bioAffinity Technologies Reports Third Quarter 2025 Financial Results Exhibit 99.1 SAN ANTONIO, Texas – November 14, 2025 – bioAffinity Technologies, Inc. (Nasdaq: BIAF; BIAFW), a biotechnology company focused on providing noninvasive, accurate detection of early-stage lung cancer and other lung diseases, today reported financial results for the three months ended September 30, 2025. Key Highlights Company achieves 86% increase in CyPath Lung testing revenue, strengthens balance sheet -1- ● CyPath Lung reve ...

Financial Performance - Revenue for the three months ended September 30, 2025, was $2.8 million, a 9% increase from $2.6 million in the same period of 2024, attributed to strong performance in shelf-stable product lines [169]. - Cost of goods sold increased to $2.5 million in Q3 2025 from $1.9 million in Q3 2024, leading to a gross profit decrease from $699,000 to $273,000 [168]. - Selling, general and administrative expenses rose significantly to $3.8 million in Q3 2025, compared to $2.2 million in Q3 2024 [168]. - The net loss for the three months ended September 30, 2025, was $4.0 million, compared to a net loss of $2.1 million in the same period of 2024 [168]. - Revenue decreased by $1.3 million, or 13%, to $8.7 million for the nine months ended September 30, 2025, compared to $10.0 million for the same period in 2024, primarily due to the strategic exit from the floral and lettuce categories [176]. - SG&A expenses for the nine months ended September 30, 2025, were $11.1 million, an increase of $2.3 million, or 26%, compared to $8.8 million for the same period in 2024 [178]. - Loss from operations for the nine months ended September 30, 2025, was $10.1 million, compared to $6.5 million for the same period in 2024 [179]. - Net loss for the nine months ended September 30, 2025, was $11.4 million, compared to a net loss of $8.0 million for the same period in 2024 [181]. Cash Flow and Financing - As of September 30, 2025, the company had $0.8 million in cash and cash equivalents, down from $3.5 million as of December 31, 2024 [186]. - The company raised $3.3 million via a warrant inducement and $3.0 million from the sale of preferred stock during the nine months ended September 30, 2025 [186]. - Cash used for operating activities increased to $9.1 million in the nine months ended September 30, 2025, compared to $6.8 million in the same period of 2024, primarily due to an increase in net loss and a reduction in accounts payable [196]. - Cash used in investing activities rose to $0.5 million for the nine months ended September 30, 2025, up from $0.2 million in 2024, attributed to lower normal course of business purchases [197]. - Cash provided by financing activities decreased to $7.0 million in the nine months ended September 30, 2025, from $8.6 million in 2024, due to debt repayment and the absence of public stock offerings in 2025 [198]. - The company raised $3.0 million from the sale of preferred stock in 2025, contributing to higher cash flows from its equity distribution agreement [198]. Operational Initiatives - The company has developed patented software, GreenThumb, to enhance traceability and quality control in its supply chain [151]. - The company utilizes a closed-loop system in its greenhouses, which recycles water and reduces resource consumption compared to conventional farming methods [150]. - The company is focusing on expanding its brand "Edible Garden" to develop new consumer products, including sauces and flavor enhancers [154]. - The company has implemented a web-based greenhouse management system that integrates real-time sales data and inventory management [157]. - The company is committed to sustainability, utilizing LED lights and recycling water to minimize its carbon footprint compared to traditional farming [153]. Cost Analysis - Cost of goods sold increased by $0.7 million, or 37%, to $2.5 million for the three months ended September 30, 2025, compared to $1.9 million for the same period in 2024 [170]. - Selling, general and administrative expenses (SG&A) rose by $1.6 million, or 73%, to $3.8 million for the three months ended September 30, 2025, compared to $2.2 million for the same period in 2024 [171]. - Loss from operations increased to $3.6 million for the three months ended September 30, 2025, compared to a loss of $1.5 million for the same period in 2024 [172].

Financial Position - As of September 30, 2025, the company had cash of $820,826 and working capital of $803,426, indicating a need for significant costs in pursuing acquisition plans [112]. - The net proceeds from the IPO and private placement, after expenses, amounted to $254,425,000, with $253,000,000 deposited into a trust account [124]. - The company expects to incur approximately $150,000 for legal and accounting expenses related to business combinations and $320,000 for administrative services [129]. - The funds in the trust account will be invested in U.S. government treasury bills or money market funds, with interest expected to cover tax obligations [125][126]. - The company may need to raise additional funds if costs for identifying and negotiating a business combination exceed current estimates [131]. IPO and Fundraising - The company completed its IPO on June 20, 2025, raising gross proceeds of $253,000,000 from the sale of 25,300,000 units at $10.00 per unit, including 3,300,000 units from the underwriters' over-allotment option [117][122]. - The private placement of 6,400,000 warrants generated an additional $6,400,000, with each warrant allowing the purchase of one Class A ordinary share at $11.50 [117][123]. Operational Status - The company has not engaged in any operations or generated revenues to date, with activities limited to organizational efforts and evaluating potential acquisition targets [119]. Income and Expenses - For the three months ended September 30, 2025, the company reported a net income of $2,380,594, primarily from net interest income of $2,678,640 [120]. Regulatory Environment - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial business combination, increasing costs and time [114].

Exhibit 99.1 Roadzen Reports $13.7 Million Second Quarter Revenue, a 15.2% Improvement Over Prior Year Quarter, and Fifth Consecutive Quarter of Adjusted EBITDA Improvement. Company continues growth momentum, reduces net loss 90.3% over prior year quarter, and accelerates path to Adjusted EBITDA breakeven ● Sharply Reduced Net Loss and Fifth Straight Quarter of Adjusted EBITDA Improvement Q2 net loss narrowed to $(2.1) million from $(21.8) million the same quarter last year, a 90.3% year-over-year improveme ...

Over $9 million in additional capital was raised at premiums to market during the quarter, including funding at the India subsidiary level implying a $2 per share valuation for Roadzen's Nasdaq share price. Exhibit 99.1 Roadzen Reports $13.7 Million Second Quarter Revenue, a 15.2% Improvement Over Prior Year Quarter, and Fifth Consecutive Quarter of Adjusted EBITDA Improvement. Company continues growth momentum, reduces net loss 90.3% over prior year quarter, and accelerates path to Adjusted EBITDA breakeve ...

Corporate Actions - Aspire Biopharma Holdings, Inc. completed a Reverse Acquisition on February 17, 2025, changing its name from PowerUp Acquisition Corp.[150] - The Reverse Acquisition on February 17, 2025, resulted in Aspire Biopharma, Inc becoming a wholly owned subsidiary of New Aspire, with stockholders receiving shares valued at $350 million[183]. - The Reverse Acquisition was treated as a reverse recapitalization, with Aspire Biopharma, Inc recognized as the accounting acquirer[191]. Product Development - The company plans to submit a 505(b)(2) New Drug Application (NDA) for its high-dose sublingual aspirin product in early 2026, following positive clinical trial results[154][165]. - A clinical trial in July 2025 demonstrated that Aspire's sublingual delivery technology provides faster aspirin bioavailability compared to standard oral tablets[154]. - Aspire's high-dose aspirin product is expected to target the heart attack and stroke prevention market, with plans to build a focused sales and marketing organization in the U.S.[155][156]. - The company has developed a sublingual melatonin sleep-aid product and is exploring licensing possibilities, with plans to patent the formulation[167]. - Aspire's scientists have also developed sublingually administered vitamins D, E, and K, with intentions to patent these products[168]. - Aspire is developing a sublingual semaglutide product, with a market timeline of 2-3 years for FDA approval[169]. - Aspire's caffeine products include a single dose sublingual pre-workout supplement and a coffee/soda replacement, with initial sales expected in Q3 2025[170]. - The company is exploring formulations for various drugs, including anti-nausea and anti-psychotic products, leveraging its sublingual administration technology[171]. Financial Performance - For the three months ended September 30, 2025, the company reported net revenue of $1,941,000, with a cost of goods sold of $1,057,000, resulting in a gross profit of $884,000[234]. - General and administrative expenses for the three months ended September 30, 2025, were $512,993, an increase of $321,415 compared to $191,578 for the same period in 2024[236]. - Research and development expenses for the three months ended September 30, 2025, were $207,899, reflecting a significant increase of $200,899 from $7,000 in the prior year[237]. - Sales and marketing expenses for the three months ended September 30, 2025, totaled $425,489, up $408,811 from $16,678 in the same period of 2024[238]. - The company incurred an interest expense of $1,480,058 for the three months ended September 30, 2025, primarily due to the accrual of interest on convertible notes and related party debt[239]. - The company reported a net loss of $1,850,493 for the three months ended September 30, 2025, compared to a net loss of $216,269 for the same period in 2024, reflecting an increase in losses of $1,634,224[234]. - The loss from operations for the nine months ended September 30, 2025, was $17,501,867, compared to a loss of $543,149 for the same period in 2024, indicating an increase of $16,958,718[240]. - Research and development expenses for the nine months ended September 30, 2025, were $823,879, compared to $28,000 for the same period in 2024, indicating a rise of $795,879[243]. - Sales and marketing expenses for the nine months ended September 30, 2025, were $696,639, a significant increase of $592,295 compared to $104,344 for the same period in 2024[244]. - Interest expense for the nine months ended September 30, 2025, amounted to $2,297,882, primarily due to the accrual of interest on convertible notes and related party debt[245]. - The company recorded a loss of $364,109 on extinguishment of debt for the nine months ended September 30, 2025, related to the amendment of the Blackstone Note[247]. - As of September 30, 2025, the company had an accumulated deficit of $22,550,347 and a working capital deficit of $11,457,377, with cash reserves of $1,948,271[248]. Funding and Capital Structure - Aspire issued $3.75 million in senior secured convertible debentures under a Securities Purchase Agreement, with a conversion price tied to the company's stock performance[188]. - The Company entered into an Equity Line of Credit Agreement allowing it to direct Arena to purchase up to $100,000,000 in common stock, with a purchase price set at 96% of the VWAP, subject to a floor price of $4.00 per share[192]. - The Company issued 1,893,473 ELOC Commitment Shares to Arena, with 786,946 being freely tradable, subject to a leak out agreement limiting sales to 15% of daily trading volume[194]. - The Company issued two senior secured convertible debentures totaling $3,750,000 under a Securities Purchase Agreement, with a conversion price set at 92.5% of the lowest daily VWAP[196]. - The Company issued 2,106,527 SPA Commitment Shares to investors as part of the Securities Purchase Agreement, with 1,000,000 being freely tradable[198]. - The Company sold August 2025 Notes totaling $9,687,500 for a subscription price of $7,750,000, with a 20% original issue discount and a maturity date of February 19, 2026[199]. - The company raised approximately $265,827 in February 2025 and $7,750,000 in August 2025, with plans to raise up to $100,000,000 through an ELOC agreement[249]. Compliance and Regulatory Issues - The Company received two compliance deficiency notices from Nasdaq regarding a minimum Market Value of Listed Securities of $50,000,000 and a minimum bid price of $1.00 per share[203][204]. - The Company did not regain compliance with Nasdaq listing rules and is subject to potential delisting, having requested a hearing to present its compliance plan[205][206]. - Management has raised substantial doubt about the company's ability to continue as a going concern for the next twelve months due to liquidity concerns[250]. Market Competition - Aspire faces competition from larger biopharmaceutical companies with greater resources and experience in drug development and commercialization[173]. - The company anticipates that its products will compete based on efficacy, safety, convenience, and price, with a premium pricing strategy over generics[175]. - Aspire's aspirin products will compete with established brands like Bayer and Advil, with no current sublingual aspirin products on the market[176]. - Aspire's patent applications for its sublingual absorption technology have nominal expirations in 2044 and 2045, covering formulations and uses[177].

Corporate Actions - Aspire Biopharma Holdings, Inc. completed a Reverse Acquisition on February 17, 2025, changing its name from PowerUp Acquisition Corp.[150] - The Reverse Acquisition on February 17, 2025, resulted in Aspire Biopharma, Inc becoming a wholly owned subsidiary of New Aspire, with stockholders receiving shares valued at $350 million[183]. - The Reverse Acquisition was treated as a reverse recapitalization, with Aspire recognized as the accounting acquirer for financial reporting purposes[191]. Product Development - The company plans to submit a 505(b)(2) New Drug Application (NDA) for its high-dose sublingual aspirin product in early 2026, following positive clinical trial results[154][165]. - A clinical trial in July 2025 demonstrated that Aspire's sublingual delivery technology provides faster aspirin bioavailability compared to standard oral tablets[154]. - Aspire has developed a sublingual melatonin sleep-aid product in 3mg, 5mg, and 10mg doses and is exploring licensing possibilities[167]. - The company is also developing sublingually administered vitamins D, E, and K, with plans to patent these formulations[168]. - Aspire is developing a sublingual semaglutide product, with a market timeline of 2-3 years for FDA approval[169]. - Aspire's caffeine products include a single dose sublingual pre-workout supplement and a coffee/soda replacement, with initial sales expected in Q3 2025[170]. - The company is exploring formulations for various drugs, including anti-nausea and anti-psychotic products, leveraging its sublingual administration technology[171]. Intellectual Property - The company has filed patent applications for its new sublingual delivery technologies, including a high-dose version of its aspirin product[159]. - Aspire's patent applications for its sublingual absorption technology have nominal expirations in 2044 and 2045, covering formulations and uses[177]. Market Strategy - Aspire's aspirin product aims to target the heart attack and stroke prevention market, leveraging its rapid absorption technology to mitigate gastrointestinal side effects[160]. - Aspire's strategy includes potential licensing or collaboration agreements to generate revenue through development funding and milestone payments[151]. - Aspire faces competition from larger biopharmaceutical companies with greater resources and experience in drug development and commercialization[173]. - The company anticipates that its products will compete based on efficacy, safety, convenience, and price, with a premium pricing strategy over generics[175]. - Aspire's aspirin products will compete with established brands like Bayer and Advil, with no current sublingual aspirin products on the market[176]. Financial Performance - For the three months ended September 30, 2025, the company reported net revenue of $1,941,000, with a cost of goods sold of $1,057,000, resulting in a gross profit of $884,000[234]. - General and administrative expenses for the three months ended September 30, 2025, were $512,993, an increase of $321,415 compared to $191,578 for the same period in 2024[236]. - Research and development expenses for the three months ended September 30, 2025, were $207,899, reflecting a significant increase of $200,899 from $7,000 in the prior year[237]. - Sales and marketing expenses for the three months ended September 30, 2025, totaled $425,489, up $408,811 from $16,678 in the same period of 2024[238]. - The company incurred an interest expense of $1,480,058 for the three months ended September 30, 2025, primarily due to the accrual of interest on convertible notes and related party debt[239]. - The company reported a net loss of $1,850,493 for the three months ended September 30, 2025, compared to a net loss of $216,269 for the same period in 2024, reflecting an increase in losses of $1,634,224[234]. - The loss from operations for the nine months ended September 30, 2025, was $17,501,867, compared to a loss of $543,149 for the same period in 2024, indicating an increase of $16,958,718[240]. - As of September 30, 2025, the company had an accumulated deficit of $22,550,347 and a working capital deficit of $11,457,377, with cash reserves of $1,948,271[248]. Financing Activities - Aspire issued $3.75 million in senior secured convertible debentures under a Securities Purchase Agreement, with a conversion price tied to the stock's trading price[188]. - The Company entered into an Equity Line of Credit Agreement allowing it to direct Arena to purchase up to $100,000,000 in common stock, with a purchase price set at 96% of the VWAP, subject to a floor price of $4.00 per share[192]. - The Company issued 1,893,473 ELOC Commitment Shares to Arena, with 786,946 being freely tradable under a leak out agreement limiting sales to 15% of daily trading volume[194]. - The Company incurred debt issuance costs of $907,500 related to the August 2025 Notes, which have a principal amount of $9,687,500 and a maturity date of February 19, 2026[199]. - The company raised approximately $265,827 in February 2025 and $7,750,000 in August 2025, with plans to raise up to $100,000,000 through an ELOC agreement[249]. - Net cash provided by financing activities was $5,940,286 for the nine months ended September 30, 2025, a significant increase from $750,122 in the prior year[253]. Compliance and Regulatory Issues - The Company received two compliance deficiency notices from Nasdaq regarding a Market Value of Listed Securities below $50,000,000 and a bid price below $1.00 per share[203][204]. - The Company did not regain compliance with Nasdaq listing rules, leading to a notification of potential delisting on October 15, 2025[205]. - Management has raised substantial doubt about the company's ability to continue as a going concern for the next twelve months due to liquidity concerns[250]. Operating Expenses - Operating expenses are classified into general and administrative, research and development, and sales and marketing expenses[214]. - For the nine months ended September 30, 2025, general and administrative expenses reached $15,982,233, a substantial increase of $15,571,428 from $410,805 in the same period of 2024[242]. - Research and development expenses for the nine months ended September 30, 2025, were $823,879, compared to $28,000 for the same period in 2024, indicating a rise of $795,879[243]. - Sales and marketing expenses for the nine months ended September 30, 2025, were $696,639, a significant increase of $592,295 compared to $104,344 for the same period in 2024[244]. - Interest expense for the nine months ended September 30, 2025, totaled $2,297,882, primarily due to the accrual of interest on convertible notes and related party debt[245]. - The change in fair value of derivative liabilities and convertible notes was $390,744 for the nine months ended September 30, 2025[246]. - The company recorded a loss of $364,109 on extinguishment of debt for the nine months ended September 30, 2025, related to the amendment of the Blackstone Note[247].

Financial Performance - Revenues for the three months ended September 30, 2025, were $1.6 million, a decrease of $2.0 million or 56% compared to $3.6 million for the same period in 2024, primarily due to reduced demand from increased competitive pressure [172]. - Cost of goods sold for the same period increased to $10.5 million, an increase of $7.5 million or 250% compared to $3.0 million in 2024, driven by inventory reserve charges [173]. - Gross profit for the three months ended September 30, 2025, was $(8.9) million, a decrease of $(9.5) million or 1709% from a gross profit of $0.6 million in 2024, attributed to lower revenues and higher costs [174]. - The gross margin loss was (576%) for the three months ended September 30, 2025, compared to a gross margin profit of 16% for the same period in 2024, reflecting lower sales and increased costs [175]. - Revenues for the nine months ended September 30, 2025, were $5.9 million, a decrease of $24.7 million or (81%) compared to $30.6 million for the same period in 2024, driven by reduced demand due to increased competition [187]. - Gross loss for the nine months ended September 30, 2025, was $(8.9) million, a decrease of $22.2 million or (156%) compared to a gross profit of $14.2 million for the same period in 2024 [189]. - The gross profit margin for the nine months ended September 30, 2025, was (135.5)%, a significant decrease from 46.37% for the same period in 2024, due to decreased sales and increased overhead costs [190]. - The net loss before tax provision for the nine months ended September 30, 2025, was $(17.7) million, a decrease of $18.4 million or (2775%) compared to a net income of $0.7 million for the same period in 2024 [199]. Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $11.1 million, a decrease of $502.5 thousand or (4%) compared to $11.6 million for the same period in 2024 [186]. - Salaries and benefits for the nine months ended September 30, 2025, were $5.7 million, a decrease of $648.9 thousand or (10%) compared to $6.4 million for the same period in 2024 [191]. - Professional services expenses for the nine months ended September 30, 2025, were $548.1 thousand, a decrease of $834.3 thousand or (60%) compared to $1.4 million for the same period in 2024 [193]. - The company recognized impairment charges of $24.7 thousand during the nine months ended September 30, 2025, related to the derecognition of the Rock Quarry lease [196]. Capital and Financing - As of September 30, 2025, the company had working capital of $9.1 million, a decrease from $17.7 million as of December 31, 2024, primarily due to a decrease in cash and inventory [203]. - The company expects to incur significant capital expenditures related to the development of its freeze-dried candy business and may require additional financing, raising concerns about its ability to continue as a going concern [202]. - The Company restructured its current debt by issuing Convertible Notes totaling $2.8 million, maturing on April 30, 2030, with interest rates between 6% and 8% [204]. - Net cash used in operating activities decreased to $3.3 million for the nine months ended September 30, 2025, from $6.1 million in the same period of 2024, primarily due to reduced inventory spending and lower accounts receivable [206]. - Net cash used in investing activities was $1.1 thousand for the nine months ended September 30, 2025, a significant decrease of $4.5 million compared to $4.5 million in 2024, which was mainly for building additional freezers and office improvements [207]. - The Company reported no net cash provided by financing activities for the nine months ended September 30, 2025, compared to $15.1 million in 2024, which included $12.0 million from a public offering and $3.7 million from private placements [208]. Facilities and Operations - The company has built a 20,945 square foot freeze drying facility in Irving, Texas, capable of producing up to 24 million units of freeze dried candy per year [151]. - As of September 30, 2025, the company has fifteen stock keeping units (SKUs) in its Sow Good Candy line, with products available in approximately 5,000 retail outlets across the U.S. [150]. - The company aims to expand its market presence by increasing its SKU portfolio and distribution channels, including two Middle East distributors [154]. - The company plans to diversify its product line to include freeze dried snacks beyond candy, such as yogurt snacks and jerky, to reduce product-specific risks [159]. - The Company has a real property lease for a 20,945 square foot facility at a monthly rate of $10.0 thousand, with a lease term extending through September 15, 2025 [209]. - An additional warehouse lease of approximately 9,000 square feet was entered into on July 1, 2023, at a rate of $8,456 per month, with a 4% annual escalation [210]. - The Company entered into a 62-month industrial lease for approximately 324,000 square feet, starting at $122,175 per month, with payments increasing to $297,289.14 by the end of the lease [211]. - A new lease agreement for approximately 51,264 square feet was established on October 26, 2023, starting at approximately $42.5 thousand per month, increasing to $51.7 thousand by the last year of the term [212]. Risk Management - The Company does not expect significant effects from commodity price risk outside of inherent inflationary risks [216]. - The Company does not anticipate entering into transactions that would expose it to direct interest rate risk [217].

Company Operations - The company operates two public golf country clubs in Florida, acquired in 2014, covering over 289 acres with two golf courses totaling more than 13,000 yards[139]. - The company is exploring potential regional country club acquisitions to expand its portfolio[143]. Revenue Streams - Revenue streams include golf operations, food and beverage sales, merchandise sales, and ancillary income[140]. - Revenue from annual green fee subscriptions is recognized monthly, with subscriptions being non-refundable[157]. - One-time green fees are fixed and non-refundable, requiring payment prior to service[159]. Revenue Performance - Total revenue for the nine months ended September 30, 2025, decreased by $371,590 or 14% to $2,267,481 compared to $2,639,071 for the same period in 2024[167]. - Revenue from golf operations decreased by $304,035 or 15% to $1,670,616 for the nine months ended September 30, 2025, primarily due to a $292,257 or 17% decrease in one-time green fees[168]. - Revenue from annual membership dues accounted for 10% of total revenue for the nine months ended September 30, 2025, decreasing by $11,778 or 5% due to reduced demand as one golf course was closed since May 2025[169]. - One-time green fees accounted for 64% of total revenue for the nine months ended September 30, 2025, with a 17% decrease attributed to a 14% reduction in total rounds played[170]. - Revenue from sales of food and beverage decreased by $35,043 or 7% to $464,749 for the nine months ended September 30, 2025, driven by an 8% decrease in quantities sold[171]. - Revenue from sales of merchandise decreased by $14,723 or 16% to $76,728 for the nine months ended September 30, 2025, due to a 20% decline in sales of golf-related items[172]. - Ancillary revenue decreased by $17,789 or 24% to $55,388 for the nine months ended September 30, 2025, primarily due to reduced demand for rental services[173]. - Total revenue for the three months ended September 30, 2025, decreased by $100,021 or 23% to $336,878 compared to $436,899 for the same period in 2024[174]. - Revenue from golf operations for the three months ended September 30, 2025, decreased by $69,234 or 23% to $225,808, driven by a $62,618 or 29% decrease in one-time green fees[175]. - Ancillary revenue for the three months ended September 30, 2025, decreased by $10,132 or 55% due to decreased demand for rental services[180]. Operating Expenses - The company's operating expenses increased from $2,533,469 for the nine months ended September 30, 2024 to $5,215,247 for the nine months ended September 30, 2025, representing a 106% increase[183]. - Salaries and benefits rose by $2,145,148 or 415% from the previous year, primarily due to an increase in stock-based compensation and director's fees[186]. - Other general and administrative expenses increased by $569,631 or 88% from $646,711 for the nine months ended September 30, 2024 to $1,216,342 for the same period in 2025[188]. Financial Position - The net loss for the nine months ended September 30, 2025 was $2,548,470, a decrease of $2,603,141 or 4,761% compared to a net income of $54,671 for the same period in 2024[204]. - Current assets increased significantly from $1,125,272 as of December 31, 2024 to $29,967,982 as of September 30, 2025, a change of 2,563%[206]. - Cash and cash equivalents surged from $457,142 to $29,408,326, marking a 6,334% increase[206]. - Total current liabilities decreased from $3,403,513 to $844,525, a reduction of 75%[206]. - The effective tax rate decreased from 54.7% for the nine months ended September 30, 2024 to 1.1% for the same period in 2025, mainly due to overprovision of deferred tax assets[201]. Cash Flow and Financing - The company reported a net cash used in operating activities of approximately $1,498,549 for the nine months ended September 30, 2025, primarily due to a net loss of $2,548,470[220]. - Cash flows used in investing activities amounted to $840,274 for the nine months ended September 30, 2025, primarily for the purchase of property and equipment and advances for property[222]. - Cash provided by financing activities was $31,290,007 during the nine months ended September 30, 2025, mainly from net proceeds of common stock and pre-funded warrants[225]. - The company incurred capital expenditures of $847,052 for the nine months ended September 30, 2025, related to renovations and upgrades of golf courses and facilities[228]. - The company successfully raised a total net proceed of $10.65 million from its initial public offering on February 13, 2025[232]. - The company entered into agreements for the issuance of units consisting of common stock and warrants, resulting in aggregate net proceeds of approximately $23.52 million[233]. - The company believes its current cash levels and operational cash flows will be sufficient to meet anticipated cash needs for at least the next twelve months[234]. Risk Management - The company has not experienced losses on accounts receivable and believes credit risk is not significant due to high creditworthiness of financial institutions[236]. - All accounts receivable as of September 30, 2025, are aged within one year, indicating minimum credit risk[237]. - The company is not exposed to interest rate risk as its financial liabilities carry fixed interest rates[240]. - The company ensures sufficient liquidity to meet obligations for a period of twelve months, focusing on operational efficiency and cost reductions[242]. - The company does not engage in speculative transactions and limits market risk exposure to normal business operations[243]. - The company actively manages credit risk by evaluating customer creditworthiness before conducting business[237]. - The company's ability to continue as a going concern depends on obtaining necessary financing or negotiating terms of existing short-term liabilities[242].

Revenue Performance - Lifeward reported revenue of $6.2 million in Q3 2025, a slight increase of approximately 1% year-over-year and an 8% increase compared to Q2 2025[5] - Revenue for Q3 2025 was $6,195 million, a slight increase from $6,128 million in Q3 2024, while total revenue for the nine months ended September 30, 2025, was $16,953 million, down from $18,118 million in the same period last year[23] Operating Performance - Non-GAAP operating loss decreased to $3.0 million in Q3 2025, compared to a loss of $4.1 million in Q3 2024, representing a 27% improvement[7] - Gross margin increased to 43.7% in Q3 2025, up from 36.2% in Q3 2024, driven by lower production costs[5] - Operating loss for Q3 2025 was $(3,140) million, which is 50.7% of revenue, compared to $(3,174) million or 51.8% of revenue in Q3 2024[30] Net Loss and Guidance - The net loss for Q3 2025 was $3.2 million, or $0.20 per share, compared to a net loss of $3.1 million, or $0.35 per share, in Q3 2024[8] - Lifeward reaffirmed its full-year 2025 revenue guidance in the range of $24 to $26 million and a projected non-GAAP net loss of $12 to $14 million[11] Cash Flow and Financial Position - Quarterly cash burn improved to $3.8 million, down 16% from $4.5 million in Q3 2024, reflecting operational efficiencies[4] - Cash and cash equivalents at the end of Q3 2025 were $1,956 million, a decrease from $6,746 million at the end of December 2024[25] - Total assets as of September 30, 2025, were $23,168 million, down from $30,487 million at the end of December 2024[25] - The company reported net cash used in operating activities of $(13,271) million for the nine months ended September 30, 2025, compared to $(17,749) million in the same period of 2024[27] Expenses - Total operating expenses were $5.9 million in Q3 2025, compared to $5.4 million in Q3 2024, with adjusted operating expenses decreasing to $5.7 million[6] - Research and development expenses for Q3 2025 were $721 million, down from $998 million in Q3 2024, while sales and marketing expenses decreased to $3,168 million from $4,156 million[23] - GAAP research and development expenses for Q3 2025 were $721,000, representing 11.6% of revenue, compared to $998,000 or 16.3% in Q3 2024[31] - GAAP sales and marketing expenses for Q3 2025 were $3,168,000, accounting for 51.1% of revenue, compared to $4,156,000 or 67.8% in Q3 2024[31] Strategic Developments - The company achieved a record number of ReWalk systems placements for Medicare beneficiaries, marking the highest placements since the fee schedule was established in April 2024[4] - CE mark approval was received for the ReWalk 7 Personal Exoskeleton, enabling commercial sales in Europe, which currently accounts for approximately 40% of the company's exoskeleton sales[4] - The company secured a $3.0 million loan agreement with Oramed Ltd. to support ongoing operations and strategic initiatives[4][10] Stock-Based Compensation and Restructuring - Stock-based compensation expenses for the nine months ended September 30, 2025, were $258,000, representing 1.5% of revenue, compared to $596,000 or 3.3% in the same period of 2024[31] - The company incurred a restructuring cost of $277,000 for the nine months ended September 30, 2025[31]