Revenue Concentration - For the year ended December 31, 2025, two customers accounted for 79% of consolidated revenue, all related to the Drone segment[205]. Financial Performance - The company incurred net losses of $4.1 million and $38.7 million for the years ended December 31, 2025 and 2024, respectively, with an accumulated deficit of $210.6 million as of December 31, 2025[199]. - The company may need to raise additional capital to support R&D and commercialization efforts, which could impact operations if financing is not obtained[203]. - The company’s estimates of the total addressable market for its products may be overly optimistic, potentially impairing sales growth and financial performance[251]. - The company may incur significant costs related to compliance with data privacy and security obligations, which could lead to financial losses and reputational harm[245]. - The company does not intend to pay dividends in the foreseeable future, limiting returns to stockholders to stock price appreciation[339]. Operating Expenses and Growth - The company expects to continue incurring significant operating expenses due to expansion of headcount and acceleration of product development[201]. - The company faces challenges in hiring skilled personnel, which may affect operational capabilities and growth plans[228]. - The company may struggle to maintain historical revenue and operating efficiency due to integration difficulties[216]. Supply Chain and Production Risks - The company relies on a limited number of suppliers in Canada and Europe for critical components, which poses risks to production[195]. - Supply chain issues, including inflation and supplier reliability, are expected to negatively impact operations through 2026[231]. - The company faces risks related to supply shortages of component parts, which could delay product development and delivery, potentially harming financial results[233]. - The company relies on third-party components, which may impact the success of future products if not procured timely[221]. Regulatory and Compliance Challenges - The company is subject to extensive government regulation, and failure to comply may result in significant financial liabilities[196]. - The company is subject to extensive U.S. government regulations, and non-compliance could lead to significant financial liabilities, penalties, and loss of contracts, adversely affecting business operations and financial condition[277]. - Compliance with local, state, federal, and international regulations is costly and could affect the ability to sell and manufacture products, impacting overall financial performance[294]. - The company is subject to stringent U.S. and foreign data privacy and security laws, with potential consequences for non-compliance including fines and reputational harm[301]. Market and Competitive Landscape - The defense and aerospace industry is highly competitive, with significant competition from companies with greater resources[217]. - The market for eVTOL aircraft is still emerging, and the company has not yet obtained FAA certification for its eVTOL aircraft under development[196]. - The electric air mobility market is still emerging and may not achieve expected growth, posing risks to the company's financial condition and operational results[252]. - Consumer adoption of eVTOL aircraft is uncertain, and reluctance to pay projected prices could harm the company's financial condition and operating results[255]. Acquisitions and Integration - The anticipated purchase price for two potential acquisitions in the Training segment is expected to range from $5.1 million to $7.7 million[210]. - The company has made acquisitions and may face challenges in integrating acquired businesses and realizing anticipated synergies[210]. - Integration of acquired companies may face challenges, potentially leading to unanticipated costs and failure to realize expected synergies[214]. - Acquired companies may have undiscovered liabilities, which could adversely impact financial performance[215]. Technological Development and Risks - The company is developing generative AI technologies, including AIRO Drone's DaaS and AIRO-NET, but faces regulatory and operational risks associated with these technologies[237]. - Technological advancements are critical, and failure to keep pace may adversely affect revenues and profitability[219]. - The company relies on third-party partners for emerging technologies, and there is no assurance that these technologies will be commercially viable or meet production requirements[267]. International Operations - A majority of total net sales in 2024 and 2025 were from international customers, highlighting the significance of international operations[297]. - International sales face substantial competition from both U.S. and foreign manufacturers, with risks including political and economic factors, currency fluctuations, and regulatory requirements[297]. - Direct commercial sales (DCS) transactions present higher risks due to less familiarity with international parties and differing local laws[299]. Internal Controls and Governance - The company has identified material weaknesses in internal control over financial reporting, which could affect the accuracy of financial reporting[205]. - The company has initiated measures to remediate material weaknesses, including hiring experienced accounting personnel and engaging an independent internal auditor[324]. - The independent registered public accounting firm will not formally attest to the effectiveness of internal controls until the company is no longer classified as an "emerging growth company" under SEC rules[332]. Risks from External Factors - Adverse weather and natural disasters can significantly disrupt operations, potentially affecting the company's financial results more than competitors[250]. - The company faces risks from geopolitical events and economic disruptions that could adversely affect market conditions and operations[300]. - The company may experience adverse consequences from cybersecurity threats, including data breaches and operational disruptions, which could impact revenue and reputation[239]. Stockholder and Management Dynamics - Significant stockholders and management hold a large percentage of voting stock, allowing them to influence major corporate decisions[340]. - The management team has limited experience managing a public company, which may affect operational efficiency and compliance with regulatory requirements[341]. - Future issuances of debt or equity securities may dilute existing stockholders and adversely affect the market price of common stock[342].

Revenue Performance - Total revenue for the year ended November 30, 2025, was HK$18,481,149 (US$2,373,334), a decrease of approximately 4% from HK$20,286,590 in 2024[293] - Financial PR services revenue represented 57% of total revenues in 2025, down from 75% in 2023, indicating a significant shift in revenue sources[295] - Financial PR services revenue decreased by HK$4,995,701, or approximately 32%, from HK$15,427,899 in 2023 to HK$10,432,198 in 2024[296] - Project-based Financial PR services revenue increased by HK$4,883,105, or approximately 187%, from HK$2,607,555 in 2023 to HK$7,490,660 in 2024[299] Expenses and Costs - Direct cost of revenues decreased by HK$1,282,038, or 16.08%, from HK$7,970,194 in 2024 to HK$6,688,155 (US$858,887) in 2025[306] - Selling expenses for the year ended November 30, 2025, amounted to HK$1,590,959 (US$204,310), a significant decrease from HK$3,276,562 in 2023[308] - Entertainment expenses increased by HK$570,923, or approximately 73%, from HK$785,555 in 2024 to HK$1,356,478 (US$174,198) in 2025[309] - Staff costs for the years ended November 30, 2025, 2024, and 2023 were HK$3,387,808 (US$435,060), HK$5,767,541, and HK$3,160,163, respectively[290] - Total administrative expenses increased significantly by HK$16,232,233, or approximately 117%, from HK$13,875,156 for the year ended November 30, 2024 to HK$30,198,088 (US$3,878,013) for the year ended November 30, 2025[315] - Share-based compensation expense amounted to HK$18,706,734 (US$2,402,303) for the year ended November 30, 2025, with no expenses recognized for the years ended November 30, 2024 and 2023[317] Financial Position - Current assets increased to HK$93,757,282 (US$12,040,231) as of November 30, 2025, compared to HK$69,688,174 in 2024[340] - Accounts receivable balance increased by HK$12,275, or approximately 0.52%, from HK$2,358,162 as of November 30, 2024 to HK$2,370,437 (US$304,410) as of November 30, 2025[342] - Provisions for doubtful accounts amounted to HK$1,200,187 for the year ended November 30, 2025, down from HK$4,872,854 in 2024[343] - Prepayments and other receivables increased by HK$807,427 to HK$2,653,771 (US$340,795) as of November 30, 2025, primarily due to additional prepaid building renovation expenses[344] - Amounts due from related parties rose significantly to HK$21,264,851 (US$2,730,814) as of November 30, 2025, from HK$1,556,765 in 2024[347] - Accruals and other payables decreased by HK$376,476 to HK$899,753 (US$115,546) as of November 30, 2025, mainly due to the settlement of outstanding professional fees[348] - Contract liabilities decreased from HK$128,400 in 2024 to nil in 2025, as advance payments were recognized as revenue[349] - Operating lease liabilities increased by HK$205,505 to HK$499,296 (US$64,119) as of November 30, 2025, due to changes in lease payment schedules[350] Cash Flow - Net cash used in operating activities for the year ended November 30, 2025, was HK$178,028 (US$22,862), primarily due to a net loss of HK$18,175,575[356] - Net cash used in investing activities for the year ended November 30, 2025, was HK$20,548,102 (US$2,638,770), mainly due to amounts due from a director[359] - Net cash provided by financing activities for the year ended November 30, 2025, was HK$24,653,005 (US$3,165,918), primarily from proceeds of ordinary shares[361] - Capital expenditures for the year ended November 30, 2025, were HK$840,016, with no significant capital expenditure anticipated in the next 12 months[365] Allowance for Doubtful Accounts - For the year ended November 30, 2025, HK$1,200,187 was provided as allowance for doubtful debts due to lower recovery possibility, with HK$5,642,032 of accounts receivable written off[376] - HK$3,890,793 was provided as allowance for doubtful debts in the year ended November 30, 2024, with HK$982,061 written off[376] - HK$2,154,945 was provided as allowance for doubtful debts in the year ended November 30, 2023, indicating a trend in increasing provisions[376] - The Group regularly reviews the adequacy of the allowance for doubtful accounts based on specific evidence such as aging of receivables and clients' payment history[375] Market Conditions and Risks - Ongoing economic uncertainties, including interest rate fluctuations, may continue to impact capital market activities in Hong Kong and demand for Financial PR services[287] - The number of companies listed on The Stock Exchange of Hong Kong Limited remained stable as of December 31, 2025, despite market sentiment affecting new listings[286] - The Group's credit policies aim to minimize exposure to credit risk, with receivables being very short term in nature and associated risks being minimal[537] - The Hong Kong Deposit Protection Board insures deposits up to HK$800,000 (approximately US$102,821), providing additional security for cash held[536] - The Group does not expect significant changes in interest rates affecting cash at bank, indicating minimal exposure to cash flow interest rate risk[539] - Foreign currency risk is primarily associated with service income or expenses in currencies other than the functional currency, with minimal exposure due to HK$ being pegged to US$[540] - The Group maintains sufficient liquidity to meet financial obligations, ensuring cash on demand for expected operational expenses for 180 days[542]

Cryptocurrency Custody and Regulation - The company holds its bitcoin in cold-storage and trading wallets with Coinbase, ensuring reasonable protections for safekeeping, but acknowledges potential risks related to evolving legal treatments of digital assets[56]. - The company has not experienced any loss or access issues with its bitcoin custodied with Coinbase, indicating a stable custodial relationship[57]. - The company is subject to evolving regulations regarding cryptocurrency and digital assets, which may impact its operations in the future[80]. - The SEC's interpretation indicates that transactions involving crypto assets may be treated as securities under certain conditions, impacting the digital asset ecosystem[82]. - The GENIUS Act establishes a federal regulatory framework for payment stablecoins, affecting the broader digital asset market, although the company does not issue stablecoins[83]. - The CLARITY Act, if passed, would grant the CFTC regulatory authority over digital commodities, potentially imposing new compliance requirements on companies holding digital assets[83]. Competitive Landscape - The cryptocurrency industry is highly competitive, with primary drivers including demand for bitcoin, access to economical power, and sourcing miners[59]. - The company competes with traditional datacenter developers and operators as it evaluates opportunities related to AI and HPC development, focusing on access to power and technical expertise[60]. - The company is expanding into AI and HPC workloads, which may subject it to evolving regulations regarding responsible AI development and energy efficiency[85]. Environmental and Regulatory Compliance - The company has invested over $6 million in environmental improvements, including the installation of cylindrical wedge wire screens at its New York facility[71]. - The company is subject to numerous environmental regulations from NYSDEC and EPA, which may impose additional operational restrictions in the future[101]. - Greenidge Generation's Title V Air Permit renewal process is ongoing, with a draft permit expected in 2026 following a settlement with NYSDEC[105]. - The New York Facility's SPDES and Water Withdrawal permits have been renewed, allowing uninterrupted operations while complying with state and federal requirements[106]. - The Landfill has a SPDES permit valid until June 2027, establishing effluent limitations and sampling frequency for stormwater and leachate discharges[107]. - Lockwood Hills has an environmental liability of $13.7 million associated with the landfill as of December 31, 2025[110]. - Greenidge Generation has accrued environmental liabilities under the CCR Rule based on current estimates, with a civil fine of $0.1 million due to compliance issues[109]. - A charge of $0.4 million was recognized for the remeasurement of environmental liabilities related to CCR liabilities during the year ended December 31, 2025[112]. - The financial assurance mechanism for landfill closure is guaranteed by a letter of credit amounting to approximately $5.0 million and an additional trust contribution of $1.3 million[110]. Operational Performance - The company has a total installed capacity of approximately 40,910 MW from various generation sources in New York, impacting its competitiveness in energy markets[63]. - The company benefits from low power costs due to access to the Millennium Pipeline price hub and a cool climate, allowing for competitive energy production[66]. - The company has zero recordable incidents during fiscal year 2025, emphasizing its commitment to workplace health and safety[75]. Community Engagement - The company has entered into a Trail License and Management Agreement for public access trail construction, indicating community engagement efforts[72]. Corporate Developments - The company completed a successful pilot program for cryptocurrency datacenter operations in January 2020, expanding its business model[115]. - In 2014, the company transformed a coal power plant into a natural gas facility with a total generation capacity of approximately 106 MW[114]. - The company entered into a Consent Agreement with the EPA on September 15, 2025, agreeing to implement groundwater monitoring measures and pay a civil penalty of $0.1 million[113]. - The company’s shares of Class A common stock began trading under the symbol "GREE" following the acquisition of Support.com in September 2021[117]. - The company maintains a publicly available website for investors to access pertinent information, including annual and quarterly reports[118].

Financial Performance - The company generated a net income of $2,404,209 from June 9, 2025, to December 31, 2025, primarily from interest earned on marketable securities held in the Trust Account, totaling $2,805,113[136]. - The company incurred net cash used in operating activities of $608,179 during the period from June 9, 2025, to December 31, 2025[142]. - As of December 31, 2025, the company had cash and marketable securities in the Trust Account amounting to $290,305,113, including approximately $2,805,113 of interest income[143]. Initial Public Offering - The company completed its Initial Public Offering on September 29, 2025, raising gross proceeds of $287,500,000 from the sale of 28,750,000 Units[140]. - A total of $287,500,000 was placed in the Trust Account following the Initial Public Offering, with total offering costs amounting to $17,861,874[141]. Debt and Financing - The company does not have any long-term debt or off-balance sheet financing arrangements as of December 31, 2025[147]. - The company may need to obtain additional financing to complete its Business Combination or if a significant number of Public Shares are redeemed[146]. Business Combination - The company intends to use substantially all funds in the Trust Account to complete its Business Combination and for working capital of the target business[143]. - The company may seek to extend the Combination Period, which would require approval from Public Shareholders and could affect its capitalization[134]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination[133].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Exact name of registrant as specified in its charter) | Delaware | 001-41390 | 84-5052822 | | --- | --- | --- | | (State or other jurisdiction | (Commission File Number) | ...

For the transition period from to OR UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Registrant's telephone number, including area code: (425) 635-7700 (Former name or former address, if changed since last report) Securities registered pursuant to Section 12 ...

● Expanded Real-World Asset Origination Ecosystem: Acquired a 20% ownership stake in Karus, an AI-driven auto credit analytics platform, and a 15% stake in Zippy, a digital manufactured housing lending platform, establishing access to large- scale asset pipelines across auto credit and residential lending. ● Completed Strategic Rebrand to Forum Markets: Rebranded from ETHZilla Corporation to Forum Markets, Incorporated, and began trading under the ticker "FRMM" progressing the Company's evolution towards a ...

Revenue and Growth Projections - Forum reported a full-year revenue of $6.5 million for 2025, primarily driven by staking yields and incentive tokens from liquid staking activities [9]. - Forum anticipates total revenue for 2026 to be in the range of $18 million to $26 million, driven by yield income and fees from tokenized product launches [8]. - The company expects to exit 2026 with assets under management (AUM) between $125 million and $200 million, reflecting growth from various asset pipelines [8]. - The company is targeting AUM of $300 million to $400 million by year-end 2027, which could result in year-over-year revenue growth of 50% to 100% [8]. Financial Performance - Forum's net loss from continuing operations for 2025 was $450.5 million, primarily due to significant non-recurring and non-cash charges [12]. - The company reported a net loss of $443.531 million for the year ended December 31, 2025, compared to a net loss of $2.614 million for 2024 [18]. - Adjusted EBITDA for the year ended December 31, 2025, was $(218.453) million, compared to $(2.297) million for 2024 [19]. - Forum's adjusted EBITDA for 2025 was -$218.5 million, reflecting the impact of its corporate transformation efforts [12]. - Cash flows from operating activities showed a net cash used of $26.051 million for the year ended December 31, 2025, compared to $1.171 million for 2024 [18]. - The company incurred stock-based compensation expenses of $213.447 million for the year ended December 31, 2025 [19]. - The company had cash, cash equivalents, and restricted cash of $9.035 million at the end of the period, up from $4.567 million at the beginning of the period [18]. - Financing activities provided a net cash inflow of $158.153 million for the year ended December 31, 2025, compared to $4.032 million for 2024 [18]. - The company reported a significant interest expense of $3.056 million for the year ended December 31, 2025 [19]. Investments and Asset Management - The company acquired a portfolio of 95 manufactured and modular home loans for approximately $4.7 million, expected to generate an annualized yield of about 10.36% [7]. - A $10 million revolving auto loan warehouse facility was established, expected to generate an annualized yield of approximately 12–13% [7]. - The company used $127.634 million in investing activities for the year ended December 31, 2025, with significant purchases of digital assets totaling $244.275 million [18]. - The company repositioned its balance sheet by eliminating direct Ether price exposure and reallocating capital towards income-generating real-world assets [7]. Product Development and Innovation - Forum launched the Eurus Aero Token I, a tokenized aerospace product backed by jet engines, marking a significant step in its tokenization framework [4]. Risks and Uncertainties - The company anticipates that future performance may be impacted by various risks, including fluctuations in cryptocurrency prices and regulatory changes [26]. - The financial projections are based on numerous assumptions and are subject to significant uncertainties, indicating that actual results may vary materially [25].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from __________ to __________ Commission file number: 001-42590 FORM 10-K Titan Acquisition Corp. (Exact name of registrant as specified in its charter) (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pur ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Commission file number: 001-42590 Titan Acquisition Corp. (Exact name of registrant as specified in its charter) FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | Title of each class | T ...