Financial Performance - For the three months ended March 31, 2025, net revenue was $60,214, a decrease of 42.4% compared to $104,568 in the same period of 2024[180]. - Net revenue for Q1 2025 was approximately $60 million, a decrease of 42% from approximately $105 million in Q1 2024[204]. - Net loss for the quarter was $2,089,208, compared to a net loss of $1,212,315 in the same quarter of 2024, reflecting a 72.2% increase in losses year-over-year[180]. - The net loss for Q1 2025 was approximately $2.1 million, or $(0.13) per share, compared to a net loss of $1.2 million, or $(0.08) per share, in Q1 2024[209]. - Cash used in operating activities increased to approximately ($1.36 million) in Q1 2025 from ($333,000) in Q1 2024, primarily due to acquisition-related activities[210]. - As of March 31, 2025, the company had an accumulated deficit of approximately $31.3 million and total stockholders' equity of approximately $74.9 million[214]. - Current assets amounted to approximately $1.7 million, while current liabilities were approximately $24.8 million, resulting in a working capital deficit of approximately $23.1 million[215]. Gross Profit and Expenses - Gross loss for the quarter was $2,576, significantly improved from a gross loss of $111,248 in the prior year[180]. - Cost of revenue for Q1 2025 was approximately $63 million, down from $216 million in Q1 2024, resulting in a gross loss of approximately $3,000 compared to a gross loss of $111 million in Q1 2024[205]. - Selling, general, and administrative (SG&A) expenses increased to approximately $1.9 million in Q1 2025 from $1.1 million in Q1 2024, primarily due to higher operating costs related to the acquisition[207]. Business Strategy and Operations - The company completed the acquisition of Amaze Software, Inc. on March 7, 2025, marking a strategic pivot towards a platform-based digital commerce business[170]. - The company operates on an asset-light model, reducing risks associated with inventory and enhancing flexibility in product sourcing[174]. - The company anticipates net revenue to peak during the October to December quarter due to increased consumer demand during the holiday season[192]. - The company plans to expand its distribution by onboarding new suppliers in over 100 countries to lower shipping costs and improve delivery times[191]. - The company aims to leverage its control over consumer data to enhance marketing strategies and deepen brand loyalty[186]. - Management expects Q2 2025 results to provide a more comprehensive view of the combined business following the acquisition of Amaze Software, Inc.[216]. Cash Flow and Financing - Cash provided by financing activities was approximately $2 million in Q1 2025, significantly higher than $105,000 in Q1 2024, attributed to proceeds from a note payable and Series C Stock issuance[212]. - The company projects that existing cash balances will be sufficient to fund current operations into 2026, but may require additional financing to sustain operations[218]. Revenue Channels - The Direct-to-Consumer (DTC) channel accounted for 65.3% of total revenue, down from 72.8% in the previous year, while the Wholesale channel contributed 4.7%[195]. - The E-commerce segment reported a net revenue percentage of (15.8)%, indicating a shift in revenue dynamics post-acquisition[195].

Financial Performance - For the quarter ended March 31, 2025, total revenue was $791,940, a decrease of 47.7% compared to $1,513,026 for the same period in 2024, primarily due to minimal contributions from the China natural gas business[253]. - Gross profit for the quarter was $728,553, significantly up from $253,005 in the same period in 2024, reflecting improved margins from non-natural gas operations[254]. - The net loss for the quarter was $331,182, an improvement from a loss of $1,419,400 in the same period in 2024, attributed to reduced expenses and stronger margins[256]. - Revenue from the Clean Energy HRS segment was $612,354, a substantial increase from $72,488 in the same period in 2024, indicating a strong pipeline of opportunities[263]. - Revenue from the CETY Renewables segment was $176,105, slightly down from $211,568 in the same period in 2024, expected to stabilize until construction activities commence later this year[264]. - The natural gas business reported revenue of $3,481, a significant decline from $1,219,629 in the same period in 2024, due to macroeconomic factors and a strategic shift away from lower-margin activities[266]. - The net loss for the quarter was $331,231, significantly reduced by 76.7% from a net loss of $1,419,400 in the same period in 2024, attributed to higher-margin revenue from the HRS segment[279]. Operating Expenses - Operating expenses decreased to $824,656 from $1,073,926 year-over-year, driven by lower salary costs and reduced professional fees[255]. - For the quarter ended March 31, 2025, professional fees totaled $66,213, a decrease of 66.7% compared to $199,053 for the same period in 2024[274]. - Facility lease and maintenance expenses were $66,741, down 6.9% from $71,275 in the same period in 2024[275]. - Interest and finance fees increased to $339,821, up 15.1% from $295,193 in the same period in 2024, primarily due to interim financings for the Vermont Renewable Project[278]. Cash Flow and Financing - Net cash used in operating activities was $(776,047), an improvement of 11% compared to $(871,636) in the same period in 2024[281]. - Net cash provided by financing activities was $759,002, down 23.2% from $987,871 in the same period in 2024[281]. - Stockholders' equity increased by $12,657 to $2,951,159 compared to $2,938,502 as of December 31, 2024, primarily due to higher net income[256]. - The company plans to continue funding operations through equity sales, which may dilute existing stockholders[324]. Deferred Revenue and Customer Deposits - As of December 31, 2024, the company had $33,000 of deferred revenue expected to be recognized in Q2 2025[308]. - Outstanding customer deposits as of December 31, 2024, were $128,134, significantly up from $30,061 in 2023[309]. Accounting and Consolidation - The company recognized revenue over time for its biomass power plant construction projects, consistent with ASC 606 criteria[306]. - JHJ made an investment of RMB 3.91 million ($0.55 million) into Shuya during the year ended December 31, 2022, with a net loss of approximately $10,750 allocated to the company[314]. - Effective January 1, 2023, JHJ, SSET, and Xiangyueheng entered a Consistent Action Agreement to consolidate control over Shuya[315]. - Shuya is classified as a variable interest entity (VIE) of JHJ, leading to its consolidation in the financial statements effective January 1, 2023[317]. - The acquisition was accounted for using the acquisition method, with JHJ identified as the acquirer based on the Three-Parties Consistent Action Agreement[318]. - The fair value of non-controlling interests at the acquisition date was $650,951, and the total identifiable net assets recognized were $1,207,047[321]. - No goodwill was recognized in the acquisition, as the fair value of the consideration paid equaled the fair value of identifiable net assets[321]. - On January 1, 2024, the Termination Agreement was executed, resulting in the company holding less than 50% of voting rights in Shuya, thus ceasing its consolidation[322]. Market and Risk Disclosures - There are no significant off-balance sheet arrangements that could materially affect the company's financial condition[325]. - The company believes that recently issued accounting standards will not have a material impact on its consolidated financial position upon adoption[326]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[327]. Future Outlook - CETY anticipates stronger revenue contributions from its Waste-to-Energy, Heat Recovery, and EPC segments in the latter half of the year, which are expected to deliver higher gross margins[256]. - The company is actively scaling its Engineering and project management operations to deliver comprehensive self-generation energy solutions globally[257].

Financial Results - The company announced its financial results for Q4 2024 and the fiscal year ended December 31, 2024, during a conference call on April 3, 2025[6]. - The earnings press release and presentation are attached as exhibits to the report, providing detailed financial results and insights[16]. Restatement and Accounting Adjustments - The company identified technical accounting deficiencies in previously issued unaudited financial statements for the quarters ended June 30, 2024, and September 30, 2024, leading to a restatement of those financials[7]. - The restatement does not impact the company's liquidity, cash flows, or operating expenses for the affected periods[13]. - The company recorded an accrual for legal expenses that was subsequently adjusted to reflect the actual amount due, indicating a proactive approach to financial accuracy[8]. - The company revised its accounting treatment for a convertible debt instrument to comply with ASC 815, ensuring proper accounting for embedded derivatives[9]. Internal Controls - The management concluded that a material weakness exists in the company's internal control over financial reporting, which will be addressed in the upcoming Restatement Filing[12]. - The company plans to provide further specifics on the deficiencies in internal controls and its remediation plan in the Restatement Filing[14]. Compliance and Risks - The company is classified as an emerging growth company, which may affect its reporting and compliance obligations[3]. - Forward-looking statements indicate potential risks related to the completion of the restatement and its impact on future financial performance[17].

Financial Position - The company reported a stockholders' equity deficit of ($2,448,310) as of September 30, 2024, failing to meet the Nasdaq Stockholders' Equity Requirement of $2,500,000 [201]. - The company is required to demonstrate compliance with the Minimum Bid Price Requirement by June 6, 2025, to avoid delisting from Nasdaq [205]. - The company has no off-balance sheet debt or significant contingent obligations that could materially affect its financial condition [213]. - Total identifiable assets decreased to $30,256,336 in Q1 2025 from $45,164,195 in Q1 2024, reflecting a significant reduction in asset base [221]. - The company had net positive working capital of $3,385,051 as of March 31, 2025, with accounts receivable and other receivables totaling $4,923,191 [257]. - Total operating lease obligations amounted to $680,628 as of March 31, 2025, with minimum future lease payments totaling $789,235 [260]. - The company has fully reserved all deferred tax assets, increasing the valuation allowance by $4,680,000 to a total of $46,290,000 as of March 31, 2025, due to net operating loss carryforwards [296]. - The company has no recorded liability for uncertain tax positions as of March 31, 2025, and December 31, 2024, indicating a stable tax position [297]. Revenue Performance - Total net revenues for the three months ended March 31, 2025, were $4,475,264, a decrease of $1,054,087 (19%) compared to $5,529,351 in 2024 [221]. - Product revenues decreased by $844,496 (53.9%) to $721,350 in Q1 2025 from $1,565,846 in Q1 2024, primarily due to declines in the video solutions and entertainment segments [219]. - Video solutions segment generated revenues of $54,231 in Q1 2025, down from $721,188 in Q1 2024, reflecting increased competition and inventory shortages [219]. - Service and other revenues totaled $3,753,914 in Q1 2025, a decrease of $209,591 (5%) from $3,963,505 in Q1 2024 [220]. - The entertainment segment generated service revenues of $1,535,313 in Q1 2025, a slight increase of $3,512 (0.2%) compared to $1,531,801 in Q1 2024 [222]. - Cloud revenues from the video solutions segment were $594,742 in Q1 2025, a slight decrease of $21,746 (4%) from $616,488 in Q1 2024, indicating ongoing interest in cloud solutions [222]. - The entertainment segment is expected to generate higher revenues in the second half of the calendar year compared to the first half, indicating a seasonal revenue pattern [299]. Operating Results - Operating income for the total company was a loss of $974,680 in Q1 2025, an improvement from a loss of $3,639,034 in Q1 2024 [221]. - Operating loss improved by $2,664,354 (73%) from $3,639,034 in Q1 2024 to $974,680 in Q1 2025 [233]. - Gross profit increased by $272,335 (18%) from $1,523,699 in Q1 2024 to $1,796,034 in Q1 2025 [228]. - Cost of service revenues as a percentage of service revenues decreased to 59% in Q1 2025 from 62% in Q1 2024 [225]. Expenses and Cash Flow - Selling, general and administrative expenses decreased by $2,586,554 (50%) from $5,162,733 in Q1 2024 to $2,576,179 in Q1 2025 [229]. - Research and development expenses decreased by $403,049 (83%) from $487,466 in Q1 2024 to $84,417 in Q1 2025 [230]. - Net cash used in operating activities was $5,754,761 for the three months ended March 31, 2025, a deterioration of $4,836,216 compared to $918,545 in 2024 [255]. - Net cash provided by financing activities was $9,148,502 for the three months ended March 31, 2025, significantly higher than $1,005,027 in 2024, driven by a public equity offering [255]. Inventory and Capital Management - The company intends to reduce inventory levels of $2,489,111 during 2025 to improve cash flow [257]. - Total inventories as of March 31, 2025, amounted to $2,489,111, a decrease from $2,586,066 on December 31, 2024, reflecting a reduction in finished goods and movement of excess inventory [279]. - Inventory reserves represented 40% of the gross inventory balance at March 31, 2025, down from 46% at December 31, 2024, with reserves for obsolete and excess inventories totaling $1,648,542 as of March 31, 2025 [279]. Impairment and Goodwill - The company recorded a non-cash goodwill impairment charge of $4,322,000 for the revenue cycle management segment and $307,000 for the entertainment segment as of September 30, 2024, due to performance declines and delays in recovery [290]. - The company performed an impairment test for reporting units with remaining goodwill due to a decline in demand and economic uncertainty, leading to a comprehensive evaluation of fair values [287]. - The weighted average cost of capital used in the most recent impairment test ranged from 20.9% to 32.5%, with fair values for the video solutions reporting unit substantially exceeding its carrying value [288]. Business Risks and Future Outlook - The company has faced significant business risks, including losses in recent years and the impact of the COVID-19 pandemic on its customer base [198]. - The company has a lengthy sales cycle, which may lead to significant resource expenditure without guaranteed revenue [198]. - The company expects to improve video solutions product sales in 2025 due to the ramping up of the supply chain funded by a public equity offering [223]. - The company is in discussions to raise additional capital to restore positive operating cash flows and fund operations over the next 12 months [254].

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 March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41699 ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State ...

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41699 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 March 31, 2025 ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State ...

Financial Performance - Total net revenues for Q1 2025 were $1,693,261, an increase of 11.5% compared to $1,518,062 in Q1 2024[18] - The company reported a net loss of $2,191,144 for Q1 2025, compared to a net loss of $990,544 in Q1 2024, reflecting a 121.5% increase in losses year-over-year[18] - For the three months ended March 31, 2025, total net sales were $1,693,261, an increase of 12% compared to $1,518,062 for the same period in 2024[39] - The company reported a net loss of $2.2 million for the three months ended March 31, 2025, compared to a net loss of $990,544 for the same period in 2024, representing an increase in loss of 121.2%[132] - Operating costs and expenses for Q1 2025 were $3,390,618, a significant increase from $2,381,634 in Q1 2024, indicating rising operational challenges[18] - Operating costs and expenses increased by 42.4% to approximately $3.4 million for the three months ended March 31, 2025, compared to $2.4 million for the same period in 2024[132] - General and administrative expenses rose by 23.3% to approximately $2.5 million for the three months ended March 31, 2025, compared to $2.0 million for the same period in 2024[135] Assets and Liabilities - Cash and cash equivalents increased significantly to $777,117 as of March 31, 2025, up from $158,215 at the end of 2024[16] - Total current assets rose to $1,556,963, a substantial increase from $862,752 at the end of 2024, indicating improved liquidity[16] - Total liabilities increased to $7,648,995 as of March 31, 2025, compared to $5,186,381 at the end of 2024, highlighting rising financial obligations[16] - The company has an accumulated deficit of $23,754,016 as of March 31, 2025, up from $21,562,872 at the end of 2024[16] - As of March 31, 2025, total long-lived assets were $4,017,002, a slight decrease from $4,080,004 as of December 31, 2024[39] - Total property and equipment as of March 31, 2025, amounted to $5,493,905, a decrease from $5,581,398 as of December 31, 2024, reflecting a reduction of approximately 1.56%[69] Financing and Capital Structure - The company plans to raise additional operating funds through equity and/or debt offerings to support its working capital requirements[28] - The weighted average number of common shares outstanding increased to 4,616,591 in Q1 2025 from 1,653,826 in Q1 2024, reflecting potential dilution[18] - The Company issued convertible notes payable totaling $3,333,333 as of March 31, 2025, with a debt discount of $3,142,146, resulting in a net amount of $191,187[80] - The Company entered into a short-term borrowing agreement for $300,000 at an interest rate of 5.5% per annum, maturing in February 2024[72] - The Company has a total of $500,000 in Emergency Injury Disaster Loans (EIDL) with a maturity date extending to May 16, 2050, and an interest rate of 3.75%[73] - The company secured a Paycheck Protection Program (PPP) loan totaling $115,000 and a second loan of approximately $167,000, with the first loan forgiven prior to December 31, 2021[148] Operational Insights - North America generated net sales of $1,693,261, while Asia reported no sales for the period, down from $153,200 in 2024[39] - Reborn Malaysia, which opened in November 2023, operated at limited capacity, contributing immaterial revenue for the three-month period ended March 31, 2025[36] - The company recognized retail store revenue, which constitutes approximately 99% of total revenue, at the point of sale[43] - Advertising expenses for the three months ended March 31, 2025, were $5,709, down from $10,891 in 2024[49] - The company has not recorded any royalty revenue from franchise operations for the three months ended March 31, 2025, and 2024[45] - The company operates 13 retail locations, with a significant focus on expanding its presence in California and internationally in South Korea and Malaysia[118] Market and Strategic Initiatives - The retail coffee market in the U.S. is projected to reach $74.3 billion by 2025, driven by a shift towards premium coffee products[124] - The company aims to capture a growing portion of the market through innovative products like Reborn Coffee Pour Over Packs, which have seen increased B2B sales[121] - Management identified control deficiencies due to inadequate accounting resources and a lack of segregation of duties, which may affect the accuracy of financial reporting[155] Tax and Regulatory Matters - The effective tax rate for the three months ended March 31, 2025, was 0%, primarily due to California state income taxes and changes in the valuation allowance[88] - The company reported total deferred tax assets of $11,652,321 as of March 31, 2025, with a valuation allowance of the same amount, indicating that it is unlikely to realize these assets[89] - The company has cumulative net operating loss carryforwards for federal tax purposes of approximately $1.16 million and state tax net operating loss carryforwards of approximately $3,715,000 as of March 31, 2025[91] Corporate Governance and Compliance - The company has incorporated various agreements and certifications in compliance with the Sarbanes-Oxley Act, ensuring regulatory adherence[167] - The company has filed a Certificate of Amendment to its Certificate of Incorporation on January 12, 2024, reflecting corporate governance changes[166] - The company’s Chief Executive Officer, Jay Kim, and Chief Financial Officer, Stephan Kim, signed the report on May 20, 2025, affirming its accuracy[170]

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 March 31, 2025 Commission File No. 1-12984 EAGLE MATERIALS INC. (Exact name of registrant as specified in its charter) Delaware (State of Incorporation) 75-2520779 (I.R.S. Employer Identification No.) 5960 Berkshire Lane, Suite 900, Dallas, Texas 75225 (Address of principal executive offices) (214) 432-2000 (Registran ...

Financial Performance - Revenue for Q1 2025 was $1,113,000, a decrease of 42.6% compared to $1,944,000 in Q1 2024[106] - Gross profit margin improved to 61.2% in Q1 2025 from 59.9% in Q1 2024, despite a decrease in revenue[106] - Total operating expenses for Q1 2025 were $2,887,000, representing 259.4% of revenue, compared to $3,375,000 or 173.6% of revenue in Q1 2024[106] - The company reported a net income of $1,474,000 in Q1 2025, compared to a net loss of $2,193,000 in Q1 2024[106] - Adjusted EBITDA for Q1 2025 was $(1,778,000), an improvement from $(2,131,000) in Q1 2024[110] - Total revenue for the three months ended March 31, 2025, was $1.1 million, a decrease of 42.7% or $0.8 million compared to the same period in 2024[111] - Gross profit for the same period was $0.7 million, representing 61.2% of total revenue, an increase from 59.9% in 2024, attributed to reduced overhead costs[112] - Operating expenses totaled $2.9 million, a decrease of 14.5% from $3.4 million in 2024, with significant reductions in sales and marketing expenses by 48.1% to $0.5 million[114] - Net cash used in operating activities was $2.1 million for both the three months ended March 31, 2025, and 2024, primarily due to net income and changes in working capital[120] Mergers and Acquisitions - The company entered into a merger agreement with Vyome Therapeutics, focusing on advancing immune-inflammatory assets[95] - The company plans to merge with Vyome Therapeutics, Inc. and expand the Lap-Band product line domestically and internationally[127] - The company plans to sell substantially all assets to Biorad for a purchase price of $2.25 million, subject to adjustments[102] - Transaction costs for the three months ended March 31, 2025, were $0.4 million, related to the pending merger and asset sale[117] Product Development and Agreements - An exclusive distribution agreement was signed with Liaison Medical Ltd. for the Lap-Band® 2.0 FLEX system in Canada, effective until December 31, 2028[98] - A key international patent for Diabetes Neuromodulation technology was granted, providing protection until December 4, 2039[96] - Research and development expenses decreased by 24.8% to $0.4 million, primarily due to a pause in clinical trials[116] Financial Concerns - The company anticipates running out of cash by the fourth quarter of 2025, raising concerns about its ability to continue operations[128] - Future capital requirements for product development will depend on decisions made by Biorad after the pending asset sale[129] Stock and Shareholder Actions - A reverse stock split of 1-for-25 was executed on May 9, 2025, affecting the number of shares outstanding[104] - The company raised $4.8 million in February 2025 from a public offering, with $2.5 million in cash and cash equivalents as of March 31, 2025[118]

Revenue Performance - Revenue for the three months ended March 31, 2025, was $1,224 thousand, a decrease of $594 thousand compared to $1,818 thousand for the same period in 2024[189]. - Subscription-based revenue represented 99% of total revenue for the three months ended March 31, 2025, up from 87% in the same period in 2024, indicating a 12% increase in revenue mix[190]. Profitability and Expenses - Gross profit margin improved to 88% for the three months ended March 31, 2025, compared to 82% for the same period in 2024, driven by higher-margin AI-enabled services[181]. - Operating expenses decreased to $4,819 thousand for the three months ended March 31, 2025, down from $5,078 thousand in the same period in 2024, reflecting cost management initiatives[192]. - Net loss for the three months ended March 31, 2025, was $1,616 thousand, an improvement from a net loss of $5,170 thousand for the same period in 2024[187]. Cash Flow and Liquidity - Cash and cash equivalents were $3,893 thousand as of March 31, 2025, with an additional $3,990 thousand available from a Securities Purchase Agreement[179]. - The company has a working capital deficiency of approximately $4,017 thousand and cash of approximately $3,893 thousand as of March 31, 2025[212]. - Net cash used in operating activities for the three months ended March 31, 2025, was $979 thousand, with a net loss of $1,611 thousand[212]. - The company incurred net cash flows used in investing activities of approximately $5 thousand for the three months ended March 31, 2025, compared to $18 thousand in 2024[215]. - The company has a net cash decrease of $987 thousand for the three months ended March 31, 2025, compared to a decrease of $672 thousand in 2024[213]. - The company believes that the funds from the Pre-Paid Purchase agreements are sufficient to meet its working capital needs for the next 12 months[202]. Strategic Focus and Market Outlook - The global employee experience market is projected to grow at a 20% CAGR, presenting significant opportunities for the company to expand its market presence[188]. - The company is focused on AI-driven innovation, market expansion, and financial discipline to ensure long-term profitability and growth[176]. Financing and Agreements - The company entered into a SPA with Avondale to issue and sell up to $20,000 thousand of Pre-Paid Purchase agreements, with the initial tranche of $4,200 thousand received on April 8, 2025[202]. - The company has not provided any cash flows from financing activities during the three months ended March 31, 2025[216]. Accounting and Compliance - CXApp is classified as an emerging growth company and has elected to take advantage of the extended transition period for complying with new or revised accounting standards[225]. - The financial statements of CXApp may not be comparable to those of companies that comply with new or revised accounting standards due to the extended transition period[225]. - The decision to not opt out of the extended transition period for accounting standards compliance is irrevocable[225].