Financial Results Announcement - New Horizon Aircraft Ltd. announced its financial results for the quarter ended November 30, 2025, during an earnings call on January 14, 2026[4] - The press release detailing the financial results is included as Exhibit 99.1 in the Current Report[6] Company Classification - The company is classified as an emerging growth company under the Securities Act of 1933[3]

Financial Performance - Total net revenue for the year ended June 30, 2025, was $27,841,607, an increase from $20,215,245 in 2024, representing a growth of approximately 37.5%[506] - The company reported a net loss of $765,653 for the year ended June 30, 2025, compared to a net loss of $1,200,039 in 2024, indicating an improvement in financial performance[506] - The total assets as of June 30, 2025, were $4,110,737, a decrease from $4,511,386 in 2024, while total liabilities increased to $12,183,945 from $11,709,424[506] - Contract liabilities as of June 30, 2025, were $2,384,192, an increase from $2,225,461 in 2024, reflecting growth in unsatisfied performance obligations[521] Business Operations - The company enabled approximately $180 million of gross merchandise volume (GMV) across 521,500 projects in the first half of 2025, compared to $348 million across 0.99 million projects in 2024[500] - The company maintained an annual growth rate of about 30% since 2015, with a decline to 1.64% during the first half of 2025, reflecting challenges in user growth[494] - As of June 30, 2025, variable interest entities accounted for 34.01% of total assets and 99.95% of total liabilities, highlighting significant reliance on this structure[506] Strategic Initiatives - The company plans to enhance its artificial intelligence and big data technology capabilities to improve user experience and service offerings[497] - The company aims to selectively pursue acquisition and investment opportunities to integrate and refine its services, including local office sharing brands[504] - The company has a research and development team of 14 staff focused on improving the online marketplace and user matching accuracy[501] Revenue Recognition - The Company recognizes revenue from Premium Business Solutions upon customer acceptance, with service fees typically paid within one month after fulfillment[514] - Revenue from Online Promotion is recognized on a gross basis, with payments made in advance and amortized over the subscription period[516] - Value-Added Services revenue is recognized when the service has been rendered, with the Company acting as the primary obligor in contracts[517] - Shared office rental revenue is recognized on a straight-line basis over the lease term, regardless of actual cash receipts[518] - Digital marketing revenue is recognized when advertisements are posted, with service fees typically paid in advance[519] - The Company applies ASC 606 for revenue recognition, following a five-step process to determine revenue from contracts with customers[512] - The Company has not made any material changes to its accounting estimates or assumptions for the years ended June 30, 2025, and 2024[508] - The Company records revenue on a gross basis as it acts as a principal in its service offerings, assuming primary responsibility for the services rendered[515] - The Company has no material incremental costs of obtaining contracts with customers that need to be recognized as assets[522]

Financial Performance - Net interest income for the year ended December 31, 2025, was $60,096 million, an increase from $56,060 million in 2024[8] - Noninterest income reached $53,001 million for 2025, compared to $49,796 million in the previous year[8] - Total revenue, net of interest expense, was $113,097 million in 2025, up from $105,856 million in 2024[8] - Net income applicable to common shareholders for Q4 2025 was $29,055 million, a rise from $25,344 million in Q4 2024[8] - Diluted earnings per common share increased to $3.81 in Q4 2025, compared to $3.19 in the same quarter of 2024[8] - Net income for 2025 was $30,509 million, an increase of 5.7% from $26,973 million in 2024[10] - Earnings per common share rose to $3.86 in 2025, compared to $3.23 in 2024, indicating a growth of 19.5%[9] - Comprehensive income for 2025 was $35,268 million, compared to $29,476 million in 2024, reflecting an increase of 19.7%[10] Efficiency and Cost Management - The efficiency ratio improved to 61.65% in 2025 from 63.12% in 2024, indicating better cost management[8] - The efficiency ratio improved to 59.39% in the fourth quarter of 2025 from 62.59% in the third quarter of 2025[18] - The efficiency ratio improved to 51.97% in 2025 from 53.35% in 2024[22] - The efficiency ratio improved to 51.51% in 2025 from 49.91% in 2024, reflecting better cost management[26] - The efficiency ratio improved to 63.99% in 2025 from 63.85% in 2024, indicating better cost management[28] Assets and Liabilities - Total assets increased to $3,410,394 million as of December 31, 2025, compared to $3,403,149 million in the previous quarter[12] - Total liabilities rose to $3,107,151 million, compared to $3,100,712 million in the previous quarter[12] - Total deposits reached $2,018,729 million, an increase from $2,002,208 million in the previous quarter[12] - Total capital under the Standardized approach was $261,188 million, down from $263,433 million in the previous quarter[14] - Total capital under the Advanced approaches was $250,121 million, a decrease from $252,730 million in the prior quarter[14] Loans and Credit Quality - Total loans and leases at the end of the fourth quarter of 2025 amounted to $1,185,700 million, up from $1,165,900 million in the third quarter of 2025[19] - Total consumer loans reached $478,406 million in Q4 2025, with a net interest income of $6,874 million, reflecting a yield of 5.71%[15] - U.S. commercial loans increased to $455,781 million in Q4 2025, generating a net interest income of $5,934 million, with a yield of 5.17%[15] - Total nonperforming loans, leases, and foreclosed properties increased to $5,905 million as of December 31, 2025, up from $5,470 million in the previous quarter, representing an increase of 7.9%[35] - Nonperforming consumer loans and leases at the end of Q4 2025 were $2,576 million, a net increase of $45 million from the previous quarter[36] Shareholder Equity - The market capitalization at the end of 2025 was $396,686 million, up from $334,497 million in 2024[8] - Shareholders' equity at the end of 2025 was $303,243 million, up from $293,963 million in 2024, marking an increase of about 3.4%[42] - Tangible common shareholders' equity rose to $207,214 million in 2025, compared to $200,715 million in 2024, showing a growth of approximately 3.7%[42] - Book value per share of common stock increased to $38.44 in 2025 from $35.58 in 2024, reflecting a growth of approximately 8.3%[42] Credit Losses and Provisions - Provision for credit losses was $5,675 million in 2025, slightly down from $5,821 million in 2024, indicating a decrease of about 2.5%[42] - Total net charge-offs for Q4 2025 were $1,287 million, with a net charge-off ratio of 0.44%[37] - For the year ended December 31, 2025, total net charge-offs amounted to $5,631 million, reflecting a net charge-off ratio of 0.50%[38] - The allowance for loan and lease losses as of December 31, 2025, was $13,203 million, equating to 1.12% of total loans and leases[39] Digital Banking and Customer Engagement - Active digital banking users increased to 49,323 thousand in the fourth quarter of 2025, compared to 48,150 thousand in the same quarter of 2024[23] - New credit card accounts opened in the fourth quarter of 2025 totaled 3,531 thousand, compared to 901 thousand in the same quarter of 2024[23] - Consumer banking loan production for first mortgages in 2025 was $26,326 million, up from $21,104 million in 2024[23]

Financial Position - As of December 31, 2025, Nuvalent, Inc. reported approximately $1.4 billion in cash, cash equivalents, and marketable securities[4] - The reported cash amount is a preliminary, unaudited estimate and is subject to changes upon completion of year-end financial closing procedures[4] - The company emphasizes that the financial information does not present all necessary details for understanding its financial condition as of the reporting date[4] Forward-Looking Statements - Forward-looking statements regarding cash estimates are based on management's current expectations and are subject to various risks and uncertainties[6] - The company disclaims any obligation to update forward-looking statements beyond the date of the report[6]

Financial Performance - Total revenue for Q4 2025 was $21,292 million, a decrease of 1% from Q3 2025 and an increase of 4% year-over-year[4]. - Wells Fargo's net income for Q4 2025 was $5,361 million, down 4% from Q3 2025 but up 6% compared to Q4 2024[4]. - The diluted earnings per common share for Q4 2025 was $1.62, a decrease of 2% from Q3 2025 and an increase of 13% year-over-year[4]. - Net income for Q4 2025 was $5,361 million, a decrease of 4% year-over-year[12]. - Earnings per common share for Q4 2025 was $1.64, down 2% from Q3 2025 but up 13% year-over-year[12]. - For the year ended December 31, 2025, total revenue reached $83,699 million, an increase from $82,296 million in 2024, representing a growth of 1.7%[26]. - Net income for the year was $21,338 million, up from $19,722 million in 2024, marking an increase of 8.2%[26]. Credit Losses and Provisions - The provision for credit losses increased by 53% quarter-over-quarter to $1,040 million, while it decreased by 16% year-over-year[4]. - The provision for credit losses increased to $1,040 million from $681 million in the previous quarter, indicating a rise of 53%[22]. - The provision for credit losses for the year was $3,658 million, compared to $4,334 million in 2024, a decrease of 15.5%[26]. - The allowance for loan losses remained stable at $13,797 million, with no significant change from the previous quarter[16]. - The allowance for credit losses for loans was $1,071 million for the quarter ended December 31, 2025, an increase of $384 million from the previous quarter[51]. - The total allowance for credit losses for loans was $14,337 million, which is 1.45% of total loans as of December 31, 2025[52]. Assets and Liabilities - Total assets as of December 31, 2025, were $2,079,777 million, reflecting a 3% increase from Q3 2025 and an 8% increase year-over-year[9]. - Total liabilities rose to $1,895,933 million, a 4% increase from the previous quarter and 9% year-over-year[19]. - Total deposits reached $1,426,207 million, up 4% from the previous quarter and 4% year-over-year[16]. - Total common stockholders' equity increased to $164.651 billion, reflecting a 2% increase from the previous year[61]. Income and Expenses - Interest income for Q4 2025 was $22,602 million, a 1% increase from Q3 2025 and a 2% decrease year-over-year[12]. - Net interest income reached $12,331 million, reflecting a 3% increase from Q3 2025 and a 4% increase year-over-year[12]. - Noninterest expense totaled $13,726 million, a slight decrease of 1% from Q3 2025 and consistent year-over-year[12]. - Noninterest income decreased by 6% quarter-over-quarter to $8,961 million, but increased by 5% year-over-year[12]. Capital Ratios - Common Equity Tier 1 (CET1) ratio under the Standardized Approach was 10.6% as of December 31, 2025, down from 11.0% in Q3 2025[9]. - The total capital ratio was 14.3% as of December 31, 2025, compared to 14.8% in Q3 2025[9]. - The liquidity coverage ratio (LCR) was 119% as of December 31, 2025, down from 121% in Q3 2025[9]. Segment Performance - Net interest income in the Commercial Banking segment was $1,993 million, a 2% increase from the previous quarter[37]. - Total revenue for the Commercial Banking segment decreased by 6% to $11,978 million compared to the previous year[37]. - Net income for the Commercial Banking segment was $1,142 million, down 11% year-over-year[37]. - Total revenue for the Wealth and Investment Management segment was $4,360 million, reflecting a 4% increase from the previous quarter and a 10% increase year-over-year[45]. Customer Metrics - Digital active customers increased to 37.2 million, a 3% growth compared to the previous year[33]. - Debit card purchase volume reached $137.3 billion, reflecting a 5% increase year-over-year[33]. - Total mortgage banking income was $179 million, an 18% increase compared to $769 million for the year[33]. Nonperforming Assets - Total nonperforming assets increased to $8,503 million, representing 0.86% of total loans, up from $7,832 million (0.83%) in the previous quarter[54]. - Nonaccrual loans rose to $8,201 million, accounting for 0.83% of total loans, compared to $7,614 million (0.81%) in the prior quarter[54]. Miscellaneous - The company completed the acquisition of the remaining interest in its merchant services joint venture in April 2025, impacting card fees revenue[12]. - The company reclassified certain items on its balance sheet in Q4 2025, affecting the presentation of trading assets and liabilities[13].

Revenue and Financial Performance - In the first quarter of fiscal 2026, the company reported revenue of $1.3 million from buy-sell purchase orders, with a cost of revenue of $1.2 million[112]. - Revenues increased by 104% from $1.3 million for the three months ended November 30, 2024, to $2.6 million for the same period in 2025, driven primarily by a $1.3 million increase in other revenues from buy-sell purchase orders of equipment[129]. - The cost of revenues surged by 155% from $1.0 million in Q4 2024 to $2.5 million in Q4 2025, attributed to the costs associated with buy-sell purchase orders of equipment[135]. - Gross profit margin decreased to 1% for the three months ended November 30, 2025, down from 21% in the same period of 2024, primarily due to lower margins on buy-sell purchase orders[136]. - The company incurred a net loss attributable to stockholders of $742 thousand for the three months ended November 30, 2025, compared to a net loss of $547 thousand for the same period in 2024[166]. Product Development and Strategy - The company has developed advanced capabilities in LED manufacturing, including optimizing epitaxial growth processes and employing copper alloy base technology to improve chip performance[114]. - The company is focusing on expanding its product offerings in high-margin areas, such as LED modules and UV LED products, to improve gross margins and operating results[116]. - The company is adjusting its product mix by emphasizing sales of LED components over LED chips to respond to market trends and improve profitability[116]. - The company plans to enhance its product innovation strategy by focusing on technologically advanced and lower-cost products, particularly in the LED components market[120]. Market and Operational Challenges - The average selling price of the company's products is expected to decline due to competitive pressures, impacting revenues and gross margins[116]. - The company faces risks related to its reliance on chip suppliers, which could affect delivery schedules, quality assurance, and production costs[116]. - Inventory write-downs were recorded at $152 thousand for Q4 2025, compared to $96 thousand for Q4 2024, indicating increased challenges in inventory management[125]. Financial Position and Cash Flow - Cash and cash equivalents rose to $2.9 million as of November 30, 2025, up from $1.2 million as of November 30, 2024, indicating improved liquidity[120]. - Net cash provided by operating activities for the three months ended November 30, 2025, was $361 thousand, compared to net cash used in operating activities of $158 thousand for the same period in 2024[170]. - The company expects cash requirements to service debt and contractual obligations in fiscal 2026 to be approximately $1.9 million, which is anticipated to be funded through the issuance of additional equity[167]. - Net cash used in financing activities for the three months ended November 30, 2025, was $116 thousand, a decrease from $244 thousand for the same period in 2024[172]. Customer and Market Diversification - Sales to the three largest customers accounted for 69% of total revenues in Q4 2025, down from 78% in Q4 2024, highlighting a diversification in the customer base[120]. - The company is exploring opportunities in the China and India markets as part of its new strategy to drive growth[106]. Cost Management and Expenditures - The company is committed to reducing production costs to offset lower average selling prices, although current cost savings have limited impact on gross profit due to underutilization of manufacturing capacity[117]. - Selling, general and administrative expenses increased from $696 thousand for the three months ended November 30, 2024, to $703 thousand for the three months ended November 30, 2025, primarily due to a $28 thousand increase in shipping expense and a $22 thousand increase in cleaning expense[139]. - Capital expenditures for the three months ended November 30, 2025, were $30 thousand, a decrease from $118 thousand in the same period of 2024[173]. - The company plans to continue investing in capital expenditures to expand business operations and production capacity based on market conditions and customer demand[173]. Compliance and Risk Management - The company is focused on maintaining compliance with Nasdaq listing requirements to avoid potential delisting risks[116]. - Management is focused on controlling capital costs and maintaining financial flexibility, which may lead to a decrease in activity levels and capital expenditures as appropriate[173].

Financial Performance - Revenue for Q1 FY 2026 was $2.6 million, a decrease of 80.4% from $13.2 million in Q4 FY 2025[5] - GAAP net loss for Q1 FY 2026 was $742 thousand, or $(0.09) per diluted share, compared to a net loss of $1.2 million, or $(0.15) per diluted share in Q4 FY 2025[5] - GAAP gross margin decreased to 1% in Q1 FY 2026 from 2% in Q4 FY 2025[6] - Operating margin for Q1 FY 2026 was negative 39%, worsening from negative 7% in Q4 FY 2025[6] Cash and Assets - Cash and cash equivalents increased to $2.9 million as of November 30, 2025, up from $2.6 million at the end of Q4 FY 2025[6] - Total current assets decreased to $10.2 million from $11.3 million at the end of Q4 FY 2025[12] - Total liabilities decreased to $12.2 million from $12.8 million at the end of Q4 FY 2025[12] Expenses - Research and development expenses for Q1 FY 2026 were $356 thousand, slightly down from $362 thousand in Q4 FY 2025[14] - Selling, general and administrative expenses decreased to $703 thousand from $853 thousand in Q4 FY 2025[14] Foreign Currency Transactions - The company reported a foreign currency transaction gain of $21 thousand in Q1 FY 2026, compared to a gain of $453 thousand in Q4 FY 2025[14]

Financial Performance - Basic loss per share improved from $(0.11) for Q3 2024 to $(0.02) for Q3 2025, indicating a positive trend in financial performance [124]. - Basic loss per share improved from $(0.47) for the nine months ended November 30, 2024 to $(0.15) for the nine months ended November 30, 2025, indicating overall financial improvement [137]. - The company reported a consolidated net loss of $1.1 million for the nine months ended November 30, 2025, an improvement from a net loss of $3.2 million in the same period of 2024 [156]. Revenue and Sales - Revenues decreased by 4.4% from $7.9 million in Q3 2024 to $7.5 million in Q3 2025, primarily due to the non-renewal of an unprofitable contract [125][126]. - Total revenues for the nine months ended November 30, 2025, were $20.739 million, a slight increase of 0.3% compared to $20.680 million in the same period of 2024 [138]. - Durango product and retail sales decreased by 4.0%, or $0.7 million, for the nine months ended November 30, 2025, primarily due to the non-renewal of an unprofitable contract [139]. - Franchise fees increased by 17.3% to $95 thousand in Q3 2025 compared to $81 thousand in Q3 2024, reflecting improved franchise performance [127]. - Royalty and marketing fees increased by $0.8 million, or 21.5%, during the nine months ended November 30, 2025, compared to the same period in 2024 [140]. Cost and Expenses - Total cost of sales decreased by 17.6% from $6.0 million in Q3 2024 to $5.0 million in Q3 2025, contributing to improved profitability [128]. - Total cost of sales decreased by 8.7%, or $1.393 million, to $14.587 million for the nine months ended November 30, 2025 [141]. - Retail operating expenses increased by 122.2% due to the acquisition of a third retail store in August 2025 [134]. - General and administrative expenses decreased to 15.1% of total revenues for the nine months ended November 30, 2025, down from 20.7% in the same period of 2024 [147]. Gross Margin - Total gross margin increased to 21.4% in Q3 2025 from 10.0% in Q3 2024, driven by sales price increases [129][130]. - Total gross margin increased by 75.8% to $1.646 million, with a gross margin percentage of 10.1% for the nine months ended November 30, 2025, compared to 5.5% in 2024 [142][143]. Cash Flow and Working Capital - Cash flows used in investing activities were $0.5 million during the nine months ended November 30, 2025, primarily due to the acquisition of a retail store for $0.2 million [157]. - As of November 30, 2025, working capital increased to $3.6 million from $2.4 million as of February 28, 2025, mainly due to $1.8 million in proceeds from notes payable [154]. Debt and Credit Agreements - The company entered into a new credit agreement on August 28, 2025, with an outstanding balance of $6.6 million as of November 30, 2025 [161]. - The Company entered into a credit agreement with RMCF2 for a principal amount of $1.2 million, maturing on September 30, 2027, with a 12% annual interest rate [164]. - As of November 30, 2025, the Company repaid $0.6 million of the outstanding principal [164]. - The RMCF2 Credit Agreement limits capital expenditures to $3.5 million per year and includes financial covenants measured quarterly [165]. - The Company was not in compliance with the liabilities to tangible net worth covenant of 2.0:1.0 as of November 30, 2025, but complied with all other covenants [166]. Future Plans and Obligations - The company signed four area development agreements to add 34 new franchise stores over the next three to five years, supporting future growth [121]. - The Company has purchase obligations of approximately $4.2 million as of November 30, 2025, primarily for future purchases of commodities [170]. - The Company plans to issue 1,500,000 shares of common stock at $1.80 per share, generating total proceeds of approximately $2.7 million [168]. Economic Factors - The company experienced higher raw material, labor, and freight costs due to macroeconomic inflationary trends, although these trends have moderated [119]. - Inflationary factors, including increased costs of ingredients and labor, directly affect the Company's operations and may impact future lease costs [171]. - The Company experiences seasonal fluctuations in sales, with stronger sales during key holidays and the summer vacation season [173].

Financial Performance - Total revenue for the three months ended November 30, 2025, was $2,293, an increase of 91% compared to $1,201 for the same period in 2024[88]. - The net loss for the three months ended November 30, 2025, was $5,204,095, compared to a loss of $974 in the same period in 2024[88]. - For the three months ended November 30, 2025, the company reported a net loss of $5,204,095 compared to a net loss of $974 in the same period of 2024[98]. - Adjusted EBITDA for the three months ended November 30, 2025, was $(21,715), a significant decline from $(501) in 2024[98]. Revenue Sources - Revenue from staking was $980 for the three months ended November 30, 2025, compared to $0 in the same period in 2024, marking the initiation of staking as a primary yield generation strategy[92]. - The company expects annual fees of $40,000 to $50,000 for managing its multi-billion dollar ETH portfolio, which it anticipates will be offset by projected staking fees[122]. - Revenue from consulting/advisory services and equipment leasing is recognized over time or at the point of transfer of control, with estimates including variable consideration and collectability[129]. Expenses and Losses - General and administrative expenses rose to $223,436 for the three months ended November 30, 2025, from $959 in the same period in 2024, primarily due to one-time capital raising and consulting fees[91]. - The company recorded an unrealized loss of $5,247,925 related to digital asset holdings for the three months ended November 30, 2025, compared to a gain of $85 in the same period in 2024[93]. - Net cash used in operating activities was $228,356 for the three months ended November 30, 2025, compared to $96 in the same period of 2024[117]. - Net cash used in investing activities was $7,422,439 for the three months ended November 30, 2025, primarily due to the purchase of ETH amounting to $7,527,221[118]. Asset Management - As of November 30, 2025, the total fair value of ETH and BTC holdings amounted to $10,544,339 and $17,450, respectively[93]. - The company recognized an unrealized gain from trading securities of $15,890 for the three months ended November 30, 2025, reflecting the change in fair value of its investment in Eightco[99]. - The change in fair value of warrant liability resulted in a gain of $158,212 for the three months ended November 30, 2025[99]. Liquidity and Financing - The company strengthened its liquidity through a public offering and private placements, with $4,617,859 still available from its at-the-market program as of November 30, 2025[77]. - Net cash provided by financing activities was $8,026,474 for the three months ended November 30, 2025, driven by proceeds from the company's ATM Offering[119]. - The company had $887,678 in cash on hand and working capital of $751,900 as of November 30, 2025[113]. Strategic Focus - The company expects to maintain a flexible cost structure aligned with service activity and treasury scale, with modest capital expenditures relative to a mining-centric model[81]. - The company has pivoted to a services-led model, reducing proprietary mining exposure and focusing on advisory and leasing services[107]. - The company anticipates that staking yields will evolve with validator participation rates and market conditions, focusing on security and liquidity[80]. - The company is monitoring key trends such as Ethereum protocol upgrades and institutional adoption trends that may impact future results[82]. Accounting and Reporting - In fiscal year 2025, the company will account for eligible digital assets at fair value, with changes recognized in net income, potentially increasing volatility in reported results[127]. - The company recognizes digital assets received from operations under ASC 606 and monitors for impairment indicators, with estimates based on market price volatility and timing of transactions[128]. - The company depreciates miners and related equipment over useful lives of 2–10 years and evaluates long-lived assets for impairment when indicators arise[130]. - Stock-based compensation is measured at grant-date fair value using observable market prices and option-pricing models, with key inputs including volatility and risk-free rates[131]. - Certain financing arrangements contain embedded features accounted for as derivatives, with fair value estimated using market-based models[132]. - The company assesses collectability of receivables based on customer creditworthiness and establishes allowances for expected credit losses based on historical experience[133]. Internal Controls - Management has identified material weaknesses in internal control over financial reporting as of November 30, 2025, and is implementing measures to improve these controls[135][136]. - There were no changes in internal control over financial reporting during the quarter ended November 30, 2025, that materially affected the controls[138].

Financial Position - As of December 31, 2025, AirJoule Technologies Corporation had approximately $21.8 million in cash, cash equivalents, and restricted cash[10] - On January 5, 2026, the company contributed an additional $5.0 million in capital to its joint venture with GE Vernova[9] Partnerships and Collaborations - In December 2025, the company announced a partnership with Red Dot Ranch to deploy an AirJoule system for evaluating off-grid water solutions in coastal California[8] - The partnership with Red Dot Ranch aims to expand the deployment of AirJoule systems pending successful evaluation and testing beginning in early 2026[8] Capital Raising - The company intends to conduct an underwritten public offering of shares of its Class A common stock, subject to market conditions[5]