Financial Performance - The company reported a net loss of $7.6 million and $27.7 million for the three and nine months ended September 30, 2025, respectively, with an accumulated deficit of $695.6 million as of the same date[158]. - The company has incurred significant operating losses since inception and has financed operations primarily through various funding sources, including the sale of its Commercial Business to Alcon[203]. - The company reported a net cash used in operating activities of $27.4 million for the nine months ended September 30, 2025, compared to $24.8 million for the same period in 2024, reflecting a decrease of $2.7 million[233]. - The company experienced a net cash decrease of $30.1 million for the nine months ended September 30, 2025, compared to a decrease of $1.7 million for the same period in 2024[232]. - The net loss for the nine months ended September 30, 2025 was $27.7 million, an improvement of $2.7 million compared to a net loss of $30.3 million in 2024[194]. Research and Development - The CHASE trial for KPI-012 did not meet its primary endpoint, leading to the decision to cease development of KPI-012 and the MSC-S platform, resulting in a workforce reduction of approximately 51%[141]. - Prior to ceasing R&D activities, the company was evaluating KPI-012 for additional rare diseases and had initiated preclinical studies for KPI-014 targeting inherited retinal degenerative diseases[154]. - The company expects a substantial increase in general and administrative expenses due to commercialization efforts for product candidates KPI-012 and KPI-014[241]. - The company does not expect to generate revenue from KPI-012, KPI-014, or any other product candidates in the foreseeable future[244]. - The company may need to raise additional capital to resume research and development activities, with potential adverse effects on financial condition if unable to do so[248]. Financing and Obligations - As of the Default Notice on September 29, 2025, the total obligations under the Loan Agreement with Oxford Finance were accelerated to $29.1 million, which was later reduced to approximately $9.6 million after cash sweeps[143][148]. - A Convertible Loan Agreement was entered into on November 9, 2025, providing a loan of $375,000 at a 15% annual interest rate, intended for negotiation of additional financing[149][150]. - The company has financed operations through various means, including the sale of its Commercial Business, IPO proceeds, and a recent private placement resulting in gross proceeds of approximately $10.8 million[160]. - The company is eligible to receive up to $325.0 million in milestone payments from Alcon based on sales of EYSUVIS and INVELTYS, but timing and amounts are uncertain[162]. - The company has a total potential maximum payout of $40.0 million for milestone payments and an additional $65.0 million for future sales-based milestone payments related to the Combangio acquisition[228]. Expenses and Cash Flow - General and administrative expenses for Q3 2025 were $4.5 million, an increase of $0.1 million compared to $4.4 million in Q3 2024[185]. - Research and development expenses for Q3 2025 were $6.1 million, up from $5.2 million in Q3 2024, primarily due to a $0.9 million increase in employee-related costs[186]. - Total operating expenses for the nine months ended September 30, 2025 were $28.9 million, down from $31.5 million in 2024, reflecting a decrease of $2.6 million[194]. - Interest income decreased to $0.3 million in Q3 2025 from $0.6 million in Q3 2024, attributed to lower interest rates and changes in investment mix[189]. - Interest expense decreased to $3.1 million for the nine months ended September 30, 2025, down from $4.4 million in 2024, a decrease of $1.3 million[200]. Strategic Options and Future Outlook - The company plans to explore strategic options, including potential sales, licenses, or mergers, contingent on obtaining additional funding[155]. - The company anticipates that its cash and cash equivalents will not be sufficient to fund operations through November 2025, raising substantial doubt about its ability to continue as a going concern[237]. - The financial statements are prepared on a going concern basis, indicating uncertainty regarding asset recoverability and liability classification[243]. - The company has limited experience in product commercialization, which may hinder future product launches and market expectations[245]. - The company may seek financing through equity offerings, debt financings, and strategic alliances, which could dilute existing ownership interests[247]. Workforce and Operational Changes - The company incurred costs of approximately $1.6 million related to workforce reductions, with $0.4 million incurred in the third quarter of 2025 and the remainder expected in the fourth quarter[146]. - The company is restricted from incurring additional debt or making certain capital expenditures under its Loan Agreement[247]. - The company recorded a gain of $4.8 million on fair value remeasurement of contingent consideration for Q3 2025, compared to a loss of $0.4 million in Q3 2024[187]. - The company has incurred $2.6 million in cash and $2.4 million in shares as contingent milestone payments to Combangio equityholders as of September 30, 2025[172]. - The remaining $0.6 million under the CIRM Award will not be received due to the decision to cease clinical development of KPI-012 for PCED[179].

Taxation and Financial Obligations - The Company reported an effective tax rate of 20.40% for the nine months ended September 30, 2025, compared to 22.62% for the same period in 2024[92]. - The Company incurred excise taxes of $12,389 for the nine months ended September 30, 2025, down from $190,370 for the same period in 2024[95]. - As of September 30, 2025, the excise tax payable amounted to $1,082,055, compared to $1,069,666 as of December 31, 2024[95]. - The Company’s management does not expect significant changes in unrecognized tax benefits over the next twelve months[91]. - The effective tax rate for the nine months ended September 30, 2025, is 20.4%, compared to 10.9% for the same period in 2024, primarily due to changes in prior year taxes and valuation allowance[137]. - The Company has no U.S. federal and state net operating loss carryovers available to offset future taxable income as of September 30, 2025[138]. Financial Position and Investments - The Company held U.S. Treasury Securities in the Trust Account valued at $2,200,644 as of September 30, 2025, down from $3,605,750 as of December 31, 2024[88]. - The Company did not have any cash equivalents as of September 30, 2025, and December 31, 2024[79]. - The Company had a temporary advance of $924,240 from the Sponsor as of September 30, 2025, compared to $503,946 as of December 31, 2024[107]. - As of September 30, 2025, the total deferred tax asset is $290,621, an increase from $285,200 as of December 31, 2024[135]. - The change in valuation allowance for the nine months ended September 30, 2025, was $5,420, compared to $3,214 for the same period in 2024[136]. - As of September 30, 2025, the Company is not subject to any market or interest rate risk, with investments in U.S. government treasury bills and money market funds[184]. Stock and Shareholder Information - The Company has 176,662 shares of common stock subject to possible redemption as of September 30, 2025, compared to 279,990 shares as of December 31, 2024[82]. - As of September 30, 2025, the common stock subject to possible redemption was $2,200,644, down from $3,605,750 as of December 31, 2024[103]. - As of September 30, 2025, the Company had 2,637,500 shares of common stock issued and outstanding, excluding 176,662 shares subject to possible redemption[121]. - Each holder of a right will receive 1/10 of a share of common stock upon consummation of a Business Combination, with no additional payment required[122]. - The Sponsor entered into Non-Redemption Agreements with stockholders, agreeing not to redeem 1,297,500 shares, valued at $452,026 or $0.35 per share, based on a 4% probability of a successful Business Combination[119]. Business Combination and Extensions - The Company has the right to extend the date to consummate a business combination by nine times for an additional one month each time, with deposits of $100,000 made for extensions[112]. - The Company has the right to extend the deadline for completing a business combination from December 13, 2024, to June 13, 2025, by depositing $0.04 per Public Share for each one-month extension, totaling $11,199 deposited on specific dates[115]. - On June 5, 2025, the Company amended the trust agreement to allow for four additional one-month extensions until October 13, 2025, with a deposit of $0.075 per Public Share, resulting in $13,250 deposited on specified dates[116]. - The Company can further extend the liquidation date to February 13, 2026, by depositing $0.075 per Public Share, with $13,242 deposited on October 9, 2025, and November 10, 2025[118]. Financial Performance - For the nine months ended September 30, 2025, the basic and diluted net income per share was $0.06, compared to a loss of $0.33 for the same period in 2024[98]. - Interest income earned in investments held in the Trust Account for the nine months ended September 30, 2025, was $93,821, down from $985,835 in 2024[98]. - Total expenses for the nine months ended September 30, 2025, were $78,804, compared to $881,803 in 2024, indicating a significant reduction in expenses[98]. - The Company incurred $90,000 in fees for administrative services for both the nine months ended September 30, 2025, and 2024[109]. Debt and Financial Instruments - The Company issued five unsecured promissory notes to the Sponsor totaling $1,540,000, which mature upon the closing of a business combination[110]. - The Company may receive Working Capital Loans from the Sponsor or affiliates, which could be repaid from Trust Account proceeds upon completing a Business Combination, with up to $1,000,000 convertible into warrants at $1.00 each[120]. - The Underwriter is entitled to a Deferred Commission of the greater of $1,000,000 or 2.5% of the remaining cash in the Trust Account, capped at $2,250,000, with part of the commission to be paid in shares and a promissory note[134]. Accounting and Compliance - The Company is classified as an "emerging growth company" and has opted not to comply with certain new or revised financial accounting standards until private companies are required to do so[75]. - The Company’s financial statements are prepared in accordance with U.S. GAAP and include all necessary adjustments for fair presentation[73]. - The Company’s warrants issued upon the IPO are classified as equity, meeting the criteria under ASC 480[81]. - The accretion of carrying value to redemption value for 2025 was $(166,162), reflecting the ongoing adjustments related to redeemable shares[103].

Financial Performance - Valvoline reported fourth quarter sales of $454 million, a 4% increase year-over-year, and full-year sales of $1.7 billion, growing 6%[6]. - The company achieved an adjusted EBITDA of $130 million in Q4, a 5% increase, and $467 million for the full year, up 6%[10]. - Valvoline's earnings per diluted share (EPS) for Q4 was $0.20, a 71% decline, while full-year EPS was $1.67, an increase of 2%[10]. - Operating income for the three months ended September 30, 2025, was $84.5 million, a decrease of 37.2% from $134.6 million in the same period of 2024[29]. - The diluted earnings per share for the year ended September 30, 2025, was $1.64, compared to $1.61 in 2024, reflecting a growth of 1.9%[29]. - The adjusted diluted earnings per share from continuing operations for Q4 2025 was $0.45, compared to $0.46 in Q4 2024[37]. - The net profit margin for Q4 2025 was 5.6%, a decrease from 20.5% in Q4 2024[39]. - The company reported an income from continuing operations of $25.6 million for Q4 2025, a significant decrease from $89.1 million in Q4 2024[37]. - Total adjustments after tax for Q4 2025 amounted to $32.4 million, impacting the adjusted income from continuing operations[37]. Revenue and Sales Growth - System-wide same-store sales (SSS) increased by 6.0% in Q4 and 6.1% for the fiscal year, with system-wide store sales growing 11% in both periods[10]. - Net revenues for the three months ended September 30, 2025, were $453.8 million, an increase of 4.9% from $435.5 million in the same period of 2024[29]. - Gross profit for the year ended September 30, 2025, was $658.5 million, up from $618.8 million in 2024, reflecting a year-over-year increase of 6.4%[29]. - System-wide store sales for the three months ended September 30, 2025, reached $918.4 million, representing a year-over-year growth of 11.1%[33]. - Valvoline reported a year-over-year same-store sales growth of 6.0% for the three months ended September 30, 2025, consistent with the previous year's performance[33]. Store Expansion and Acquisition - The company plans to close the acquisition of Breeze Autocare on December 1, 2025, expecting to add a net of 162 stores post-acquisition[10]. - The company plans to add 330 to 360 new stores in fiscal 2026, contributing to its growth strategy[9]. - The total store count increased by 56 in Q4, bringing the system-wide total to 2,180 stores, an 8% year-over-year increase[10]. - The number of company-operated stores increased to 1,016 as of September 30, 2025, compared to 950 in the same period of 2024, marking a growth of 6.9%[33]. - Valvoline's total system-wide stores increased to 2,180 by the end of Q4 2025, up from 2,010 in Q4 2024, representing a growth of 8.5% year-over-year[35]. - Valvoline opened 26 company-operated stores in Q4 2025, compared to 26 in Q4 2024, maintaining its expansion strategy[35]. Cash Flow and Shareholder Returns - Valvoline returned $60 million to shareholders through share repurchases during the fiscal year[6]. - Valvoline's operating cash flow from continuing operations for the full year was $307 million, with free cash flow of $48 million[10]. - Cash flows from operating activities for the year ended September 30, 2025, totaled $297.2 million, compared to $265.1 million in 2024, indicating an increase of 12.1%[32]. - Free cash flow from continuing operations for the year ended September 30, 2025, was $47.9 million, down from $58.5 million in 2024[42]. - Valvoline's operating cash flows from continuing operations for the year ended September 30, 2025, were $307.1 million, an increase from $282.9 million in 2024[42]. Future Projections - For fiscal 2026, Valvoline projects net revenues between $2.0 billion and $2.1 billion, with adjusted EBITDA expected to be between $525 million and $550 million[9]. - Valvoline anticipates continued growth through the proposed acquisition of Breeze Autocare, which is expected to enhance shareholder value and operational synergies[26].

Revenue Growth - Contract revenues for Q3 2026 increased by 14.1% to $1.452 billion compared to $1.272 billion in Q3 2025[4] - Year-to-date contract revenues reached $4.088 billion, a 13.0% increase from $3.617 billion in the prior year period[7] - For fiscal 2026, total contract revenues are expected to range from $5.350 billion to $5.425 billion, indicating a growth of 13.8% to 15.4% over the prior year[11] - The company anticipates Q4 2026 contract revenues between $1.26 billion and $1.34 billion[12] - GAAP Contract Revenues for Q3 2025 reached $1,451,798, representing a 14.1% increase from $1,272,007 in Q3 2024[26] - Non-GAAP Organic Contract Revenues for Q3 2025 were $1,340,891, reflecting a growth of 7.2% compared to $1,251,014 in Q3 2024[26] - Non-GAAP Organic Contract Revenues for the nine months ended October 25, 2025, totaled $3,710,768, compared to $3,569,876 for the same period in 2024, showing a growth of 3.9%[26] Profitability Metrics - Non-GAAP Adjusted EBITDA rose to $219.4 million, representing 15.1% of contract revenues, up from $170.7 million or 13.4% in the prior year quarter[5] - GAAP net income increased to $106.4 million, or $3.63 per diluted share, compared to $69.8 million, or $2.37 per diluted share in Q3 2025, marking a 35.4% increase[6] - Net Income for Q3 2025 was $106,365, up from $69,789 in Q3 2024, marking a significant increase of 52.4%[27] - Non-GAAP Adjusted Net Income for Q3 2025 was $106,365, compared to $79,150 in Q3 2024, indicating a growth of 34.3%[28] - Non-GAAP Adjusted Diluted Earnings per Common Share for Q4 2026 is projected to be between $1.62 and $1.97[12] - GAAP diluted earnings per share for Q3 2025 was $3.63, an increase from $2.37 in Q3 2024[28] - Non-GAAP Adjusted Diluted Earnings per Common Share for Q3 2025 was $3.63, compared to $2.68 in Q3 2024, reflecting a growth of 35.5%[28] Financial Position - The company reported a record backlog of $8.2 billion as of October 25, 2025[10] - Total assets increased to $3.325 billion as of October 25, 2025, up from $2.945 billion at the beginning of the year[22] - Operating cash flows for the quarter were strong at $220.0 million[10] Non-GAAP Adjustments - Total adjustments for Non-GAAP measures included stock-based compensation expenses of $7,986 for Q3 2025, down from $14,024 in Q3 2024[32] - The company incurred approximately $4.2 million in acquisition integration costs during the quarter ended October 26, 2024[32]

Third Quarter 2025 Financial Results Total Revenues reached RMB2,478.0 million (US$348.1 million), increased by 31.4% year-over-year from RMB1,885.6 million in the same quarter of 2024 and increased by 5.5% quarter-over-quarter from RMB2,349.2 million in the second quarter of 2025. The increase was mainly due to the expanded revenue from AI related customers, with AI infrastructure and products keep upgrading. Revenues from public cloud services were RMB1,752.3 million (US$246.1 million), significantly incr ...

Financial Performance - Year-to-date revenue for Q3 2025 was $150.9 thousand, up from $61.8 thousand in Q3 2024, primarily from EAS software subscriptions related to DriveMod Tugger deployments[9] - Total costs and expenses for the year-to-date third quarter were $19.2 million, an increase of 11% from $17.3 million in Q3 2024, driven by a $2 million rise in general and administrative expenses[10] - Net loss for Q3 2025 was $(17.8) million, compared to $(17.2) million in Q3 2024, with a net loss per share of $(5.20) based on approximately 3.4 million shares outstanding[11] - Cyngn's net cash used in operating activities for the nine months ended September 30, 2025, was $(16.8) million, compared to $(15.6) million for the same period in 2024[23] Company Growth and Development - The company expanded its sales organization to the largest in its history, enhancing pipeline generation and lead quality[5] - Cyngn secured its 23rd U.S. patent for a modular sensor system designed for automated guided vehicles, strengthening its intellectual property portfolio[7] - Total stockholders' equity increased to $38.7 million as of September 30, 2025, compared to $(1) million at the end of 2024[15] - The company appointed Natalie Russell as Chief Financial Officer to enhance financial leadership and operational discipline[4] Cash and Investments - Cyngn's unrestricted cash and short-term investments totaled $34.9 million as of September 30, 2025, compared to $23.6 million at the end of 2024[15] Technology and Product Development - Cyngn develops autonomous vehicle technology aimed at addressing labor shortages and safety incidents in industrial organizations[24] - DriveMod technology allows seamless integration of self-driving capabilities without high upfront costs or infrastructure requirements[25] - The DriveMod Tugger can haul up to 12,000 lbs with a typical payback period of less than 2 years[26] - DriveMod Forklift is designed for heavy loads using non-standard pallets and is currently available to select customers[26] Compliance and Reporting - The company is pursuing SOC 2 Type II and ISO 27001 certifications as part of a broader cybersecurity and compliance initiative[7] - The company filed its annual report on Form 10-K/A with the SEC on November 14, 2025, detailing risk factors and forward-looking statements[27]

Revenue and Income - Revenue for the three months ended September 30, 2025, increased to $4.625 million, up from $619,000 in the same period of 2024, representing a $4.006 million increase[169] - Net income for the three months ended September 30, 2025, was $56.026 million, compared to a net loss of $471,000 in the same period of 2024, marking a $56.497 million improvement[169] - Revenue for the three months ended September 30, 2025, was $831,000, a 34.3% increase from $619,000 in 2024; for the nine months, revenue was $1,898,000, up 29.1% from $1,471,000 in 2024[189] - SaaS subscription revenue for the quarter ended September 30, 2025, was approximately $509.7 thousand, compared to $133.5 thousand for the same period in 2024, marking an increase of 281%[190] Expenses - Operating expenses for the three months ended September 30, 2025, rose to $6.907 million, an increase of $5.834 million from $1.073 million in the same period of 2024[169] - Total operating expenses for the three months ended September 30, 2025, were $2,843,000, a 165.0% increase from $1,073,000 in 2024; for the nine months, expenses were $5,146,000, up 35.6% from $3,795,000 in 2024[189] - General and administrative expenses for the three months ended September 30, 2025, included $1.7 million in professional fees and $1.0 million in employee-related costs[182] - General and administrative expenses decreased by 54.2% for the three months ended September 30, 2025, compared to the same period in 2024, due to reduced payroll-related costs[192] Digital Assets - Gain from changes in fair value of digital assets for the three months ended September 30, 2025, was $74.368 million, compared to no gain in the same period of 2024[169] - The company adopted a new treasury policy in April 2025, focusing on long-term accumulation of Solana (SOL) to diversify treasury holdings and enhance growth opportunities[176] - A hypothetical 10% change in the fair value of digital assets could impact the company's income (loss) before income taxes by approximately $19.7 million for the nine months ended September 30, 2025[206] Cash Flow and Financing - Cash and cash equivalents as of September 30, 2025, were $8,801,000, significantly up from $2,517,000 as of December 31, 2024[194] - Net cash used in operating activities for the nine months ended September 30, 2025, was $7.0 million, primarily due to employee-related costs and professional fees[196] - Net cash used in investing activities for the nine months ended September 30, 2025, was $236.3 million, primarily due to the purchase of digital assets[197] - The company issued $112.5 million in 5.5% convertible senior notes due 2030 on July 7, 2025, with an additional $10.0 million issued shortly after[198][199] Business Operations - The company received net proceeds of $378.5 million through various financing transactions, which were used for purchasing digital assets and working capital[168] - The digital asset treasury strategy generated revenue primarily from staking rewards and operating owned validators, contributing to the overall revenue growth[181] - The company serves hundreds of thousands of web users annually, facilitating billions of dollars in debt financing per year[186] - The real estate segment derives revenue primarily from platform fees and subscription revenue, recognized upon the successful closing of lending transactions[187] - The company incurred a loss of $2.0 million for the three and nine months ended September 30, 2025, due to the disposition of the JPro business unit[193]

Revenue and Profitability - Revenue for the year ended September 30, 2025, was $16,140 million, a slight increase from $16,105 million in 2024, and significantly higher than $14,378 million in 2023, reflecting a growth trend [206] - Gross profit for the year ended September 30, 2025, was $1,217 million, compared to $1,084 million in 2024, indicating a gross margin improvement [206] - The cost of revenue for the year ended September 30, 2025, was $14,923 million, slightly lower than $15,021 million in 2024, contributing to improved profitability [206] - Income from operations for the year ended September 30, 2025, was $1,027 million, up from $827 million in 2024, showcasing operational efficiency [206] - Net income attributable to AECOM for the fiscal year ended September 30, 2025, was $561.8 million, an increase of $159.5 million, or 39.6% compared to $402.3 million for the previous year [229] - Income from continuing operations before taxes for the fiscal year ended September 30, 2025, was $915.6 million, an increase of $197.4 million, or 27.5% compared to $718.2 million for the previous year [229] Business Acquisitions and Restructuring - Two business acquisitions were completed during the year ended September 30, 2025, following one acquisition in 2024, while no acquisitions occurred in 2023 [203] - The company has exited substantially all of its self-perform at-risk construction businesses to improve profitability and reduce risk exposure [201] - Restructuring and acquisition costs for the fiscal year ended September 30, 2025, were $59.4 million, down from $98.9 million in the previous year [241] - The company expects to spend approximately $45 million for restructuring in fiscal 2026 associated with prior restructuring actions [274] Financial Position and Debt - Total debt as of September 30, 2025, was $2,743.7 million, an increase from $2,539.8 million in 2024, with long-term debt at $2,647.2 million [286] - The company entered into a new $1,500 million revolving credit facility and a $750 million term loan A facility on April 19, 2024, maturing in 2029 [287] - The average effective interest rate on total debt was 5.1% for the year ended September 30, 2025, down from 5.6% in 2024 [300] - Scheduled maturities of debt include $66.3 million in 2026 and $761.3 million in 2029 [286] - The company had $1,439.9 million in outstanding borrowings under its term credit agreements and revolving credit facility as of September 30, 2025 [330] Cash Flow and Working Capital - Net cash provided by operating activities was $821.6 million for the year ended September 30, 2025, compared to $827.5 million for the previous year [278] - Net cash used in investing activities increased to $413.2 million for the year ended September 30, 2025, compared to $210.6 million for the previous year, primarily due to cash payments for business acquisitions [279] - Working capital decreased by $119.7 million, or 17.6%, to $801.4 million at September 30, 2025, from $921.1 million at September 30, 2024 [281] - Days Sales Outstanding (DSO) increased to 74 days at September 30, 2025, compared to 70 days at September 30, 2024 [282] Segment Performance - Revenue for the Americas segment increased by $40.2 million, or 0.3%, to $12,525.9 million for the year ended September 30, 2025, compared to $12,485.7 million for the previous year [261] - Gross profit for the Americas segment increased by $123.0 million, or 16.2%, to $882.1 million, with gross profit as a percentage of revenue rising to 7.0% from 6.1% [264] - Revenue for the International segment decreased by $5.2 million, or 0.1%, to $3,613.2 million for the year ended September 30, 2025, compared to $3,618.4 million for the previous year [267] - Gross profit for the International segment increased by $10.3 million, or 3.2%, to $334.1 million, with gross profit as a percentage of revenue increasing to 9.2% from 8.9% [270] Tax and Pension Obligations - The company recorded a reserve of $47.0 million related to uncertain tax positions during fiscal 2025 [246] - Deferred tax assets of $20.1 million were recognized during fiscal 2025 due to legal entity restructuring [247] - The company had an aggregate pension plan deficit of approximately $89.4 million as of September 30, 2025 [304] - The company contributed $2.7 million to multiemployer pension plans for the year ended September 30, 2025 [305] Risk Management and Commitments - The company actively monitors foreign currency exchange rates and interest rate exposure, using derivative financial instruments as necessary to manage these risks [328] - The company has capital commitments of $5.1 million to the AECOM-Canyon Equity Fund over the next three years [316] - As of September 30, 2025, the company was contingently liable for approximately $903.8 million in issued standby letters of credit and $5.6 billion in issued surety bonds [314] - The company had $903.8 million outstanding under standby letters of credit as of September 30, 2025 [303]

Financial Performance - For the three months ended September 30, 2025, the company reported revenues of $295,357, with a cost of goods sold of $219,939, resulting in a net loss of $19,349,120[146][149]. - For the nine months ended September 30, 2025, the company generated revenues of $808,972 and incurred a net loss of $49,227,634[154][157]. - The total operating expenses for the three months ended September 30, 2025, were $19,243,743, a significant increase of $17,173,394 compared to $2,070,349 for the same period in 2024[147][153]. - The company incurred $18,288,430 in settlement expenses for the nine months ended September 30, 2025, impacting its overall financial performance[156][157]. - For the nine months ended September 30, 2025, total operating expenses increased to $30,723,778 from $7,605,307 in 2024, reflecting a change of $23,058,021[162]. - Cash used in operating activities for the nine months ended September 30, 2025, was $4,390,720, with a net loss from continuing operations of $49,227,634[167]. - As of September 30, 2025, the company had negative working capital of $1,408,859, with $1,340,186 in cash and $1,442,605 in inventory[163]. - Non-current liabilities included $4,537,552 in convertible debt at fair value and $2,500,000 in the form of a promissory note[164]. Operating Expenses - Share-based compensation accounted for $17,192,340 of the total operating expenses for the three months ended September 30, 2025, reflecting large issuances to employees and contractors[147][153]. - Share-based compensation rose significantly to $25,105,979 in 2025 from $4,212,809 in 2024, an increase of $20,893,170[162]. Business Operations and Strategy - The company has over 1,400 preorders as of September 30, 2025, and began fulfilling orders in the first quarter of 2025[140]. - The company launched its flagship store at the LAX/Metro Transit Station on June 6, 2025, marking a significant milestone in its market expansion[140]. - The company has established a full assembly production facility in Las Vegas, Nevada, to meet market demand for its autonomous store technology[139]. - The company’s business model leverages advanced technologies such as AI and robotics to create a fully autonomous shopping experience, aiming to revolutionize retail[133][139]. - The company has faced challenges in establishing successful business operations due to its limited operating history and incurred a net loss since inception[141]. Funding and Financial Needs - The company generated $5,034,595 from financing activities, including $3,500,000 from warrant issuance and $795,891 from crowdfunding[169]. - The company expects operating cash requirements and contractual obligations to total $4,599,358 over the next 12 months, indicating a need for additional financing[176]. - The company anticipates ongoing funding needs to support growth and expansion, dependent on securing additional financing[176]. - The planned equity raise is expected to materially change the mix of capital resources, reducing reliance on debt facilities[174]. Research and Development - Research and development expenses for the nine months ended September 30, 2025, included costs related to the assembly of flagship stores and capitalized software[168].

Company Operations and Workforce - Adient operates approximately 200 manufacturing, assembly, or sequencing facilities across 29 countries, employing over 65,000 people[12][14]. - Adient's global workforce consists of approximately 65,000 employees, with 41% identifying as female and 54% of U.S. employees as ethnic minorities[51]. - 99% of Adient's salaried workforce completed the annual Ethics Policy certification in fiscal year 2025[49]. - 98% of Adient's facilities are third-party audited and certified for health and safety management systems[52]. Technology and Innovation - Adient's investment in technology includes automation and artificial intelligence to reduce labor costs and improve accuracy[17]. - The company has developed a comprehensive energy management toolkit to help reduce energy use and related emissions[47]. - Adient is likely to pursue new product development and technological advancements, as indicated by the diverse backgrounds of its executives in manufacturing and operations[61]. Market Position and Strategy - The company focuses on long-term relationships with leading global OEMs, enhancing its ability to grow alongside them[13][18]. - Adient aims to expand its market share in seating and seating components, leveraging its strong relationships with global OEM customers[26]. - Adient's strong market position in China includes 37 manufacturing locations in 22 cities, supported by partnerships with major auto groups[24]. - The competitive landscape includes traditional seating suppliers and component specialists, with Adient's vertical integration providing a competitive edge[35]. Sustainability and Environmental Goals - Adient aims to reduce its scope 1 and 2 greenhouse gas emissions by 75% by 2030, using 2019 as the base year[45]. - The company aspires to achieve carbon neutrality at its manufacturing sites for scope 1 and 2 emissions by 2040[45]. - Adient has set a goal to source 100% of the electricity consumed at its manufacturing sites from renewable sources by 2035[46]. - Adient is working to reduce scope 3 emissions by 35% by 2030, with 2019 as the base year[48]. - The Pure Ergonomics seat developed by Adient achieves a 5% reduction in weight and contains 46% recycled content compared to conventional models[48]. Operational Efficiency and Management - The company focuses on operational efficiencies through standardized manufacturing processes, optimizing inventory, and reducing costs[15]. - Adient's Core Product Portfolio strategy aims to sustain market success by leveraging modular and scalable systems[21]. - Adient's health and safety management system is certified to the ISO 45001 standard, with 100% of facilities internally audited for compliance[52]. - The company has implemented a five-year global water management strategy to reduce water consumption and enhance operational resilience[47]. Leadership and Governance - Adient's leadership team includes experienced executives with backgrounds in operations, finance, and legal, enhancing the company's strategic direction[61][62][67]. - The company's commitment to continuous improvement and best practices is reflected in its executive roles, which may enhance operational efficiency[61]. - Adient's strategic focus on legal and human resources management suggests an emphasis on compliance and workforce development[67]. - The leadership team has a combined experience in major automotive companies, which may provide competitive advantages in market positioning and operational excellence[62][65].