Financial Performance - The company incurred a net loss of $46.98 million for the period from June 18, 2024, to December 31, 2024, with a loss per share of $14.89[14]. - Total operating expenses for the same period amounted to $35.54 million, primarily driven by $31.23 million in research and development costs[14]. - Jade Biosciences has a stockholders' deficit of $46.8 million as of December 31, 2024, reflecting significant accumulated losses since inception[11]. - The Company incurred a net loss of $47.0 million from inception (June 18, 2024) to December 31, 2024, with an accumulated deficit of $47.0 million as of the same date[36]. - Basic and diluted net loss per share attributable to common stockholders was $(14.89) for the period from June 18, 2024, to December 31, 2024, with a net loss of $(46.979) million[152]. Assets and Funding - As of December 31, 2024, Jade Biosciences, Inc. reported total assets of $72.8 million, a significant increase from $3,000 on June 18, 2024[11]. - The Company had $69.4 million in cash and cash equivalents as of December 31, 2024, indicating a need for substantial additional funding to support operations[31][33]. - The company raised $95 million through the issuance of convertible notes payable, contributing to a net cash increase of $69.39 million by the end of the reporting period[20]. - The Company raised $80.0 million from the issuance of Convertible Notes in July 2024 and an additional $15.0 million in September 2024[37]. - The Company expects to finance its operating activities through equity offerings and debt financings until it can generate significant revenue from product sales[33]. Research and Development - The Company has significant research and development costs, which include external costs and expenses related to agreements with third-party service providers[60]. - The Company capitalized $24.9 million of research and development expenses from June 18, 2024, to December 31, 2024[122]. - The Company recognized $24.6 million in research and development expenses related to services provided by Paragon under the Paragon Option Agreement and the JADE-001 License Agreement for the period from June 18, 2024, to December 31, 2024[141]. - JADE-001 external research and development costs were $22.992 million, while JADE-002 and JADE-003 costs were $2.437 million and $2.141 million, respectively[161]. - The Company recognized $5.5 million as research and development expense related to the Paragon Option Agreement during the reporting period[133]. Mergers and Acquisitions - The company entered into a merger agreement with Aerovate Therapeutics, which will result in Jade becoming a wholly owned subsidiary of Aerovate[26]. - The merger is expected to enhance the combined company's focus on developing differentiated biologic therapies for autoimmune diseases[26]. - Jade's management team will lead the combined company post-merger, indicating a continuity of leadership and strategic direction[26]. - The Company completed a merger with Jade, resulting in an Exchange Ratio of 0.6311 shares of Aerovate common stock for each share of Jade common stock[30]. Regulatory and Market Risks - The company has identified risks related to regulatory approvals and market acceptance of its product candidates, which are critical for future success[24]. - The Company has substantial doubt about its ability to continue as a going concern for at least 12 months from the date its consolidated financial statements are available[40]. Stock and Equity - The Company issued 20,000,000 shares of Convertible Preferred Stock on June 18, 2024, for gross proceeds of less than $0.1 million[90]. - Each share of Convertible Preferred Stock is convertible into common stock at a ratio of 1-for-0.6311, with an original issue price of $0.0001 per share[97]. - The Company has 3,155,500 shares of common stock issued and outstanding, with 15,014,751 shares reserved for potential conversion of Convertible Preferred Stock and stock options[103][104]. - The 2024 Equity Incentive Plan authorized 8,067,789 shares of common stock for issuance, with 2,392,751 shares reserved as of December 31, 2024[105]. - The Company has accrued expenses totaling $4.125 million as of December 31, 2024, including $2.791 million for research and development contract costs[85]. Tax and Valuation - The effective income tax rate for the period was 0.0%, primarily due to a full valuation allowance of $7.6 million against deferred tax assets[119]. - The federal net operating loss carryforward was $2.1 million, with state net operating loss carryforwards of less than $0.1 million[120]. - The valuation allowance increased by $7.6 million due to net operating loss carryforwards and research and development tax credit carryforwards[122]. Related Party Transactions - The Company has $5.5 million in related party accrued expenses pertaining to services provided by Paragon and Parade under the Paragon Option Agreement as of December 31, 2024[156]. - Fairmount beneficially owns more than 5% of the Company's capital and has two representatives on the Board of Directors[157]. - The Company issued 20,000,000 shares of Convertible Preferred Stock to Fairmount for gross proceeds of less than $0.1 million in June 2024[157].

Financial Performance - Total revenues for Q3 2025 reached $22,527,831, a decrease of 20.5% compared to $28,152,839 in Q3 2024[4] - The company reported a net income of $3,935,906 for Q3 2025, down from $15,445,688 in Q3 2024, reflecting a decline of 74.5%[4] - Basic earnings per share for Q3 2025 were $0.01, down from $0.05 in Q3 2024, a decrease of 80%[4] - For the nine months ended September 30, 2025, DeFi Technologies reported a net income of $32,647,548 compared to a net loss of $3,906,181 for the same period in 2024, indicating a significant turnaround in performance[5]. - The company achieved a net income and comprehensive income of $33,790,050 for the nine months ended September 30, 2025, compared to a net loss of $5,297,555 for the same period in 2024[8] Assets and Liabilities - Total current assets rose to $948,395,427 as of September 30, 2025, up from $710,993,671 at the end of 2024, marking an increase of 33.5%[3] - The total liabilities increased to $1,084,042,494 as of September 30, 2025, compared to $899,447,480 at the end of 2024, an increase of 20.5%[3] - The company’s total equity increased to $117,717,967 as of September 30, 2025, compared to $19,144,197 at the end of 2024, reflecting a growth of 515.5%[3] - As of September 30, 2025, the company reported a working capital deficiency of $132,955,851, an improvement from a deficiency of $188,453,809 as of December 31, 2024[8] - The company has cash reserves of $119,541,083 as of September 30, 2025, significantly up from $15,931,525 as of December 31, 2024[8] Digital Assets - Digital assets held increased significantly to $445,126,641 as of September 30, 2025, compared to $276,853,787 at the end of 2024, representing a growth of 60.7%[3] - The fair value of the company's digital assets increased to $789,254,841 as of September 30, 2025, from $555,838,900 on December 31, 2024[53] - The company’s total digital asset holdings as of September 30, 2025, include a diverse range of cryptocurrencies, with significant increases in value for several key assets[55] - Digital assets loaned surged to $163.45 million compared to $38.62 million in the previous year, marking an increase of 323.5%[57] - The company has loaned digital assets with a fair value of $232,654,637 as of September 30, 2025, compared to $38,618,758 as of December 31, 2024, indicating a substantial increase of approximately 503.5%[64] Investments and Acquisitions - The company engaged in acquisitions, including Neuronomics, which contributed to the increase in total equity and diversification of its asset portfolio[6]. - The Company invested $61,741,683 in Fund A, acquiring 491,249 Solana at $105 each and 931,446 Avalanche at $11 each during 2024[70] - The acquisition of Reflexivity LLC on February 6, 2024, involved issuing 5,000,000 common shares valued at $2,450,000, with total net assets acquired also valued at $2,450,000[78][79] - The Company increased its stake in Neuronomics AG from 10% to 52.5% after an investment of $288,727, with additional cash considerations of $816,372 and shares valued at $442,722[87][88] - The Company received a distribution of $71,685,819 from Fund B in July 2025[76] Shareholder Equity and Stock Options - The company issued 45,662,101 units in a private placement at $2.19 per unit, generating gross proceeds of $100,000,001 on September 26, 2025[114] - As of September 30, 2025, the total number of issued and outstanding shares increased to 384,375,991, with a total share capital amounting to $220,088,856[109] - The Company recorded an estimated fair value of $1,784,168 for 500,000 stock options that were cancelled due to a failed merger and acquisition transaction[136] - The Company granted 1,200,000 stock options to various consultants at an exercise price of CAD$4.52, with an estimated grant date fair value of $3,591,500[121] - The Company recorded $6,528,831 in share-based compensation related to Deferred Share Units (DSUs) during the nine months ended September 30, 2025, compared to $5,774,343 for the same period in 2024, representing an increase of approximately 13.1%[151] Market and Currency Risks - The company does not engage in any hedging activities to mitigate currency risk, which primarily arises from fluctuations in the Canadian dollar, Euro, Swiss Franc, Swedish Krona, and British Pound[163] - A 10% increase in the value of the US dollar against all foreign currencies would result in an estimated increase in net income of approximately $5,069,000 as of September 30, 2025[164] - A 1% change in interest rates could result in an approximate $159,000 change in net loss based on cash balances as of September 30, 2025[162] Financial Reporting and Compliance - The company’s financial statements are prepared in accordance with IFRS, and the Board of Directors approved the interim financial statements on November 12, 2025[11] - The company changed its presentation currency from Canadian dollars (CAD) to United States dollars (USD) effective April 1, 2025, to better reflect its operational exposure in the global cryptocurrency market[24] - The company adopted SAB 122 during the nine months ended September 30, 2025, resulting in the retrospective de-recognition of $3,356,235 of client digital assets and associated liabilities from its December 31, 2024 statement of financial position[23]

Exhibit 99 AIRO Reports Third Quarter 2025 Results; Progress on Drone Deliveries and Strong Liquidity Position AIRO, Through Its Leading Drone Technology Business, Sky-Watch, Secures $4.5M Development Program to Advance Counter- Electronic Warfare Technologies McLean, VA – November 14, 2025 – AIRO Group Holdings, Inc. (NASDAQ: AIRO) ("AIRO" or the "Company"), a global leader in advanced aerospace and defense technologies, today announced financial results for the third quarter ended September 30, 2025. Thir ...

• Total revenues were $43 million, representing an 18% year-over-year decrease. • Income from operations was $16 million, representing a 15% year-over-year increase. • Net Income attributable to SBC Medical Group was $13 million , representing an 353% year-over-year increase. • Earnings per share, which is defined as net income attributable to the Company divided by the weighted average number of outstanding shares, was $0.12 for the three months ended September 30, 2025, compared to $0.03 in the same perio ...

Financial Performance - Total revenues for Q3 2025 were $43 million, representing an 18% year-over-year decrease[4] - Year-to-date total revenues for 2025 were $134 million, a 17% year-over-year decrease[7] - Total revenues for the three months ended September 30, 2025, were $43,353,235, a decrease of 18.3% compared to $53,084,883 for the same period in 2024[23] - Total revenues for the nine months ended September 30, 2025, were $134,040,783, a decrease of 16.8% compared to $160,995,005 for the same period in 2024[28] Net Income - Net income attributable to SBC Medical Group for Q3 2025 was $13 million, a 353% year-over-year increase from $3 million in Q3 2024[9] - Year-to-date net income attributable to SBC Medical Group was $37 million, representing an 8% year-over-year decrease[7] - Net income for the nine months ended September 30, 2025, was $36,765,128, down from $40,142,008 in 2024, representing a decline of 8.5%[25] - The company reported a net income per share of $0.12 for the three months ended September 30, 2025, compared to $0.03 for the same period in 2024[23] EBITDA - EBITDA for Q3 2025 was $17 million, reflecting a 12% year-over-year increase, with an EBITDA margin of 38% compared to 28% in Q3 2024[4] - EBITDA for the nine months ended September 30, 2025, was $56,648,122, representing a decline of 17.3% compared to $68,453,829 in 2024[28] - EBITDA margin for the nine months ended September 30, 2025, was 42%, down from 43% in the same period of 2024[28] Customer Metrics - The customer count reached 6.5 million in the last twelve months, marking a 14% year-over-year increase[4] - The repeat rate for customers visiting franchisee's clinics twice or more was 72%[4] Franchise Growth - The number of franchise locations increased to 258 as of September 30, 2025, up by 34 locations from the previous year[4] Assets and Equity - Total assets as of September 30, 2025, were $321.36 million, an increase from $266.08 million as of December 31, 2024[19] - Total stockholders' equity as of September 30, 2025, was $248,059,201, an increase from $195,022,158 as of December 31, 2024[22] - Total liabilities and stockholders' equity as of September 30, 2025, amounted to $321,363,085, up from $266,083,154 as of December 31, 2024[22] Cash Flow - Cash flows from operating activities for the nine months ended September 30, 2025, were negative at $(27,295,426), contrasting with positive cash flows of $27,886,231 in 2024[25] - Cash and cash equivalents as of the end of the period were $127,431,318, a decrease from $137,393,070 at the end of the previous period[26] - Net cash provided by financing activities for the nine months was $18,470,001, compared to $11,584,038 in the previous period[26] Operating Expenses - Operating expenses for the nine months ended September 30, 2025, totaled $43,717,642, slightly down from $43,784,637 in 2024[23] Other Financial Metrics - Gross profit for the three months ended September 30, 2025, was $30,611,487, compared to $43,239,090 for the same period in 2024, indicating a decrease of 29.2%[23] - The company experienced a foreign currency translation adjustment loss of $6,791,961 for the three months ended September 30, 2025[23] - The company reported a gain on redemption of life insurance policies amounting to $8,746,138 for the nine months ended September 30, 2025[23] - Cash paid for income taxes, net, was $37,555,740 for the nine months, compared to $31,332,123 in the previous period[26] - The company reported borrowings from long-term loans amounting to $14,851,980 during the nine months[26] - The company experienced an effect of exchange rate changes amounting to $7,973,128 during the nine months[26] - Depreciation and amortization expense for the nine months ended September 30, 2025, was $2,010,616, down from $2,867,781 in 2024[28] Future Plans - The company plans to focus on sustainable growth and multi-brand initiatives in the dermatology segment moving forward[6]

Financial Performance - Consolidated ordinary income for the first half of fiscal 2025 was ¥4,337,537 million, a decrease of 5.4% compared to the previous year[8] - Profit attributable to owners of the parent for the first half of fiscal 2025 was ¥689,947 million, an increase of 21.8% year-over-year[8] - Comprehensive income for the first half of fiscal 2025 was ¥845,578 million, a significant increase of 42.8% compared to ¥591,838 million in the previous year[9] - Profit before income taxes for the six months ended September 30, 2025, was ¥898,716 million, compared to ¥791,158 million for the same period in 2024, indicating an increase of approximately 13.6%[28] - Ordinary profits amounted to ¥849,626 million, an increase of ¥102,547 million from ¥747,079 million in the first half of fiscal 2024[44] - Profit before income taxes rose to ¥638,931 million, an increase of ¥79,546 million compared to ¥559,384 million for the six months ended September 30, 2024[148] Assets and Liabilities - Total assets as of September 30, 2025, were ¥288,757,081 million, up from ¥283,320,404 million as of March 31, 2025[10] - Total liabilities as of September 30, 2025, amounted to ¥277,681,073 million, an increase from ¥272,796,651 million as of March 31, 2025, indicating a growth of approximately 1.4%[27] - Total net assets increased to ¥11,076,007 million as of September 30, 2025, up from ¥10,523,753 million as of March 31, 2025, marking an increase of about 5.2%[27] - Total liabilities increased to ¥234,473,209 million as of September 30, 2025, up ¥249,131 million from ¥234,224,077 million as of March 31, 2025[147] Shareholder Information - The own capital ratio increased to 3.8% in the first half of fiscal 2025, compared to 3.6% in fiscal 2024[10] - The number of issued shares as of September 30, 2025, was 2,489,848,594, a decrease from 2,513,757,794 shares as of March 31, 2025[15] - Cash dividends for the second quarter of fiscal 2025 are estimated at ¥72.50, with a total estimated annual dividend of ¥145.00[12] - Cash dividends declared for the six months ended September 30, 2025, totaled ¥188,463 million, an increase from ¥139,610 million in the same period of 2024[32] Earnings Estimates - The company revised its consolidated earnings estimates for fiscal 2025 to ¥1,130,000 million, reflecting a 27.6% increase from the previous fiscal year[13] - Diluted earnings per share for fiscal 2025 are estimated at ¥453.49, up from the previous estimate of ¥1,020,000 million[14] Income and Expenses - General and administrative expenses increased to ¥966,147 million, up by ¥88,978 million compared to ¥877,168 million in the previous year[44] - Interest income for the six months ended September 30, 2025, was ¥2,891,300 million, down from ¥3,045,939 million in the same period of 2024, representing a decrease of about 5.1%[28] - Net interest income rose to ¥652,680 million, up by ¥169,823 million from ¥482,856 million year-over-year[44] Non-Performing Loans and Risk Management - Non-performing loans (NPL) for Mizuho Bank amounted to ¥43,699 million, an increase of ¥11,215 million from the previous period[88] - The NPL ratio for Mizuho Bank stood at 0.69%, a decrease of 0.24% compared to the previous period[95] - The total allowance for loan losses across the two banks was ¥242.3 billion as of September 30, 2025, down by ¥241.6 billion from ¥483.9 billion as of March 31, 2025[108] Capital Ratios - Total Capital Ratio as of September 30, 2025, is 18.41%, an increase of 0.66% from 17.75% as of March 31, 2025[85] - Tier 1 Capital Ratio improved to 16.55%, up by 0.90% from 15.65%[85] - Common Equity Tier 1 Capital Ratio reached 13.70%, reflecting a 0.47% increase from 13.23%[85] Future Projections - The estimated future taxable income for Mizuho Bank from October 1, 2025, to September 30, 2030, is projected at ¥6,103.9 billion[132] - Total deferred tax assets as of September 30, 2025, amounted to 939.6 billion yen, a decrease of 39.9 billion yen from March 31, 2025[135]

"Our third-quarter performance reflects the speed, discipline, and precision with which we are executing against our differentiated Bitcoin accumulation model," said Michael Ho, CEO of American Bitcoin. "We more than doubled our mining capacity, more than doubled revenue, and grew gross margin by seven percentage points quarter-over-quarter." American Bitcoin Reports Third Quarter 2025 Results MIAMI, FL, November 14, 2025 (PR NEWSWIRE) – American Bitcoin Corp. (Nasdaq: ABTC) ("American Bitcoin" or the "Comp ...

American Bitcoin Reports Third Quarter 2025 Results MIAMI, FL, November 14, 2025 (PR NEWSWIRE) – American Bitcoin Corp. (Nasdaq: ABTC) ("American Bitcoin" or the "Company"), a Bitcoin accumulation platform focused on building America's Bitcoin infrastructure backbone, today reported its financial results for the quarter ended September 30, 2025. "The third quarter validated the thesis behind American Bitcoin," said Eric Trump, Co-founder and Chief Strategy Officer of American Bitcoin. "While others paid spo ...

Bitcoin Holdings and Mining Operations - As of November 13, 2025, the Company accumulated approximately 4,090 Bitcoin in reserve and owned about 77,944 Bitcoin miners with a cumulative hashrate of 25.0 EH/s and a weighted average fleet efficiency of 16.3 J/TH[184] - The Company purchased 16,299 Bitmain Miners for approximately $314.0 million, and an additional 981 miners for $18.9 million, financed through the pledge of Bitcoin[185] - The Company operates Bitcoin mining at four sites: Alpha, Medicine Hat, Salt Creek, and Vega, with a fleet upgrade completed on April 4, 2025, improving operational efficiency[198][197] - The current Bitcoin reward for solving a block is 3.125 Bitcoin, with the last halving event occurring in April 2024 and the next expected in 2028, impacting mining output and profitability[203] - The company mined 563 Bitcoin in Q3 2025, a significant increase from 190 Bitcoin in Q3 2024, with the average revenue per Bitcoin mined rising from approximately $61,105 to $114,097[212] - The Company plans to accumulate additional Bitcoin and has established a strategic Bitcoin reserve following the Transactions on April 1, 2025[230] Financial Performance - Revenue for the three months ended September 30, 2025, was $64.2 million, a significant increase of $52.6 million compared to $11.6 million for the same period in 2024, primarily due to improved mining efficiencies and increased Bitcoin production[210][212] - Adjusted EBITDA for the three months ended September 30, 2025, was $27.7 million, compared to a loss of $4.3 million in the same period in 2024, reflecting a positive change of $31.9 million[211] - The net income for the three months ended September 30, 2025, was $3.5 million, compared to a net loss of $576,000 in the same period in 2024, marking an improvement of $4.1 million[210] - For the nine months ended September 30, 2025, revenue was $106.8 million, up from $55.9 million in 2024, reflecting an increase of $51 million[219] - Revenue for the nine months ended September 30, 2025, was $106.8 million, an increase of $50.9 million from $55.9 million in 2024, primarily due to improved mining efficiencies and the addition of 14.86 EH/s from new miners[221] Costs and Expenses - The cost of revenue increased to $28.3 million for the three months ended September 30, 2025, from $11.1 million in 2024, primarily due to higher operational costs and increased power costs per megawatt hour, which rose from $28.40 to $42.41[213] - General and administrative expenses rose to $8.1 million in Q3 2025 from $4.8 million in Q3 2024, driven by $5.2 million in transaction costs related to a merger[215] - Cost of revenue increased by $15.7 million to $55.3 million for the nine months ended September 30, 2025, driven by higher consumption from additional miners[222] - General and administrative expenses rose by $2.5 million to $26.1 million, primarily due to $7.5 million in transaction costs related to the Merger[224] Digital Asset Performance - Losses on digital assets were $5.5 million for Q3 2025, compared to $1.6 million in Q3 2024, attributed to the accumulation of Bitcoin at a higher average cost basis[216] - Loss on digital assets was $114.8 million for the nine months ended September 30, 2025, compared to gains of $201.1 million in 2024, largely due to a decrease in Bitcoin held[225] Cash Flow and Financing - Net cash used in operating activities was $43.1 million for the nine months ended September 30, 2025, a significant improvement from $77.6 million in 2024[236] - Net cash provided by financing activities was $331.9 million for the nine months ended September 30, 2025, primarily from equity sales and the effectuation of the Transactions[238] - The Company issued 159,537,377 shares of Class A common stock for gross proceeds of approximately $220.1 million on June 27, 2025[231] Risks and Strategic Considerations - Power costs are a significant component of the Company's mining expenses and are subject to market fluctuations, affecting overall profitability[204] - The Company holds Bitcoin with third-party custodians such as Anchorage, Bitgo, and Coinbase, exposing it to custodian risk due to potential loss or theft of assets[246] - Credit risk arises from pledging Bitcoin as collateral; no material loss was incurred during the nine months ended September 30, 2025, but the risk of counterparty default remains[247] - The Company places cash and demand deposits with financial institutions of high credit standing to mitigate credit risk, but there are no assurances of complete risk mitigation[247] - Changes in U.S. trade policy and tariffs could adversely impact the Company's ability to import equipment cost-effectively, prompting the Company to adjust its strategies accordingly[248]

Bitcoin Holdings and Mining Operations - As of November 13, 2025, the Company accumulated approximately 4,090 Bitcoin in reserve and owned about 77,944 Bitcoin miners with a cumulative hashrate of 25.0 EH/s and a weighted average fleet efficiency of 16.3 J/TH[184] - The Company operates Bitcoin mining at four sites: Alpha, Medicine Hat, Salt Creek, and Vega, with a fleet upgrade completed on April 4, 2025, resulting in higher efficiency miners[198][197] - As of September 30, 2025, the Company had a cumulative hashrate of 25.0 EH/s, reflecting its operational capacity in Bitcoin mining[184] - The current Bitcoin reward for solving a block is 3.125 Bitcoin, with the next halving event expected in 2028, impacting the number of Bitcoin mined and potentially the Company's operations[203] - The Company accumulated 3,418 Bitcoin in Q3 2025, down from 9,106 Bitcoin in Q3 2024, as it began to build its own strategic Bitcoin reserve[216] - The Company plans to accumulate additional Bitcoin and has established a strategic Bitcoin reserve following the Transactions on April 1, 2025[230] Financial Performance - Revenue for the three months ended September 30, 2025, was $64.2 million, a significant increase of $52.6 million compared to $11.6 million for the same period in 2024, primarily due to improved mining efficiencies and increased Bitcoin production[210][212] - Adjusted EBITDA for the three months ended September 30, 2025, was $27.7 million, compared to a loss of $4.3 million in the same period of 2024, reflecting a positive change of $31.9 million[211] - The total operating income for the three months ended September 30, 2025, was $28.7 million, an increase of $18.1 million compared to $10.6 million in 2024[210] - Revenue for the nine months ended September 30, 2025, was $106.8 million, an increase of $50.9 million from $55.9 million in 2024, primarily due to increased mining efficiencies and the addition of 14.86 EH/s from new miners[221] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(79.7) million, a decrease of $282.6 million compared to $202.9 million in 2024[220] Costs and Expenses - The cost of revenue increased to $28.3 million for the three months ended September 30, 2025, from $11.1 million in 2024, primarily due to higher power costs and increased miner operations[213] - General and administrative expenses rose to $8.1 million in Q3 2025 from $4.8 million in Q3 2024, driven by $5.2 million in transaction costs related to a merger[215] - Cost of revenue increased by $15.7 million to $55.3 million for the nine months ended September 30, 2025, driven by higher consumption from additional miners[222] - General and administrative expenses rose to $26.1 million in 2025 from $23.6 million in 2024, primarily due to $7.5 million in transaction costs related to the Merger[224] Income and Losses - The net income for the three months ended September 30, 2025, was $3.5 million, compared to a net loss of $576,000 in the same period of 2024, marking an improvement of $4.1 million[210] - Losses on digital assets were $5.5 million for Q3 2025, compared to $1.6 million in Q3 2024, attributed to the accumulation of Bitcoin at a higher average cost basis[216] - Loss on digital assets was $114.8 million for the nine months ended September 30, 2025, compared to gains of $201.1 million in 2024, largely due to a decrease in Bitcoin held[225] Cash Flow and Financing - Net cash used in operating activities was $43.1 million for the nine months ended September 30, 2025, a significant improvement from $77.6 million in 2024[236] - Net cash provided by financing activities was $331.9 million for the nine months ended September 30, 2025, primarily from equity sales and the effectuation of the Transactions[238] - The Company issued 159,537,377 shares of Class A common stock for gross proceeds of approximately $220.1 million on June 27, 2025[231] Risks and Strategic Considerations - Power costs are a significant component of the Company's mining expenses and are subject to volatility, impacting profitability[204] - The Company holds Bitcoin with third-party custodians such as Anchorage, Bitgo, and Coinbase, which exposes it to custodian risk due to potential loss or theft of assets[246] - Credit risk arises from pledging Bitcoin as collateral; however, no material loss has been incurred during the nine months ended September 30, 2025[247] - The Company continually assesses credit risk associated with counterparties and may recognize loss provisions if necessary[247] - The Company places cash and demand deposits with financial institutions of high credit standing to mitigate credit risk, but full mitigation cannot be guaranteed[247] - Changes in U.S. trade policy and tariffs could adversely impact the Company's ability to import equipment cost-effectively[248] Corporate Changes - Following the merger with Gryphon on September 3, 2025, Historical ABTC became a wholly owned subsidiary of Gryphon, which was renamed American Bitcoin Corp[184] - The Company launched a 2025 At-The-Market Offering Program, allowing it to offer up to $2.1 billion of Class A common stock; it issued 11,017,341 shares for gross proceeds of $90.0 million at an average price of $8.17 per share before September 30, 2025[184] - The Company’s financial statements are prepared on a standalone basis post-Transactions effective March 31, 2025, reflecting its independent operations[188]