Operating Costs and Expenses - Operating costs and expenses rose by approximately $14.2 million, or 81.1%, to approximately $31.7 million in 2025 from approximately $17.5 million in 2024, driven by increased fair market value loss on digital assets and staff costs[290]. - Bitcoin mining costs of revenues were approximately $5.8 million, or 69.9% of digital mining revenues in 2025, compared to approximately $7.0 million, or 67%, in 2024[291]. - The company incurred a $5.4 million impairment on mining equipment in 2025, up from $1.4 million in 2024, primarily related to machines to be held and used[300]. - The company incurred an impairment loss on mining equipment of $5,391,857 in 2025, compared to $1,379,375 in 2024, indicating increased challenges in asset valuation[327]. Cash and Debt Management - As of December 31, 2025, the company had $1.4 million in cash and cash equivalents and $18.5 million in digital assets, compared to $3.4 million and $14.0 million, respectively, in 2024[314]. - The company raised $27.3 million in net proceeds from equity financing transactions in 2025, compared to $6.9 million in 2024[319]. - Net cash used in operations was approximately $14.0 million in 2025, compared to $11.9 million in 2024[321]. - Total outstanding debt as of December 31, 2025, amounted to $19,860,252, up from $6,751,657 in 2024, reflecting a substantial increase in financial obligations[325]. - The company paid $734,000 in principal and financing repayments during the year ended December 31, 2025, compared to $709,000 in 2024, showing a slight increase in repayment activity[325]. - Minimum required principal payments on the company's debt for 2026 are projected to be $18,056,511, with an additional $2,000,000 due in 2027[325]. - The company reported an interest expense of $1,124,685 for 2025, up from $443,700 in 2024, indicating rising costs associated with debt[327]. - The annualized interest rates on various financing agreements range from 8.6% to 12%, reflecting the cost of borrowing for the company[325]. Financial Reporting and Accounting - The company does not have any off-balance sheet arrangements, which may simplify financial reporting and risk assessment[329]. - There are no critical accounting estimates for the years ended December 31, 2025 or 2024, suggesting stability in accounting practices[328].

Palvella Therapeutics Reports Full Year 2025 Financial Results and Provides Corporate Update New Drug Application (NDA) for QTORIN™ rapamycin for the treatment of microcystic lymphatic malformations (microcystic LMs) on track for planned submission in second half of 2026 Accelerating U.S. launch readiness for QTORIN™ rapamycin for microcystic LMs; potential to become the first FDA-approved therapy and first-line, standard-of-care treatment for serious, lifelong disease affecting an estimated more than 30,00 ...

Financial Performance - For the year ended December 31, 2025, Galectin Therapeutics reported a net loss applicable to common stockholders of $31.0 million, or ($0.48) per share, compared to a net loss of $47.2 million, or ($0.76) per share for 2024, reflecting a decrease in losses due to reduced research and development costs [9]. - Research and development expenses for 2025 were $14.3 million, a significant decrease from $36.6 million in 2024, primarily due to costs related to the NAVIGATE clinical trial [9]. - Total operating expenses for 2025 were $20.1 million, down from $42.4 million in 2024, indicating improved cost management [13]. Cash Position - As of December 31, 2025, the company had $17.7 million in unrestricted cash and cash equivalents, along with an additional $10 million available under a line of credit, providing sufficient cash to fund operations through April 2027 [7]. Clinical Trial Results - The NAVIGATE Phase 2b/3 trial showed that in the per-protocol population, belapectin 2 mg/kg reduced the incidence of varices by 49.3% compared to placebo, with a nominal p-value of 0.04 [6]. - In U.S. patients within the per-protocol population, belapectin 2 mg/kg reduced the incidence of varices by 68.1% compared to placebo, with a p-value of 0.02 [6]. Future Plans and Developments - The company plans to present new analyses from the NAVIGATE trial at the EASL Congress in May 2026, including an oral presentation on reduced varices and a poster presentation on risk reduction in portal hypertension [8]. - Galectin Therapeutics is focused on evaluating the NAVIGATE dataset and engaging with regulators and potential partners to determine the optimal path forward for the belapectin program [2]. - The company anticipates an upcoming FDA meeting in Q2 2026 to discuss the next steps for advancing the belapectin program, which targets a significant unmet medical need in MASH cirrhosis [4]. Board and Management - The company strengthened its Board with the appointment of Dr. Henry Brem, enhancing its clinical development expertise as it advances the belapectin program [3].

Financial Performance - Research and development expenses decreased by 61% from $36,571,000 in 2024 to $14,290,000 in 2025, primarily due to winding down costs related to the NAVIGATE clinical trial [171]. - Net cash used in operations decreased by $17,892,000 to $23,875,000 in 2025, compared to $41,767,000 in 2024, mainly due to reduced research and development activities [184]. - General and administrative expenses slightly decreased by 1.1% from $5,862,000 in 2024 to $5,795,000 in 2025 [174]. - Clinical program expenses for 2025 were $29,079,000, a decrease from $8,313,000 in 2024, attributed to reduced costs related to contract manufacturing of belapectin [172]. - Other income for 2025 included $126,000 in interest income, offset by $7,329,000 in interest expense and amortization of debt discounts [175]. - The company has not generated any revenue to date and continues to rely on external financing for operations [183]. Cash and Financing - The company had $17.7 million in unrestricted cash and cash equivalents and $10 million available under a line of credit as of December 31, 2025, sufficient to fund operations through April 2027 [183]. - Net cash provided by financing activities was $26,475,000 in 2025, down from $31,227,000 in 2024, primarily due to various transactions [185]. - In 2025, the company received $21,000,000 from a convertible line of credit and $3.2 million from share issuance under the At the Market sales program [186]. - The company received $30,000,000 from a convertible line of credit in 2024, consistent with the amount received in 2023 [189]. Research and Development - The company is focused on developing therapies for fibrotic diseases and cancer, utilizing proprietary, patented complex carbohydrates [169]. - The company has completed two Phase 1 clinical studies and two Phase 2 clinical studies for its lead product candidate, belapectin [170]. - Research and development expenses are charged as incurred, with significant costs related to the NAVIGATE clinical trial and associated activities [196]. - Cash operating expenses increased due to heightened research and development activities related to clinical trials [187]. Operational Activities - The company entered into a twelve-month operating lease in March 2025 for office space at an average rate of approximately $5,400 per month [190]. - Stock-based compensation is measured at grant date fair value and recognized as an expense over the service period, including estimates for forfeitures [197]. - The company has not engaged in any off-balance sheet arrangements that could materially affect liquidity or capital resources [193]. - The company does not face significant market risks as of December 31, 2025, and 2024 [198].

Revenue Performance - Software revenue for the year ended December 31, 2025, was $22,140,000, representing a 9.3% increase from $20,255,000 in 2024[300] - Total revenue for the year ended December 31, 2025, reached $70,117,000, a 23.8% increase from $56,630,000 in 2024[300] - Total revenue increased by $13.5 million to $70.1 million for the year ended December 31, 2025, representing a 23.8% increase compared to 2024[326] - Professional services revenue rose by $10.1 million, driven by a full year of revenue from the 2024 HelloTech Merger, installation revenue, and property management revenue[328] Financial Loss and Adjustments - The net loss for the year ended December 31, 2025, was $(53,747,000), a decrease of 6.7% compared to $(57,596,000) in 2024[300] - Adjusted EBITDA for the year ended December 31, 2025, was $(27,089,000), improving by 24.7% from $(35,966,000) in 2024[300] Revenue Sources - Hardware revenue is generated primarily from the sale of smart access and smart home devices, with revenue recognized upon transfer of control to customers[308] - Professional services revenue is derived from project-based hardware installation, technology services, and property management services, recognized over time[310] Expenses Overview - Research and development expenses consist mainly of personnel costs for product design and engineering teams, including salaries and related expenses[319] - Sales and marketing expenses include personnel costs for sales and customer success teams, as well as marketing activities and professional fees[320] - General and administrative expenses encompass costs related to executive, legal, and finance functions, including salaries and legal fees[321] - Total cost of revenue increased by $11.6 million to $43.3 million, a 36.8% increase, primarily due to higher professional services costs and a write-off of prepaid inventory deposits[329] - Operating expenses decreased by $4.8 million to $79.6 million, a 5.7% decrease, with significant reductions in general and administrative expenses[326] Cash and Liquidity - Unrestricted cash and cash equivalents were approximately $34.6 million as of December 31, 2025, down from $75.4 million in 2024[338] - The company expects to use current cash and cash equivalents to fund operational cash requirements for at least 12 months beyond the filing date[342] - The company has incurred significant professional fees related to ongoing investigations and litigation, impacting liquidity[340] - Total cash and cash equivalents decreased from $75.4 million at December 31, 2024, to $34.6 million at December 31, 2025[370] Debt and Financing - A term loan of $6.0 million was secured from Customers Bank on July 15, 2024, with a maturity date of July 15, 2029, and interest payable at a minimum of 6.0%[345] - As of December 31, 2025, the outstanding principal of the loan was $4.8 million, down from $6.0 million in 2024, with compliance to loan covenants maintained[349] - The company issued $22.0 million in unsecured promissory notes as part of the acquisition of Honest Day's Work, Inc., with a total repayment of $23.9 million including interest by April 2024[344] - Net cash used in financing activities decreased by $20.8 million in 2025, reflecting a significant repayment of $22.0 million in promissory notes in 2024[354] Goodwill and Impairment - A $16.6 million impairment of goodwill was recorded, reducing the goodwill balance to $13.6 million as of December 31, 2025[334] - The estimated business enterprise value (BEV) was approximately $28.3 million as of December 31, 2025, leading to a goodwill impairment charge of $16.6 million due to a decline in estimated fair value[369] - The company recorded a goodwill balance of $13.6 million as of December 31, 2025, after the impairment charge[370] Legal and Regulatory Matters - The company is subject to various legal proceedings and claims, with potential exposure being assessed regularly[376] - Accruals related to Derivative Actions are based on a settlement amount that requires court approval, indicating potential changes in expenses if approval is not granted[376] - As a smaller reporting company, the company is not required to disclose quantitative and qualitative market risk information[378]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 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 001-42251 YHN Acquisition I Limited (Exact Name of Registrant as Specified in Its Charter) British V ...

IPO and Fundraising - The company completed its initial public offering (IPO) on September 19, 2024, selling 6,000,000 units at $10.00 per unit, generating gross proceeds of $60,000,000[118]. - A private placement of 250,000 units was also completed simultaneously, raising an additional $2,500,000[119]. - Transaction costs for the IPO amounted to $2,840,203, including $960,000 in underwriting fees[126]. - The underwriters were granted a 45-day option to purchase an additional 900,000 units, which was not exercised[136]. Financial Performance - For the year ended December 31, 2025, the company reported a net income of $1,325,117, an increase from $502,638 in 2024[123]. - For the year ended December 31, 2025, the basic and diluted net income per share was $0.27, compared to a loss of $0.15 for the year ended December 31, 2024[141]. - Total income from investments held in the Trust Account for 2025 was $2,462,016, an increase from $789,287 in 2024[141]. - Total expenses for 2025 were $873,403, up from $263,496 in 2024[141]. - The allocation to redeemable and non-redeemable ordinary shares for 2025 was $1,588,613, compared to $640,765 in 2024[141]. - The weighted-average shares outstanding increased to 5,800,691 in 2025 from 1,750,000 in 2024[141]. Cash and Assets - As of December 31, 2025, the company had cash of $140,550 and approximately $750,000 available outside the trust account for operational purposes[124][128]. - As of December 31, 2025, 2,535,821 ordinary shares were subject to possible redemption, valued at $27,050,906[139]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2025[133]. Business Combination Timeline - The company has 15 months from the IPO closing to complete its initial business combination, with an option to extend this period by up to 9 months[129][130]. Administrative Expenses - Monthly fees of $10,000 are payable to the sponsor for general and administrative services until the completion of the business combination[134].

Financial Performance - Net sales for fiscal 2025 decreased by $1.3 million, or 7.5%, to $13.5 million from $14.8 million in fiscal 2024, primarily due to the closure of the Village Bier Garten location[203]. - Comparable restaurant sales for Burger Time locations open for the full year declined approximately $224,000, or 3.9%, attributed to reduced customer traffic[205]. - Net loss improved to $687,839 in fiscal 2025 from a loss of $2.3 million in fiscal 2024, reflecting higher restaurant-level profitability and lower impairment charges[217]. - The company recorded a net loss of $687,839 in fiscal 2025, an improvement from a net loss of $2,311,208 in fiscal 2024[224]. Cost Management - Restaurant operating costs as a percentage of sales improved to 87.2% in fiscal 2025 from 95.1% in fiscal 2024, driven by the closure of less-profitable locations and improved margins[206]. - Food and paper costs decreased to 33.3% of restaurant sales in fiscal 2025 from 37.8% in fiscal 2024, reflecting cost control initiatives and a more moderate inflationary environment[209]. - Labor costs decreased to 37.9% of restaurant sales in 2025 from 41.3% in 2024, resulting from the closure of unprofitable locations and better cost control[210]. Acquisition and Mergers - In May 2024, the company acquired Schnitzel Haus, contributing approximately $1.5 million in sales during fiscal 2025[204]. - The company entered into a Merger Agreement with Aero Velocity in September 2025, with plans to spin off restaurant operations into a separate entity, BT Group, Inc.[196]. - The proposed merger with Aero Velocity Inc. could fundamentally change the company's capital structure and strategic focus[235]. Cash Flow and Investments - Cash and marketable securities increased to $4,442,300 as of December 28, 2025, up from $4,270,970 in the previous year[223]. - Net cash provided by operating activities was $284,876 in fiscal 2025, a significant improvement from net cash used in operating activities of $284,876 in fiscal 2024[229]. - Cash used in investing activities included approximately $172,925 for capital expenditures and $380,861 for the purchase of Water Bottle Inventory[231]. Liabilities and Obligations - The company has approximately $3.7 million in contractual obligations, with monthly required payments totaling approximately $47,000[234]. - An accrued liability of $215,000 was recorded related to litigation concerning a lease dispute[226]. Shareholder Actions - The company did not repurchase any shares during fiscal 2025, despite having a Board-authorized Share Repurchase Program[240]. Investment Valuation - The carrying value of the investment in Bagger Dave's Burger Tavern, Inc. was reduced to zero due to cumulative equity losses[247]. Customer Metrics - Average customer transaction at Burger Time restaurants remained stable at approximately $14.50 in fiscal 2025[191]. - Restaurant-level EBITDA for fiscal 2025 was $1,720,909, representing a margin of 12.4%, compared to $723,828 and a margin of 4.9% in fiscal 2024[221].

Financial Performance - Net revenue for the nine months ended February 28, 2026, was $32,695,000, representing a 6% increase from $30,732,000 in the prior year[36] - Net income for the same period increased by 17% to $6,790,000 compared to $5,869,000 in the prior year[42] - Other income for the nine months ended February 28, 2026, was $1,231,000, a 22% increase from the prior year[43] - Operating income for the nine months ended February 28, 2026, was $6,790,000, higher than $5,869,000 in the same period last year[42] Expenses - Research and development costs increased by $39,000 to $358,000, accounting for 1.1% of net revenue[40] - Selling, general and administrative expenses decreased by 6% to $7,241,000, representing 22% of net revenue[41] - Capital expenditures for the nine months ended February 28, 2026, were $2,006,000, compared to $1,158,000 in the prior year[54] Sales and Orders - Total sales within the U.S. increased by 12%, while total sales outside the U.S. decreased by 21%[36] - The company had 116 open sales orders in its backlog valued at $20.8 million as of February 28, 2026, down from 146 orders valued at $33.3 million a year earlier[38] - The backlog of sales orders decreased to $20.8 million from $27.1 million, with $8.2 million related to projects already in progress[62] Inventory and Receivables - As of February 28, 2026, total inventory decreased by $632,000 to $7,481,000, with a composition of 90% work-in-process, 2% finished goods, and 8% raw materials[56] - Accounts receivable decreased by 13% to $4,863,000, with an allowance for estimated credit losses of $319,000, and the average days sales outstanding increased from 32 to 39 days[58][59] - Maintenance and other inventory decreased by 29% to $783,000, indicating potential sensitivity to technological obsolescence[57] - The provision for potential inventory obsolescence was recorded at $195,000 for the nine-month period ended February 28, 2026[57] Project Status - Costs and Estimated Earnings in Excess of Billings (CIEB) increased by 6% to $5,681,000, attributed to the normal flow of long-term projects[60] - Billings in Excess of Costs and Estimated Earnings (BIEC) decreased by 68% to $1,404,000, reflecting a reduction in the number of projects in progress from 7 to 5[62] - The aggregate percent complete for projects in progress increased from 65% to 73%[62] - The average total sales value of projects in progress decreased to $1,383,000 from $1,846,000[62] Liabilities - Accounts payable increased by 1% to $1,129,000, while accrued expenses decreased by 32% to $2,773,000 due to reduced incentive compensation[63]

Customer Concentration and Revenue - The company’s three largest customers accounted for approximately 86% of its revenue in fiscal year 2025[39]. - The company’s revenues are derived from a small number of high-value orders, making them vulnerable to fluctuations in order volume[55]. - The company has observed a trend of reduced revenues and profitability among some Communication Service Providers (CSPs), which may impact future growth[48]. - In 2025, RADCOM's total revenues reached $71.5 million, with North America contributing $38.9 million (54.3% of total revenue), followed by EMEA at $22.5 million (31.5%) and Asia at $9.9 million (13.9%)[193]. Market and Competitive Landscape - The company faces intense competition in the market for service assurance and customer experience management, which may affect its market share[40]. - The company faces significant competition in the rapidly changing technology landscape, particularly with the introduction of 5G and cloud-native networks[49]. - The telecommunications industry is experiencing a slowdown, affecting capital investment and potentially leading to decreased revenues for the company[47]. - The company is subject to risks associated with geopolitical instability, particularly in the Middle East, which may affect its business[27]. Technology and Product Development - The company is diversifying its product offerings by incorporating AI and Related Tools, including GenAI and Agentic AI capabilities, but faces risks related to product development and market acceptance[76]. - RADCOM's solutions enable CSPs to deploy 5G networks and support legacy networks (4G, 3G, 2G) on a single cloud-native platform[137]. - The company offers a cloud-native assurance solution, RADCOM ACE, which integrates into multi-cloud environments and provides real-time subscriber analytics and network insights[134]. - The company is enhancing its RADCOM NETWORK DISCOVERY solution and advancing its RADCOM AIM (Automated Insights Module) with investments in GenAI and Agentic AI technologies[202]. Financial Performance and Risks - The company achieved net income of approximately $12.0 million in 2025, $7.0 million in 2024, and $3.7 million in 2023, following a net loss of approximately $2.3 million in 2022[85]. - The company’s gross margins may vary over time, impacting future profitability[24]. - Current market conditions, including inflation and geopolitical issues, could lead to a slowdown in CSP investments, impacting the company's financial condition[60]. - The company’s growth is dependent on CSPs' internal decisions regarding the transition to 5G and the deployment of new assurance systems[41]. Operational Challenges - Disruptions to the company’s IT systems due to failures or cybersecurity attacks could materially affect its operations and reputation[45]. - The complexity of solutions provided to large CSPs is increasing, leading to greater operational risks and potential contractual penalties if projects fail[70]. - The company’s sales process involves lengthy evaluations, which may delay revenue recognition and lead to cancellations[62]. - The company may face significant costs and operational disruptions in responding to shareholder activism and proxy contests[100]. Strategic Initiatives - The company plans to focus its expansion efforts on Tier 1 and other leading communication service providers (CSPs) in North America, Europe, and Asia-Pacific markets[21]. - The company plans to increase investment in R&D and expand its product offerings to support growth objectives in 2026[154]. - The company may pursue partnerships and acquisitions to enhance technology and market penetration, but this could divert resources and disrupt operations[81]. - RADCOM aims to shift to multi-year recurring revenue contracts to provide long-term engagement models for CSPs[167]. Intellectual Property and Compliance - The company currently holds nine registered patents, one pending patent application, and one pending provisional patent application, but faces challenges in protecting its proprietary technology from unauthorized use[80]. - The company is subject to claims of infringement of third-party intellectual property, which could result in significant financial and managerial resource expenditure[84]. - The company relies on a combination of trademarks, trade secret law, and non-disclosure agreements to protect its intellectual property, holding nine registered patents and one pending patent application in the U.S.[214]. Global Operations and Economic Factors - The company has established subsidiaries in the U.S., Brazil, India, and Canada to expand its market presence[131]. - The company’s international operations are exposed to risks associated with varied political, cultural, legal, and economic conditions, which could impede growth and affect operating results[86]. - The ongoing war in Israel since October 7, 2023, has not adversely affected the company's operations, but the future economic implications remain uncertain[110]. - The company generates most of its revenues in U.S. dollars, while a significant portion of its expenses is incurred in New Israeli Shekels (NIS), exposing it to currency fluctuations[90].