Vehicle Deliveries and Sales - Total vehicle deliveries reached 140,195 units in Q3 2025, a 12.5% year-over-year increase and a 7.1% quarter-over-quarter increase[3] - Vehicle sales amounted to RMB26,527 million (US$3,726 million) in Q3 2025, reflecting a 7.3% increase from Q3 2024 and a 15.8% increase from Q2 2025[7] - The Zeekr brand delivered 21,423 vehicles in October 2025, contributing to a total of 61,636 vehicles delivered across both brands, a 20.5% increase from the previous month[12] Financial Performance - Total revenues were RMB31,562 million (US$4,434 million) for Q3 2025, representing a 9.1% increase year-over-year and a 15.1% increase quarter-over-quarter[15] - Gross profit for Q3 2025 was RMB6,046 million (US$850 million), a 37.1% increase from Q3 2024 and a 6.9% increase from Q2 2025[7] - Net loss decreased to RMB307 million (US$43 million) in Q3 2025, down 84.9% from Q3 2024[8] - Non-GAAP net loss attributable to ordinary shareholders for Q3 2025 was RMB761 million (US$107 million), a decrease of 63.2% from RMB2,068 million in Q3 2024 and an increase of 109.1% from RMB364 million in Q2 2025[25] - Basic and diluted net loss per share attributed to ordinary shareholders for Q3 2025 was RMB0.31 (US$0.04), compared to RMB0.83 in Q3 2024 and RMB0.15 in Q2 2025[25] - Non-GAAP net loss per ADS attributed to ordinary shareholders for Q3 2025 was RMB2.96 (US$0.42), compared to RMB8.10 in Q3 2024[38] Profitability Metrics - Vehicle margin was 15.6% in Q3 2025, compared to 12.6% in Q3 2024, indicating improved profitability[16] - Total revenues for Q3 2025 were RMB31,562 million (US$4,434 million), an increase from RMB28,924 million in Q3 2024 and RMB27,431 million in Q2 2025[34] - Gross profit for Q3 2025 was RMB6,046 million (US$850 million), compared to RMB4,409 million in Q3 2024 and RMB5,656 million in Q2 2025[34] Research and Development - Research and development expenses were RMB2,743 million (US$385 million) in Q3 2025, a decrease of 8.6% from Q3 2024[19] - Research and development expenses for Q3 2025 were RMB2,743 million (US$385 million), compared to RMB3,000 million in Q3 2024[34] Assets and Liabilities - Total current assets as of September 30, 2025, were RMB40,592 million (US$5,702 million), down from RMB50,863 million as of December 31, 2024[31] - Total liabilities as of September 30, 2025, were RMB82,651 million (US$11,611 million), compared to RMB82,407 million as of December 31, 2024[32] Strategic Goals - The company aims to enhance its user ecosystem and develop its own software systems and electric vehicle supply chain[21]

[FORM 8-K Filing Information](index=1&type=section&id=FORM%208-K%20Filing%20Information) [Registrant Information](index=1&type=section&id=Registrant%20Information) This section provides the basic identification details for the registrant, CROSS TIMBERS ROYALTY TRUST, including its jurisdiction, commission file number, IRS employer identification number, and contact information for its trustee, Argent Trust Company - Registrant: **CROSS TIMBERS ROYALTY TRUST**[2](index=2&type=chunk) - Trustee: **Argent Trust Company**, located at **3838 Oak Lawn Ave, Suite 1720, Dallas, Texas 75219-4518**[2](index=2&type=chunk) | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--------------------- | :---------------- | :---------------------------------------- | | Units of Beneficial Interest | CRT | New York Stock Exchange | [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) [Monthly Cash Distribution Announcement](index=2&type=section&id=Monthly%20Cash%20Distribution%20Announcement) CROSS TIMBERS ROYALTY TRUST announced a monthly cash distribution to its unitholders of record as of October 31, 2025, via a news release issued on October 21, 2025. This information is furnished, not filed, under Section 18 of the Securities Exchange Act of 1934 - On **October 21, 2025**, the Registrant issued a news release announcing its monthly cash distribution to unitholders of record on **October 31, 2025**[5](index=5&type=chunk) - A copy of the news release is furnished as **Exhibit 99.1**[5](index=5&type=chunk) - The information is furnished pursuant to **Item 2.02 of Form 8-K** and is not deemed 'filed' for purposes of **Section 18 of the Securities Exchange Act of 1934**[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) [Exhibits](index=2&type=section&id=Exhibits) This section lists the exhibits accompanying the Form 8-K filing, specifically identifying the news release related to the cash distribution - **Exhibit 99.1**: News Release dated **October 21, 2025**[7](index=7&type=chunk) [SIGNATURES](index=3&type=section&id=SIGNATURES) [Authorization and Signatories](index=3&type=section&id=Authorization%20and%20Signatories) The report is duly signed on behalf of CROSS TIMBERS ROYALTY TRUST by Argent Trust Company, as Trustee, and also includes a signature from Exxon Mobil Corporation - The report was signed on **October 21, 2025**[10](index=10&type=chunk) - Signed by **Nancy Willis**, **Director of Royalty Trust Services** for **Argent Trust Company**, Trustee of **CROSS TIMBERS ROYALTY TRUST**[10](index=10&type=chunk) - Also signed by **Daniel Bates**, **Unconventional Finance General Manager** for **EXXON MOBIL CORPORATION**[10](index=10&type=chunk)

Revenue Performance - Revenue from digital currency mining for the three months ended September 30, 2025, was $82,073,000, a 296% increase from $20,765,000 in the same period of 2024[6] - Total revenue for the six months ended September 30, 2025, reached $132,864,000, compared to $54,889,000 for the same period in 2024, representing a 142% increase[6] - For the six months ended September 30, 2025, HIVE Digital Technologies Ltd. reported a net income of $19,219,000, a significant improvement from a net loss of $18,208,000 in the same period of 2024[8] - The revenue from digital currency mining for the period ended September 30, 2025, was $122,870 million, a substantial increase from $50,401 million in the same period of 2024, representing a growth of approximately 143%[110] - The total revenue from high-performance computing hosting for the period ended September 30, 2025, was $9,994 million, compared to $4,488 million in the same period of 2024, indicating an increase of about 123%[110] Financial Position - Total assets as of September 30, 2025, were $692,971,000, an increase from $531,598,000 as of March 31, 2025[5] - The company’s total equity increased to $624,599,000 as of September 30, 2025, up from $449,137,000 as of March 31, 2025[5] - Digital currencies held by the company decreased to $24,364,000 as of September 30, 2025, from $181,146,000 as of March 31, 2025[5] - Marketable securities increased to $21,815 million as of September 30, 2025, up from $21,016 million on March 31, 2025, reflecting a growth of approximately 3.8%[29] - The net carrying value of property and equipment increased to $464,327 million as of September 30, 2025, up from $202,848 million on March 31, 2025, representing a growth of about 129%[39] Expenses and Losses - The company reported a net loss of $15,797,000 for the three months ended September 30, 2025, compared to a net income of $80,000 in the same period of 2024[6] - Operating expenses for the three months ended September 30, 2025, were $12,671,000, compared to $3,829,000 for the same period in 2024[6] - General and administrative expenses for the three months ended September 30, 2025, were $7,800, compared to $3,381 in the same period of 2024, reflecting a significant increase[94] - Operating and maintenance costs for the three months ended September 30, 2025, totaled $44,065, up from $21,903 in the same period of 2024[95] - Stock-based compensation expense for the six months ended September 30, 2025, was $11,222 million, compared to $2,723 million for the same period in 2024, indicating a significant increase[83] Cash Flow and Investments - Cash flows from operating activities resulted in a net cash used of $(384,000), a notable improvement from $(6,542,000) in the same period last year[8] - HIVE Digital Technologies Ltd. reported net cash used in investing activities of $(108,101,000), compared to $(27,971,000) in the prior year, reflecting increased investment activity[8] - The company ended the period with cash and cash equivalents of $22,643,000, down from $23,375,000 at the beginning of the period[8] - The company recognized non-cash transactions of $201,836 for equipment deposits or purchases paid with BTC during the six months ended September 30, 2025[96] Shareholder Activity - The company issued 38,109,822 shares in a recent offering, raising $68,169,000[7] - The basic loss per share for the three months ended September 30, 2025, was $0.07, compared to $0.00 in the same period of 2024[6] - The Company raised gross proceeds of $117.2 million from the issuance of 53,017,807 shares under the Amended October 2024 ATM Equity Program[79] - The average price per share sold under the Amended October 2024 ATM Equity Program was $2.21 (C$3.03)[79] - The Company issued 15,266,061 shares for gross proceeds of $25.9 million under the October 2024 ATM Equity Program[78] Debt and Liabilities - Current liabilities decreased to $53,614,000 as of September 30, 2025, from $65,957,000 as of March 31, 2025[5] - The company incurred a loan payable of $14.053 million as of September 30, 2025, with a maturity date of December 31, 2035[58] - The Atlantic Term Loans total $11 million, with a current balance of $2.857 million as of September 30, 2025, and an interest rate of 4.39% for Term Loan 1[59][63] - The company is in compliance with the amended required debt service coverage ratio covenant, maintaining a ratio of 1.50:1[63] Market and Operational Insights - The company operates data centers for high-performance computing and cryptocurrency mining, indicating a focus on infrastructure solutions in the digital currency space[9] - The Company operates in one segment with two revenue streams: mining and sale of digital currencies and high-performance computing hosting, with net income as the primary measure of profit or loss[108] - No single customer or related group of customers contributed 10% or more of the Company's total consolidated revenue during the three and six months ended September 30, 2025, indicating a diversified revenue base[111] - The Company has not hedged the conversion of any of its coin sales or future mining of digital currencies, which may expose it to market price volatility[105] Management and Compensation - Key management compensation for the three months ended September 30, 2025, totaled $0.6 million, an increase from $0.3 million in the same period of 2024[74] - The company granted a total of 6,050,000 Restricted Share Units (RSUs) during the year, increasing the balance to 11,389,971 RSUs as of September 30, 2025[90] - The fair value of RSUs granted on April 17, 2025, was C$2.05 per share, and on July 8, 2025, it was C$3.03 per share[88][89] Tax and Contingencies - The Company is facing a contingent VAT liability of approximately $79 million related to assessments from the Swedish Tax Agency, covering the period from December 2020 to December 2024[69] - The Company has not recorded any amounts payable to the Swedish Tax Agency as of September 30, 2025, in connection with the VAT assessments[72]

Share Repurchase and Financial Management - On October 20, 2025, Oramed Pharmaceuticals Inc. repurchased 1,155,367 shares at a price of $2.23 per share, totaling $2,576,468.41[4] - The repurchase agreement reflects the company's commitment to managing its capital structure effectively[4] - The share repurchase and termination of the joint venture are part of the company's strategic adjustments in response to market conditions[4][7] Joint Venture and Strategic Decisions - The company terminated its Joint Venture Agreement with HTIT Biotech due to unmet closing conditions, effective October 23, 2025[7] - The company continues to explore opportunities for market expansion and new product development despite recent challenges[7] Financial Information and Cautionary Notes - Preliminary financial information as of September 30, 2025, was issued in a Shareholder Letter, but it is unaudited and subject to future adjustments[8] - The company cautioned that the financial information provided should not be relied upon for investment decisions, as it may materially vary from actual results[9] - The company has not completed its quarter-end financial close processes, indicating potential changes in reported results[9] - The financial information disclosed is based on management's estimates and assumptions, highlighting the preliminary nature of the data[9] Business Strategy Focus - The company remains focused on its oral drug delivery technology as a core aspect of its business strategy[6]

Financial Performance - Q3 2025 net revenues were $1.2 million, with a gross profit of $0.6 million and a gross margin of 51%[4] - Operating loss for the quarter was $2.9 million, primarily due to increased investments in sales and marketing[4] - Net income for Q3 2025 was $6.4 million, or $0.20 per basic share, mainly from noncash income of $8.8 million[4] - Net revenues for the nine months ended September 30, 2025, were $6,360,807, compared to a net loss of $7,288,520 for the same period in 2024[20] - Gross profit for the nine months ended September 30, 2025, was $4,371,357, while total operating expenses were $10,974,376, resulting in an operating loss of $6,603,019[18] - Basic net income per share for the nine months ended September 30, 2025, was $0.20, while diluted net income per share was $0.15[18] - The total comprehensive income for the nine months ended September 30, 2025, was $6,353,398, compared to a loss of $7,279,182 in 2024[18] Cash and Cash Equivalents - Cash and cash equivalents stood at $5.8 million as of September 30, 2025, with an additional $9.7 million raised from warrant exercises post-quarter[4] - Cash and cash equivalents at the end of the period were $5,755,661, down from $11,414,830 at the beginning of the period[21] - The company experienced a net decrease in cash and cash equivalents of $5,651,760 for the nine months ended September 30, 2025[21] - The net cash used in operating activities for the nine months ended September 30, 2025, was $4,502,421, compared to $4,398,285 in 2024[21] Business Development and Opportunities - The validated pipeline at the end of Q3 2025 was approximately $166 million, with expected awards over the next 18-24 months[4] - Backlog as of September 30, 2025, was $11 million, representing firm contracts to be shipped and invoiced through 2025 and early 2026[4] - The company closed approximately $11 million in new opportunities by the end of Q3 2025, most scheduled for shipment in Q4 2025 and early 2026[6] - The transition to a partner-driven sales model is showing progress, with ongoing pilots and success in flagship accounts across multiple verticals[9] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $2,213,182, compared to $2,471,872 for the same period in 2024[18] - The company plans to release new Outpost AI product offerings and expand custom trained AI models for emerging edge analytic workflows[8] Other Income and Expenses - The company reported a total other income of $12,963,826 for the nine months ended September 30, 2025, compared to a loss of $5,274,818 in 2024[18] - The company reported a gain from the change in fair value of earnout liability of $6,414,894 for the nine months ended September 30, 2025[18] Legislative and Funding Context - The Big Beautiful Bill includes over $70 billion in supplemental funding for U.S. Customs and Border Protection, with $6.2 billion earmarked for border security technology[6]

Financial Performance - Q3 2025 net revenues were $1.2 million, with a gross profit of $0.6 million and a gross margin of 51%[4] - Operating loss for the quarter was $2.9 million, primarily due to increased investments in sales and marketing[4] - Net income for Q3 2025 was $6.4 million, or $0.20 per basic share, mainly due to noncash income of $8.8 million[4] - Net revenues for the nine months ended September 30, 2025, were $6,360,807, compared to a net loss of $7,288,520 for the same period in 2024[20] - Gross profit for the nine months ended September 30, 2025, was $4,371,357, while total operating expenses were $10,974,376, resulting in an operating loss of $6,603,019[18] - Basic net income per share for the nine months ended September 30, 2025, was $0.20, while diluted net income per share was $0.15[18] - The total comprehensive income for the nine months ended September 30, 2025, was $6,353,398, compared to a loss of $7,279,182 in 2024[18] Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025, were $5.8 million, with an additional $9.7 million raised from warrant exercises post-quarter[4] - Cash and cash equivalents at the end of the period were $5,755,661, down from $11,414,830 at the beginning of the period[21] - The company experienced a net cash used in operating activities of $4,502,421 for the nine months ended September 30, 2025[21] - The company reported a decrease in cash and cash equivalents of $5,651,760 for the nine months ended September 30, 2025[21] - The company issued common stock for earnout shares amounting to $5,282,125 during the reporting period[21] Business Development and Opportunities - The validated pipeline at the end of Q3 2025 was approximately $166 million, with expected award timeframes over the next 18-24 months[4] - The company closed approximately $11 million in new opportunities by the end of Q3 2025, most scheduled to ship in Q4 2025 and early 2026[7] - The company plans to release new Outpost AI product offerings and expand custom-trained AI models for emerging edge analytic workflows[8] - Airship AI is focusing on brand awareness and engagement in new verticals through targeted marketing and industry events[8] Strategic Outlook - The company aims to return to positive operational cash flow while navigating uncertainties related to federal funding and government shutdowns[9] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $2,213,182, compared to $2,471,872 for the same period in 2024[18] Government Funding - The Big Beautiful Bill includes over $70 billion in supplemental funding for U.S. Customs and Border Protection, with $6.2 billion earmarked for border security technology[9]

Financial Performance - Net revenue for the three months ended September 30, 2025, was $1,999,169, representing an increase of $392,596 or approximately 24% year over year[10]. - Net revenue for the nine months ended September 30, 2025, was $2,768,463, representing an increase of $1,161,890 or approximately 72% year over year[10]. - Total revenues for the three months ended September 30, 2025, were $5,384,754, a slight decrease from $5,451,975 in the same period of 2024[26]. - The company reported a net loss attributable to common stockholders of $6,464,987 for the three months ended September 30, 2025, compared to $3,932,221 for the same period in 2024, reflecting an increase of 64%[26]. - For the nine months ended September 30, 2025, the net loss was $41,028,537 compared to a net loss of $25,612,656 for the same period in 2024, representing a 60% increase in losses[28]. Assets and Liabilities - Total assets increased to $314.8 million, up $136.3 million or 76% from $178.4 million at year-end 2024[10]. - Total current assets increased to $60,749,007 as of September 30, 2025, from $39,045,688 as of December 31, 2024, reflecting a growth of 55%[23]. - Total liabilities increased to $108,356,430 as of September 30, 2025, from $47,600,277 as of December 31, 2024, marking an increase of 128%[23]. - Cash and cash equivalents increased to $58,181,816 as of September 30, 2025, compared to $37,969,454 as of December 31, 2024, representing a growth of 53%[23]. - The company’s accumulated deficit as of September 30, 2025, was $(83,203,658), compared to $(47,361,208) as of December 31, 2024, indicating a worsening of 76%[23]. Operating Costs and Cash Flow - Operating costs for the three months ended September 30, 2025, totaled $15,356,602, up from $9,128,236 in the same period of 2024, an increase of 68%[26]. - Net cash used in operating activities was $(5,186,884) for the nine months ended September 30, 2025, compared to $13,336,007 provided in 2024[28]. - Cash flows from investing activities resulted in a net cash outflow of $(75,805,333) in 2025, compared to $(61,541,682) in 2024, indicating a 23% increase in cash used for investments[28]. Investments and Financing - The company raised $101,204,579 from financing activities in 2025, a significant increase from $63,801,428 in 2024, reflecting a 58% growth in financing[28]. - The company made a significant investment of $1,999,999 in EIGHT Brewing during the nine months ended September 30, 2025[28]. - The company reported a gain on the sale of 13141 BP amounting to $2,627,990 in 2025[28]. - The company had principal payments on long-term debt totaling $(245,966) in 2025, slightly up from $(232,327) in 2024[28]. Sales and Partnerships - Luxe FireSuite and Aikman Club sales reached $91.1 million through September 30, 2025, up $33.5 million or 58% from $57.6 million for the same period in 2024[10]. - A strategic partnership with Primary Wave Music aims to enhance content offerings at VENU's venues nationwide[3]. - VENU is targeting a total of 40 locations by 2030 and is in discussions with 48 municipalities across the country[7]. Other Financial Metrics - The independent appraisal of the Colorado Springs campus came in at $186 million, a 46% increase over cost[5]. - The company reported a depreciation and amortization expense of $4,080,668 for the nine months ended September 30, 2025, compared to $2,319,513 in 2024, representing a 76% increase[28]. - The weighted average number of shares of common stock outstanding for the three months ended September 30, 2025, was 41,355,312, compared to 3,282,150 for the same period in 2024, showing a significant increase in shares outstanding[26]. - The company issued equity for services amounting to $277,900 in 2025, down from $7,000,000 in 2024, indicating a reduction in service-related equity issuance[28].

Financial Results Announcement - The company announced its financial results for the quarter ended September 30, 2025, on November 17, 2025[4]. - A press release detailing the financial results was issued, which is available as Exhibit 99.1[4]. - The financial statements and exhibits are included in the report, with Exhibit 99.1 being the press release[6]. Company Information - The company is listed under the trading symbol UAVS on the NYSE American exchange[2]. - The company is incorporated in Nevada and has its principal executive offices in Wichita, Kansas[1]. - The Commission File Number for the registrant is 001-36492[3]. - The IRS Employer Identification Number for the company is 88-0422242[3]. Compliance and Reporting - The registrant has not elected to use the extended transition period for complying with new financial accounting standards[2]. - The report is not deemed "filed" under the Securities Exchange Act of 1934, and is not subject to liabilities under that section[5]. - The report was signed by the Chief Financial Officer, Alison Burgett, on November 17, 2025[10].

Revenue Performance - Revenue for Q3 2025 was $1,757,094, representing a 23% increase compared to $1,433,151 in Q3 2024[5] - Consolidated clinic revenue increased by 21% to $1,722,223 from $1,418,011[5] - Total revenue from all clinics, including consolidated and equity method clinics, was $1,995,007, an 18% increase from $1,686,093[5] Financial Losses - The net loss for Q3 2025 was $(2.6) million, compared to $(1.6) million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $(947,568), slightly worse than $(945,949) in the prior year[5] Growth and Expansion - The company achieved 23% organic growth driven by increased patient flow and expanded telehealth capabilities[5] - INVOcell device revenue grew by 130% year-over-year due to expanded training support and improved pricing[5] - The company is pursuing an acquisition strategy with a growing pipeline of fertility clinics interested in joining INVO Fertility[5] Policy and Operational Improvements - Recent policy updates allow employers to offer standalone infertility benefit packages, expanding access to IVF coverage[5] - The company is focused on improving operational efficiencies, including a partnership with Heidi Health to integrate an AI-powered scribe platform[5]

Revenue Performance - Revenue for Q3 2025 was $1,757,094, representing a 23% increase compared to $1,433,151 in Q3 2024[5] - Consolidated clinic revenue increased by 21% to $1,722,223 from $1,418,011 year-over-year[5] - Total revenue from all clinics, including consolidated and equity method clinics, was $1,995,007, an 18% increase from $1,686,093[5] Financial Losses - The net loss for Q3 2025 was $(2.6) million, compared to $(1.6) million in Q3 2024[5] - Adjusted EBITDA for Q3 2025 was $(947,568), slightly worse than $(945,949) in the prior year[5] Growth and Strategy - The company achieved 23% organic growth driven by increased patient flow and enhanced marketing efforts[5] - INVOcell device revenue grew by 130% year-over-year due to expanded training support and improved pricing[5] - The company is pursuing an acquisition strategy with a growing pipeline of interested fertility clinics[5] Market and Operational Developments - Recent policy updates allow employers to offer standalone infertility benefit packages, expanding access to IVF coverage[5] - The company is focused on improving operational efficiencies, including a partnership with Heidi Health for an AI-powered scribe platform[5]