Revenue Performance - Production Services revenue for Q3 2025 was $7,105,000, a 45% increase from $4,898,000 in Q3 2024, driven by projects advancing in production stages [159]. - Total revenue for Q3 2025 reached $9,877,000, reflecting a 13% increase from $8,708,000 in Q3 2024 [159]. - Licensing and Royalties revenue surged by 97% in Q3 2025 to $73,000, up from $37,000 in Q3 2024, due to higher earnings from existing licensing agreements [161]. - Media Advisory and Advertising Services revenue decreased by 36% in Q3 2025 to $912,000, down from $1,425,000 in Q3 2024, attributed to lower client media spending [162]. - For the nine months ended September 30, 2025, Production Services revenue was $12,756,000, a 65% increase from $21,036,000 in the same period of 2024 [168]. - Total revenue for the nine months ended September 30, 2025 was $23,170,000, a 28% decrease from $29,660,000 in the same period of 2024 [168]. - Revenue from Content Distribution on AVOD and SVOD decreased by 18% to $5.5 million for the nine months ended September 30, 2025, compared to the same period in 2024 [169]. - Licensing and Royalties revenue increased by 3% to $3.4 million for the nine months ended September 30, 2025, driven by higher earnings from existing license deals [170]. - Media Advisory and Advertising services revenue decreased by 18% to $2.5 million for the nine months ended September 30, 2025, primarily due to lower client media purchases [171]. Expense Overview - Total expenses for Q3 2025 were $12,773,000, a 13% increase from $11,255,000 in Q3 2024 [163]. - Direct Operating Costs rose by 20% in Q3 2025 to $6,922,000, primarily due to increased salary costs and headcount in Production Services [165]. - Total expenses increased by 6% to $38.9 million for the nine months ended September 30, 2025, with a significant decrease in Marketing and Sales expenses by 45% to $0.6 million [172]. - Direct Operating Costs rose by 30% to $20.7 million for the nine months ended September 30, 2025, mainly due to increased salary costs related to new projects [173]. - General and Administrative expenses decreased by 11% to $17.6 million for the nine months ended September 30, 2025, attributed to lower professional fees and reduced salaries [174]. Financial Position - The company reported a net loss of $19.4 million for the nine months ended September 30, 2025, impacting cash used in operating activities of $11.8 million [179]. - As of September 30, 2025, the company had negative working capital of $5.4 million, a decrease of $6.6 million compared to December 31, 2024 [181]. - Cash and restricted cash decreased by $7.0 million to $1.4 million as of September 30, 2025, primarily due to cash used in operating activities [179]. - The company did not hold any available-for-sale marketable securities as of September 30, 2025, reflecting a decrease of $2.0 million since December 31, 2024 [180]. - As of September 30, 2025, total cash decreased to $0.9 million from $7.9 million as of September 30, 2024, representing a decline of approximately 88.6% [185]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $(11,787) thousand, compared to $(1,127) thousand for the same period in 2024, indicating an increase in cash outflow of $10,660 thousand [186]. - Net non-cash expenses increased to $13.6 million for the nine months ended September 30, 2025, from $5.9 million in the prior year, primarily due to a $7.3 million loss on equity investment revaluation [187]. - Cash provided by investing activities decreased by $5.5 million, primarily due to a $4.2 million decrease in proceeds from sales and maturities of marketable securities [189]. - Cash provided by financing activities increased by $9.3 million, mainly due to a decrease in repayments of production facilities and margin loans totaling $10.1 million [190]. - The company has material cash requirements totaling approximately $32.8 million over the next five years, with $16.4 million due within one year [191]. - As of September 30, 2025, the company had $0.4 million in commitments for capital expenditures related to equipment leases [193]. Management Outlook - Management expresses substantial doubt about the company's ability to continue as a going concern for at least twelve months following the issuance of the financial statements [184]. - The company raised net proceeds of $6.6 million from the October Offerings, which closed on October 22, 2025, improving its cash position [184]. - The company plans to consider multiple alternatives to address capital needs, including the sale of equity or debt securities and strategic transactions [184]. - The company plans to expand its licensing programs utilizing its broader IP catalog starting in 2026 [152].

Financial Performance - For the nine months ended September 30, 2025, the company incurred net losses of $7.7 million compared to $17.1 million for the same period in 2024, reflecting a decrease of $9.4 million[83]. - The total operating expenses for the three months ended September 30, 2025, were $2.5 million, a decrease of $9.8 million from $12.3 million in the same period of 2024[88]. - General and administrative expenses decreased by $1.2 million for the nine months ended September 30, 2025, primarily due to a reduction in professional services[92]. - The company expects to continue incurring significant expenses and increasing operating losses over the next several years as it advances its clinical programs[83]. - The company reported a net cash outflow of $2.6 million in cash and cash equivalents for the nine months ended September 30, 2025, compared to an increase of $18.3 million in the same period of 2024[100]. - A settlement payment of $2.5 million to the Securities and Exchange Commission contributed to the cash outflow in operating activities for the nine months ended September 30, 2025[101]. Research and Development - Research and development expenses for the three months ended September 30, 2025, increased by $0.2 million primarily due to costs associated with the Phase II clinical trial of stenoparib[89]. - Research and development expenses for the nine months ended September 30, 2025, increased by over $0.7 million, mainly due to the launch and expansion of the Phase II clinical trial[90]. - The FDA granted Fast Track designation for stenoparib for the treatment of advanced ovarian cancer, which may expedite its development and review process[77]. - The company anticipates substantial expenses for the development and potential commercialization of its drug candidate, stenoparib, and may require additional funding in the future[98]. Cash and Financing Activities - The company had cash and cash equivalents of $16.9 million as of September 30, 2025, with an accumulated deficit of $126.8 million[95]. - Financing activities provided net cash of $10.9 million for the nine months ended September 30, 2025, including proceeds from the sale of common stock and prefunded warrants[103]. - The company believes its current cash balance is sufficient to fund operations for at least the next 12 months, but may need to seek additional capital[97]. - The company entered into a Securities Purchase Agreement to sell 1,562,500 shares at $1.60 per share, resulting in gross proceeds of approximately $2.5 million[79]. - The company sold 9,719,173 shares of common stock for net proceeds of $9.7 million during the nine months ended September 30, 2025[97]. - The company repurchased 2,600,763 common shares as part of a share repurchase program for $2.7 million during the nine months ended September 30, 2025[103]. - The company repurchased 145,061 shares for an aggregate cost of $140,038 during the three months ended September 30, 2025, with $2.3 million remaining under the share repurchase program[75]. Operational Insights - Operating activities resulted in a net cash outflow of $11.6 million for the nine months ended September 30, 2025, primarily due to a net loss of $7.9 million[101]. - The company has no off-balance sheet arrangements[106]. - There have been no significant changes to the company's accounting policies during the nine months ended September 30, 2025[108].

Financial Performance - Trio-Tech reported total revenue of $15.5 million for Q1 FY2026, a 58% increase from $9.8 million in Q1 FY2025[4] - The Semiconductor Back-End Solutions segment generated $11.4 million, up 66% from $6.9 million year-over-year, driven by AI chip testing demand[4] - The Industrial Electronics segment achieved $4.0 million in revenue, a 39% increase from $2.9 million, reflecting growth in new aerospace channel sales[4] - Gross margin for Q1 FY2026 was $2.6 million, or 17% of revenue, down from 23% in the prior year due to lower-margin AI chip testing services[4] - Net income attributable to common shareholders was $77 thousand, or $0.02 per diluted share, compared to a net loss of $236 thousand in the prior year[9] Cash and Assets - Cash, cash equivalents, and restricted cash increased to $20.1 million as of September 30, 2025, up from $19.5 million at June 30, 2025[9] - Total assets increased to $47,378 million as of September 30, 2025, up from $41,068 million on June 30, 2025, representing a growth of approximately 15.6%[14] - Current assets rose to $37,641 million, compared to $31,581 million, reflecting an increase of about 19.2%[14] - Cash and cash equivalents increased to $12,262 million from $10,890 million, representing a growth of approximately 12.6%[14] - Trade accounts receivable rose to $15,860 million, up from $10,804 million, reflecting an increase of about 46.9%[14] - Inventories increased to $2,404 million, compared to $2,262 million, indicating a growth of approximately 6.3%[14] - Paid-in capital increased to $6,037 million from $5,979 million, reflecting a growth of about 1.0%[14] - Accumulated retained earnings rose to $12,114 million, up from $12,037 million, indicating a growth of approximately 0.6%[14] Liabilities and Equity - Total liabilities increased to $13,234 million, up from $7,077 million, marking an increase of approximately 86.8%[14] - Current liabilities surged to $11,954 million, compared to $6,284 million, indicating an increase of around 90.5%[14] - Total equity reached $34,144 million, a slight increase from $33,991 million, showing a growth of about 0.4%[14] Future Outlook - Trio-Tech anticipates continued momentum in fiscal 2026, with steady growth expected in the Industrial Electronics segment and additional revenue from AI chip testing services[5] - The company is focused on cost control, operational efficiency, and strategic growth investments to support profitability and cash generation[5] - The Semiconductor Back-End segment benefits from regional expertise in Southeast Asia and strong customer relationships[3] - U.S. sales in the Industrial Electronics segment have grown for two consecutive quarters, indicating increasing demand and a diversified portfolio[4]

Revenue Performance - Aspira reported total product revenues of $2.3 million for Q3 2025, remaining flat compared to Q3 2024, with a 7.0% year-over-year increase in average unit price per test[1][2] - The company generated approximately $7.0 million in revenue for the nine months ending September 30, 2025, with a 9.3% increase in average unit price, offset by a 6.4% decrease in the number of tests sold[6] - Total revenue for Q3 2025 was $2,305,000, a 2.1% increase from $2,257,000 in Q3 2024[16] Profitability and Expenses - Gross profit increased to approximately $4.5 million for the nine months ended September 30, 2025, representing a 12.2% increase, with gross margins improving to 64.1% from 58.4% year-over-year[6] - Operating expenses in Q3 2025 totaled $2,962,000, down from $5,099,000 in Q3 2024, indicating a significant reduction[16] - Total operating expenses decreased to $11.1 million for the nine months ended September 30, 2025, a 34.0% reduction from $16.8 million in the same period in 2024[6] - Cash used in operations was $5.0 million for the nine months ended September 30, 2025, representing a 54.5% reduction compared to $11.1 million in the same period in 2024[6] - Net loss for Q3 2025 was $4,892,000, compared to a net loss of $3,547,000 in Q3 2024, showing an increase in losses[16] - Net loss per share for Q3 2025 was $0.13, compared to $0.23 in Q3 2024[16] - Research and development expenses decreased to $739,000 in Q3 2025 from $908,000 in Q3 2024[16] - Sales and marketing expenses significantly decreased to $683,000 in Q3 2025 from $2,143,000 in Q3 2024[16] - General and administrative expenses were $1,540,000 in Q3 2025, down from $2,048,000 in Q3 2024[16] Assets and Liabilities - Aspira's current liabilities decreased to $4.2 million as of September 30, 2025, a 23.2% reduction from $5.5 million reported on December 31, 2024[7] - Total assets increased to $7.3 million as of September 30, 2025, compared to $5.5 million as of December 31, 2024[15] Sales Performance - The company achieved a 167% increase in sales per full-time equivalent salesperson in Q3 2025 compared to Q3 2024, driven by a focus on large healthcare systems[6] Strategic Focus - Aspira is emphasizing profitable revenue growth over specimen volume, with a compensation shift to incentivize this change starting in Q3 2025[3][4] - The company is maintaining strong momentum in research and development, particularly with the ENDOinform™ test, expecting to share updates as it approaches commercial readiness[8] Cost of Revenue - Total cost of revenue for Q3 2025 was $922,000, compared to $902,000 in Q3 2024, showing a slight increase[16]

Financial Performance - Total revenue for the three months ended September 30, 2025, was $15,514 million, a 58% increase from $9,799 million in the same period of 2024[66] - Semiconductor Back-end Solutions (SBS) segment revenue increased to $11,452 million in 2025 from $6,879 million in 2024, representing a 66% growth[66] - Industrial Electronics (IE) segment revenue rose to $4,052 million in 2025, up from $2,914 million in 2024, marking an increase of 39%[66] - Service sales reached $9,284 million for the three months ended September 30, 2025, compared to $4,440 million in the same period of 2024, reflecting a 109% increase[88] - Gross profit for the total company was $2,585 million in 2025, compared to $2,322 million in 2024, indicating an increase of 11%[66] - Operating income for the SBS segment was a loss of $80 million in 2025, compared to a profit of $177 million in 2024[66] - For the three months ended September 30, 2025, net income attributable to common shareholders was $77,000, compared to a net loss of $236,000 for the same period in 2024[95] - Basic earnings per share from continuing operations for the three months ended September 30, 2025, was $0.02, while it was $(0.06) for the same period in 2024[95] Assets and Liabilities - Total assets as of September 30, 2025, were $47,378 million, up from $42,940 million in 2024, showing a growth of 10%[66] - As of September 30, 2025, total finance lease liabilities amount to $32,000, while total operating lease liabilities are $1,401,000[114] - The company has future minimum lease payments of $1,524,000 under operating leases and $32,000 under finance leases[117] - The accumulated depreciation for plant and equipment under finance leases was $150,000 as of September 30, 2025[114] Government Grants and Income - The company received government grants of $4 million in 2025, down from $66 million in 2024, primarily due to a decrease in incentives from the Singapore government[68][69] - Interest income decreased to $61 million in 2025 from $101 million in 2024, a decline of 40%[67] Taxation - The effective tax rate for the three months ended September 30, 2025, was 28.2%, slightly down from 28.5% in the same period of 2024[72] Stock Options and Compensation - As of September 30, 2025, there were 392,750 stock options outstanding under the 2017 Employee Plan, with a weighted average exercise price of $5.51 and a remaining contractual term of 2.87 years[103] - During the three-month period ended September 30, 2025, the company recognized $58,000 in stock-based compensation expense, compared to $71,000 for the same period in 2024[100][101] - As of September 30, 2025, there were 471,000 vested stock options under the 2017 Directors Plan, with a weighted average exercise price of $5.80 and a remaining contractual term of 2.51 years[109] - The company granted 44,500 stock options under the 2017 Employee Plan during the three months ended September 30, 2025[100] - The weighted average exercise price of vested stock options under the 2017 Employee Plan as of September 30, 2025, was $5.55[102] - The company had 250,125 exercisable stock options under the 2017 Employee Plan as of September 30, 2025[103] - The company did not grant any stock options under the 2017 Directors Plan during the three months ended September 30, 2025[107] Lease Information - Future minimum rental income from non-cancelable operating leases in China and Thailand is projected to be $462 million from Fiscal 2026 to Fiscal 2029[112] - The weighted-average remaining lease term for finance leases is 0.38 years, while for operating leases it is 2.42 years[116] - Operating lease costs for the three months ended September 30, 2025, were $205,000, compared to $388,000 for the same period in 2024[116] - The company recognized right-of-use assets of $737,000 obtained in exchange for new operating lease liabilities during the three months ended September 30, 2025[116] Customer Concentration - Major customers accounted for significant revenue concentration, with Customer A contributing 39.8% of revenue for the three months ended September 30, 2025[121] Share Repurchase and Financing - The company has authorized a share repurchase program of up to $1 million, with $1 million remaining available for repurchases as of September 30, 2025[122][123] - A shelf registration statement was filed on November 3, 2025, allowing the company to raise up to $50 million for various corporate purposes[124]

Financial Performance - For the three months ended September 30, 2025, net revenue was $17.6 million, up from $14.6 million for the same period in 2024, primarily driven by the sale of Journey's marketed products [217]. - For the nine months ended September 30, 2025, net revenue reached $47.2 million, compared to $42.6 million in 2024, indicating a year-over-year increase of approximately 12.9% [217]. - For the three months ended September 30, 2025, net revenue increased by 21% to $17.6 million compared to $14.6 million in the same period of 2024 [239]. - Product revenue, net for the same period was $17.0 million, up 16% from $14.6 million, driven by a $4.9 million contribution from the U.S. commercial launch of Emrosi [240]. - Net revenue for the nine months ended September 30, 2025, was $47.2 million, an 11% increase from $42.6 million in the same period of 2024 [259]. - Product revenue for the nine months ended September 30, 2025, was $45.2 million, a 6% increase from $42.5 million in the same period of 2024 [259]. - The company reported a net income of $5.9 million for Q3 2025, a turnaround from a net loss of $12.9 million in Q3 2024 [239]. - The net loss attributable to Fortress for the nine months ended September 30, 2025, was $10.8 million, a significant improvement from a loss of $39.2 million in the same period of 2024 [259]. Expenses and Cost Management - Operating expenses decreased by 33% to $24.4 million in Q3 2025 from $36.7 million in Q3 2024, primarily due to a significant reduction in research and development expenses [239]. - Research and development expenses plummeted by 98% to $208,000 in Q3 2025 from $9.4 million in Q3 2024 [244]. - Selling, general and administrative expenses decreased by $4.6 million, or 21%, to $17.4 million for the quarter ended September 30, 2025, largely due to Checkpoint's deconsolidation [254]. - Total operating expenses for the nine months ended September 30, 2025, decreased by $16.5 million, or 13%, to $112.6 million compared to $129.1 million in the same period of 2024 [259]. - Total research and development expenses decreased by $34.7 million, or 74%, to $12.3 million for the nine months ended September 30, 2025, with significant reductions across multiple entities [267]. - Selling, general and administrative expenses increased by $20.8 million, or 34%, totaling $81.7 million for the nine months ended September 30, 2025, largely due to a significant rise at Checkpoint [271]. Financing and Cash Flow - The company may require significant additional financing to develop existing and new product candidates, fund operating losses, and establish manufacturing and marketing capabilities [280]. - The company reported a net cash increase of $28.6 million for the nine months ended September 30, 2025, compared to a decrease of $22.4 million in the same period of 2024 [300]. - Net cash used in operating activities decreased by $14.1 million from the nine months ended September 30, 2024, primarily due to a decrease in net loss and changes in operating assets and liabilities [301]. - Net cash provided by financing activities increased by $26.9 million to $44.8 million for the nine months ended September 30, 2024, compared to $71.7 million for the same period in 2025 [303]. - The increase in financing activities was driven by a $24.5 million rise in proceeds from partner companies' equity offerings and warrant exercises, despite a $17.5 million decrease in proceeds from the issuance of common stock [303]. Strategic Developments - In July 2025, Journey announced that 65% of the 187 million commercial lives in the U.S. now have pharmacy benefit coverage for Emrosi [217]. - Fortress received $28.0 million from the acquisition of Checkpoint by Sun Pharma, along with eligibility for a 2.5% royalty on net sales of UNLOXCYT [217]. - Triplex is currently in a Phase 2 clinical trial with topline data anticipated in early 2026, focusing on CMV-specific immune response in HIV co-infected adults [217]. - In October 2025, Urica announced a $205 million Series A financing to support global Phase 3 clinical studies evaluating dotinurad for gout treatment [222]. - Fortress is eligible to receive up to $129 million in aggregate development and sales milestones for CUTX-101, along with royalties on net sales ranging from 3% to 12.5% [222]. - The FDA approved Emrosi for the treatment of inflammatory lesions of rosacea in November 2024, with the product launched in March 2025 [217]. - AstraZeneca's acquisition of Caelum Biosciences included potential milestone payments totaling up to $295 million, with Fortress eligible for 42.4% of these payments [222]. - The company has established strategic partnerships with leading institutions and pharmaceutical companies to enhance its product pipeline and market reach [208]. Other Financial Metrics - Interest income increased by $147,000, or 25%, to $736,000 for the quarter ended September 30, 2025 [258]. - Interest expense decreased by $3.5 million, or 56%, to $2.7 million for the quarter ended September 30, 2025, compared to $6.2 million in the same quarter of 2024 [258]. - Cost of goods sold increased by 29% to $5.8 million in Q3 2025, up from $4.5 million in Q3 2024, due to higher product-related costs [241]. - Other income increased by $20.2 million, or 446%, from a loss of $4.5 million in Q3 2024 to income of $15.7 million in Q3 2025, driven by a $15.1 million increase in the fair value of Urica's equity interest in Crystalys [258]. - Amortization of acquired intangible assets increased by $0.8 million, or 31%, to $3.2 million for the nine months ended September 30, 2025, driven by the addition of the Emrosi acquired intangible asset [262]. - Stock-based compensation expense in research and development increased by $3.3 million, or 112%, totaling $6.2 million for the nine months ended September 30, 2025, primarily due to an increase at Checkpoint [270]. - Stock-based compensation expense in selling, general and administrative increased by $6.6 million, or 49%, totaling $20.0 million for the nine months ended September 30, 2025, driven by Checkpoint's change of control [274]. - Total other income increased by $46.1 million, or 538%, resulting in income of $38.1 million for the nine months ended September 30, 2025, primarily due to a gain from the deconsolidation of Checkpoint [276]. - Interest income decreased by $309, or 14%, to $1.8 million for the nine months ended September 30, 2025 [276]. - Interest expense decreased by $2.9 million, or 26%, totaling $8.1 million for the nine months ended September 30, 2025, due to prior debt extinguishment [276]. Company Status and Obligations - As of September 30, 2025, the company reported an accumulated deficit of $730.1 million, primarily due to R&D expenses and administrative costs [278]. - The company had cash and cash equivalents of $86.2 million, with $38.6 million related to Fortress and private subsidiaries, $19.0 million to Mustang, $24.9 million to Journey, and $3.7 million to Avenue [279]. - The company has approximately $34.2 million available for sales of securities under the Mustang 2024 S-3 registration statement as of September 30, 2025 [289]. - There were no material changes in contractual obligations and commitments, including lease obligations, for the nine months ended September 30, 2025 [305]. - The company does not have minimum purchase commitments in its contracts with licensors, CROs, and CMOs, which are generally terminable upon written notice [304]. - Payments due upon termination may include fees for services provided or expenses incurred, including non-cancelable obligations [304]. - The company is classified as a "smaller reporting company" and is not required to provide certain market risk disclosures [306].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 14, 2025 MY SIZE, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation) (Commission File Number) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to R ...

Exhibit 99.2 SIGMA LITHIUM CORPORATION UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 (EXPRESSED IN THOUSANDS OF UNITED STATES DOLLARS) Summary | Description | Page | | --- | --- | | MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING | 1 | | Unaudited Condensed Interim Consolidated Statements of Financial Position | 2 | | Unaudited Condensed Interim Consolidated Statements of Income (Loss) | 3 | | Unaudited Condensed Interim Consol ...

Financial Performance - Q3'25 total revenues decreased to $1.55M, down 27% from $2.14M in Q3'24, primarily due to large orders from two long-time customers in the previous year [3][12] - License fee revenue declined by $523,060 to $917,951 in Q3'25 from $1,441,011 in Q3'24, while hardware sales decreased 17% to $363,642 [13] - Total revenues for the three months ended September 30, 2025, were $1,549,706, a decrease from $2,144,804 in the same period of 2024, representing a decline of approximately 28% [27] - BIO-key's Q3'25 net loss was ($964,849), or ($0.15) per share, compared to a net loss of ($738,959), or ($0.39) per share in Q3'24 [16] - The net loss for the nine months ended September 30, 2025, was $2,868,790, compared to a net loss of $2,916,195 for the same period in 2024, showing a slight improvement of 2% [27] - Operating loss for the three months ended September 30, 2025, was $892,190, compared to an operating loss of $580,405 for the same period in 2024, indicating a deterioration of 54% [27] - The company reported a gross profit of $1,191,718 for the three months ended September 30, 2025, down from $1,679,694 in the same period of 2024, a decrease of 29% [27] Assets and Liabilities - At September 30, 2025, total current assets were $3.7M, including $2.0M in cash and cash equivalents, compared to $1.9M at December 31, 2024 [17] - Total current assets rose to $3,745,907 as of September 30, 2025, compared to $1,886,958 at December 31, 2024, reflecting an increase of 98% [25] - Cash and cash equivalents increased to $2,039,853 as of September 30, 2025, from $437,604 at the end of 2024, marking a significant increase of 367% [29] - Total liabilities decreased to $4,068,235 as of September 30, 2025, from $4,843,529 at December 31, 2024, a reduction of approximately 16% [26] - The company’s total stockholders' equity increased to $6,045,078 as of September 30, 2025, compared to $3,772,031 at December 31, 2024, an increase of 60% [26] Future Outlook - The company expects full year revenue for 2025 to be in the range of $6.5M to $7M, with solid growth anticipated in 2026 [11] Product Development - BIO-key launched the EcoID III USB fingerprint scanner, which is FBI FAP 20 certified, enhancing security and liveness detection [6][10] Strategic Initiatives - The company secured a significant new deployment in the Middle East defense sector, enhancing its footprint in high-assurance government environments [8][9] - BIO-key's CyberDefense Initiative aims to capitalize on expected increases in global defense spending, particularly in Europe and the Middle East [7] Shareholder Information - The weighted average common shares outstanding for the nine months ended September 30, 2025, were 5,754,077, compared to 1,726,716 for the same period in 2024, reflecting a significant increase in shares [27] Cash Flow - Cash flow from operating activities for the nine months ended September 30, 2025, was a net cash used of $2,838,088, compared to $2,399,508 for the same period in 2024, indicating an increase in cash outflow of 18% [29] Operating Expenses - Q3'25 gross margin remained strong at 77%, compared to 78% in Q3'24, with total operating expenses decreasing by 7.8% to $2.08M [15] - The company raised $3.1M in gross proceeds from a warrant exercise agreement on October 27, 2025, with 3,091,668 shares purchased at $1.02 per share [20]

Financial Performance - For the three months ended September 30, 2025, the net loss was $4,324,338, an increase of 175% compared to a net loss of $1,572,138 for the same period in 2024[86]. - Exploration expenses increased by 43% to $566,096 for the three months ended September 30, 2025, compared to $395,298 in the prior year[87]. - Reclamation expenses decreased by 30% to $37,880 for the three months ended September 30, 2025, down from $53,937 in 2024[88]. - Land holding costs rose to $188,608 for the three months ended September 30, 2025, an increase of $22,043 from $166,565 in the previous year[89]. - Professional fees increased by $73,051 to $245,048 for the three months ended September 30, 2025, compared to $171,997 in the prior year[92]. Cash Position - Cash and cash equivalents increased to $4,165,894 as of September 30, 2025, compared to $1,351,001 as of June 30, 2025[94]. - The company had working capital of approximately $1,256,051 as of September 30, 2025[94]. Future Expenditures - The company expects to incur $2.6 million in cash expenditures for corporate, land claim maintenance, and general expenses over the next twelve months[99]. - The company anticipates $2 million in cash expenditures for discretionary exploration and development activities on the Grassy Mountain Project[99]. Financial Instruments - For warrants that do not meet equity classification criteria, they are recorded as liabilities at their initial fair value and remeasured at each balance sheet date[108]. - Changes in the fair value of warrants are recognized as unrealized gains or losses in Other Expense on the condensed consolidated interim statement of operations[108]. Company Classification and Disclosures - The company is classified as a smaller reporting company, thus certain market risk disclosures are not applicable[110]. - The company does not currently have any off-balance sheet arrangements that could materially affect its financial condition or results of operations[109]. - The company issued 2,146,561 shares under its equity offering program for net proceeds of $1,895,932 during the three months ended September 30, 2025[95].