Revenue: Not disclosed for QQ1 2025; no gross profit, gross margin data reported.
Profitability and earnings (QoQ and YoY comparisons where available):
- Operating Income: YoY -12.51%; QoQ +59.87% (−$358,795 in QQ1 2025; see note on scale below)
- Net Income: YoY -9.21%; QoQ +68.57% (−$364,846 in QQ1 2025)
- EPS: YoY +12.50%; QoQ +73.08% (−0.00070 per share in QQ1 2025)
- EBITDA: −$279,859 (negative, reflecting high overhead and R&D burn)
Cash flow and liquidity:
- Net cash used in operating activities: −$353,095 for QQ1 2025
- Free cash flow: −$353,095
- Cash at end of period: $300,022
- Change in working capital: −$229,131; Accounts payable: −$197,218; Other working capital movements: −$31,913; Other non-cash items: $247,880
Balance sheet highlights:
- Total assets: $354,827
- Cash and cash equivalents: $300,022
- Total current liabilities: $8,852,490
- Total debt (short-term): $7,745,475; Net debt: $7,445,453
- Retained earnings: $(27,073,761)
- Total stockholders’ equity: $(5,630,346) (negative)
- Current ratio: 0.0361; Quick ratio: 0.0361; Cash ratio: 0.0339
Key takeaways:
- The QQ1 2025 quarter shows a continued cash burn with no disclosed revenue, resulting in a fragile liquidity position unless capital markets or strategic financing movements provide support.
- Management commentary—if provided—would be critical to understand plans for monetization of IP, Halo VTOL concepts, and near-term partnerships or funding opportunities that could de-risk the balance sheet.