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 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 No. 001-41144 ATHENA TECHNOLOGY ACQUISITION CORP. II (Exact name of registrant as specified in its charter) (State or other jurisdiction of in ...

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: 001-34647 ZW Data Action Technologies Inc. (Exact name of registrant as specified in its charter) Nevada 20-4672080 (State or other ...

Financial Performance - Q1 2025 revenue was $2.0 million, a 25% decrease year over year from $2.68 million in Q1 2024[6] - Q1 2025 operating loss increased to $(5.9) million, a 37% increase compared to $(4.3) million in Q1 2024[6] - Q1 2025 adjusted EBITDA was $(4.3) million, reflecting a 28% decline from $(3.4) million in Q1 2024[6] - Net loss for Q1 2025 was $(6.9) million, or $(1.65) diluted net loss per common share, consistent with the same loss per share in Q1 2024[7] - Non-GAAP net loss for Q1 2025 was $(5.5) million, or $(1.40) non-GAAP diluted net loss per common share, compared to $(3.8) million or $(1.49) in Q1 2024[7] - For the three months ended March 31, 2025, Ontrak, Inc. reported a net loss of $6,891,000, compared to a net loss of $4,458,000 for the same period in 2024, representing a 55% increase in net loss year-over-year[29] - Adjusted EBITDA for the three months ended March 31, 2025, was $(4,311,000), compared to $(3,372,000) for the same period in 2024, indicating a deterioration of approximately 28%[31] - Non-GAAP net loss attributable to common stockholders for the three months ended March 31, 2025, was $(7,709,000), compared to $(6,053,000) for the same period in 2024, representing an increase of about 27%[32] Membership and Outreach - Total enrolled members in the WholeHealth+ program reached 1,578 at the end of Q1 2025, up from 1,521 at the end of Q1 2024[12] - The callable outreach pool for WholeHealth+ increased to 7,319 as of March 31, 2025, compared to 5,057 at the end of Q1 2024[12] Cash and Assets - Cash at the end of the period was $4,087,000, down from $6,400,000 at the end of the same period in 2024, a decrease of about 36%[29] - The total current assets decreased to $7,909,000 as of March 31, 2025, down from $9,560,000 as of December 31, 2024, reflecting a decline of approximately 17%[27] - The company had total stockholders' equity of $4,647,000 as of March 31, 2025, down from $9,870,000 as of December 31, 2024, a decline of approximately 53%[27] Liabilities and Financing - Total liabilities increased to $13,624,000 as of March 31, 2025, compared to $11,205,000 as of December 31, 2024, marking an increase of about 22%[27] - The company secured a $10.0 million financing commitment from Acuitas Capital LLC[6] Operational Efficiency - Ontrak, Inc. reported a net cash used in operating activities of $(2,723,000) for the three months ended March 31, 2025, compared to $(3,259,000) for the same period in 2024, indicating an improvement of about 16%[29] - The company reported stock-based compensation expense of $1,421,000 for the three months ended March 31, 2025, compared to $352,000 for the same period in 2024, reflecting a significant increase of 304%[29] - The weighted-average common shares outstanding increased to 5,517,000 for the three months ended March 31, 2025, compared to 4,059,000 for the same period in 2024, an increase of approximately 36%[32] Quality Assurance - Ontrak has been re-certified by NCQA as a Credentials Verification Organization, reaffirming its commitment to quality standards[12]

Financial Performance - Q4 2024 revenue was $3.1 million, an 11% decrease year over year; full year revenue was $10.8 million, down 15% year over year[5]. - Q4 2024 operating loss was $(4.4) million, a 16% improvement from $(5.2) million in Q4 2023; full year operating loss was $(17.8) million, a decrease of 16% year over year[6]. - Q4 2024 Adjusted EBITDA improved to $(2.8) million, a 20% improvement year over year; full year Adjusted EBITDA was $(12.8) million, a 13% improvement year over year[5]. - The company experienced a net loss of $(5.2) million in Q4 2024, compared to a net loss of $(6.4) million in Q4 2023[6]. - Non-GAAP net loss for the full year 2024 was $(15.4) million, compared to $(24.9) million for the prior year[10]. - Revenue for Q4 2024 was $3,146 million, a decrease of 11.1% from $3,539 million in Q4 2023[27]. - Gross profit for the year ended December 31, 2024, was $6,824 million, down 22.4% from $8,800 million in 2023[27]. - Operating loss for Q4 2024 was $4,363 million, compared to a loss of $5,213 million in Q4 2023, showing an improvement of 16.3%[27]. - Net loss attributable to common stockholders for the year ended December 31, 2024, was $79,015 million, significantly higher than $36,874 million in 2023[27]. - Adjusted EBITDA for the year ended December 31, 2024, was $(12,825) million, an improvement from $(14,730) million in 2023[35]. Cash and Liabilities - Cash and restricted cash at the end of Q4 2024 was $5,710 million, down from $9,701 million at the end of Q4 2023[32]. - Total current liabilities increased to $8,780 million in 2024 from $3,942 million in 2023, reflecting a rise of 123.4%[30]. - Stock-based compensation expense for the year ended December 31, 2024, was $3,920 million, an increase of 32.8% from $2,948 million in 2023[32]. - Total assets increased to $21,075 million in 2024 from $19,846 million in 2023, representing a growth of 6.2%[30]. - Weighted-average common shares outstanding increased to 4,643 million in 2024 from 744 million in 2023, a significant rise of 524.3%[39]. Membership and Contracts - Total enrolled members in the WholeHealth+ program decreased to 1,409 at the end of Q4 2024 from 1,758 at the end of Q4 2023[10]. - The callable outreach pool for WholeHealth+ was 4,908 at December 31, 2024, down from 6,689 at September 30, 2024[10]. - The company signed a new agreement with Intermountain Health to deliver WholeHealth+ to approximately 2,300 Medicare Advantage members[10]. - A three-year contract extension was announced with Sentara Health Plans following several expansions in 2024[5]. Future Outlook - For Q1 2025, the company estimates revenue in the range of $2.0 million to $2.3 million[13].

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 quarter 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: 001-42252 HCM II ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) (Address of principal executive offices) (Zip Code) ( ...

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 quarter 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: 001-42252 HCM II ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) Cayman Islands 98-1785406 (State or other jurisdictio ...

Financial Performance - Total revenue for the three months ended March 31, 2025, was $1,637,185, representing an increase of 3.9% compared to $1,576,286 for the same period in 2024[17] - Clinic revenue increased to $1,621,553, up from $1,537,199, reflecting a growth of 5.5% year-over-year[17] - The net loss for the quarter was $17,403,586, compared to a net loss of $1,596,513 in the same quarter of 2024, indicating a substantial decline in profitability[17] - Basic and diluted net loss per common share was $(12.53) for the three months ended March 31, 2025, compared to $(7.55) for the same period in 2024[17] - For the three months ended March 31, 2025, the net loss was $17,403,586 compared to a net loss of $1,596,513 for the same period in 2024[22] - The company reported a basic net loss per common share of $12.53 for Q1 2025, compared to $7.55 for Q1 2024[17] Operating Expenses - Operating expenses surged to $18,744,597, a significant increase from $3,084,323 in the prior year, primarily due to an impairment loss of $14,645,069[17] - The company reported an impairment loss of $14,645,069 during the period[22] - Research and development expenses increased significantly to $265,663 from $4,880, highlighting a focus on innovation[17] Assets and Liabilities - Total current assets increased to $1,569,122 as of March 31, 2025, from $1,318,331 as of December 31, 2024, marking a growth of 19%[14] - Total liabilities decreased to $24,429,823 as of March 31, 2025, down from $26,244,709 as of December 31, 2024, reflecting a reduction of approximately 6.9%[14] - Stockholders' equity decreased to $3,335,365 from $12,747,473, indicating a decline of about 73.8%[14] Cash Flow - Cash used in operating activities for the three months ended March 31, 2025, was $3,545,534, significantly higher than $260,557 in the prior year[22] - Cash and cash equivalents increased to $840,407 from $741,396, indicating improved liquidity[14] - Cash and cash equivalents at the end of the period increased to $840,407 from $475,125 year-over-year[22] - Cash paid for interest during the period was $169,042, compared to $50,804 in the prior year[22] Strategic Initiatives - The company anticipates future growth driven by new product introductions and market expansion strategies[12] - The company is in the process of divesting a majority stake in NAYA Therapeutics, Inc. to concentrate on the fertility marketplace[25] - The company plans to grow the Wisconsin Fertility Institute and pursue the acquisition of additional U.S.-based, profitable IVF clinics over the next 12 months[52] - The company is focused on expanding access to assisted reproductive technology (ART) care[25] - The proprietary INVOcell technology allows fertilization and early embryo development to occur in vivo within the woman's body[25] Investments and Acquisitions - The Company completed the acquisition of NAYA Therapeutics on October 11, 2024, with a total consideration of approximately $29.6 million allocated to various assets and liabilities acquired[54][58] - The acquisition included the conversion of NTI's outstanding debt obligations into shares of the Company's common stock and newly-designated preferred stock[56] - The Company executed a reverse stock split of 1-for-12 on March 18, 2025, resulting in 4,166,667 shares of authorized common stock[117][118] Legal and Compliance - The company is subject to potential legal proceedings, although none were material as of March 31, 2025[155] - A legal settlement was reached with Dr. Pritts, where the company agreed to pay $5,000,000, with scheduled payments including $475,000 due June 30, 2025, and $2,000,000 due June 30, 2026[173] - The company regained compliance with Nasdaq's Timely Filing Rule after filing its Annual Report on Form 10-K on April 30, 2025[161] Future Outlook - The company anticipates future acquisitions and the introduction of new products as part of its growth strategy[12] - The company has expressed substantial doubt about its ability to continue as a going concern due to significant operating losses and expected future losses[53]

Revenue and Growth - Total revenue for the three months ended March 31, 2025, was $1,637,185, representing an increase of 3.9% compared to $1,576,286 for the same period in 2024[17] - Clinic revenue increased to $1,621,553, up from $1,537,199, reflecting a growth of 5.5% year-over-year[17] - For the three months ended March 31, 2025, total consolidated revenue was $1,637,185, with external customer revenue from Clinic Services at $1,621,553[149] Expenses and Losses - Operating expenses surged to $18,744,597, a significant increase from $3,084,323 in the prior year, primarily due to an impairment loss of $14,645,069[17] - The net loss for the first quarter of 2025 was $17,403,586, compared to a net loss of $1,596,513 in the same quarter of 2024, indicating a substantial decline in profitability[17] - Basic and diluted net loss per common share was $(12.53) for the three months ended March 31, 2025, compared to $(7.55) for the same period in 2024[17] - Approximately $14.8 million of the net loss for the three months ended March 31, 2025, was related to non-cash expenses, compared to $1.0 million for the same period in 2024[51] Cash Flow and Assets - Cash used in operating activities for the three months ended March 31, 2025, was $3,545,534, compared to $260,557 for the same period in 2024, reflecting a substantial increase in cash outflows[22] - Cash and cash equivalents increased to $840,407 as of March 31, 2025, compared to $741,396 at the end of 2024, showing a growth of 13.3%[14] - Total current assets increased to $1,569,122 as of March 31, 2025, compared to $1,318,331 at the end of 2024, marking a growth of 19%[14] Liabilities and Equity - Total liabilities decreased to $24,429,823 as of March 31, 2025, down from $26,244,709 at the end of 2024, reflecting a reduction of approximately 6.9%[14] - The company’s total stockholders' equity as of March 31, 2025, was $3,335,365, compared to a deficit of $84,873,449[22] - Stockholders' equity decreased to $3,335,365 from $12,747,473, reflecting a decline of 73.8%[14] Investments and Acquisitions - The company has plans for future acquisitions and product introductions, although specific details were not disclosed in the report[12] - The company is in the process of divesting a majority stake in NAYA Therapeutics, Inc. to focus exclusively on the fertility marketplace[25] - The Company completed the acquisition of NAYA Therapeutics on October 11, 2024, with a total consideration of approximately $29.6 million allocated to various assets and liabilities acquired[54][58] Operational Highlights - The company has two operational INVO Centers and one IVF clinic in the United States, focusing on expanding access to assisted reproductive technology[25] - The proprietary INVOcell technology allows fertilization and early embryo development to occur in vivo, representing a significant advancement in assisted reproductive technology[25] - The Company has identified three operating segments: Clinic Services, INVOcell Device, and Therapeutics[148] Legal and Compliance - The company is subject to potential legal proceedings, although none were material as of March 31, 2025[155] - A legal settlement was reached with Dr. Pritts, where the company agreed to pay $5 million, with scheduled payments including $475,000 due June 30, 2025, and $2 million due June 30, 2026[173] - The company regained compliance with Nasdaq's Timely Filing Rule on May 8, 2025, after filing its Annual Report on Form 10-K[161] Future Outlook - The company has expressed substantial doubt about its ability to continue as a going concern due to significant operating losses and expected future losses[53] - The Company will need to raise additional funding to meet its liquidity needs and execute its business strategy until it can generate positive cash from operations[52] - The company anticipates future acquisitions and the introduction of new products as part of its growth strategy[12]

Exhibit 99.2 Q4 FY25 Shareholder Letter our fiscal year 2025 (FY2025) was a pivotal year in creating the foundation for multi-year accelerated growth and sustained cash flow through increasing earnings and decreasing capital intensity. We are pleased with our operational performance and the accomplishments of our team towards the strategic goals we set for the vear. Of course, we can still improve by judiciously integrating LEO networks to both further optimize latency-sensitive traffic and improve economic ...

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the transition period from _________ to _________ Commission file number: 001-40563 NIXXY, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quart ...