Revenue Performance - Annual Recurring Revenue (ARR) increased by 21% to $21.3 million, with B2B recurring revenue at approximately $14.8 million and B2C recurring revenue at $6.5 million[5]. - Total revenue reached $12.3 million, a 2% increase compared to the prior-year quarter, driven by an 18% rise in platform revenue to $5.1 million[6][5]. - Total revenue for the three months ended September 30, 2025, was $12,312,185, an increase of 2.2% compared to $12,044,482 for the same period in 2024[21]. Profitability - Net income for the quarter was $749,000, or $0.02 per diluted share, representing a 12% increase from $669,000 in the prior-year quarter[10][12]. - Adjusted EBITDA rose by 16% to $1.5 million, with a trailing twelve-month Adjusted EBITDA of $5.5 million, reflecting an 11.1% margin[5][10]. - Gross profit increased by 8% to $6.2 million, with total gross margin improving by 270 basis points to 50.6%[5][9]. - Gross profit for the same period was $6,225,298, representing a gross margin of approximately 50.5%[21]. - Net income for the three months ended September 30, 2025, was $749,387, compared to $669,004 for the same period in 2024, reflecting a year-over-year increase of 12%[21]. Cash Flow and Financial Health - Cash flow from operations grew by 31% to $1.1 million, with a trailing twelve-month cash flow from operations of $7.3 million[5]. - The company reported a net cash provided by operating activities of $1,107,119 for the three months ended September 30, 2025, compared to $843,119 for the same period in 2024[23]. - Cash and cash equivalents at the end of the period were $11,955,763, down from $12,227,312 at the end of the previous quarter[20]. - Total assets decreased to $45,509,620 from $46,120,674 in the previous quarter[20]. - Total liabilities decreased to $29,915,300 from $32,192,517 in the previous quarter, indicating improved financial health[20]. Customer Metrics - The company achieved its best organic Q1 performance in history, with net B2B ARR growth of $561,000, up over 300% from last year[5][4]. - The total active customer count decreased to 1,326 from 1,390 in the prior-year quarter, reflecting a 4.6% decline[12]. Operating Expenses - Operating expenses for the three months ended September 30, 2025, were $5,263,627, slightly higher than $5,119,185 for the same period in 2024[21]. Transaction Revenue - Transaction revenue was $7.2 million, a decrease from $7.7 million in the first quarter of fiscal 2025, attributed to lower per article fees[8]. Average Sales Price - The average sales price (ASP) reached near all-time high levels, ending the period at $12,454, a 5.2% increase from the beginning of the period[12]. Share Information - The weighted average common shares outstanding for diluted income per share was 32,070,121 for the three months ended September 30, 2025[21]. Acquisition Consideration - The company incurred a payment of $1,337,857 related to contingent acquisition consideration during the financing activities[23].

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of approximately $1.8 million, compared to a net loss of $(1.2) million for the same period in 2024, representing a significant turnaround [136]. - Total revenue for the three months ended September 30, 2025, was approximately $46.2 million, an increase of 9.5% from $42.2 million in the same period in 2024 [148]. - Gross profit for the three months ended September 30, 2025, was $9.0 million, reflecting a 7.5% increase from $8.4 million in the same period in 2024 [141]. - EBITDA for the three months ended September 30, 2025, was $2.9 million, compared to $0.4 million for the same period in 2024, showing substantial improvement [148]. - Net income for the three months ended September 30, 2025, was $1,760,000, a significant increase of 253.1% from a loss of $1,150,000 in 2024, and for the nine months, net income was $2,141,000 compared to a loss of $3,467,000 in 2024 [154]. - Total revenues for the three months ended September 30, 2025, increased by 9.5% to $46,198,000 compared to $42,197,000 in 2024, and for the nine months, revenues rose by 9.9% to $136,632,000 from $124,295,000 [154]. Asset Management - Total advisory and brokerage assets served were $29.9 billion at September 30, 2025, up from $27.0 billion at September 30, 2024, indicating a growth of 10.7% [137]. - Advisory assets increased by 16% to $2.9 billion at September 30, 2025, compared to $2.5 billion at September 30, 2024 [138]. - Brokerage assets as of September 30, 2025, were $27.0 billion, up from $24.5 billion in 2024, reflecting a market impact of $2.1 billion for the three months [162]. - Trail-eligible assets increased to $18.5 billion as of September 30, 2025, from $17.0 billion in 2024 [161]. Revenue Sources - Commission revenue for the three months ended September 30, 2025, was $37,370,000, a 7.4% increase from $34,780,000 in 2024, while for the nine months, it rose by 9.4% to $112,506,000 from $102,836,000 [161]. - Advisory fees increased by 18.6% to $7,407,000 for the three months ended September 30, 2025, and by 14.8% to $20,948,000 for the nine months compared to the same periods in 2024 [165]. Expenses and Costs - Total expenses for the three months ended September 30, 2025, increased by 3.4% to $44,248,000 from $42,810,000 in 2024, while for the nine months, expenses rose by 5.4% to $133,785,000 from $126,872,000 [154]. - Employee compensation and benefits rose by 18.8% to $4,679,000 for the three months ended September 30, 2025, and by 27.0% to $13,956,000 for the nine months compared to 2024 [154]. - Professional fees decreased by approximately $0.6 million for the three-month period and $4.3 million for the nine-month period ended September 30, 2025, due to non-recurring transaction costs from the Business Combination in 2024 [176]. - Technology fees increased by $0.2 million and $1.0 million for the three and nine-month periods ended September 30, 2025, respectively, compared to 2024 [177]. Economic Environment - The U.S. economy grew by approximately 3% in the third quarter of 2025, with an unemployment rate of 4.3%, up from 4.1% in the previous quarter [150]. - The Federal Reserve cut interest rates by 0.25% during the third quarter of 2025, impacting short-term interest rates and market conditions [151]. - The S&P 500 increased by 8.1% in the third quarter of 2025, contributing to a year-to-date performance of approximately 14.8% [151]. Cash Flow and Financing - Net cash provided by operating activities increased to $2.0 million for the nine-month period ended September 30, 2025, compared to a net cash used of $2.4 million in the same period of 2024, representing an increase of approximately $4.5 million or 185% [205]. - Net cash used in investing activities was $0.1 million for the nine-month period ended September 30, 2025, compared to $0.02 million in the same period of 2024 [206]. - Net cash used in financing activities was approximately $2.1 million for the nine-month period ended September 30, 2025, compared to cash provided of approximately $2.1 million in the same period of 2024 [207]. Debt and Obligations - As of September 30, 2025, the outstanding balance on the Term Loan was $18.2 million, down from $19.6 million as of December 31, 2024 [185]. - Long-term debt obligations totaled $18.8 million, with $10.2 million due in 3-5 years [209]. - The estimated fair value of reporting units was approximately 270% greater than their carrying value as of December 31, 2024, indicating no impairment was necessary [216]. - The company believes credit risk exposure is limited due to routine assessments of the financial strength of counterparties [225].

Financial Performance - Net premiums for the three months ended September 30, 2025, were $566 million, a decrease of 36.3% compared to $888 million for the same period in 2024[16]. - Total revenues for the nine months ended September 30, 2025, reached $6,583 million, an increase of 13.7% from $5,789 million in the same period of 2024[16]. - Net income attributable to American National Group Inc. stockholders for the three months ended September 30, 2025, was $208 million, compared to a loss of $299 million in the same period in 2024[16]. - For the nine months ended September 30, 2025, net income was $169 million, compared to $29 million for the same period in 2024, indicating a significant increase[27]. - The company reported a comprehensive income of $686 million for the three months ended September 30, 2025, compared to $704 million in the same period of 2024[19]. - The company reported a loss of $288 million for the three months ended September 30, 2024, compared to a net income of $218 million for the same period in 2025[24]. Assets and Liabilities - Total assets increased to $130,559 million as of September 30, 2025, up from $121,221 million at December 31, 2024, representing a growth of 7.8%[11]. - The total liabilities of the company rose to $119,578 million as of September 30, 2025, compared to $111,193 million at December 31, 2024, marking a growth of 7.5%[13]. - The company’s equity increased to $10,981 million as of September 30, 2025, up from $10,028 million at December 31, 2024, representing a growth of 9.5%[13]. - Total financial liabilities increased to $15,863 million as of September 30, 2025, from $9,304 million as of December 31, 2024, representing a growth of approximately 70.5%[85]. - The total assets of consolidated Variable Interest Entities (VIEs) increased to $10,876 million as of September 30, 2025, up from $8,516 million on December 31, 2024[66]. Investment Income - Net investment income rose to $1,285 million for the three months ended September 30, 2025, compared to $1,024 million in the same period of 2024, reflecting a growth of 25.5%[16]. - The total net investment income for the nine months ended September 30, 2025, was $3,720 million, up from $2,396 million in 2024, indicating a 55.2% increase[84]. - The available-for-sale fixed maturity securities generated net investment income of $840 million for the three months ended September 30, 2025, compared to $604 million in 2024, a 39.1% increase[84]. - The company reported derivative gains (losses) recognized in income of $286 million for the three months ended September 30, 2025, compared to a loss of $362 million in the same period of 2024[79]. Policyholder Accounts - Policyholders' account balances increased to $89,469 million as of September 30, 2025, up from $83,079 million at December 31, 2024, indicating a growth of 7.2%[13]. - Policyholders' account deposits for the nine months ended September 30, 2025, totaled $12,018 million, compared to $7,785 million for the same period in 2024, representing a 54% increase[29]. - The balance of policyholders' account balances for investment contracts, excluding embedded derivatives, was $80,470 million as of September 30, 2025, slightly up from $79,384 million at the end of 2024[120]. Future Policy Benefits - Future policy benefits increased to $10,345 million as of September 30, 2025, compared to $9,170 million at December 31, 2024, reflecting an increase of 12.8%[13]. - The liability for future policy benefits at the end of the period is $2,301 million for life insurance and $2,301 million for annuities, totaling $4,602 million[146]. - The present value of expected future policy benefits is $10,811 million, with $6,563 million for annuities and $4,248 million for life insurance[150]. Debt and Financing - The company issued $700 million of 6.000% Senior Notes due July 15, 2035 on June 27, 2025, using the proceeds to repay part of its Term Loan Credit Facility[166]. - As of September 30, 2025, total long-term borrowings amounted to $3,449 million, an increase from $2,957 million as of December 31, 2024[165]. - The company redeemed all 16,000 shares of Series A preferred stock for a total payment of $408 million on February 24, 2025, recognizing a loss of $11 million[175]. Segment Performance - The Distributable Operating Earnings (DOE) for the Annuities segment was $389 million for the three months ended September 30, 2025, compared to $342 million for the same period in 2024, reflecting an increase of about 13.7%[193]. - The net premiums and other policy-related revenues for the Annuities segment were $308 million for the three months ended September 30, 2025, down from $471 million in the same period of 2024, a decrease of about 34.6%[193]. - The company’s total annuity revenue for Q3 2025 was $86,037 million, compared to $78,737 million in Q3 2024, representing a 9.4% increase[154]. Tax and Compliance - The effective tax rates for the three and nine months ended September 30, 2025, were 35.3% and 37.6%, respectively, higher than the statutory rate of 21% due to a one-time adjustment related to Bermuda corporate income tax[169]. - The company continues to evaluate the impact of global minimum tax requirements and legislative changes on its operations and financial statements[172]. - The company was in compliance with its financial covenants as of September 30, 2025[168].

Financial Performance - Revenue for the nine months ending September 30, 2025, was €4.4 million, a 33.3% increase from €3.3 million for the same period in 2024[15] - The net loss for the nine months ending September 30, 2025, was €66.6 million, compared to a net loss of €42.1 million for the same period in 2024[19] - Revenue for the nine months ended September 30, 2025, increased to €4,376 thousand, up 34% from €3,258 thousand for the same period in 2024[31] - Gross profit for the nine months ended September 30, 2025, was €2,701 thousand, compared to €2,041 thousand for the same period in 2024, reflecting a growth of 32%[31] - The operating loss for the nine months ended September 30, 2025, was €64,857 thousand, compared to €40,498 thousand for the same period in 2024, indicating a loss increase of 60%[31] - Loss for the period for the nine months ended September 30, 2025, was €66,572 thousand, compared to €42,087 thousand for the same period in 2024, an increase of 58%[31] - Basic Loss Per Share for the nine months ended September 30, 2025, was €(1.778), compared to €(1.346) for the same period in 2024, reflecting a worsening of 32%[31] Expenses - Selling, general and administrative expenses rose by €15.4 million or 75.4%, from €20.4 million in 2024 to €35.8 million in 2025, driven by U.S. commercialization efforts[16] - Research and development expenses increased by €7.3 million or 27.8%, from €26.4 million in 2024 to €33.7 million in 2025[17] - Operating expenses for the nine months ended September 30, 2025, totaled €67.558 million, up from €42.539 million in the same period of 2024, marking an increase of approximately 58.8%[144] - The Company recognized an impairment loss of €0.8 million for a discontinued R&D project during the period ended September 30, 2025[71] - The Company recognized a gain of €92,000 from a modification of lease agreements during the nine months ended September 30, 2025[72] Cash and Assets - Cash and cash equivalents totaled €22.5 million as of September 30, 2025, down from €85.6 million on December 31, 2024[20] - Total assets decreased from €158,406 thousand as of December 31, 2024, to €93,599 thousand as of September 30, 2025, representing a decline of approximately 41%[28] - Cash and cash equivalents dropped significantly from €34,186 thousand as of December 31, 2024, to €10,869 thousand as of September 30, 2025, a decline of about 68%[28] - Current assets as of September 30, 2025, total €35.3 million, including €10.9 million in cash and cash equivalents and €11.6 million in marketable securities[51] - The total inventory increased to €6.1 million as of September 30, 2025, compared to €4.7 million as of December 31, 2024, driven by preparations for commercialization in the US and EU[75] Financing and Capital - The company is actively exploring financing options to meet future working capital needs, including public or private equity and debt financing[53] - The Company signed a €37.5 million loan facility agreement with the European Investment Bank, intended for research and development and scaling manufacturing capacity[122] - The first tranche of the loan facility, amounting to €10 million, was disbursed on July 26, 2024[123] - The company raised €45.9 million from the issuance of 5,374,755 new shares on May 28, 2024, at a share price of €8.54 per share in a public offering[94] - The total number of outstanding warrants increased from 2,040,231 as of September 30, 2024, to 3,218,569 as of September 30, 2025[104] Legal and Regulatory - The FDA approved the Genio system on August 8, 2025, for patients with an Apnea-Hypopnea Index (AHI) of 15 to 65, with commercialization efforts commencing shortly thereafter[14] - The company has engaged in litigation against Inspire Medical, Inc. for alleged patent infringement, with ongoing legal costs recognized in Research and Development Expense[128][129] Market and Sales - During Q3 2025, the company recognized €231,000 in revenue from U.S. sales following FDA approval[14] - The company expects to ramp up sales in Germany and other European markets, with ongoing efforts in the Middle East following successful distributor agreements[21] - The company generated its first revenue in Dubai in Q1 2025 and continued to expand into Kuwait and Abu Dhabi in Q2 2025[22] - The company generated revenue of €4.4 million in the first nine months of 2025, primarily from activities in the EU, with U.S. revenue starting in Q3 2025 amounting to €231,000[52] Employee and Management Compensation - The company reported total employee benefits of €31.9 million for the nine months ended September 30, 2025, up from €18.6 million for the same period in 2024[153] - For the nine months ended September 30, 2025, total remuneration for executive management was €3,082,000, a decrease of 7% from €3,315,000 in the same period of 2024[171] - Short-term remuneration for executive management increased to €1,994,000 for the nine months ended September 30, 2025, up 34% from €1,482,000 in 2024[171] Shareholder Information - As of September 30, 2025, the company's share capital amounts to €6.5 million represented by 37,544,782 shares, with a share premium of €332.7 million before transaction costs[91] - The share premium increased from €260.6 million on January 1, 2024, to €332.7 million on December 31, 2024[92] - The Company granted a total of 103,642 Restricted Stock Units (RSUs) to 7 directors, which vested at the shareholders' meeting in June 2025[114] Other Financial Information - Total financial liabilities increased to €11.7 million as of September 30, 2025, compared to €10.5 million as of December 31, 2024[64] - Total financial debt amounted to €19.035 million, an increase from €18.973 million as of December 31, 2024[116] - Financial income increased from €4.6 million for the nine months ended September 30, 2024, to €6.6 million for the nine months ended September 30, 2025, mainly due to fair value adjustments on synthetic warrants and increased exchange differences[155] - Total financial expenses increased from €5.5 million for the nine months ended September 30, 2024, to €8.2 million for the nine months ended September 30, 2025, primarily due to an increase in exchange differences[159]

Financial Position and Capitalization - The Company completed a significant recapitalization on March 18, 2025, which included a $46.0 million non-brokered equity private placement and the conversion of a $20.9 million term loan, enhancing its financial position[142]. - A non-binding letter of interest from the Export-Import Bank of the United States indicates potential financing of up to $150 million for the redevelopment of the Company's Mines[144]. - The Company announced a brokered public offering on October 28, 2025, with an upsized offering of 14,035,100 units at $5.70 per unit, aiming for gross proceeds of up to $80 million[144]. - The Company plans to use the net proceeds from a public offering to fund exploration and development activities at the Mines, with gross proceeds expected to be up to $80,000,070[209]. - The Company had $14,117,843 in cash and cash equivalents as of September 30, 2025, up from $6,105,933 at the end of 2024[208]. Exploration and Resource Development - The Selkirk Mineral Resource Estimate (MRE) filed on January 31, 2025, supports advancing the Selkirk deposit to an economic study, with a focus on high-quality Cu-Ni-Co-PGE resources[141]. - The Company is executing an exploration drilling program at the Selebi Mines, with anticipated costs for exploration and development ranging from $1.9 million to $2.5 million by December 31, 2025[147]. - The Selebi Mines have an Indicated Mineral Resource of 3.00 million tonnes at 0.90% Cu and 0.98% Ni, and an Inferred Mineral Resource of 24.72 million tonnes at 1.50% Cu and 0.92% Ni[156]. - The Selebi North Underground Resource Expansion Drilling program has drilled approximately 8,173 metres in 14 holes, with assays for about 41,189 metres across 91 completed holes not included in the 2024 Selebi Mines MRE[161]. - Drill hole SNUG-25-186 extended South Limb mineralization by 315 metres down-plunge, representing a 35% increase beyond the 2024 Selebi Mines MRE[159]. - The Selebi Hinge drilling program has completed 9,014 metres, with two completed holes and four currently in progress, aimed at demonstrating broader scale potential[166]. - A total of 3,903 metres were drilled in a 12-hole surface drilling program at Selkirk, with highlights including 201 metres of 0.91% CuEq and 210 metres of 1.06% CuEq[182]. - The Company is focusing on advancing metallurgical testwork and preparing an updated Mineral Resource Estimate (MRE) following the completion of its 2025 drilling programs[191]. - A Preliminary Economic Assessment for the Selebi Mines is underway, focusing on mine design, process engineering, and capital cost estimation[170]. Financial Performance and Expenditures - The Company has incurred $8,465,855 in exploration and evaluation expenditures for the three months ended September 30, 2025, compared to $7,988,816 for the same period in 2024[172]. - For the three months ended September 30, 2025, the Company incurred exploration and evaluation expenditures of $2,084,888, a significant increase from $606,725 in the same period of 2024[189]. - General exploration expenses rose to $10,658,319 for the three months ended September 30, 2025, compared to $8,628,426 in 2024, reflecting an increase of $2,029,893[200]. - The net loss for the nine months ended September 30, 2025, was $46,321,544, up from $31,145,332 in the same period of 2024, indicating a year-over-year increase of 48.7%[200]. - Cash flows from operating activities for the nine months ended September 30, 2025, were $(35,106,741), an increase of $8,439,102 compared to $(26,667,639) in 2024[202]. - The Company incurred a net loss of $16,004,468 for the three months and $46,321,544 for the nine months ended September 30, 2025, compared to a net loss of $12,004,960 and $31,145,332 for the same periods in 2024[214]. - Total expenditures for the three months ended September 30, 2025, amounted to $10,658,319, with drilling costs at $2,309,664[226]. - For the nine months ended September 30, 2025, total expenditures reached $27,131,192, with drilling costs at $6,731,474[227]. Corporate Governance and Strategic Direction - The Company adopted a new long-term omnibus incentive plan on June 3, 2025, replacing previous stock option and share unit plans[144]. - The Company changed its name from "Premium Resources Ltd." to "NexMetals Mining Corp." on June 9, 2025, and began trading under the new symbol "NEXM" on June 11, 2025[144]. - Investor relations and communications expenses increased by $1,641,848 for the three months ended September 30, 2025, due to efforts to enhance market awareness of the Company's new strategic direction[201]. Risk Management and Accounting - The Company has not generated profitable operations from its resource activities to date, raising substantial doubt about its ability to continue as a going concern[214]. - The Company has the option to cancel milestone payments for the Selebi Mines if deemed uneconomical, with no conditions met for the remaining milestone payments as of September 30, 2025[216]. - The Company has provisioned $140,000 for remediation work at the Maniitsoq Nickel-Copper-PGM Project for the nine months ended September 30, 2025[198]. - The Company holds a 100% interest in the Halcyon property and is obligated to pay $8,000 per annum in net smelter return advances[195]. - As of September 30, 2025, the Company had commitments for capital expenditures of $156,650 and outstanding milestone payments of $25,000,000 and $30,000,000 related to the Selebi APA[215]. - The Company has a royalty obligation of 5% on precious metals sales and 3% on base metals sales to the Botswana Government[218]. - The fair value of the NSR option liability is $2,750,000 as of September 30, 2025[229]. - A one percentage point change in interest rates would result in a $16,967 change in annual interest expense for the Company[233]. - A 5% increase in USD would result in a net loss before tax of $89,376, while a 5% increase in BWP would lead to a net loss before tax of $86,344[235]. - The company manages liquidity risk by regularly monitoring cash flows against its budget and deferring discretionary expenditures as needed[237]. - There have been no significant changes to critical accounting estimates and judgments since the last annual report, except for debt extinguishment accounting[239]. - The company adopted ASU 2023-09 on income tax disclosures effective January 1, 2025, which will require additional disclosures in the financial statements[240]. - ASU 2024-03, effective January 1, 2027, will require disaggregated disclosures of specified expense categories, and the company is currently assessing its impact[241]. - The company's credit risk is primarily associated with cash and cash equivalents, limited to the carrying value of these instruments[236]. - The company evaluates its accounting estimates based on historical experience and known trends, with actual results potentially differing under different conditions[238]. - Market risk disclosures have been omitted as permitted under rules applicable to smaller reporting companies[242].

Financial Performance - The company reported a loss from operations of $7.4 million for the three months ended September 30, 2025, a 153% increase compared to a loss of $2.9 million for the same period in 2024[169]. - The company reported a 14% decrease in loss from operations for the nine months ended September 30, 2025, totaling $14.0 million compared to $16.4 million for the same period in 2024[169]. - The net loss applicable to common shareholders for the three months ended September 30, 2025, was $6.4 million, compared to a net loss of $2.9 million for the same period in 2024[201]. - As of September 30, 2025, the company had $2.5 million in cash and an accumulated deficit of $259.3 million, with no revenue generated to date[202]. - The Company reported a net change in cash of $(115,000) for the nine months ended September 30, 2025, compared to $(1,599,000) for the same period in 2024[228]. - As of September 30, 2025, the Company had net cash used in operating activities of $(7,527,000), an improvement from $(10,428,000) in the same period of 2024[228]. - The Company may face substantial doubt regarding its ability to continue as a going concern within one year due to recurring losses and the need for additional capital[226]. Operating Expenses - Total operating expenses for the three months ended September 30, 2025, were $7.4 million, which includes a $5.18 million non-cash impairment loss on other intangible assets[169]. - Research and development expenses for the three months ended September 30, 2025, were $249,000, an increase of $106,000 compared to $143,000 for the same period in 2024[172]. - HSCT-TMA clinical development expenses decreased by $0.5 million and $1.5 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, due to the suspension of the AK901 clinical program[173]. - CMC expenses decreased by $0.4 million and $3.3 million for the three and nine months ended September 30, 2025, respectively, primarily due to the suspension of the pre-clinical PAS-nomacopan program[175]. - General and administrative costs increased by approximately $0.3 million and $0.5 million for the three and nine months ended September 30, 2025, respectively, mainly due to an increase in non-cash stock-based compensation[180][181]. Funding and Capital Structure - The company completed a registered direct offering on October 16, 2025, raising gross proceeds of $2.5 million by issuing 3,125,000 ADSs at a price of $0.80 each[164]. - The company entered into an Ordinary Share Purchase Agreement with White Lion Capital, allowing for the potential purchase of up to $25 million in newly issued Ordinary Shares[165]. - The Company entered into a placement agency agreement, paying $262,500 in cash for the 2025 Registered Direct Offering and granting warrants for 125,000 ADSs at an exercise price of $1.00 per ADS[208]. - Under the ELOC Purchase Agreement, the Company can require White Lion to purchase up to $25,000,000 in newly issued Ordinary Shares, subject to certain conditions[209]. - The Company has the right to control the timing and amount of sales of Ordinary Shares to White Lion, with a commitment period ending on August 29, 2028[210]. - The maximum number of Ordinary Shares that can be issued under the ELOC Purchase Agreement is capped at 13,039,369,358, representing 19.99% of the Company's outstanding shares[211]. - The Company issued August 2025 Notes with an aggregate purchase price of $3,011,000 and a principal amount of $3,763,750, with maturity dates ranging from August 15, 2026, to September 26, 2026[218]. - The Company has outstanding convertible notes and notes payable expected to result in principal payments of approximately $4.6 million as of September 30, 2025[231]. - The Company is seeking additional funding through equity and/or debt securities to continue operations, as it currently has no products approved for sale and does not generate revenue[222]. Management and Corporate Actions - The company has suspended internal development of legacy programs nomacopan and PAS-nomacopan to focus on the ADC platform[156]. - The company appointed Mr. Kameel Farag as Interim Chief Financial Officer, effective October 22, 2025, with a monthly cash fee of $18,000[162]. - The company recognized a gain on settlement of current liabilities of $0.8 million during the three months ended September 30, 2025[189]. - The company recognized an impairment loss related to in-process R&D of PHP 303 due to reprioritization of resources[182]. Research and Development - The company aims to establish AKTX-101 as a best-in-class Trop2-targeting ADC for treating various solid tumors[155]. - The company presented immune mechanism-of-action data for its novel ADC payload at the 2025 Society for Immunotherapy of Cancer Annual Meeting, indicating potential new treatment paradigms[161]. Accounting and Reporting - Management's discussion and analysis is based on unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP[234]. - No material changes to critical accounting policies and estimates have occurred since December 31, 2024[235]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[236].

Financial Performance - Net revenue for the three months ended September 30, 2025, was $169.55 million, compared to $177.98 million for the same period in 2024, indicating a decrease of about 4.7%[19] - The net loss attributable to Atlas Lithium Corporation stockholders for the three months ended September 30, 2025, was $6.95 million, compared to a net loss of $9.03 million for the same period in 2024, reflecting an improvement of approximately 23.8%[19] - The company reported a gross loss of $69.47 million for the three months ended September 30, 2025, compared to a gross loss of $80.90 million for the same period in 2024, indicating an improvement of approximately 14.1%[19] - Basic and diluted loss per share for the three months ended September 30, 2025, was $(0.35), compared to $(0.60) for the same period in 2024, reflecting a decrease in loss per share of about 41.7%[19] - The company reported a net loss of $9,717,647 for the nine months ended September 30, 2024[21] - For the nine months ended September 30, 2025, the net loss was $24,469,037 compared to a net loss of $32,855,151 for the same period in 2024, indicating a reduction in losses[27] - The company reported an increase in comprehensive loss, with a total of $(9,717,647) for the nine months ended September 30, 2024[21] Assets and Liabilities - Total assets increased to $72.17 million as of September 30, 2025, up from $57.85 million on December 31, 2024, representing a growth of approximately 24.8%[16] - Total liabilities rose to $36.60 million as of September 30, 2025, compared to $35.84 million on December 31, 2024, an increase of about 2.1%[16] - Total stockholders' equity increased to $35.57 million as of September 30, 2025, from $22.01 million on December 31, 2024, representing a growth of approximately 61.9%[16] - The accumulated deficit as of September 30, 2025, stands at $(165,058,617)[22] - The total accumulated deficit as of September 30, 2025, was $(165,058,617), reflecting the ongoing financial challenges faced by the company[25] Cash Flow and Expenditures - Cash and cash equivalents increased to $20.98 million as of September 30, 2025, up from $15.54 million on December 31, 2024, marking a rise of approximately 35.1%[16] - Cash flows from operating activities resulted in a net cash used of $15,365,255 for the nine months ended September 30, 2025, compared to $14,212,264 in 2024[27] - The company reported net cash provided by financing activities of $28,687,888 for the nine months ended September 30, 2025, compared to $30,291,547 in 2024[27] - The company incurred capital expenditures of $5,897,200 for the nine months ended September 30, 2025, compared to $19,164,920 in 2024[27] Stock and Equity - The company had a weighted-average number of common shares outstanding of 20,153,907 for the three months ended September 30, 2025, compared to 14,964,697 for the same period in 2024, an increase of about 34.5%[19] - The balance of common stock shares increased to $21,797, reflecting an issuance of common stock in connection with private offerings totaling $15,820,035[21] - The Company issued 2,916,366 shares of common stock under private offerings, raising $14,712,117 in additional paid-in capital[21] - The Company sold 2,128,714 shares of common stock during the three months ended September 30, 2025, generating net proceeds of $11.3 million[76] - During the nine months ended September 30, 2025, the company issued 75,000 common stock purchase warrants with a total grant date fair value of $200,981[90] Financial Instruments and Derivatives - The total valuation of financial instruments decreased by $14,150 during the reporting period[21] - The fair value of the embedded conversion feature of the convertible debt was $10,383 as of September 30, 2025, down from $66,310 at December 31, 2024[57] - For the three months ended September 30, 2025, the Company recognized a loss of $3,313 on changes in fair value of financial instruments, compared to a gain of $84,934 for the same period in 2024[58] - For the nine months ended September 30, 2025, the Company reported a gain of $55,927 on changes in fair value of financial instruments, down from a gain of $396,651 in the prior year[58] Foreign Currency and Risks - The company operates primarily in Brazil, exposing it to currency risks that may affect financial results due to exchange rate fluctuations[111] - The company experienced a foreign currency translation adjustment of $40,849, impacting the overall equity[21] - The company reported a foreign currency translation adjustment of $49,632 for the nine months ended September 30, 2025[25] Other Financial Metrics - Stock-based compensation for the period amounted to $1,458,348, indicating ongoing investment in employee incentives[21] - Stock-based compensation and services for the nine months ended September 30, 2025, amounted to $7,877,085, down from $18,084,197 in 2024[27] - The Company recorded stock-based compensation expenses of $766,693 and $2,337,433 for the three and nine months ended September 30, 2025, respectively, compared to $3,389,507 and $10,094,837 for the same periods in 2024[88]

Financial Performance - The net loss for the three months ended September 30, 2025, was $3,037,420, representing a slight increase of 1.3% from the net loss of $2,999,834 in the same period in 2024 [135]. - Net loss for the nine months ended September 30, 2025, was $(10,316,815), a decrease of 3.8% compared to $(10,726,923) for the same period in 2024 [148]. - The loss from operations for the nine months ended September 30, 2025, was $10,601,133, a decrease of 3.5% from the loss of $10,990,412 in the same period in 2024 [135]. Expenses - For the three months ended September 30, 2025, general and administrative expenses increased by approximately $329,000, or 23.1%, compared to the same period in 2024, primarily due to higher legal and corporate expenses [136]. - For the nine months ended September 30, 2025, general and administrative expenses increased by approximately $62,879, or 1.2%, compared to the same period in 2024 [137]. - Research and development expenses for the three months ended September 30, 2025, decreased by approximately $223,583, or 14.1%, compared to the same period in 2024 [135]. - Research and development expenses decreased by approximately $224,000, or 14%, for the three months ended September 30, 2025, compared to the same period in 2024 [142]. - Research and development expenses decreased by approximately $452,000, or 8%, for the nine months ended September 30, 2025, compared to the same period in 2024 [143]. - The company expects research and development expenses to increase throughout fiscal year 2025 compared to fiscal year 2024 due to ongoing clinical trials for PAS-004 [144]. Cash and Working Capital - Working capital decreased by approximately $2.1 million from $6,248,444 as of December 31, 2024, to $4,152,115 as of September 30, 2025 [147]. - Cash, cash equivalents, and restricted cash decreased by approximately $2.7 million for the nine months ended September 30, 2025, compared to a decrease of approximately $7.0 million for the same period in 2024 [148]. - As of September 30, 2025, the company had approximately $4.1 million in operating bank accounts and money market funds, with working capital of approximately $4.2 million [149]. - The company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to continue operations [149]. Regulatory and Development Updates - The FDA cleared the Investigational New Drug application for PAS-004 in December 2023, with a Phase 1 multicenter trial expected to complete in 2026 [125]. - The company initiated a Phase 1/1b trial for PAS-004 in adult patients with neurofibromatosis type 1 in May 2025, with a total of five sites involved [126]. - The company plans to seek FDA marketing approval for PAS-004 for the treatment of symptomatic plexiform neurofibromas in both adult and pediatric patients [127]. Economic Impact - The company anticipates inflation will continue to negatively impact its operations throughout 2025, affecting costs related to employee compensation and outside services [134]. - As of September 30, 2025, the calculated public float is below $75.0 million, restricting the company from selling more than one-third of its public float through primary public offerings in any twelve-month period [150]. Other Income - Other income, net increased by approximately $68,000, or 1,423%, for the three months ended September 30, 2025, compared to the same period in 2024 [145].

Financial Performance - For the nine months ended September 30, 2025, the company reported revenues of $81,000, a significant increase from $43,000 for the same period in 2024[161][185]. - Total revenue for the three months ended September 30, 2025, was $81,000, compared to $10,000 for the same period in 2024, representing a 710% increase[186]. - Total other income increased by $4.9 million from $40,000 for the nine months ended September 30, 2024, to $5.0 million for the same period in 2025[197]. Cash Flow and Liquidity - The company experienced a net cash used in operating activities of $4.7 million for the nine months ended September 30, 2025, a decrease of $1.9 million compared to $6.6 million for the same period in 2024[175][176]. - The company had cash and cash equivalents of $3.8 million as of September 30, 2025, compared to $2.98 million in 2024[174]. - The total working capital deficit was $5.4 million as of September 30, 2025, compared to a surplus of $1.4 million in 2024[174]. - The company has substantial doubt about its ability to continue as a going concern for the next twelve months due to insufficient funding and reliance on external financing[165][184]. Expenses - Cost of sales for the three and nine months ended September 30, 2025, was $64,000, compared to $0 for the same periods in 2024, indicating a 100% increase[187]. - Research and development expenses decreased by $4.9 million from $5.8 million for the nine months ended September 30, 2024, to $0.9 million for the same period in 2025, a reduction of 85%[191]. - General and administrative expenses increased by approximately $2.0 million from $4.4 million for the nine months ended September 30, 2024, to $6.5 million for the same period in 2025, a 46% increase[194]. - General and administrative expenditures for the year ended December 31, 2025, are expected to be higher than those for 2024 due to one-time costs associated with changes of control[195]. Strategic Initiatives - The company plans to sell its biopharmaceutical asset plogosertib for $0.3 million, with a potential additional payment of $170,000 based on development milestones[163]. - The company is exploring strategic alternatives, including raising additional capital through private equity financing or entering into a merger or acquisition[168][169]. - The company anticipates growth in revenues during the fourth quarter of 2025 following the full integration of Fitters Sdn. Bhd.[161]. - Following the liquidation of the UK subsidiary, the company does not expect to incur material research and development expenditures prospectively[192]. Taxation and Other Charges - Total income tax charge was $2,000 during the nine months ended September 30, 2025, compared to a tax benefit of $2.0 million for the same period in 2024, a change of 100%[201]. - Foreign exchange losses increased by $31,000, from a gain of $6,000 for the nine months ended September 30, 2024, to a loss of $25,000 for the same period in 2025[198]. Other Financial Events - The company recognized a gain on deconsolidation of approximately $5.0 million from the liquidation of its UK subsidiary, Cyclacel Limited[162].

Financial Performance - For the nine months ended September 30, 2025, the company reported revenues of $81,000, a significant increase from $43,000 for the same period in 2024[161][185]. - Total revenue for the three months ended September 30, 2025, was $81,000, compared to $10,000 for the same period in 2024, representing a 710% increase[186]. - Total other income increased by $4.9 million from $40,000 for the nine months ended September 30, 2024, to $5.0 million for the same period in 2025, primarily due to a gain on deconsolidation[197]. Cash Flow and Liquidity - The company experienced a net cash used in operating activities of $4.7 million for the nine months ended September 30, 2025, a decrease of $1.9 million compared to $6.6 million for the same period in 2024[175][176]. - The company had cash and cash equivalents of $3.8 million as of September 30, 2025, compared to $2.98 million in 2024[174]. - The total working capital deficit was $5.4 million as of September 30, 2025, compared to a surplus of $1.4 million in 2024[174]. - The company has substantial doubt about its ability to continue as a going concern for the next twelve months due to insufficient funding and ongoing losses[165][184]. Expenses - Cost of sales for the three and nine months ended September 30, 2025, was $64,000, compared to $0 for the same periods in 2024, indicating a 100% increase[187]. - Research and development expenses decreased by $4.9 million from $5.8 million for the nine months ended September 30, 2024, to $0.9 million for the same period in 2025, a reduction of 85%[191]. - General and administrative expenses increased by approximately $2.0 million from $4.4 million for the nine months ended September 30, 2024, to $6.5 million for the same period in 2025, a 46% increase[194]. - Total income tax charge was $2,000 during the nine months ended September 30, 2025, compared to a tax benefit of $1.976 million for the same period in 2024, a change of 100%[201]. Strategic Plans and Outlook - The company anticipates growth in revenues during the fourth quarter of 2025 following the full integration of Fitters Sdn. Bhd.[161]. - The company expects increased cost of sales expenditures during the fourth quarter of 2025 following the full integration of Fitters Sdn. Bhd.[188]. - The company plans to sell its biopharmaceutical asset plogosertib for $0.3 million, with a potential additional payment of $170,000 based on development milestones[163]. - The company is exploring strategic alternatives, including raising additional capital through private equity financing or entering into a merger or acquisition[168][169]. - The company anticipates general and administrative expenditures for the year ended December 31, 2025, to be higher than those for the year ended December 31, 2024, due to one-time costs associated with changes of control[195]. Foreign Exchange and Other Income - Foreign exchange losses increased by $31,000, from a gain of $6,000 for the nine months ended September 30, 2024, to a loss of $25,000 for the same period in 2025[198]. - Following the liquidation of the UK subsidiary, the company does not expect to incur material research and development expenditures prospectively[192]. - The company recognized a gain on deconsolidation of approximately $5.0 million from the liquidation of its UK subsidiary, Cyclacel Limited[162].