IPO and Fundraising - The company completed its Initial Public Offering (IPO) on December 14, 2021, raising gross proceeds of $200 million from the sale of 20 million units at $10.00 per unit[130]. - An additional 1,562,401 units were sold through the over-allotment option, generating gross proceeds of $15,624,010[130]. - Following the IPO, $219,936,490 was placed in a trust account, with a per unit value of $10.20, invested in U.S. government securities[133]. - The underwriters were paid a cash underwriting discount of $0.20 per Unit, totaling $4,312,480, upon the closing of the Initial Public Offering[167]. Business Combination and Redemptions - On June 12, 2023, the company extended the deadline for completing a business combination to June 14, 2024, with a monthly extension fee of $50,000[134]. - After the Sponsor Handover, 19,824,274 shares were redeemed by public shareholders at $10.54 per share, resulting in $208,992,255 being removed from the trust account[136]. - A total of 1,146,276 shares were also redeemed at $10.73 per share, leading to an additional $12,302,385 being withdrawn from the trust account[139]. - Following the conversions and redemptions, the company has 591,851 Class A shares and one Class B share outstanding, with approximately $6,352,029 remaining in the trust account[139]. - The company must complete an initial business combination with a fair market value of at least 80% of the net assets held in the trust account[140]. - The initial shareholders have agreed to waive their liquidation rights regarding Founder Shares if the company fails to complete a business combination within the specified period[146]. - If the company does not complete a business combination by the end of the Combination Period, it will redeem public shares at a price equal to the amount in the trust account, initially anticipated to be $10.20 per share[145]. - The Company entered into a Business Combination Agreement with Leading Partners Limited, exchanging 11,124,960 private placement warrants for 500,000 Holdco Class A Ordinary Shares and 43,000,000 Holdco Class A Ordinary Shares for LEADING equity holders[150]. Financial Performance and Position - As of June 30, 2025, the Company had a working capital deficit of approximately $2,503,403 and only $212 in its operating bank account[155]. - The Trust Account balance decreased significantly from $225,411,726 as of March 31, 2023 to $1,865,847 as of June 30, 2025 due to redemptions totaling $221,294,640[161]. - For the three months ended June 30, 2025, the Company reported a net loss of $542,059, with interest income of $25,966 offset by operating costs and changes in fair value of warrant liability[162]. - The Company has until October 14, 2025, to consummate a business combination, after which mandatory liquidation will occur if not completed[158]. - Following the extraordinary meeting on April 30, 2025, approximately $2,948,990 was removed from the Trust Account due to the redemption of 246,676 shares[154]. - The Company has not generated any operating revenues to date and relies on interest income from the Trust Account[161]. - The Company anticipates that cash held outside the Trust Account may not be sufficient for operations for at least the next 12 months if a business combination is not consummated[157]. Accounting and Regulatory Matters - The Company recognized $nil for administrative support services expense for the three and six months ended June 30, 2025, due to the waiver of unpaid service fees by the Former Sponsor[164]. - The company accounts for warrants issued in connection with its initial public offering as liabilities, measured at fair value at inception and each reporting date[174]. - As of June 30, 2025, the company did not have any dilutive securities, resulting in diluted loss per ordinary share being the same as basic loss per ordinary share[176]. - The company adopted ASU 2016-13 on January 1, 2023, which did not have a material impact on its financial statements[178]. - The company does not have any off-balance sheet arrangements as of June 30, 2025[180]. - Inflation did not have a material impact on the company's business, revenues, or operating results during the period presented[181]. - The company is classified as an "emerging growth company" and benefits from certain exemptions from reporting requirements[182]. - The company has elected not to opt out of the extended transition period for new or revised financial accounting standards[183]. - The company is classified as a smaller reporting company and is not required to provide certain disclosures under market risk[185].

Revenue and Profitability - Revenue for the three months ended September 30, 2025, increased by $539,799, or 147.93%, to $904,699 compared to $364,900 for the same period in 2024, primarily due to sales from a new customer, Kellermeyer Bergensons Services, LLC [154] - Gross profit rose by $350,971, or 189.20%, to $536,470 for the three months ended September 30, 2025, with gross profit margin increasing from 50.84% in 2024 to 59.3% in 2025 [156] Costs and Expenses - Cost of sales increased by $188,828, or 105.25%, to $368,229 for the three months ended September 30, 2025, with a decrease in cost of sales as a percentage of revenue from 49.16% in 2024 to 40.7% in 2025 [155] - General and administrative expenses surged by $7,708,919, or 841.39%, to $8,625,133 for the three months ended September 30, 2025, representing 953.37% of revenue compared to 251.09% in 2024 [157] - The increase in general and administrative expenses was primarily due to professional and consulting fees, stock compensation, and payroll related to increased headcount [157] - Advertising expenses increased by $25,319, or 54.79%, to $71,529 for the three months ended September 30, 2025, accounting for 7.91% of revenue compared to 12.66% in 2024 [158] - Depreciation and amortization expense increased by $36,826, or 92.47%, to $76,649 for the three months ended September 30, 2025, from $39,823 for the same period in 2024 [160] - The company incurred total other expense of $5,130,858 for the three months ended September 30, 2025, compared to $39,334 for the same period in 2024 [161] Net Loss - The net loss for the three months ended September 30, 2025, was $(13,367,699), compared to a net loss of $(856,082) for the same period in 2024, reflecting a significant increase in losses [153] - Net loss for the three months ended September 30, 2025, was $13,367,699, an increase of $12,511,617, or 1,461.50%, compared to a net loss of $856,082 for the same period in 2024 [162] Cash Flow and Financing - Cash and cash equivalents as of September 30, 2025, were $12,914,595, with cash used in operating activities amounting to $3,796,652 for the three months ended September 30, 2025 [163] - Net cash used in investing activities was $142,511,738 for the three months ended September 30, 2025, compared to $6,465 for the same period in 2024 [170] - Net cash provided by financing activities was $157,763,139 for the three months ended September 30, 2025, compared to $0 for the same period in 2024 [171] - The company raised approximately $164,257,145 from an offering of pre-funded warrants, with $148,650,530 paid in cash and $26,349,890 in cryptocurrency [173] Strategic Initiatives - The establishment of a digital asset treasury strategy focused on Dogecoin was adopted on September 5, 2025, creating two reportable segments: CleanCore and Treasury [148] - The Treasury segment includes unrealized gains or losses on digital assets and costs associated with digital asset holdings, reflecting the company's strategic shift towards cryptocurrency [148] - The company aims to expand its distributor network and improve production processes to enhance product effectiveness in various environments, including restaurants and airports [145] Going Concern - The company has indicated that currently available resources will not be sufficient to fund planned expenditures over the next 12 months, raising substantial doubt about its ability to continue as a going concern [164] - The company plans to raise additional capital through equity and/or debt financing to implement its business plan and generate sufficient revenue [165] - The company has no off-balance sheet arrangements that could affect its financial condition [178]

Revenue Performance - Revenue for the three months ended September 30, 2025, was $24,450, a significant increase from $554 in the same period in 2024, primarily due to the completion of the first deliverable under the Stellantis purchase order[62] - For the nine months ended September 30, 2025, revenue was $37,728, down from $80,624 in the same period in 2024, attributed to the completion of the first deliverable under the Stellantis order and other product revenues[69] Research and Development Expenses - Research and development expenses increased by $109,099, or 6%, to $1,793,162 for the three months ended September 30, 2025, driven by higher semiconductor fabrication costs and search fees[64] - Research and development expenses for the nine months ended September 30, 2025, rose by $647,470, or 14%, to $5,261,173, mainly due to increased semiconductor fabrication costs[71] Net Loss - The net loss for the three months ended September 30, 2025, was $2,940,650, representing a 9% increase compared to a net loss of $2,690,348 for the same period in 2024[68] - The net loss for the nine months ended September 30, 2025, was $8,680,439, an 11% increase from a net loss of $7,822,039 for the same period in 2024[75] Cash and Working Capital - Cash and cash equivalents at September 30, 2025, were $8.4 million, with net working capital of $7.8 million and no outstanding debt[76] - Operating activities resulted in cash outflows of $6,973,275 for the nine months ended September 30, 2025, primarily due to the net loss for the period[78] - Financing activities for the nine months ended September 30, 2025 resulted in net cash outflows of $98,724, primarily due to tax payments of $98,834 related to the vesting of restricted stock units[81] - For the nine months ended September 30, 2024, financing activities generated cash inflows of $15,724,818 from the public offering of common stock and pre-funded warrants, $1,018,898 from the exercise of warrants, and $86,757 from the exercise of stock options[82] Product Development and Agreements - The company launched the SymCool® IQ Intelligent Power Module in late 2023, targeting markets such as renewable energy and EV charging, with the first order announced in late 2024[57] - A development agreement with Stellantis for a custom B-TRAN® power module progressed to the second phase in 2023, with an order secured in August 2025 for multiple EV applications[59] Accounting and Reporting - There have been no significant changes to critical accounting estimates during the nine months ended September 30, 2025, as disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[83] - There are no material changes from trends, events, or uncertainties disclosed in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[84] - As a smaller reporting company, there is no requirement to provide quantitative and qualitative disclosures about market risk[85]

Financial Performance - For the three months ended September 30, 2025, revenue increased to $13.3 million, up from $13.0 million in the same period of 2024, representing a growth of 2.5%[111] - The net income for the nine months ended September 30, 2025, was $3.6 million, compared to $4.2 million for the same period in 2024, reflecting a decrease of 15.5%[111] - Total revenue for Q3 2025 increased by 2.5% to $13,317,000 compared to $12,995,000 in Q3 2024, driven by a 29.6% increase in recurring, fee-based property management services revenue[112] - For the nine months ended September 30, 2025, total revenue increased by 13.2% to $38,928,000, with ParkX management revenue rising by 58.8% to $9,624,000[117] - Adjusted EBITDA for Q3 2025 decreased to $1,066,000 from $3,133,000 in Q3 2024, primarily due to lower net income from increased operating costs[126] Operating Costs - The company’s operating costs for the three months ended September 30, 2025, were $12.7 million, compared to $10.2 million in the same period of 2024, an increase of 24.6%[111] - Operating costs and expenses rose by 24.5% to $12,656,000 in Q3 2025, primarily due to a $1.7 million increase in personnel-related expenses for 139 new ParkX employees[114] - Total operating costs and expenses for the nine months ended September 30, 2025, increased by 19.1% to $34,747,000, largely due to a $4.4 million rise in personnel expenses[118] Assets and Portfolio - The managed portfolio includes 91 assets, with a total of 2.3 million square feet of commercial space at 82% leased and 2.0 million square feet of residential space at 96% leased[102] - The Anchor Portfolio generated over $100 million in gross revenue for property owners over the fiscal year 2024[101] - The company has a development pipeline that includes 5 commercial assets totaling approximately 1.5 million square feet and 5 residential assets with over 2,300 units, representing approximately 2.5 million square feet[102] - The company has entered into a definitive purchase agreement for Comstock 41, contingent upon successful rezoning for an affordable housing project[107] Business Model and Strategy - The company operates under long-term asset management agreements, providing visibility to future revenue and earnings growth while maintaining a debt-free business model[109] - The company aims to expand its managed portfolio and grow revenue through strategic investments and complementary acquisitions[97] - The company’s asset-light business model mitigates risks typically associated with real estate development and operation, allowing for flexibility in exploring growth opportunities[96] Cash Flow and Investments - Cash and cash equivalents as of September 30, 2025, were $26.2 million, with an additional $10.0 million available from the Credit Facility[128] - Net cash used in operating activities for the nine months ended September 30, 2025, was $(460,000), a decrease of $3,365,000 compared to the prior year[130] - A $1.0 million refundable deposit was made on a potential multifamily property acquisition, contributing to a $1.5 million decrease in net cash provided by investing activities[132] Other Income and Tax - Other income increased significantly by 182.1% to $330,000 in Q3 2025, driven by a $110,000 gain on real estate ventures compared to a loss of $75,000 in Q3 2024[115] - Provision for income tax decreased to $0.5 million in Q3 2025 from $0.6 million in Q3 2024, reflecting a $0.4 million tax benefit from lower taxable income[116]

Financial Performance - Ideal Power reported a revenue of $24,450 in Q3 2025, a significant increase from $554 in Q3 2024[15] - The net loss for Q3 2025 was $2.94 million, compared to a net loss of $2.69 million in Q3 2024, reflecting a 9.3% increase in losses year-over-year[15] - Cash used in operating and investing activities in Q3 2025 was $2.7 million, up from $2.4 million in Q3 2024, indicating a 12.5% increase[7] - Cash and cash equivalents totaled $8.4 million as of September 30, 2025, down from $15.8 million at the end of 2024[13] - Operating expenses in Q3 2025 were $3.0 million, slightly higher than $2.9 million in Q3 2024, primarily due to increased research and development spending[7] - Cash used in operating activities for the first nine months of 2025 was $7.4 million, compared to $6.6 million in the same period of 2024, marking a 12.1% increase[7] Business Developments - The company secured a purchase order from Stellantis for custom B-TRAN® devices, completing the first of five deliverables under this order[3] - Ideal Power increased the power rating of its discrete B-TRAN® product by 50%, which has generated greater interest from both existing and potential customers[3] - The company has 97 issued B-TRAN® patents, with 73 pending, covering regions including North America, China, and Europe[7] - The company engaged with a sixth global automaker to evaluate B-TRAN® for EV applications, indicating ongoing market expansion efforts[3]

Financial Results - CleanCore Solutions, Inc. reported its financial results for the quarter ended September 30, 2025[5]. - A press release detailing the financial results was issued on November 13, 2025[5]. - The financial results include key metrics that will be available in Exhibit 99.1[5]. - The report does not include specific performance numbers or guidance in the provided content[6]. - No specific financial data or performance metrics were disclosed in the available documents[6]. Company Classification and Compliance - The company is classified as an emerging growth company under the Securities Act of 1933[4]. - The filing is intended to satisfy the requirements of the Securities Exchange Act of 1934[5]. Company Information - The company is headquartered in Omaha, NE, with a contact number of (877) 860-3030[3]. - The common stock of CleanCore Solutions, Inc. is traded under the symbol "ZONE" on NYSE American LLC[3]. - The report was signed by Clayton Adams, the Chief Executive Officer of CleanCore Solutions, Inc.[10].

Financial Performance - Comstock Holding Companies, Inc. reported earnings for the quarter ended September 30, 2025, with a focus on operational performance and financial condition[5] - The company issued a press release and an investor presentation on November 13, 2025, detailing updates and financial results for the quarter[6] - Specific financial metrics and user data were not disclosed in the provided content, but the company emphasized the importance of these updates for stakeholders[5][6]

Financial Performance - The company reported revenues of $4.1 million for the three months ended September 30, 2025, compared to $3.2 million for the same period in 2024, primarily driven by ATEC sales of $4.0 million in 2025 [130]. - The operating loss for the three months ended September 30, 2025, was $4.9 million, slightly higher than the $4.8 million loss in the same period of 2024, attributed to increased professional fees and improved profitability from ATEC [128]. - The company incurred a net loss of $7.1 million for the three months ended September 30, 2025, compared to a net loss of $6.8 million in the same period of 2024 [128]. - Revenue for the nine months ended September 30, 2025, was $11.2 million, up from $4.9 million in the same period of 2024, driven by ATEC sales of $10.1 million compared to $3.5 million in 2024 [138]. - Operating loss for the nine months ended September 30, 2025, was $18.2 million, compared to a loss of $16.6 million in 2024, attributed to increased professional fees and compensation costs [137]. - Cost of sales for the nine months ended September 30, 2025, was $7.8 million, up from $4.3 million in 2024, with ATEC gross margin improving to 44.1% from 31.4% [139]. - General and administrative expenses, excluding stock-based compensation, increased to $16.9 million for the nine months ended September 30, 2025, from $12.7 million in 2024, mainly due to higher legal and consulting fees [140]. ATEC Operations - ATEC's gross margin improved to 49.6% in Q3 2025 from 32.1% in Q3 2024, driven by an increase in filter sales, with 113 filters shipped in 2025 compared to 95 in 2024 [131]. - ATEC operations are expected to be funded using existing capital and cash profits generated from operations during 2025 [162]. Water Supply and Infrastructure - The company has entered into agreements for the purchase of 21,275 acre-feet per year of water supply, representing 85% of the Northern Pipeline's capacity [115]. - The company holds vested water rights allowing the withdrawal of an average of 50,000 acre-feet per year, totaling 2.5 million acre-feet over 50 years [109]. - The company is engaged in the development of the Mojave Groundwater Bank, which aims to provide long-term water supply solutions [117]. - The company has established a new business entity, Mojave Water Infrastructure Company, LLC, to finance the construction of the Mojave Groundwater Bank and associated facilities [119]. - The company expects to receive up to $450 million in equity capital investments for the Mojave Water Infrastructure Company, LLC, with a definitive agreement for $51 million from Lytton Rancheria [120]. - The company has entered into a definitive agreement for a $51 million unsecured term loan to fund the construction of the Mojave Groundwater Bank [155]. Cash Flow and Financing - Cash used in operating activities decreased to $12.0 million for the nine months ended September 30, 2025, from $15.3 million in 2024, driven by reduced working capital needs at ATEC [159]. - Cash used in investing activities increased significantly to $11.3 million for the nine months ended September 30, 2025, compared to $0.5 million in 2024, primarily for securing an option to purchase steel pipeline [160]. - Cash provided by financing activities totaled $13.0 million for the nine months ended September 30, 2025, a decrease from $14.7 million for the same period in 2024 [161]. - The company completed a direct offering in March 2025, raising approximately $20.0 million in gross proceeds from the sale of 5,715,000 shares of common stock [147]. Future Capital Needs - Future working capital needs will depend on measures pursued in the entitlement and development of water supply and storage resources [163]. - Additional capital may be needed for working capital and capital expenditures, influenced by the progress of the Mojave Groundwater Bank and MWI funding [163]. - The company is evaluating cash requirements and may raise funds through equity or debt placements, or asset sales [164]. - Equity placements will be minimized to reduce the dilutive effect on existing stockholders [164]. - Limitations on liquidity and capital raising ability may adversely affect the company [164].

Financial Performance - The company reported revenues of $4.1 million for the three months ended September 30, 2025, compared to $3.2 million for the same period in 2024, primarily driven by ATEC sales of $4.0 million [130]. - Revenue for the nine months ended September 30, 2025, was $11.2 million, up from $4.9 million in the same period of 2024, driven by ATEC sales of $10.1 million compared to $3.5 million in 2024 [138]. - Operating loss for the three months ended September 30, 2025, was $4.9 million, slightly higher than the $4.8 million loss in the same period of 2024, attributed to increased professional fees and improved ATEC profitability [128]. - Operating loss for the nine months ended September 30, 2025, was $18.2 million, compared to a loss of $16.6 million in 2024, attributed to increased professional fees and compensation costs [137]. - The company incurred a net loss of $7.1 million for the three months ended September 30, 2025, compared to a net loss of $6.8 million in the same period of 2024 [128]. Cost and Expenses - General and administrative expenses increased to $5.2 million in Q3 2025 from $4.1 million in Q3 2024, primarily due to higher legal and consulting fees [132]. - General and administrative expenses, excluding stock-based compensation, increased to $16.9 million for the nine months ended September 30, 2025, from $12.7 million in 2024, mainly due to higher legal and consulting fees [140]. - Cost of sales for the nine months ended September 30, 2025, was $7.8 million, compared to $4.3 million in 2024, with ATEC gross margin improving to 44.1% from 31.4% [139]. - Compensation costs for stock and option awards were $3.8 million for the nine months ended September 30, 2025, compared to $3.6 million in 2024, reflecting stock-based non-cash awards [142]. Water Supply and Infrastructure - The company has entered into agreements for the purchase of 21,275 acre-feet per year (AFY) of annual water supply, representing 85% of the Northern Pipeline's capacity [115]. - The company holds vested water rights allowing the withdrawal of an average of 50,000 acre-feet per year, totaling 2.5 million acre-feet over 50 years [109]. - The company’s water storage capacity includes the ability to store up to 1 million acre-feet of imported surplus water for drought periods [110]. - The company has established a new business entity, Mojave Water Infrastructure Company, to finance the construction of the Mojave Groundwater Bank and associated facilities [119]. - The company expects to receive up to $450 million in equity capital investments for the Mojave Water Infrastructure Company, LLC, with a definitive agreement for $51 million from Lytton Rancheria [120]. Cash Flow and Financing - Cash used in operating activities decreased to $12.0 million for the nine months ended September 30, 2025, from $15.3 million in 2024, driven by reduced working capital needs at ATEC [159]. - Cash used in investing activities increased significantly to $11.3 million for the nine months ended September 30, 2025, compared to $0.5 million in 2024, primarily for securing an option to purchase steel pipeline for the Mojave Groundwater Bank [160]. - Cash provided by financing activities totaled $13.0 million for the nine months ended September 30, 2025, compared to $14.7 million for the same period in 2024, reflecting a decrease of approximately 11.6% [161]. - The company completed a registered direct offering in March 2025, raising approximately $20.0 million in gross proceeds from the sale of 5,715,000 shares [147]. - The company has entered into a definitive agreement with Lytton Rancheria for a potential unsecured term loan of up to $51 million for the construction of the Mojave Groundwater Bank [155]. Future Outlook and Capital Needs - ATEC operations are expected to be funded using existing capital and cash profits generated from operations during 2025 [162]. - Future working capital needs will depend on the measures pursued in the entitlement and development of water supply and other resources [163]. - Additional capital may be needed in the long term to finance working capital needs and capital expenditures, particularly related to the Mojave Groundwater Bank [163]. - The company is evaluating cash requirements and may meet future needs through equity or debt placements, or asset sales [164]. - Equity placements will be undertaken only as necessary to minimize dilution for existing stockholders [164]. - Limitations on liquidity and capital raising ability may adversely affect the company [164].

Revenue Growth - Total revenue for the three months ended September 30, 2025, increased by $1,060,140 or 272% compared to the same period in 2024, reaching $1,450,470[93] - Total revenue for the nine months ended September 30, 2025, increased by $2,354,699 or 255%, reaching $3,278,483 compared to $923,784 for the same period in 2024[101] - Cloud video subscriptions increased by 142%, remote guarding by 154%, hardware sales by 144%, and installation sales and other sales by 790% over the same period in 2024[93] Cost and Expenses - Cost of goods sold for the three months ended September 30, 2025, increased by $404,488 or 124% compared to the same period in 2024, totaling $730,799[94] - Cost of goods sold for the nine months ended September 30, 2025, increased by $1,056,571 or 138%, totaling $1,824,700[103] - Operating expenses for the three months ended September 30, 2025, were $2,703,618, an increase of 64% compared to $1,648,764 for the same period in 2024[95] - General and administrative expenses for the nine months ended September 30, 2025, increased by 80% to $1,853,076 compared to $1,029,790 for the same period in 2024[105] - Research and development expenses for the nine months ended September 30, 2025, increased by 37% to $1,430,839 compared to $1,045,638 for the same period in 2024[106] Net Loss - The net loss for the three months ended September 30, 2025, was $2.06 million, compared to a net loss of $1.72 million for the same period in 2024, representing a 14% increase in loss[100] - The company reported a net loss of $6.6 million for the nine months ended September 30, 2025, an increase of approximately 23% compared to a net loss of $5.29 million for the same period in 2024[109] Cash Flow and Financing - Net cash used in operating activities was $5.66 million for the nine months ended September 30, 2025, compared to $3.32 million for the same period in 2024[112] - Cash and cash equivalents at the end of the period stood at $6.4 million, a significant increase from $444,000 at the end of September 30, 2024[112] - The company raised $12.1 million from financing activities for the nine months ended September 30, 2025, compared to a cash outflow of $261,000 for the same period in 2024[116] - The company anticipates incurring additional losses for the foreseeable future, with an accumulated deficit of approximately $47.38 million as of September 30, 2025[125] - The company expects its current cash will be sufficient to fund operations through at least the third quarter of 2026, but may require additional funding if revenues do not grow as anticipated[123] Investment Activities - Investing activities included $236,373 for colocation equipment for the Montana data center and $14,908 for computer equipment for new employees[115] - The company has entered into agreements that may provide necessary funding for operations over the next 12 months, subject to various conditions[124] Operational Challenges - The company continues to experience negative cash flows from operations due to investments in product and service development[113]