Revenue Performance - Revenue for Q4 2025 was $19.4 million, down 10.9% from $21.8 million in Q4 2024[7] - Full year 2025 revenue decreased to $69.3 million, a decline of 14.5% compared to $81.1 million in 2024[7] Profitability - Gross profit for Q4 2025 was $3.9 million, compared to $4.3 million in Q4 2024, with a gross margin of 20.3%[7] - The company reported a net loss of $0.8 million for the full year 2025, compared to a net income of $3.3 million in 2024[7] - Adjusted EBITDA for the full year 2025 was $1.0 million, significantly lower than $7.8 million in 2024, with an adjusted EBITDA of $5.5 million excluding the A-10 Program impact[7][23] - The gross margin for the full year 2025 was 15.2%, with a notable 21.1% when excluding the A-10 Program impact[7] Debt and Financing - Debt as of December 31, 2025, increased to $18.4 million from $17.4 million in 2024[7] - The company refinanced its debt in December 2025, extending maturity to December 2030 and lowering interest rates[6] Future Outlook - The company ended 2025 with a strong backlog of $505 million, indicating future revenue potential[6] - Significant contract wins were reported from major clients including Raytheon and Lockheed Martin, aligning with the Aerospace & Defense Programs strategy[5]

Operations and Equipment - Dawson Geophysical Company operates 130 vibrator energy source units and approximately 280,000 recording channels as of December 31, 2025[29]. - The company has entered into an Equipment Purchase Agreement to acquire new single point node channels for an aggregate purchase price of approximately $24.2 million, with $4.8 million paid upon execution[17]. - The company has invested in additional recording channels to meet the increasing demand for higher resolution seismic data, enhancing operational efficiencies and revenue potential[27]. - The company has incorporated artificial intelligence into its operations to enhance productivity, but this presents potential legal and regulatory risks[91]. - The company aims to provide technologically advanced 3-D data acquisition services and maintains equipment in anticipation of increased future demand[178]. Financial Performance - During the twelve months ended December 31, 2025, sales to one client represented approximately 51% of total revenues, up from 29% in 2024[32]. - U.S. fee revenues for the year ended December 31, 2025, were $46.3 million, an increase from $40.7 million in 2024, driven by increased demand for services[159]. - Canadian fee revenues for the year ended December 31, 2025, were $15.5 million, up from $12.7 million in 2024, also due to increased demand[160]. - Total revenues for the year ended December 31, 2025, reached $75.6 million, compared to $74.2 million in 2024[160]. - The company incurred net losses of $1.9 million for the year ended December 31, 2025, and $4.1 million for the year ended December 31, 2024[69]. - Adjusted EBITDA for 2025 was $4.682 million, up from $1.961 million in 2024[170]. Capital Expenditures and Budget - The capital expenditure budget approved by the Board of Directors for 2025 was $6 million, with actual expenditures amounting to $6.8 million[30]. - The Board of Directors has approved a capital expenditure budget of $3 million for 2026, including the final payment under the Equipment Purchase Agreement[30]. - The company entered into an equipment purchase agreement for new single point node channels for approximately $24.2 million, with $20.9 million of equipment delivered by December 31, 2025[150]. Client and Revenue Concentration - The largest client accounted for approximately 51% of the company's revenues for the twelve months ended December 31, 2025, while sales to two clients represented about 43% of revenues for the twelve months ended December 31, 2024[65]. - The company reported a concentration of credit risk, with its largest client accounting for approximately 51% of revenue during the twelve months ended December 31, 2025[198]. Market Conditions and Risks - The company derives substantially all revenues from providers of multi-client data libraries and companies in the oil and natural gas exploration and development industry, which is historically cyclical and significantly affected by oil and natural gas prices[48]. - Current macroeconomic conditions, including inflation and geopolitical conflicts, are expected to continue impacting oil and gas commodity prices, which could materially affect the company's business and cash flows[45]. - Significant fluctuations in oil and natural gas prices and exploration activities could adversely impact the company's revenues, cash flows, and profitability[49]. - Clients can delay, reduce, or cancel service contracts on short notice, which may lead to lower than expected demand and revenues[66]. - The company is monitoring geopolitical events that may lead to further sanctions and supply chain disruptions, affecting global macroeconomic conditions and oil and natural gas prices[46]. Internal Controls and Compliance - The company identified a material weakness in its internal control over financial reporting, which remains unremediated as of March 31, 2026[71]. - Management is implementing remediation steps to address the material weakness, including a review control for uncompleted customer contracts[205]. - The effective tax rate differs from the statutory federal rate of 21% due to state and local taxes, valuation allowances, and non-deductible expenses[204]. - The company is subject to various federal, state, and local regulations, which may require financial and managerial resources to comply, potentially affecting future operations[110]. Competition and Market Position - The seismic data acquisition industry is competitive, with primary competitors including SAExploration Holdings, Inc., Echo Seismic Ltd., and Paragon Geophysical Services, Inc.[40]. - The company faces competition in the seismic data acquisition industry, which could lead to downward pricing pressure and loss of market share[84]. Financial Position and Liquidity - As of December 31, 2025, the company had no balance outstanding on its credit facility, with a borrowing base of $4.9 million, but the borrowing base reduces by $139,862 monthly[78]. - The company has a revolving credit note with Equify Financial, with certain accounts receivable and seismic equipment pledged as collateral, which may limit borrowing capacity if accounts receivable decrease[56]. - As of December 31, 2025, the company had $4.9 million in cash and a negative working capital balance of $5.0 million[180]. - Net cash provided by operating activities was $14.0 million for the year ended December 31, 2025, compared to a net cash used of $1.9 million in 2024[175]. Cybersecurity and Risk Management - The company has implemented a cybersecurity program to manage risks from cybersecurity threats, which could have material adverse effects on its operations[126]. - The Vice President of Corporate Strategy and Planning oversees the cybersecurity program, reporting directly to the CEO and attending Board meetings to discuss risk management developments[127]. - The company regularly conducts vulnerability testing and security audits to identify and mitigate cybersecurity risks[130]. Future Outlook - The company anticipates an increase in utilization and revenue in the first quarter of 2026, following high crew utilization in the fourth quarter of 2025[149]. - The company has observed significant demand for new equipment from customers during 2025 and into the first half of 2026[150].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 __________. Commission file number 001-40017 CROWN PROPTECH ACQUISITIONS (Exact Name of Registrant as Specified in Its Charter) Cayman Islands N/A (S ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 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 ☐ 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: 001-37969 ENDRA Life Sciences Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 2 ...

Financial Performance - For the year ended December 31, 2025, the company incurred a net loss of $79,071,276, compared to a net loss of $34,515,754 for 2024, resulting in an accumulated deficit of $200,479,831 as of December 31, 2025[252]. - The company generated total revenue of nil for the year ended December 31, 2025, down from $152,127 in 2024[252]. - The company reported a net loss of $79,071,276 in 2025, an increase of $44,555,522 from the net loss of $34,515,754 in 2024[309]. - Loss from operations was $18,376,593 in 2025, compared to a loss of $13,150,890 in 2024, indicating a worsening operational performance[309]. - The net cash used in operating activities increased to $16,090,302 in 2025 from $6,616,941 in 2024, primarily due to a net loss increase of $44,555,522[346]. - The company anticipates continuing to incur net losses for the foreseeable future and is pursuing a Transformation Plan to improve its financial condition[340]. Cost Management - The company has initiated cost-reduction measures, including employee furloughs, due to insufficient funding, which led to the resignation of several key employees[253]. - Cost of revenue decreased by $2,024,103 in 2025, attributed to a reduction in direct labor and overhead costs due to decreased production[310]. - Research and development expenses decreased by $1,647,257 in 2025, mainly due to personnel cost reductions and furloughs of R&D employees[311]. - General and administrative expenses rose to $13,348,686 in 2025, an increase of $4,541,035 from 2024, driven by scaling headcount and compliance costs[287]. - Selling and marketing expenses increased significantly to $4,671,975 in 2025, up from $468,074 in 2024, reflecting expansion efforts[309]. Financing Activities - The company plans to finance its operations through the issuance and sale of debt or equity securities, including a Standby Equity Purchase Agreement allowing for the sale of up to $100,000,000 of Common Stock[265]. - On December 17, 2025, the company completed a $25,000,000 financing transaction, resulting in gross cash proceeds of $23,250,000 after a 7.0% original issue discount[262]. - The company generated $58,133,746 from financing activities in 2025, a substantial increase from $4,677,578 in 2024, primarily from debt instruments and the SEPA[349][350]. - Gross cash proceeds of $30,406,708 were received from certain debt instruments issued during 2025[338]. Compliance and Regulatory Issues - The company received a Notice of Noncompliance from NYSE Regulation on April 29, 2025, due to not maintaining stockholders' equity of $2,000,000 or more[276]. - A 1-for-4.99 reverse stock split was executed on February 27, 2026, to comply with NYSE American's Minimum Trading Price requirement[251][273]. Asset Management - The company wrote down its inventory and property to a net realizable value of zero during the first quarter of 2025 due to lease defaults[275]. - The company has recorded a full valuation allowance against its deferred tax assets due to historical net losses, which may change based on future operating results[368]. Future Outlook - The company has not yet achieved commercialization and expects to incur significant expenses and operating losses for the foreseeable future[254]. - Future liquidity may be provided from agreements executed after December 31, 2025, as detailed in the financial statements[338]. - The company has yet to generate meaningful revenue from operations and relies on debt and equity financing for capital expenditures and working capital[338].

Nomadar Reports FY2025 Results and Corporate Highlights MARSHALL, Texas, March 31, 2026 — Nomadar (NASDAQ: NOMA) ("Nomadar" or the "Company"), a global sports development and technology platform, today announced its financial results for the fiscal year ended December 31, 2025. With the activation of the Company's initial revenue-generating business lines, the advancement of key strategic initiatives, and the successful completion of its public listing on Nasdaq on October 31, 2025, fiscal 2025 marked a def ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 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 Commission file number: 001-42403 Alpha Cognition Inc. (Exact Name of Registrant as Specified in its Charter) British Columbia N/A (State or other jurisdiction ...

Financial Performance - The company has a history of operating losses since inception and expects to incur additional near-term losses, with auditors expressing substantial doubt about its ability to continue as a going concern [24]. - Edible Garden experienced net losses of approximately $17.3 million and $11.1 million for the years ended December 31, 2025 and 2024, respectively [92]. - The company expects to continue incurring operating losses in the near term due to ongoing capital and operational expenses related to the development of an RTD beverage manufacturing facility and other growth strategies [92]. - Net loss attributable to common stockholders for 2025 was $33,850,000, an increase from a net loss of $14,924,000 in 2024, reflecting a deterioration of approximately 126.5% [280]. - Total revenue for the year ended December 31, 2025, was $13,857,000, an increase from $12,810,000 in 2024, representing a growth of approximately 8.2% [279]. - Gross profit for 2025 was $2,312,000, compared to a gross loss of $204,000 in 2024, indicating a significant turnaround in profitability [279]. - Cash used in operating activities for 2025 was $11,804,000, compared to $8,516,000 in 2024, indicating a higher cash outflow of approximately 38.5% [287]. - Total liabilities increased to $8,099,000 in 2025 from $7,821,000 in 2024, marking a rise of about 3.6% [276]. - Total stockholders' equity improved to $12,497,000 in 2025 from $4,094,000 in 2024, showing an increase of approximately 205.5% [276]. - Cash reserves decreased from $3,530,000 in December 2024 to $1,114,000 in December 2025, reflecting liquidity challenges [272]. Business Strategy and Operations - The company is transitioning its Edible Garden Prairie Hills facility in Webster City, Iowa, into a dedicated ready-to-drink (RTD) and clean nutrition manufacturing hub, broadening its business into higher-margin, shelf-stable beverage categories [26]. - Phase 1 production at the Webster City facility is anticipated to begin in 2027, subject to final supply agreement execution, completion of engineering and installation, regulatory approvals, and adequate capital availability [31]. - The company acquired a five-acre greenhouse facility in Grand Rapids, Michigan, for $2.9 million, which is expected to contribute positively to gross margin by reducing costs associated with contract growers [34]. - The company completed the purchase of sustainable aquaculture assets for $12.0 million, including innovative patents for environmentally friendly water treatment technologies, enhancing agricultural efficiency and sustainability [36]. - The company currently offers over 140 stock keeping units (SKUs) and expects to further cross-sell products across supermarket partners [38]. - The company sells products at over 5,000 supermarket stores and food distributors across the Northeast, Midwest, and Mid-Atlantic regions, including major retailers like Walmart and Kroger [42]. - The company has entered into agreements with Meijer to supply fresh cut herbs and potted herbs until December 2026, with an estimated $800 thousand investment for in-store fixtures [44]. - The company operates a 5-acre Flagship Facility in Belvidere, New Jersey, and a 5-acre Edible Garden Heartland facility in Grand Rapids, Michigan, which transitioned to growing herb products in 2023, adding a total of 10 acres of controlled growing capacity [59][63]. - The company anticipates investing $1.1 million in capital expenditures to complete the construction of a packhouse at the New Jersey facility, with $410 thousand already spent [61]. - The company plans to develop a ready-to-drink beverage manufacturing platform at its Midwest facility, with phase-one production expected to begin in 2027 [76]. - The company’s growth strategy includes expanding into higher-margin value-added categories such as functional foods and dietary supplements [75]. Customer Concentration and Risks - During the year ended December 31, 2025, approximately 88.2% of the company's revenue was earned from four customers, highlighting a significant customer concentration risk [46]. - In 2025, 88.2% of total revenue was attributed to five customers, with 42.7% from one customer, compared to 82.0% from four customers and 44.0% from one customer in 2024 [102]. - As of December 31, 2025, approximately 73.7% of gross outstanding trade receivables were from five customers, with 38.0% due from one customer, down from 87.5% and 45.6% respectively in 2024 [102]. - The company faces risks related to customer concentration, as the loss of significant customers could materially affect revenue and operations [103]. Sustainability and Environmental Impact - Edible Garden recycled 1,890,000 gallons of water across its facilities, achieving 95% water reuse in Grand Rapids and 75% in Belvidere [85]. - The company reduced food waste by 167.24 metric tons through donations and operational efficiencies, which also decreased the need to source fresh organic produce from other suppliers [85]. - The company avoided 412,537 miles of conventional refrigerated truck miles by co-loading orders and backhauling supplies, contributing to sustainability efforts [83]. - Edible Garden reduced the overall need for pesticide applications by 34% in 2025 [86]. - The company plans to continue innovating in packaging and potting materials to further eliminate plastics and enhance sustainability [81]. Regulatory and Compliance Risks - Compliance with USDA and FDA regulations is critical, as failure to do so could result in bans on production or marketing of products [140]. - The company is subject to uncertainties in supply chain management due to reliance on purchase orders rather than long-term commitments, which could affect product availability and operational results [110]. - The company operates under extensive regulations from federal and state agencies, which could adversely affect operating results if compliance is not maintained [149]. - The company faces potential decreased demand for its products due to public perceptions regarding quality, safety, or health risks associated with food products [145]. Market and Economic Conditions - The grocery industry is characterized by low margins and intense competition, with risks of reduced sales and gross margin dollars due to consolidation and pricing pressures [106][107]. - Economic volatility, inflation, and geopolitical events could adversely affect consumer spending and demand for the company's products, impacting financial results [113]. - Labor shortages and rising operational costs due to inflation could negatively impact financial results if these costs cannot be passed on to customers [119]. - The company faces increased costs and supply chain disruptions due to tariffs and geopolitical events, which could negatively impact financial results [164]. Legal and Financial Risks - The company has received a notice from Nasdaq regarding non-compliance with the Bid Price Rule, which could affect liquidity and capital raising efforts [151]. - If the company fails to maintain compliance with Nasdaq listing requirements, its common stock could be delisted, potentially classifying it as a penny stock [153]. - The company may face significant litigation costs that could adversely affect its financial condition and operational results [165]. - The company is subject to potential product recalls, which could lead to significant unexpected expenses and loss of sales [129]. - Cybersecurity threats pose risks to the company’s information infrastructure, potentially leading to data breaches and operational disruptions [136]. Future Outlook and Funding - The company has plans to raise additional funds to meet its obligations and sustain operations, as indicated in its financial statements [260][267]. - The company may seek additional funding through debt or equity financing to meet liquidity needs [297]. - Future fundraising efforts may lead to dilution of existing shareholders' ownership, negatively impacting the trading price of the common stock [158].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) Washington, D.C. 20549 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 _________ Commission File Number: 001-39732 ALSET INC. Texas 83-1079861 (State or other jurisdi ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 _____. Commission File No. 001-35366 FORTRESS BIOTECH, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 20-5157386 (State or Oth ...