Financial Performance - Revenues for the nine months ended September 30, 2025, increased to €126,971 thousand, up 8.4% from €116,637 thousand in 2024[1] - Product sales rose to €119,397 thousand, a 6.9% increase compared to €112,475 thousand in the same period last year[1] - Operating loss for the period was €53,945 thousand, compared to an operating profit of €34,214 thousand in 2024[1] - Net loss for the period was €65,173 thousand, a significant decline from a profit of €24,740 thousand in the previous year[2] - Total comprehensive loss for the period amounted to €64,429 thousand, compared to a comprehensive income of €25,342 thousand in 2024[2] Cash and Assets - Cash and cash equivalents decreased to €143,462 thousand from €168,271 thousand at the beginning of the year[5] - Non-current assets decreased to €179,900 thousand from €201,020 thousand as of December 31, 2024[4] - Total equity as of September 30, 2025, was €150,477 thousand, down from €181,253 thousand at the end of 2024[4] - Current liabilities increased to €150,481 thousand from €114,580 thousand at the end of 2024[4] Research and Development - Research and development expenses rose to €59,729 thousand, up 23.0% from €48,567 thousand in the same period last year[1]

Exhibit 99.1 ZTO Reports Third Quarter 2025 Unaudited Financial Results Parcel Volume Increased 9.8% to 9.6 Billion Adjusted Net Income Grew 5.0% to RMB2.5 Billion SHANGHAI, Nov 20, 2025 /PRNewswire/ - ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast- growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2025. The Company grew parcel volume by 9.8% year over year while maintaining ...

Exhibit 99.1 Contact for Media and Investors: Email: ir@service.netease.com Tel: (+86) 571-8985-3378 NetEase Announces Third Quarter 2025 Unaudited Financial Results Hangzhou, China, November 20, 2025 - NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced its unaudited financial results for the third quarter ended September 30, 2025. Third Quarter 2025 Financial Highlights Third Quarter 2025 and Recent Operational Highlights ...

Financial Performance - Total revenue for the first quarter of fiscal 2026 was $2.5 billion, representing a year-over-year growth of 16% compared to $2.1 billion in the same period of fiscal 2025[92]. - Product revenue reached $434 million, accounting for 17.5% of total revenue, with a year-over-year growth of 23%[93]. - Subscription and support revenue grew to $2.0 billion, representing 82.5% of total revenue, with a year-over-year growth of 14%[93]. - Total revenue for the three months ended October 31, 2025, was $2,474 million, a 16% increase from $2,139 million in 2024[103]. - Product revenue increased by 23% to $434 million for the three months ended October 31, 2025, compared to $354 million in 2024[106]. - Subscription and support revenue rose by 14% to $2,040 million for the three months ended October 31, 2025, from $1,785 million in 2024[108]. - Gross profit for the three months ended October 31, 2025, was $1,836 million, with a gross margin of 74.2%, slightly up from 74.1% in 2024[116]. - Operating income for the three months ended October 31, 2025, was $309 million, representing 12.5% of total revenue, compared to 13.4% in 2024[103]. - Cash flow from operating activities was $1.771 billion, up from $1.510 billion year-over-year[99]. - Free cash flow (non-GAAP) for the quarter was $1.687 billion, compared to $1.466 billion in the same period last year[99]. Expenses and Costs - Cost of subscription and support revenue increased by 15% to $549 million for the three months ended October 31, 2025, from $479 million in 2024[114]. - Research and development expense increased to $528 million for the three months ended October 31, 2025, up 10% from $481 million in the same period in 2024, primarily due to increased personnel costs[120]. - Sales and marketing expense rose to $820 million for the three months ended October 31, 2025, a 14% increase from $720 million in the same period in 2024, driven by higher personnel costs[122]. - General and administrative expense surged to $179 million for the three months ended October 31, 2025, an 83% increase from $98 million in the same period in 2024, largely due to increased personnel costs and a partial release of litigation-related accrual[124]. - Interest expense decreased to $0 million for the three months ended October 31, 2025, down 100% from $1 million in the same period in 2024, due to the maturity of the 2025 Notes[126]. - Provision for income taxes rose to $78 million for the three months ended October 31, 2025, a 359% increase from $17 million in the same period in 2024, with an effective tax rate of 18.9%[130]. Cash and Investments - Total cash, cash equivalents, and investments reached $10.2 billion as of October 31, 2025, up from $8.5 billion on July 31, 2025[131]. - Cash provided by operating activities was $1.8 billion for the three months ended October 31, 2025, an increase of $261 million compared to the same period in 2024[141]. - The company has commitments to purchase products and services totaling $6.8 billion as of October 31, 2025[135]. Acquisitions and Future Plans - The company plans to acquire CyberArk Software Ltd., expected to close in the third quarter of fiscal 2026, enhancing its identity security capabilities[94]. - The acquisition of CyberArk is expected to close in the third quarter of fiscal 2026, with an equity value of approximately $25 billion[137]. Market and Economic Sensitivity - A hypothetical 100 basis point increase in interest rates would result in a $139 million decline in the fair market value of the investment portfolio[150]. - Conversely, a hypothetical 100 basis point decrease in interest rates would lead to a $142 million increase in the fair market value of the portfolio[150]. Other Financial Metrics - Next-Generation Security Annualized Recurring Revenue increased to $5.9 billion from $5.6 billion[99]. - Remaining performance obligations were reported at $15.5 billion, slightly down from $15.8 billion[99]. - Share-based compensation expense for the company is expected to be approximately $2.2 billion over a weighted-average period of 2.4 years[118]. - Other income, net increased to $103 million for the three months ended October 31, 2025, a 24% increase from $83 million in the same period in 2024, primarily due to higher interest income[128]. - The company has not made significant changes to its critical accounting estimates since the last report[147].

Financial Performance - Atkore achieved net sales of $2.9 billion in fiscal 2025, with organic volume growth for the third consecutive year[5] - Fourth-quarter net sales decreased to $752.0 million, down 4.6% from $788.3 million in the prior year, primarily due to lower average selling prices[6] - The company reported a net loss of $(54.4) million for the fourth quarter, compared to net income of $73.1 million in the prior year[6] - Adjusted EBITDA for the fourth quarter was $70.9 million, a decrease of 49.4% from $140.1 million in the prior year[11] - Full-year 2026 net sales are expected to be in the range of $3.0 - $3.1 billion, with adjusted EBITDA outlook of $340 - $360 million[6] - Gross profit for fiscal 2025 decreased by $401.7 million to $676.1 million, with a gross margin of 23.7% compared to 33.7% in fiscal 2024[18] - Adjusted net income per diluted share for fiscal 2025 was $6.05, down from $14.48 in fiscal 2024[20] - Electrical segment net sales decreased by 8.1% to $518.9 million in the fourth quarter, primarily due to decreased average selling prices[13] - Safety & Infrastructure segment net sales increased by 4.0% to $233.4 million in the fourth quarter, driven by higher volumes[15] - Net sales for the three months ended September 30, 2025, were $752,011,000, a decrease of 4.6% from $788,296,000 for the same period in 2024[39] - Gross profit for the three months ended September 30, 2025, was $147,826,000, resulting in a gross margin of 19.7%, down from 27.4% in the prior year[39] - Operating income for the three months ended September 30, 2025, was a loss of $56,759,000 compared to an income of $102,065,000 for the same period in 2024[39] - Net loss for the three months ended September 30, 2025, was $54,420,000, compared to a net income of $73,119,000 for the same period in 2024[39] - Adjusted EBITDA for the fiscal year ended September 30, 2025, was $386,394 thousand, down 49.9% from $771,713 thousand in 2024[48] - The Adjusted EBITDA Margin for the fiscal year ended September 30, 2025, was 13.6%, down from 24.1% in 2024[48] Cash Flow and Capital Expenditures - The company repurchased $100.0 million in outstanding shares and paid dividends totaling $44.2 million during fiscal 2025[22] - Free Cash Flow for the three months ended September 30, 2025, was $295,654 thousand, compared to $399,172 thousand in the same period of 2024, a decrease of 26.0%[44] - Capital expenditures for the three months ended September 30, 2025, were $(107,108) thousand, compared to $(149,861) thousand in the same period of 2024, a decrease of 28.5%[44] Assets and Liabilities - Total assets as of September 30, 2025, were $2,851,922,000, a decrease from $3,021,403,000 as of September 30, 2024[41] - Cash and cash equivalents increased to $506,699,000 as of September 30, 2025, compared to $351,385,000 in the previous year[41] - Total liabilities decreased to $1,453,581,000 as of September 30, 2025, from $1,481,503,000 as of September 30, 2024[41] - Total Debt as of September 30, 2025, was $760,532 thousand, slightly down from $764,838 thousand in 2024[56] - Net Debt decreased to $253,833 thousand as of September 30, 2025, from $413,453 thousand in 2024, a reduction of 38.6%[56] - Cash and cash equivalents at the end of the period increased to $506,699 thousand from $351,385 thousand in the previous year, an increase of 44.3%[56] Impairments and Adjustments - The company reported an asset impairment charge of $86,654,000 for the three months ended September 30, 2025[39] - Adjusted net income for the fiscal year ended September 30, 2025, was $205,754 thousand, down from $532,878 thousand in 2024, a decline of 61.4%[52] - Net income for the three months ended September 30, 2025, was $(54,420) thousand, a decrease from $73,119 thousand in the same period of 2024, representing a decline of 174.3%[47] - Adjusted EBITDA and Adjusted EBITDA Margin are used to evaluate business performance, but specific figures for these metrics were not disclosed in the provided content[32][35]

Exhibit 99.1 ZTO Reports Third Quarter 2025 Unaudited Financial Results Parcel Volume Increased 9.8% to 9.6 Billion Adjusted Net Income Grew 5.0% to RMB2.5 Billion SHANGHAI, Nov 20, 2025 /PRNewswire/ - ZTO Express (Cayman) Inc. (NYSE: ZTO and SEHK: 2057), a leading and fast- growing express delivery company in China ("ZTO" or the "Company"), today announced its unaudited financial results for the third quarter ended September 30, 2025. The Company grew parcel volume by 9.8% year over year while maintaining ...

Financial Performance - For the three months ended September 30, 2025, net sales were $1,812,461, compared to $3,450,056 for the nine months ended September 30, 2025, indicating a significant increase from $1,623,260 in the same period last year[19] - Gross profit for the three months ended September 30, 2025, was $80,794, while the gross profit for the nine months ended September 30, 2025, was a loss of $1,257,532, compared to a profit of $378,111 in the same period last year[19] - The net loss for the three months ended September 30, 2025, was $6,357,557, compared to a net loss of $1,234,986 for the same period in 2024, indicating a worsening financial position[19] - For the nine months ended September 30, 2025, the company reported a net loss of $25,540,675 compared to a net loss of $6,522,441 for the same period in 2024[24] - The total operating loss for the three months ended September 30, 2025, was $6,063,194, with the electric vehicle segment contributing a loss of $3,057,470[123] - The total operating loss for the nine months ended September 30, 2025, was $24,594,494, with the electric vehicle segment reporting a loss of $19,581,724[125] Assets and Liabilities - The company reported a total of $15,477,584 in current assets as of September 30, 2025, down from $17,636,154 as of December 31, 2024[17] - Current liabilities increased to $15,977,016 as of September 30, 2025, compared to $11,744,671 as of December 31, 2024, indicating a rise in short-term financial obligations[17] - The accumulated deficit as of September 30, 2025, was $99,002,149, compared to $73,461,474 as of December 31, 2024, reflecting ongoing financial challenges[17] - The company had trade accounts receivable of $838,651 as of September 30, 2025, with an allowance for doubtful accounts of $413,169, resulting in a net trade accounts receivable balance of $425,482[41] - The company had finished goods inventory on hand of $6,040,410 as of September 30, 2025, with a recorded inventory valuation allowance of $1,184,731[43] - The company had inventory deposits of $7,465,129 as of September 30, 2025, an increase from $6,036,809 as of December 31, 2024[44] Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $6,143,988, up from $1,471,391 in the same period last year, reflecting increased operational costs[19] - Research and development expenses for the nine months ended September 30, 2025, were $731,808, significantly higher than $152,351 in the same period last year, indicating a focus on innovation[19] - Non-cash stock-based compensation expense for the nine months ended September 30, 2025, was $614,307, a decrease from $1,871,386 for the same period in 2024, representing a reduction of about 67%[55] - Depreciation expense for the three months ended September 30, 2025, was $105,150, compared to $36,303 for the same period in 2024, reflecting an increase of approximately 189%[64] - Operating lease expenses for the three months ended September 30, 2025, were $99,863, compared to $89,240 for the same period in 2024, reflecting an increase of 18.3%[120] Stock and Equity - The company issued 1,003,045 shares from convertible notes conversion, increasing the total common stock to 4,223,165 shares as of September 30, 2025[22] - As of September 30, 2025, the Company had 4,223,165 shares of common stock outstanding, an increase from 1,987,262 shares on December 31, 2024[89] - The Company has outstanding warrants for 147,039 shares, with exercise prices ranging from $16.60 to $200.00[92] - The Company raised $850,000 from a private placement of 51,205 shares at $16.60 per share, with warrants exercisable at the same price[94] - The Company recorded a full impairment on its ROU asset for a warehouse lease in December 2024, as it decided not to use the facility for its intended purpose[116] Debt and Financing - The future annual minimum payments of the Company's outstanding debt total $2,875,363, with $1,366,040 due in the remainder of 2025 and $1,509,323 in 2026[88] - The balance of the equipment financing agreement with Wells Fargo Bank was $5,731 as of September 30, 2025, with monthly payments of $521[69] - The Company entered into a premium financing agreement with AFCO Insurance Premium Finance for $140,400, with a remaining balance of $99,284 as of September 30, 2025[70] - The Company entered into a premium financing agreement for a loan of $114,140, payable over eleven months at an interest rate of 8.24%[71] Business Operations - The company added two new business operations in the first quarter of 2025: medical supplies and drones[26] - The company is currently engaged in research and development activities for its drone operations, which are in the startup phase[122] - The electric vehicle segment reported no sales for the three months ended September 30, 2025, while the medical supplies segment generated $1,812,461 in sales[123] - The company recognized revenue from the delivery of medical supplies to a related party, accounting for 100% of the net revenue for the medical supplies segment for the three months ended September 30, 2025[33] Impairments and Charges - The company has faced significant goodwill impairment charges totaling $10,103,048 for the nine months ended September 30, 2025, impacting overall financial health[19] - The Company recorded a non-cash impairment of goodwill amounting to $10,103,048 during the first quarter of 2025, resulting in a goodwill balance of $0 as of September 30, 2025[53][66] - The Company recorded a non-cash impairment charge of $3,300,801 related to other intangible assets for the three and nine months ended September 30, 2025[57][66] Lease Agreements - The Company has a lease agreement with Maddox Defense for a facility in Houston, Texas, with a total monthly payment obligation of $7,771[107] - The Company entered into a two-year sublease for a warehouse in the Philippines with a monthly rent starting at $15,000, escalating to $16,530[116] - Future minimum payments under operating leases total $893,073, with $311,210 due in the remainder of 2025[120] - The weighted-average remaining lease term for operating leases is 2.5 years, with a weighted-average discount rate of 14%[120] Other Financial Information - The company recorded net cash used in operating activities of $6,295,792 for the nine months ended September 30, 2025, compared to $2,848,876 for the same period in 2024[24] - The company had cash and cash equivalents of $77,595 at the end of the period, down from $682,654 at the end of the previous period[24] - The Company has a concentration in accounts payable, with two vendors making up over 10% individually and 52% in total of the outstanding accounts payable balance as of September 30, 2025[50] - The company is negotiating a payment plan with Priority Workforce for outstanding unpaid invoices related to employee leasing services, expected to be settled in Q4 2025[127]

Financial Performance - Service revenue for the three months ended September 30, 2025, was $234,000, a 118.7% increase from $107,000 in the same period of 2024[15]. - Gross profit for the nine months ended September 30, 2025, was $745,000, compared to $1,763,000 for the same period in 2024, indicating a decline of 57.8%[15]. - Net loss for the three months ended September 30, 2025, was $11,074,000, compared to a net loss of $7,758,000 for the same period in 2024, reflecting a 42.5% increase in losses[15]. - Momentus reported a net loss of $23.7 million for the nine months ended September 30, 2025, with an accumulated deficit of $431.7 million as of the same date[27]. - The company incurred a net loss of $23.1 million for the nine months ended September 30, 2024, indicating ongoing financial challenges[21]. Assets and Liabilities - Total assets increased to $19,601,000 as of September 30, 2025, compared to $9,952,000 as of December 31, 2024, representing a 96.5% growth[13]. - Cash and cash equivalents decreased to $670,000 as of September 30, 2025, from $1,572,000 as of December 31, 2024, a decline of 57.6%[13]. - Total current liabilities increased to $17,324,000 as of September 30, 2025, compared to $15,010,000 as of December 31, 2024, an increase of 15.4%[13]. - The accumulated deficit as of September 30, 2025, was $(431,689,000), up from $(407,993,000) as of December 31, 2024, indicating a worsening of the deficit by 5.8%[13]. - The total stockholders' deficit improved to $(694,000) as of September 30, 2025, from $(7,810,000) as of December 31, 2024, showing a reduction of 91.1%[13]. Cash Flow and Financing - The company used net cash of $12.7 million to fund its operating activities during the nine months ended September 30, 2025, and had cash and cash equivalents of $0.7 million at the end of the period[28]. - The company expects to finance its operations through equity or debt financings, which may not be available on favorable terms[30]. - If the company cannot raise additional capital, its operations may need to be scaled back or halted altogether[31]. - The company continues to seek opportunities to access additional capital through various means to alleviate its financial conditions[30]. Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $6,436,000, a decrease of 16.8% from $7,731,000 in the same period of 2024[15]. - Research and development costs are expensed as incurred, focusing on developing existing and future technologies for the Company's vehicles[83]. Debt and Loans - The Company entered into a loan agreement with J.J. Astor & Co. for up to $1.5 million, structured in two tranches of $0.75 million each, with a maturity date of March 6, 2026[110]. - The May 2025 Loan requires repayment in 40 weekly installments of $25,000, with at least 10% in cash and the remainder in shares at a conversion price of $1.70 per share[110]. - The Company prepaid $1.0 million to extinguish the May 2025 Loan, which included a $0.1 million termination fee, and recognized a $0.5 million loss on extinguishment[116]. - The Company recognized a $0.8 million loss on extinguishment related to the December 2024 Loan, which was prepaid for $2.4 million[124]. - The total loan payable as of September 30, 2025, consisted of convertible promissory note principal of $3.0 million and accrued interest of $0.4 million[152]. Stock and Equity - The Company issued warrants to purchase up to 952,940 shares of Class A common stock at an exercise price of $1.70 per share in connection with the May 2025 Loan[112]. - The Company issued new warrants to purchase up to 4,862,058 shares of Class A common stock at an exercise price of $1.11 in connection with the warrant inducement agreement[195]. - The Company has the right to direct an investor to purchase up to $50.0 million in shares of Class A common stock at a price of $1.24 per share under the September 2025 Equity Line of Credit (ELOC)[186]. Operational Highlights - Momentus has launched four missions to date, deploying 17 customer satellites and providing hosted payload services, demonstrating significant flight heritage with its Vigoride Orbital Service Vehicle[23]. - The company is advancing its M-1000 satellite bus, which integrates innovations for improved sensor capability, maneuverability, and lower costs, positioning it to meet growing demand in the satellite bus market[24]. - The company has produced its next OSV, Vigoride 7, intended for a mission in 2026, reflecting its commitment to future growth[23]. Fair Value Measurements - As of September 30, 2025, the Company has no assets measured at fair value on a recurring basis, but has liabilities including warrants and convertible notes classified within Level 3 of the fair value hierarchy[56]. - The Company uses the Black-Scholes option pricing model to measure the fair value of warrants and convertible instruments, requiring management to make assumptions about stock price volatility and expected life[79].

Revenue Performance - Q3 2025 revenue decreased to $2.4 million, down from $4.4 million in Q3 2024, representing a decline of 45% year-over-year[21] - Mobile ad revenue remained steady at 15% of total revenue, while revenue from Roblox campaigns decreased to 42%, down from 57% in 2024[6] Cost Management and Profitability - Gross margins improved to 45%, up from 39% a year ago, indicating a positive trend in cost management[6] - Non-cash operating expenses decreased by 29% year-over-year, reflecting strict cost discipline[6] - Operating losses narrowed by 23% on a cash basis compared to Q3 2024, demonstrating progress towards profitability[6] - The company aims to achieve Adjusted EBITDA profitability in Q4 2025, supported by a more efficient cost structure and a stronger partner pipeline[6] Financial Position - The company achieved a strong balance sheet with $20 million from a private placement and zero debt, enhancing financial stability[2] - The total assets decreased to $8.7 million as of September 30, 2025, down from $11.7 million at the end of 2024[19] - Total liabilities decreased to $10.7 million from $11.5 million at the end of 2024, indicating improved financial health[19] Net Loss and Earnings - GAAP net loss for Q3 2025 was $3,562,000, a slight improvement from a loss of $3,632,000 in Q3 2024[23] - Pro forma net loss for the nine months ended September 30, 2025, was $8,491,449, compared to $8,597,000 for the same period in 2024[23] - Non-GAAP net earnings per share for Q3 2025 was $(2.52), significantly better than $(10.19) in Q3 2024[23] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $6,805,000, an improvement from $8,160,000 in 2024[25] - Net cash provided by investing activities was $923,000 for the nine months ended September 30, 2025, compared to a net cash outflow of $457,000 in 2024[25] - Net cash provided by financing activities for the nine months ended September 30, 2025, was $5,633,000, up from $1,297,000 in 2024[25] - Cash and cash equivalents at the end of Q3 2025 were $1,061,000, compared to $289,000 at the end of Q3 2024[25] Other Financial Metrics - Non-cash stock compensation increased to $1,372,207 for the nine months ended September 30, 2025, from $986,000 in 2024[23] - The company reported a depreciation and amortization expense of $1,607,000 for the nine months ended September 30, 2025, down from $1,953,000 in 2024[25] - The company recorded a loss on extinguishment of liability of $161,000 for the nine months ended September 30, 2025, compared to $336,000 in 2024[25] Strategic Initiatives - The company is exploring strategies within the digital asset economy, backed by a $10 million investment from Evo Fund[8]

Financial Performance - Q3 2025 revenue decreased to $2.4 million, down from $4.4 million in Q3 2024, representing a decline of 45% year-over-year[21] - Operating losses narrowed by 23% on a cash basis compared to Q3 2024, with a net operating loss of $3.1 million[21] - GAAP net loss for Q3 2025 was $3,562,000, a slight improvement from a loss of $3,632,000 in Q3 2024[23] - Pro forma net loss for the nine months ended September 30, 2025, was $8,491,449, compared to $8,597,000 for the same period in 2024[23] - Non-GAAP net earnings per share for Q3 2025 was $(2.52), significantly better than $(10.19) in Q3 2024[23] Revenue Sources - Mobile ad revenue accounted for 15% of total revenue, while Roblox campaigns contributed 42%, down from 57% in 2024, indicating diversification efforts[6] Cost Management - Gross margins improved to 45% in Q3 2025, up from 39% in the same quarter last year[6] - Non-cash operating expenses decreased by 29% year-over-year, reflecting strict cost discipline[6] - The company aims to achieve Adjusted EBITDA profitability in Q4 2025, supported by a more efficient cost structure and a stronger partner pipeline[6] Financial Position - The company achieved a strong balance sheet with $20 million from a private placement and zero debt, enhancing its financial foundation[2] - The total assets decreased to $8.7 million as of September 30, 2025, from $11.7 million at the end of 2024[19] - Total liabilities reduced to $10.7 million from $11.5 million at the end of 2024, indicating improved financial health[19] Cash Flow - Net cash used in operating activities for the nine months ended September 30, 2025, was $6,805,000, an improvement from $8,160,000 in 2024[25] - Cash and cash equivalents at the end of Q3 2025 were $1,061,000, compared to $289,000 at the end of Q3 2024[25] - Net cash provided by investing activities for the nine months ended September 30, 2025, was $923,000, compared to a net outflow of $457,000 in 2024[25] - Proceeds from the issuance of common stock in Q3 2025 amounted to $1,945,000[25] Expenses - The company recorded a depreciation and amortization expense of $1,607,000 for the nine months ended September 30, 2025[25] - The change in fair value of warrant liability resulted in a loss of $1,934,000 for the nine months ended September 30, 2025[25] - The company reported a stock-based compensation expense of $1,372,000 for the nine months ended September 30, 2025, compared to $986,000 in 2024[25] Strategic Initiatives - The company is exploring strategies within the digital asset economy, backed by a $10 million investment from Evo Fund[8]