Financial Performance - The Company reported a net loss from operations of $5.7 million for the nine months ended September 30, 2025, with cash on hand of $6.9 million and marketable securities of $3.1 million[255]. - As of September 30, 2025, the Company had working capital of $4.6 million and stockholders' equity of $14.3 million, including an accumulated deficit of $137.6 million[255]. - Net loss for the three months ended September 30, 2025, was $2,811,388, compared to a net loss of $1,929,391 for the same period in 2024, representing a 46% increase in losses[272]. - The company has not generated any revenue from product sales and does not expect to do so in the near future[261]. - Other income (expense), net for the three months ended September 30, 2025, was $1,022,736, compared to $103,752 in 2024, indicating a significant increase in expenses[285]. - As of September 30, 2025, the company had cash on hand of $6,904,185 and marketable securities of $3,091,772, with a net loss attributable to stockholders of $8,424,093 for the nine months ended[309]. - Net cash provided by financing activities was $9,351,879 for the nine months ended September 30, 2025, compared to $13,926,528 in 2024, reflecting a decrease of 32.5%[316]. - Cash flows used in operating activities were $5,865,877 for the nine months ended September 30, 2025, compared to $6,855,523 in 2024, indicating a decrease of 14.4%[310]. - The company recorded a gain of $244,000 related to the change in fair value of derivative liabilities for the nine months ended September 30, 2025, compared to a loss of $11,000 in 2024[307]. - Other income, net of expenses, totaled $400,783 for the nine months ended September 30, 2025, a significant improvement from a net expense of $13,315,173 in 2024[305]. Strategic Focus and Development - The Company has shifted its focus to energy-efficient blockchain and cryptocurrency infrastructure through quantum-class laser-based computing, specifically the qc-LPU100, which aims to outperform traditional GPUs and QPUs in speed and efficiency[236]. - Over the next twelve months, the Company anticipates finalizing qc-LPU100 prototypes and initiating pilot testing with select AI and DePin Token users[239]. - The Company plans to generate revenue through direct sales, leasing, and licensing of qc-LPU100 units, with potential revenue streams including hardware sales and subscription-based access[240]. - The Company is evaluating the potential divestiture of its pharmaceutical platforms, Isomyosamine and Supera-CBD, to maximize value and fund its new strategic focus[237]. - The company expects operating expenses to increase as development activities for the qc-LPU100 advance[263]. - The company is evaluating strategic alternatives for its historical therapeutic platforms, including potential divestiture or licensing transactions[258]. - The Company agreed to acquire 100% of LPU's membership interests, with consideration including shares convertible into 747,362 shares of Common Stock[384]. - The Company will pay up to $8,500,000 in non-recurring engineering fees to Lightsolver for development work related to cryptocurrency mining applications[394]. Capital Structure and Financing - The Company closed a $7.0 million private placement of Series H Preferred Stock to fund its strategic shift towards technology adaptation[238]. - The Company has increased its authorized shares of Common Stock from 250 million to 1.25 billion to support its capital needs[244]. - The Company received net proceeds of approximately $5.0 million from the Series F-1 Private Placement, intended for general corporate purposes[338]. - The Company received net proceeds of approximately $8.9 million from the Series G Private Placement, intended for general corporate purposes[351]. - The Series F-1 and Series G Preferred Stock holders are entitled to vote on an as-converted basis, with voting calculated at a conversion price of $2.253 per share[342][355]. - The Company engaged placement agents for the Series H Private Placement, agreeing to pay a cash fee of 4% of gross proceeds and issue warrants equal to 4% of the shares underlying the securities issued[371][372]. - The Company has engaged Palladium as a financial advisor, agreeing to a monthly retainer of $15,000 and issuing 15,433 shares of Common Stock[387]. Expenses and Cost Management - Total operating expenses for the three months ended September 30, 2025, were $1,788,652, a decrease of 2% from $1,825,639 in the same period of 2024[272]. - General and administrative expenses for the nine months ended September 30, 2025, were $2,703,815, a decrease of 14% from $3,149,041 in 2024[290]. - Research and development expenses for the three months ended September 30, 2025, totaled $356,352, down 50% from $707,747 in 2024, primarily due to the suspension of the Phase 2b study of Isomyosamine[281][282]. - Total research and development expenses rose to $2,775,337 for the nine months ended September 30, 2025, up from $2,307,789 in 2024, marking a 20.3% increase[300]. - Development program costs increased by $837,474 during the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to drug product production and consulting fees[301]. - Stock-based compensation decreased significantly by $781,264 during the nine months ended September 30, 2025, compared to the same period in 2024[297]. - Franchise tax expenses for Delaware increased to $200,050 for the nine months ended September 30, 2025, compared to $40,548 for the same period in 2024, representing a 392% increase[298]. - The company incurred franchise tax expenses of $200,050 for the three months ended September 30, 2025, compared to $0 in 2024[280]. Regulatory and Compliance Issues - The Company faces regulatory challenges related to cryptocurrency, hardware, and emerging quantum technology, which may impact its operations and compliance[242]. - The Company has not experienced any changes in internal control over financial reporting that materially affect its financial reporting[402].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission File Number: 001-36268 Q/C Technologies, Inc. (Exact name of registrant as specified in its charter) Delaware 22-2 ...

Financial Performance - Total revenue for Q3 2025 was $9.3 million, a decrease of 6.1% from $9.9 million in Q3 2024[7] - Net income for Q3 2025 was $2.9 million, a significant improvement from a net loss of $57.4 million in Q3 2024, driven by a $38.1 million non-cash gain on financial instruments[10] - Adjusted EBITDA loss was $13.5 million in Q3 2025, an improvement from a loss of $27.1 million in the same period last year[11] - The net loss for the nine months ended September 30, 2025, was $48,867,000, an improvement from a net loss of $110,738,000 for the same period in 2024[30] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(73.707) million, compared to $(66.981) million for the same period in 2024[34] Revenue Breakdown - Engineering and other services revenue was $4.0 million in Q3 2025, down from $4.9 million in Q3 2024, due to project completions[7] - CarbonSmart revenue increased to $3.0 million in Q3 2025 from $2.2 million in Q3 2024, attributed to higher sales volume[14] - The company generated $2,972,000 in CarbonSmart product sales for the three months ended September 30, 2025, an increase of 34.6% from $2,209,000 in the same period of 2024[26] Expenses and Costs - Cost of revenue decreased by $1.2 million, or 15%, in Q3 2025 compared to Q3 2024, primarily due to reduced engineering and service costs[8] - Operating expenses were $18.0 million in Q3 2025, down from $34.8 million in Q3 2024, reflecting a $3.0 million decrease in personnel and contractor expenses[9] - Research and development expenses for the nine months ended September 30, 2025, totaled $41,684,000, compared to $60,548,000 for the same period in 2024, reflecting a decrease of 31.2%[26] - Stock-based compensation expense decreased to $1.104 million in Q3 2025 from $3.221 million in Q3 2024[34] - Depreciation expense for the nine months ended September 30, 2025, was $2.860 million, down from $4.289 million in the same period of 2024[34] Cash and Investments - As of September 30, 2025, total cash and investments were $23.5 million, down from $39.6 million as of June 30, 2025, reflecting cash usage for operations[12] - Cash and cash equivalents decreased to $23,502,000 as of September 30, 2025, down from $60,967,000 at the end of the same period in 2024, representing a decline of 61.5%[30] - Total current assets as of September 30, 2025, were $50,629,000, significantly lower than $99,334,000 as of December 31, 2024, indicating a decrease of 48.9%[23] Liabilities - The total liabilities decreased to $91,098,000 as of September 30, 2025, from $161,236,000 as of December 31, 2024, a reduction of 43.4%[23] Operational Losses - The company reported a loss from operations of $15,657,000 for the three months ended September 30, 2025, compared to a loss of $32,957,000 for the same period in 2024[26] - Loss from equity method investees decreased to $152 thousand in Q3 2025 from $5.535 million in Q3 2024[34] Future Outlook - The company is focusing on improving its financial metrics and reducing losses in future quarters[34] - LanzaJet's ethanol-to-jet plant began full operations in November 2025, marking a significant milestone in sustainable aviation fuel production[6] - LanzaTech was awarded a €40 million grant from the EU Innovation Fund for a CCUS facility in Norway, expected to produce 23.5 kt of ethanol annually[6]

Financial Performance - Total revenue for Q3 2025 was $9.3 million, a decrease of 6.1% from $9.9 million in Q3 2024[7] - Net income for Q3 2025 was $2.9 million, a significant improvement from a net loss of $57.4 million in Q3 2024, driven by a $38.1 million non-cash gain on financial instruments[10] - Adjusted EBITDA loss was $13.5 million in Q3 2025, an improvement from a loss of $27.1 million in the same period last year[11] - The company reported a comprehensive income of $2,699,000 for the three months ended September 30, 2025, compared to a comprehensive loss of $57,479,000 for the same period in 2024[26] - Net loss for the nine months ended September 30, 2025, was $48,867,000, an improvement from a net loss of $110,738,000 for the same period in 2024[30] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(73.707) million, compared to $(66.981) million for the same period in 2024[34] Revenue Breakdown - Engineering and other services revenue was $4.0 million in Q3 2025, down from $4.9 million in Q3 2024, due to project completions[7] - CarbonSmart revenue increased to $3.0 million in Q3 2025 from $2.2 million in Q3 2024, attributed to higher sales volume[14] Expenses and Costs - Cost of revenue decreased by $1.2 million, or 15%, in Q3 2025 compared to Q3 2024, primarily due to reduced engineering and service costs[8] - Operating expenses were $18.0 million in Q3 2025, down from $34.8 million in Q3 2024, reflecting a $3.0 million decrease in personnel and contractor expenses[9] - Research and development expenses for the nine months ended September 30, 2025, were $41,684,000, down from $60,548,000 for the same period in 2024, a decrease of 31.2%[26] - Stock-based compensation expense decreased to $1.104 million in Q3 2025 from $3.221 million in Q3 2024[34] - Depreciation expense for the nine months ended September 30, 2025, was $2.860 million, down from $4.289 million in 2024[34] Cash and Investments - As of September 30, 2025, total cash and investments were $23.5 million, down from $39.6 million as of June 30, 2025, reflecting cash usage for operations[12] - Cash and cash equivalents decreased to $19,627,000 as of September 30, 2025, from $43,499,000 as of December 31, 2024, representing a decline of 54.9%[23] - The company had cash flows used in operating activities of $58,692,000 for the nine months ended September 30, 2025, compared to $69,384,000 for the same period in 2024, indicating a reduction of 15.4%[30] Assets and Liabilities - Total assets decreased to $99,290,000 as of September 30, 2025, from $174,683,000 as of December 31, 2024, a reduction of 43.1%[23] - Total current liabilities decreased to $24,836,000 as of September 30, 2025, from $30,447,000 as of December 31, 2024, a decrease of 18.5%[23] Other Financial Metrics - The company issued preferred stock, generating proceeds of $15,050,000 during the nine months ended September 30, 2025[30] - The weighted-average number of common shares outstanding for the three months ended September 30, 2025, was 2,320,018, reflecting a retroactive adjustment due to a 1-for-100 reverse stock split[26] - Loss from equity method investees decreased to $152 thousand in Q3 2025 from $5.535 million in Q3 2024[34] - Interest income, net improved to $(311) thousand in Q3 2025 from $(791) thousand in Q3 2024[34] - Change in fair value of the Convertible Note resulted in a loss of $(42.980) million for the nine months ended September 30, 2025, compared to a gain of $21.572 million in 2024[34] - The company reported a loss on Brookfield SAFE extinguishment of $6.216 million for the nine months ended September 30, 2025[34] - Change in fair value of PIPE Warrant resulted in a loss of $(12.200) million in Q3 2025[34] Strategic Developments - LanzaJet's ethanol-to-jet plant began full operations in November 2025, marking a significant milestone in sustainable aviation fuel production[6] - LanzaTech was awarded a €40 million grant from the EU Innovation Fund for a CCUS facility in Norway, expected to produce 23.5 kt of ethanol annually[6] - The company is focusing on improving financial metrics and reducing losses in future quarters[34]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42609 Texas Ventures Acquisition III Corp (Exact Name of Registrant as Specified in Its Charter) | Cayman ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-42609 Texas Ventures Acquisition III Corp (Exact Name of Registrant as Specified in Its Charter) | Cayman ...

Financial Performance - As of September 30, 2025, the company reported a net loss of $2,651,350 for the three months ended, with interest income of $165,169 and operating costs of $2,816,519[102]. - For the nine months ended September 30, 2025, the company had a net loss of $2,619,286, consisting of interest income of $543,990 and operating costs of $3,163,276[103]. - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[100]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[105]. - Following the full exercise of the over-allotment option, the company placed $70,380,000 in the trust account, which may be used for the initial business combination[107]. Financial Position - As of September 30, 2025, the company had cash of $3,713 and a working capital deficit of $5,238,909[112]. - The company has marketable securities held in the trust escrow account amounting to $18,929,689, consisting of U.S. government securities[108]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the financial statements are issued[111]. Business Combination - The company expects to incur significant costs related to being a public company and due diligence expenses in connection with the search for a business combination target[101]. - The company has engaged EBC as an advisor for its business combination, with a service fee of 3.5% of the gross proceeds of the IPO payable upon consummation[117].

Financial Performance - As of September 30, 2025, the company reported a net loss of $2,651,350 for the three months ended, with operating costs amounting to $2,816,519[102] - For the nine months ended September 30, 2025, the company had a net loss of $2,619,286, with operating costs totaling $3,163,276[103] - The company has not generated any operating revenues to date and will not do so until after the completion of its initial business combination[100] - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[111] Capital and Funding - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[105] - Following the full exercise of the over-allotment option, the company placed $70,380,000 in the trust account, which may be used for the initial business combination[107] - As of September 30, 2025, the company had cash of $3,713 and a working capital deficit of $5,238,909[112] Expenses and Costs - The company expects to incur significant costs related to being a public company and due diligence expenses in connection with the search for a business combination target[101] - Interest income earned on marketable securities held in the trust account amounted to $165,169 for the three months ended September 30, 2025[102] Financial Arrangements - The company has no off-balance sheet financing arrangements as of September 30, 2025[113]

Financial Performance - XTI Aerospace closed a $18.5 million net public offering in September 2025, significantly enhancing its balance sheet and liquidity for ongoing engineering work [2]. - Cash and cash equivalents increased to $32.2 million as of September 30, 2025, up from $4.1 million at December 31, 2024, primarily due to the proceeds from the public offering [6]. - Stockholders' equity grew to $10.5 million as of September 30, 2025, up from $6.6 million at December 31, 2024, reflecting new capital raised [6]. - A $25 million strategic investment from Unusual Machines was secured, strengthening the balance sheet and aligning with the domestic drone ecosystem [8]. - XTI's working capital position improved to $1.1 million, or $29.3 million excluding warrant liabilities [6]. Product Development - The company completed initial flight operations for the Sparrow and Kestrel prototypes, validating aerodynamic and stability models for the TriFan 600 [3]. - The TriFan 600 program is on track for a piloted demonstrator in 2027, with ongoing subscale aircraft testing and FAA engagement [10]. - The Valkyrie Vanguard Platform was announced, integrating AI and advanced materials into next-generation VTOL development, enhancing digital-twin capabilities [9]. - The company plans to advance supplier integration across avionics, propulsion, structures, and hybrid-electric components as part of its strategic priorities [10]. Strategic Acquisitions - XTI acquired Drone Nerds, adding a profitable business with over $100 million in revenue for 2024, enhancing its strategic posture in the drone industry [8].

Financial Performance - XTI Aerospace closed a $18.5 million net public offering in September 2025, significantly enhancing its balance sheet and liquidity for ongoing engineering work [2]. - Cash and cash equivalents increased to $32.2 million as of September 30, 2025, up from $4.1 million at December 31, 2024, primarily due to the net proceeds from the September offering [6]. - Stockholders' equity grew to $10.5 million as of September 30, 2025, up from $6.6 million at December 31, 2024, reflecting new capital raised [6]. - XTI secured a $25 million strategic investment from Unusual Machines, strengthening its balance sheet and aligning with the domestic drone ecosystem [8]. Product Development - The company completed initial flight operations for the Sparrow and Kestrel prototypes, validating aerodynamic and stability models for the TriFan 600 [3]. - XTI announced a technology collaboration with MagLev Aero for up to 100 MagLev HyperDrive electric propulsion systems for future platforms [6]. - The Valkyrie Vanguard Platform was announced to integrate AI and advanced materials into next-generation VTOL development, enhancing the TriFan 600's technical roadmap [9]. Market Position and Strategy - The acquisition of Drone Nerds added a profitable operating business with over $100 million in revenue for 2024, enhancing XTI's market position [8]. - XTI launched the XTI Founders Club, an exclusive ownership pathway for early TriFan 600 customers, with events planned in key U.S. markets [6]. - XTI's strategic priorities include advancing FAA engagement and scaling customer-centric design programs with IDEO [10].