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]

Table of Contents 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: 001-42609 Texas Ventures Acquisition III Corp (Exact Name of Registrant as Specified in Its Charter) | Cayman ...

Table of Contents 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: 001-42609 Texas Ventures Acquisition III Corp (Exact Name of Registrant as Specified in Its Charter) | Cayman ...

Financial Performance - As of September 30, 2025, the company reported a net loss of $2,651,350 for the three months ended, with interest income of $165,169 and operating costs of $2,816,519[102]. - For the nine months ended September 30, 2025, the company had a net loss of $2,619,286, consisting of interest income of $543,990 and operating costs of $3,163,276[103]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[100]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[105]. - Following the full exercise of the over-allotment option, the company placed $70,380,000 in the trust account, which may be used for the initial business combination[107]. Financial Position - As of September 30, 2025, the company had cash of $3,713 and a working capital deficit of $5,238,909[112]. - The company has marketable securities held in the trust escrow account amounting to $18,929,689, consisting of U.S. government securities[108]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[111]. Business Combination - The company expects to incur significant costs related to being a public company and due diligence expenses in connection with the search for a business combination target[101]. - The company has engaged EBC as an advisor for its business combination, with a service fee of 3.5% of the gross proceeds of the IPO payable upon consummation[117].

Financial Performance - As of September 30, 2025, the company reported a net loss of $2,651,350 for the three months ended, with operating costs amounting to $2,816,519[102] - For the nine months ended September 30, 2025, the company had a net loss of $2,619,286, with operating costs totaling $3,163,276[103] - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[100] - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[111] Capital and Funding - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[105] - Following the full exercise of the over-allotment option, the company placed $70,380,000 in the trust account, which may be used for the initial business combination[107] - As of September 30, 2025, the company had cash of $3,713 and a working capital deficit of $5,238,909[112] Expenses and Costs - The company expects to incur significant costs related to being a public company and due diligence expenses in connection with the search for a business combination target[101] - Interest income earned on marketable securities held in the trust account amounted to $165,169 for the three months ended September 30, 2025[102] Financial Arrangements - The company has no off-balance sheet financing arrangements as of September 30, 2025[113]

Financial Performance - XTI Aerospace closed a $18.5 million net public offering in September 2025, significantly enhancing its balance sheet and liquidity for ongoing engineering work [2]. - Cash and cash equivalents increased to $32.2 million as of September 30, 2025, up from $4.1 million at December 31, 2024, primarily due to the proceeds from the public offering [6]. - Stockholders' equity grew to $10.5 million as of September 30, 2025, up from $6.6 million at December 31, 2024, reflecting new capital raised [6]. - A $25 million strategic investment from Unusual Machines was secured, strengthening the balance sheet and aligning with the domestic drone ecosystem [8]. - XTI's working capital position improved to $1.1 million, or $29.3 million excluding warrant liabilities [6]. Product Development - The company completed initial flight operations for the Sparrow and Kestrel prototypes, validating aerodynamic and stability models for the TriFan 600 [3]. - The TriFan 600 program is on track for a piloted demonstrator in 2027, with ongoing subscale aircraft testing and FAA engagement [10]. - The Valkyrie Vanguard Platform was announced, integrating AI and advanced materials into next-generation VTOL development, enhancing digital-twin capabilities [9]. - The company plans to advance supplier integration across avionics, propulsion, structures, and hybrid-electric components as part of its strategic priorities [10]. Strategic Acquisitions - XTI acquired Drone Nerds, adding a profitable business with over $100 million in revenue for 2024, enhancing its strategic posture in the drone industry [8].

Financial Performance - XTI Aerospace closed a $18.5 million net public offering in September 2025, significantly enhancing its balance sheet and liquidity for ongoing engineering work [2]. - Cash and cash equivalents increased to $32.2 million as of September 30, 2025, up from $4.1 million at December 31, 2024, primarily due to the net proceeds from the September offering [6]. - Stockholders' equity grew to $10.5 million as of September 30, 2025, up from $6.6 million at December 31, 2024, reflecting new capital raised [6]. - XTI secured a $25 million strategic investment from Unusual Machines, strengthening its balance sheet and aligning with the domestic drone ecosystem [8]. Product Development - The company completed initial flight operations for the Sparrow and Kestrel prototypes, validating aerodynamic and stability models for the TriFan 600 [3]. - XTI announced a technology collaboration with MagLev Aero for up to 100 MagLev HyperDrive electric propulsion systems for future platforms [6]. - The Valkyrie Vanguard Platform was announced to integrate AI and advanced materials into next-generation VTOL development, enhancing the TriFan 600's technical roadmap [9]. Market Position and Strategy - The acquisition of Drone Nerds added a profitable operating business with over $100 million in revenue for 2024, enhancing XTI's market position [8]. - XTI launched the XTI Founders Club, an exclusive ownership pathway for early TriFan 600 customers, with events planned in key U.S. markets [6]. - XTI's strategic priorities include advancing FAA engagement and scaling customer-centric design programs with IDEO [10].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Borealis Foods Inc. (Exact name of registrant as specified in its charter) | Ontario | 001-40778 | 98-1638988 | | --- | --- | --- | | (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer | | incorporation or organization) | | Identification Number) | | 1540 Cornwall Rd. #104 | | ...