Product Development and Technology - Veea has developed the VeeaHub product, which integrates a Linux server, Wi-Fi Access Point, firewall, IoT gateway, and 4G/5G modules, with approximately 125 granted patents and 25 pending applications [124]. - Veea's Edge Platform offers a distributed computing architecture that enhances data privacy, reliability, and low latency for real-time decisions [125]. - The Company aims to simplify the journey towards intelligent connectivity for devices and applications at the edge of the network [123]. Financial Performance - For the three months ended March 31, 2025, the Company reported net revenues of $14,262, a decrease of $2,508 or 15% compared to $16,770 for the same period in 2024 [147]. - Cost of goods sold increased by $346, or 3%, to $12,330 for the three months ended March 31, 2025, compared to $11,984 in the prior year [149]. - Product development expenses surged by $121,352, or 129%, reaching $215,575 for the three months ended March 31, 2025, primarily due to increased internal development and contractor costs [150]. - Sales and marketing expenses rose significantly by $262,987, or 305%, totaling $349,251 for the three months ended March 31, 2025, driven by enhanced go-to-market strategies [151]. - General and administrative expenses decreased by $736,302, or 13%, to $5,109,473 for the three months ended March 31, 2025, attributed to cost reduction measures [152]. - The Company incurred a loss from operations of $5,767,483 for the three months ended March 31, 2025, compared to a loss of $6,090,392 in the same period of 2024 [147]. - Interest expense increased by $489,716, or 107%, to $946,484 for the three months ended March 31, 2025, due to additional draws on the revolving line of credit [158]. - The Company had an accumulated deficit of $213.5 million as of March 31, 2025, and expects to continue incurring net losses as it scales its business [159]. - Adjusted EBITDA for the three months ended March 31, 2025, was $(5,618,846), compared to $(5,959,058) for the same period in 2024 [163]. Strategic Initiatives - The Company entered into an Asset Purchase Agreement with Crowdkeep, Inc., acquiring certain IoT technology assets for the issuance of 4,065,689 shares of Common Stock [129]. - Veea secured $1,000,000 in loans from the Crowdkeep Investor through two Note Purchase Agreements, with an annual interest rate of 8% [131]. - The Company has the right to direct White Lion Capital to purchase up to $25 million in newly issued shares of Common Stock under the Equity Line of Credit program [138]. - The Crowdkeep Convertible Notes can convert into shares of Common Stock at a price of $5.00, subject to certain conditions, and will automatically convert if the stock price reaches $7.50 for ten consecutive trading days [132]. - The Company is focused on expanding its market presence through strategic acquisitions and partnerships, as evidenced by the Crowdkeep transaction [129]. - The Company plans to fund operations through a combination of equity and debt offerings, including expected cash proceeds from the ELOC Program and anticipated tax refunds totaling up to $7 million [160]. Leadership Changes - The appointment of Randal V. Stephenson as Senior Vice President, Finance and Chief Strategy Officer was made on May 1, 2025 [137]. Market Risk Disclosure - Not applicable for quantitative and qualitative disclosures about market risk as the company is a smaller reporting company [164].

Product Development and Technology - Veea has developed the VeeaHub product, which integrates a Linux server, Wi-Fi Access Point, firewall, IoT gateway, and NVMe data storage, with approximately 125 granted patents and 25 pending applications[124] - The Company entered into an Asset Purchase Agreement with Crowdkeep, Inc., acquiring certain IoT technology assets for the issuance of 4,065,689 shares of Common Stock[129] - Veea's Edge Platform offers a distributed computing architecture that enhances data privacy, reliability, and low latency for real-time decisions[125] - The Company aims to simplify the journey towards intelligent connectivity for devices and applications at the edge of the network[123] - Veea's business model resembles the Android OS platform architecture, focusing on hybrid edge-cloud computing and AI-enabled applications[126] Financial Performance - For the three months ended March 31, 2025, the Company reported net revenues of $14,262, a decrease of $2,508 or 15% compared to $16,770 for the same period in 2024[147] - Cost of goods sold increased by $346, or 3%, to $12,330 for the three months ended March 31, 2025, compared to $11,984 in the prior year[149] - Product development expenses surged by $121,352, or 129%, totaling $215,575 for the three months ended March 31, 2025, driven by increased internal development and contractor costs[150] - Sales and marketing expenses rose significantly by $262,987, or 305%, reaching $349,251 for the three months ended March 31, 2025, due to enhanced go-to-market strategies[151] - General and administrative expenses decreased by $736,302, or 13%, totaling $5,109,473 for the three months ended March 31, 2025, attributed to cost reduction measures[152] - The Company incurred a loss from operations of $5,767,483 for the three months ended March 31, 2025, compared to a loss of $6,090,392 in the same period of 2024[147] - The net income for the three months ended March 31, 2025, was $4,299,052, a significant improvement from a net loss of $6,547,412 in the prior year[147] - Adjusted EBITDA for the three months ended March 31, 2025, was $(5,618,846), compared to $(5,959,058) for the same period in 2024, reflecting ongoing operational challenges[163] Financing and Investment - Veea secured $1,000,000 in loans from the Crowdkeep Investor through two Note Purchase Agreements, with an annual interest rate of 8%[131] - The Company has the right to direct White Lion Capital to purchase up to $25.0 million in newly issued shares of Common Stock under the Equity Line of Credit program[138] - The Crowdkeep Convertible Notes can convert into shares of Common Stock at a price of $5.00, subject to certain conditions, and will automatically convert if the stock price reaches $7.50 for ten consecutive trading days[132] - Interest expense increased by $489,716, or 107%, to $946,484 for the three months ended March 31, 2025, due to additional draws on the revolving line of credit[158] - The Company expects to fund operations through a combination of private and public equity and debt offerings, including anticipated cash tax refunds of up to $7 million related to R&D activities and inventory prepayments[160] Management and Leadership - Randal V. Stephenson was appointed as the Senior Vice President, Finance and Chief Strategy Officer on May 1, 2025[137] Market Risk - Not applicable for quantitative and qualitative disclosures about market risk as the company is a smaller reporting company[164]

Financial Performance - Total revenue for Q3 fiscal 2025 was $2.3 billion, a year-over-year growth of 15.3% compared to $2.0 billion in Q3 fiscal 2024[113] - Product revenue reached $452.7 million, accounting for 19.8% of total revenue, with a year-over-year growth of 15.8%[114] - Subscription and support revenue grew to $1.8 billion, representing 80.2% of total revenue, with a year-over-year growth of 15.2%[114] - Total revenue for the three months ended April 30, 2025, was $2,289.0 million, representing a year-over-year increase of 15.3%[124] - Subscription and support revenue for the three months ended April 30, 2025, was $1,836.3 million, a 15.2% increase from $1,593.8 million in the same period last year[130] - Product revenue for the three months ended April 30, 2025, was $452.7 million, reflecting a 15.8% increase from $391.0 million in the prior year[128] - Net income for the three months ended April 30, 2025, was $262.1 million, which is 11.5% of total revenue[125] - Total gross profit for the three months ended April 30, 2025, was $1,669.7 million, with a gross margin of 72.9% compared to 74.1% in the same period in 2024[139] Expenses and Margins - Gross margin for the three months ended April 30, 2025, was 72.9%, down from 74.1% in the same period last year[124] - Operating income for the three months ended April 30, 2025, was $218.8 million, with an operating margin of 9.6%[124] - Total operating expenses for the three months ended April 30, 2025, were $1,450.9 million, representing 63.3% of total revenue[125] - Research and development expenses for the three months ended April 30, 2025, were $494.5 million, an increase of $37.3 million or 8.2% compared to the same period in 2024[143] - Sales and marketing expenses for the three months ended April 30, 2025, were $718.7 million, a decrease of $73.8 million or 10.3% compared to the same period in 2024[145] - General and administrative expenses for the three months ended April 30, 2025, were $118.6 million, a decrease of $45.3 million or 38.2% compared to the same period in 2024[147] Cash Flow and Investments - Free cash flow (non-GAAP) for the nine months ended April 30, 2025, was $2,535.3 million, compared to $2,635.5 million in the prior year[122] - Cash flow provided by operating activities for the nine months ended April 30, 2025, was $2,695.2 million, slightly down from $2,744.9 million in the previous year[122] - Cash provided by operating activities was $2.7 billion for the nine months ended April 30, 2025, a slight decrease of $49.7 million compared to the same period in 2024[167] - Cash used in investing activities increased by $100.8 million to $1.4 billion for the nine months ended April 30, 2025, primarily due to higher purchases of investments[169] - Cash used in financing activities decreased by $759.0 million to $404.8 million for the nine months ended April 30, 2025, mainly due to reduced cash used for share repurchases[171] - Total cash, cash equivalents, and investments reached $8.5 billion as of April 30, 2025, up from $6.8 billion as of July 31, 2024[154] Strategic Initiatives - In April 2025, the company introduced new offerings such as Prisma AIRS and Cortex XSIAM 3.0, and announced the acquisition of Protect AI, expected to close by Q1 fiscal 2026[115] - The company focuses on a platformization strategy to simplify security architectures and consolidate various products and services[108] - The AI-driven Cortex platform enhances security operations with unified data and automation, providing real-time prevention and automated remediation[110] - The company emphasizes the importance of innovation and timely development of new features to meet end-customer needs and improve competitive positioning[115] Market and Economic Conditions - The company continues to monitor macroeconomic conditions, including inflation and geopolitical tensions, which may impact business performance[117] - The company maintains a two-tiered indirect fulfillment model for sales, working closely with channel partners[113] - Revenue from the Americas increased by $169.6 million or 12.5% for the three months ended April 30, 2025, contributing the highest increase in revenue due to its larger scale[131] Accounting and Financial Estimates - The company has made significant estimates and assumptions regarding goodwill and intangible assets in business combinations, impacting future amortization expenses[174] - A hypothetical 100 basis point increase in interest rates would result in a $124.7 million decline in the fair market value of the investment portfolio[178] - The company maintains a diversified portfolio of cash, cash equivalents, and investment-grade securities to minimize interest rate risk[178] - There have been no significant changes to critical accounting estimates since the last report, except for updates related to the acquisition of certain IBM QRadar assets[173] - The company evaluates its estimates and assumptions on an ongoing basis, acknowledging that actual results could differ materially due to economic uncertainties[172] - Contingent consideration obligations in business combinations are subject to revaluation at the end of each reporting period, which may materially impact future fair values[175] - The company aims to preserve principal, provide liquidity, and maximize income without significantly increasing risk in its investment activities[178] - Recent accounting pronouncements have been reviewed, with expectations of their impact on results of operations and financial condition noted[176] - The company assesses its exposures to market risk, with no material changes reported since the last annual report[177] - Critical estimates in valuing intangible assets include expected future cash flows, discount rates, and profit margins[174]

Financial Performance - Parcel volume increased by 19.1% year over year to 8.5 billion[1] - Adjusted net income grew by 1.6% to RMB2.3 billion[1] - Total revenues reached RMB10,891.5 million (US$1,500.9 million), an increase of 9.4% from RMB9,960.0 million in the same period of 2024[4] - Net income increased by 40.9% to RMB2,039.2 million (US$281.0 million) compared to RMB1,447.7 million in the same period of 2024[21] - Adjusted EBITDA rose by 0.7% to RMB3,686.7 million (US$508.0 million) from RMB3,660.4 million in the same period of 2024[23] - Revenue from core express delivery services increased by 9.8%, driven by a 19.1% growth in parcel volume[9] - KA revenue surged by 129.3% due to an increase in e-commerce return parcels[9] - Basic and diluted earnings per ADS were RMB2.50 (US$0.34), an increase of 41.2% from RMB1.77 in the same period of 2024[22] Cost and Expenses - Total cost of revenues increased by 17.9% to RMB8,202.2 million (US$1,130.3 million) from RMB6,957.9 million in the same period last year[10] - Gross profit for the same period decreased to RMB 2,689,220 (US$370,584) from RMB 3,002,085[43] Guidance and Future Expectations - The company reiterated its annual volume guidance to grow by 20%-24%[1] - The company expects parcel volume in 2025 to be between 40.8 billion and 42.2 billion, reflecting a year-over-year growth of 20% to 24%[28] Shareholder Returns - The company has approved a share repurchase program with an aggregate value of US$2.0 billion, with US$771.7 million remaining as of March 31, 2025[26] - The share repurchase program extension to June 30, 2026, reflects the company's confidence in market opportunities and financial strength[27] Cash Flow and Assets - Net cash provided by operating activities rose from RMB 2,031,020 thousand in Q1 2024 to RMB 2,362,976 thousand in Q1 2025, an increase of 16.3%[46] - Cash, cash equivalents, and restricted cash decreased from RMB 13,530,947 thousand at the beginning of Q1 2025 to RMB 12,461,807 thousand at the end of the period, a decline of 7.9%[46] - The company reported a net decrease in cash, cash equivalents, and restricted cash of RMB 1,069,140 thousand during Q1 2025[46] - The company experienced a net cash used in investing activities of RMB 3,158,465 thousand in Q1 2025, compared to RMB 2,378,652 thousand in Q1 2024, reflecting a significant increase of 32.7%[46] Assets and Liabilities - Total current assets increased slightly from RMB 30,353,721 thousand as of December 31, 2024, to RMB 30,570,788 thousand as of March 31, 2025, representing a growth of 0.72%[44] - Total liabilities increased from RMB 29,665,497 thousand as of December 31, 2024, to RMB 30,283,714 thousand as of March 31, 2025, marking a rise of 2.1%[44] - Total assets grew from RMB 92,340,330 thousand as of December 31, 2024, to RMB 93,149,512 thousand as of March 31, 2025, an increase of 0.88%[44] Income Attribution - Net income attributable to ZTO Express (Cayman) Inc. for the three months ended March 31, 2025, was RMB 1,993,247 (US$274,675), up from RMB 1,426,046 in 2024[43] - Net income attributable to ordinary shareholders increased from RMB 1,426,046 thousand in Q1 2024 to RMB 1,993,247 thousand in Q1 2025, reflecting a growth of 39.7%[48] - Basic net earnings per share attributable to ordinary shareholders increased from RMB 1.77 in Q1 2024 to RMB 2.50 in Q1 2025, a growth of 41.2%[48] Non-GAAP Measures - The company utilizes non-GAAP financial measures such as EBITDA and adjusted net income for evaluating operating results[30] - Adjusted EBITDA for Q1 2025 was RMB 3,686,680 thousand, up from RMB 3,660,367 thousand in Q1 2024, indicating a marginal increase of 0.72%[48] Operational Model - The company operates a scalable network partner model to support e-commerce growth in China[39]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 001-40524 SHF Holdings, Inc. (Exact name of registrant as specified in Its charter) | Delaware | 86-2409612 | | --- | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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 001-41890 BAYVIEW ACQUISITION CORP (Exact name of registrant as specified in its charter) Cayman Islands N/A (S ...

BAYVIEW ACQUISITION CORP UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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 001-41890 (Exact name of registrant as specified in its charter) Cayman Islands N/A (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 001-41323 SOLIDION TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) | Delaware | 87-1993879 | | --- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 001-41323 SOLIDION TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) | Delaware | 87-1993879 | | --- ...

Financial Performance - The Company generated total revenue of $93,549 for the three months ended March 31, 2024, compared to nil revenue for the same period in 2025, resulting in net losses of $5,705,098 and $14,020,050 respectively[172]. - Revenue decreased by $93,549 during the three months ended March 31, 2025, compared to the same period in 2024, primarily due to cost reduction measures including employee furloughs[225]. - The net loss for the three months ended March 31, 2025, was $(14,020,050), compared to $(5,705,098) in the same period in 2024, reflecting an increase in loss of $2,083,098[225]. - The company incurred net losses of $14,020,050 and $5,705,098 for Q1 2025 and Q1 2024, respectively, with an accumulated deficit of $135,428,605 as of March 31, 2025[241]. Operating Expenses - Total operating expenses were $2,806,705 for the three months ended March 31, 2025, down from $3,764,880 in the same period in 2024, reflecting a reduction of $958,175[225]. - Cost of revenue decreased by $621,239 during the three months ended March 31, 2025, attributed to a decrease of approximately $468,000 in direct labor and job costs and $120,000 in overhead[226]. - Research and development expenses decreased by $581,932 during the three months ended March 31, 2025, mainly due to lower personnel costs from the furlough of employees[227]. - Selling and marketing expenses increased by $197,747 during Q1 2025 compared to Q1 2024, primarily due to a $230,000 increase in professional and consulting expenses[228]. - General and administrative expenses decreased by $573,990 during Q1 2025 compared to Q1 2024, driven by a $512,000 decrease in payroll costs[229]. Cash Flow and Financing Activities - Cash and cash equivalents decreased to $70,937 as of March 31, 2025, down from $209,337 as of December 31, 2024[240]. - Net cash used in operating activities was $1,927,792 for Q1 2025, a decrease from $2,093,442 in Q1 2024[250]. - Net cash provided by financing activities was $2,539,392 for Q1 2025, compared to $176,627 in Q1 2024[253]. Debt and Liabilities - The operating loss for the three months ended March 31, 2025, included $10,398,050 of non-cash interest expense recognized on remeasurement of preferred stock liability[172]. - The company recorded a loss on extinguishment of debt amounting to $(3,386,416) during the three months ended March 31, 2025[225]. - Interest expense decreased significantly by $998,382, from $(1,191,862) in the three months ended March 31, 2024, to $(193,480) in the same period in 2025[225]. - Interest expense decreased by $998,382 during Q1 2025 compared to Q1 2024, primarily due to lower debt balances[230]. Investments and Commitments - The Company has entered into a commitment letter with Trumar Capital LLC to acquire a controlling interest in a defense-tech company and a SaaS startup, with the first stage of investment completed at $1.5 million[186][187]. - The Company entered into a convertible facility with Supply@ME Capital Plc with a capacity of up to $5.15 million, of which $150,000 was funded as of March 31, 2025[189]. - The Company issued a $525,000 face amount secured promissory note to Agile Capital Funding for a capital infusion of $500,000, requiring weekly repayments totaling $756,000[196]. - The Company issued a $227,700 face amount convertible promissory note to 1800 Diagonal Lending LLC for a capital infusion of $188,000, with additional financing of up to $2,275,000 expected[197]. Compliance and Regulatory Issues - As of March 31, 2025, the Company was in default under its lease, resulting in a default judgment against the Company in the amount of $409,278[176]. - The Company received a Notice of Noncompliance from NYSE Regulation for not maintaining stockholders' equity of $2.0 million or more, with a compliance plan due by May 29, 2025[179][180]. - The company anticipates incurring net losses for the foreseeable future and raises substantial doubt about its ability to continue as a going concern[242]. Other Financial Metrics - The company recorded a gain on the sale of intellectual property intangible assets at $8,961,872 during the three months ended March 31, 2025[225]. - The company recorded a gain of $127,300 on the change in fair value of warrant liabilities during Q1 2025, compared to a gain of $3,311 in Q1 2024[232]. - EBITDA excludes certain recurring, non-cash charges, and does not reflect cash requirements for asset replacements or new capital expenditures[267]. - Free cash flow does not account for the impact of equity or debt raises, debt repayments, or dividends paid[267]. Accounting Policies - There have been no significant changes to the company's accounting policies during the three months ended March 31, 2025[266]. - As of March 31, 2025, the company has no off-balance sheet arrangements, obligations, assets, or liabilities[263]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities[263]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[270].