Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Commission File Number 001-34941 REPOSITRAK, INC. (Exact name of small business issuer as specified in its charter) Nevada 37-1454128 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 5282 South Commerce Drive, Suite D292, Murray, Utah 84107 (Address of principal executive offices) (435) 645-2000 (Registrant's telephone number) Securities registered pursuant to S ...

Table of Contents Commission File Number 001-34941 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 REPOSITRAK, INC. FORM 10-Q (Exact name of small business issuer as specified in its charter) Nevada 37-1454128 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 5282 South Commerce Drive, Suite D292, Murray, Utah 84107 (Address of principal executive offices) (435) 645-2000 (Registrant's telephone number) Indicate by check mark whether the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-35212 PIONEER POWER SOLUTIONS, INC. (Exact name of registrant as specified in its charter) Delaware 27-1347616 (State or other jurisdiction of incorporation or o ...

Revenue Performance - Revenue for the three months ended March 31, 2025, totaled $2.7 million, a decrease of $1.5 million or 35% compared to $4.2 million for the same period in 2024[228]. - Media and advertising revenue decreased by $93,000, or 7%, to $1.3 million, while publishing and content studio revenue decreased by $1.3 million, or 50%, to $1.3 million[237]. - The number of customers contributing over 10% of revenue increased to three, representing 50% of total revenue, compared to three customers representing 36% in the prior year[237]. - Revenue is expected to be seasonally stronger in the second half of the fiscal year, with the fourth quarter typically representing the highest revenue quarter[235]. Cost and Expenses - Cost of revenue decreased by $955,000, or 39%, to $1.5 million, driven primarily by the 35% decrease in quarterly revenues[229]. - Total operating expenses decreased by $1.5 million, or 24%, to $4.8 million, reflecting a focus on cost reductions and operating efficiencies[230]. - General and administrative expense decreased by $582,000, or 28%, to $1,520,000 from $2,102,000 in the prior year[246]. - Engineering, technology and development expense decreased by $0.8 million, or 45%, driven by a $291,000 reduction in cloud services and a $336,000 reduction in product and engineering personnel expense[245]. - Total noncash stock compensation expense decreased by $48,000, or 14%, to $284,000 from $332,000 in the prior year[240]. - Total amortization expense decreased by $142,000, or 21%, to $541,000 from $683,000 in the prior year[240]. Net Loss and Financial Position - Net loss for the three months ended March 31, 2025, was $4.2 million or $(0.25) per share, compared to a net loss of $5.3 million or $(1.00) per share in the prior year[230]. - As of March 31, 2025, the company reported an accumulated deficit of $274.3 million, with net cash used in operating activities totaling $2.2 million for the three months ended March 31, 2025, compared to $3.7 million for the same period in 2024[262]. - Cash and cash equivalents decreased to $0.7 million as of March 31, 2025, down from $1.3 million at December 31, 2024[261]. - The company incurred total interest expense of $1,402,000 for the three months ended March 31, 2025, significantly higher than $19,000 for the same period in 2024[259]. Financing Activities - The company entered into an underwriting agreement for a public offering of 5,117,647 shares at a price of $0.17 per share, resulting in net proceeds of approximately $700,400[231]. - The Company raised net proceeds of approximately $700,400 from a public offering of 5,117,647 shares at a price of $0.17 per share, with an additional 617,647 shares sold under an option agreement for gross proceeds of approximately $104,999[277]. - The Company reported a net cash provided by financing activities of $1,357,000 for the three months ended March 31, 2025, compared to a net cash used of $430,000 in the same period in 2024[285]. - The Company anticipates seeking additional capital through future issuances of common stock, preferred stock, or debt financings to support its operations and growth[263]. Strategic Agreements and Notes - The company entered into the Agile II Loan Agreement, issuing the Agile II Note with a total interest payment of approximately $1.05 million, requiring 32 equal payments of $110,937 starting February 17, 2025[264]. - The company issued the Diagonal Note for $300,000, maturing on December 30, 2025, with an interest rate of 10% per annum[265]. - The Belleau Purchase Agreement involves issuing Belleau Notes with an aggregate principal amount of $1,500,000, with the first sale generating gross proceeds of $300,000[270]. - The Company continues to explore strategic acquisitions and may need to raise additional equity capital or incur debt to finance these acquisitions[278]. Revenue Recognition and Accounting Estimates - Revenue is recognized when control of goods or services is transferred to customers, with specific criteria including contract approval and collectability assurance[314]. - Management's estimates regarding collectability impact the actual revenue recognized each period, which could materially affect financial results[315]. - Significant judgments and estimates are required to determine performance obligations and the timing of revenue recognition, potentially affecting periodic financial results[316]. - The fair value of certain promissory notes is estimated based on present value calculations using market rates and credit risk, with adjustments recognized in other income[318]. Company Status and Reporting - The Company qualifies as a "smaller reporting company," allowing it to take advantage of certain reporting exemptions under the Exchange Act[321]. - The Company is subject to less rigorous ongoing public reporting requirements, which may result in stockholders receiving less information compared to more mature public companies[322]. - The Company continues to be an "emerging growth company" until December 31, 2024, allowing it to benefit from various reporting exemptions[324].

Revenue Performance - Revenue for the three months ended March 31, 2025, totaled $2.7 million, a decrease of $1.5 million or 35% compared to $4.2 million for the same period in 2024[228]. - Media and advertising revenue decreased by $93,000 or 7% to $1.3 million, while publishing and content studio revenue decreased by $1.3 million or 50% to $1.3 million[237]. - Direct to consumer revenue decreased by $127,000, or 42%, to $179,000 compared to $306,000 in the prior year quarter, primarily due to the sale of Minehut Assets[241]. - Revenue is expected to be seasonally stronger in the second half of the fiscal year, with the fourth quarter typically representing the highest revenue quarter[235]. Cost and Expenses - Cost of revenue decreased by $955,000 or 39% to $1.5 million, driven primarily by the 35% decrease in quarterly revenues[229]. - Total operating expenses decreased by $1.5 million or 24% to $4.8 million, reflecting a focus on cost reductions and operating efficiencies[230]. - Total noncash stock compensation expense decreased by $48,000, or 14%, to $284,000 from $332,000 in the prior year quarter[240]. - Total amortization expense decreased by $142,000, or 21%, to $541,000 from $683,000 in the prior year quarter[240]. - General and administrative expense decreased by $582,000, or 28%, to $1,520,000 from $2,102,000 in the prior year quarter[246]. - Engineering, technology and development expense decreased by $0.8 million, or 45%, driven by a $291,000 decrease in cloud services and a $336,000 decrease in product and engineering personnel expense[245]. Profitability and Loss - Gross profit for the three months ended March 31, 2025, was 44% of revenue, compared to 41% for the prior year quarter[229]. - Net loss for the three months ended March 31, 2025, was $4.2 million or $(0.25) per share, compared to a net loss of $5.3 million or $(1.00) per share in the prior year[230]. - As of March 31, 2025, the company reported an accumulated deficit of $274.3 million[262]. Financing Activities - The company entered into an underwriting agreement for a public offering of 5,117,647 shares at a price of $0.17 per share, resulting in net proceeds of approximately $700,400[231]. - The Company raised net proceeds of approximately $700,400 from a public offering of 5,117,647 shares at a price of $0.17 per share, with an additional 617,647 shares sold under an option agreement[277]. - The Company reported a net cash provided by financing activities of $1,357,000 for the three months ended March 31, 2025, compared to a net cash used of $430,000 in the same period of 2024[285]. - The company plans to use proceeds from the Belleau Notes and the Hudson Offering for working capital and general corporate purposes, including product development and marketing[299][307]. Cash Flow and Liquidity - Cash and cash equivalents decreased from $1.3 million at December 31, 2024, to $0.7 million at March 31, 2025[261]. - The company incurred net cash used in operating activities of $2.2 million for the three months ended March 31, 2025, compared to $3.7 million for the same period in 2024[262]. - Cash and cash equivalents at the end of the period were $747,000, down from $1,310,000 at the beginning of the period[280]. Compliance and Regulatory Matters - The company received multiple deficiency letters from Nasdaq regarding compliance with listing requirements, including a minimum bid price and stockholders' equity[232]. - The Company qualifies as a "smaller reporting company," allowing it to take advantage of certain reporting exemptions under the Exchange Act[321]. - The Company is subject to less rigorous ongoing public reporting requirements, potentially resulting in less information for stockholders compared to larger companies[322]. Strategic Initiatives - The Company is exploring strategic partnerships and other forms of equity or debt financing to support growth and business strategy execution[278]. - The Company intends to use proceeds from the Belleau Notes for working capital and general corporate purposes[273]. Asset Management - The Company recorded a gain on the sale of Minehut Assets totaling $144,000, with an estimated receivable of $619,000 recognized[252]. - The Company received Minehut Purchase Consideration payments totaling $383,000 during the three months ended March 31, 2025, from the sale of its Minehut Assets[283]. Valuation and Accounting Estimates - The fair value of certain promissory notes is estimated based on present value calculations using market rates and credit risk, with adjustments recognized in other income[318]. - The Company elected the fair value option for promissory notes to provide timely information regarding current market value, reflecting market fluctuations[318]. - The fair value of warrants is determined using the Black-Scholes option pricing model, requiring significant judgments regarding volatility and interest rates[320].

Financial Performance - Total revenues for Q1 2025 were $8.6 million, a 9% increase from the same period last year[3] - The net loss for Q1 2025 was $4.2 million, or $(0.47) per share, compared to a net loss of $10.4 million, or $(2.88) per share, for the prior-year quarter[8] - Adjusted EBITDA improved from $(4.6) million in Q1 2024 to $(4.4) million in Q1 2025[9] - The net loss for the three months ended March 31, 2025, was $4,203 million, a significant improvement from a net loss of $10,437 million in the same period of 2024[19] - Adjusted EBITDA for the period was $(4,378) million, slightly better than the $(4,577) million reported in the previous year, indicating a narrowing loss[19] - The adjusted EBITDA margin improved to -51.0% from -57.9% year-over-year, reflecting better operational efficiency[19] - Overall, the financial results indicate a trend towards improved performance and reduced losses compared to the previous year[19] Cash and Expenses - Cash and cash equivalents decreased to $1.8 million as of March 31, 2025, down from $5.9 million on December 31, 2024[3] - Total operating expenses for Q1 2025 were $13.1 million, a slight decrease from $13.4 million in Q1 2024[5] - Selling, general and administrative expenses decreased by $0.6 million, or 6.5%, compared to Q1 2024[6] - Interest expense, net decreased to $106 million from $1,407 million, showing a substantial reduction in financing costs[19] - Depreciation and amortization expenses decreased to $29 million compared to $128 million in the prior year, indicating lower asset depreciation[19] - Stock-based compensation increased slightly to $239 million from $228 million, reflecting ongoing employee incentive programs[19] - The company reported no loss on debt extinguishment in the current period, compared to a loss of $316 million in the previous year[19] Research and Development - Research and development expenses increased by $1.2 million compared to Q1 2024, attributed to the assumption of all clinical trial activities for Ameluz in the U.S.[7] - The company achieved a key milestone in the Phase 3 study of Ameluz and RhodoLED photodynamic therapy, with the last patient completing the 1-year follow-up visit in December 2024[3] - The final patient was enrolled in the Phase 3 clinical trial evaluating Ameluz for treating mild to moderate actinic keratoses[3] - A patent approval was received for a revised formulation of Ameluz, extending protection through December 2043[3] Fair Value and Liabilities - The change in fair value of warrant liabilities resulted in a loss of $548 million, a significant decrease from a loss of $3,429 million in the previous year[19] - The change in fair value of investment related to a party was negligible, with no significant impact reported[19]

Financial Performance - Sales increased by $3.2 million to $11.6 million for the three months ended March 31, 2025, representing a 38% increase compared to the same period in 2024[78] - Gross profit rose to $1.5 million, an 86% increase from $786,000 in the prior year[78] - The net loss for the three months ended March 31, 2025, was $37.7 million, a 57% increase from the net loss of $24.1 million in the same period in 2024[78] - Interest expense increased by $9.2 million for the three months ended March 31, 2025, primarily due to a $3.4 million increase in the principal amount outstanding on the Senior Facility and a $5.6 million decrease in capitalized interest compared to the prior year[90] - As of March 31, 2025, the company had an accumulated deficit of $460.9 million and cash and cash equivalents of $28.4 million[91] - Net cash used in operating activities was $9.6 million for the three months ended March 31, 2025, due to a net loss of $37.7 million[102] - Net cash provided by financing activities was $35.5 million for the three months ended March 31, 2025, including $21.5 million from the issuance of Series A Preferred Stock[105] - Net cash used in investing activities was $5.0 million for the three months ended March 31, 2025, primarily for purchases related to the Washington and Texas facilities[104] - The company has incurred losses and generated negative cash flows from operations since inception, indicating ongoing financial challenges[91] Operational Developments - The company operates six facilities, with significant production increases from the Georgia, Texas, and Washington facilities[79] - The Texas facility is undergoing a reconfiguration to produce both head lettuce and cut products, expected to begin commercial production in Q2 2025[72] - The company plans to expand its product offerings to include new varieties of fresh greens, herbs, and berries[71] - The company has secured an offtake agreement with Sam's Club for leafy greens production through September 2028[70] Sustainability Initiatives - The company utilizes 90% less water and land compared to traditional agriculture, enhancing sustainability[69] Financial Obligations - The principal amount due under the credit facility with Cargill Financial totaled $312.0 million, with various financial covenants that could risk default if not complied with[92] - Future aggregate financing obligation payments total $141.2 million, with significant payments due in the years following 2025[100] - The maturity date of the Senior Facility is December 31, 2035, with specific repayment terms starting from 2027[98] - The company expects interest expense to decrease by at least 50% following the Eleventh Amendment to the Senior Facility with Cargill Financial, which resulted in a lower principal balance and reduced interest rate[95] Expense Trends - Research and development expenses surged by $3.5 million to $7.0 million, a 100% increase year-over-year[78] - General and administrative expenses increased by $2.3 million to $8.1 million, a 39% rise compared to the previous year[78]

Table of Contents 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 Period 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 001-38868 Beam Global (Exact name of Registrant as specified in its charter) Nevada 26-1342810 (Stat ...

Table of Contents 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 Period 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 001-38868 Beam Global (Exact name of Registrant as specified in its charter) Nevada 26-1342810 (Stat ...

Clinical Trials and Regulatory Status - NurOwn® has completed Phase 3 ALS and Phase 2 PMS clinical trials, with top-line data announced on November 17, 2020, and March 24, 2021, respectively[83]. - The FDA granted Fast Track designation and Orphan Drug status for NurOwn® for ALS, enhancing its regulatory profile[85]. - On September 27, 2023, the Advisory Committee voted 17 no, 1 yes, and 1 abstention, indicating that NurOwn® did not demonstrate substantial evidence of effectiveness for mild to moderate ALS[83]. - The BLA for NurOwn® was withdrawn on November 3, 2023, in coordination with the FDA, viewed as a withdrawal without prejudice[83]. - The company plans to submit a Special Protocol Assessment request to the FDA for a Phase 3b trial of NurOwn® for ALS[83]. - A productive meeting with the FDA on December 6, 2023, focused on plans for a Special Protocol Assessment (SPA) for a Phase 3b trial of NurOwn®[97]. - The FDA granted a meeting to discuss the regulatory path forward for NurOwn® on November 20, 2023, following the withdrawal of the BLA[97]. - The company submitted a BLA to the FDA for NurOwn® for ALS treatment on September 9, 2022, but received a RTF letter on November 10, 2022, indicating the BLA was not sufficiently complete for review[115]. - The FDA granted a Type A meeting on January 11, 2023, where the company was presented with options to return the BLA to regulatory review, including filing over protest[116]. - The BLA was re-filed on February 7, 2023, after the company requested the FDA to file the NurOwn® BLA for ALS over protest[116]. - An amendment to the BLA was submitted on March 7, 2023, addressing the majority of items in the RTF letter, and the FDA confirmed an ADCOM for the BLA on March 22, 2023[117]. - The Advisory Committee voted on September 27, 2023, with 17 voting no, one voting yes, and one abstention, indicating that NurOwn® did not demonstrate substantial evidence of effectiveness for mild to moderate ALS[117]. - The company announced the withdrawal of the BLA for NurOwn® on November 3, 2023, coordinated with the FDA and viewed as a withdrawal without prejudice[117]. - A meeting with the FDA on December 6, 2023, focused on discussing plans for a SPA for a planned Phase 3b registrational trial for NurOwn®[117]. - The SPA request for the Phase 3b clinical trial was submitted on February 23, 2024, and written agreement from the FDA was received on April 9, 2024[118]. Clinical Trial Results - The Phase 2 trial showed that 32.6% of NurOwn® participants met the primary endpoint compared to 27.7% for placebo, but did not reach statistical significance (p=0.453)[112]. - In a pre-specified subgroup with ALSFRS-R baseline scores of 35 or greater, NurOwn® demonstrated a 2.09 point improvement over placebo (p=0.050)[112]. - The Phase 3 trial enrolled rapidly progressing ALS patients but did not achieve statistically significant results, with a responder analysis showing 34.7% for NurOwn® versus 20.5% for placebo (p=0.053)[112]. - The company has completed two Phase 1/2 open-label trials and a Phase 2 double-blind trial, demonstrating tolerability and preliminary signs of activity for NurOwn®[98][99]. - The Phase 2 trial published in JAMA Neurology indicated a slower rate of disease progression in ALS patients treated with NurOwn®[100]. - Key findings from the PMS trial included a 10% mean improvement in the timed 25-foot walk (T25FW) and a 4.8% improvement in the 9-hole peg test (9-HPT) for NurOwn® treated patients compared to historical controls[145]. Financial Overview and Capital Needs - The company aims to raise $2.5 million in stockholders' equity to regain compliance with Nasdaq Listing Rule 5550[87]. - The company reported a net loss of $2,864,000 for the quarter ended March 31, 2025, compared to a net loss of $3,401,000 for the same quarter in 2024, resulting in a net loss per share of $0.45[176]. - Research and development expenditures for the quarter ended March 31, 2025, were $1,304,000, an increase of 35.7% from $961,000 in the same quarter of 2024[172]. - General and administrative expenses increased to $1,785,000 for the quarter ended March 31, 2025, up from $1,513,000 in the prior year, reflecting a rise of 17.9%[174]. - The company had cash, cash equivalents, and restricted cash of $1,826,000 as of March 31, 2025[182]. - Net cash used in operating activities for the quarter ended March 31, 2025, was $1,631,000, primarily due to clinical trial costs and payroll expenses[183]. - The company generated $3,086,000 in net cash from financing activities during the quarter ended March 31, 2025, from sales of common stock and warrants exercise[184]. - The Company anticipates continued losses from clinical development and regulatory activities, necessitating additional capital raises for future trials and commercialization efforts[196]. - Future capital requirements will depend on various factors, including clinical trial costs, regulatory approvals, and commercialization expenses[202]. - The Company expects to incur additional financing needs, potentially through debt or equity, which may dilute existing stockholders[198]. Manufacturing and Production - The NurOwn® manufacturing process is compliant with Good Manufacturing Practice, ensuring quality and safety in production[92]. - The company has developed a validated cryopreservation process for MSC, allowing multiple doses of NurOwn® from a single bone marrow harvest[120]. - The company has contracted with City of Hope and Dana Farber Cancer Institute for the manufacturing of NurOwn® for clinical studies, enhancing production capabilities[121]. - The company has improved the efficiency and stability of NurOwn® production, allowing centralized manufacturing for clinical trials[168]. Intellectual Property and Grants - The company has a comprehensive intellectual property portfolio for NurOwn®, with exclusive commercialization rights held by its Israeli subsidiary[85]. - The Company holds approximately 30 granted patents and is expanding its portfolio to include exosome-based technologies, with a recent patent expected to provide protection until April 10, 2039[150][151]. - The Company was awarded a total of $15,912,390 in grants from the California Institute for Regenerative Medicine to fund the pivotal Phase 3 study of NurOwn® for ALS[147]. Stock and Equity Transactions - The Company entered into a New Distribution Agreement allowing the sale of up to $100 million in Common Stock, with gross proceeds of approximately $706 from 388,059 shares sold under this agreement as of March 31, 2025[191]. - On July 17, 2023, the Company sold 270,270 shares of Common Stock at $27.75 per share, generating gross proceeds of approximately $7.5 million[193]. - A subsequent offering on June 27, 2024, involved the sale of 527,918 registered shares and warrants, yielding gross proceeds of approximately $4.0 million at a purchase price of $5.4 per share[194]. - The Company issued a common warrant to purchase up to 2,762,766 shares of Common Stock on April 1, 2025, subject to stockholder approval[195]. - The exercise price for the Common Warrants from the July 2023 offering is set at $30.00 per share, expiring five years after issuance[193].