EXHIBIT 99.1 Evaxion announces business update and full year 2024 financial results COPENHAGEN, Denmark, April 1, 2025 - Evaxion Biotech A/S (NASDAQ: EVAX) ("Evaxion"), a clinical- stage TechBio company specializing in developing AI-Immunology™ powered vaccines, provides business update and announces full year 2024 financial results. Business highlights 2024 and the first months of 2025 saw Evaxion make substantial progress in both business development, research and development and financing. Key highlights ...

Revenue Performance - Revenues for the Battery & Energy Products segment for the year ended December 31, 2024, were $144.1 million, with a segment contribution of $19.0 million, compared to revenues of $130.0 million and a segment contribution of $14.3 million for the year ended December 31, 2023[24]. - Revenues for the Communications Systems segment for the year ended December 31, 2024, were $20.4 million, with a segment contribution of $1.2 million, compared to revenues of $28.7 million and a segment contribution of $4.0 million for the year ended December 31, 2023[27]. - Consolidated revenues increased by $5,812 or 3.7% to $164,456 for the year ended December 31, 2024, compared to $158,644 for 2023, with organic revenue growth of 6.2% in the Battery & Energy Products segment[193]. - The Battery & Energy Products segment experienced a revenue increase of $12,888 or 44.3% from $29,111 in 2023 to $41,999 in 2024, while the Communications Systems segment saw a decline of $8,316 or 29.0%[193]. - Battery & Energy Products revenues increased by $14,128, or 10.9%, for the year ended December 31, 2024, while Communications Systems revenues decreased by $8,316, or 29.0%[204][205]. Operating Expenses and Profitability - Corporate operating expenses, including costs incurred in connection with business acquisitions, were $10.2 million for the year ended December 31, 2024, compared to $8.8 million for the year ended December 31, 2023[29]. - Operating expenses increased by $2,624 or 8.8% to $32,349 during the year ended December 31, 2024, primarily due to one-time costs related to the acquisition of Electrochem[195]. - Gross margin improved to 25.7% for the year ended December 31, 2024, up from 24.7% in 2023, attributed to better alignment of customer price increases with cost inflation[194]. - Net income attributable to Ultralife Corporation for the year ended December 31, 2024 was $6,312, or $0.38 per share, a decrease from $7,197, or $0.44 per share for 2023, representing a decline of 12.2%[198]. - Adjusted EBITDA for the year ended December 31, 2024 was $16,480, compared to $15,703 for the prior year, reflecting an increase of 4.9%[199]. Research and Development - Research and development expenditures rose to $9,549 in 2024 from $8,587 in 2023, with a year-over-year increase in customer-sponsored R&D from $1,056 to $1,281[85]. - Future research and development expenditures are expected to increase by 10% or more over 2024 levels, driven by initiatives in battery and power solutions and communications systems[86]. - Research and development costs increased to $8,268 in 2024, up by $737, or 9.8%, from $7,531 in 2023, reflecting additional investments in new product development[212]. Acquisitions and Growth Opportunities - The acquisition of Electrochem Solutions, Inc. on October 31, 2024, is expected to create opportunities for gross margin expansion and revenue growth through cross-selling platforms[39]. - The company continues to seek opportunities for growth through the design, development, and sale of new products, expansion of the sales force, and potential acquisitions[17]. - The company acquired Electrochem Solutions, Inc. on October 31, 2024, which is expected to enhance revenue growth through cross-selling opportunities and operational efficiencies[191]. Inventory and Backlog - The backlog and high confidence orders for Battery & Energy Products were approximately $95,000 million as of December 31, 2024, indicating strong demand[67]. - The backlog and high confidence orders at December 31, 2024 were $102,156, a decrease of $1,379, or 1.3% from $103,535 at December 31, 2023[206]. - The total carrying value of Battery & Energy Products inventory increased by 27% year-over-year, amounting to $44,614 in 2024 compared to $35,221 in 2023, primarily due to the acquisition of Electrochem and increased materials for government and defense sectors[81]. - The total carrying value of Communications Systems inventory decreased by 4% year-over-year, totaling $6,749 in 2024 compared to $6,994 in 2023, due to fulfillment of large purchase orders[84]. Market Dynamics and Customer Base - In 2024, sales to U.S. customers were $97,040 million, while sales to foreign customers were $67,416 million, showing an increase from 2023[62]. - Sales to non-U.S. customers accounted for 41% of total revenues in 2024, down from 49% in 2023, indicating a shift in market dynamics[151]. - The company has a major customer that accounted for 23% of total revenues in 2024, highlighting reliance on key contracts[62]. - Sales to U.S. and foreign militaries accounted for $62,374 (38%) of revenues in 2024 and $57,802 (36%) in 2023[119]. - Approximately $54,077 (33%) of net revenue in 2024 was from U.S. Government customers, compared to $43,476 (27%) in 2023[120]. Cybersecurity and Compliance - The company has implemented security measures to mitigate risks of cyberattacks and breaches, including maintaining a cybersecurity insurance policy[129]. - The company engages leading cybersecurity firms for security assessments and audits to enhance its cybersecurity posture[170]. - The Board of Directors oversees the company's cybersecurity risk and receives updates on incidents at least quarterly[172]. - The company experienced production and shipping downtime for several weeks due to a cybersecurity incident, resulting in lost sales orders[131]. - The company is required to comply with the EU RoHS Directive, which restricts the use of certain hazardous substances in electrical and electronic equipment, and is currently compliant with associated regulations[159]. Financial Position and Risks - The company has a $55 million senior secured term loan and a $30 million revolving credit facility, with $2.75 million due in 2025[142][143]. - As of December 31, 2024, the company had $55 million outstanding on the term loan facility and no balance on the revolving credit facility[143]. - The cash on hand as of December 31, 2024 was $6,854, down from $10,278 as of December 31, 2023, indicating a decrease in liquidity[200]. - The company is highly dependent on key personnel, and the loss of such employees could materially affect its business and financial condition[134]. - The company faces unique risks in its operations in China, including political changes and trade restrictions, which could adversely impact its financial results[135].

Financial Performance - Smartkem reported revenues of $82 thousand for the year ended December 31, 2024, an increase of 204% compared to $27 thousand in 2023[16]. - Operating expenses for the year were $11.5 million, up from $10.8 million in 2023, reflecting increased investment in research and development[10]. - Smartkem's net loss attributed to common stockholders for 2024 was $19.6 million, compared to a net loss of $8.5 million in 2023[16]. - Cash and cash equivalents decreased to $7.1 million as of December 31, 2024, down from $8.8 million in 2023[10]. Funding and Investment - The company raised $7.65 million in equity financing and received a £900,000 ($1.1 million) grant from Innovate UK to support its projects[2][10]. Strategic Partnerships and Developments - The company established a joint development agreement with AUO to develop the world's first advanced rollable, transparent MicroLED display[4]. - Smartkem completed its first sale of TRUFLEX® materials to Chip Foundation for the co-development of MicroLED-based backlight technology[10]. Innovation and Market Potential - The company has an extensive IP portfolio with 138 granted patents across 17 families, indicating strong innovation capabilities[9]. - Smartkem's commercialization strategy focuses on advancing polymer materials, developing EDA tools, and establishing scalable manufacturing processes[3]. - The MicroLED display market is projected to grow to over $4 billion by 2030, presenting significant growth opportunities for Smartkem[2].

Financial Performance - For the year ended December 31, 2024, Predictive Oncology reported a loss from continuing operations of approximately $10.8 million on total revenue of $1.6 million[1] - The company recorded revenue of $1,623,817 in 2024, a slight decrease from $1,627,697 in 2023, primarily derived from its Eagan operating segment[9] - Basic and diluted net loss per common share from continuing operations decreased approximately 33% to $1.99 in 2024, compared to $2.99 in 2023[9] - Cash and cash equivalents decreased to $734,673 as of December 31, 2024, down from $8.7 million as of December 31, 2023[9] - General and administrative expenses decreased by $961,025 to $7,419,892 in 2024 from $8,380,917 in 2023, primarily due to lower employee-related expenses[9] Strategic Initiatives - The company announced an agreement to merge with Renovaro, which is expected to enhance its AI/ML drug discovery capabilities[2] - Predictive Oncology plans to launch its ChemoFx drug response assay in Europe, initially focusing on ovarian and other gynecological cancers[5] Revenue Growth - The Eagan operating segment contributed $1,539,005 in revenue for 2024, compared to $1,135,101 in 2023, indicating growth in this segment[9] Financing Activities - Predictive Oncology received more than $3.0 million in combined gross proceeds during the first three months of 2025 from various financing activities[5] Asset Management - The company completed the sale of assets related to its subsidiary, Skyline Medical Inc., to DeRoyal Industries, which is expected to reduce ongoing expenses significantly[5]

Revenue and Sales Performance - Revenue for Q4 2024 was $23.2 million, down 10% from $25.8 million in Q4 2023, primarily due to lower volumes sold, partially offset by a higher average realized gold price of $2,560 per ounce compared to $1,989 per ounce in the prior year [638][641]. - Gold sales for the year totaled 21,527 ounces at an average realized gold price of $2,332 per ounce, resulting in revenue of $50.3 million, down from 29,370 ounces and $57.5 million in 2023 [641]. - Revenue for Q4 2024 was $23.2 million, a decrease of 10% from $25.8 million in Q4 2023, driven by lower gold ounces sold [695]. - Gold revenue for the year ended December 31, 2024, was $50,210,000, down from $57,452,000 in 2023, a decrease of 13% [1]. - The company reported a total revenue of $23,228,000 for Q4 2024, down from $25,837,000 in Q4 2023, a decline of 10% [1]. Financial Losses and Expenses - The net loss for the year ended December 31, 2024, was $121.5 million, an increase from a net loss of $89.7 million in 2023, with a loss per share of $0.34 compared to $0.33 in the previous year [638][641]. - The company's net loss for the year ended December 31, 2024, was $36,053,000, significantly reduced from $121,533,000 in 2023 [2]. - Interest expense for the year ended December 31, 2024 was $33.0 million, an increase of $5.6 million compared to $27.3 million in 2023 [713]. - Cash used in operating activities for the year was $82.5 million, an increase from $77.5 million in 2023, primarily due to lower production [641]. - Cash used in operating activities for Q4 2024 was $9.2 million, an increase of $4.3 million compared to $4.9 million in Q4 2023, primarily due to lower changes in non-cash working capital [742]. Production and Operational Plans - The company expects to produce between 30,000 to 40,000 ounces of gold in 2025, with extraction from Granite Creek underground projected to be 20,000 to 30,000 ounces [651]. - The company plans to advance permitting activities, feasibility studies, and development work at Archimedes underground, with growth expenditures expected to total between $40 million to $50 million in 2025 [651][652]. - The company completed approximately 110,000 feet of drilling with positive results to expand mineralization at various projects, including Granite Creek and Cove [641]. - The permitting process for the Archimedes underground project is ongoing, with state permits expected in Q2 2025 [683]. - The Cove Project's infill drill program is nearing completion, with a total of 78,776 feet drilled, and an additional 15,000 feet planned for Q1 2025 [689]. Capital and Financing Activities - The company initiated a recapitalization plan to reschedule current debt obligations and provide additional capital for its new development plan [645][652]. - In Q1 2024, the Company issued 13.1 million shares at C$1.80 per share, raising gross proceeds of $17.4 million, and completed a bought deal public offering of 69.7 million units at C$1.65 per unit for gross proceeds of $83.5 million [657]. - The Company finalized third-party processing agreements for toll milling and ore sales, effective through December 31, 2027, with refurbishment of the Lone Tree autoclave facility targeted for completion by the same date [670]. - The Company is finalizing a working capital facility with Auramet International, Inc. for up to $12 million, maturing in 12 months [654]. - The Company issued 4.3 million common shares under the ATM Program for total gross proceeds of $2.5 million after December 31, 2024 [667]. Inventory and Cash Management - Cash and cash equivalents increased by $2.7 million to $19.0 million as of December 31, 2024, from $16.3 million at the end of 2023 [714]. - Inventory rose to $15.3 million as of December 31, 2024, up from $11.4 million at the end of 2023, due to stockpiled mineralized material [715]. - Cash, cash equivalents, and restricted cash at the end of Q4 2024 totaled $59.3 million, a slight decrease from $60.8 million at the end of Q4 2023 [740]. - The company has satisfied minimum cash requirements through March 31, 2025, as part of the Waiver Agreements with Orion [735]. Debt and Liabilities - Total liabilities increased to $315.0 million as of December 31, 2024, compared to $309.0 million at the end of 2023, due to higher reclamation liabilities [717]. - As of December 31, 2024, total debt amounted to $191.4 million, a slight decrease from $194.1 million in 2023, with the Orion Convertible Loan increasing from $46.8 million to $57.1 million [723]. - The Convertible Debentures bear an interest rate of 8.0% per annum, with a total principal and accrued interest of $75.4 million as of December 31, 2024 [724]. Exploration and Development Activities - Exploration drilling at Ruby Hill was significantly reduced, with only 4,032 feet drilled in 2024 compared to 93,488 feet in 2023 [684]. - The company plans to complete an infill drilling program in 2025 to upgrade resources to a feasibility study level [677]. - A new development plan was announced, focusing on developing three underground mines and accelerating the permitting of two large oxide open pit deposits, aiming to create a mid-tier gold producer [642][649].

Financial Performance - Gryphon Digital Mining reported mining revenues of $3.845 million for Q4 2024, an increase from $3.689 million in Q3 2024[9] - The company achieved a net income of $0.4 million in Q4 2024, compared to a net loss of $11.0 million in fiscal 2023[9] - Total revenues for 2024 decreased to $20,539,000 from $21,925,000 in 2023, representing a decline of approximately 6.3%[24] - Mining activities revenue was $20,539,000, while management services revenue was $0 in 2024, compared to $873,000 in 2023[24] - The net loss for 2024 was $21,300,000, an improvement from a net loss of $28,599,000 in 2023, reflecting a decrease of approximately 25.6%[24] - The net loss per share improved to $(0.51) in 2024 from $(0.83) in 2023[24] Cash and Assets - Cash and cash equivalents increased from $368,000 to $735,000 during Q4 2024[6] - Total assets decreased from $18.834 million in 2023 to $7.632 million in 2024[22] - Cash flows from operating activities resulted in a net cash used of $3,396,000 in 2024, compared to a net cash provided of $3,011,000 in 2023[26] - Cash and cash equivalents at the end of the period were $735,000 in 2024, down from $915,000 in 2023[26] Liabilities and Expenses - Total liabilities decreased by over 70%, with $13 million of debt converted to equity[9] - Total operating expenses decreased to $38,286,000 in 2024 from $41,103,000 in 2023, a reduction of about 6.9%[24] - The company incurred merger and acquisition costs of $394,000 in 2024, with no such costs reported in 2023[24] Mining Operations - The breakeven cost per Bitcoin in Q4 2024 was $75,872, significantly higher than $23,902 in Q4 2023[9] - Gryphon mined approximately 61 Bitcoin in Q4 2024, down from 176 Bitcoin in Q4 2023[9] - The company reported a gain on settlement of BTC Note amounting to $6,248,000 in 2024, with no comparable gain in 2023[24] - The company purchased mining equipment for $1,075,000 in 2024, a decrease from $1,894,000 in 2023[26] Stock and Market Activity - The average trading volume of Gryphon's stock increased from approximately 249,000 shares per day in Q3 2024 to approximately 874,000 shares per day in Q4 2024[6] - The company closed a $2.85 million offering with 100% management and majority board participation[9] Future Opportunities - Gryphon is focused on closing the Captus Energy Acquisition, which is expected to represent a billion-dollar opportunity[4]

Financial Performance - Gryphon Digital Mining reported mining revenues of $3.845 million for Q4 2024, an increase from $3.689 million in Q3 2024[6] - The company achieved a net income of $0.4 million in Q4 2024, compared to a net loss of $11.0 million in fiscal 2023[6] - Total revenues for 2024 were $20,539,000, a decrease of 6.3% from $21,925,000 in 2023[24] - The net loss for 2024 was $21,300,000, an improvement from a net loss of $28,599,000 in 2023, representing a 25.6% reduction[24] - The net loss per share improved to $(0.51) in 2024 from $(0.83) in 2023[24] - Adjusted EBITDA for the year ended December 31, 2024, was $(5.52 million), compared to $0.094 million in 2023[14] Mining Operations - Gryphon mined approximately 61 Bitcoin in Q4 2024, a decrease from 176 Bitcoin mined in Q4 2023[6] - The breakeven cost per Bitcoin in Q4 2024 was $75,872, significantly higher than $23,902 in Q4 2023[6] - Mining activities generated revenues of $20,539,000, while management services contributed $873,000 in 2023, which is no longer reported in 2024[24] Assets and Liabilities - Total assets decreased from $18.834 million in 2023 to $7.632 million in 2024, while total liabilities reduced from $19.433 million to $14.642 million[22] - Gryphon reduced total debt by over 70% through the conversion of $13 million of debt into equity and favorable restructuring of remaining debt[9] Cash Flow and Financing - Cash provided by financing activities was $5,963,000 in 2024, compared to a cash outflow of $109,000 in 2023[26] - Cash and cash equivalents at the end of the period were $735,000, down from $915,000 in 2023[26] Stock Performance - The average trading volume of Gryphon's stock increased from approximately 249,000 shares per day in Q3 2024 to approximately 874,000 shares per day in Q4 2024[6] Strategic Initiatives - The company is focused on closing the Captus Energy Acquisition, which is viewed as a billion-dollar opportunity[4] - The company reported a gain of $6,248,000 from the settlement of the BTC Note in 2024[26] - The company incurred merger and acquisition costs of $394,000 in 2024, with no such costs reported in 2023[24] Expenses - Total operating expenses decreased to $38,286,000 in 2024 from $41,103,000 in 2023, reflecting a reduction of 6.9%[24] - The impairment of miners was recorded at $8,335,000 in 2023, which was not reported in 2024[24] Capital Raising - The company successfully closed a $2.85 million offering with 100% management and majority board participation[9]

Financial Performance - The company reported a significant increase in revenue, achieving $1.5 billion in Q3 2023, representing a 25% year-over-year growth[8]. - The company provided guidance for Q4 2023, expecting revenue to be between $1.6 billion and $1.8 billion, which reflects a growth rate of 20% to 30% compared to Q4 2022[8]. - The company reported a gross margin of 45%, an improvement from 40% in the previous year, indicating better cost management[8]. - The company does not earn any revenues from its business and has a history of losses and negative cash flows from operations, which is expected to continue in the future[1]. - The company anticipates negative cash flow from operations for 2025 and beyond due to the lack of revenues from mining or other activities[36]. - The company may require additional financing to continue its operations, which could be affected by global financial conditions and market volatility[33]. - The effectiveness of the company's internal control over financial reporting is a key risk factor[19]. - The company’s exploration programs are inherently risky and may not achieve targeted objectives or result in the discovery of new resources[1]. - The company’s ability to secure additional financing may be negatively impacted by changes in the economy and general market conditions[33]. User Engagement and Market Expansion - User data showed a total of 10 million active users, up from 8 million in the previous quarter, indicating a 25% increase[8]. - Market expansion plans include entering three new international markets by the end of 2024, projected to increase user base by 15%[8]. - New product launches are anticipated to contribute an additional $200 million in revenue over the next fiscal year[8]. Research and Development - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[8]. Acquisitions and Strategic Moves - The company completed the acquisition of a competitor for $300 million, expected to enhance market share and operational capabilities[8]. - The company plans to complete the acquisition of Quebec Precious Metals Corporation, which is expected to enhance its resource base and operational capabilities[11]. - Fury Gold has entered into an arrangement agreement to acquire 100% of Quebec Precious Metals Corporation for approximately $5.1 million payable in common shares[61]. - The company completed the acquisition of Eastmain Resources Inc. on October 9, 2020, and changed its name to Fury Gold Mines Limited[92]. - Fury Gold sold the Homestake Ridge project to Dolly Varden Silver Corporation for $5 million cash and 76,504,590 common shares on February 25, 2022[94]. - The company acquired Newmont's 49.978% interest in the Éléonore South Gold Project for $3 million on February 29, 2024, consolidating ownership to 100%[96]. Environmental and Regulatory Compliance - The company highlighted its commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years[8]. - The company aims to maintain compliance with current and future environmental, safety, and regulatory requirements[12]. - Fury Gold's operations are subject to evolving environmental regulations, which may impose additional compliance costs and affect profitability[44]. - The company is committed to complying with environmental protection laws, but future legislation could impose additional financial burdens[49]. - The company acknowledges risks related to government regulation of mining operations and environmental and climate-related challenges[12]. - The company emphasizes the importance of obtaining necessary licenses, permits, and regulatory approvals for its planned exploration activities[12]. Community Engagement and Social Responsibility - The company is focused on engaging with local indigenous and affected communities to secure support for its operations and exploration plans[12]. - The company emphasizes the importance of maintaining positive relationships with local communities and Indigenous organizations to avoid project delays[47]. - The Company contributed C$750,000 to the Reconstruction Initiative Forest Fires Fund 2023 to support rebuilding efforts in the Eeyou Istchee James Bay territory[152]. - Fury Gold is committed to responsible mineral exploration and has implemented an Indigenous Relations Policy in 2024 to foster relationships with Indigenous communities[146]. Mineral Resource Estimates and Exploration - The company is assessing its mineral resource estimates and the assumptions underlying them to ensure accuracy[12]. - The company has not established mineral reserves on any of its mineral properties to date[41]. - The company’s mineral resource estimates are subject to significant uncertainty and may vary significantly with new information[39]. - The mineral resource estimates are based on a validated database from 1,202 surface diamond drill holes totaling 406,431 meters[204]. - The total Measured and Indicated resources amount to 6,393,000 tonnes at an average grade of 5.65 g/t Au[198]. - The company anticipates that most inferred mineral resources could be upgraded to indicated resources with continued exploration efforts[208]. Operational Risks and Challenges - The company recognizes the potential impact of external factors such as wars, pandemics, and natural disasters on its operations and financial markets[12]. - The company acknowledges the risks associated with climate change, including extreme weather events that could disrupt operations and increase costs[54]. - Legal claims against the company, regardless of merit, could result in substantial defense and settlement costs, impacting financial condition[68]. - Fury Gold's reliance on contractors and experts for exploration and operational decisions poses risks that could adversely affect its financial condition[66]. - The company faces potential increases in operational costs due to inflation, which has remained above 2% in 2024, potentially leading to equity dilution or reduced expenditures[42]. - Fury Gold's exploration activities are competitive, and the company may struggle to acquire necessary permits and retain qualified personnel due to competition in the mining industry[58]. Drilling and Exploration Results - Fury Gold completed a drilling program at the Eau Claire Deposit in 2023, targeting 10,000 to 15,000 meters to expand the high-grade resource[107]. - The 2023 drilling results at the Hinge Target included intercepts of 5.0m at 3.6 g/t Au and 14.0m at 2.37 g/t Au[110]. - The company reported additional results from the 2023 infill drilling program, including 5.5m at 4.52 g/t gold and 1.0m at 20.20 g/t gold[112]. - Fury Gold's exploration program defined eight gold targets at the Lac Clarkie project adjacent to Eau Claire, with significant mineralization potential[106]. - The final results from the 2023 drilling program at the Hinge Target reported gold intercepts of 17.62 g/t over 3.50m, including 29.80 g/t over 2m[114]. Financial Instruments and Share Issuance - The Company announced a $75 million shelf prospectus allowing for public offerings of common shares and other securities over a 25-month period starting October 12, 2023[119]. - The Company closed a bought-deal private placement in March 2023, raising approximately $8.750 million through the issuance of 6,076,500 flow-through shares at $1.44 each[118]. - The Company raised $11 million through a private placement of 13.75 million common shares at $0.80 per share on April 14, 2022[102]. - The Company has issued Flow-Through Shares that require specific expenditures on exploration in Canada, with risks associated with compliance and timing[82].

Financial Performance - Total revenue for the three months ended September 30, 2024, was $11,509,000, a decrease of 13% compared to $13,215,000 for the same period in 2023[5] - Gross loss for the three months ended September 30, 2024, was $4,920,000, compared to a gross loss of $473,000 in the same period of 2023[5] - Net loss for the nine months ended September 30, 2024, was $103,803,000, significantly higher than the net loss of $53,601,000 for the same period in 2023[5] - The company reported a basic and diluted loss per share of $0.11 for the three months ended September 30, 2024, compared to $0.02 for the same period in 2023[5] - The company reported a net loss of $43.1 million for the three months ended September 30, 2024, compared to a net loss of $4.9 million for the same period in 2023[120] - Basic and diluted loss per share for the nine months ended September 30, 2024, was $0.30, compared to $0.20 for the same period in 2023[120] Assets and Liabilities - Total current assets increased to $46,269,000 as of September 30, 2024, from $39,813,000 as of December 31, 2023, representing a 16% increase[2] - Total liabilities decreased slightly to $308,208,000 as of September 30, 2024, from $308,987,000 as of December 31, 2023[2] - The company’s accumulated deficit increased to $267,088,000 as of September 30, 2024, from $163,285,000 as of December 31, 2023[2] - Long-term debt as of September 30, 2024, totaled $188.377 million, with significant components including $54.329 million from the Orion Convertible Loan and $71.694 million from Sprott Convertible Loan[52] - Total other liabilities increased to $30,770,000 as of September 30, 2024, compared to $23,022,000 at December 31, 2023, representing a 33.5% increase[79] Cash Flow and Operating Activities - Cash used in operating activities for the nine months ended September 30, 2024, was $73,277,000, compared to $72,545,000 for the same period in 2023[7] - Cash, cash equivalents, and restricted cash at the end of the period were $61,675,000, down from $81,710,000 at the end of the previous year[7] Share Issuance and Financing - The company issued 69,698,050 shares in a brokered placement, raising $74,644,000[10] - The Company reported total gross proceeds of approximately $83.5 million (C$115 million) from a bought deal public offering of 69.7 million units at a price of C$1.65 per unit[30] - The Company issued 11.5 million common shares under the ATM Program at a weighted average share price of $1.14 per common share, resulting in total gross proceeds of $13.1 million[29] - The Company closed a private placement offering of $65 million principal amount of secured convertible debentures with an interest rate of 8.00% per annum, maturing on February 22, 2027[60] - The Company completed a non-brokered private placement of 13.1 million common shares at C$1.80 per share, raising gross proceeds of $17.4 million (C$23.5 million) on February 20, 2024[102] Inventory and Expenses - Total inventory increased from $11.387 million as of December 31, 2023, to $15.895 million as of September 30, 2024, with inventory write-downs of $12.1 million recognized for the nine months ended September 30, 2024[47] - The total amount of inventory recognized as an expense in cost of sales for the nine months ended September 30, 2024, was $43.6 million, compared to $31.0 million for the same period in 2023[47] - Exploration and evaluation expenses for the three months ended September 30, 2024, were $5,384,000, a decrease of 37% from $8,553,000 in 2023[124] - Total interest expense for the three months ended September 30, 2024, was $8,214,000, an increase of 20% from $6,845,000 in 2023[126] Agreements and Commitments - The Company has a working capital deficit and current operating losses, indicating material uncertainties regarding its ability to continue as a going concern within one year[16] - The Company is required to transition to U.S. GAAP reporting by January 1, 2025, and is currently evaluating the impact of new accounting standards on its financial statements[18][22] - The Company has entered into a second amending agreement with Orion Mine Finance to extend the deadline for gold deliveries until May 10, 2024, under the Gold Prepay Agreement[34] - The Gold Prepay Agreement requires the Company to deliver 30,400 troy ounces of gold to Orion, with an initial payment of $41.9 million[63] - The Silver Purchase Agreement mandates the delivery of 1.2 million ounces of silver, with an ongoing cash purchase price equal to 20% of the prevailing silver price[71] Fair Value and Derivatives - The company recognized a fair value loss of $0.6 million and a gain of $7.3 million related to embedded derivatives for the three and nine months ended September 30, 2024, respectively[53] - The company recorded a fair value loss of $3,000,000 related to the Gold Prepay Agreement embedded derivative for the three months ended September 30, 2024[90] - The company recognized a fair value loss of $1,300,000 related to the Silver Purchase Agreement embedded derivative for the three months ended September 30, 2024[91] - The Gold Prepay Agreement's gold price derivative had a fair value of $(9,589) thousand as of September 30, 2024, with a potential change in fair value of $4,402 thousand for a +/- 10% change in forecast gold price[144] - The Silver Purchase Agreement's silver price derivative had a fair value of $(4,681) thousand as of September 30, 2024, with a potential change in fair value of $2,606 thousand for a +/- 10% change in forecast silver price[144] Share-Based Payments and Options - The company recognized a share-based payment liability of $1,401,000 at September 30, 2024, up from $1,184,000 at December 31, 2023, indicating a 18.3% increase[88] - The total fair value of vested and unvested RSUs and DSUs at September 30, 2024, was C$5.8 million, up from C$2.4 million at December 31, 2023[117] - The Company recorded share-based payment expenses of $1.9 million for the nine months ended September 30, 2024, compared to $2.5 million for the same period in 2023[119] - The Company had 10.7 million stock options outstanding as of September 30, 2024, with a weighted average exercise price of C$2.43[112] - The weighted average share price at the date of exercise for stock options for the nine months ended September 30, 2024, was C$1.85, down from C$3.17 in 2023[111] Acquisitions - The acquisition of Paycore Minerals Inc. was completed for a total consideration of $88.416 million, including $66.037 million in share consideration[42] - The fair value of net assets acquired from Paycore was $88.416 million, including cash of $10.027 million and mineral properties valued at $92.081 million[45] - The Company issued 5.0 million common shares to Waterton in connection with the Paycore acquisition, and acquired 100% of Paycore's shares, issuing 25.5 million common shares to Paycore shareholders[107] - The company issued 5,016,991 common shares to Waterton, valued at $12.75 million, based on a share price of C$3.46 on the acquisition date[44] Other Information - The company had outstanding surety bonds totaling $132.8 million for environmental reclamation and exploration permitting as of September 30, 2024[134] - Capital expenditures for the nine months ended September 30, 2024, were $1,775,000, compared to $109,508,000 in the same period of 2023[130] - As of September 30, 2024, total assets were $655,127,000, compared to $654,283,000 as of December 31, 2023[130] - The company had one customer that made up trade receivables as of September 30, 2024, indicating a diversified customer base for its products[122] - The balance of Convertible Loans as of September 30, 2024, was $(1,777) thousand, reflecting fair value adjustments of $7,251 thousand during the period[144] - Sprott converted C$3.6 million in principal and C$0.9 million in interest of the Sprott Convertible Loan into 2.1 million common shares[59] - On October 31, 2024, the company issued 2.1 million common shares for the conversion of $3.6 million in principal and $0.9 million in interest under the Sprott Convertible Loan[145] - The company issued 6.2 million common shares under the ATM Program for total gross proceeds of $7.0 million after the period ended September 30, 2024[146]

Company Overview and Market Position - The company has a limited operating history and has only completed three Battery Energy Storage Systems (BESSs) and one Gravity Energy Storage System (GESS) to date, which may affect investment decisions [89]. - The company expects future growth to be driven by rising demand for clean electric power solutions and a rapidly growing energy storage market, but predicting future revenues is challenging due to limited operating history [90]. - The company relies on a limited number of customers for the majority of its revenue, and the loss of any significant customer could substantially reduce revenue and impact liquidity [96]. - The company’s business model depends on the acceptance of its technology by customers and the successful commercialization of its energy storage systems [94]. - The company’s growth strategy includes establishing strategic relationships with various market players, but the success of these initiatives is uncertain [115]. - The growth of the energy storage market is dependent on the adoption of renewable energy sources and government regulations [141]. - Competition in the energy storage industry is intensifying, with several established companies having more resources and advanced technologies [145]. - The company’s technology must remain cost-effective compared to competitors to maintain its market position and profitability [144]. Financial Performance and Projections - The company has incurred significant expenses and expects to continue to do so, with a history of losses and uncertainty regarding future profitability [94]. - The company anticipates increased costs associated with transitioning to lower emissions technologies and potential risks related to the viability of these technologies [160]. - As of December 31, 2024, the company had accumulated deficits of $383.8 million and net losses of $135.8 million for the year ended December 31, 2024 [170]. - The company expects to continue incurring significant operating expenses without generating sufficient revenues, indicating a capital-intensive business model [171]. - The total backlog as of December 31, 2024, was $433.9 million, representing contracted but unrecognized revenue [180]. - Bookings for the year ended December 31, 2024, totaled $223.9 million, reflecting the total aggregate contract value from customer contracts signed during the period [181]. - The developed pipeline as of December 31, 2024, amounted to $2.1 billion, indicating potential revenue from projects where the company is in advanced negotiations [182]. Operational Risks and Challenges - The company faces risks associated with operational performance and costs, including unexpected malfunctions and the need for repairs, which could adversely affect business [101]. - The company’s projections regarding construction costs, timelines, and future revenues are highly sensitive to inaccuracies, which could materially affect profitability [92]. - The company faces risks associated with construction delays and cost overruns, which could impair project development and financial performance [121]. - The successful installation of energy storage systems is dependent on timely interconnection with local electric grids, which may face delays affecting revenue recognition [122]. - The lengthy sales and installation cycle for energy storage systems could lead to significant fluctuations in operating results from period to period [174]. - The company faces risks related to customer cancellations and delays, which could materially affect its business and financial condition [185]. Supply Chain and Production - The company’s energy storage systems have significant upfront costs, necessitating third-party financing for both the company and its customers [103]. - The company relies on a limited number of third-party suppliers for components, and any failure in their delivery could lead to installation delays and reputational damage [117]. - The company relies on suppliers and subcontractors for manufacturing components of its energy storage systems, which may lead to potential liabilities and recovery challenges [216]. Regulatory and Compliance Issues - The company is subject to legal and regulatory restrictions that could increase compliance costs and expose it to litigation risks [130]. - Increasing scrutiny of ESG matters could adversely impact the company's reputation, share price, and access to capital [131]. - The company may face increased regulatory requirements regarding environmental impacts, potentially leading to higher compliance costs [161]. - The company is subject to various environmental, health, and safety laws that could result in significant compliance costs and liabilities [226]. - Any actual or perceived failure to comply with privacy and data protection laws could subject the company to liability and damage its reputation [231]. - The company may face increased privacy and security obligations due to state and federal laws, such as the California Consumer Privacy Act [233]. Intellectual Property and Cybersecurity - The company may face challenges in protecting its intellectual property (IP) rights, which could adversely affect its growth and success [193]. - IP rights may not be as strongly enforced outside the United States, leading to potential revenue loss due to competitors copying designs and technology [194]. - The company's pending patent applications may not result in issued patents, hindering its ability to prevent competitors from selling similar products [195]. - The company may face third-party claims of IP infringement, which could result in substantial legal costs and harm its reputation [198]. - Cybersecurity risks threaten the confidentiality and integrity of the company's IT systems, which are critical to its operations [204]. - The company has experienced rapid growth, which may strain its IT systems and increase vulnerability to data security breaches [208]. Market and Economic Conditions - Economic uncertainty, including inflation and interest rate fluctuations, has negatively impacted demand for the company's products [154]. - Fluctuations in fuel prices could decrease incentives for transitioning to renewable energy, impacting demand for the company's products [162]. - The U.S. has implemented a 25% additional tariff on imports from Canada and a 20% additional tariff on imports from China, which may negatively affect the company's financial condition [221]. - The company may face reduced revenue due to the potential reduction, modification, or elimination of government economic incentives such as rebates and tax credits [223]. - Inflation could adversely impact operations due to rising material, labor, and construction costs, potentially affecting financial results [388]. Corporate Governance and Structure - As of December 31, 2024, executive officers, directors, and their affiliates beneficially own approximately 29.7% of the outstanding common stock, allowing significant control over corporate decisions [242]. - The company qualifies as an "emerging growth company" and intends to take advantage of exemptions from various reporting requirements until it exceeds a market value of $700 million or total annual gross revenue of $1.235 billion [243]. - Increased legal, accounting, and administrative costs are expected as a public company, which could negatively impact financial condition and results of operations [247]. - The company may issue additional shares or other equity securities without stockholder approval, potentially diluting ownership interests [252]. - The trading price of the company's common stock is likely to be volatile, influenced by various market and operational factors [253]. - Activist stockholders may attempt to effect changes that could adversely affect corporate governance and financial condition [256]. - Anti-takeover provisions may delay or prevent beneficial acquisitions and management changes, potentially limiting stockholder influence [257]. - The company is governed by Section 203 of the DGCL, which restricts individuals owning 15% or more of voting stock from merging for three years [258].