Regulatory Environment - The company operates primarily in Hong Kong, with no direct operations in Mainland China, which currently mitigates the impact of PRC laws on its business[33]. - There are significant uncertainties regarding the enforcement and interpretation of PRC laws, which could materially affect the company's operations and financial condition[36]. - The PRC government may exert influence over the company's operations in Hong Kong, potentially leading to adverse changes in business operations and financial performance[38]. - Compliance with evolving PRC laws and regulations may incur increased costs and operational restrictions for the company[48]. - The company has no direct influence from the PRC government at present, but future changes in laws could alter this situation[44]. - The legal system in Mainland China is rapidly evolving, creating uncertainties that could limit legal protections for the company[47]. - The company may face risks related to cybersecurity and data protection laws in China, which could adversely impact its business operations[49]. - Any future expansion or acquisition in Mainland China could subject the company to PRC laws, increasing operational risks[43]. - The company’s financial condition and ability to offer securities may be adversely affected by existing or future PRC regulations[40]. - The potential for increased compliance costs due to stricter environmental or corporate social responsibility standards in China could impact the company's operations[48]. - The company believes it is not subject to the PRC Data Security Law and the Personal Information Protection Law due to its operational structure and geographical focus[52][54]. - The company is monitoring the evolving regulatory landscape in China, particularly regarding cybersecurity and overseas listings, which may affect its future operations[62]. - The company may face uncertainties regarding compliance with the Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies[60]. - The ongoing regulatory actions by the PRC government may impact the operations of PRC-based suppliers, potentially decreasing demand for their services and affecting the company's financial condition[68]. - The company is subject to extensive governmental regulations in both Hong Kong and the PRC, which could change and impact business operations[96]. Supply Chain and Operations - The company relies heavily on Fujian Aoxuanlaisi Biotechnology Co., Ltd for caviar supply, with procurement amounts of approximately US$3.6 million, US$6.2 million, and US$5.3 million for the years ended December 31, 2024, 2023, and 2022 respectively, representing approximately 100%, 64.3%, and 90% of total purchases[83]. - The Caviar Sales Agreement with Fujian Aoxuanlaisi is for a term of 10 years, from April 30, 2022, to April 30, 2032, allowing the company to procure caviar directly[83]. - The company faces unique risks due to reliance on a single supplier for caviar, which could materially affect operations if supply is disrupted[84]. - The company relies heavily on its relationships with suppliers, particularly Fujian Aoxuanlaisi and Fujian Longhuang, for caviar inventory, and any disruption could materially affect operations[87]. - The company processes its products at a single facility, and any disruption at this site could significantly affect operations and financial performance[138]. - The lease for the food processing factory is valid until March 31, 2026, and any failure to renew or maintain this lease could disrupt business operations[139]. - The company is dependent on third-party supply chain management for labor and processing, and any failure in this area could adversely affect product quality and business operations[140]. - The food processing factory must maintain a valid food factory license, and failure to do so could result in significant operational disruptions and legal consequences[145]. - The company is actively managing its supply chain to ensure compliance with all necessary permits and licenses to mitigate operational risks[100]. Market and Economic Conditions - The removal of Hong Kong's preferential trade status by the U.S. could adversely affect the company's competitiveness as a food trading hub, impacting demand for food exports[70]. - The company is exposed to risks from U.S.-China trade tensions, which could negatively impact business operations and financial results[72]. - The economic conditions in Hong Kong and Mainland China are sensitive to global economic conditions, and any major changes could materially impact the company's business[76]. - The geopolitical situation, including the conflict in Ukraine, could lead to global economic turmoil, adversely affecting the company's operations and financial conditions[79]. - Economic conditions significantly influence consumer demand for caviar products, with potential adverse effects during economic downturns[122]. - The company faces potential declines in consumer purchases of luxury food items due to prolonged weak economic conditions, which could adversely affect profitability[123]. - Increased competition from regional, national, and international caviar suppliers may reduce the company's market share and profitability, impacting brand recognition[124]. Financial Risks and Performance - The company has a short operating history, which makes it difficult to predict future performance and may expose it to greater risks compared to established companies[80]. - The company faces credit risk related to trade receivables, with a typical credit period of 30 to 60 days, which could pressure cash flow if payments are delayed or defaulted[147]. - Historical growth rates in revenue and gross profit may not be maintained, with potential fluctuations in operating results due to various uncontrollable factors[148]. - The company does not maintain product liability insurance, which could result in significant financial exposure in the event of claims[120]. - Major customers place orders on an as-needed basis, creating uncertainty in future revenue streams and potential financial instability[109]. - The company is vulnerable to fluctuations in foreign currency exchange rates and geopolitical instability, which could impact operations and profitability[108]. - The company is exposed to foreign exchange risks due to sourcing a substantial portion of caviar from the PRC, with purchases denominated in RMB and sales in HKD[170]. - The company has not entered into any formal hedging policy, making it vulnerable to fluctuations in exchange rates between HKD and RMB[171]. - The company may face significant adverse consequences if delisted from Nasdaq, including reduced liquidity and potential classification as "penny stock"[206]. Corporate Governance and Compliance - The dual-class share structure allows holders of Class B Ordinary Shares to have 30 votes per share compared to 1 vote per share for Class A Ordinary Shares, concentrating voting power[176]. - As of the date of the annual report, Mr. Kim Kwan Kings, WONG, beneficially owned approximately 12.59% of Class A Ordinary Shares and 100% of Class B Ordinary Shares, representing 92.70% voting rights[177]. - The PCAOB's ability to inspect auditors may impact the company's compliance with the Holding Foreign Companies Accountable Act, potentially affecting share trading[182]. - The company has engaged Audit Alliance LLP as its current auditor, which is subject to PCAOB inspections, ensuring compliance with professional standards[193]. - The company is classified as a "controlled company" under Nasdaq rules, allowing it to rely on exemptions from certain corporate governance requirements[179]. - The company has not implemented a formal internal control assessment due to its status as an emerging growth company, which may affect financial reporting reliability[175]. - The company qualifies as a foreign private issuer, allowing for less detailed and less frequent reporting compared to U.S. domestic companies[212]. - If the company loses its foreign private issuer status, it would face significantly higher legal and financial compliance costs[213]. - The determination of foreign private issuer status is made annually, and losing this status could require the company to file more detailed reports with the SEC[214]. - Shareholders may face difficulties in enforcing judgments against the company in the Cayman Islands and Hong Kong due to jurisdictional issues[215][218]. - The company is not required to comply with all periodic disclosure requirements of the Exchange Act, which may limit shareholder protections[214]. - The company may adopt corporate governance practices that differ significantly from Nasdaq Capital Market standards, potentially affording less protection to shareholders[222]. Brand and Marketing - The company relies on effective brand recognition and reputation to differentiate its caviar products, which is critical for maintaining market position[127]. - The company is investing in branding and marketing efforts, including participation in food expos and collaborations with food bloggers, but effectiveness is uncertain[150]. - Future growth is contingent on successful marketing, product acceptance, and the ability to expand market share and customer base[151]. - Negative publicity regarding the company or its products could adversely affect consumer confidence and the ability to attract and retain talent[149]. Environmental and Quality Risks - The company faces risks related to the quality and quantity of caviar harvested, which is influenced by factors beyond its control, such as water conditions and broodstock quality[92]. - Climate change poses a long-term risk, potentially impacting sturgeon productivity and leading to decreased availability or unfavorable pricing for caviar raw products[91]. - Food safety and quality control are critical, with risks of contamination that could lead to liability claims and penalties, adversely affecting brand reputation[116]. - Adverse weather conditions and natural disasters could lead to significant losses in caviar supply, affecting business results and brand reputation[90]. - The company emphasizes the importance of maintaining high-quality caviar products to meet market demand and avoid reputational damage[92]. - Effective inventory management is critical to avoid increased loss rates, lower profit margins, and potential sales losses due to the perishable nature of caviar[146].

Financial Performance - Net sales for Q1 2025 were $1.7 million, unchanged from the same period last year[6] - Gross profit increased to $320,000, representing 18.6% of sales, an improvement of 180% from a gross loss of $402,000 in Q1 2024[6] - Operating expenses declined by 10% to $1.4 million compared to $1.5 million in Q1 2024[6] - Net loss improved to $1.2 million, or $(0.50) per share, a 41% reduction from a net loss of $2.1 million, or $(0.85) per share in Q1 2024[6] - Cash used in operating activities was $584,000, down from $989,000 in the same period last year[6] Sales Performance - Sales to telecom customers represented 82% of total net sales in Q1 2025, up from 71% in Q1 2024[4] - Sales to international markets increased to 18% of total net sales in Q1 2025, compared to 6% in Q1 2024[4] Future Plans and Potential - The company plans to implement a remote monitoring system on over 5,000 legacy units in the next twelve months, expected to generate additional aftermarket revenue[4] - Approximately $13 million of raw materials in inventory will help reduce cash burn for the rest of the year[4] - The company has the potential to produce over $50 million in revenue per year with sufficient bookings due to improvements in manufacturing capacity[4]

Financial Performance - Fourth quarter net sales reached $437.7 million, a 5.8% increase from $413.7 million in the same quarter last year, with Aerospace/Defense up 10.6% and Industrial up 3.3%[4] - Fiscal 2025 net sales totaled $1,636.3 million, marking a 4.9% increase year-over-year, with Aerospace/Defense up 14.1% and Industrial up 0.2%[8] - Net income attributable to common stockholders for the three months ended March 29, 2025, was $72.7 million, an increase of 16.0% from $61.6 million in the same period in 2024[27] - Net income for the twelve months ended March 29, 2025, was $246.2 million, an increase from $209.9 million in the prior year, representing a growth of approximately 17.0%[33] Profitability Metrics - Gross margin for the fourth quarter was 44.2%, compared to 43.1% in the previous year, reflecting an increase in profitability[4] - Adjusted EBITDA for fiscal 2025 was 31.8% of net sales, up from 30.9% in the previous year, indicating improved operational efficiency[8] - Adjusted EBITDA for the twelve months ended March 29, 2025, was $519.8 million, compared to $482.2 million for the previous year, indicating a growth of 7.8%[29] - Basic net income per common share attributable to common stockholders for the three months ended March 29, 2025, was $2.32, up from $1.93 in the same period last year, an increase of 20.2%[27] Cash Flow and Leverage - The company generated free cash flow of $275 million, reducing net leverage to 1.7x, the lowest since the Dodge acquisition[6] - Net cash provided by operating activities increased to $293.6 million from $274.7 million, reflecting a rise of about 6.5% year-over-year[33] - Interest expense for Q4 fiscal 2025 decreased to $12.8 million from $18.8 million in the same period last year, attributed to debt reduction and lower interest rates[12] - Interest expenses decreased to $55.4 million from $75.7 million, indicating improved debt management[33] Sales and Backlog - As of March 29, 2025, the backlog was $940.7 million, up from $896.5 million at the end of December 2024, indicating strong future demand[16] - For Q1 fiscal 2026, the company expects net sales between $424.0 million and $434.0 million, representing a growth rate of 4.4% to 6.8% compared to the prior year[16] Segment Performance - The aerospace and defense segment reported net external sales of $157.3 million for the three months ended March 29, 2025, up from $142.4 million in the same period last year, marking an increase of 10.0%[28] - The industrial segment achieved net external sales of $280.4 million for the three months ended March 29, 2025, compared to $271.3 million in the same period in 2024, reflecting a growth of 3.9%[28] Expenses and Investments - SG&A expenses for Q4 fiscal 2025 were $72.1 million, up from $64.4 million in the same quarter last year, with SG&A as a percentage of net sales increasing to 16.5%[9] - SG&A expenses are anticipated to be between 16.75% and 17.25% of net sales for FY2026 Q1, indicating a focus on managing operational costs[33] - The company reported capital expenditures of $49.8 million, up from $33.2 million, indicating a significant increase in investment activities[33] Balance Sheet Highlights - Total assets increased from $4,668.5 million to $4,678.6 million, reflecting a growth of 0.2%[31] - Total liabilities increased from $1,653.8 million to $1,926.7 million, an increase of 16.5%[31] - Total equity decreased from $3,031.4 million to $2,751.9 million, a decline of 9.2%[31] - Long-term debt, less current portion, increased from $918.4 million to $1,188.1 million, an increase of 29.4%[31]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2025. Commission File Number 001-40628 Zenvia Inc. (Exact name of registrant as specified in its charter) N/A (Translation of registrant's name into English) Avenida Paulista, 2300, 18th Floor, Suites 182 and 184 São Paulo, São Paulo, 01310-300 Brazil ZENVIA Reports Q4 2024 and Full Year 2024 Results ...

Financial Performance - The company reported a net loss of $1.8 million for the year ended December 31, 2024, a significant decrease from a net loss of $20.3 million in 2023, which included a $14.4 million non-cash gain on debt extinguishment[9]. - The company reported a net loss of $1,787,000 for 2024, a substantial improvement compared to a net loss of $20,291,000 in 2023[17]. - The net loss per share attributable to common stockholders improved from $(4,718.84) in 2023 to $(104.35) in 2024[17]. Research and Development - For the fiscal year ended December 31, 2024, research and development expenses increased to $16.3 million from $8.3 million in 2023, primarily due to a $7.5 million charge related to acquired in-process R&D from the Varian asset purchase[7]. - Research and development expenses increased significantly from $8,341,000 in 2023 to $16,276,000 in 2024, representing a 95.5% increase[17]. - The company announced positive results from its Phase 2 SEISMiC Extension Study of istaroxime in September 2024, and initiated enrollment in the global SEISMiC C trial for more severely ill patients[4]. Corporate Strategy and Licensing - A new corporate strategy was launched to become a revenue-generating biotech through acquisitions of small companies with FDA-approved products, aiming to provide near-term value to shareholders[4]. - The company entered into a licensing agreement with Evofem Biosciences for PHEXXI®, aiming to leverage manufacturing contacts to reduce costs[4]. - Licensing partner Lee's Pharmaceutical is preparing to initiate a Phase 3 program for acute heart failure in Greater China, with a deal worth up to $138 million in milestones plus royalties[6]. Financial Position - As of December 31, 2024, cash and cash equivalents were $1.8 million, with additional net proceeds of $1.5 million from the sale of common stock following mandatory redemption payments on Series C preferred stock[11]. - Total current assets decreased from $5,379,000 in 2023 to $2,574,000 in 2024, a decline of approximately 52.2%[16]. - Total liabilities decreased from $29,015,000 in 2023 to $14,698,000 in 2024, a reduction of approximately 49.3%[16]. - Stockholders' equity increased from $3,391,000 in 2023 to $9,996,000 in 2024, reflecting a growth of 194.5%[16]. Operational Metrics - Total operating expenses rose from $20,597,000 in 2023 to $26,139,000 in 2024, an increase of 27.1%[17]. - The company recorded a change in fair value of common stock warrant liability of $10,482,000 in 2024, with no prior year comparison available[17]. - The weighted average number of common shares outstanding increased from 4,300 in 2023 to 52,583 in 2024[17]. - The company regained Nasdaq compliance with the minimum bid price requirement, subject to a mandatory panel monitor until March 20, 2026[4]. - The company completed national phase filings for istaroxime patent applications in key global markets, strengthening its intellectual property portfolio[6]. - The company is actively evaluating revenue-generating opportunities across various sectors that align with its capabilities and strategic vision[4].

Financial Performance - Total consolidated revenues increased by 3% to $48.3 million, compared to $46.8 million in Q1 2024[5] - Consolidated gross profits increased by 6% to $12.9 million, with gross margins rising to 26.7% from 25.9% in Q1 2024[3][5] - The Data and Analytics Services segment reported revenues of $9.0 million, an 11% increase from $8.1 million in Q1 2024[5] - The IT Staffing Services segment achieved a 2% revenue increase, totaling $39.4 million compared to $38.8 million in Q1 2024[22] Net Income and Loss - GAAP net loss for Q1 2025 was ($1.4 million) or ($0.12) per diluted share, compared to a net loss of ($161,000) or ($0.01) per diluted share in Q1 2024[3][5] - Non-GAAP net income for Q1 2025 was $0.8 million, or $0.06 per diluted share, consistent with Q1 2024[3][5] Cash and Financial Position - Cash balances on hand as of March 31, 2025, were $24.7 million, with no bank debt and $23.7 million available under the revolving credit facility[6] - Days Sales Outstanding (DSO) stood at 56 days, well within the targeted range[6] Expenses and Future Outlook - The Company incurred $1.4 million in severance expenses during Q1 2025, compared to no severance expenses in Q1 2024[5] - The Company remains cautiously optimistic about future growth despite a challenging demand environment[6]

Exhibit 99.1 So-Young Reports Unaudited First Quarter 2025 Financial Results BEIJING, China, May 16, 2025 — So-Young International Inc. (Nasdaq: SY) ("So-Young" or the "Company"), the leading aesthetic treatment platform in China connecting consumers with online services and offline treatments, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights First Quarter 2025 Operational Highlights This press release contains translations o ...

Financial Results Announcement - AgEagle Aerial Systems, Inc. announced its financial results for Q1 2025 on May 16, 2025[3] - The press release detailing the financial results is included as Exhibit 99.1[3] Compliance and Regulations - The filing indicates compliance with the Securities Exchange Act of 1934[4] - The company has not elected to use the extended transition period for new financial accounting standards[2] - The company is classified as an emerging growth company under the relevant regulations[2] Executive Approval - The report was signed by CEO William Irby, indicating executive approval of the contents[9] Financial Metrics and Outlook - The report does not provide specific financial metrics or performance indicators in the available documents[4] - No specific user data or future outlook was disclosed in the provided documents[4] Product and Market Information - There are no mentions of new products, technologies, market expansion, or acquisitions in the available information[4] Company Information - The company is listed on NYSE American under the trading symbol UAVS[2]

Financial Performance - Q1 2025 revenue was reported at $5.9 million, reflecting a decline compared to the same period in 2024 due to market challenges and operational issues[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[28] - Cryptocurrency mining revenue decreased to $2.999 million, down 53.1% from $6.396 million in the same period last year[29] - Data hosting revenue also declined to $2.402 million, a 54.5% decrease from $5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was $7.556 million, compared to a net loss of $5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was $0.88, compared to $2.62 in Q1 2024[29] - Adjusted EBITDA for Q1 2025 was a loss of $1.6 million, a decline of $6.8 million compared to Q1 2024[15] - The company reported a significant increase in general and administrative expenses, which rose to $8.350 million in Q1 2025 from $6.397 million in Q1 2024[29] - Net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, compared to a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the same period of 2024[36] Assets and Liabilities - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 million at the end of 2024[26] - Total assets rose to $90.049 million as of March 31, 2025, compared to $88.040 million at the end of 2024[26] - Total liabilities increased to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled $14.448 million, an increase from $11.394 million at the end of Q1 2024[31] Project Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] Financial Flexibility - Unrestricted cash increased to $9.2 million, a $1.4 million rise from December 31, 2024, indicating a strong cash position[11] - The company secured a $5 million non-dilutive debt facility with Galaxy Digital, enhancing its financial flexibility[10] Operational Changes - The termination of the HP Enterprises contract is expected to refocus the company on crypto-mining and AI data center development[6] - The company has made significant progress in simplifying its capital structure, including the full conversion of convertible loan notes and restructuring of preferred equity[5] Patent and Technology - A second utility patent was awarded in April 2025, broadening the scope of the company's modular data center technology[10]

Financial Performance - Q1 2025 revenue was reported at $5.9 million, a decline compared to the same period in 2024 due to several factors including BTC halving and market conditions[11] - Total revenue for Q1 2025 was $5.936 million, a decrease of 52.7% compared to $12.549 million in Q1 2024[29] - Cryptocurrency mining revenue decreased to $2.999 million, down 53.1% from $6.396 million in the same period last year[29] - Data hosting revenue also declined to $2.402 million, a 54.5% decrease from $5.278 million in Q1 2024[29] - The net loss attributable to Soluna Holdings, Inc. for Q1 2025 was $7.556 million, compared to a net loss of $5.254 million in Q1 2024[29] - Basic and diluted loss per share for Q1 2025 was $0.88, an improvement from a loss of $2.62 per share in Q1 2024[29] - The net loss from continuing operations for the three months ended March 31, 2025, was $7,354 million, an increase from a loss of $2,544 million in the same period of 2024[36] - Adjusted EBITDA declined to a loss of $1.6 million, down $6.8 million from Q1 2024, influenced by revenue and cost factors[15] - Adjusted EBITDA for the three months ended March 31, 2025, was $(1,648) million, down from $5,147 million in the previous year[36] Cash and Assets - Unrestricted cash increased to $9.2 million, reflecting a $1.4 million growth from December 31, 2024[11] - Total current assets increased to $15.758 million as of March 31, 2025, up from $13.495 million at the end of 2024[26] - Cash and restricted cash at the end of Q1 2025 totaled $14.448 million, an increase from $11.394 million at the end of Q1 2024[31] Liabilities and Expenses - Total liabilities rose to $63.056 million as of March 31, 2025, compared to $60.678 million at the end of 2024[26] - Operating expenses for Q1 2025 were $8.350 million, up from $6.397 million in Q1 2024, reflecting increased general and administrative costs[29] - The company reported a significant increase in stock-based compensation, totaling $1.847 million in Q1 2025 compared to $661,000 in Q1 2024[31] - Interest expense for the three months ended March 31, 2025, was $838 million, compared to $424 million in the previous year[36] Projects and Development - The company has 220MW of new projects in development, contributing to a total project pipeline of approximately 698MW across operations, construction, and development[10] - Project Dorothy 2 is expected to increase Bitcoin hosting capacity by 64%, reaching a total of 123MW, with an expected completion timeline of Q4 2025[7] - The termination of the HP Enterprises contract allows the company to refocus on crypto-mining and AI data center development[6] - The company anticipates revenue stabilization and growth as additional MW of Bitcoin hosting capacity is commissioned over the next two years[11] Patents and Technology - The second utility patent was awarded in April 2025, expanding the scope of Soluna's Modular Data Center technology[10] Historical Comparison - Total revenue for the three months ended March 31, 2024, was $12,549 million, a decrease from $11,674 million in the previous quarter[33] - Cryptocurrency mining revenue was $6,396 million, while data hosting revenue was $5,278 million for the same period[33] - Segment operating income for the three months ended March 31, 2024, was $5,703 million, compared to $3,229 million in the previous year[33] - Total cost of revenue for the three months ended March 31, 2024, was $5,615 million, compared to $4,763 million in the previous quarter[35] - The gross profit for the three months ended March 31, 2024, was $6,934 million, a decrease from $1,173 million in the previous quarter[35] - Demand response revenue for the three months ended March 31, 2024, was $875 million, while it was $507 million in the same period of 2025[35] - The total segment cost of revenue for the three months ended March 31, 2024, was $5,777 million, an increase from $5,615 million in the previous quarter[33]