FOXO Technologies (FOXO) - 2025 Q2 - Quarterly Report

Initial Filing Information Registrant and Securities Overview FOXO Technologies Inc. is the registrant, filing a Form 10-Q for Q2 2025, with Class A Common Stock trading on NYSE American under FOXO - FOXO Technologies Inc. is filing a Form 10-Q for the quarter ended June 30, 2025[1] - The company's Class A Common Stock trades on the NYSE American under the symbol FOXO[2] Filer Status and Outstanding Shares FOXO is a non-accelerated, smaller reporting, and emerging growth company with 45.77 million Class A common shares outstanding - The registrant is classified as a non-accelerated filer, a smaller reporting company, and an emerging growth company[3] - As of August 18, 2025, 45,767,410 shares of Class A common stock were issued and outstanding[4] Special Note Regarding Forward-Looking Statements Forward-Looking Statements Disclaimer The report contains forward-looking statements subject to risks and uncertainties, not updated publicly unless legally required - The report contains forward-looking statements regarding financial and performance metrics, market opportunity, market share, product benefits, marketing strategies, and business value[7] - These statements are subject to risks, uncertainties, and other factors, and actual results could differ materially[7][8] - The company does not undertake to update publicly any forward-looking statements, except as required by law[8] PART I - FINANCIAL INFORMATION Item 1. Financial Statements Presents FOXO Technologies Inc.'s unaudited consolidated financial statements: balance sheets, operations, equity, and cash flows Unaudited Condensed Consolidated Balance Sheets | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :-------------- | :------------------ | | Cash and cash equivalents | $321,789 | $68,268 | | Accounts receivable, net | $4,921,076 | $2,270,957 | | Total current assets | $5,629,985 | $2,881,266 | | Total assets | $50,019,356 | $41,708,071 | | Total current liabilities | $32,899,157 | $32,727,461 | | Total liabilities | $36,341,517 | $36,436,260 | | Total stockholders' equity | $13,677,839 | $5,271,811 | Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net revenues | $5,218,373 | $27,474 | $8,388,293 | $34,654 | | Total operating expenses | $4,651,252 | $1,617,043 | $9,368,152 | $2,802,891 | | Income (loss) from operations | $567,121 | $(1,589,569) | $(979,859) | $(2,768,237) | | Net loss attributable to FOXO | $(522,021) | $(2,162,951) | $(1,138,479) | $(3,666,941) | | Net loss to common stockholders | $(787,091) | $(2,472,889) | $(1,575,674) | $(4,633,043) | | Net loss per share (basic and diluted) | $(0.21) | $(4.76) | $(0.68) | $(9.57) | Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) | Metric | Balance, Dec 31, 2024 | Net Loss to Common Stockholders (6M 2025) | Issuances of Preferred Stock (6M 2025) | Common Stock Issued (6M 2025) | Balance, June 30, 2025 | | :-------------------------------- | :-------------------- | :---------------------------------------- | :------------------------------------- | :------------------------------ | :--------------------- | | Total FOXO Stockholders' Equity | $5,323,752 | $(1,575,674) | $3,000,000 (Series A) | $1,061,568 (Note Conv.) | $13,738,415 | | Noncontrolling Interest | $(51,941) | $(8,635) | - | - | $(60,576) | | Total Stockholders' Equity | $5,271,811 | $(1,584,309) | $3,000,000 (Series A) | $1,061,568 (Note Conv.) | $13,677,839 | Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(3,716,303) | $(1,571,762) | | Net cash used in investing activities | $(14,900) | $(258,810) | | Net cash provided by financing activities | $3,984,724 | $1,824,985 | | Net change in cash and cash equivalents | $253,521 | $(5,587) | | Cash and cash equivalents at end of period | $321,789 | $32,529 | Notes to Unaudited Condensed Consolidated Financial Statements Note 1 Description of Business FOXO Technologies Inc. operates through three subsidiaries, managing Healthcare and Labs segments - FOXO Technologies Inc. operates through three subsidiaries: Rennova Community Health, Inc., Myrtle Recovery Centers, Inc., and FOXO Labs, Inc.[20][21] - The company manages two reportable segments: Healthcare (Myrtle, RCHI, SCCH) and Labs (combined in Q2 2024)[22] Note 2 Going Concern and Management's Plan The company faces substantial doubt about its ability to continue as a going concern due to losses and insufficient cash - The company has a history of losses, with a net loss to common stockholders of $1.6 million for the six months ended June 30, 2025, and a working capital deficit of $27.3 million[24] - Cash used in operating activities for the six months ended June 30, 2025, was $3.7 million, with only $0.3 million in available cash and cash equivalents[24] - The company's ability to continue as a going concern depends on generating revenue, raising additional capital, reducing losses, and improving cash flows[25] - There is substantial doubt about the company's ability to continue as a going concern without additional external financing and sufficient operating cash flows[26] Note 3 Summary of Significant Accounting Policies Outlines accounting policies: GAAP, EGC elections, reverse stock splits, revenue recognition, and recent ASU adoptions - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and Regulation S-X[28][29] - The company is an 'emerging growth company' and uses the extended transition