Exhibit 99.1
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Mobilicom Limited
Unaudited interim condensed consolidated financial statements as of June 30, 2025
Mobilicom Limited Contents |
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2
| Mobilicom Limited | |
| Unaudited interim condensed consolidated statement of profit or loss and other comprehensive income | |
For the half-year ended June 30, 2025 (In US dollars, except for EPS data) |
| Note | June 30, 2025 | June 30, 2024 | |||||||||
| $ | $ | ||||||||||
| Unaudited | Unaudited | ||||||||||
| Revenue | 4 | ||||||||||
| Cost of sales | ( | ) | ( | ) | |||||||
| Research and development grants | |||||||||||
| Foreign exchange gains | 1,2 | ||||||||||
| Interest received | |||||||||||
| Net gain on fair value movement of warrants | 6 | ||||||||||
| Total other income | |||||||||||
| Expenses | |||||||||||
| Selling and marketing expenses | ( | ) | ( | ) | |||||||
| Research and development | ( | ) | ( | ) | |||||||
| General and administration expenses | ( | ) | ( | ) | |||||||
| Foreign exchange losses | 1,2 | ( | ) | ||||||||
| Finance costs | ( | ) | ( | ) | |||||||
| Loss before income tax expense | ( | ) | ( | ) | |||||||
| Income tax expense | ( | ) | ( | ) | |||||||
| Net loss | ( | ) | ( | ) | |||||||
| Other comprehensive income/ (loss) | |||||||||||
| Items that will not be reclassified subsequently to profit or loss | |||||||||||
| Re-measurement of defined benefit plans | 2,8 | ( | ) | ||||||||
| Items that may be reclassified subsequently to profit or loss | |||||||||||
| Foreign currency translation | 2,8 | ( | ) | ||||||||
| Other comprehensive income/ (loss) for the half-year, net of tax | ( | ) | |||||||||
| Total comprehensive income/ (loss) for the half-year attributable to the owners of Mobilicom Limited | ( | ) | |||||||||
| Cents | Cents | ||||||||||
| Basic and diluted earnings/(losses) per share | 10 | ( | ) | ||||||||
| * |
The above unaudited interim condensed consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes
3
| Mobilicom Limited | |
| Unaudited interim condensed consolidated statement of financial position | |
As at June 30, 2025 (In US dollars, except for EPS data) |
| Note | June 30 2025 | December 31 2024 | |||||||||
| $ | $ | ||||||||||
| Unaudited | |||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | |||||||||||
| Restricted cash | |||||||||||
| Trade receivables | |||||||||||
| Other receivables | |||||||||||
| Inventories, net | |||||||||||
| Total current assets | |||||||||||
| Non-current assets | |||||||||||
| Property, plant and equipment, net | |||||||||||
| Right-of-use assets | |||||||||||
| Total non-current assets | |||||||||||
| Total assets | |||||||||||
| Liabilities | |||||||||||
| Current liabilities | |||||||||||
| Trade payables | |||||||||||
| Other payables | |||||||||||
| Lease liabilities | 5 | ||||||||||
| Total current liabilities | |||||||||||
| Non-current liabilities | |||||||||||
| Governmental liabilities on grants received | |||||||||||
| Employee benefits | |||||||||||
| Lease liabilities | 5 | ||||||||||
| Warrants financial liability | 6 | ||||||||||
| Total non-current liabilities | |||||||||||
| Total liabilities | |||||||||||
| Net assets | |||||||||||
| Equity | |||||||||||
| Issued capital | 7 | ||||||||||
| Reserves | 8 | ( | ) | ||||||||
| Accumulated losses | ( | ) | ( | ) | |||||||
| Total equity | |||||||||||
The above unaudited interim condensed consolidated statement of financial position should be read in conjunction with the accompanying notes
4
| Mobilicom Limited | |
| Unaudited interim condensed consolidated statement of changes in equity | |
For the half-year ended June 30, 2025 (In US dollars, except for EPS data) |
| Issued | Share based payments | Foreign currency translation | Remeasurement | Accumulated | Total | |||||||||||||||||||
| Consolidated | capital | reserve | reserve | reserve | losses | equity | ||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||
| Balance at January 1, 2024 | ( | ( | ( | |||||||||||||||||||||
| Net Loss | ( | ) | ( | ) | ||||||||||||||||||||
| Other comprehensive income/ (loss) for the half-year, net of tax | ( | ) | ( | ) | ||||||||||||||||||||
| Total comprehensive income /(loss) for the half-year | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Share-based payments | ||||||||||||||||||||||||
| Transactions with owners in their capacity as owners: | ||||||||||||||||||||||||
Contributions of equity, net of transaction costs | ||||||||||||||||||||||||
| Expiry of options | ( | ) | - | |||||||||||||||||||||
| Balance at June 30, 2024 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
The above unaudited interim condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes
5
| Mobilicom Limited | |
| Unaudited interim condensed consolidated statement of changes in equity | |
For the half-year ended June 30, 2025 (In US dollars, except for EPS data) |
| Issued | Share based payments | Foreign currency translation | Remeasurement | Accumulated | Total | |||||||||||||||||||
| Consolidated | capital | reserve | reserve | reserve | losses | equity | ||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | |||||||||||||||||||
| Balance at January 1, 2025 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Other comprehensive income/ (loss) for the half-year, net of tax | ( | ) | ||||||||||||||||||||||
| Total comprehensive income/ (loss) for the half-year | ( | ) | ( | ) | ||||||||||||||||||||
| Share-based payments | ||||||||||||||||||||||||
| Contributions of equity, net of transaction Costs (note 7) | ||||||||||||||||||||||||
| Shares issued under service agreement (note 7) | - | - | - | - | ||||||||||||||||||||
| Capital raising costs | ( | ) | ( | ) | ||||||||||||||||||||
| Expiry of options | ( | ) | ||||||||||||||||||||||
| Balance at June 30, 2025 | ( | ) | ( | ) | ( | ) | ||||||||||||||||||
The above unaudited interim condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes
6
| Mobilicom Limited | |
| Unaudited interim condensed consolidated statement of cash flows | |
For the half-year ended June 30, 2025 (In US dollars, except for EPS data) |
June 30 2025 | June 30 2024 | |||||||
| $ | $ | |||||||
| Unaudited | Unaudited | |||||||
| Cash flows from operating activities | ||||||||
| Receipts from customers | ||||||||
| Payments to suppliers and employees | ( | ) | ( | ) | ||||
| Interest received | ||||||||
| Interest paid on lease liabilities | ( | ) | ( | ) | ||||
| Government grants received | ||||||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities | ||||||||
| Payments for property, plant and equipment | ( | ) | ( | ) | ||||
| Net cash used in investing activities | ( | ) | ( | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from shares issuance | ||||||||
| Capital raising costs | ( | ) | ( | ) | ||||
| Repayment of lease liabilities | ( | ) | ( | ) | ||||
| Net cash provided by / (used in) financing activities | ( | ) | ||||||
| Net increase (decrease) in cash and cash equivalents and restricted cash | ( | ) | ||||||
| Cash and cash equivalents and restricted cash at the beginning of the financial half-year | ||||||||
| Cash and cash equivalents and restricted cash at the end of the financial half-year | ||||||||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Recognition of right-of-use assets against lease liabilities | ||||||||
The above unaudited interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes
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| Mobilicom Limited | |
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 1. General information
The consolidated condensed interim unaudited financial statements cover Mobilicom Limited (the “Company”) as a group consisting of the Company and the entities it controlled at the end of, or during, the half year ended June 30, 2025 (collectively, the “Group”).
On January 1, 2024, the Company transitioned from the Australian dollar (“AUD”) as its presentation currency to the U.S. dollar (‘USD”) as its presentation currency. The change was accounted as a change of accounting policy on a retrospective basis in the Company’s annual report for the year ended December 31, 2024. In addition, commencing January 1, 2024, the Company transitioned from AUD as its functional currency to USD as its functional currency.
The functional currency of the Company’s subsidiary, Mobilicom Ltd (“Mobilicom Israel”), is Israeli New Shekels (“NIS”) and the functional currency of the Company’s subsidiary, Mobilicom Inc., is United States dollars (“USD”).
During the period ended June 30, 2025, the Company
exercised the option to renew the lease for its principal executive offices for additional lease period of 24 months starting February
2026 and recognized $
The Company is a listed public company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business are:
| Registered office | Principal place of business | |
| C/- JM Corporate Services | 1 Rakefet Street | |
| Level 21, 459 Collins Street | Shoham, Israel 6083705 | |
| Melbourne, Victoria, 3000 | ||
| Australia |
The company’s principal activities are design, develop and deliver of cybersecurity and smart robust solutions for drone, robotics and autonomous platforms.
The Company is an end-to-end provider of cybersecurity and robust solutions for drones, robotics & autonomous platforms. As a high-tech company it designs, develops, and delivers robust solutions focused primarily on targeting global drone, robotics and autonomous system manufacturers. The Company holds patented technology & unique know-how for Mobile Mesh networking. It has a large, field proven portfolio of commercialized products used in a variety of applications. The Company is growing a global customer base with sales to high profile customers including corporates, governments, and military departments. The Company’s competitive advantages include outstanding security capabilities and performance in harsh environmental conditions. The Company’s large solution portfolio is being deployed worldwide, seeing the Company derive revenue from hardware, software sales& licensing fees
In October 2023, Israel was attacked by a terrorist organization and entered a state of war on several fronts. In June 2025, following continued nuclear threats and intelligence assessments indicating imminent attacks, Israel launched a preemptive strike targeting military and nuclear infrastructure inside Iran, aiming to disrupt Iran’s ability to coordinate or escalate hostilities and degrade its nuclear capabilities. Iran responded with multiple waves of drones and ballistic missiles targeting Israeli cities. While most were intercepted, some caused civilian casualties and infrastructure damage. The Israeli military conducted further operations against Iranian assets. After 12 days of hostilities, a ceasefire between Israel and Iran was reached in June 2025. However, the situation remains volatile, and the risk of broader regional escalation involving additional actors persists. While the vast majority of the employees of the Company are situated in Israel, as of the date of the authorization of the financial statements by the directors, none of the Company’s members of management nor employees are in active military reserve duty. The Company’s product, research and development and business development activities remain on track.
The consolidated condensed interim unaudited financial statements were authorised for issue, in accordance with a resolution of directors, on August 12, 2025.
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| Mobilicom Limited | |
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 2. Material accounting policy information
These consolidated condensed interim unaudited financial statements for the interim half-year reporting period ended June 30, 2025, have been prepared in accordance with International Accounting Standards (“IAS”) 34 “Interim Financial Reporting” as issued by the International Accounting Standards Board (“IASB”).
These consolidated condensed interim unaudited financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these consolidated condensed interim unaudited financial statements are to be read in conjunction with the annual report for the year ended December 31, 2024, and any public announcements made by the company during the interim reporting period in accordance with the continuous disclosure requirements of the Australian Corporations Act 2001.
The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.
Liquidity
These unaudited interim condensed consolidated
financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue
in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.
As of June 30, 2025, the Company has not achieved positive cash flow from operations and generated $
Note 3. Operating segments
The company operates in one segment. Management does not segregate
its business for internal reporting. The company’s chief operating decision makers (“CODM”) evaluate the performance
of the business based on financial data consistent with the presentation in the accompanying financial statements. The company concluded
that its unified business is conducted globally and accordingly represents
9
| Mobilicom Limited | |
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 4. Revenue
| June 30, 2025 | June 30, 2024 | |||||||
| $ | $ | |||||||
| Unaudited | ||||||||
| Sales of goods | ||||||||
Revenue from contracts with customers
Revenue from the sale of goods is recognized at the point in time when the customer obtains control of the goods, which is generally at the time of delivery.
Income by geography
| For the period ended June 30, 2025 | For the period ended June 30, 2024 | |||||||
| % of total income | % of total income | |||||||
| Israel | % | % | ||||||
| U.S. & Canada | % | % | ||||||
| Rest of the world | % | % | ||||||
Note 5. Lease liabilities
| June 30, 2025 | December 31, 2024 | |||||||
| $ | $ | |||||||
| Unaudited | ||||||||
| Current | ||||||||
| Non-current | ||||||||
| Lease liability | ||||||||
10
| Mobilicom Limited | |
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 6. Current liabilities - Warrants financial liability
| June 30, 2025 | December 31, 2024 | |||||||
| $ | $ | |||||||
| Unaudited | ||||||||
| Warrants at fair value | ||||||||
The Company accounts for warrants issued to investors in conjunction with IFRS 9 “Financial Instruments” accounting standards issued by IASB.
| (a) | On August 25, 2022, the Company completed its U.S. listing on the Nasdaq
via the issuance of |
In addition, on August 25, 2022,
in connection with the U.S listing, the Company granted a total of
The tradable pre-funded warrant and representative warrant are referred herein together as “August 2022 Warrants”. The August 2022 Warrants represent financial liabilities at fair value through profit or loss.
On June 30, 2023, the Company reassessed the valuation methodology applied to the valuation of the August 2022 Warrants, in conjunction with an independent valuation from a third party. The August 2022 Warrants are trading on Nasdaq and based on current market activity, it was deemed to be in an active market. The directors believe the quoted share price of the MOBBW security trading on the Nasdaq represents a more accurate valuation of the August 2022 Warrants based on the guidance of IFRS 13 Fair Value Measurement where the fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities. This has resulted in a change of valuation (moving from Level 2 fair value measurement type to Level 1) that was applied on December 31, 2022, as a change in accounting estimates
The following assumptions were based on observable market conditions that existed at December 31, 2024 and June 30, 2025:
| Assumption | At December 31, 2024 | At June 30, 2025 | ||||||||||||||
| Fair value hierarchy | Level 1 | Level 1 | Level 1 | Level 1 | ||||||||||||
| Exercise price | $ | $ | $ | $ | ||||||||||||
| Warrant price | $ | $ | $ | $ | ||||||||||||
| Fair value per warrant | $ | $ | $ | $ | ||||||||||||
For the half-year ended June 30, 2025, the Company recorded fair value
gain, net of translation adjustments of $
| (b) | On January
30, 2024, the Company completed a registered direct offering via the issuance of |
During April 2024 and December 2024,
11
| Mobilicom Limited | |
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 6. Current liabilities - Warrants financial liability (continued)
In addition, on January 30, 2024,
in a concurrent private placement, the Company issued to the investors in the registered direct offering warrants to purchase up to an
aggregate of
In addition, on January 30, 2024,
in connection with the registered direct offering, the Company granted a total
During December 2024,
The pre-funded warrant, private placement warrants, and placement agent warrant are referred herein together as “January 2024 Warrants”. The January 2024 Warrants represent financial liabilities at fair value through profit or loss.
The following assumptions were based on observable market conditions that existed at issued date and of June 30, 2025:
| At December 31, 2024 | At June 30, 2025 | |||||||||||
| Assumption Fair value hierarchy | Pre-funded Level 2 | Regular Level 2 | Regular Level 2 | |||||||||
| Historical volatility | % | % | % | |||||||||
| Exercise price | $ | $ | $ | |||||||||
| Share price | $ | $ | $ | |||||||||
| Risk-free interest rate | % | % | % | |||||||||
| Dividend yield | % | % | % | |||||||||
| Fair value per warrant | $ | $ | $ | |||||||||
For the half-year ended June 30, 2025, the Company recorded
fair value gain, net of translation adjustments of $
A summary of changes in August 2022 Warrants and January 2024 Warrants issued by the Company during the year ended June 30, 2025, is as follows:
| Fair value measurements using input type | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Balance as of December 31, 2024 | $ | $ | $ | |||||||||||||
| Fair value gain recognized in unaudited interim condensed consolidated statement of profit or loss and other comprehensive income | ( | ) | ( | ) | ( | ) | ||||||||||
| Warrant liability as of June 30, 2025 | $ | $ | $ | |||||||||||||
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| Mobilicom Limited |
|
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 7. Equity - issued capital
| Consolidated | ||||||||||||||||
| June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | |||||||||||||
| Shares | Shares | $ | $ | |||||||||||||
| Unaudited | Unaudited | |||||||||||||||
| Ordinary shares - fully paid | ||||||||||||||||
Movements in spare share capital
| Details | Date | Shares | Issue price | $ | |||||||||||
| Balance | |||||||||||||||
| Issue of ATM sale transactions shares, net of sales agent fees (*) | $ | ||||||||||||||
| Issue of shares under service agreement (**) | $ | ||||||||||||||
| Capital raising costs | ( | ) | |||||||||||||
| Expiry of options | |||||||||||||||
| Balance | |||||||||||||||
| (*) | On February 3, 2025, the Company entered into an At-The-Market Sales
Agreement (the “Sales Agreement”) with ThinkEquity LLC, as sales agent (the “Sales Agent”), pursuant to which
the Company may offer and sell, from time to time through the Sales Agent ADSs having an aggregate offering price of up to $ |
As of June 30, 2025, the Company sold
| (**) |
Ordinary shares
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have par value and the company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.
13
| Mobilicom Limited |
|
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 7. Equity - issued capital (continued)
Employee Incentive Options and Restricted Share Units (“RSUs”)
On February 15, 2025, the board of directors of the Company approved
grant of
The options have an exercise price of $
The fair value of the options was $
For the period ended June 30, 2025, the Company recognized share based
payments related with February 15, 2025, options grant in total of $
The RSUs have no exercise price and no expiry date. The RSUs vests
over a period of
For the period ended June 30, 2025, the Company recognized share based
payments related with February 15, 2025, RSUs grant in total of $
On June 26, 2025, the board of directors of the Company approved grant
of
For the period ended June 30, 2025, the Company recognized share based
payments related with June 26, 2025, RSUs grant in total of $
Note 8. Equity - reserves
| June 30, 2025 | December 31, 2024 | |||||||
| $ | $ | |||||||
| Unaudited | ||||||||
| Foreign currency reserve | ( | ) | ( | ) | ||||
| Re-measurements reserve | ( | ) | ( | ) | ||||
| ( | ) | ( | ) | |||||
Foreign currency reserve
The reserve is used to recognise exchange differences arising from the translation of the condensed interim financial statements of foreign operations to Australian dollars.
Re-measurement reserve
The reserve is used for remeasurements comprising actuarial gains and losses on the net defined benefit liability.
14
| Mobilicom Limited |
|
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 8. Equity - reserves (continued)
Movements in reserves
Movements in each class of reserve during the current financial half-year are set out below:
| Re-measurement | Foreign currency | |||||||||||
| Consolidated | reserve | reserve | Total | |||||||||
| $ | $ | $ | ||||||||||
| Unaudited | Unaudited | Unaudited | ||||||||||
| Balance on December 31, 2024 | ( | ) | ( | ) | ( | ) | ||||||
| Foreign currency translation | ||||||||||||
| Re-measurement of defined benefits plans | ( | ) | ( | ) | ||||||||
| Balance on June 30, 2025 | ( | ) | ( | ) | ( | ) | ||||||
Note 9. Subsequent events
| (a) | As part of its planning to deregister as a public company in Australia
and transition from trading American Depositary Shares (ADSs) to trading its ordinary shares on Nasdaq, the Company is required to strengthen
its equity position in order to meet applicable regulatory and listing requirements. During July 2025, the Company sold |
| (b) | On July 20, 2025, the board of directors
of the Company approved vesting acceleration for the outstanding unvested options balance at the dates of resignation of two non-executive
directors (“Ex-NED”) (the first Ex-NED resigned on June 1, 2025, and the second Ex-NED resigned on June 7, 2025). Each of
the Ex-NEDs held |
15
| Mobilicom Limited |
|
| Notes to the unaudited interim condensed consolidated financial statements | |
June 30, 2025 (In US dollars, except for EPS data) |
Note 10. Earnings per share
| June 30, 2025 | June 30, 2024 | |||||||
| $ | $ | |||||||
| Unaudited | Unaudited | |||||||
| Net loss | ( | ) | ( | ) | ||||
| Number | Number | |||||||
| Weighted average number of ordinary shares used in calculating basic and diluted earnings/(losses) per share | ||||||||
| Cents | Cents | |||||||
| Basic and diluted earnings/(losses) per share | ( | ) | ||||||
| * |
The rights to options held by option holders have not been included in the weighted average number of ordinary shares for the purposes of calculating diluted EPS as they do not meet the requirements for inclusion under IASB 133 “Earnings per Share”. The rights to options are non-dilutive as the consolidated entity is loss generating.
16