Financial Performance - Q3 2025 revenue was $0.64 million, a decline from approximately $2.54 million in Q3 2024, attributed to the non-recurrence of a large software and support contract and backend-loaded revenues for 2025[4] - The company reported an operating loss of $1.9 million for Q3 2025, compared to $0.3 million for the same period in 2024, due to lower sales and consistent operating expenditures[16] - Net loss for Q3 2025 was $2 million, an increase from a net loss of approximately $0.5 million in Q3 2024, driven by lower sales and higher expenditures from foreign exchange impacts[20] - Adjusted EBITDA loss for Q3 2025 was $1.82 million, compared to a loss of $0.23 million in Q3 2024[22] - Gross profit for the three months ended September 30, 2025, was $183,000, down 89.5% from $1,743,000 in the same quarter of 2024[34] - Operating loss for the nine months ended September 30, 2025, was $(5,514,000), compared to $(2,123,000) for the same period in 2024, reflecting a significant increase in losses[34] - Net comprehensive loss for the three months ended September 30, 2025, was $(1,980,000), compared to $(511,000) in the same quarter of 2024, indicating worsening financial performance[34] - Total revenues for the nine months ended September 30, 2025, were $2,305,000, a decrease of 65.6% compared to $6,698,000 for the same period in 2024[34] Operating Expenses - Operating expenses in Q3 2025 were $2.11 million, slightly up from $2.06 million in the prior year, impacted by foreign exchange rate differences and stock-based compensation[3] - Research and development expenses for Q3 2025 amounted to $0.6 million, up from $0.5 million in Q3 2024, primarily due to increased utilization of professional services[9] - The company aims for a 15-20% reduction in baseline operating expenses through its restructuring plan, with full effects expected in early 2026[5] Cash Flow and Financing - Cash used in operating activities for the nine months ended September 30, 2025, was $(5,637,000), compared to $(4,781,000) for the same period in 2024, indicating increased cash outflow[36] - The company reported a net cash provided by financing activities of $5,121,000 for the nine months ended September 30, 2025, compared to $1,624,000 in the same period of 2024, showing improved financing efforts[36] - Actelis raised $1.85 million in two private placements and entered into a $30 million equity line of credit to enhance liquidity and maintain Nasdaq compliance[5] Balance Sheet - Total current liabilities decreased to $3,480,000 as of September 30, 2025, from $4,583,000 as of December 31, 2024, a reduction of 24%[34] - Total liabilities decreased to $3,967,000 as of September 30, 2025, down from $5,240,000 as of December 31, 2024, representing a decline of 24.3%[34] - The company’s accumulated deficit increased to $(49,803,000) as of September 30, 2025, from $(44,062,000) as of December 31, 2024, indicating a growing financial challenge[34] Customer Metrics - Customer bookings reached $1.26 million in Q3 2025, nearly double the levels from Q2 2025, with a backlog entering Q4 of $0.73 million compared to less than $0.1 million at the start of Q3[3] - Gross margin for Q3 2025 was 28%, while for the nine months ended September 30, 2025, it was 32%, benefiting from high-value cybersecurity software upgrades[3]

Financial Performance - ETHZilla generated $4.1 million in revenue during the first six weeks of operation as ETHZilla, with a gross profit of $4.1 million[1][5] - The company reported a net loss from continuing operations of $208.7 million, primarily due to one-time non-cash items[7] - Adjusted EBITDA for the quarter was $8.5 million, indicating positive operational performance despite the net loss[7] - For the nine months ended September 30, 2025, the net loss from continuing operations was $212,008 thousand, compared to a net loss of $1,659 thousand for the same period in 2024[16] - The company reported an EBITDA of $(211,688) thousand for the nine months ended September 30, 2025, compared to $(1,630) thousand for the same period in 2024[17] - Adjusted EBITDA for the nine months ended September 30, 2025, was $5,810 thousand, compared to $(1,355) thousand for the same period in 2024[17] - Net cash used in operating activities was $(18,419) thousand for the nine months ended September 30, 2025, compared to $(546) thousand for the same period in 2024[16] - The company used $(252,370) thousand in investing activities for the nine months ended September 30, 2025, with significant purchases of digital assets totaling $(243,480) thousand[16] - Net cash provided by financing activities was $825,123 thousand for the nine months ended September 30, 2025, compared to $(1,010) thousand for the same period in 2024[16] - The cash, cash equivalents, and restricted cash at the end of the period was $558,901 thousand, up from $150 thousand at the end of the same period in 2024[16] Capital and Investments - The company secured approximately $931 million in institutional capital through various financings, including a $425 million PIPE and a $360 million convertible note[3] - A strategic partnership with Liquidity.io was established, including a $15 million investment and a 15% equity stake in Satschel, Inc., aimed at tokenizing high-value real-world assets[3] - A share repurchase program was initiated, with 2,099,472 shares repurchased for $46.3 million under a $250 million authorization[6] - The company plans to continue opportunistic share repurchases and expects revenue-generating real-world assets on-chain in the coming weeks[6] - The company plans to continue purchasing ETH over time as part of its digital asset treasury strategy[25] Asset Management - ETHZilla's ETH holdings amounted to 102,273 ETH, valued at $424 per ETH, with 70% of ETH deployed in staking protocols[8] - ETHZilla's total assets as of September 30, 2025, were $1.009 billion, with total liabilities of $564.2 million[14] Future Outlook - The company anticipates positive adjusted EBITDA in the fourth quarter and expects L2 protocol yield to range between 3.5% and 4.5%[6] - The financial projections are based on numerous assumptions and are subject to significant uncertainties, which may materially impact actual results[23] - The company emphasizes that forward-looking statements are subject to risks and uncertainties, including fluctuations in the market price of ETH and regulatory changes[25]

Financial Performance - ETHZilla generated $4.1 million in revenue during the first six weeks of operation as ETHZilla, with a gross profit of $4.1 million[1][5] - The company reported a net loss from continuing operations of $208.7 million, primarily due to one-time non-cash items[7] - Adjusted EBITDA for the quarter was $8.5 million, indicating positive operational performance despite the net loss[7] - For the nine months ended September 30, 2025, the net loss was $212,008, compared to a net loss of $1,659 for the same period in 2024[16] - EBITDA for the nine months ended September 30, 2025, was $(211,688), while Adjusted EBITDA was $5,810, compared to $(1,630) and $(1,355) respectively for the same period in 2024[17] - The company reported net cash used in operating activities of $(18,419) for the nine months ended September 30, 2025, compared to $(546) for the same period in 2024[16] - Cash flows from investing activities totaled $(252,370) for the nine months ended September 30, 2025, with purchases of digital assets amounting to $(243,480)[16] - Net cash provided by financing activities was $825,123 for the nine months ended September 30, 2025, compared to $(1,010) for the same period in 2024[16] - The company ended the period with cash, cash equivalents, and restricted cash totaling $558,901, up from $150 at the end of the same period in 2024[16] - Stock-based compensation expense for the nine months ended September 30, 2025, was $208,923, compared to $275 for the same period in 2024[17] Capital and Investments - The company secured approximately $931 million in institutional capital through various financings, including a $425 million PIPE and a $360 million convertible note[3] - A strategic partnership with Liquidity.io was established, including a $15 million investment and a 15% equity stake in Satschel, Inc., aimed at tokenizing high-value real-world assets[3] - A share repurchase program was initiated, with 2,099,472 shares repurchased for $46.3 million under a $250 million authorization[6] - The company plans to continue opportunistic share repurchases and expects revenue-generating real-world assets on-chain in the coming weeks[6] - The company plans to continue purchasing ETH over time as part of its digital asset treasury strategy[25] Asset Management - ETHZilla's ETH holdings amounted to 102,273 ETH, valued at $424 million, with 70% of ETH deployed in staking protocols[8] - The company anticipates positive adjusted EBITDA in the fourth quarter and expects L2 protocol yield to range between 3.5% and 4.5%[6] - ETHZilla aims to lead the tokenization of global assets, positioning itself as a first mover in the multi-trillion-dollar tokenized asset economy[2] Risks and Projections - The financial projections are based on numerous assumptions and are subject to significant uncertainties, which may materially impact actual results[23] - Forward-looking statements indicate potential risks including fluctuations in the market price of ETH and regulatory changes affecting the cryptocurrency market[25]

Financial Performance - Net revenues for the three months ended September 30, 2025, were $23,896,448, representing an increase from $19,657,905 in the same period of 2024, a growth of approximately 21.4%[117] - Gross profit for the three months ended September 30, 2025, was $13,707,389, with a gross margin of 57.4%, compared to a gross profit of $9,587,229 and a gross margin of 48.8% in the same period of 2024[117] - Adjusted EBITDA for the three months ended September 30, 2025, was $1,956,127, with an adjusted EBITDA margin of 8.2%, compared to an adjusted EBITDA of $(241,712) and a margin of (1.2)% in the same period of 2024[117] - Net revenues for the nine months ended September 30, 2025, decreased by approximately $3.8 million to $50.8 million, a 7.0% decline compared to $54.6 million for the same period in 2024[148] - Contribution profit for the nine months ended September 30, 2025, was $7,593,178, a decrease from $9,714,754 in 2024, while contribution margin was 15.0% compared to 17.8% in 2024[167] - The company reported a net loss of $(17,868,299) for the nine months ended September 30, 2025, compared to $(8,736,845) in 2024, reflecting ongoing challenges[168] Cost and Expenses - Cost of revenues for the three months ended September 30, 2025, increased by $0.3 million to $10.1 million, while as a percentage of revenue, it declined from 49.8% to 42.1%[142] - General and administrative expenses decreased by $1.2 million to $6.0 million for the three months ended September 30, 2025, primarily due to decreased stock-based compensation expenses[144] - Sales and marketing expenses increased by $4.4 million to $9.6 million for the three months ended September 30, 2025, driven by increased stock-based compensation and expanded selling efforts[145] - Cost of revenues for the nine months ended September 30, 2025, decreased by $8.7 million to $22.1 million, improving as a percentage of revenue from 56.4% to 43.6%[149] - General and administrative expenses increased by $5.4 million to $21.3 million for the nine months ended September 30, 2025, mainly due to higher payroll costs and professional fees[152] - Commissions expense for the nine months ended September 30, 2025, was $12,735,435, slightly increasing from $12,663,350 in 2024[168] Cash Flow and Financing - Net cash used in operating activities was approximately $11.1 million for the nine months ended September 30, 2025, a decrease from $12.2 million in the same period of 2024[160] - Net cash provided by investing activities was approximately $13.5 million for the nine months ended September 30, 2025, primarily from cash acquired in the acquisition of Heliogen[161] - Net cash used in financing activities was approximately $4.1 million for the nine months ended September 30, 2025, compared to $8.8 million provided in the same period of 2024[162] - The company has approximately $2.5 million in convertible notes and only $0.1 million of debt on service trucks and vehicles, indicating a low debt level[163] Strategic Initiatives - The company completed the acquisition of Heliogen on August 8, 2025, issuing 6,217,612 shares of class A common stock at an exchange ratio of 0.9591 shares for each share of Heliogen common stock[114] - The company plans to expand its roofing business in all markets to facilitate faster solar installations, particularly in areas affected by severe weather[123] - Future revenue growth is expected to depend on the company's ability to expand into underserved residential markets in states like Florida, Texas, and Virginia[122] - The company aims to increase its in-house sales force and external sales dealers to target new customers in the Southern U.S. regional residential markets[125] - The company has approximately 280 sales agents and 12 independent sales dealers as of September 30, 2025, focusing on a capital-light business strategy[110] Market Conditions - The company is experiencing increased costs due to inflation, particularly in raw materials and labor, which may pressure operating margins[126] - Less than 5% of sales were paid in cash by customers in the nine months ended September 30, 2025, indicating a reliance on third-party financing[131] Performance Monitoring - Management uses non-GAAP financial measures to monitor performance and facilitate comparisons with other companies, highlighting the importance of these metrics in strategic decision-making[165] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(1,924,958), improving from $(8,736,845) in 2024, with an adjusted EBITDA margin of (3.8)% compared to 0.2% in 2024[168] - Total gross profit for the nine months ended September 30, 2025, was $28,085,826, up from $23,176,906 in 2024[167]

FORM 10-Q (Mark one) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 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: 001-40927 (Registrant's telephone number, including area code) Not Applicable (Former name or former ...

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 September 30, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to _________ | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | Ordinary Shares, par v ...

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 September 30, 2025 ☐ 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: 001-41094 ROADZEN INC. (Exact Name of Registrant as Specified in Its Charter) British Virgin Islands 98-1600 ...

Market Growth Projections - The global smart city platforms market is projected to grow at a CAGR of 9% from 2026 to 2032, increasing from USD 208.8 billion to USD 416.1 billion[91] - The global IoT market, valued at USD 308.97 billion in 2020, expanded by 23.1% that year and is expected to surge to USD 1,854.76 billion by 2028[91] - Global spending on artificial intelligence is projected to double from USD 50.1 billion in 2020 to over USD 110 billion in 2024[92] Iveda Product Offerings - Iveda launched IvedaCare in November 2022, a suite of wireless health and wellness devices aimed at monitoring the health and activities of loved ones[117] - Iveda's smart power technology includes smart power, water meters, smart lighting control systems, and smart payment systems for various applications[102] - IvedaAI enables accurate search across dozens to thousands of cameras in less than 1 second, maximizing efficiency and reducing costs[95] - Iveda's smart drones utilize AI-based software for autonomous operation and are equipped with advanced video surveillance technology[112] - The Iveda Smart Utility Cabinet monitors daily energy consumption and detects abnormalities using IoT sensors[115] Business Model and Clientele - Iveda's business model in the US focuses on selling hardware and licensing software to service providers, generating dual revenue streams from hardware sales and software licensing fees[120] - Iveda's customers include Chunghwa Telecom, Taiwan Stock Exchange, and New Taipei City Police Department, servicing enterprise and government clients on a per-project basis[121] Financial Performance - For the three months ended September 30, 2025, consolidated revenues decreased by 31% to $1,651,787 compared to $2,398,156 for the same period in 2024[125] - Gross profit increased by 26% to $517,277 for the three months ended September 30, 2025, compared to $410,482 in the same period in 2024[125] - Operating expenses decreased by 28% to $731,580 for the three months ended September 30, 2025, compared to $1,019,415 in the same period in 2024[125] - The net loss for the three months ended September 30, 2025, was $221,304, a 62% decrease from the net loss of $514,472 in the same period in 2024[126] - The decrease in revenue was primarily due to decreased equipment sales from Iveda Taiwan related to delivery timing of long-term government contracts[126] - The increase in overall gross margin was attributed to higher margin contract sales in Taiwan[127] - The reduction in operating expenses was due to the absence of re-audit and general operation expenses in the US and Taiwan during the period[127] - The net decrease in loss from operations was primarily due to increased gross margins and reduced operating expenses[129] - For the nine months ended September 30, 2025, detailed financial results will be provided in the upcoming sections[130] - Revenues for the nine months ended September 30, 2025, increased to $4,654,271, a 9% rise compared to $4,278,983 for the same period in 2024[131] - Gross profit for the nine months ended September 30, 2025, was $1,250,259, reflecting a 14% increase from $1,093,540 in the prior year[131] - Operating expenses decreased to $2,832,480 for the nine months ended September 30, 2025, down 22% from $3,642,748 in the same period in 2024[133] - Net loss before income tax improved to $(1,548,781) for the nine months ended September 30, 2025, compared to $(2,437,486) in the prior year, a reduction of 36%[135] - Cash and cash equivalents increased to $3.3 million as of September 30, 2025, up from $2.7 million at the end of 2024[134] - Net cash used in operating activities decreased to $(1.8) million for the nine months ended September 30, 2025, compared to $(3.5) million in the same period in 2024[135] - Net cash provided by financing activities was $2.4 million for the nine months ended September 30, 2025, slightly up from $2.3 million in the prior year[137] - The company has approximately $38 million in net operating loss carryforwards available for federal income tax purposes, which will begin to expire in 2025[139] - The overall gross margin showed a slight increase due to higher margin contract sales in the US and Taiwan[132] - The decrease in net loss was primarily attributed to reduced operating expenses for the nine months ended September 30, 2025, compared to the same period in 2024[133] Accounting Standards - No new accounting standards were issued that would impact the company's operations or disclosures[123]

Antiviral Development - Cocrystal Pharma is focused on developing antiviral therapeutics for serious viral diseases, utilizing unique structure-based technologies[86]. - The influenza program includes CC-42344, which has shown in vitro efficacy against H5N1 avian influenza A strain with an EC50 of 0.003 µM[91]. - The Phase 2a study of oral CC-42344 demonstrated a favorable safety profile with no serious adverse events (SAEs) reported[93]. - Cocrystal is developing CDI-988 as a broad-spectrum antiviral for noroviruses and coronaviruses, with favorable safety results from Phase 1 studies[95][97]. - CDI-988's Phase 1 multiple-ascending dose (MAD) study showed that all doses from 100 mg to 1,200 mg were well tolerated[100]. - The company received FDA authorization for a Phase 1b challenge study of CDI-988, expected to begin in the first half of 2026[102]. - Cocrystal's HCV program targets the viral NS5B polymerase, aiming for ultra-short treatment regimens of four to six weeks[115]. - Cocrystal's influenza A/B program is material to the future development of a comprehensive antiviral program following the return of preclinical assets from Merck[94]. - The company continues to pursue novel antiviral compounds for coronavirus infections, targeting viral replication enzymes and protease[112]. Financial Performance - Total research and development expenses for the three months ended September 30, 2025, were $954,000, a decrease of $2,288,000 compared to $3,242,000 in 2024[120]. - Total research and development expenses for the nine months ended September 30, 2025, were $3,436,000, down from $10,500,000 in 2024, reflecting a decrease of $7,064,000[121]. - General and administrative expenses for the three months ended September 30, 2025, were $1,135,000, a decrease of $665,000 from $1,800,000 in 2024[123]. - General and administrative expenses for the nine months ended September 30, 2025, were $3,102,000, down from $4,148,000 in 2024, a decrease of $1,046,000[125]. - Net loss for the three months ended September 30, 2025, was $2,049,000, compared to a net loss of $4,939,000 in 2024[130]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $6,456,000, a decrease from $13,325,000 in 2024[131]. - The Company had $7,729,000 in unrestricted cash on September 30, 2025, which is not sufficient to support its working capital needs for the next 12 months[134]. - The Company sold 2,764,710 shares of common stock at $1.70 per share in a registered direct offering on September 12, 2025[138]. - The Company has incurred operating losses and negative operating cash flows on an annual basis since inception[135]. Clinical Development - The Company is seeking a partner for further clinical development of CC-31244 after completing Phase 2a trials[117].

Revenue Performance - Third quarter 2025 revenue was $19.3 million, slightly down from $19.4 million in Q3 2024, while nine-month revenue decreased to $49.8 million from $59.3 million[8]. - Net income for Q3 2025 increased by 49% to $1.1 million compared to $0.7 million in Q3 2024, while the nine-month period showed a net loss of $1.5 million compared to a net income of $2.3 million in the same period last year[4][8]. - The company reported a basic earnings per share of $0.09 for Q3 2025, compared to $0.06 in Q3 2024, while the nine-month period showed a loss per share of $(0.12) compared to earnings of $0.19[8][16]. Profitability Metrics - Gross profit for Q3 2025 was $4.3 million, with a gross margin of 22.3%, up from 21.7% in Q3 2024; however, nine-month gross profit fell to $6.6 million, with a gross margin of 13.3%[8]. - Adjusted EBITDA for Q3 2025 was $1.9 million, a 17% increase from $1.7 million in Q3 2024; however, nine-month adjusted EBITDA was $(0.6) million, significantly down from $5.5 million[4][8]. - The termination of the Boeing A-10 Program significantly impacted financial results, with a nine-month adjusted EBITDA of $3.9 million when excluding this impact[8][22]. Financial Position - Total debt as of September 30, 2025, decreased to $15.9 million from $18.2 million a year earlier, achieving a Debt-to-Adjusted EBITDA ratio of 2.6[5][8]. - Cash and cash equivalents decreased to $546,591 from $5.49 million as of September 30, 2024[14]. - Accounts receivable increased to $6.4 million from $3.7 million year-over-year, indicating improved collection efforts[14]. Business Developments - The company secured a new contract from Raytheon to manufacture structural missile wing assemblies, contributing to a backlog of $509 million as of September 30, 2025[6].