Revenue and Sales Performance - Revenue increased from $306.6 million in 2023 to $379.8 million in 2024, reflecting a 23.9% year-over-year growth[429]. - Sales volume rose by 41.6%, from 1,139.6 MWh in 2023 to 1,613.6 MWh in 2024, driven by strong demand in Asia-Pacific and European markets[429][430]. - The order backlog as of December 31, 2024, was $401.3 million, with expectations for fulfillment primarily in 2025 and 2026, indicating future revenue growth[450]. Profitability and Expenses - Gross profit margin improved from 18.7% in 2023 to 31.5% in 2024, attributed to higher production utilization and a favorable product mix[432]. - Operating expenses increased by 43.6% from $165.9 million in 2023 to $238.3 million in 2024, primarily due to a $93.2 million impairment loss on long-lived assets[428][436]. - General and administrative expenses decreased by $15.3 million (15.8%) compared to 2023, mainly due to a reduction in share-based compensation[434]. - Research and development expenses decreased by $3.9 million (8.8%) compared to 2023, despite an increase in personnel-related costs[435]. - The company reported a net loss of $195.5 million for the year ended December 31, 2024, offset by $251.0 million in non-cash charges[463]. Cash Flow and Financing - The company generated cash flow of $2.8 million from operating activities for the year ended December 31, 2024, a significant improvement compared to a cash outflow of $75.3 million in 2023[462]. - Cash generated from financing activities totaled $37.6 million in 2024, driven by $101.5 million in proceeds from bank borrowings[468]. - As of December 31, 2024, the company had a consolidated net cash position of $109.6 million, with plans to retain funds for ongoing operations and expansion efforts[441]. - As of December 31, 2024, the company had bank borrowings of $111.7 million with interest rates ranging from 3.25% to 4.85% per annum, and convertible bonds of $43.2 million due in 2027[449]. Capital Expenditures and Investments - Capital expenditures for the year ended December 31, 2024, amounted to $49.9 million, a decrease from $186.8 million in 2023, reflecting a more measured approach to investments[455][467]. - The company is seeking additional capital to complete the Clarksville expansion and meet working capital needs, as proceeds from the Business Combination are insufficient[457][458]. - As of December 31, 2024, the company had purchase commitments amounting to $48.2 million, primarily related to inventory purchases[460]. Foreign Exchange and Risk Management - A hypothetical 10% adverse change in foreign exchange rates for RMB-denominated accounts would have resulted in a foreign currency loss of approximately $15.2 million[488]. - A hypothetical 100-basis-point increase in the expected loss rate on the financing receivables portfolio would have resulted in an increase in the allowance for credit losses of approximately $0.6 million as of December 31, 2024[491]. - The company's project finance loans in China include an interest rate spread of 115 basis points over the Loan Prime Rate, making them sensitive to market interest rate changes[484]. - The company has experienced fluctuations in operating results due to foreign exchange gains and losses, primarily from RMB-denominated transactions[487]. - The company does not currently utilize foreign exchange hedging instruments but may consider implementing them in the future[489]. Operational Insights - The company has observed higher sales volumes in the third and fourth fiscal quarters compared to the first and second quarters, although the exact nature of seasonality remains difficult to determine[494]. - The company actively monitors overdue accounts to minimize default risk and has a dedicated credit management team to establish credit limits and collection strategies[490]. - Changes in the probability assessment of performance conditions for stock-based compensation may lead to significant fluctuations in expense each quarter[478]. Other Notable Items - Subsidy income rose from $2.0 million in 2023 to $2.7 million in 2024, reflecting one-time awards from local governments[437]. - The company recorded a gain of $9.4 million on debt restructuring during 2024[438]. - A non-cash loss of $80.0 million was recorded due to changes in the fair value of a convertible loan, significantly impacting reported net income[439]. - The company plans to utilize the Tennessee facility to produce LFP cells instead of 53.5Ah cells, aligning production with market demand[457]. - As of December 31, 2024, the company no longer qualifies as an emerging growth company and must comply with new accounting standards on the same timeline as public companies[480].

Federal Contracts and Market Position - Knightscope has obtained FedRAMP Authority to Operate (ATO) in January 2024, enabling it to pursue federal contracts, including a pilot program with the U.S. Department of Veteran Affairs for the K5 GOV ASR[21]. - The U.S. physical security market is projected to reach $56.8 billion by 2030, driven by technological advancements and heightened public safety concerns[29]. - The company has been awarded a Phase 1 contract from the U.S. Air Force in 2025, further solidifying its position in the federal market[44]. - The company is actively seeking additional government contracts, including a Phase 1 contract from the U.S. Air Force, which may expose it to risks such as early termination and regulatory scrutiny[122]. Product Development and Innovation - Knightscope aims to expand its installed base of Autonomous Security Robots (ASRs) through a Machine-as-a-Service (MaaS) subscription model, enhancing long-term revenue streams[41]. - The K7 Autonomous Security Robot is planned for production in 2026, designed for large environments like airports and industrial zones, enhancing automated perimeter patrolling[45]. - Knightscope's ASRs provide 24/7 monitoring capabilities, reducing reliance on human security personnel and improving incident response times[33]. - Knightscope's comprehensive suite of solutions includes ASRs, emergency communication devices (ECDs), and the cloud-based Knightscope Security Operations Center (KSOC)[191]. - The company is investing in new product development, including the K7 ASR, and has increased its R&D headcount to support these initiatives[207]. Financial Performance and Challenges - The Company incurred a net loss of $31.7 million for the year ended December 31, 2024, compared to a net loss of $22.1 million for the year ended December 31, 2023, with an accumulated deficit of $193.2 million as of December 31, 2024[62]. - Cash and cash equivalents on hand were $11.1 million as of December 31, 2024, up from $2.3 million as of December 31, 2023[62]. - The Company had a total backlog of approximately $1.7 million as of December 31, 2024, consisting of $0.4 million related to ASR orders and $1.3 million related to ECD orders[56]. - The company expects fluctuations in financial results due to various unpredictable factors, including client demand and economic conditions[76]. - The company projects operating losses and negative cash flows for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[130]. Operational and Management Structure - The Company has a total of 71 full-time employees as of December 31, 2024, and is not a party to any collective bargaining agreements[58]. - The company appointed a new Chief Financial Officer and reduced approximately 40% of executive and senior leadership roles to enhance operational efficiency[203]. - The company has implemented a series of strategic and structural changes to optimize resources and reduce costs, including relocating production and renegotiating long-term client contracts[213]. - The company anticipates continued impacts from its strategic actions into 2025 as it completes transitions and drives further efficiencies across the business[208]. Competition and Market Dynamics - The U.S. security guard industry faces labor shortages, with turnover rates ranging from 100% to 400% annually, driving demand for automated solutions[29]. - The company competes with traditional public safety services, autonomous security robotics, and emergency communication systems, with key competitors including Allied Universal, Asylon Robotics, and Code Blue Corporation[51]. - Increased competition from other companies developing physical security technology may impact the company's market position[98]. - The company may face increased competition in the private security industry, which could result in reduced prices and lower gross margins[121]. Regulatory and Compliance Issues - Compliance with evolving privacy laws and regulations could limit the company's ability to deploy technologies in various markets[99]. - The regulatory framework for privacy and security is rapidly changing, potentially requiring the company to modify its business practices[100]. - The California Consumer Privacy Act (CCPA) imposes specific requirements on businesses processing personal information of California residents, which could affect the company's operations[101]. - Noncompliance with data protection laws like the GDPR could result in fines of up to €20 million or 4% of annual global revenues[103]. - The company is subject to the UK GDPR, which carries penalties of up to £17.5 million or 4% of global annual revenue for noncompliance[104]. Cybersecurity and Risk Management - Knightscope's management team is focused on cybersecurity risk management, with Mercedes Soria serving as the Chief Intelligence Officer and CISO, overseeing the cybersecurity program[165]. - The company utilizes external service providers to assist with cybersecurity assessments and incident response[166]. - Knightscope's cybersecurity practices include employee training and a third-party risk management evaluation process for key service providers[166]. - The company is dependent on its cybersecurity risk management program, and any security breaches could lead to significant financial and reputational damage[114]. Supply Chain and Operational Constraints - The company has experienced supply chain constraints and increased costs for materials, components, and freight due to geopolitical conflicts and inflationary pressures, which may negatively impact financial performance[127]. - The Company relies on over 100 suppliers for its manufacturing needs, with the top three suppliers being Alco Metal Fab, Sybridge Digital Solutions LLC, and E and M Electric and Machinery Inc.[48]. Stock and Financing - The company issued unsecured Public Safety Infrastructure Bonds totaling approximately $4.3 million, with a 10% annual interest rate starting December 31, 2024[92]. - The company may need to engage in equity or debt financings to secure additional funds for operations and product development[130]. - The company has never paid cash dividends on its Class A Common Stock and does not anticipate doing so in the foreseeable future[136]. - Future issuances of debt securities may adversely affect the return on investment from Class A Common Stock, as these securities would rank senior in bankruptcy or liquidation[138]. Asset Management and Valuation - Finished ASRs net value decreased slightly from $8,845,000 in 2023 to $8,765,000 in 2024, a decline of 0.9%[223]. - The total value of raw materials decreased from $3,841,000 in 2023 to $2,465,000 in 2024, a decline of 35.7%[223]. - The company did not record any impairment losses for ASRs or other long-lived assets for the years ended December 31, 2024 and 2023[224]. - The total value of finished ASRs net increased from $3,429,000 in 2023 to $5,978,000 in 2024, an increase of 74.5%[223].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-40768 OMNIQ CORP. (Exact name of Registrant as specified in its charter) Delaware 20-3454263 (State or other jurisdiction of (IRS Employer incorporation or organization) Identifica ...

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission File Number: 001-40789 CALIDI BIOTHERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 86-2967193 (State or other jurisdiction of (I.R.S. Employer incorporation or or ...

Financial Performance - The company has incurred an accumulated deficit of approximately $121.7 million as of December 31, 2024, with net losses of approximately $22.2 million and $29.2 million for the years ended December 31, 2024 and 2023, respectively [242]. - The company has not generated any revenue from product sales to date and does not expect to do so in the foreseeable future [247]. - The company has experienced recurring losses from operations since inception, raising substantial doubt about its ability to continue as a going concern [395]. Research and Development - Research and development expenses are expected to significantly increase due to the commencement and continuation of clinical trials for product candidates [243]. - The company intends to initiate a Phase 1b or Phase 2 clinical trial for its lead product candidate CLD-101 for newly diagnosed high-grade glioma (HGG) [255]. - The company plans to apply for an Investigational New Drug application (IND) for its product candidate CLD-201, which utilizes allogeneic adipose-derived mesenchymal stem cell [255]. - The company may develop product candidates in combination with other therapies, exposing it to additional risks related to those therapies [282]. - The company is committed to pay up to $10 million in clinical trial costs for CLD-101 for newly diagnosed HGG and recurrent HGG, with contingent consideration of up to $18.7 million based on development milestones achieved [262]. Regulatory Challenges - The success of the company is highly dependent on obtaining regulatory approval for CLD-101 for newly diagnosed HGG and recurrent HGG, as well as CLD-201 and CLD-400 [264]. - The company faces significant challenges in obtaining regulatory approval for its product candidates due to their novel approach using allogeneic neural stem cells and oncolytic viruses [276]. - The regulatory approval pathway for the company's product candidates may be complex, lengthy, and expensive, with no guarantee of approval [278]. - The company may experience delays in clinical trials or regulatory approvals due to heightened safety and contagion rules for live, gene-modified viruses [280]. - The design and conduct of the company's clinical trials differ from previously conducted trials, posing substantial risks for satisfactory outcomes [281]. Market and Competition - The commercial success of adenovirus-based product candidates, including CLD-101 for newly diagnosed and recurrent HGG, depends on public acceptance of immuno-oncology therapies [285]. - The company faces substantial competition from major pharmaceutical and biotechnology companies, which may have greater resources and expertise [297]. - The commercial success of product candidates will depend on their efficacy, safety, convenience, and pricing compared to competitors [301]. - The company may face competition from biosimilars if its products are approved, leading to increased competitive pressure [338]. Funding and Capital Requirements - Future capital requirements may increase significantly due to the scope and costs of product discovery, preclinical and clinical development [256]. - The company may need to raise substantial additional funding to continue its product development programs and operations [255]. - The company may need to sell additional shares or issue debt to meet cash payment obligations, which could delay or reduce development and commercialization activities [263]. - The company may need to curtail clinical and research initiatives if it fails to secure additional capital, potentially delaying its business plans [396]. Compliance and Legal Risks - The company is subject to ongoing legislative and enforcement scrutiny regarding drug pricing practices, which may impact its pricing strategies [345]. - The company must comply with strict advertising and promotion regulations, and failure to do so could result in substantial fines and damage to reputation [330]. - The company is subject to various anti-corruption laws, including the FCPA, which prohibit bribery and could lead to significant penalties if violated [407]. - Compliance with federal and state healthcare laws is critical, as violations could result in substantial penalties and adversely affect the company's financial condition [410]. Operational Challenges - The company lacks a sales and marketing infrastructure, which may hinder the commercialization of current or future product candidates [352]. - The company may face challenges in establishing effective sales and marketing capabilities, which could delay drug launches and increase commercialization expenses [354]. - The company is highly dependent on the expertise of its executive officers and key personnel, making recruitment and retention critical to its success [385]. - The company identified material weaknesses in internal controls over financial reporting, particularly in accounting for derivatives and cash flow statements [400]. External Factors - The change in presidential administration in 2025 introduces uncertainty regarding potential modifications to FDA requirements, which could materially affect business operations and financial condition [308]. - Legislative changes, such as the ACA, could impose additional costs and competition from biosimilars, affecting the company's profitability [342]. - Changes in U.S. and international trade policies, including tariffs, may negatively impact the company's business and operating results [381]. - Unstable global economic conditions could adversely affect the company's financial condition, stock price, and results of operations [382].

Revenue Performance - Revenue from Continuing Operations in Q4 2024 was $200.8 million, a 15% increase year over year compared to $174.7 million in Q4 2023[5] - Revenues for Q4 2024 were $200.8 million, an increase from $174.7 million in Q4 2023, while total revenues for the year decreased to $717.3 million from $727.3 million[36] - Total revenues for the year ended December 31, 2024, were $717.3 million, a slight decrease from $727.3 million in 2023[39] - The Renewable segment revenues in Q4 2024 were $33.6 million, an 18% increase compared to $28.5 million in Q4 2023[11] - The Thermal segment revenues in Q4 2024 were $148.2 million, a 29% increase compared to $115.0 million in Q4 2023[13] - The Babcock & Wilcox Renewable segment generated revenues of $110.1 million in 2024, down from $140.8 million in 2023, representing a decline of about 21.9%[39] - The Babcock & Wilcox Thermal segment reported revenues of $497.9 million for 2024, nearly flat compared to $499.2 million in 2023[39] Operating Income and Loss - Operating Income from Continuing Operations in Q4 2024 was $11.6 million, an increase of $14.8 million compared to an operating loss of $3.3 million in Q4 2023[5] - Operating income for Q4 2024 was $11.5 million, compared to a loss of $3.3 million in Q4 2023, with a total operating income of $25.1 million for the year, up from $16.6 million[36] - Net loss from Continuing Operations in Q4 2024 was reduced to $45.0 million, compared to a net loss of $58.3 million in Q4 2023[5] - The company reported a net loss of $63.0 million in Q4 2024, slightly higher than the loss of $62.2 million in Q4 2023, with a total net loss of $59.8 million for the year compared to $197.0 million in the previous year[36] - For the year ended December 31, 2024, Babcock & Wilcox reported a net loss of $59.8 million, an improvement from a net loss of $197.0 million in 2023[38] Bookings and Backlog - Full Year 2024 Bookings from Continuing Operations reached $889.6 million, a 39% increase compared to the same period in 2023[5] - Continuing Operations Backlog at the end of 2024 was $540.1 million, a 47% increase compared to the end of 2023[5] - Bookings for the Babcock & Wilcox Thermal segment surged to $717 million in 2024, a significant increase from $410 million in 2023, marking a growth of approximately 75.6%[39] - The total backlog as of December 31, 2024, was $540 million, up from $369 million in 2023, indicating a growth of about 46.3%[39] Financial Position - Cash and cash equivalents decreased to $23.4 million as of December 31, 2024, down from $39.9 million a year earlier[37] - Total assets decreased to $727.0 million as of December 31, 2024, from $775.7 million in 2023[37] - The company’s total liabilities increased to $1,010.2 million in 2024, compared to $976.1 million in 2023[37] - Current borrowings rose significantly to $125.1 million in 2024 from $6.2 million in 2023, indicating increased financial leverage[37] - Cash flows from operating activities for the year ended December 31, 2024, were negative at $118.7 million, compared to negative $42.3 million in 2023[38] - Net cash provided by investing activities was $110.0 million in 2024, a significant recovery from a cash outflow of $7.9 million in 2023[38] - The company ended the period with cash, cash equivalents, and restricted cash totaling $131.1 million, up from $71.4 million at the beginning of the year[38] Future Outlook - The company anticipates a Full Year 2025 adjusted EBITDA target range of $70 million to $85 million[9] - The company continues to face challenges from macroeconomic conditions, including inflation and supply chain disruptions, which may impact future performance[29] - Management is actively monitoring market conditions and managing costs to maintain liquidity and support customer needs[29] - The company has not provided specific financial guidance due to uncertainties in market conditions and operational performance[30] Adjusted EBITDA - Adjusted EBITDA from Continuing Operations for the full year 2024 was $68.9 million, a 13% increase compared to $60.8 million in 2023[14] - Adjusted EBITDA for the year ended December 31, 2024, increased to $68.9 million, compared to $60.8 million in 2023, reflecting a growth of approximately 13.4%[40]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 ☐ 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: 001-41273 BYNORDIC ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 84-4529780 | | --- | --- | | ...

BYNORDIC ACQUISITION CORPORATION (Exact name of registrant as specified in its charter) | Delaware | 84-4529780 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | | c/o Pir 29 | | | Einar Hansens Esplanad 29 | | | 211 13 Malmö | | | Sweden | 211 13 | | (Address of principal executive offices) | (Zip Code) | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTI ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 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 001-41610 INTERACTIVE STRENGTH INC. (Exact name of Registrant as specified in its Charter) Delaware 82-1432916 (State or other jurisdicti ...

Acquisition and Partnerships - Xos completed the acquisition of ElectraMeccanica, converting each share into 0.0143739 of a share of Common Stock, totaling 1,766,388 shares[30]. - The acquisition of ElectraMeccanica is expected to enhance capital position and provide growth opportunities, but realization of these benefits is uncertain[208]. - The company is actively pursuing partnerships with OEMs to supply powertrain kits for various commercial vehicles[51]. - The company has entered into MOUs with key manufacturers and suppliers to form strategic alliances, but there is no guarantee these will lead to successful relationships[125]. Product and Technology Development - The next-generation Xos Hub™ offers 280kWh of energy storage capacity and charging rates up to 320kW, allowing simultaneous charging of up to four electric vehicles[40]. - The X-Platform chassis is designed for medium-duty commercial vehicles, focusing on durability and reliability for last-mile applications[44]. - Xos utilizes lithium iron phosphate (LFP) battery packs, which are known for their long cycle life and reduced reliance on rare earth minerals[46]. - The company plans to release refreshed versions of its vehicles as battery technology evolves, which may affect the adoption of existing products[121]. Financial Performance and Risks - The company incurred an operating loss of $45.9 million for the year ended December 31, 2024[174]. - Negative cash flow from operating activities was $48.8 million for the year ended December 31, 2024[178]. - The company faces substantial doubt about its ability to continue as a going concern for the next 12 months due to uncertainties regarding capital access and operational funding[102][108]. - The company may face significant capital needs and may need to raise additional capital, which could dilute stockholders[180]. - The company is dependent on the adoption of electric vehicles by last-mile delivery fleets, and any failure in market development could materially impact its business[120]. Customer and Revenue Concentration - Three customers accounted for 34% of the Company's revenue during the year ended December 31, 2024, with individual contributions of 13%, 11%, and 10%[52]. - The company relies heavily on a small number of customers for revenue, and any loss or reduction in purchases from these customers could adversely affect financial performance[110]. Regulatory and Compliance Challenges - The company is subject to fluctuating raw material prices and potential supply chain risks, with key suppliers including CATL and Dana[60]. - The company is exposed to fluctuations in material costs, which could impact margins if not recouped through sales[146]. - The company faces regulatory risks related to U.S. trade policies and tariffs, which could adversely affect costs and demand for products[212][213]. - Compliance with substantial regulations is necessary for the company and its suppliers, and failure to comply could harm business operations[219]. Operational and Manufacturing Challenges - The company has experienced delays in battery production, resulting in a manufacturing backlog in the vehicle assembly line[128]. - The company has no experience in high-volume manufacturing, which raises concerns about meeting quality and production standards[133]. - The company relies on third-party suppliers for key components, and any delays from these suppliers could impact delivery timelines[128]. - Delays in providing sufficient charging solutions have resulted in postponed vehicle deliveries, impacting customer demand[151]. Workforce and Organizational Changes - The company has 109 full-time employees and 21 contractors as of December 31, 2024, down from 161 full-time employees and 25 contractors the previous year[96]. - The company initiated a workforce reduction of approximately 26% to cut future operating expenses and improve cash flows[172]. - The company has plans to strategically hire more personnel[159]. Intellectual Property and Innovation - As of December 31, 2024, Xos had eight awarded U.S. patents and 23 pending or approved U.S. trademark applications, reflecting its commitment to intellectual property protection[84]. Environmental and Market Considerations - Xos customers may be eligible for up to $40,000 in federal tax credits per vehicle under the Inflation Reduction Act, effective through 2032[66]. - The company is leveraging incentive programs from various states to encourage the installation of charging infrastructure for electric vehicles[69]. - The automotive industry typically experiences higher revenue in spring and summer months, with a peak season for commercial vehicle sales between Thanksgiving and Christmas[82]. Cybersecurity and IT Risks - Cybersecurity threats, including ransomware attacks, are increasingly prevalent and can lead to significant operational disruptions and reputational harm[226]. - The company relies on third-party service providers for critical business systems, and any security incidents with these providers could result in adverse consequences[229]. - The complexity of the company's IT systems and the need for periodic remote updates pose inherent risks, including potential software bugs and security vulnerabilities[231].