Financial Performance - Solidion Technology, Inc. reported net sales of $4,000 for the three months ended June 30, 2025, compared to no sales in the same period of 2024[235]. - The cost of goods sold for the same period was $2,327, indicating a gross margin of approximately 42%[235]. - Operating expenses decreased by $1,144,512 to $1,788,797 for the three months ended June 30, 2025, primarily due to lower selling, general, and administrative expenses[236]. - Total other income for the three months ended June 30, 2025, was $1,933,915, a significant decrease from $24,951,725 in the same period of 2024[235]. - Solidion achieved a net income of $146,791 for the three months ended June 30, 2025, compared to a net income of $22,018,416 in the same period of 2024[235]. - For the six months ended June 30, 2025, net sales were $4,000, with a net income of $9,341,421 compared to a net loss of $10,517,566 in the same period of 2024[238]. - Operating expenses decreased by $1,771,179 to $4,921,466 for the six months ended June 30, 2025, primarily due to lower professional fees and administrative costs[239]. - Other income increased by $18,086,135 for the six months ended June 30, 2025, largely driven by a gain of $14,461,950 from changes in the fair value of derivative liabilities[240]. - The company incurred losses from operations totaling $4,919,793 during the six months ended June 30, 2025, with an accumulated deficit of $106,539,088 as of the same date[249]. Cash Flow and Investments - Cash used in operating activities was $3,255,997 for the six months ended June 30, 2025, compared to $3,541,372 in the same period of 2024[242]. - Cash used in investing activities was $181,498 for the six months ended June 30, 2025, primarily for purchases of manufacturing equipment and capitalized patent costs[244]. - Cash generated from financing activities was $198,415 for the six months ended June 30, 2025, with proceeds from warrant exercises of $241,546[246]. - The company is engaged in discussions to secure additional external capital to fund operations and capital expenditures, raising concerns about its ability to continue as a going concern[248]. Strategic Initiatives - The company holds over 525 active patents globally, positioning it as a leader in silicon anode and solid-state battery technology[208]. - Solidion's high-energy cylindrical cell achieves an energy density of 305 Wh/kg, significantly higher than the typical 240-260 Wh/kg of conventional lithium-ion batteries[209]. - The company received net proceeds of $17,555 from the merger with Honeycomb Battery Company, which will be used to support its growth strategy[220]. - Solidion plans to allocate $13,806 generated in interest income for Bitcoin purchases in fiscal year 2025 as part of its treasury strategy[211]. - The company aims to produce anode materials with a capacity of over 340 mAh/g by the end of 2024, contributing to its sustainability goals[214]. Accounting and Reporting - As of June 30, 2025, the company had no off-balance sheet arrangements or obligations[250]. - The company adopted ASU 2023-07 for segment reporting effective January 1, 2024, which did not have a material impact on its financial statements[258].
Nubia Brand International (NUBI) - 2025 Q2 - Quarterly Report