Revenue Growth - Fiscal 2025 fourth quarter total net revenue increased 19.4% to a record $74.3 million compared to $62.2 million in the prior-year period[4] - Fiscal 2025 full year total net revenue increased 16.1% to a record $275.6 million compared to $237.5 million in the prior-year period[4] - Total net revenue for the three months ended March 31, 2025, was $74,272,000, an increase of 19.4% compared to $62,221,000 for the same period in 2024[22] Recurring Revenue - Recurring revenue reached a record $46.2 million, accounting for 62.2% of total net revenue, with subscription revenue growing 42.7% year-over-year[4] - Full year recurring revenue was $170.1 million, or 61.7% of total net revenue, with subscription revenue increasing 39.5% year-over-year[4] - Subscription and maintenance revenue grew to $46,198,000, up 26.3% from $36,588,000 year-over-year[22] Profitability - Adjusted EBITDA for fiscal 2025 was a record $53.8 million, compared to $37.1 million in the prior-year period[4] - Operating income for the year ended March 31, 2025, increased to $22,591,000, a 43.5% rise from $15,753,000 in 2024[22] - The company reported an adjusted EBITDA of $53,839,000 for the year ended March 31, 2025, up from $37,069,000 in 2024[27] Net Income - Net income attributable to common shareholders for fiscal 2025 was $23.2 million, or $0.82 per diluted share, down from $85.0 million, or $3.17 per diluted share, in the prior-year period[4] - Net income attributable to common shareholders for the year ended March 31, 2025, was $23,225,000, down from $84,991,000 in 2024 due to a one-time tax benefit in the previous year[22] - Net income attributable to common shareholders for Q1 2025 was $3,925,000, compared to $2,961,000 in Q1 2024, representing a year-over-year increase of 32.4%[28] Cash Flow - Free cash flow for fiscal 2025 was $52.3 million, compared to $40.1 million in fiscal 2024[4] - Free cash flow for Q1 2025 was $26,451,000, slightly down from $29,338,000 in Q1 2024, indicating a decrease of 6.0%[29] - Net cash provided by operating activities for the twelve months ended March 31, 2025, was $55,128,000, an increase from $48,186,000 in the previous year, showing a growth of 14.4%[29] Expenses and Investments - Total operating expenses for the year ended March 31, 2025, were $149,397,000, compared to $128,503,000 in 2024, reflecting increased investment in product development and sales[22] - The company incurred $145,756,000 in cash paid for business combinations during the year ended March 31, 2025[26] Future Outlook - The company expects fiscal 2026 revenue to be between $308 million and $312 million, with 25% subscription revenue growth[8][9] Shareholder Information - The basic weighted average shares outstanding for Q1 2025 were 27,740,000, up from 26,913,000 in Q1 2024, indicating a growth of 3.1%[28] - Adjusted diluted earnings per share for Q1 2025 was $0.54, compared to $0.32 in Q1 2024, marking an increase of 68.8%[28] Asset Management - Cash and cash equivalents decreased to $73,041,000 as of March 31, 2025, from $144,891,000 a year earlier[24] - Total assets increased to $434,370,000 as of March 31, 2025, compared to $350,430,000 in 2024[24] Compensation and Tax Management - The company reported a significant increase in share-based compensation, totaling $5,121,000 in Q1 2025, compared to $4,622,000 in Q1 2024, which is an increase of 10.8%[28] - Tax events resulted in a net tax benefit of $4,296,000 in Q1 2025, compared to a benefit of $577,000 in Q1 2024, indicating a significant improvement in tax management[28]

Electric Motorcycle Development - Damon Motors is developing electric motorcycles and personal mobility products, focusing on innovation and strategic partnerships [176]. - The HyperDrive platform features a 150 kW motor and is designed to compete in the high-performance motorcycle market, with price points ranging from $20,000 to $80,000 [178]. - The company aims to build a premium electric motorcycle brand that rivals major competitors in both profit and annual volume [179]. - Damon Motors is in the prototype phase of product validation for its electric motorcycles, with commercial production expected to commence after passing various tests [181]. Financial Performance - Revenue for the three months ended March 31, 2025, was $81,411, and for the nine months ended March 31, 2025, it was $130,934, compared to $nil for the same periods in 2024, attributed to the consolidation of Grafiti Limited [213]. - Gross profit margin for the three and nine months ended March 31, 2025, was 51% and 53%, respectively [214]. - Net loss for the three months ended March 31, 2025, was $25,163,438, compared to a net loss of $13,096,933 for the same period in 2024, primarily due to the impairment recognized [225]. - The Company incurred a net loss of $2,354,505 for the nine months ended March 31, 2025, a significant decrease from a net loss of $25,604,984 for the same period in 2024 [226]. - Income from change in fair value of financial liabilities increased by approximately $47,273,000 for the nine months ended March 31, 2025, compared to a loss of $12,939,830 for the same period in 2024 [227]. Expenses and Impairments - Research and development expenses decreased to $959,672 for the three months ended March 31, 2025, from $1,805,747 in 2024, and to $2,014,226 for the nine months ended March 31, 2025, from $3,760,318 in 2024 [215][216]. - General and administrative expenses increased to $3,702,113 for the three months ended March 31, 2025, from $1,531,065 in 2024, and to $6,674,473 for the nine months ended March 31, 2025, from $4,895,715 in 2024 [217]. - The Company recorded a non-recurring impairment of goodwill of $14,045,955 and an impairment of intangible assets of $74,000 for the three months ended March 31, 2025 [223]. - Transaction costs amounted to $203,000 for the three months and $5,620,436 for the nine months ended March 31, 2025, compared to $nil for the same periods in 2024 [222]. Cash Flow and Financing - Cash used in operating activities increased to $14,676,985 for the nine months ended March 31, 2025, up from $10,746,591 in 2024, primarily due to increased operating expenses [231]. - The Company had cash of $7,555,820 and a working capital deficiency of approximately $21.1 million as of March 31, 2025 [228]. - Cash provided by financing activities was $21,774,284 for the nine months ended March 31, 2025, compared to $8,701,545 in 2024, reflecting an increase of $13,072,739 [233]. - The Company received approximately $14,767,000 from recent financing completed in March 2025 [234]. - The Company expects to continue incurring operating losses and negative cash flows in the short term as it executes its growth strategy [228]. Strategic Acquisitions and Partnerships - Grafiti Limited distributes data analytics software for scientific and engineering applications, aiming to increase recurring revenues through expanded product offerings [183][184]. - The company is pursuing strategic acquisitions to enhance its technology and product offerings, focusing on operational synergies and complementary technologies [185]. Future Expectations - The Company anticipates an increase in research and development expenses due to a Technical Design Agreement for the development of the HyperSport Race electric motorcycle [216]. - The Company expects sales and marketing expenses to increase in the coming months as it launches marketing campaigns for the HyperSport Race [221].

Revenue Performance - Fourth quarter service revenue was $172 million, and total revenue was $177 million, reflecting a 2% decrease from the previous year[1]. - Fiscal year 2025 service revenue totaled $693 million, with total revenue at $715 million, down from $728.7 million in fiscal 2024[7]. - Total revenue for Q1 2025 was $177.043 million, a decrease of 1.9% from $179.413 million in Q1 2024[32]. - Service revenue for Q1 2025 was $171.588 million, down from $172.490 million in Q1 2024, reflecting a decline of 0.5%[32]. - Gross profit for Q1 2025 was $120.052 million, compared to $122.444 million in Q1 2024, indicating a decrease of 2.0%[32]. Profitability Metrics - GAAP operating income increased by 155% to $15.2 million compared to a loss of $27.6 million in fiscal 2024[7]. - Non-GAAP operating profit decreased by 17% to $78.4 million from $94.7 million in fiscal 2024[7]. - Non-GAAP operating profit for Q1 2025 was $419 thousand, compared to a loss of $14.219 million in Q1 2024[32]. - The net loss for the year ended March 31, 2025, was $27,212,000, an improvement from a net loss of $67,592,000 in 2024[37]. - GAAP net loss for the three months ended March 31, 2025, was $5,401,000, representing 3.1% of total revenue, compared to a loss of $23,591,000 (13.1%) for the same period in 2024[40]. Cash Flow and Liquidity - Cash flow from operations for fiscal year 2025 was $64 million, with $5.9 million in the fourth quarter[1][7]. - Cash and cash equivalents decreased to $88.050 million as of March 31, 2025, down from $116.262 million a year earlier[34]. - Net cash provided by operating activities for the year ended March 31, 2025, was $63,554,000, a decrease from $78,985,000 in 2024[37]. - Cash, cash equivalents, and restricted cash at the end of the year was $89,324,000, down from $116,723,000 at the beginning of the year[37]. Debt and Liabilities - The total principal amount of debt outstanding decreased to $353.9 million from $426.9 million at the end of fiscal 2024[10]. - Total liabilities decreased to $560.973 million as of March 31, 2025, down from $654.021 million a year earlier[34]. - The company incurred $273,000,000 in principal repayment on term loans during the year ended March 31, 2025[37]. Future Projections - The company expects first quarter fiscal 2026 service revenue to be between $170 million and $175 million, and total revenue between $175 million and $182 million[17]. - Non-GAAP net income per share for fiscal year 2026 is projected to be between $0.34 and $0.37, based on approximately 144 million shares[17]. Operational Developments - The company is focused on upgrading remaining customers on the Fuze service platform, expecting completion by the end of calendar year 2025[2]. - New AI-powered features have been introduced across the 8x8 Platform for CX to enhance customer engagement and operational efficiency[9][11]. Stock-Based Compensation and Expenses - Stock-based compensation expense for the year ended March 31, 2025, was $39,940,000, a decrease from $61,910,000 in 2024[37]. - Stock-based compensation expense for the three months ended March 31, 2025, was $8,615,000, down from $15,865,000 in the same period last year[40]. Comprehensive Loss - The company reported a comprehensive loss of $1.642 million for Q1 2025, compared to a comprehensive loss of $25.606 million in Q1 2024[32].

Market Focus - Qorvo serves six primary end markets: automotive, consumer, defense and aerospace, industrial and enterprise, infrastructure, and mobile [23]. - In the D&A market, Qorvo focuses on high-power phased array radar and satellite communications, with expanding opportunities driven by upgrades to legacy systems and new frequency bands [25]. - Qorvo's infrastructure products support the migration to 5G, enhancing capacity and efficiency for cellular base stations [27]. - The demand for technologies that efficiently increase data throughput and improve user experiences is rising due to global connectivity trends [22]. Product Development - The company invests in R&D to develop advanced technologies, focusing on materials, semiconductor processes, and AI integration [39]. - Qorvo's connectivity product portfolio includes multi-protocol SoCs that enable multiple radios to connect concurrently, enhancing IoT device proliferation [34]. - The Wi-Fi 7 standard is being developed to double channel bandwidth and improve performance over longer distances [35]. - Qorvo's advanced cellular products address the complexities of 5G devices, which require higher data throughput and lower latency [37]. Manufacturing and Operations - The company operates fabrication facilities for various semiconductor technologies across multiple states, ensuring a global supply chain [45]. - Manufacturing yields are closely monitored to maximize quality and efficiency, with continuous reliability testing throughout production [47]. - The company is ISO 14001:2015 certified, ensuring compliance with environmental laws and continuous improvement in manufacturing processes [77]. - The company’s manufacturing facilities are certified to ISO 9001 and other industry-specific standards, ensuring high-quality production [51]. Financial Performance - In fiscal year 2025, Apple Inc. accounted for 47% of total revenue, while Samsung Electronics contributed 10% [54]. - Revenue fluctuations are influenced by consumer demand, timing of device launches, and macroeconomic factors [57]. - The company incurred a foreign currency loss of $0.3 million in fiscal 2025, compared to a gain of $0.4 million in fiscal 2024 [286]. - If the U.S. dollar declines by 10% against foreign currencies, the company's net income would decrease by approximately $1.5 million in fiscal 2025 [287]. - Conversely, if the U.S. dollar increases by 10% against foreign currencies, the company's net income would increase by approximately $1.2 million in fiscal 2025 [287]. Workforce and Employment - Approximately 6,200 full and part-time employees are employed across 23 countries, with 78% located in the Americas [66]. - The company maintains a global attrition rate consistently below the technology industry average [70]. Strategic Changes - The company completed the sale of its assembly and test operations in China to Luxshare Precision Industry Co., Ltd. in Q1 fiscal 2025 [49]. - The company plans to wind down operations in Costa Rica, expected to be completed in early calendar year 2026 [49]. Intellectual Property - The company has approximately 2,500 patents with expiration dates between 2025 and 2043, actively seeking to expand its patent portfolio [63]. Financial Risk Management - The company manages financial risks related to interest rates, foreign currency exchange rates, and commodity prices through operational means and financial instruments [283]. - The effectiveness of the company's financial risk management activities may vary over time, with no assurance of success in mitigating financial impacts [283]. - The company routinely uses precious metals in manufacturing, which exposes it to commodity price risk [288]. - The company has an active reclamation process to capture unused gold, aiming to mitigate commodity-related cost increases [288]. Financial Position - As of March 29, 2025, there were no outstanding borrowings under the Revolving Facility, which bears interest at a variable rate if drawn [284]. - The company has foreign operations in Asia, Central America, and Europe, with a significant portion of revenue derived from international sales [285]. - The functional currency for most international operations is the U.S. dollar, but operating expenses may be denominated in local currencies, affecting financial results [285].

Exhibit 99.1 ReposiTrak Delivers 16% Quarterly Revenue Growth and 27% Increase in Net Income; Third Fiscal Quarter EPS of $0.10 Growth Across All Business Lines Drives Double-Digit Increase in Revenue Salt Lake City, UT – May 15, 2025 –ReposiTrak (NYSE: TRAK), the world's largest food traceability and regulatory compliance network, built upon its proven inventory management and out-of-stock reduction SaaS platform, today announced financial results for the third fiscal quarter ("FQ3 2025") ended March 31, 2 ...

Exhibit 99.1 ReposiTrak Delivers 16% Quarterly Revenue Growth and 27% Increase in Net Income; Third Fiscal Quarter EPS of $0.10 Growth Across All Business Lines Drives Double-Digit Increase in Revenue Salt Lake City, UT – May 15, 2025 –ReposiTrak (NYSE: TRAK), the world's largest food traceability and regulatory compliance network, built upon its proven inventory management and out-of-stock reduction SaaS platform, today announced financial results for the third fiscal quarter ("FQ3 2025") ended March 31, 2 ...

Financial Performance - Revenues for Q1 2025 were $0.5 million, a 120% increase from $0.2 million in Q1 2024, driven by the Industrial IoT segment [248]. - Gross profit for Q1 2025 was $0.3 million, up 137.6% from $0.1 million in Q1 2024, with a gross margin of 69.2% compared to 64.1% in the prior year [251]. - Operating expenses increased to $10.7 million in Q1 2025 from $9.0 million in Q1 2024, with a significant portion attributed to R&D and consulting expenses [252]. - Net loss for Q1 2025 was $12.9 million, a 394.7% increase from a net loss of $2.6 million in Q1 2024 [248]. - Cash and cash equivalents as of March 31, 2025, were approximately $8 million, an increase of $3.9 million from $4.1 million at the end of 2024 [258]. - Net working capital improved to $12,000 as of March 31, 2025, compared to a deficit of $8.8 million at the end of 2024 [259]. - The company raised approximately $23.3 million in net proceeds during Q1 2025, which helped reduce debt and support the development of the TriFan 600 airplane [260]. - Customer deposits as of March 31, 2025, totaled approximately $1.4 million from non-binding aircraft purchase agreements and reservation deposits [264]. - The company raised approximately $21.7 million in net proceeds from public offerings during the first quarter of 2025, which was partially used to repay short-term obligations [268]. - The company's cash and cash equivalents increased to approximately $8 million as of March 31, 2025, up from $4.1 million as of December 31, 2024 [271]. - Net cash used in operating activities increased significantly from approximately $2.6 million in Q1 2024 to approximately $15.2 million in Q1 2025 [273][272]. - Net cash flows provided by financing activities were approximately $19.2 million for the three months ended March 31, 2025, compared to $1.4 million in the same period of 2024 [276][277]. - The company experienced a decrease in accrued expenses and other current liabilities of approximately $4.9 million, primarily due to cash payments for transaction bonuses and employee bonuses [272]. - The company reported a working capital of approximately $12,000 as of March 31, 2025, compared to a deficit of $8.84 million as of December 31, 2024 [271]. - Cash flows used in investing activities were approximately $45,000 for the three months ended March 31, 2025, compared to a net cash inflow of approximately $3 million in the same period of 2024 [274]. - The company became ineligible to use Form S-3 until August 2025, which may impair its ability to raise necessary capital [270]. Business Development - The company has not generated any revenue from aircraft sales as it is still in the design and development phase of the TriFan 600 airplane [208]. - The FAA accepted the company's type certification application for the TriFan 600 on March 17, 2025 [222]. - The company increased the wing fuel volume of the TriFan 600 from approximately 300 gallons to 400 gallons, enhancing its maximum range and mission length [221]. - The company is exploring strategic options to wind down and/or sell the hardware portions of its Industrial IoT business segment to focus on software products [210]. - The fair value of the Industrial IoT reporting unit exceeded its carrying value by 2.2% as of March 31, 2025, resulting in no goodwill impairment recognized for the quarter [232]. - The company is expanding into autonomous, remotely operated drones as part of its strategic focus to create new revenue-generating opportunities [214]. - The company is developing ancillary service offerings related to the TriFan 600, such as flight training and maintenance products [211]. - Research and development expenses are expected to increase significantly as the company expands staffing for aircraft engineering and software development [236]. - The company has authorized a share repurchase program to acquire up to $5 million of its common stock [218]. - The company has a commitment to pay $1.5 million in deferred consulting fees to Nadir Ali in three installments through 2025 [265]. - As of March 31, 2025, the company reported a net loss of approximately $12.9 million and used approximately $15.2 million in cash for operating activities [266][272].

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 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: 001-36404 XTI AEROSPACE, INC. (Exact name of registrant as specified in its charter) (State or other ...

Financial Performance - Equus Total Return, Inc. aims to provide the highest total return through capital appreciation and current income [146]. - Net asset value increased from $2.17 per share to $2.52 per share, an increase of 16.0% [165]. - The Fund recorded a net investment loss of $1.1 million for the three months ended March 31, 2025 [174]. - The Fund purchased a senior convertible promissory note from General Enterprise Ventures for $1.5 million, with an increase of $3.0 million in fair value recorded [177]. - The Fund sold Equus Energy for $1.25 million in cash and 27,500 shares of preferred stock [178]. - The Fund recorded a reversal of unrealized depreciation of $4.1 million for its investment in Equus Energy, LLC [179]. - The Fund's common stock is trading at a 59.9% discount to its net asset value as of March 31, 2025 [165]. Economic Indicators - U.S. GDP contracted at an annualized rate of 0.3% in Q1 2025, following a 2.4% increase in Q4 2024, indicating economic challenges [159]. - The unemployment rate remained steady at 4.2% in April 2025, with the Congressional Budget Office predicting a slight increase to 4.5% for the remainder of 2025 [160]. - As of March 2025, the consumer price index increased by 2.4% over the previous 12 months, down from 2.8% in February 2025 [161]. - The introduction of tariffs in Q1 2025 is expected to increase inflation rates throughout the remainder of 2025 and into 2026 [161]. Interest Rates and Monetary Policy - The Federal Reserve cut interest rates by 50 basis points on September 18, 2024, marking the first reduction in four years [162]. Company Strategy and Operations - Equus plans to transform into an operating company, pending shareholder authorization expected in 2025 [153]. - The company has reduced its asset coverage ratio from 200% to 150%, allowing it to borrow up to twice the value of its net assets [154]. - The company has not incurred additional borrowings beyond a margin loan for U.S. Treasury bills since the asset coverage ratio reduction [154]. - The Fund's management has internalized management to achieve efficiencies in its cost structure as it grows [166]. Market Activity - Global merger and acquisition activity in 2024 was approximately $2.2 trillion, a slight increase from $2.1 trillion in 2023 [163]. - Private equity activity decreased from $464 billion in Q4 2024 to $445 billion in Q1 2025, with the U.S. accounting for roughly half of these totals [164]. - Analysts expect overall annual private equity activity to increase by 1.0% in 2025 over 2024, still 13.0% below the 2018-2019 average [164]. Capital Expenditures - In 2024, Morgan E&P, LLC incurred $6.4 million in capital expenditures for oil and gas development, with additional expenditures expected in 2025 [158].

Financial Performance - Q1 2025 revenue was $2.3 million, a 36% decrease from $3.6 million in Q1 2024 and a 21.8% sequential decrease from $3.0 million in Q4 2024[5] - GAAP gross profit in Q1 2025 was $0.1 million, down 89% from $1.2 million in Q1 2024, resulting in a gross profit margin of 5% compared to 32% in Q1 2024[5] - GAAP net loss for Q1 2025 was $(2.8) million, or $(0.11) per share, compared to a net loss of $(1.9) million, or $(0.08) per share, in Q1 2024[5] - Revenue for the three months ended March 31, 2025, was $2,313 million, a decrease of 36.1% compared to $3,622 million in the same period of 2024[16] - Gross profit for the same period was $121 million, down from $1,151 million, reflecting a significant decline[16] - Operating loss increased to $2,846 million in Q1 2025 from $2,078 million in Q1 2024, indicating worsening financial performance[16] - Net loss for Q1 2025 was $2,834 million, compared to a net loss of $1,898 million in Q1 2024, representing a 49.2% increase in losses[16] - Non-GAAP net loss for Q1 2025 was $(2.8) million, or $(0.11) per share, compared to a Non-GAAP net loss of $(1.8) million, or $(0.07) per share, in Q1 2024[5] - Non-GAAP net loss for Q1 2025 was $2,760 million, compared to $1,762 million in Q1 2024, highlighting ongoing financial challenges[18] - Basic and diluted loss per share for Q1 2025 was $0.11, compared to $0.08 in Q1 2024, indicating a decline in shareholder value[16] - Comprehensive loss for Q1 2025 was $2,847 million, compared to $1,878 million in Q1 2024, further emphasizing the company's financial struggles[16] Operating Expenses and Cost Management - Operating expenses improved to $3.0 million in Q1 2025, down from $3.2 million in Q1 2024, reflecting continued cost-cutting measures[5] - Total operating expenses for Q1 2025 were $2,967 million, down from $3,229 million in Q1 2024, showing some cost management efforts[16] Inventory and Cash Management - Cash and cash equivalents decreased to $1.0 million as of March 31, 2025, down from $1.4 million as of December 31, 2024[7] - The company experienced a significant reduction in inventory levels, decreasing by approximately $1.4 million compared to December 31, 2024[5] - ClearOne is actively evaluating strategies to optimize inventory levels and production schedules to mitigate future impacts from cash flow constraints[5] - ClearOne secured a $1 million investment in February 2025 to restart product inventory purchases[2] Product Development - ClearOne introduced five new products in Q1 2025, including the award-winning BMA 360DX microphone array[2] Shareholder Impact - The number of shares used in computing diluted loss per share increased to 24,748,551 in Q1 2025 from 23,969,148 in Q1 2024, indicating potential dilution for existing shareholders[18] - Non-GAAP Adjusted EBITDA for Q1 2025 was $(2,686) million, compared to $(1,764) million in Q1 2024, reflecting continued operational difficulties[18]