FORM 10‑Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 000-53316 SOBR SAFE, INC. (Exact name of registrant as specified in its charter) 10-Q 1 sobr_10q.htm FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Re ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 001-42152 Eureka Acquisition Corp (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (I.R. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ☐ 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: 001-42152 Eureka Acquisition Corp (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of (I.R. ...

Revenue Performance - Q1'25 revenue decreased to $1.6M from $2.2M in Q1'24, a decline of approximately 26% year-over-year[10] - License fee revenue fell to $1.1M in Q1'25 from $1.95M in Q1'24, reflecting a significant impact from a $1.2M contract in Q1'24[10] - Service revenues increased by 28% to $272.6K in Q1'25 from $213.1K in Q1'24, driven by a 37% rise in recurring maintenance and support revenue[11] - Hardware sales surged to $235.8K in Q1'25 from $17.6K in Q1'24, attributed to increased purchases of fingerprint biometric scanners[12] Financial Metrics - Gross margin for Q1'25 was 82.6%, down from 86.3% in Q1'24, due to lower revenue and higher lower-margin hardware sales[13] - Operating expenses decreased by 17.7% to $1.97M in Q1'25 from $2.39M in Q1'24, with SG&A expenses down 23%[14] - Net loss for the three months ended March 31, 2025, was $736,545, compared to a net loss of $510,285 for the same period in 2024, reflecting a 44.3% increase in losses[25] - Total current liabilities decreased to $3,465,616 from $4,553,536, a reduction of 24%[23] - Total stockholders' equity increased to $7,527,053 from $3,772,031, showing a growth of 99%[23] - Deferred revenue increased to $928,291 from $773,267, indicating a growth of 20.1%[23] - Net cash used in operating activities was $835,312, compared to a net cash provided of $297,084 in the prior year, indicating a shift in cash flow dynamics[25] Cash Position - Cash position improved to $3.1M as of March 31, 2025, compared to $438K at the end of 2024[16] - Cash and cash equivalents rose significantly to $3,133,752, up from $437,604, marking a 615.5% increase[25] - The company reported a net increase in cash and cash equivalents of $2,696,148 for the period, compared to an increase of $179,049 in the previous year[25] - Proceeds from the exercise of warrants amounted to $3,813,057, a significant increase compared to $1,400 in the previous year[25] Growth Expectations - The company expects significant revenue growth from a long-term financial services customer starting in 2026 due to expanded deployments[2] - BIO-key is focusing on expanding its presence in the EMEA region, anticipating improved revenue and margins in 2025[8] - The company serves over 100 institutions with more than 4M end users in the state, local, and educational markets[6] Asset Management - Total assets increased to $11,183,676 from $8,615,560, representing a growth of 29.5% year-over-year[23] - Inventory levels decreased slightly to $357,842 from $378,307, a decline of 5.4%[23]

Financial Performance - Net loss for Q1 2025 was approximately $3,705,000, a decrease of 36% from a net loss of $5,817,000 in Q1 2024[217]. - Revenues from the Ampligen® Cost Recovery Program decreased to $16,000 in Q1 2025 from $40,000 in Q1 2024, a decline of $24,000[218]. - Research and Development costs decreased to approximately $1,080,000 in Q1 2025 from $1,951,000 in Q1 2024, reflecting a reduction of approximately $871,000[222]. - General and Administrative expenses decreased to approximately $2,545,000 in Q1 2025 from $3,815,000 in Q1 2024, a decrease of approximately $1,270,000[224]. - Cash used in operating activities decreased to approximately $2,361,000 in Q1 2025 from $4,815,000 in Q1 2024, a reduction of $2,454,000[226]. Cash and Equity Position - As of March 31, 2025, the company had approximately $2,247,000 in cash and cash equivalents, a decrease of approximately $1,730,000 from December 31, 2024[229]. - Stockholders' equity was below the minimum requirements for continued listing on the NYSE American, with a deficit of approximately $3.9 million as of March 31, 2025[237]. Securities and Offerings - The company filed a Universal Shelf Registration Statement to register the offering of up to $100,000,000 of various securities, which has not yet been declared effective[242]. - An Equity Distribution Agreement was entered into with Maxim Group LLC to issue and sell up to $3,000,000 of common stock under the Registration Statement[243]. - The company has entered into a Purchase Agreement with Atlas Sciences, LLC, committing to purchase up to $15 million of common stock over a 24-month period[254]. - As of March 31, 2025, a total of 3,082,961 shares have been issued under the Purchase Agreement for approximately $398,000 after clearing costs[264]. - The company issued 5,640,958 shares of common stock and Class A and B common warrants to a single accredited investor, with an exercise price of $0.363 per share[265]. - The company received aggregate gross proceeds of approximately $1.26 million from the issuance of 4,653,036 shares and associated warrants in a registered direct offering[272]. - The company has agreed to pay Maxim a commission of 3.0% on the aggregate gross proceeds from each sale of common stock under the Sales Agreement[246]. - The total estimated expenses for the offering, excluding compensation to Maxim, will be approximately $54,000[246]. - The company cannot sell shares below the Minimum Price that would represent more than 19.99% of the outstanding shares without stockholder approval[258]. - The initial commitment fee to Atlas was paid through the issuance of 338,600 shares of common stock, equal to 1.0% of the Commitment Amount[260]. - The Common Warrants issued in the Transactions are classified as equity within the consolidated financial statements, with proceeds allocated totaling approximately $2.5 million[270]. - The registration statement for the resale of shares issued under the Purchase Agreement was declared effective on May 1, 2024[255].

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 March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ______________ Commission File Number: 001-37537 Houlihan Lokey, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorp ...

Financial Performance - Net revenues for the three months ended March 31, 2025, were approximately $2.14 million, a decrease of approximately $0.2 million or 8.5% from $2.34 million for the same period in 2024[168]. - The net loss from continuing operations for Q1 2025 was $5.36 million, compared to a net loss of $7.76 million in Q1 2024[168]. - Adjusted EBITDA from continuing operations for the three months ended March 31, 2025 was approximately $(3.96) million, an improvement from $(6.44) million in the same period of 2024[188]. - For the three months ended March 31, 2025, the company's net revenues from continuing operations were $2,143,058, a decrease of 8.5% compared to $2,342,918 for the same period in 2024[236]. Vehicle Sales and Revenue Breakdown - Vehicle sales accounted for $1.81 million or 84.5% of total net revenues in Q1 2025, compared to $1.52 million or 65.0% in Q1 2024[170]. - Vehicle sales for the three months ended March 31, 2025, were $1,837,054, down 27% from $2,514,777 in 2024[236]. - Spare-parts sales decreased significantly to $242,276 in 2025 from $828,785 in 2024, representing a decline of approximately 70.8%[236]. - The company's revenue from Asia increased to $1,174,031 in 2025, up 6.3% from $1,104,475 in 2024, while revenue from Europe and America decreased significantly[237]. Operating Expenses - Total operating expenses for Q1 2025 were $6.50 million, down from $8.04 million in Q1 2024, reflecting a reduction in research and development expenses[168]. - Selling and marketing expenses increased by approximately $0.2 million or 25.7% to approximately $0.8 million for the three months ended March 31, 2025, primarily due to increased freight costs[178]. - General and administrative expenses decreased by approximately $1.0 million or 16.6% to approximately $4.9 million for the three months ended March 31, 2025, attributed to reductions in various operational costs[179]. - Research and development expenses for Q1 2025 were $784,178, a significant decrease from $1.51 million in Q1 2024[168]. Cash Flow and Liquidity - Net cash used in operating activities was approximately $5.0 million for the three months ended March 31, 2025, compared to $8.9 million in the same period of 2024[191]. - As of March 31, 2025, the company had approximately $8.5 million in cash and cash equivalents, down from $20.2 million as of March 31, 2024[191]. - Net cash used in investing activities was approximately $0.5 million, primarily for the purchase of property, plant, and equipment[202]. - Net cash provided by financing activities was approximately $1.2 million, mainly from loans proceeds of approximately $1.0 million from related parties and $0.6 million from third parties, offset by $0.4 million repayment[203]. Contracts and Liabilities - Contractual liabilities for continuing operations rose to $5,102,793 as of March 31, 2025, compared to $4,121,305 as of December 31, 2024, indicating an increase of 23.8%[240]. - Accounts receivable for continuing operations decreased to $3,096,130 as of March 31, 2025, down from $3,281,865 as of December 31, 2024, a decline of 5.6%[240]. - The company recognized $374,384 in revenue from contractual liabilities for the three months ended March 31, 2025, compared to $890,646 in 2024, reflecting a decrease of 57.9%[239]. Future Outlook and Plans - The company plans to continue the rollout of new ECV models and green energy products in North America and Europe over the next twelve months[192]. - The company has invested over approximately $95.2 million in research and development activities since its inception in 2013, with plans to increase R&D expenditure in the long term[195]. - The company expects a decrease in provision for credit losses as sales shift more to FOB terms[161]. - General and administrative expenses are anticipated to decrease over the next two years due to efficiency improvements[160]. Leasing and Facilities - The total annual base rent for two operating lease agreements in Hangzhou, China is $186,866 for the term ending May 2023 and $167,521 for the term ending May 2024[204]. - The lease for a facility in Dusseldorf, Germany has a total annual base rent of approximately $373,630 for the lease term[205]. - A new operating lease agreement in Colombia commenced on May 1, 2023, with a monthly rent of approximately $11,224.92[206]. - The first annual base rent for a facility in Howell, New Jersey is $493,920, with a 3% annual increase[210]. - The monthly rent for a facility in Ontario, California is $115,200 for the first year, increasing to $134,767.71 in the fifth year[209]. Accounting and Financial Reporting - The company is currently assessing the impact of the recently issued ASU No. 2024-03 on its consolidated financial statements, which will improve disclosures about types of expenses[241]. - Shipping and handling costs are recorded as sales and marketing expenses rather than separate performance obligations[235]. - The company has not experienced material costs for quality assurance historically, leading to no accrual for these costs being deemed necessary[235]. - The company has not entered into any off-balance sheet financial guarantees or derivative contracts that are not reflected in the financial statements[214].

Financial Performance - Research and development (R&D) expenses decreased by 51% to $1.3 million for the three months ended March 31, 2025, down from $2.5 million for the same period in 2024, primarily due to reduced clinical trial costs and personnel expenses [72]. - The total accumulated deficit as of March 31, 2025, was $146.9 million, with expectations of continued losses in the coming years [77]. - Cash and cash equivalents as of March 31, 2025, were $3.2 million, with substantial doubt about the ability to continue as a going concern for the next year [80]. Clinical Trials and Research - The company reported a median progression-free survival exceeding six months in a Phase 1 trial of agenT-797, with approximately 30% of patients experiencing durable disease stabilization [66]. - In a Phase 1 study of agenT-797 for viral acute respiratory distress syndrome (ARDS), a survival benefit of 75% was observed, compared to 10-22% in the control group [67]. - The company plans to advance agenT-797 in viral ARDS through strategic collaborations and non-dilutive external financing into a randomized Phase 2 trial [68]. - The company has two advanced engineered iNKT programs, MiNK-215 and MiNK-413, with IND submissions expected in 2025 [69]. Manufacturing and Collaboration - The company has established in-house iNKT cell manufacturing capacity capable of supplying over 5,000 doses annually through a fully automated process [64]. - A collaboration with ImmunoScape was announced in December 2023 to develop next-generation T-cell receptor therapies against solid tumors [70]. Regulatory and Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to take advantage of reduced disclosure requirements [85]. - The company will remain an emerging growth company until it exceeds $1.235 billion in annual revenue or $700 million in market value of stock held by non-affiliates [86]. - The company has elected not to "opt out" of the extended transition period for complying with new accounting standards, delaying adoption until private companies are required to comply [88]. - The reported results of operations may not be directly comparable to those of other public companies due to the extended transition period [88]. - The company intends to rely on exemptions from certain disclosure requirements applicable to other public companies [87]. Financing Activities - The company entered into a stock purchase agreement in May 2024, issuing 464,000 shares at $12.50 per share, raising approximately $5.8 million [79].

Financial Performance - Net product revenue for Q1 2025 increased by $0.7 million, or 8.7%, compared to Q1 2024, driven by a $0.5 million increase in Ameluz® sales and $0.2 million from the launch of RhodoLEDXL Lamp[144]. - Total revenues for Q1 2025 were $8.588 million, compared to $7.912 million in Q1 2024, reflecting a change of $0.676 million[144]. - Research and development expenses for Q1 2025 increased by $1.2 million compared to Q1 2024, attributed to the assumption of all clinical trial activities for Ameluz in the U.S.[147]. - Selling, general and administrative expenses decreased by $0.6 million, or 6.5%, in Q1 2025 compared to Q1 2024, with a notable decrease in marketing expenses[146]. - Loss from operations improved by $0.920 million, from a loss of $5.467 million in Q1 2024 to a loss of $4.547 million in Q1 2025[144]. - Net loss for Q1 2025 was $4.203 million, significantly improved from a net loss of $10.437 million in Q1 2024[144]. - Adjusted EBITDA for Q1 2025 was $(4.378) million, an improvement from $(4.577) million in Q1 2024, driven by an increase in gross profit[161]. - The company reported a loss from operations of $4.2 million for the three months ended March 31, 2025, compared to a loss of $10.4 million for the same period in 2024[166][167]. Cash Flow and Capital Management - Cash and cash equivalents as of March 31, 2025, were $1.8 million, down from $5.9 million as of December 31, 2024[162]. - For the three months ended March 31, 2025, net cash used in operating activities was $4.1 million, compared to $3.3 million for the same period in 2024[165][167]. - The net increase in cash and restricted cash for the three months ended March 31, 2025, was a decrease of $4.1 million, compared to an increase of $2.5 million in 2024[165]. - The company had no financing activities during the three months ended March 31, 2025, while it generated $7.7 million from financing activities in the same period of 2024[169]. - The company plans to secure additional capital through equity or debt financings or asset sales to support its commercial and development activities[163]. Compliance and Regulatory Matters - Biofrontera Inc. reported stockholders' equity of $0.5 million as of March 31, 2025, below the Nasdaq requirement of $2.5 million[117]. - The company is in the process of creating a plan to regain compliance with Nasdaq listing standards[117]. - The financial statements have been prepared on a going concern basis, indicating potential adjustments may be necessary if the company cannot continue as a going concern[164]. Product and Market Strategy - The company has reduced the Transfer Price for Ameluz from 50% to 25% of the anticipated net selling price per unit for 2024 and 2025, with planned increases to 35% starting in 2026[114]. - Biofrontera plans to divest its Xepi product line, which has not generated sales since 2023 due to manufacturing delays[116]. - The company is focused on expanding sales of Ameluz and RhodoLED Lamps in the U.S. to establish Ameluz as the standard of care for actinic keratosis[127]. - The company aims to finance R&D activities through the reduced Transfer Price, supporting growth in photodynamic therapy[115]. - The company plans to expand the commercialization of Ameluz in the United States while controlling expenses and limiting capital expenditures[163]. Revenue Generation and Seasonality - Biofrontera's revenues are primarily generated from sales of licensed products, including Ameluz and RhodoLED Lamps[129]. - Biofrontera's revenue is subject to seasonality, with historically higher revenues in the first and fourth quarters[128]. Clinical Trials and Operations - The company has assumed control of all clinical trials related to Ameluz in the U.S. since June 1, 2024, for better cost management[115]. - The change in fair value of warrant liabilities was a gain of $0.548 million in Q1 2025, compared to a loss of $3.429 million in Q1 2024[149]. - The company experienced a change in fair value of warrant liabilities of $0.5 million for the three months ended March 31, 2025[166]. - The company had negligible fixed asset purchases during the three months ended March 31, 2025[168]. - There were no material changes to the company's critical accounting estimates for the three months ended March 31, 2025[172].

Financial Performance - Total revenues for Q1 2025 reached $4,952,185, a 363% increase compared to $1,070,680 in Q1 2024[275] - The net loss for Q1 2025 was $2,079,663, compared to a net loss of $2,752,309 in Q1 2024, indicating an improvement in financial performance[275] - Revenues for the three months ended March 31, 2025, were $4,952,185, a 363% increase compared to $1,070,680 in the same period of 2024[282] - The net loss for the three months ended March 31, 2025, was $2,079,663, a 24% decrease from $2,752,309 in the same period of 2024[286] - Gross margin improved to $1,313,659 in Q1 2025, representing a 1,288% increase from $94,632 in Q1 2024, primarily due to revenue from the Asset Management Agreement with New APR[282] Revenue Sources - Services and consulting revenue surged by 510% to $4,887,501 in Q1 2025, primarily due to the execution of the Asset Management Agreement (AMA) with New APR[276][277] - The Railcar Inspection Portal (RIP) is being transitioned to a modular and subscription-based model, enhancing recurring revenue streams[273] - The company anticipates continued growth in services revenue from both rail and power businesses throughout 2025[278] Operational Activities - The cost of revenues increased by 273% to $3,638,526 in Q1 2025, driven by the support of the AMA and increased operational activities[279] - Total operating expenses increased by 9% to $3,103,287 in Q1 2025, up from $2,855,678 in Q1 2024, with sales and marketing expenses decreasing by 47%[283] Capital and Financing - Cash flows provided by financing activities were $2,788,033 in Q1 2025, primarily from gross proceeds of $3,954,940 from the At-The-Market offering program[290] - The company has raised over $11,500,000 from the sale of Series E and F Preferred Stock in 2023 and approximately $3,954,940 in gross proceeds during the first two months of 2025[295] - The company expects to continue executing its revenue diversification strategy and anticipates sufficient capital to support operations over the next twelve months[291][296] Future Plans and Expansion - The company is expanding into Edge Computing and power generation markets, with a focus on leveraging existing technology infrastructure[268] - A long-term agreement with a major Class 1 railroad was secured, enabling new subscription-based services for over 3,000 railcar owners and lessors[269] - The company plans to deploy six Edge Data Centers in the first half of 2025, with an additional nine sites expected in the second half of 2025[273] - Duos Energy is managing approximately 850 MW of generating capacity and has a two-year AMA valued at approximately $42 million with New APR[273] Deferred Revenue and Intangible Assets - The Company recorded $7.2 million of deferred revenue for services to be performed under the AMA agreement, with no revenue recognized during the year ended December 31, 2024[305] - The Company recognized $199,008 of deferred revenue related to a completed pilot program, with the remaining deferred revenue being recognized over the 5-year term[312] - An intangible asset with a fair value of $11,161,428 was recorded in May 2024, representing non-monetary consideration under a 5-year customer contract for maintenance services[310] - The fair value of the intangible asset was determined based on the standalone selling price of the service and goods to be provided under the contract[311] - There is no indication of impairment for the intangible asset at March 31, 2025[315] Cash Flow and Working Capital - Net cash used in operating activities was $4,673,425 for Q1 2025, compared to $2,032,719 in Q1 2024, driven by increased non-cash add-backs and a significant build-up in accounts receivable[288] - The company had a working capital deficit of $6,502,554 as of March 31, 2025, with an accumulated deficit of $76,447,672[287][294] Management and Impairment - Management believes that the anticipated steady cash flow from the Asset Management Agreement will mitigate concerns regarding the company's ability to continue as a going concern[297] - The Company assesses its equity method investment for impairment whenever events indicate that the carrying amount may not be recoverable[309] - No impairment losses were recognized during the year ended December 31, 2024, or the three months ended March 31, 2025[309]