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Note 1. Organization and Nature of OperationsThe CompanyElauwit Connection, Inc. (“Elauwit” or the “Company”) is a technology services company that specializes in providing advanced connectivity solutions for buildings by enhancing internet and network infrastructure for property owners and managers. Elauwit provides these solutions by designing and implementing high-speed internet, video, and other technology solutions to ensure seamless connectivity for residents and tenants, with the goal of putting more control in the hands of property owners and allowing them to offer a superior internet experience as a key amenity.On September 13, 2024 (the “Closing Date”), Elauwit Connection, Inc., a Delaware corporation, incorporated in December 2019, (“Legacy Elauwit”) and DeltaMax, Inc. (“DeltaMax”), a privately-held Delaware corporation, consummated a merger transaction pursuant to which Legacy Elauwit was merged with and into the DeltaMax (the “Merger”), with DeltaMax being the legal successor or surviving corporation in the Merger (the “Closing”). As part of the Merger, DeltaMax changed its name to Elauwit Connection, Inc. On the Closing Date, Legacy Elauwit and DeltaMax consummated the Merger and the transactions contemplated thereby, including the issuance of 2,497,950 Class A shares and 2,502,050 Class B shares of common stock (the “Merger Shares”), which included 750,000 Class A shares to DeltaMax, with the remainder to the owners of Legacy Elauwit as a result of a 4.11795 share exchange. Additionally, a previous liability associated with Phantom Stock of $116 thousand was settled and exchanged for 102,948 Class A shares as a result of this transaction. Prior to the merger, DeltaMax was a non-operating shell company.The Merger was accounted for as a reverse recapitalization of the Company because Legacy Elauwit has been determined to be the accounting acquirer under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 - Business Combinations. Under this method of accounting, DeltaMax is treated as the “acquired” company for financial reporting purposes. This determination was primarily based on holders of Legacy Elauwit capital stock comprising a relative majority of the voting power of the Company upon consummation of the Merger and will comprise the majority of the governing body of the Company, Legacy Elauwit’s senior management comprising the senior management of the Company, and Legacy Elauwit operations comprising the ongoing operations of the Company. Accordingly, for accounting purposes, the consolidated financial statements of the Company represent a continuation of the financial statements of Legacy Elauwit, with the exception of legal capital, with the Merger being treated as the equivalent of Legacy Elauwit issuing shares for the net assets of DeltaMax, accompanied by a recapitalization. As such, periods prior have common stock restated at the 4.11795 share exchange ratio of Legacy Elauwit shares for Merger Shares. The net assets of DeltaMax, which included only cash of $250 thousand, were recognized as of the Closing at historical cost, with no goodwill or other intangible assets recorded because the transaction did not constitute the acquisition of a business. Operations prior to the Merger are presented as those of Legacy Elauwit and the accumulated deficit of Legacy Elauwit has been carried forward after Closing. All issued and outstanding securities of DeltaMax upon Closing were treated as issuances of securities of the Company upon the consummation of the Merger.After the Merger and looking forward, Legacy Elauwit’s product lines are the primary focus of the Company’s operations. Accordingly, the Company’s current activities primarily relate to Legacy Elauwit’s historical business which comprises the design and implementation of high-speed internet, video, and other technology solutions to ensure seamless connectivity for residents and tenants.Initial Public OfferingOn November 4, 2025, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Craig‑Hallum Capital Group LLC, as representative of the underwriters (the “Representative”), in connection with an underwritten public offering (the “Offering”) of 1,667,000 shares of common stock at a public offering price of $9.00 per share. The underwriters agreed to purchase the shares at a 7.0% discount to the public offering price, and the Company granted the Representative a 45‑day option to purchase up to an additional 250,050 shares of common stock to cover over‑allotments, if any. The Offering closed on November 6, 2025, and on November 24, 2025 the Company closed on the partial exercise of the Representative’s over-allotment option for an additional 68,989 shares of common stock. The remaining portion of the over- allotment option to purchase 181,061 shares of common stock expired unexercised upon the expiration of the 45-day option period. Gross proceeds from the Offering and the partial exercise of the over-allotment option were approximately $15.0 million and $0.6 million, respectively. The Company incurred offering expenses, inclusive of the underwriter discounts, of approximately $2 million, which were recorded as deferred offering costs and reclassified to additional paid‑in capital upon completion of the Offering (see Note 8 – Equity Offerings).Pursuant to the Underwriting Agreement, the Company agreed to issue to the Representative, as a portion of the underwriting compensation payable to the Representative, warrants to purchase 116,690 shares of common stock (representing 7% of the number of shares of common stock sold in the Offering) (the “Representative’s Warrants”). In connection with the closing of the partial over-allotment option exercise on November 24, 2025, the Company also issued Representative’s Warrants to purchase up to 4,830 shares of common stock to the Representative. The Representative’s Warrants are exercisable at $10.35 per share, are initially exercisable 6 months after the effective date of the registration statement and expire on November 2, 2030 (see Note 8 – Equity Offerings).SAFE ConversionOn November 6, 2025, upon the closing of the Offering, the SAFE liability automatically converted into 130,719 shares of common stock (see Note 9 – SAFE).Put Right ConversionDuring 2024, the Company entered into a Put-Call Agreement, which was amended in 2025 (the “Put-Call Agreement”), with Baron Hunter Group, LLC (“Baron Hunter”) and Steele Creek Partners LLC (“Steele Creek”), which governs certain rights between the Company and related parties regarding the purchase and sale of common Stock. Baron Hunter, of which Daniel McDonough, Jr., our Executive Chairman is the managing member, and Steele Creek, of which Barry Rubens, our Chief Executive Officer is the managing member, were granted the right to sell to Elauwit (the “Put Option”) up to $1.0 million in shares of common Stock at a discount of 10% below the offering price. On November 13, 2025, both Baron Hunter and Steele Creek exercised their respective Put Options. On November 14, 2025, the Company repurchased 123,456 shares of common Stock from each of Baron Hunter and Steele Creek at a price of $8.10 per share, resulting in total payments of $1.0 million to each of Baron Hunter and Steele Creek (see Note 8 – Equity Offerings).Related Party Debt PayoffOn November 7, 2025, the Company repaid all outstanding principal and accrued interest related to the Endurance Loan (as defined below), the Endurance Business Loan (as defined below), the Endurance Promissory Note (as defined below), and the Second Endurance Promissory Note (as defined below), thereby satisfying these obligations in full. See Note 6 for additional information regarding these related party financing arrangements (See Note 6 – Related Party Debt).Related Party Payables PayoffOn November 7, 2025, the Company repaid the outstanding principal and interest on the Management Agreement (as defined below) and the Deferred Compensation Agreement (as defined below), thereby satisfying these obligations in their entirety. See Note 7 for additional information regarding these related party payables (See Note 7 – Related Party Payables).Going ConcernAs of December 31, 2025, the Company had cash of approximately $6.2 million and net working capital of approximately $4.1 million. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception, with an accumulated deficit of approximately $14.6 million as of December 31, 2025. 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Note 2. Summary of Significant Accounting PoliciesPrinciples of ConsolidationThe consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. All subsidiaries were dormant with no activities and were dissolved during 2024.Basis of PresentationThe accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, such statements include all adjustments which are considered necessary for a fair presentation of the consolidated financial statements of the Company as of December 31, 2025 and 2024.Use of EstimatesThe preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include assumptions used in estimates of future credit losses under the current expected credit loss impairment model, valuation of SAFE liability, revenue recognition, including cost estimates and percentage complete, provisions for income taxes and related valuation allowances and tax uncertainties. On an ongoing basis, management reviews these estimates and assumptions based on currently available information. Actual results could differ from these estimates.Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist principally of demand deposits with financial institutions and accounts receivable. The Company maintains cash balances with financial institutions, which at times, are in excess of amounts insured by the Federal Deposit Insurance Corporation. To date, the Company has not experienced any collection loss with these institutions.Accounts receivable are subject to the risk that the Company’s customers will not pay the amounts due. The Company has established credit and collection policies to mitigate that risk. As of December 31, 2025, the Company had four customers that accounted for approximately 59% of the Company’s trade accounts receivable balance, comprising 29%, 17%, 8%, and 5%, respectively. During the year ended December 31, 2025, the Company had three customers that accounted for approximately 48% of the Company’s total revenues comprising 18%, 15%, and 15%, respectively.As of December 31, 2024, the Company had two customers that accounted for approximately 65% of the Company’s accounts receivable balance. During the year ended December 31, 2024, the Company had three customers that accounted for approximately 36% of the Company’s total revenues.Segment ReportingThe Company determines its reportable segments in accordance with FASB ASC Topic 280, Segment Reporting (“ASC 280”). The Company evaluates a reporting segment by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reportable segments. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.The Company has one operating segment and one reportable segment. The Company identifies the Chief Operating Decision Maker (“CODM”) to be a group consisting of the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”). The CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s principal operations are in the United States. The CODM utilizes and regularly reviews consolidated gross profit and loss from operations as measures of segment profit or loss. These measures enable the CODM to access the overall level of available resources and determine how best to deploy resources.A reconciliation of total segment revenues to total consolidated revenues, which is the same as consolidated revenues as presented on the accompanying consolidated statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total consolidated operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 21,618</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,495</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 17,614</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,331</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,004</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,164</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,565</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 2,095</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 369</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 228</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,776</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,059</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,706)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,218)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:10pt;"></div>The measure of segment assets is reported in the accompanying consolidated balance sheets as “Total assets.”Cash and Cash EquivalentsThe Company considers all short-term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2025, cash equivalents consisted of money market funds. Money market funds are invested primarily in U.S. government securities and are recorded at fair value, which approximates cost due to their highly liquid nature and short maturities. The Company had no cash equivalents as of December 31, 2024.The Company maintained $32 thousand of deposits in financial institutions in excess of federally insured limits of $250 thousand at December 31, 2025. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk on its cash deposits.Accounts Receivable, Unbilled Receivables, Network Financing Receivables and Allowance for Credit LossesTrade accounts receivable are recorded at invoiced amounts, net of allowance for expected credit losses, if applicable, and are unsecured and do not bear interest. In addition, unbilled receivables and network financing receivables are derived from the allocation of contract consideration for services, such as network design and installation, recognized over time, which payment of such consideration received over the contract term, generally between one and several years. Unbilled and network financing receivables are presented net of allowances for credit losses. Unbilled receivables are generally billed within a few months subsequent to the balance sheet date. Network financing receivables are billed monthly in accordance with contract terms, generally over a period of five to seven years, concurrent with internet network services. Trade accounts receivable was $0.9 million as of January 1, 2024, unbilled receivables was $0 as of January 1, 2024 and network financing receivables was $0 as of January 1, 2024.Network financing receivables represent amounts due from customers for network infrastructure designed, installed, and managed by the Company pursuant to network service agreements, billed monthly in accordance with contract terms generally over a period of five to seven years, concurrent with the delivery of internet network services. The majority of the Company’s network financing receivables are financed through participation and agency agreements with Endurance Opportunities (as defined below), under which the Company sells an undivided participation interest in the underlying network service agreement (see Note 6 — Related Party Debt). Because the Company retains a repurchase obligation under these arrangements, the network financing receivables remain on the Company’s balance sheet and the related financing is recorded as debt. The Company also has a limited number of self-financed network financing receivables for which no third-party financing has been obtained. The Company retains the credit risk associated with customer nonpayment on all network financing receivables, whether financed through Endurance Opportunities or self-financed.Under the current expected credit losses (“CECL”) impairment model, the Company develops and documents its allowance for credit losses on trade accounts receivable, unbilled receivables, and network financing receivables. The Company applies different estimation methodologies depending on the nature of the asset class. For trade accounts receivable, the Company uses an aging schedule method, under which reserve percentages of 50%, 75%, and 100% are applied to invoices aged 91–120 days, 121–180 days, and over 180 days past due, respectively. Invoices aged 90 days or fewer are reserved at a de minimis rate supported by historical collection experience. For unbilled receivables and network financing receivables, the Company uses a historical loss rate method. No write-offs or credit losses have been recorded on unbilled receivables or network financing receivables since inception, resulting in a historical loss rate of zero; accordingly, no allowance has been recorded against these balances as of December 31, 2025 or 2024. The Company also considers reasonable and supportable current information in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customers’ credit risk and historical loss experience. At December 31, 2025 and 2024, no macroeconomic factors were noted that would impact the Company’s expected credit losses.Effective in the fourth quarter 2025, the Company changed its estimation methodology for trade accounts receivable from a historical loss rate method to an aging schedule method, accounted for prospectively as a change in accounting estimate. The change reflects a refinement in the Company’s measurement approach driven by the growth of the sales portfolio and the availability of more granular invoice-level aging data, which now support a more precise estimate of expected credit losses. The effect of this change for the year ended December 31, 2025 was to increase bad debt expense and the allowance for credit losses by approximately $0.3 million compared to what would have been recorded under the prior methodology.The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to provision for credit losses in the period incurred. At December 31, 2025, the Company recorded an allowance for expected credit losses of approximately $0.3 million, related entirely to trade accounts receivable. At December 31, 2024, the Company recorded no allowance for expected credit losses.InventoriesThe Company’s inventories are stated at the lower of cost or net realizable value, using specific identification method. The Company’s inventories consists completely of items procured but not yet assigned or shipped to a specific job site and finished goods inventory. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred. During the year ended December 31, 2025, the Company recorded an inventory charge of approximately $0.3 million related to inventory consumed or otherwise disposed of, which was charged to cost of revenues. The Company had no material charges against inventory during the year ended December 31, 2024 and has not recorded an inventory reserve at December 31, 2025 and 2024.Deferred Offering CostsThe Company allocates offering costs to the different components of the capital raise on a pro rata basis. Offering costs allocated to common stock are charged directly to additional paid-in capital.The Company accounts for deferred offering costs in accordance with FASB ASC Topic 340, Other Assets and Deferred Costs, and Staff Accounting Bulletin Topic 5A. Deferred offering costs charged against additional paid-in capital during the year ended December 31, 2025, consisted primarily of legal, accounting, consulting, and underwriting fees directly attributable to the Company’s initial public offering.Prior to the completion of the Offering, these costs were capitalized as deferred offering costs. Upon the closing of the Offering on November 6, 2025, the Company reclassified approximately $2.0 million of deferred offering costs to additional paid-in capital as a direct reduction of offering proceeds. The Company had no deferred offering costs as of December 31, 2024.Distinguishing Liabilities from EquityThe Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares.Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the audited consolidated balance sheets. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.Derivative Financial InstrumentsThe Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.Revenue RecognitionOverviewThe Company generates revenue from the following sources: (1) network design and installation and (2) internet network services.In accordance with FASB ASC 606 “Revenue Recognition” (“ASC 606”), the Company recognizes revenue from contracts with customers using a five-step model, which is described below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify the customer contract;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify performance obligations that are distinct;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">determine the transaction price;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">allocate the transaction price to the distinct performance obligations; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">recognize revenue as the performance obligations are satisfied.</td></tr></table><div style="margin-top:10pt;"></div>Identify the customer contractA customer contract is generally identified when there is approval and commitment from both the Company and its customer, the rights have been identified, payment terms are identified, the contract has commercial substance and collectability is probable. Specifically, the Company obtains written/electronic signatures on contracts with customers.Identify performance obligations that are distinctA performance obligation is a promise by the Company to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company’s network design and installation revenue stream requires significant services to integrate complex activities and equipment into a single deliverable, and is therefore generally accounted for as one distinct performance obligation. The Company’s internet network services revenue stream is composed of two distinct and separately identifiable performance obligations: (1) wired/wireless internet services and (2) hardware and internet services maintenance. The hardware and internet services maintenance performance obligation is a stand-ready obligation.Determine the transaction priceThe transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The transaction price for the network design and installation is fixed based on the amount stated in the contract. For contracts in which the Company finances the construction of the network, any interest collected by the Company is excluded from the transaction price. The transaction price for the bulk internet services is determined by the monthly per unit price times the number of units stated in the contract.The Company evaluates its contracts with customers for the presence of significant financing components. If a significant financing component is identified in a contract and provides a financing benefit to the customer, the transaction price for the contract is adjusted to account for the financing portion of the arrangement, which is recognized as interest income over the financing term using the effective interest method. In determining the appropriate interest rates for significant financing components, the Company evaluates the credit profile of the customer and prevailing market interest rates and selects an interest rate in which it believes would be charged to the customer in a separate financing arrangement over a similar financing term.Allocate the transaction price to distinct performance obligationsWhen allocating the contract’s transaction price, the Company considers each distinct performance obligation. As the contracts contain multiple performance obligations, and the Company does not have standalone observable prices, the Company notes the contract’s transaction price of each performance obligation based on the standalone selling price, which is determined using an expected cost plus a margin approach.Recognize revenue as the performance obligations are satisfiedRevenue related to network design and installation revenue stream is recognized over time as the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced date. The best measure of progress toward completion for this performance obligation is costs incurred to date, as the Company has reliable information about the costs it expects to incur in total and the costs actually incurred and because it best depicts the transfer of control to the customer which occurs as it incurs costs on the contracts. For over time contracts using a cost-to-cost measure of progress, the Company has an estimate at completion (“EAC”) process in which the Company reviews the progress and execution of its performance obligations. This EAC process requires management’s judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Accordingly, the Company will use an input method of costs incurred to date relative to the estimated total costs to satisfy the performance obligation to record revenue.Revenue related to wired/wireless internet services is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The best measure of progress toward completion for this performance obligation is the passage of time as the Company’s efforts are used evenly throughout the performance of the wired and wireless internet services performance obligation. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue as the performance obligation is satisfied evenly over time as the same internet services are provided daily. Revenue will be recorded ratably over the contract term.Revenue related to hardware and internet services maintenance is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. This performance obligation is a stand-ready obligation in which the Company expects the customer to receive and consume the benefits of the hardware and internet services maintenance throughout the contract period. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue. The Company notes that as this is a stand-ready obligation, the performance obligation is satisfied evenly over a period of time, and revenue will be recorded ratably over the contract term.Costs to obtain contractsThe Company incurs incremental costs to obtain contracts with their customers for certain contracts, specifically sales commissions. These costs are initially capitalized and amortized over the contract term. As of December 31, 2025 and 2024, the Company had approximately $188 thousand and $148 thousand, respectively, of costs to obtain contracts capitalized which are presented within prepaid expenses and other current assets. The Company recognized approximately $32 thousand and $0 of amortization of costs to obtain contracts during the years ended December 31, 2025 and 2024, respectively, which is included in commissions expense in the accompanying consolidated statements of operations.Significant JudgmentsThe Company enters into contracts that may include various combinations of equipment, services and network installation. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Once the Company determines the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on the stand alone selling price. The corresponding revenue is recognized as the related performance obligations are satisfied. As it relates to Network design and installation revenue, each reporting period, the Company estimates the amount of costs incurred to date as a percentage of total estimated costs to determine the amount of revenue to recognize.Deferred Revenue and Unbilled ReceivablesThe timing of revenue recognition, billings and collections results in receivables, unbilled receivables and contract liabilities on its audited consolidated balance sheets. Under typical payment terms for its contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms. For certain contracts, billings occur subsequent to revenue recognition, resulting in unbilled receivables. Under ASC 606, unbilled receivables constitute contract assets. For certain contracts, payment terms typically require advanced payments and deposits. Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability.Shipping and Handling CostsShipping and handling costs charged to customers are included in revenue, while all other shipping and handling costs are included in cost of revenues in the accompanying audited consolidated statements of operations. Shipping and handling costs were not material during the years ended December 31, 2025 and 2024.Advertising and MarketingAdvertising and marketing costs are expensed as incurred and included in sales and marketing expense. Advertising and marketing costs were not material during the years ended December 31, 2025 and 2024.LeasesOperating lease assets are included within lease right-of-use assets, net and operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the consolidated balance sheets as of December 31, 2025 and 2024. The Company has elected not to present short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Lease payments for short-term leases are recognized on a straight-line basis over the term of the lease. All other lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because the Company’s lease does not provide an implicit rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.The Company assesses whether an arrangement is a lease or contains a lease at inception. For arrangements considered leases or that contain a lease that is accounted for separately, the Company determines the classification and initial measurement of the lease right-of-use assets and operating lease liabilities at the lease commencement date, which is the date that the underlying asset becomes available for use. The Company has elected to account for non-lease components associated with its leases and lease components as a single lease component.The Company recognizes a lease right-of-use asset, which represents the Company’s right to use the underlying asset for the lease term, and an operating lease liability, which represents the present value of the Company’s obligation to make payments arising over the lease term. The operating lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional right-of-use that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right-of-use. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, the Company reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the operating lease liability for the modified lease as an adjustment to the corresponding lease right-of-use asset.Share-Based CompensationIn November 2025, the Company adopted the Elauwit Connection, Inc. 2025 Stock Incentive Plan (the “Plan”). As of December 31, 2025, no awards had been granted under the Plan, and accordingly, no share-based compensation expense was recognized for the periods presented. The Company will account for future awards under the Plan in accordance with FASB Accounting Standards Codification Topic 718, Compensation—Stock Compensation.Income TaxesThe Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liabilities. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2025 and 2024 no liability for unrecognized tax benefits was required to be recorded.The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of operating expenses. There were no amounts accrued for penalties and interest as of December 31, 2025 and 2024. The Company does not expect its uncertain tax positions to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.The Company had not yet filed its United States federal and state corporate tax returns for the year ended December 31, 2025, but will be filed prior to their extended due date. Net operating losses for these periods will not be available to reduce future taxable income until the returns are filed.On July 4, 2025, the One Big Beautiful Bill (the “OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact. The Company has evaluated the impact of the OBBB Act on its 2025 financial statements and determined that the legislation did not have a material impact on the Company’s income tax provision or effective tax rate for the year ended December 31, 2025. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2026.Basic and Diluted Net Loss per Share of Common StockThe Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. A net loss cannot be diluted so when the Company is in a net loss position, basic and diluted loss per common share are the same. If in the future the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive.Fair Value of Financial InstrumentsThe Company measures the fair value of financial assets and liabilities based on the guidance of FASB Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.Fair Value MeasurementsASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an ordinary transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1 — quoted prices in active markets for identical assets or liabilities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3 — inputs that are unobservable.</td></tr></table><div style="margin-top:10pt;"></div>The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, approximates the carrying amounts in the consolidated balance sheets, primarily due to their short-term nature. Based upon current borrowing rates with similar maturities the carrying value of long-term debt, and related party loans payable approximates fair value. The estimated fair value of the Company’s SAFE liabilities were based on Level 3 inputs. See Note 9 - SAFE.Recently Adopted Accounting StandardsIn December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid, among other amendments to enhance the effectiveness of income tax disclosures. The Company adopted this standard prospectively for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 resulted in enhanced disclosure requirements but did not have a material impact on the Company’s consolidated financial statements.Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (“ASU 2024-03”), that requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. Further clarified by ASU 2025-01, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, issued in December 2025. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of ASU 2024-03.In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20) (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. Adoption can be on a prospective or retrospective basis. The Company is currently evaluating the disclosure impact that ASU 2024-04 may have on its audited consolidated financial statement presentation and disclosures.In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet date remain unchanged throughout the remaining life of the assets. This standard is effective for the Company for annual reporting periods beginning after December 15, 2025, and requires prospective application. The Company is currently evaluating the impact of ASU 2025-05, however, does not expect it to have a material impact on its financial statements.In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. The guidance clarifies, corrects errors in or makes other improvements to a variety of topics in the Codification that are intended to make it easier to understand and apply. The amendments apply to all reporting entities in the scope of the affected accounting guidance. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using either a prospective or retrospective method, and early adoption is permitted. The Company early adopted this ASU for the year ended December 31, 2025 for Issue 10 relating clarifying the methods to account for stock retirements. ASU 2025-12 clarifies that deducting the entire excess of the repurchase price over par or stated value when shares are retired from additional paid-in-capital is explicitly permitted (See Note 8 – Equity Offerings). Management is currently evaluating the impact of the remaining issues of the new standard on the Company’s financial statements.Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s audited consolidated financial statement presentation or disclosures.

Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist principally of demand deposits with financial institutions and accounts receivable. The Company maintains cash balances with financial institutions, which at times, are in excess of amounts insured by the Federal Deposit Insurance Corporation. To date, the Company has not experienced any collection loss with these institutions.Accounts receivable are subject to the risk that the Company’s customers will not pay the amounts due. The Company has established credit and collection policies to mitigate that risk. As of December 31, 2025, the Company had four customers that accounted for approximately 59% of the Company’s trade accounts receivable balance, comprising 29%, 17%, 8%, and 5%, respectively. During the year ended December 31, 2025, the Company had three customers that accounted for approximately 48% of the Company’s total revenues comprising 18%, 15%, and 15%, respectively.As of December 31, 2024, the Company had two customers that accounted for approximately 65% of the Company’s accounts receivable balance. During the year ended December 31, 2024, the Company had three customers that accounted for approximately 36% of the Company’s total revenues.

0.59

0.29

0.17

0.08

0.05

0.48

0.18

0.15

0.65

0.36

Segment ReportingThe Company determines its reportable segments in accordance with FASB ASC Topic 280, Segment Reporting (“ASC 280”). The Company evaluates a reporting segment by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reportable segments. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.The Company has one operating segment and one reportable segment. The Company identifies the Chief Operating Decision Maker (“CODM”) to be a group consisting of the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”). The CODM reviews financial information on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s principal operations are in the United States. The CODM utilizes and regularly reviews consolidated gross profit and loss from operations as measures of segment profit or loss. These measures enable the CODM to access the overall level of available resources and determine how best to deploy resources.A reconciliation of total segment revenues to total consolidated revenues, which is the same as consolidated revenues as presented on the accompanying consolidated statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total consolidated operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 21,618</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,495</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 17,614</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,331</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,004</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,164</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,565</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 2,095</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 369</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 228</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,776</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,059</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,706)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,218)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:10pt;"></div>The measure of segment assets is reported in the accompanying consolidated balance sheets as “Total assets.”

A reconciliation of total segment revenues to total consolidated revenues, which is the same as consolidated revenues as presented on the accompanying consolidated statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total consolidated operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 21,618</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 8,495</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 17,614</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7,331</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,004</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,164</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,565</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 2,095</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 369</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 228</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,776</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,059</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,706)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (3,218)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:10pt;"></div>

21618000

8495000

17614000

7331000

4004000

1164000

3565000

2095000

369000 228000

3776000

2059000

-3706000

-3218000

Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.

Cash and Cash EquivalentsThe Company considers all short-term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2025, cash equivalents consisted of money market funds. Money market funds are invested primarily in U.S. government securities and are recorded at fair value, which approximates cost due to their highly liquid nature and short maturities. The Company had no cash equivalents as of December 31, 2024.The Company maintained $32 thousand of deposits in financial institutions in excess of federally insured limits of $250 thousand at December 31, 2025. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk on its cash deposits.

32000

Accounts Receivable, Unbilled Receivables, Network Financing Receivables and Allowance for Credit LossesTrade accounts receivable are recorded at invoiced amounts, net of allowance for expected credit losses, if applicable, and are unsecured and do not bear interest. In addition, unbilled receivables and network financing receivables are derived from the allocation of contract consideration for services, such as network design and installation, recognized over time, which payment of such consideration received over the contract term, generally between one and several years. Unbilled and network financing receivables are presented net of allowances for credit losses. Unbilled receivables are generally billed within a few months subsequent to the balance sheet date. Network financing receivables are billed monthly in accordance with contract terms, generally over a period of five to seven years, concurrent with internet network services. Trade accounts receivable was $0.9 million as of January 1, 2024, unbilled receivables was $0 as of January 1, 2024 and network financing receivables was $0 as of January 1, 2024.Network financing receivables represent amounts due from customers for network infrastructure designed, installed, and managed by the Company pursuant to network service agreements, billed monthly in accordance with contract terms generally over a period of five to seven years, concurrent with the delivery of internet network services. The majority of the Company’s network financing receivables are financed through participation and agency agreements with Endurance Opportunities (as defined below), under which the Company sells an undivided participation interest in the underlying network service agreement (see Note 6 — Related Party Debt). Because the Company retains a repurchase obligation under these arrangements, the network financing receivables remain on the Company’s balance sheet and the related financing is recorded as debt. The Company also has a limited number of self-financed network financing receivables for which no third-party financing has been obtained. The Company retains the credit risk associated with customer nonpayment on all network financing receivables, whether financed through Endurance Opportunities or self-financed.Under the current expected credit losses (“CECL”) impairment model, the Company develops and documents its allowance for credit losses on trade accounts receivable, unbilled receivables, and network financing receivables. The Company applies different estimation methodologies depending on the nature of the asset class. For trade accounts receivable, the Company uses an aging schedule method, under which reserve percentages of 50%, 75%, and 100% are applied to invoices aged 91–120 days, 121–180 days, and over 180 days past due, respectively. Invoices aged 90 days or fewer are reserved at a de minimis rate supported by historical collection experience. For unbilled receivables and network financing receivables, the Company uses a historical loss rate method. No write-offs or credit losses have been recorded on unbilled receivables or network financing receivables since inception, resulting in a historical loss rate of zero; accordingly, no allowance has been recorded against these balances as of December 31, 2025 or 2024. The Company also considers reasonable and supportable current information in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customers’ credit risk and historical loss experience. At December 31, 2025 and 2024, no macroeconomic factors were noted that would impact the Company’s expected credit losses.Effective in the fourth quarter 2025, the Company changed its estimation methodology for trade accounts receivable from a historical loss rate method to an aging schedule method, accounted for prospectively as a change in accounting estimate. The change reflects a refinement in the Company’s measurement approach driven by the growth of the sales portfolio and the availability of more granular invoice-level aging data, which now support a more precise estimate of expected credit losses. The effect of this change for the year ended December 31, 2025 was to increase bad debt expense and the allowance for credit losses by approximately $0.3 million compared to what would have been recorded under the prior methodology.The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to provision for credit losses in the period incurred. At December 31, 2025, the Company recorded an allowance for expected credit losses of approximately $0.3 million, related entirely to trade accounts receivable. At December 31, 2024, the Company recorded no allowance for expected credit losses.

900000

0.50 0.75 1 0 0

0 0

300000

InventoriesThe Company’s inventories are stated at the lower of cost or net realizable value, using specific identification method. The Company’s inventories consists completely of items procured but not yet assigned or shipped to a specific job site and finished goods inventory. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred. During the year ended December 31, 2025, the Company recorded an inventory charge of approximately $0.3 million related to inventory consumed or otherwise disposed of, which was charged to cost of revenues. The Company had no material charges against inventory during the year ended December 31, 2024 and has not recorded an inventory reserve at December 31, 2025 and 2024.

300000

Deferred Offering CostsThe Company allocates offering costs to the different components of the capital raise on a pro rata basis. Offering costs allocated to common stock are charged directly to additional paid-in capital.The Company accounts for deferred offering costs in accordance with FASB ASC Topic 340, Other Assets and Deferred Costs, and Staff Accounting Bulletin Topic 5A. Deferred offering costs charged against additional paid-in capital during the year ended December 31, 2025, consisted primarily of legal, accounting, consulting, and underwriting fees directly attributable to the Company’s initial public offering.Prior to the completion of the Offering, these costs were capitalized as deferred offering costs. Upon the closing of the Offering on November 6, 2025, the Company reclassified approximately $2.0 million of deferred offering costs to additional paid-in capital as a direct reduction of offering proceeds. The Company had no deferred offering costs as of December 31, 2024.

2000000

Distinguishing Liabilities from EquityThe Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares.Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the audited consolidated balance sheets. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.

Derivative Financial InstrumentsThe Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives in accordance with ASC Topic 815, “Derivatives and Hedging.” For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value on the grant date and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement or conversion of the instrument could be required within 12 months of the balance sheet date.

Revenue RecognitionOverviewThe Company generates revenue from the following sources: (1) network design and installation and (2) internet network services.In accordance with FASB ASC 606 “Revenue Recognition” (“ASC 606”), the Company recognizes revenue from contracts with customers using a five-step model, which is described below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify the customer contract;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify performance obligations that are distinct;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">determine the transaction price;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">allocate the transaction price to the distinct performance obligations; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">recognize revenue as the performance obligations are satisfied.</td></tr></table><div style="margin-top:10pt;"></div>Identify the customer contractA customer contract is generally identified when there is approval and commitment from both the Company and its customer, the rights have been identified, payment terms are identified, the contract has commercial substance and collectability is probable. Specifically, the Company obtains written/electronic signatures on contracts with customers.Identify performance obligations that are distinctA performance obligation is a promise by the Company to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company’s network design and installation revenue stream requires significant services to integrate complex activities and equipment into a single deliverable, and is therefore generally accounted for as one distinct performance obligation. The Company’s internet network services revenue stream is composed of two distinct and separately identifiable performance obligations: (1) wired/wireless internet services and (2) hardware and internet services maintenance. The hardware and internet services maintenance performance obligation is a stand-ready obligation.Determine the transaction priceThe transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The transaction price for the network design and installation is fixed based on the amount stated in the contract. For contracts in which the Company finances the construction of the network, any interest collected by the Company is excluded from the transaction price. The transaction price for the bulk internet services is determined by the monthly per unit price times the number of units stated in the contract.The Company evaluates its contracts with customers for the presence of significant financing components. If a significant financing component is identified in a contract and provides a financing benefit to the customer, the transaction price for the contract is adjusted to account for the financing portion of the arrangement, which is recognized as interest income over the financing term using the effective interest method. In determining the appropriate interest rates for significant financing components, the Company evaluates the credit profile of the customer and prevailing market interest rates and selects an interest rate in which it believes would be charged to the customer in a separate financing arrangement over a similar financing term.Allocate the transaction price to distinct performance obligationsWhen allocating the contract’s transaction price, the Company considers each distinct performance obligation. As the contracts contain multiple performance obligations, and the Company does not have standalone observable prices, the Company notes the contract’s transaction price of each performance obligation based on the standalone selling price, which is determined using an expected cost plus a margin approach.Recognize revenue as the performance obligations are satisfiedRevenue related to network design and installation revenue stream is recognized over time as the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced date. The best measure of progress toward completion for this performance obligation is costs incurred to date, as the Company has reliable information about the costs it expects to incur in total and the costs actually incurred and because it best depicts the transfer of control to the customer which occurs as it incurs costs on the contracts. For over time contracts using a cost-to-cost measure of progress, the Company has an estimate at completion (“EAC”) process in which the Company reviews the progress and execution of its performance obligations. This EAC process requires management’s judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Accordingly, the Company will use an input method of costs incurred to date relative to the estimated total costs to satisfy the performance obligation to record revenue.Revenue related to wired/wireless internet services is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The best measure of progress toward completion for this performance obligation is the passage of time as the Company’s efforts are used evenly throughout the performance of the wired and wireless internet services performance obligation. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue as the performance obligation is satisfied evenly over time as the same internet services are provided daily. Revenue will be recorded ratably over the contract term.Revenue related to hardware and internet services maintenance is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. This performance obligation is a stand-ready obligation in which the Company expects the customer to receive and consume the benefits of the hardware and internet services maintenance throughout the contract period. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue. The Company notes that as this is a stand-ready obligation, the performance obligation is satisfied evenly over a period of time, and revenue will be recorded ratably over the contract term.Costs to obtain contractsThe Company incurs incremental costs to obtain contracts with their customers for certain contracts, specifically sales commissions. These costs are initially capitalized and amortized over the contract term. As of December 31, 2025 and 2024, the Company had approximately $188 thousand and $148 thousand, respectively, of costs to obtain contracts capitalized which are presented within prepaid expenses and other current assets. The Company recognized approximately $32 thousand and $0 of amortization of costs to obtain contracts during the years ended December 31, 2025 and 2024, respectively, which is included in commissions expense in the accompanying consolidated statements of operations.Significant JudgmentsThe Company enters into contracts that may include various combinations of equipment, services and network installation. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Once the Company determines the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on the stand alone selling price. The corresponding revenue is recognized as the related performance obligations are satisfied. As it relates to Network design and installation revenue, each reporting period, the Company estimates the amount of costs incurred to date as a percentage of total estimated costs to determine the amount of revenue to recognize.Deferred Revenue and Unbilled ReceivablesThe timing of revenue recognition, billings and collections results in receivables, unbilled receivables and contract liabilities on its audited consolidated balance sheets. Under typical payment terms for its contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms. For certain contracts, billings occur subsequent to revenue recognition, resulting in unbilled receivables. Under ASC 606, unbilled receivables constitute contract assets. For certain contracts, payment terms typically require advanced payments and deposits. Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability.

148000

32000

Shipping and Handling CostsShipping and handling costs charged to customers are included in revenue, while all other shipping and handling costs are included in cost of revenues in the accompanying audited consolidated statements of operations. Shipping and handling costs were not material during the years ended December 31, 2025 and 2024.

Advertising and MarketingAdvertising and marketing costs are expensed as incurred and included in sales and marketing expense. Advertising and marketing costs were not material during the years ended December 31, 2025 and 2024.

LeasesOperating lease assets are included within lease right-of-use assets, net and operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the consolidated balance sheets as of December 31, 2025 and 2024. The Company has elected not to present short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Lease payments for short-term leases are recognized on a straight-line basis over the term of the lease. All other lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because the Company’s lease does not provide an implicit rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.The Company assesses whether an arrangement is a lease or contains a lease at inception. For arrangements considered leases or that contain a lease that is accounted for separately, the Company determines the classification and initial measurement of the lease right-of-use assets and operating lease liabilities at the lease commencement date, which is the date that the underlying asset becomes available for use. The Company has elected to account for non-lease components associated with its leases and lease components as a single lease component.The Company recognizes a lease right-of-use asset, which represents the Company’s right to use the underlying asset for the lease term, and an operating lease liability, which represents the present value of the Company’s obligation to make payments arising over the lease term. The operating lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional right-of-use that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right-of-use. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, the Company reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the operating lease liability for the modified lease as an adjustment to the corresponding lease right-of-use asset.

Income TaxesThe Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liabilities. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of December 31, 2025 and 2024 no liability for unrecognized tax benefits was required to be recorded.The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of operating expenses. There were no amounts accrued for penalties and interest as of December 31, 2025 and 2024. The Company does not expect its uncertain tax positions to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.The Company had not yet filed its United States federal and state corporate tax returns for the year ended December 31, 2025, but will be filed prior to their extended due date. Net operating losses for these periods will not be available to reduce future taxable income until the returns are filed.On July 4, 2025, the One Big Beautiful Bill (the “OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact. The Company has evaluated the impact of the OBBB Act on its 2025 financial statements and determined that the legislation did not have a material impact on the Company’s income tax provision or effective tax rate for the year ended December 31, 2025. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2026.

Basic and Diluted Net Loss per Share of Common StockThe Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. A net loss cannot be diluted so when the Company is in a net loss position, basic and diluted loss per common share are the same. If in the future the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive.

Fair Value MeasurementsASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an ordinary transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1 — quoted prices in active markets for identical assets or liabilities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3 — inputs that are unobservable.</td></tr></table><div style="margin-top:10pt;"></div>The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, approximates the carrying amounts in the consolidated balance sheets, primarily due to their short-term nature. Based upon current borrowing rates with similar maturities the carrying value of long-term debt, and related party loans payable approximates fair value. The estimated fair value of the Company’s SAFE liabilities were based on Level 3 inputs. See Note 9 - SAFE.

Recently Adopted Accounting StandardsIn December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid, among other amendments to enhance the effectiveness of income tax disclosures. The Company adopted this standard prospectively for the annual reporting period ending December 31, 2025. The adoption of ASU 2023-09 resulted in enhanced disclosure requirements but did not have a material impact on the Company’s consolidated financial statements.Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses (“ASU 2024-03”), that requires public companies to disclose, in interim and reporting periods, additional information about certain expenses in the financial statements. Further clarified by ASU 2025-01, Income Statement (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, Disaggregation of Income Statement Expenses, issued in December 2025. The ASU is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted and is effective on either a prospective basis or retrospective basis. The Company is currently assessing the potential impacts of ASU 2024-03.In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20) (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for annual periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in Update 2020-06. Adoption can be on a prospective or retrospective basis. The Company is currently evaluating the disclosure impact that ASU 2024-04 may have on its audited consolidated financial statement presentation and disclosures.In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). This standard introduces a practical expedient that companies can choose to apply when determining allowances for credit losses. Specifically, it permits companies to assume that the current conditions as of the balance sheet date remain unchanged throughout the remaining life of the assets. This standard is effective for the Company for annual reporting periods beginning after December 15, 2025, and requires prospective application. The Company is currently evaluating the impact of ASU 2025-05, however, does not expect it to have a material impact on its financial statements.In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. The guidance clarifies, corrects errors in or makes other improvements to a variety of topics in the Codification that are intended to make it easier to understand and apply. The amendments apply to all reporting entities in the scope of the affected accounting guidance. The new guidance will become effective for the Company beginning on January 1, 2027, can be adopted using either a prospective or retrospective method, and early adoption is permitted. The Company early adopted this ASU for the year ended December 31, 2025 for Issue 10 relating clarifying the methods to account for stock retirements. ASU 2025-12 clarifies that deducting the entire excess of the repurchase price over par or stated value when shares are retired from additional paid-in-capital is explicitly permitted (See Note 8 – Equity Offerings). Management is currently evaluating the impact of the remaining issues of the new standard on the Company’s financial statements.Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s audited consolidated financial statement presentation or disclosures.

Note 3. Revenue and Deferred RevenueThe following table provides the Company’s revenue disaggregated by revenue stream (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;white-space:nowrap;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network design and installation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 18,796</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 7,370</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Internet network services and hardware and internet service</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,822</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,125</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,618</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,495</td></tr></table>Remaining performance obligations represent the transaction price of Company orders for which work has not been performed as of the end of a fiscal period and for contracts with substantive termination penalties. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $34.0 million (which represents the amount of the Company’s backlog). $8.2 million of the backlog relates to the network design and installation performance obligations and $25.8 million relates to internet network services and hardware and internet services performance obligations. Additionally, $3.6 million of the Company’s backlog relates to jobs that are contracted but not yet started as of December 31, 2025. The Company estimates that approximately $13.4 million of the remaining performance obligations as of December 31, 2025 will be completed and recognized as revenue during 2026, with the remainder recognized between 2027 and 2032.Changes in the Company’s deferred revenue balance for the years ended December 31, 2025 and 2024, respectively, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,880</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 6,182</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,847)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Balance as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,215</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,457</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5,478)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,194</td></tr></table>Deferred revenue balances primarily consist of customer deposits and billings in excess of revenue related to the Company’s network design and installation performance obligations. As of December 31, 2025, the Company’s deferred revenue balance of $3.2 million was classified as $2.9 million in current liabilities and $0.3 million in non-current liabilities in the accompanying consolidated balance sheets. The non-current portion represents the value of operating expense buydown commitments with remaining performance periods extending beyond twelve months. As of December 31, 2024, all of the Company’s deferred revenue balances were reported as current liabilities.Changes in the Company’s network financing receivable balance for the years ended December 31, 2025 and 2024 were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:441.4pt;padding:0pt;"></td><td style="width:13.95pt;padding:0pt;"></td><td style="width:8.85pt;padding:0pt;"></td><td style="width:75.8pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;margin:0pt;padding:0pt;"> 550</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (37)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Balance as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 513</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;margin:0pt;padding:0pt;"> 887</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (109)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,291</td></tr></table>

The following table provides the Company’s revenue disaggregated by revenue stream (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;white-space:nowrap;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network design and installation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 18,796</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 7,370</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Internet network services and hardware and internet service</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 2,822</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,125</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 21,618</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 8,495</td></tr></table>

18796000

7370000

2822000

1125000

21618000

8495000

34000000

8200000

25800000

3600000

13400000

Changes in the Company’s deferred revenue balance for the years ended December 31, 2025 and 2024, respectively, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,880</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 6,182</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1,847)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Balance as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 6,215</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,457</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (5,478)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,194</td></tr></table>Changes in the Company’s network financing receivable balance for the years ended December 31, 2025 and 2024 were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:441.4pt;padding:0pt;"></td><td style="width:13.95pt;padding:0pt;"></td><td style="width:8.85pt;padding:0pt;"></td><td style="width:75.8pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;margin:0pt;padding:0pt;"> 550</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (37)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Balance as of December 31, 2024</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 513</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;margin:0pt;padding:0pt;"> 887</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:441.4pt;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (109)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:441.4pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.85pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:75.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,291</td></tr></table>

1880000

6182000

-1847000

6215000

2457000

-5478000

3194000

3200000

2900000

300000

550000 37000

513000

887000 109000

1291000

Note 4. Accounts ReceivableAccounts receivable consisted of the following (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Trade accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,997</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,663</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Unbilled receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 788</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (303)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,407</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,451</td></tr></table>Trade accounts receivable was $0.9 million as of January 1, 2024 and unbilled receivables was $0 as of January 1, 2024. Trade accounts receivable represent amounts billed to customers for services rendered and network infrastructure installed. Unbilled receivables represent revenue recognized in excess of amounts billed to customers, primarily related to the allocation of contract consideration for network design and installation services recognized over time. As of December 31, 2025, the Company had unbilled receivables of approximately $0.7 million, which are expected to be billed within the next twelve months.As of December 31, 2025, the Company recorded an allowance for credit losses of approximately $0.3 million related to trade accounts receivable based on the aging schedule methodology described in Note 2. No allowance for credit losses was recorded as of December 31, 2024. See Note 2 for additional information regarding the Company’s allowance for credit losses methodology and the change in estimation approach effective for the year ended December 31, 2025. Accounts receivable consisted of the following (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">As of December 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Trade accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,997</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,663</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Unbilled receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 713</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 788</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (303)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Accounts receivable, net</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,407</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,451</td></tr></table>

1997000

3663000

713000

788000

303000

2407000

4451000

900000

700000

300000

Note 5. LeasesLesseeFor the years ended December 31, 2025 and 2024, operating lease expense was $56 thousand and $19 thousand, respectively. For the years ended December 31, 2025 and 2024 the Company had a short-term lease expense of $58 thousand and $7 thousand, respectively. For the years ended December 31, 2025 and 2024 the company had variable lease expense of $23 thousand and $4 thousand, respectively.The lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases, as of December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:433.2pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td><td style="width:79.4pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Weighted average remaining lease term (in years) - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 0.50</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Weighted average discount rate - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"> 6.5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;">% </td></tr></table>South Carolina Office Lease AgreementOn January 1, 2023, the Company initially entered into a lease for Suite 130 of 1700 Alta Vista Drive in Columbia, SC in which the initial term was January 1, 2023 through December 31, 2023. At the end of the initial lease term (December 31, 2023), the lease became a month to month lease in which either party (the Company or the lessor) could terminate the lease at any time with 30 days’ notice. The Company leased this space on a month to month basis for six months until June 30, 2024. On May 31, 2024, the Company entered into a new lease with the same lessor for the original Suite 130 and an additional space, Suite 140. The term of the new lease is from July 1, 2024 to June 30, 2026. Total rent is $3,150 per month from July 1, 2024 to June 30, 2025 and $3,276 per month from July 1, 2025 to June 30, 2026.Lease ModificationOn January 2, 2025, the Company entered into its first amendment to the South Carolina Office Lease (“Amended SC Lease”) to expand into an additional suite with approximately 1,950 additional square feet for a total of approximately 5,950 square feet of office space. The Amended SC Lease commencement date is January 2, 2025 and runs concurrently with the existing terms and conditions of the lease, through June 30, 2026. The Company determined that the lease payments increased commensurate with the standalone price for the additional right of use and as such, it is accounted for as a new lease, commencing on January 2, 2025. As such, the Company recorded an additional right-of-use asset and lease liability upon lease commencement of the new lease. Total rent is $1,536 per month from February 1, 2025 to June 30, 2025 and $1,598 per month from July 1, 2025 to June 30, 2026.Future lease payments for all lease obligations for the following fiscal year and thereafter are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Lease</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 29</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 29</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Less effects of discounting</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Present value of future minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 29</td></tr></table>LessorThe Company owns certain networks and places them at customer sites under sales-type lease arrangements. The Company evaluates new leases pursuant to FASB ASC 842: Leases to determine lease classification. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the customer. This situation is met if, among other things, there is an automatic transfer of title during the lease, a reasonably certain option to be exercised, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset, the present value of the minimum lease payments represents substantially all of the leased asset’s fair value at lease inception, or the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term.The Company had net investment in sales-type leases for the year ended December 31, 2025 of $0.5 million.The table below reconciles the undiscounted cash flows to be received to the net investment in sales-type leases recorded in the consolidated balance sheets (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 673</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Less: unearned interest</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (190)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Net investment in sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 483</td></tr></table>Interest income recognized on lease arrangements is included in interest expense, net, on the consolidated statements of operations, and is presented below (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Lease income - sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 47</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total lease income</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 47</td></tr></table>

56000

19000

58000

7000

23000

4000

The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases, as of December 31, 2025:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:433.2pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td><td style="width:79.4pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Weighted average remaining lease term (in years) - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 0.50</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Weighted average discount rate - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"> 6.5</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;">% </td></tr></table>

P0Y6M

0.065

true

P6M

3150000 3276000 1950

5950

1536000 1598000

Future lease payments for all lease obligations for the following fiscal year and thereafter are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Lease</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 29</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 29</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Less effects of discounting</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Present value of future minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 29</td></tr></table>

29000

500000

The table below reconciles the undiscounted cash flows to be received to the net investment in sales-type leases recorded in the consolidated balance sheets (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 673</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Less: unearned interest</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (190)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Net investment in sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 483</td></tr></table>

102000

163000

673000

190000

483000

Interest income recognized on lease arrangements is included in interest expense, net, on the consolidated statements of operations, and is presented below (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Lease income - sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 47</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total lease income</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 52</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 47</td></tr></table>

52000

47000

52000

47000

Note 6. Related Party DebtThe Company’s related party debt consisted of (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, current:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Endurance Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 222</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 196</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 185</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network Service Agreements </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 804</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 288</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 695</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Endurance Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 741</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 490</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 683</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network Service Agreements</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 506</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,051</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Endurance Business Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 250</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Related Party Debt, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 996</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,725</td></tr></table>Apogee Telecom Promissory Note (December 6, 2019)On December 6, 2019 the Company entered into a promissory note (the “Apogee Promissory Note”) with Apogee Telecom, Inc., a Texas Corporation (“Apogee”), a related company connected from a board member and shareholder of the Company, where Apogee loaned $0.8 million, to the Company in exchange for the Apogee Promissory Note. The Apogee Promissory Note had a maturity date of November 30, 2026 and bears interest at 10.0%, compounded annually. No principal or interest payments were due until December 31, 2021, at which point principal and interest were paid in equal monthly installments of $19 thousand. As part of a stock repurchase agreement, this was paid off in its entirety on April 12, 2024 (see Note 8). As of December 31, 2025 and 2024, the Apogee Promissory Note had no remaining balance. During the years ended December 31, 2025 and 2024, the Company incurred no interest expense. Subsequent to April 12, 2024, Apogee is no longer a related party of the Company.Apogee Telecom Installment Payment Agreement (February 28, 2023)On February 28, 2023, the Company entered into an installment payment agreement (the “Apogee Installment Payment Agreement”) with Apogee, whereas Apogee provided hardware and peripheral equipment related to the Company’s primary services. Per the Apogee Installment Payment Agreement the Company owed a principal balance of $0.4 million, which was to be paid in installments over a term of twenty three months. The Apogee Installment Payment Agreement had a maturity date of December 31, 2024, and bore interest at 12.0%, compounded annually. As of December 31, 2025 and 2024, the Apogee Installment Payment Agreement had no remaining balance. As part of a stock repurchase agreement in 2024, this was paid off in its entirety on April 12, 2024 (see Note 8). During years ended December 31, 2025 and 2024 the Company did not recognize any interest expense. As noted above, subsequent to April 12, 2024, Apogee is no longer a related party of the Company.Endurance Loan (April 1, 2024)On April 1, 2024 the Company entered into a fixed rate loan agreement (the “Endurance Loan”) with Endurance Opportunities I LLC (“Endurance Opportunities”), a related party controlled by Endurance Financial LLC (‘Endurance Financial’), which is an entity controlled by certain of the Company’s directors and members of management. Under the agreement, Endurance Opportunities loaned $1.0 million to the Company in exchange for the Endurance Loan. The Endurance Loan had a maturity date of May 1, 2029 and bore interest at 18.0%, compounded annually. Monthly payments were required under the Endurance Loan of $15 thousand through October 2024 and $19 thousand, thereafter through maturity. During the years ended December 31, 2025 and 2024, the Company incurred $103 thousand, and $107 thousand of interest expense, respectively, which is recognized in interest expense in the audited consolidated statements of operations. In connection with the Offering, the Endurance Loan was fully settled prior to December 31, 2025. As of December 31, 2024, the Endurance Loan had a balance of approximately $1 million.Motherlode Promissory Note (April 12, 2024)On April 12, 2024 the Company entered into a promissory note (the “Motherlode Promissory Note”) with Motherlode, LLC (“Motherlode”), where Motherlode loaned $1.0 million, to the Company in exchange for the Motherlode Promissory Note. The Motherlode Promissory Note has a maturity date of April 30, 2029 and bears interest at 6.0%, compounded annually. During the term of the Motherlode Promissory Note, the Company is to pay monthly installments of $19 thousand. During the years ended December 31, 2025 and 2024, the Company incurred $50 thousand and $42 thousand of interest expense, respectively, which is recognized in interest expense in the audited consolidated statements of operations. As of December 31, 2025 and 2024, the Motherlode Promissory Note had a balance of $0.7 million and $0.9 million, respectively. Subsequent to April 12, 2024, Motherlode is no longer a related party of the Company.Network Service AgreementsThe Company has entered into a certain network service agreement (the “Network Service Agreements” or the “NSAs”) with various customers, pursuant to which the Company will perform or has performed the design, installation, and management of a telecommunications network for the customer in financed project amounts ranging from $50 thousand to $550 thousand (the “Project Financing”). During the years ended December 31, 2025 and 2024, the Company financed $0.3 million and $1.2 million, respectively. The Company notes $0.5 million of the amount financed during 2024 relates to the sales-type lease (see Note 5). As of December 31, 2025 and 2024, the NSAs had a balance of $1.3 million and $1.3 million, respectively. As of December 31, 2025, repayments on these agreements are made monthly for $28 thousand.As part of each Project Financing, the Company sold an undivided interest in the NSA, to Endurance Opportunities, and interest shall accrue at a rate of 16.5% per annum, with respect to any payments owed to Endurance Opportunities by the Company, or advances owed to Endurance Opportunities by the Company, not made when due. In exchange, for the financing, the Company and Endurance Opportunities have entered into various participation and agency agreements (the “Participation and Agency Agreements), whereby Endurance Opportunities is granted an undivided participation interest entitling Endurance Opportunities to receive payments in relation to each respective NSA. At any time the Participation and Agency Agreement is outstanding, the Company shall have the right to repurchase Endurance’s interest at par value, with par meaning all outstanding principal, unpaid interest, and fees. If Endurance Opportunities’ interest under these Participation and Agency Agreements remains outstanding twenty four (24) months after the service activation date under each respective NSA, Endurance Opportunities shall have the option to require repurchase by the Company of Endurance Opportunities’ interest, at par value. As a result at December 31, 2025, certain of the network financing arrangements are fully classified as current due to this provision. Interest expense related to these network service agreements are presented net of interest income received from network financing receivables, which accrues interest income at the same rate as the NSAs.Endurance Business Loan (November 12, 2024)On November 12, 2024, the Company entered into a fixed rate loan agreement (the “Endurance Business Loan”) with Endurance Opportunities, a related party, where Endurance Opportunities loaned $0.3 million to the Company. The Endurance Business Loan had a maturity date of May 2026 and bore interest at 16.5% per year. During the years ended December 31, 2025 and 2024, the Company incurred $34 thousand and $6 thousand of interest expense, respectively, which is recognized in interest expense in the audited consolidated statements of operations. In connection with the Offering, the Endurance Business Loan was fully settled prior to December 31, 2025. As of December 31, 2024 the Endurance Business Loan had a balance of approximately $0.3 million.Endurance Promissory Note (March 1, 2025)On March 1, 2025, the Company entered into a fixed rate loan agreement (the “Endurance Promissory Note”) with Endurance Financial, where Endurance Financial loaned $0.5 million to the Company. The Endurance Promissory Note had a maturity date of eighteen months and bore interest at 16.5%. Quarterly payments of interest were required with outstanding principal amount of the loan due on the maturity date. During the year ended December 31, 2025 the Company incurred $69 thousand of interest expense which is recognized in interest expense in the consolidated statements of operations. In connection with the Offering, the Endurance Promissory Note was fully settled prior to December 31, 2025.Second Endurance Promissory Note (March 25, 2025)On March 25, 2025, the Company entered into a fixed rate loan agreement (the “Second Endurance Promissory Note”) with Endurance Financial, where Endurance Financial loaned $0.5 million to the Company. The Second Endurance Promissory Note had a maturity date of ninety days and bore interest at 16.5%. Monthly payments of interest were required with outstanding principal amount of the loan due on the maturity date. During the year ended December 31, 2025, the Company incurred $50 thousand of interest expense, which is recognized in interest expense in the audited consolidated statements of operations. On July 7, 2025, the Second Endurance Promissory Note was modified to extend the term of the note an additional 90 days, to September 25, 2025. All other provisions of the loan remained the same. The debt modification was deemed not substantive and was accounted for as a debt modification. On September 24, 2025, the Second Endurance Promissory Note was modified to extend the term of the note to October 31, 2025. All other provisions of the previously modified loan remain the same. The debt modification was deemed not substantive and was accounted for as a debt modification. In connection with the Offering, the Second Endurance Promissory Note was fully settled prior to December 31, 2025.As of December, 31, 2025 future minimum principal payments on all related party debt, excluding accrued interest amounts, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;margin:0pt;padding:0pt;">Future Minimum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Principal Payments</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 535</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 552</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 565</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 294</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 50</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Total future payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,996</td></tr></table>

The Company’s related party debt consisted of (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31, </td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, current:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Endurance Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 222</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 196</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 185</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network Service Agreements </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 804</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 288</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,000</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 695</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Related Party Debt, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Endurance Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 741</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 490</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 683</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network Service Agreements</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 506</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,051</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Endurance Business Loan</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 250</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Related Party Debt, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 996</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,725</td></tr></table>

222000

196000

185000

804000

288000

1000000

695000

741000

490000

683000

506000

1051000

250000

996000

2725000

800000

0.10

19000

400000

P23M

0.12

1000000

0.18

15000

19000

103000

107000

1000000

0.06

19000

50000

42000

700000

900000

50000

550000

300000

1200000

500000

1300000

28000

0.165

P24M

300000

0.165

34000

6000

300000

500000

0.165

69000

500000

0.165

50000

As of December, 31, 2025 future minimum principal payments on all related party debt, excluding accrued interest amounts, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:450.05pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;margin:0pt;padding:0pt;">Future Minimum</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Principal Payments</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 535</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 552</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 565</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 294</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 50</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Total future payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,996</td></tr></table>

Note 7. Related Party PayablesManagement Agreement (December 6, 2019, was not renewed post 2022)On December 6, 2019 the Company entered into a management agreement (the “Management Agreement”) with Elauwit Connection, LLC, a Wyoming limited liability company (“Elauwit LLC”), a related party, that was dissolved in October 2024, whereby certain key persons of Elauwit LLC, provided management services to manage all aspects of the Company, subject to supervision and oversight by the Company’s board of directors (the “Board”). The key persons (“Key Persons”) who supervised all services include the Executive Chairman and the Chief Executive Officer of the Company. In consideration of the services provided by the Key Persons, the Company paid Elauwit LLC a sum of $45 thousand per month during the initial year of the Management Agreement, subject to potential annual increases and other compensation, as determined by the Board. The term of the agreement was three (3) years commencing on December 1, 2019 and terminated on November 30, 2022. Beginning in December 2020, the Key Persons elected to defer portions of their consideration. On August 20, 2024, as part of the Deferred Compensation Agreement, defined below, the Company agreed to pay the Key Persons $0.5 million, at an interest rate of 3.25%, on cumulative balances owed. During the years ended December 31, 2025 and 2024, the Company incurred $11 thousand, and $17 thousand of interest expense, respectively, which is recognized in interest expense in the consolidated statements of operations. As of December 31, 2025 the deferred compensation had been repaid in full with the Offering in November 2025. As of December 31, 2024, the Deferred Compensation Agreement had a balance of $0.5 million, respectively.Subsequent to November 30, 2022, the Company continued making payments under an informal agreement to same Key Persons. During both years ended December 31, 2025 and 2024, the Company incurred expenses of $345 thousand and $335 thousand, respectively, included in general and administrative expenses on the consolidated statements of operations.Deferred Compensation Agreement (August 20, 2024)On August 20, 2024 the Company entered into a deferred compensation agreement, as amended (the “Deferred Compensation Agreement”) with certain executives of the Company, whereby the executives, deferred a certain portion of their salaries. The deferred salaries bore interest of 3.25%, on all cumulative balances outstanding as of February 1, 2022. The Company agreed to pay each of the executives $2.5 thousand per month and there was no fixed maturity date. For the years ended December 31, 2025 and 2024, the Company incurred $3 thousand and $4 thousand of interest expense, respectively, which is recognized in interest expense in the consolidated statements of operations. As of December 31, 2025, the Deferred Compensation Agreement had been repaid in full with the Offering in November 2025. As of December 31, 2024, the Deferred Compensation Agreement had a balance of $0.1 million.

45000 P3Y

500000

0.0325

11000

17000

500000

345000

335000

0.0325 2500

3000

4000

100000

Note 8. Equity OfferingsCommon StockAmendment to the Certificate of IncorporationOn June 16, 2025, the Company amended and restated its certificate of incorporation to, among other things, (i) provide for a classified structure for the election of directors; (ii) increase the number of shares of common stock, par value $0.0001 per share, authorized for issuance to 14,900,000, consisting of 12,000,000 shares of Class A common stock and 2,900,000 shares of Class B common stock; (iii) authorize the Board of Directors to issue up to 100,000 shares of preferred stock, par value $0.0001 per share.On August 14, 2025, the Company amended and restated its certificate of incorporation to, among other things, (i) authorize 15,000,000 of capital stock which is divided into two classes, with 14,900,000 shares designated as common stock, $0.0001 par value per share (the “common stock”), and 100,000 shares designated as Preferred Stock, par value $0.0001 per share (the “Preferred Stock”) and (ii) provide that the holders of common stock hold all voting power.Initial Public OfferingOn November 4, 2025, the Company entered into the Underwriting Agreement with the Representative, for the Offering of 1,667,000 shares of common stock at a public offering price of $9.00 per share. The underwriters agreed to purchase the shares at a 7.0% discount to the public offering price. The offering closed on November 6, 2025, resulting in gross proceeds of approximately $15.0 million. On November 24, 2025, the Company closed the sale of an additional 68,989 shares of common stock, representing the partial exercise of the Representative’s 45-day over-allotment option, resulting in additional gross proceeds of approximately $0.6 million. In total, the Company issued 1,735,989 shares of common stock in the offering for aggregate gross proceeds of approximately $15.6 million, before deducting underwriting discounts and commissions and other offering expenses. After deducting underwriting discounts and commissions of approximately $1.3 million and other offering costs of approximately $0.7 million, the Company received net proceeds of approximately $14.0 million. The underwriting discounts, commissions, and other offering costs were recorded as a reduction of additional paid-in capital.Pursuant to the Underwriting Agreement, the Company issued to the Representative warrants to purchase an aggregate of 121,520 shares of common stock (representing 7% of the total shares sold in the Offering, including shares sold upon partial exercise of the over-allotment option). The Representative’s Warrants are exercisable at $10.35 per share, are initially exercisable six months after the effective date of the registration statement, and expire on November 2, 2030. The issuance of the Representative Warrants is in the scope of FASB ASC 718. Under FASB ASC 718, share-based compensation associated with equity classified awards is measured at fair value upon the assignment date. Further, the issuance of the Representative Warrants should be accounted for as an offering cost in accordance with Staff Accounting Bulletin Topic 5A, Expenses of Offering, since the Representative Warrants are deemed to be underwriters’ compensation. The Company estimated the fair value of the 121,520 Representative Warrants to be approximately $0.33 thousand or $2.72 per share. Accordingly, $0.33 thousand has been recorded as a deferred offering cost, with a corresponding increase in additional paid-in capital. The Company established the initial fair value for the Representative Warrants on their issuance using a Black-Scholes option pricing model. The primary assumptions used in the valuation of Representative Warrants were (i) a weighted average stock price of $7.20, (ii) exercise price of $10.35, (iii) weighted average term of 5 years, (iv) volatility of 50.5% and (v) discount rate of 3.75%. At December 31, 2025 there are 121,520 warrants outstanding for common stock. There were no warrants outstanding at December 31, 2024.Put Right SettlementIn connection with the Put-Call Agreement, Baron Hunter and Steele Creek were each granted the right to sell to the Company up to $1.0 million in shares of common stock at a price of $8.10 per share, representing a 10% discount to the Offering price. On November 13, 2025, each of Baron Hunter and Steele Creek exercised its put option. On November 14, 2025, the Company repurchased an aggregate of 123,456 shares of common stock from each of Baron Hunter and Steele Creek, for an aggregate of 246,912 shares, at $8.10 per share, for aggregate cash consideration of approximately $2.0 million. The repurchased shares were retired and were treated as a reduction of additional paid-in-capital under the provisions of ASU 2025-12.Series Seed Stock Repurchase AgreementOn April 12, 2024, the Company and Motherlode entered into a Stock Repurchase Agreement (the “Series Seed Stock Repurchase Agreement”), whereby the Company repurchased from Motherlode, 250,000 shares of Series Seed Preferred Stock, $0.0001 par value per share, at a purchase price of $4.00 per share, or $1 million in aggregate (the “Purchase Price”). The Purchase Price consisted of the Motherlode Promissory Note (see Note 6), and is secured by personal guarantees of the Company’s personnel. Additionally, as part of the closing, the Company paid to Apogee, all amounts due under the Apogee Promissory Note, in the amount of approximately $619 thousand. Additionally, the Company, paid all amounts remaining due under the Apogee Installment Payment Agreement, in the amount of approximately $330 thousand, together with a remaining hardware invoice in the amount of approximately $38 thousand. As part of the closing, certain principals of Motherlode resigned from the Board of Directors of the Company, as such Motherlode is no longer considered an ongoing related party.

0.0001

14900000

12000000

2900000

100000

0.0001

15000000 2

14900000

0.0001

100000

0.0001

1667000

0.07

15000000

68989

P45D

600000

1735989

15600000

1300000

700000

121520

0.07

10.35

P6M

121520

330

2.72

330

0.072

0.1035

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121520

1000000

8.1

0.10

123456

246912

8.1

2000000

250000

0.0001

1000000

619000

330000

38000 Note 9. SAFEStrategic InvestmentOn January 6, 2025, the Company entered into a Simple Agreement for Future Equity (the “SAFE Agreement” or “SAFE”) with an investor (the “Investor”). Pursuant to the terms of the SAFE Agreement, the Company received an aggregate amount of $1.0 million (the “SAFE Amount”). In the event of a liquidity event, as defined in the SAFE Agreement, the Investor was entitled to the amount payable on the number of shares of common stock equal to the SAFE amount divided by the price per share in the liquidity event multiplied by a discount price of 85%.The SAFE was recorded as a liability in accordance with the applicable accounting guidance due to the potential for the Company to settle the fixed outstanding balance of the SAFE liability in a variable number of shares. The initial fair value of the SAFE liability was $1.0 million. Subsequent changes in fair value at each reporting period are recognized in the consolidated statements of operations as changes in fair value of SAFE liability. At September 30, 2025 the Company remeasured the fair value of the SAFE liability, considering the proximity and likelihood of the impending initial public offering. As a result, the Company recorded a change in fair value of $176 thousand for the year ended December 31, 2025. This expense is included in ‘Change in fair value of SAFE liability’ within Other Income (Expense) in the consolidated statements of operations.On November 6, 2025, upon the closing of the Offering, the SAFE liability automatically converted into 130,719 shares of common stock. 1000000 0.85 1000000 130719

Note 10. Employee Benefit PlanIn April 2024, the Company established a Safe Harbor 401(k) contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee’s contribution up to the first 3% of pay and then on 50% of employee contributions on the next 2% of pay of the employee’s eligible compensation.The Company incurred expenses of approximately $73 thousand and $51 thousand related to matching contributions for the years ended December 31, 2025 and 2024, respectively.

0.03

0.50

0.02

73000

51000

Note 11. Commitments and ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the ordinary course of business. Management does not believe that there is any pending or threatened proceeding against the Company, which, if determined adversely, would have a material adverse effect on the Company’s business, results of operations, cash flows, or financial condition.Phantom Stock AwardsIn 2024, the Company had an authorized Phantom Equity Plan to grant phantom stock units to key employees of the Company as a means to provide deferred compensation. The Phantom Equity Payments (“Rights”) were cash settled and calculated by reference to the value of the Company as of the date of the award of such Rights as determined in accordance with the Plan. The maximum amount of all Rights authorized by the Plan was 10% of the Company’s total appreciation above the market value of the Company as determined in accordance with the Plan. Upon a payment event in accordance with the Plan, a participant’s right to any unvested Rights would terminate and be cancelled without any further payment. Rights would also terminate and be forfeited if the participant was terminated for cause. The phantom stock awards were accounted for as a liability under ASC 718. As of December 31, 2023, the Company had a liability of $116 thousand related to the phantom stock awards. There were 55 thousand phantom stock awards granted, of which 25 thousand did not vest and were forfeited prior to January 1, 2024. In September 2024, the remaining 25 thousand vested phantom stock awards were exchanged for Class A common stock, at an exchange ratio of 4.11795:1, for 102,949 shares, as a result of the merger and recapitalization transaction with DeltaMax as described in Note 1. Upon recapitalization, the Phantom Equity Plan was terminated. During the years ended December 31, 2025 and 2024, the Company did not grant any phantom stock awards. At December 31, 2025 and 2024, there were no phantom stock awards outstanding.

0.10

116000

55000

25000

4.11795

102949

Note 12. Net Loss per ShareParticipating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to the participating securities since the holders have no contractual obligation to share in the losses of the Company.The Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities. Because the Company was in a net loss position for all periods presented, basic and diluted net loss per share are the same, as the inclusion of all potentially dilutive securities would have been antidilutive.The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because their inclusion would have been antidilutive:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:397.1pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:58.85pt;padding:0pt;"></td><td style="width:12.55pt;padding:0pt;"></td><td style="width:58.95pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:397.1pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.85pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:58.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:397.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:130.35pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the years ended December 31,</td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:397.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:58.85pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:397.1pt;background:#cceeff;margin:0pt;padding:0pt;">Representative’s Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.85pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 121,520</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.95pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:397.1pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.85pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 121,520</td><td style="vertical-align:bottom;white-space:nowrap;width:12.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:58.95pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">—</td></tr></table>In connection with the Company’s initial public offering in November 2025, the Company issued warrants to the Representative to purchase an aggregate of 121,520 shares of common stock at an exercise price of $10.35 per share (see Note 8). These warrants are initially exercisable beginning six months after the effective date of the registration statement and expire on November 2, 2030. The warrants were excluded from the computation of diluted net loss per share for the year ended December 31, 2025 because their effect would have been antidilutive. At December 31, 2024, there were no potentially dilutive securities outstanding.

121520

10.35

P6M

Note 13. Income TaxesThe Company has no foreign operations and the Company’s federal and state income tax provision is summarized as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:399pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:49.9pt;padding:0pt;"></td><td style="width:12.64pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:49.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Current Tax Expense (Benefit)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 1</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Deferred Tax Expense (Benefit)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> (841)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> (726)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (79)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (42)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> (920)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> (768)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Valuation Allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 920</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 768</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1</td></tr></table>A reconciliation of the differences between the U.S. statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations is as follows (in thousands, except percentages). In accordance with ASU 2023-09, Improvements to Income Tax Disclosures, the reconciliation is presented in both dollar amounts and percentages:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.65pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:48.6pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:48.65pt;padding:0pt;"></td><td style="width:15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:115.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Tax computed at federal statutory rate</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;margin:0pt;padding:0pt;"> (888)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 21</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;">State income taxes, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Nondeductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 47</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;">Change in Valuation allowance:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"> 841</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"> (20)</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr></table>The following table presents the rate reconciliation for the year ended December 31, 2024:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:466pt;padding:0pt;"></td><td style="width:14.55pt;padding:0pt;"></td><td style="width:49.45pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Tax computed at federal statutory rate</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 21</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;">State income taxes, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Nondeductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;">Change in Valuation allowance:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (22)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table>The effective tax rate for the years ended December 31, 2025 and 2024 was approximately 0%, which differs from the statutory federal rate of 21% primarily due to the recording of a full valuation allowance against the Company’s net deferred tax assets. Nondeductible expenses in 2025 consist primarily of the conversion of Simple Agreements for Future Equity (“SAFE”) instruments, which represented the majority of the permanent tax differences, as well as meals and entertainment costs that are 50% deductible under Section 274 of the Internal Revenue Code.Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes, and (b) operating losses and tax credit carryforwards.The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:373.4pt;padding:0pt;"></td><td style="width:11.79pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:64.06pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.45pt;padding:0pt;"></td><td style="width:64.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:71.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:71.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Deferred tax assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Net operating loss carryforwards</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 3,136</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 2,361</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 71</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Deferred salaries</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 20</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Accrued incentives</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 6</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total gross deferred tax assets</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,214</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,399</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Deferred tax liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Percentage-of-completion to completed contract</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (103)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Operating lease right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (12)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total gross deferred tax liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (7)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (115)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,207)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,284)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total deferred taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>At December 31, 2025 and December 31, 2024, the Company had available federal net operating loss (“NOL”) carryforwards of approximately $13.9 million and $10.5 million, respectively. For state purposes, such NOL carryforwards were approximately $8.0 million and $6.0 million, respectively. The federal net operating losses were generated in tax years beginning after December 31, 2017 and, accordingly, do not expire; however, utilization is limited to 80% of taxable income in any future year. State NOL carryforward periods and annual utilization limitations vary by jurisdiction. Use of these NOL carryforwards may be significantly limited under the tax rules regarding the use of losses following an ownership change under Internal Revenue Code (“IRC”) Section 382. The Company completed its initial public offering in November 2025, which may have resulted in an ownership change, but has not completed a formal Section 382 analysis as of the date of these financial statements. If such limitations apply, a portion of the Company’s NOL carryforwards may expire unutilized or be subject to annual use limitations.The valuation allowance relates to net deferred tax assets for which the Company believes it is not more likely than not that it will realize the associated tax benefit. In assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the net deferred tax assets will not be realized. The ultimate realization of net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax planning strategies in making this assessment. Based upon the levels of historical taxable income, projections of future taxable income, and the reversal of deferred tax liabilities over the periods in which the deferred tax assets are deductible, management believes it is more-likely- than-not that the Company will not realize the benefits of these deductible differences, net of the existing valuation allowance. The amount of net deferred tax asset considered realizable, however, could change in the near term if estimates of future taxable income during the carryforward period are increased or decreased.Based upon the level of historical pre-tax losses, as well as projections of future taxable income over the periods in which deferred tax assets are deductible, management determined that it is more likely than not that the Company may not realize the net deferred tax assets recorded as of December 31, 2025. Accordingly, a valuation allowance of approximately $3.2 million, an increase of approximately $0.9 million from the valuation allowance of approximately $2.3 million as of December 31, 2024, was recorded against net deferred tax assets as of December 31, 2025. The increase is primarily attributable to the additional federal and state NOL carryforwards generated during 2025. The Company did not make any material income tax payments during the year ended December 31, 2025.The Company files income tax returns as prescribed by tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, and local jurisdictions where applicable based on the statute of limitations that apply in each jurisdiction. The Company has no open income tax audits with any taxing authority as of December 31, 2025. The Company is still subject to income tax examinations by U.S. federal and state tax authorities for the years 2022 through 2024. However, to the extent allowed by law, the tax authorities may have the right to examine prior periods where net operating losses were generated and carried forward, and make adjustments up to the amount of the net operating loss carryforward amount.As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was required to be recorded. The Company does not expect any material changes to its unrecognized tax benefits within the next twelve months.No interest or penalties have been recognized in the consolidated financial statements related to uncertain tax positions for the years ended December 31, 2025 and 2024.On July 4, 2025, the OBBB Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact. The Company has evaluated the impact of the OBBB Act on its 2025 financial statements and determined that the legislation did not have a material impact on the Company’s income tax provision or effective tax rate for the year ended December 31, 2025. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2026.The Company adopted ASU 2023-09, Improvements to Income Tax Disclosures, for the annual period ended December 31, 2025 on a prospective basis. The adoption resulted in expanded disclosures within the rate reconciliation table, including both dollar amounts and percentages. The adoption did not have a material impact on the Company’s consolidated financial statements.

The Company has no foreign operations and the Company’s federal and state income tax provision is summarized as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:399pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:49.9pt;padding:0pt;"></td><td style="width:12.64pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:49.81pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:57.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Current Tax Expense (Benefit)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> 1</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Deferred Tax Expense (Benefit)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Federal</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> (841)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> (726)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">State</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (79)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (42)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;margin:0pt;padding:0pt;"> (920)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;margin:0pt;padding:0pt;"> (768)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399pt;margin:0pt;padding:0pt;">Valuation Allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 920</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 768</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:49.8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1</td></tr></table>

1000

-841000

-726000

-79000

-42000

-920000

-768000

920000

768000

1000

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:398.65pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:6.6pt;padding:0pt;"></td><td style="width:48.6pt;padding:0pt;"></td><td style="width:11.25pt;padding:0pt;"></td><td style="width:48.65pt;padding:0pt;"></td><td style="width:15pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:115.1pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:55.2pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Amount</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Tax computed at federal statutory rate</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;margin:0pt;padding:0pt;"> (888)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;margin:0pt;padding:0pt;"> 21</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;">State income taxes, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Nondeductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 47</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (1)</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:398.65pt;margin:0pt;padding:0pt;">Change in Valuation allowance:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;margin:0pt;padding:0pt;"> 841</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;margin:0pt;padding:0pt;"> (20)</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;margin:0pt;padding:0pt;">% </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:398.65pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.6pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:48.6pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:48.65pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:15pt;background:#cceeff;margin:0pt;padding:0pt;">% </td></tr></table><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:466pt;padding:0pt;"></td><td style="width:14.55pt;padding:0pt;"></td><td style="width:49.45pt;padding:0pt;"></td><td style="width:10pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2024</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Rate</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Tax computed at federal statutory rate</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> 21</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;">State income taxes, net of federal benefit</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;margin:0pt;padding:0pt;"> 1</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Nondeductible expenses</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;margin:0pt;padding:0pt;">Change in Valuation allowance:</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (22)</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;margin:0pt;padding:0pt;">%</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:466pt;background:#cceeff;margin:0pt;padding:0pt;">Income tax expense</td><td style="vertical-align:bottom;white-space:nowrap;width:14.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:49.45pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:10pt;background:#cceeff;margin:0pt;padding:0pt;">%</td></tr></table>

-888000

0.21

47000

-0.01

841000

-0.20

0.21

0.01

-0.22

0.21

The tax effects of significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:373.4pt;padding:0pt;"></td><td style="width:11.79pt;padding:0pt;"></td><td style="width:7.5pt;padding:0pt;"></td><td style="width:64.06pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.45pt;padding:0pt;"></td><td style="width:64.05pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:71.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:71.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2024</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Deferred tax assets:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Net operating loss carryforwards</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 3,136</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 2,361</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 71</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Deferred salaries</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> 20</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Accrued incentives</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 6</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Operating lease liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 7</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total gross deferred tax assets</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 3,214</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,399</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Deferred tax liabilities:</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Percentage-of-completion to completed contract</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (103)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Operating lease right-of-use assets</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (7)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (12)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total gross deferred tax liabilities</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (7)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;margin:0pt;padding:0pt;"> (115)</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:373.4pt;margin:0pt;padding:0pt;">Valuation allowance</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,207)</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (2,284)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:373.4pt;background:#cceeff;margin:0pt;padding:0pt;">Total deferred taxes</td><td style="vertical-align:bottom;white-space:nowrap;width:11.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.5pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:64.05pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>

3136000

2361000

71000

20000

6000

7000 12000

3214000

2399000

103000

7000

12000

7000

115000

3207000

2284000

13900000

10500000

8000000

6000000

3200000

900000

2300000

Note 14. Subsequent EventsThe Company evaluated subsequent events and transactions that occurred after the balance sheet date through March 31, 2026, the date the financial statements were issued.Restatement of Previously Issued Interim Financial StatementsDuring the preparation of the Company’s financial close for the quarter and year ended December 31, 2025, management identified errors in revenue recognition for certain network design and installation contracts accounted for under ASC 606 using the percentage-of-completion cost-to-cost input method. As a result, revenue was overstated by an aggregate of approximately $0.471 million and $1.4 million for the three and nine months ended September 30, 2025, respectively. This included an overstatement of revenue of $0.75 million and $0.92 million for the three and six months ended June 30, 2025, respectively, and $0.17 million for the three months ended March 31, 2025. Management evaluated the errors in accordance with ASC 250, Accounting Changes and Error Corrections, and Securities and Exchange Commission Staff Accounting Bulletin No. 99 and No. 108, and concluded the errors were material to the previously issued interim financial statements. On March 30, 2026, the Company filed an amended Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2025 to restate the previously issued unaudited condensed consolidated financial statements. The errors have been corrected in the consolidated financial statements for the year ended December 31, 2025 included herein. The errors did not involve any intentional misconduct by the Company, its management, or its employees.Equity Awards Under the 2025 Stock Incentive PlanOn January 28, 2026, the Compensation Committee of the Board of Directors approved restricted stock unit (“RSU”) awards to certain employees of the Company under the Plan in recognition of their contributions in connection with the Company’s initial public offering, with an aggregate grant date fair value of $0.1 million. The number of shares underlying each award were determined using the grant date fair value of the Company’s common stock on the date of grant. These awards are subject to a one-year vesting period.

471000

1400000

750000

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100000

P1Y

3534000

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2407000

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213000

443000

550000

8408000

10328000

1025000

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28000

446000

483000

26000

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495000

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29000

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804000

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6223000

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506000

442000

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293000

308000

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7527000

0.0001

100000

0.0001

14900000

6619796

19034000

19009000

-16755000

-14593000

2279000

4416000

9919000

11943000

4430000

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4187000

827000

1259000

2884000

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143000

22000

3027000

1628000

-2200000

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-0.33

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6619796

5000000

6619796

19009000

-14593000

4416000

25000

-2162000

6619796

19034000

-16755000

2279000

2497950

2502050

5859000

-10365000

-30000

-4536000

30000 30000

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2497950

2502050

5859000

-10807000

-4948000

-2162000

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25000

126000

14000

12000

909000

1520000

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389000

23000

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-719000

628000

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910000

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37000 11000

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Note 1. Organization and Nature of OperationsThe CompanyElauwit Connection, Inc. (“Elauwit” or the “Company”) is a technology services company that specializes in providing advanced connectivity solutions for buildings by enhancing internet and network infrastructure for property owners and managers. Elauwit provides these solutions by designing and implementing high-speed internet, video, and other technology solutions to ensure seamless connectivity for residents and tenants, with the goal of putting more control in the hands of property owners and allowing them to offer a superior internet experience as a key amenity.On September 13, 2024 (the “Closing Date”), Legacy Elauwit Connection, Inc., a Delaware corporation, incorporated in December 2019 (“Legacy Elauwit”) and DeltaMax, Inc. (“DeltaMax”), a privately-held Delaware corporation, consummated a merger transaction (the “Merger”), with DeltaMax being the legal successor or surviving corporation. As part of the Merger, DeltaMax changed its name to Elauwit Connection, Inc. and issued an aggregate of 5,000,000 Merger Shares (2,497,950 Class A and 2,502,050 Class B) to the owners of Legacy Elauwit based on a 4.11795 share exchange ratio. Prior to the Merger, DeltaMax was a non-operating shell company.The Merger was accounted for as a reverse recapitalization, with Legacy Elauwit determined to be the accounting acquirer. Accordingly, the unaudited condensed financial statements of the Company represent a continuation of the financial statements of Legacy Elauwit, with the exception of legal capital. Periods prior to the Merger have common stock restated at the 4.11795 share exchange ratio. The accumulated deficit of Legacy Elauwit has been carried forward after the Closing. No goodwill or other intangible assets were recorded as the transaction did not constitute the acquisition of a business.Initial Public OfferingOn November 4, 2025, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Craig‑Hallum Capital Group LLC, as representative of the underwriters (the “Representative”), in connection with an underwritten public offering (the “Offering”) of 1,667,000 shares of common stock at a public offering price of $9.00 per share. The underwriters agreed to purchase the shares at a 7.0% discount to the public offering price, and the Company granted the Representative a 45‑day option to purchase up to an additional 250,050 shares of common stock to cover over‑allotments, if any. The Offering closed on November 6, 2025, and on November 24, 2025 the Company closed on the partial exercise of the Representative’s over-allotment option for an additional 68,989 shares of common stock. The remaining portion of the over-allotment option to purchase 181,061 shares of common stock expired unexercised upon the expiration of the 45-day option period. Gross proceeds from the Offering and the partial exercise of the over-allotment option were approximately $15.0 million and $0.6 million, respectively. The Company incurred additional offering expenses, inclusive of the underwriter discounts, of approximately $2.0 million, which were recorded as deferred offering costs and reclassified to additional paid‑in capital upon completion of the Offering.Pursuant to the Underwriting Agreement, the Company agreed to issue to the Representative, as a portion of the underwriting compensation payable to the Representative, warrants to purchase 116,690 shares of common stock (representing 7% of the number of shares of common stock sold in the Offering) (the “Representative’s Warrants”). In connection with the closing of the partial over-allotment option exercise on November 24, 2025, the Company also issued Representative’s Warrants to purchase up to 4,830 shares of common stock to the Representative. The Representative’s Warrants are exercisable at $10.35 per share, are initially exercisable on May 2, 2026 and expire on November 2, 2030.Put Right ConversionPrior to the Offering, we entered into a Put-Call Agreement, as amended (the “Put-Call Agreement”), with Baron Hunter Group, LLC (“Baron Hunter”) and Steele Creek Partners LLC (“Steele Creek”), which governs certain rights between the Company and related parties regarding the purchase and sale of common stock. Baron Hunter, of which Daniel McDonough, Jr., our Executive Chairman is the managing member, and Steele Creek, of which Barry Rubens, our Chief Executive Officer is the managing member, were granted the right to sell to Elauwit (the “Put Option”) up to $1.0 million in shares of common stock at a discount of 10% below the offering price. On November 13, 2025, both Baron Hunter and Steele Creek exercised their respective Put Options. On November 14, 2025, the Company repurchased 123,456 shares of common stock from each of Baron Hunter and Steele Creek at a price of $8.10 per share, resulting in total payments of $1.0 million to each of Baron Hunter and Steele Creek.Related Party Debt PayoffOn November 7, 2025, the Company repaid all outstanding principal and accrued interest related to the Endurance Loan (as defined below), the Endurance Business Loan (as defined below), the Endurance Promissory Note (as defined below), and the Second Endurance Promissory Note (as defined below), thereby satisfying these obligations in full. See Note 6 for additional information regarding these related party financing arrangements.Related Party Payables PayoffOn November 7, 2025, the Company repaid the outstanding principal and interest on the Management Agreement (as defined below) and the Deferred Compensation Agreement (as defined below), thereby satisfying these obligations in their entirety. See Note 8 for additional information regarding these related party payables.Going ConcernAs of March 31, 2026, the Company had cash of approximately $3.5 million and net working capital of approximately $1.9 million. The Company has incurred recurring net losses from operations and negative cash flows from operating activities since inception, with an accumulated deficit of approximately $16.8 million as of March 31, 2026. During the three months ended March 31, 2026 the Company had used approximately $2.5 million in cash for operating activities.These historical conditions raised substantial doubt about the Company’s ability to continue as a going concern. On November 6, 2025, the Company completed the Offering, raising gross proceeds of approximately $15.0 million. As of March 31, 2026, the Company had no required debt repayments other than scheduled monthly principal and interest payments on its outstanding promissory note with Motherlode (as defined below) and Network Service Agreements (see Notes 6 and 7).On May 14, 2026, the Company’s entered into a new $2.0 million business loan agreement (the “May 2026 Term Loan”) with Endurance Opportunities (as defined below), an existing related-party lender. In connection with the May 2026 Term Loan, the Company issued a commercial promissory note in favor of Endurance Opportunities with a principal amount of $500 thousand (the “May 2026 Note”) and agreed to issue three additional commercial promissory notes in favor of Endurance Opportunities, each with a principal amount of $500 thousand. The May 2026 Note has a maturity date of 36 months and bears interest at 15.5% per annum on the outstanding principal balance. Monthly payments of interest are required under the May 2026 Note with the outstanding principal amount of the May 2026 Note due on the maturity date. Each subsequent commercial promissory note issued in accordance with the May 2026 Term Loan will have the same terms and conditions as the May 2026 Note. The Company intends to use the proceeds for general working capital and continued network deployment activities. See Note 16 — Subsequent Events.Management expects operating losses and negative cash flows from operations to continue for the foreseeable future as the Company invests in its commercial capabilities; however, management expects such losses and negative cash flows to decrease over time as the Company scales its operations and grows its revenue base. In evaluating the Company’s ability to continue as a going concern for a period of one year from the date these financial statements are issued, management considered the Company’s current liquidity position, including net proceeds from the Offering, the planned $2.0 million inflow from the May 2026 Term Loan, forecasted cash flows reflecting the anticipated improvement in operating results, and the ability, if necessary, to reduce discretionary spending and other operating costs to preserve liquidity. Based on this assessment, management has concluded that the Company’s current liquidity position and expected cash flows are sufficient to fund operations for at least the next twelve months, and that substantial doubt about the Company’s ability to continue as a going concern does not exist as of the date these financial statements are issued.

5000000

2497950

2502050

4.11795 4.11795

1667000

0.07 P45D

250050

68989

181061 P45D

15000000

600000

2000000

116690

0.07

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Note 2. Summary of Significant Accounting PoliciesBasis of PresentationThe accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain footnotes and other financial information normally required by U.S. GAAP have been condensed or omitted in accordance with instructions for interim financial information and Article 8 of Regulation S-X. In the opinion of management, such statements include all adjustments which are considered necessary for a fair presentation of the unaudited condensed financial statements of the Company as of March 31, 2026 and 2025. The operating results herein are not necessarily an indication of the results that may be expected for the year, or any future periods. The unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the years ended December 31, 2025 and 2024, as included in the Form 10-K dated March 31, 2026 and filed with the Securities and Exchange Commission (“SEC”).Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, the Motherlode Promissory Note, which was previously included within Related Party Debt, has been reclassified and presented separately as Notes Payable to reflect that Motherlode ceased to be a related party of the Company in April 2024 (see Note 7 — Notes Payable). These reclassifications did not affect previously reported total liabilities, total stockholders’ equity, net loss, or cash flows for any period presented.Use of EstimatesThe preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include assumptions used in estimates of future credit losses under the current expected credit loss impairment model, valuation of SAFE liabilities, revenue recognition, including cost estimates and percentage complete, provisions for income taxes and related valuation allowances and tax uncertainties. On an ongoing basis, management reviews these estimates and assumptions based on currently available information. Actual results could differ from these estimates.Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist principally of demand deposits with financial institutions and accounts receivable. The Company maintains cash balances with financial institutions, which at times, are in excess of amounts insured by the Federal Deposit Insurance Corporation. To date, the Company has not experienced any collection loss with these institutions.Accounts receivable are subject to the risk that the Company’s customers will not pay the amounts due. The Company has established credit and collection policies to mitigate that risk. As of March 31, 2026, the Company had four customers that accounted for approximately 61% of the Company’s accounts receivable balance, comprising 22%, 16%, 12%, and 11%, respectively. During the three months ended March 31, 2026, the Company had four customers that accounted for approximately 60% of the Company’s total revenues, comprising 19%, 17%, 14% and 10%, respectively.As of December 31, 2025, the Company had four customers that accounted for approximately 59% of the Company’s accounts receivable balance, comprising 29%, 17%, 8% and 5%. During the three months ended March 31, 2025, the Company had two customers that accounted for approximately 55% of the Company’s total revenues, comprising 43% and 12%.Segment ReportingThe Company determines its reportable segments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting (“ASC 280”). The Company evaluates a reporting segment by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reportable segments. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.The Company has one operating segment and one reportable segment. The Company identifies the Chief Operating Decision Maker (“CODM”) to be a group consisting of the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”). The Company’s principal operations are in the United States. The CODM utilizes and regularly reviews gross profit and loss from operations as measures of segment profit or loss. These measures enable the CODM to access the overall level of available resources and determine how best to deploy resources.A reconciliation of total segment revenues to total revenues, which is the same as revenues as presented on the accompanying unaudited condensed statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,430</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,446</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,603</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,187</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 827</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,259</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,547</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 752</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 163</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 820</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (2,200)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (369)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:8pt;"></div>Cash and Cash EquivalentsThe Company considers all short-term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. As of March 31, 2026, and December 31, 2025 cash equivalents consisted of money market funds. Money market funds are invested primarily in U.S. government securities and are recorded at fair value, which approximates cost due to their highly liquid nature and short maturities.The Company maintained $36 thousand of deposits in financial institutions in excess of federally insured limits of $250 thousand at March 31, 2026. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk on its cash deposits.Accounts Receivable, Unbilled Receivables, Network Financing Receivables and Allowance for Credit LossesTrade accounts receivable are recorded at invoiced amounts, net of allowance for expected credit losses, if applicable, and are unsecured and do not bear interest. In addition, unbilled receivables and network financing receivables are derived from the allocation of contract consideration for services, such as network design and installation, recognized over time, which payment of such consideration received over the contract term, generally between one and several years. Unbilled and network financing receivables are presented net of allowances for credit losses. Unbilled receivables are generally billed within a few months subsequent to the balance sheet date. Network financing receivables are billed monthly in accordance with contract terms, generally over a period of five to seven years, concurrent with internet network services.Network financing receivables represent amounts due from customers for network infrastructure designed, installed, and managed by the Company pursuant to network service agreements, billed monthly in accordance with contract terms generally over a period of five to seven years, concurrent with the delivery of internet network services. The majority of the Company’s network financing receivables are financed through participation and agency agreements with Endurance Opportunities (as defined below), under which the Company sells an undivided participation interest in the underlying network service agreement (see Note 6 — Related Party Debt). Because the Company retains a repurchase obligation under these arrangements, the network financing receivables remain on the Company’s balance sheet and the related financing is recorded as debt. The Company also has a limited number of self-financed network financing receivables for which no third-party financing has been obtained. The Company retains the credit risk associated with customer nonpayment on all network financing receivables, whether financed through Endurance Opportunities or self-financed.Under the current expected credit losses (“CECL”) impairment model, the Company develops and documents its allowance for credit losses on trade accounts receivable, unbilled receivables, and network financing receivables. The Company applies different estimation methodologies depending on the nature of the asset class. For trade accounts receivable, the Company uses an aging schedule method, under which reserve percentages of 50%, 75%, and 100% are applied to invoices aged 91–120 days, 121–180 days, and over 180 days past due, respectively. Invoices aged 90 days or fewer are reserved at a de minimis rate supported by historical collection experience. For unbilled receivables and network financing receivables, the Company uses a historical loss rate method. No write-offs or credit losses have been recorded on unbilled receivables or network financing receivables since inception, resulting in a historical loss rate of zero; accordingly, no allowance has been recorded against these balances as of March 31, 2026 and December 31, 2025. The Company also considers reasonable and supportable current information in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customers’ credit risk and historical loss experience. At March 31, 2026 and December 31, 2025, no macroeconomic factors were noted that would impact the Company’s expected credit losses.Effective for the year ended December 31, 2025, the Company changed its estimation methodology for trade accounts receivable from a historical loss rate method to an aging schedule method, accounted for prospectively as a change in accounting estimate. The change reflects a refinement in the Company’s measurement approach driven by the growth of the accounts receivable portfolio and the availability of more granular invoice-level aging data, which now support a more precise estimate of expected credit losses. No prior periods have been restated.The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to provision for credit losses in the period incurred. At March 31, 2026 and December 31, 2025 the Company recorded an allowance for expected credit losses of approximately $0.4 million and $0.3 million, respectively, related entirely to trade accounts receivable.InventoriesThe Company’s inventories are stated at the lower of cost or net realizable value, using specific identification method. The Company’s inventories consists completely of items procured but not yet assigned or shipped to a specific job site and finished goods inventory. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred. During the three months ended March 31, 2026 and 2025 charges to inventory were insignificant.Deferred Financing or Offering CostsThe Company allocates offering costs to the different components of the capital raise on a pro rata basis. Offering costs allocated to common stock are charged directly to additional paid‑in capital.The Company accounts for deferred offering costs in accordance with FASB ASC Topic 340, Other Assets and Deferred Costs, and Staff Accounting Bulletin Topic 5A. Deferred offering costs consist primarily of legal, accounting, consulting, and underwriting fees directly attributable to the Offering.Upon the closing of the Offering on November 6, 2025, the Company reclassified approximately $2.0 million of deferred offering costs to additional paid-in capital as a direct reduction of offering proceeds.Distinguishing Liabilities from EquityThe Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares.Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the unaudited condensed balance sheets. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.Revenue RecognitionOverviewThe Company generates revenue from the following sources: (1) network design and installation and (2) internet network services.In accordance with FASB ASC 606 “Revenue Recognition” (“ASC 606”), the Company recognizes revenue from contracts with customers using a five-step model, which is described below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify the customer contract;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify performance obligations that are distinct;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">determine the transaction price;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">allocate the transaction price to the distinct performance obligations; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">recognize revenue as the performance obligations are satisfied.</td></tr></table><div style="margin-top:10pt;"></div>Identify the customer contractA customer contract is generally identified when there is approval and commitment from both the Company and its customer, the rights have been identified, payment terms are identified, the contract has commercial substance and collectability is probable. Specifically, the Company obtains written/electronic signatures on contracts with customers.Identify performance obligations that are distinctA performance obligation is a promise by the Company to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company’s network design and installation revenue stream requires significant services to integrate complex activities and equipment into a single deliverable, and is therefore generally accounted for as one distinct performance obligation. The Company’s internet network services revenue stream is composed of two distinct and separately identifiable performance obligations: (1) wired/wireless internet services and (2) hardware and internet services maintenance. The hardware and internet services maintenance performance obligation is a stand-ready obligation.Determine the transaction priceThe transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The transaction price for the network design and installation is fixed based on the amount stated in the contract. For contracts in which the Company finances the construction of the network, any interest collected by the Company is excluded from the transaction price. The transaction price for the bulk internet services is determined by the monthly per unit price times the number of units stated in the contract.The Company evaluates its contracts with customers for the presence of significant financing components. If a significant financing component is identified in a contract and provides a financing benefit to the customer, the transaction price for the contract is adjusted to account for the financing portion of the arrangement, which is recognized as interest income over the financing term using the effective interest method. In determining the appropriate interest rates for significant financing components, the Company evaluates the credit profile of the customer and prevailing market interest rates and selects an interest rate in which it believes would be charged to the customer in a separate financing arrangement over a similar financing term.Allocate the transaction price to distinct performance obligationsWhen allocating the contract’s transaction price, the Company considers each distinct performance obligation. As the contracts contain multiple performance obligations, and the Company does not have standalone observable prices, the Company notes the contract’s transaction price of each performance obligation based on the standalone selling price, which is determined using an expected cost plus a margin approach.Recognize revenue as the performance obligations are satisfiedRevenue related to network design and installation revenue stream is recognized over time as the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced date. The best measure of progress toward completion for this performance obligation is costs incurred to date, as the Company has reliable information about the costs it expects to incur in total and the costs actually incurred and because it best depicts the transfer of control to the customer which occurs as it incurs costs on the contracts. For over time contracts using a cost-to-cost measure of progress, the Company has an estimate at completion (“EAC”) process in which the Company reviews the progress and execution of its performance obligations. This EAC process requires management’s judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Accordingly, the Company will use an input method of costs incurred to date relative to the estimated total costs to satisfy the performance obligation to record revenue.Revenue related to wired/wireless internet services is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The best measure of progress toward completion for this performance obligation is the passage of time as the Company’s efforts are used evenly throughout the performance of the wired and wireless internet services performance obligation. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue as the performance obligation is satisfied evenly over time as the same internet services are provided daily. Revenue will be recorded ratably over the contract term.Revenue related to hardware and internet services maintenance is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. This performance obligation is a stand-ready obligation in which the Company expects the customer to receive and consume the benefits of the hardware and internet services maintenance throughout the contract period. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue. The Company notes that as this is a stand-ready obligation, the performance obligation is satisfied evenly over a period of time, and revenue will be recorded ratably over the contract term.Costs to obtain contractsThe Company incurs incremental costs to obtain contracts with their customers for certain contracts, specifically sales commissions. These costs are initially capitalized and amortized over the contract term. As of March 31, 2026 and 2025, the Company had approximately $220 thousand and $173 thousand, respectively, of costs to obtain contracts capitalized which are presented within prepaid expenses and other current assets. The Company recognized approximately $3 thousand and $0 of amortization of costs to obtain contracts for the three months ended March 31, 2026 and 2025, respectively, which is included in sales and marketing expense in the accompanying unaudited condensed statements of operations.Significant JudgmentsThe Company enters into contracts that may include various combinations of equipment, services and network installation. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Once the Company determines the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on the stand alone selling price. The corresponding revenue is recognized as the related performance obligations are satisfied. As it relates to Network design and installation revenue, each reporting period, the Company estimates the amount of costs incurred to date as a percentage of total estimated costs to determine the amount of revenue to recognize.Deferred Revenue and Unbilled ReceivablesThe timing of revenue recognition, billings and collections results in receivables, unbilled receivables and contract liabilities on its unaudited condensed balance sheets. Under typical payment terms for its contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms. For certain contracts, billings occur subsequent to revenue recognition, resulting in unbilled receivables. Under ASC 606, unbilled receivables constitute contract assets. For certain contracts, payment terms typically require advanced payments and deposits. Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability.Shipping and Handling CostsShipping and handling costs charged to customers are included in revenue, while all other shipping and handling costs are included in cost of revenues in the accompanying unaudited condensed statements of operations. Shipping and handling costs were not material during the three months ended March 31, 2026 and 2025.Advertising and MarketingAdvertising and marketing costs are expensed as incurred and included in sales and marketing expense. Advertising and marketing costs were $143 thousand and $22 thousand for the three months ended March 31, 2026 and 2025, respectively.LeasesOperating lease assets are included within lease right-of-use assets, net and operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the unaudited condensed balance sheets as of March 31, 2026 and December 31, 2025. The Company has elected not to present short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Lease payments for short-term leases are recognized on a straight-line basis over the term of the lease. All other lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because the Company’s lease does not provide an implicit rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.The Company assesses whether an arrangement is a lease or contains a lease at inception. For arrangements considered leases or that contain a lease that is accounted for separately, the Company determines the classification and initial measurement of the lease right-of-use assets and operating lease liabilities at the lease commencement date, which is the date that the underlying asset becomes available for use. The Company has elected to account for non-lease components associated with its leases and lease components as a single lease component.The Company recognizes a lease right-of-use asset, which represents the Company’s right to use the underlying asset for the lease term, and an operating lease liability, which represents the present value of the Company’s obligation to make payments arising over the lease term. The operating lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional right-of-use that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right-of-use. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, the Company reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the operating lease liability for the modified lease as an adjustment to the corresponding lease right-of-use asset.Share-Based CompensationThe Company accounts for share-based compensation in accordance with FASB ASC Topic 718, Compensation—Stock Compensation. Compensation cost for share-based awards granted to employees, directors, and officers is measured at the grant-date fair value of the award and recognized as expense over the requisite service period, which is generally the vesting period of the award. The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the grant date. The fair value of stock options is determined using the Black-Scholes option pricing model, which requires the use of subjective assumptions including expected term, expected volatility, risk-free interest rate, and expected dividend yield. The Company has elected to recognize forfeitures as they occur in accordance with ASU 2016-09. The Company adopted the Elauwit Connection, Inc. 2025 Stock Incentive Plan (the “Plan”) in November 2025. See Note 12 — Stock-Based Compensation for additional information regarding the Plan and stock-based compensation activity for the period.Income TaxesThe Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liabilities. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2026 and December 31, 2025, no liability for unrecognized tax benefits was required to be recorded.The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of operating expenses. There were no amounts accrued for penalties and interest as of March 31, 2026 and December 31, 2025. The Company does not expect its uncertain tax positions to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.The Company had not yet filed its United States federal and state corporate tax returns for the year ended December 31, 2025, but will be filed prior to their extended due date. Net operating losses for these periods will not be available to reduce future taxable income until the returns are filed.On July 4, 2025, the One Big Beautiful Bill (the “OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact. The Company has evaluated the impact of the OBBB Act on its 2025 financial statements and determined that the legislation did not have a material impact on the Company’s income tax provision or effective tax rate for the year ended December 31, 2025. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2026.Basic and Diluted Net Loss per Share of Common StockThe Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. A net loss cannot be diluted so when the Company is in a net loss position, basic and diluted loss per common share are the same. If in the future the Company achieves profitability, the denominator of a diluted earnings per common share calculation will include both the weighted average number of shares outstanding and the number of common stock equivalents, if the inclusion of such common stock equivalents would be dilutive.Fair Value of Financial InstrumentsThe Company measures the fair value of financial assets and liabilities based on the guidance of FASB Topic 820, Fair Value Measurements and Disclosures (“ASC 820”), which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.Fair Value MeasurementsASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an ordinary transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 1 - quoted prices in active markets for identical assets or liabilities;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">Level 3 - inputs that are unobservable.</td></tr></table><div style="margin-top:10pt;"></div>The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, approximates the carrying amounts in the unaudited condensed balance sheets, primarily due to their short-term nature. Based upon current borrowing rates with similar maturities the carrying value of long-term debt, and related party loans payable approximates fair value. The estimated fair value of the Company’s SAFE liabilities is based on Level 3 inputs. Refer to Note 10.Recently Adopted Accounting StandardsIn December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid, among other amendments to enhance the effectiveness of income tax disclosures. The Company adopted ASU 2023-09 prospectively for the annual reporting period ended December 31, 2025. The adoption resulted in enhanced disclosure requirements but did not have a material impact on the Company’s unaudited condensed financial statements.In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The Company adopted ASU 2024-04 on January 1, 2026 on a prospective basis. The adoption did not have an impact on the Company’s unaudited condensed financial statements as the Company has no convertible debt outstanding.In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 introduces a practical expedient that permits entities to assume that current conditions as of the balance sheet date remain unchanged throughout the remaining life of the asset when developing an estimate of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The Company adopted ASU 2025-05 on January 1, 2026. The Company did not elect to apply the practical expedient and continues to apply its existing methodology for estimating expected credit losses on current trade accounts receivable, as described above. The adoption did not have a material impact on the Company’s unaudited condensed financial statements.Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public business entities to disclose, in interim and annual reporting periods, additional information about specified categories of expenses included in commonly presented income statement line items (such as cost of revenues and selling, general and administrative expenses). In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which clarifies that the amendments in ASU 2024-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either on a prospective or retrospective basis. The Company is currently assessing the potential impact that ASU 2024-03, as clarified by ASU 2025-01, will have on its unaudited condensed financial statement disclosures and has not yet selected an adoption method or elected to early adopt.In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the cost recognition guidance for internal-use software development costs by replacing the existing project-stage based model with a principles-based framework, incorporates website development guidance previously codified in Subtopic 350-50, and updates certain disclosure requirements. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the potential impact that ASU 2025-06 will have on its unaudited condensed financial statements.Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s unaudited condensed unaudited financial statement presentation or disclosures.

Basis of PresentationThe accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain footnotes and other financial information normally required by U.S. GAAP have been condensed or omitted in accordance with instructions for interim financial information and Article 8 of Regulation S-X. In the opinion of management, such statements include all adjustments which are considered necessary for a fair presentation of the unaudited condensed financial statements of the Company as of March 31, 2026 and 2025. The operating results herein are not necessarily an indication of the results that may be expected for the year, or any future periods. The unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the years ended December 31, 2025 and 2024, as included in the Form 10-K dated March 31, 2026 and filed with the Securities and Exchange Commission (“SEC”).Certain prior period amounts have been reclassified to conform to the current period presentation. Specifically, the Motherlode Promissory Note, which was previously included within Related Party Debt, has been reclassified and presented separately as Notes Payable to reflect that Motherlode ceased to be a related party of the Company in April 2024 (see Note 7 — Notes Payable). These reclassifications did not affect previously reported total liabilities, total stockholders’ equity, net loss, or cash flows for any period presented.

Use of EstimatesThe preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include assumptions used in estimates of future credit losses under the current expected credit loss impairment model, valuation of SAFE liabilities, revenue recognition, including cost estimates and percentage complete, provisions for income taxes and related valuation allowances and tax uncertainties. On an ongoing basis, management reviews these estimates and assumptions based on currently available information. Actual results could differ from these estimates.

Concentrations of Credit RiskFinancial instruments that potentially subject the Company to concentrations of credit risk consist principally of demand deposits with financial institutions and accounts receivable. The Company maintains cash balances with financial institutions, which at times, are in excess of amounts insured by the Federal Deposit Insurance Corporation. To date, the Company has not experienced any collection loss with these institutions.Accounts receivable are subject to the risk that the Company’s customers will not pay the amounts due. The Company has established credit and collection policies to mitigate that risk. As of March 31, 2026, the Company had four customers that accounted for approximately 61% of the Company’s accounts receivable balance, comprising 22%, 16%, 12%, and 11%, respectively. During the three months ended March 31, 2026, the Company had four customers that accounted for approximately 60% of the Company’s total revenues, comprising 19%, 17%, 14% and 10%, respectively.As of December 31, 2025, the Company had four customers that accounted for approximately 59% of the Company’s accounts receivable balance, comprising 29%, 17%, 8% and 5%. During the three months ended March 31, 2025, the Company had two customers that accounted for approximately 55% of the Company’s total revenues, comprising 43% and 12%.

0.61

0.22

0.16

0.12

0.11

0.60

0.19

0.17

0.14

0.10

0.59

0.29

0.17

0.08

0.05

0.55

0.43

0.12

Segment ReportingThe Company determines its reportable segments in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting (“ASC 280”). The Company evaluates a reporting segment by first identifying its operating segments under ASC 280. The Company then evaluates each operating segment to determine if it includes one or more components that constitute a business. If there are components within an operating segment that meet the definition of a business, the Company evaluates those components to determine if they must be aggregated into one or more reportable segments. If applicable, when determining if it is appropriate to aggregate different operating segments, the Company determines if the segments are economically similar and, if so, the operating segments are aggregated.The Company has one operating segment and one reportable segment. The Company identifies the Chief Operating Decision Maker (“CODM”) to be a group consisting of the Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”). The Company’s principal operations are in the United States. The CODM utilizes and regularly reviews gross profit and loss from operations as measures of segment profit or loss. These measures enable the CODM to access the overall level of available resources and determine how best to deploy resources.A reconciliation of total segment revenues to total revenues, which is the same as revenues as presented on the accompanying unaudited condensed statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,430</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,446</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,603</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,187</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 827</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,259</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,547</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 752</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 163</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 820</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (2,200)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (369)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:8pt;"></div>

A reconciliation of total segment revenues to total revenues, which is the same as revenues as presented on the accompanying unaudited condensed statements of operations, and of total segment gross profit and segment operating income (loss) which aggregates to total operating income (loss) from operations is as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31, </td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,430</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 5,446</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Cost of revenues</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 3,603</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 4,187</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment gross profit</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 827</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,259</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Less(1):</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Segment compensation expenses (2)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 1,547</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 752</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment travel expenses (3)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 163</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 56</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Other segment expenses (4)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,317</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 820</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Segment operating loss</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (2,200)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> (369)</td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;">The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;">Compensation related expenses primarily include salaries and related payroll tax expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:8pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;">Travel related expenses primarily include travel expenses.</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;">Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.</td></tr></table><div style="margin-top:8pt;"></div>

4430000

5446000

3603000

4187000

827000

1259000

1547000

752000

163000 56000

1317000

820000

-2200000

-369000

Other segment expenses for each reportable segment includes all other operating expenses such as management fees, professional fees, insurance, rent and other.

Cash and Cash EquivalentsThe Company considers all short-term, highly liquid investments with original maturities of 90 days or less to be cash equivalents. As of March 31, 2026, and December 31, 2025 cash equivalents consisted of money market funds. Money market funds are invested primarily in U.S. government securities and are recorded at fair value, which approximates cost due to their highly liquid nature and short maturities.The Company maintained $36 thousand of deposits in financial institutions in excess of federally insured limits of $250 thousand at March 31, 2026. The Company has not experienced any losses in such accounts and management believes it is not exposed to significant credit risk on its cash deposits.

36000

Accounts Receivable, Unbilled Receivables, Network Financing Receivables and Allowance for Credit LossesTrade accounts receivable are recorded at invoiced amounts, net of allowance for expected credit losses, if applicable, and are unsecured and do not bear interest. In addition, unbilled receivables and network financing receivables are derived from the allocation of contract consideration for services, such as network design and installation, recognized over time, which payment of such consideration received over the contract term, generally between one and several years. Unbilled and network financing receivables are presented net of allowances for credit losses. Unbilled receivables are generally billed within a few months subsequent to the balance sheet date. Network financing receivables are billed monthly in accordance with contract terms, generally over a period of five to seven years, concurrent with internet network services.Network financing receivables represent amounts due from customers for network infrastructure designed, installed, and managed by the Company pursuant to network service agreements, billed monthly in accordance with contract terms generally over a period of five to seven years, concurrent with the delivery of internet network services. The majority of the Company’s network financing receivables are financed through participation and agency agreements with Endurance Opportunities (as defined below), under which the Company sells an undivided participation interest in the underlying network service agreement (see Note 6 — Related Party Debt). Because the Company retains a repurchase obligation under these arrangements, the network financing receivables remain on the Company’s balance sheet and the related financing is recorded as debt. The Company also has a limited number of self-financed network financing receivables for which no third-party financing has been obtained. The Company retains the credit risk associated with customer nonpayment on all network financing receivables, whether financed through Endurance Opportunities or self-financed.Under the current expected credit losses (“CECL”) impairment model, the Company develops and documents its allowance for credit losses on trade accounts receivable, unbilled receivables, and network financing receivables. The Company applies different estimation methodologies depending on the nature of the asset class. For trade accounts receivable, the Company uses an aging schedule method, under which reserve percentages of 50%, 75%, and 100% are applied to invoices aged 91–120 days, 121–180 days, and over 180 days past due, respectively. Invoices aged 90 days or fewer are reserved at a de minimis rate supported by historical collection experience. For unbilled receivables and network financing receivables, the Company uses a historical loss rate method. No write-offs or credit losses have been recorded on unbilled receivables or network financing receivables since inception, resulting in a historical loss rate of zero; accordingly, no allowance has been recorded against these balances as of March 31, 2026 and December 31, 2025. The Company also considers reasonable and supportable current information in determining its estimated loss rates, such as external forecasts, macroeconomic trends or other factors including customers’ credit risk and historical loss experience. At March 31, 2026 and December 31, 2025, no macroeconomic factors were noted that would impact the Company’s expected credit losses.Effective for the year ended December 31, 2025, the Company changed its estimation methodology for trade accounts receivable from a historical loss rate method to an aging schedule method, accounted for prospectively as a change in accounting estimate. The change reflects a refinement in the Company’s measurement approach driven by the growth of the accounts receivable portfolio and the availability of more granular invoice-level aging data, which now support a more precise estimate of expected credit losses. No prior periods have been restated.The adequacy of the allowance is evaluated on a regular basis. Account balances are written off after all means of collection are exhausted and the balance is deemed uncollectible. Subsequent recoveries are credited to the allowance. Changes in the allowance are recorded as adjustments to provision for credit losses in the period incurred. At March 31, 2026 and December 31, 2025 the Company recorded an allowance for expected credit losses of approximately $0.4 million and $0.3 million, respectively, related entirely to trade accounts receivable.

P7Y 0.50 0.75 1 0 0 0 0

400000

300000

InventoriesThe Company’s inventories are stated at the lower of cost or net realizable value, using specific identification method. The Company’s inventories consists completely of items procured but not yet assigned or shipped to a specific job site and finished goods inventory. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred. During the three months ended March 31, 2026 and 2025 charges to inventory were insignificant.

Deferred Financing or Offering CostsThe Company allocates offering costs to the different components of the capital raise on a pro rata basis. Offering costs allocated to common stock are charged directly to additional paid‑in capital.The Company accounts for deferred offering costs in accordance with FASB ASC Topic 340, Other Assets and Deferred Costs, and Staff Accounting Bulletin Topic 5A. Deferred offering costs consist primarily of legal, accounting, consulting, and underwriting fees directly attributable to the Offering.Upon the closing of the Offering on November 6, 2025, the Company reclassified approximately $2.0 million of deferred offering costs to additional paid-in capital as a direct reduction of offering proceeds.

2000000

Distinguishing Liabilities from EquityThe Company relies on the guidance provided by FASB ASC Topic 480, Distinguishing Liabilities from Equity (“ASC 480”), to classify certain redeemable and/or convertible instruments. The Company first determines whether a financial instrument should be classified as a liability. The Company will determine the liability classification if the financial instrument is mandatorily redeemable, or if the financial instrument, other than outstanding shares, embodies a conditional obligation that the Company must or may settle by issuing a variable number of its equity shares.Once the Company determines that a financial instrument should not be classified as a liability, the Company determines whether the financial instrument should be presented between the liability section and the equity section of the unaudited condensed balance sheets. The Company will determine temporary equity classification if the redemption of the financial instrument is outside the control of the Company (i.e. at the option of the holder). Otherwise, the Company accounts for the financial instrument as permanent equity.

Revenue RecognitionOverviewThe Company generates revenue from the following sources: (1) network design and installation and (2) internet network services.In accordance with FASB ASC 606 “Revenue Recognition” (“ASC 606”), the Company recognizes revenue from contracts with customers using a five-step model, which is described below:<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify the customer contract;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">identify performance obligations that are distinct;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">determine the transaction price;</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:10pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">allocate the transaction price to the distinct performance obligations; and</td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;">recognize revenue as the performance obligations are satisfied.</td></tr></table><div style="margin-top:10pt;"></div>Identify the customer contractA customer contract is generally identified when there is approval and commitment from both the Company and its customer, the rights have been identified, payment terms are identified, the contract has commercial substance and collectability is probable. Specifically, the Company obtains written/electronic signatures on contracts with customers.Identify performance obligations that are distinctA performance obligation is a promise by the Company to provide a distinct good or service or a series of distinct goods or services. A good or service that is promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer, and a company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company’s network design and installation revenue stream requires significant services to integrate complex activities and equipment into a single deliverable, and is therefore generally accounted for as one distinct performance obligation. The Company’s internet network services revenue stream is composed of two distinct and separately identifiable performance obligations: (1) wired/wireless internet services and (2) hardware and internet services maintenance. The hardware and internet services maintenance performance obligation is a stand-ready obligation.Determine the transaction priceThe transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring goods or services to a customer. The transaction price for the network design and installation is fixed based on the amount stated in the contract. For contracts in which the Company finances the construction of the network, any interest collected by the Company is excluded from the transaction price. The transaction price for the bulk internet services is determined by the monthly per unit price times the number of units stated in the contract.The Company evaluates its contracts with customers for the presence of significant financing components. If a significant financing component is identified in a contract and provides a financing benefit to the customer, the transaction price for the contract is adjusted to account for the financing portion of the arrangement, which is recognized as interest income over the financing term using the effective interest method. In determining the appropriate interest rates for significant financing components, the Company evaluates the credit profile of the customer and prevailing market interest rates and selects an interest rate in which it believes would be charged to the customer in a separate financing arrangement over a similar financing term.Allocate the transaction price to distinct performance obligationsWhen allocating the contract’s transaction price, the Company considers each distinct performance obligation. As the contracts contain multiple performance obligations, and the Company does not have standalone observable prices, the Company notes the contract’s transaction price of each performance obligation based on the standalone selling price, which is determined using an expected cost plus a margin approach.Recognize revenue as the performance obligations are satisfiedRevenue related to network design and installation revenue stream is recognized over time as the Company’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced date. The best measure of progress toward completion for this performance obligation is costs incurred to date, as the Company has reliable information about the costs it expects to incur in total and the costs actually incurred and because it best depicts the transfer of control to the customer which occurs as it incurs costs on the contracts. For over time contracts using a cost-to-cost measure of progress, the Company has an estimate at completion (“EAC”) process in which the Company reviews the progress and execution of its performance obligations. This EAC process requires management’s judgment relative to assessing risks, estimating contract revenue and costs, and making assumptions for schedule and technical issues. Accordingly, the Company will use an input method of costs incurred to date relative to the estimated total costs to satisfy the performance obligation to record revenue.Revenue related to wired/wireless internet services is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. The best measure of progress toward completion for this performance obligation is the passage of time as the Company’s efforts are used evenly throughout the performance of the wired and wireless internet services performance obligation. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue as the performance obligation is satisfied evenly over time as the same internet services are provided daily. Revenue will be recorded ratably over the contract term.Revenue related to hardware and internet services maintenance is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance as the Company performs. This performance obligation is a stand-ready obligation in which the Company expects the customer to receive and consume the benefits of the hardware and internet services maintenance throughout the contract period. Accordingly, the Company uses an input method of time (in days) elapsed to record revenue. The Company notes that as this is a stand-ready obligation, the performance obligation is satisfied evenly over a period of time, and revenue will be recorded ratably over the contract term.Costs to obtain contractsThe Company incurs incremental costs to obtain contracts with their customers for certain contracts, specifically sales commissions. These costs are initially capitalized and amortized over the contract term. As of March 31, 2026 and 2025, the Company had approximately $220 thousand and $173 thousand, respectively, of costs to obtain contracts capitalized which are presented within prepaid expenses and other current assets. The Company recognized approximately $3 thousand and $0 of amortization of costs to obtain contracts for the three months ended March 31, 2026 and 2025, respectively, which is included in sales and marketing expense in the accompanying unaudited condensed statements of operations.Significant JudgmentsThe Company enters into contracts that may include various combinations of equipment, services and network installation. Contracts with customers often include promises to transfer multiple products and services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Once the Company determines the performance obligations, it determines the transaction price, which includes estimating the amount of variable consideration to be included in the transaction price, if any. The Company then allocates the transaction price to each performance obligation in the contract based on the stand alone selling price. The corresponding revenue is recognized as the related performance obligations are satisfied. As it relates to Network design and installation revenue, each reporting period, the Company estimates the amount of costs incurred to date as a percentage of total estimated costs to determine the amount of revenue to recognize.Deferred Revenue and Unbilled ReceivablesThe timing of revenue recognition, billings and collections results in receivables, unbilled receivables and contract liabilities on its unaudited condensed balance sheets. Under typical payment terms for its contracts accounted for over time, amounts are billed as work progresses in accordance with agreed-upon contractual terms. For certain contracts, billings occur subsequent to revenue recognition, resulting in unbilled receivables. Under ASC 606, unbilled receivables constitute contract assets. For certain contracts, payment terms typically require advanced payments and deposits. Under ASC 606, payments received from customers in excess of revenue recognized to-date results in a contract liability.

220000

173000

3000

Shipping and Handling CostsShipping and handling costs charged to customers are included in revenue, while all other shipping and handling costs are included in cost of revenues in the accompanying unaudited condensed statements of operations. Shipping and handling costs were not material during the three months ended March 31, 2026 and 2025.

143000

22000

LeasesOperating lease assets are included within lease right-of-use assets, net and operating lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the unaudited condensed balance sheets as of March 31, 2026 and December 31, 2025. The Company has elected not to present short-term leases as these leases have a lease term of 12 months or less at lease inception and do not contain purchase options or renewal terms that the Company is reasonably certain to exercise. Lease payments for short-term leases are recognized on a straight-line basis over the term of the lease. All other lease right-of-use assets and operating lease liabilities are recognized based on the present value of lease payments over the lease term at commencement date. Because the Company’s lease does not provide an implicit rate of return, the Company used an incremental borrowing rate based on the information available at adoption date in determining the present value of lease payments.The Company assesses whether an arrangement is a lease or contains a lease at inception. For arrangements considered leases or that contain a lease that is accounted for separately, the Company determines the classification and initial measurement of the lease right-of-use assets and operating lease liabilities at the lease commencement date, which is the date that the underlying asset becomes available for use. The Company has elected to account for non-lease components associated with its leases and lease components as a single lease component.The Company recognizes a lease right-of-use asset, which represents the Company’s right to use the underlying asset for the lease term, and an operating lease liability, which represents the present value of the Company’s obligation to make payments arising over the lease term. The operating lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.If a lease is modified, the modified contract is evaluated to determine whether it is or contains a lease. If a lease continues to exist, the lease modification is determined to be a separate contract when the modification grants the lessee an additional right-of-use that is not included in the original lease and the lease payments increase commensurate with the standalone price for the additional right-of-use. A lease modification that results in a separate contract will be accounted for in the same manner as a new lease. For a modification that is not a separate contract, the Company reassess the lease classification using the modified terms and conditions and the facts and circumstances as of the effective date of the modification and recognize the amount of the remeasurement of the operating lease liability for the modified lease as an adjustment to the corresponding lease right-of-use asset.

Share-Based CompensationThe Company accounts for share-based compensation in accordance with FASB ASC Topic 718, Compensation—Stock Compensation. Compensation cost for share-based awards granted to employees, directors, and officers is measured at the grant-date fair value of the award and recognized as expense over the requisite service period, which is generally the vesting period of the award. The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the grant date. The fair value of stock options is determined using the Black-Scholes option pricing model, which requires the use of subjective assumptions including expected term, expected volatility, risk-free interest rate, and expected dividend yield. The Company has elected to recognize forfeitures as they occur in accordance with ASU 2016-09. The Company adopted the Elauwit Connection, Inc. 2025 Stock Incentive Plan (the “Plan”) in November 2025. See Note 12 — Stock-Based Compensation for additional information regarding the Plan and stock-based compensation activity for the period.

Income TaxesThe Company utilizes an asset and liability approach for financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates in effect for the years in which the differences are expected to reverse.The Company evaluates the recoverability of deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liabilities. In management’s opinion, adequate provisions for income taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.Tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition and measurement standards. As of March 31, 2026 and December 31, 2025, no liability for unrecognized tax benefits was required to be recorded.The Company’s policy for recording interest and penalties associated with tax audits is to record such items as a component of operating expenses. There were no amounts accrued for penalties and interest as of March 31, 2026 and December 31, 2025. The Company does not expect its uncertain tax positions to change during the next twelve months. Management is currently unaware of any issues under review that could result in significant payments, accruals or material deviations from its position.The Company had not yet filed its United States federal and state corporate tax returns for the year ended December 31, 2025, but will be filed prior to their extended due date. Net operating losses for these periods will not be available to reduce future taxable income until the returns are filed.On July 4, 2025, the One Big Beautiful Bill (the “OBBB”) Act, which includes a broad range of tax reform provisions, was signed into law in the United States and the Company continues to assess its impact. The Company has evaluated the impact of the OBBB Act on its 2025 financial statements and determined that the legislation did not have a material impact on the Company’s income tax provision or effective tax rate for the year ended December 31, 2025. The Company currently does not expect the OBBB Act to have a material impact on its estimated annual effective tax rate in 2026.

Recently Adopted Accounting StandardsIn December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities to disclose consistent categories and greater disaggregation of information in the rate reconciliation and for income taxes paid, among other amendments to enhance the effectiveness of income tax disclosures. The Company adopted ASU 2023-09 prospectively for the annual reporting period ended December 31, 2025. The adoption resulted in enhanced disclosure requirements but did not have a material impact on the Company’s unaudited condensed financial statements.In November 2024, the FASB issued ASU 2024-04, Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The Company adopted ASU 2024-04 on January 1, 2026 on a prospective basis. The adoption did not have an impact on the Company’s unaudited condensed financial statements as the Company has no convertible debt outstanding.In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”). ASU 2025-05 introduces a practical expedient that permits entities to assume that current conditions as of the balance sheet date remain unchanged throughout the remaining life of the asset when developing an estimate of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The Company adopted ASU 2025-05 on January 1, 2026. The Company did not elect to apply the practical expedient and continues to apply its existing methodology for estimating expected credit losses on current trade accounts receivable, as described above. The adoption did not have a material impact on the Company’s unaudited condensed financial statements.Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public business entities to disclose, in interim and annual reporting periods, additional information about specified categories of expenses included in commonly presented income statement line items (such as cost of revenues and selling, general and administrative expenses). In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which clarifies that the amendments in ASU 2024-03 are effective for all public business entities for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted, and the amendments may be applied either on a prospective or retrospective basis. The Company is currently assessing the potential impact that ASU 2024-03, as clarified by ASU 2025-01, will have on its unaudited condensed financial statement disclosures and has not yet selected an adoption method or elected to early adopt.In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 modernizes the cost recognition guidance for internal-use software development costs by replacing the existing project-stage based model with a principles-based framework, incorporates website development guidance previously codified in Subtopic 350-50, and updates certain disclosure requirements. ASU 2025-06 is effective for all entities for annual reporting periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently assessing the potential impact that ASU 2025-06 will have on its unaudited condensed financial statements.Management does not believe that any other recently issued, but not yet effective, authoritative guidance, if currently adopted, would have a material impact on the Company’s unaudited condensed unaudited financial statement presentation or disclosures.

Note 3. Revenue and Deferred RevenueThe following table provides the Company’s revenues disaggregated by revenue stream (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;white-space:nowrap;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network design and installation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,377</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 4,971</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Internet network services and hardware and internet service</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,053</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 475</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,430</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,446</td></tr></table>Remaining performance obligations represent the transaction price of Company orders for which work has not been performed as of the end of a fiscal period and for contracts with substantive termination penalties. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $38.1 million (which represents the amount of the Company’s backlog). $7.6 million of the backlog relates to the network design and installation performance obligations and $30.5 million relates to internet network services and hardware and internet services performance obligations. Additionally, $3.7 million of the Company’s backlog relates to jobs that are contracted but not yet started as of March 31, 2026. The Company estimates that approximately $13.7 million of the remaining performance obligations as of March 31, 2026 will be completed and recognized as revenue during 2026, with the remainder recognized between 2027 and 2032.Changes in the Company’s current deferred revenue balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Deferred Revenues</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,215</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 2,841</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,158)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Balance as of March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,898</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Balance as of January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 3,194</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,138</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,228)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,104</td></tr></table>Deferred revenue balances primarily consist of customer deposits and billings in excess of revenue, for which the Company has a contractual right to bill, related to the Company’s network design and installation performance obligations. As of March 31, 2026, the Company’s deferred revenue balance of $4.1 million was classified as $3.8 million in current liabilities and $0.3 million in non-current liabilities in the accompanying unaudited condensed balance sheets. The non-current portion represents the value of operating expense buydown commitments with remaining performance periods extending beyond twelve months. As of December 31, 2025, the Company’s deferred revenue balance of $3.2 million was classified as $2.9 million in current liabilities and $0.3 million in non-current liabilities.Changes in the Company’s network financing receivable balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:399.45pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:119.9pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:127.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Network financing receivable</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 513</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"> 406</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (17)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Balance as of March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 902</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Balance as of January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"> 1,291</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (53)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,238</td></tr></table>

The following table provides the Company’s revenues disaggregated by revenue stream (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;white-space:nowrap;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue:</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Network design and installation</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 3,377</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 4,971</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Internet network services and hardware and internet service</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 1,053</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 475</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,430</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,446</td></tr></table>

3377000

4971000

1053000

475000

4430000

5446000

38100000

7600000

30500000

3700000

13700000

Changes in the Company’s current deferred revenue balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Deferred Revenues</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 6,215</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 2,841</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,158)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Balance as of March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5,898</td></tr><tr style="height:12.24pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Balance as of January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 3,194</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Additions included in deferred revenue as of end of period</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 4,138</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Revenue recognized from opening balance</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (3,228)</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 4,104</td></tr></table>Changes in the Company’s network financing receivable balance for the three months ended March 31, 2026 and 2025, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:399.45pt;padding:0pt;"></td><td style="width:12.65pt;padding:0pt;"></td><td style="width:8pt;padding:0pt;"></td><td style="width:119.9pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:127.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Network financing receivable</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of January 1, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"> 513</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"> 406</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (17)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Balance as of March 31, 2025</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 902</td></tr><tr style="height:12.29pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Balance as of January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;margin:0pt;padding:0pt;"> 1,291</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Additional unbilled revenue recognized</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:399.45pt;margin:0pt;padding:0pt;">Amounts billed during the period</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (53)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:399.45pt;background:#cceeff;margin:0pt;padding:0pt;">Balance as of March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:119.9pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,238</td></tr></table>

6215000

2841000

-3158000

5898000

3194000

4138000

-3228000

4104000

4100000

3800000

300000

3200000

2900000

300000

513000

406000 17000

902000

1291000

0 53000

1238000

Note 4. Accounts Receivable Receivables are recorded and carried at the original invoiced amount or, for unbilled receivables, at the recognized revenue amount less an allowance for credit losses (in thousands).<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Trade accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,714</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,997</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Unbilled receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 905</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 713</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (429)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (303)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,190</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,407</td></tr></table>Trade accounts receivable and unbilled receivables as of December 31, 2025 was $2.0 million and $0.7 million, respectively. Trade accounts receivable represent amounts billed to customers for services rendered and network infrastructure installed or where we have a contractual right to bill. Unbilled receivables represent revenue recognized in excess of amounts billed to customers, primarily related to the allocation of contract consideration for network design and installation services recognized over time. As of March 31, 2026, the Company had unbilled receivables of approximately $0.9 million, which are expected to be billed within the next twelve months.As of March 31, 2026 and December 31, 2025, the Company recorded an allowance for credit losses of approximately $0.4 million and $0.3 million, respectively. Receivables are recorded and carried at the original invoiced amount or, for unbilled receivables, at the recognized revenue amount less an allowance for credit losses (in thousands).<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Trade accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 2,714</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 1,997</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Unbilled receivables</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 905</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"> 713</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Allowance for credit losses</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (429)</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (303)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Accounts receivable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 3,190</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 2,407</td></tr></table>

2714000

1997000

905000

713000

-429000 -303000

3190000

2407000

2000000

700000

900000

400000

300000

Note 5. LeasesLesseeDuring the three months ended March 31, 2026 and 2025, operating lease expense was $14 thousand and $14 thousand, respectively. During the three months ended March 31, 2026 and 2025, the Company had a short-term lease expense of $18 thousand and $10 thousand, respectively. During the three months ended March 31, 2026 and 2025, the Company had variable lease expense of $7 thousand and $20 thousand, respectively.The lease liability is based on the present value of its unpaid minimum lease payments over the lease term, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate which is the rate the Company pays to borrow on a collateralized basis.The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases, as of March 31, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:433.2pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td><td style="width:79.4pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.25pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Weighted average remaining lease term (in years) - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 0.25</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Weighted average discount rate - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"> 6.46</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;">% </td></tr></table>South Carolina Office Lease AgreementOn January 1, 2023, the Company initially entered into a lease for Suite 130 of 1700 Alta Vista Drive in Columbia, SC in which the initial term was January 1, 2023 through December 31, 2023. At the end of the initial lease term (December 31, 2023), the lease became a month to month lease in which either party (the Company or the lessor) could terminate the lease at any time with 30 days’ notice. The Company leased this space on a month to month basis for six months until June 30, 2024. On May 31, 2024, the Company entered into a new lease with the same lessor for the original Suite 130 and an additional space, Suite 140. The term of the new lease is from July 1, 2024 to June 30, 2026. Total rent is $3,150 per month from July 1, 2024 to June 30, 2025 and $3,276 per month from July 1, 2025 to June 30, 2026.Lease ModificationOn January 2, 2025, the Company entered into its first amendment to the South Carolina Office Lease (“Amended SC Lease”) to expand into an additional suite with approximately 1,950 additional square feet for a total of approximately 5,950 square feet of office space. The Amended SC Lease commencement date is January 2, 2025 and runs concurrently with the existing terms and conditions of the lease, through June 30, 2026. The Company determined that the lease payments increased commensurate with the standalone price for the additional right of use and as such, it is accounted for as a new lease, commencing on January 2, 2025. As such, the Company recorded an additional right-of-use asset and lease liability upon lease commencement of the new lease. Total rent is $1,536 per month from February 1, 2025 to June 30, 2025 and $1,598 per month from July 1, 2025 to June 30, 2026.Future lease payments for all lease obligations as of March 31, 2026 for the following fiscal year and thereafter are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Year ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Lease</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Less effects of discounting</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Present value of future minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 14</td></tr></table>LessorThe Company owns certain networks and places them at customer sites under sales-type lease arrangements. The Company evaluates new leases pursuant to FASB ASC 842: Leases to determine lease classification. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the customer. This situation is met if, among other things, there is an automatic transfer of title during the lease, a reasonably certain option to be exercised, the non-cancelable lease term is for more than a major part of the remaining economic useful life of the asset, the present value of the minimum lease payments represents substantially all of the leased asset’s fair value at lease inception, or the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term.The Company had net investment in sales-type leases as of March 31, 2026 and December 31, 2025 of $0.4 and $0.5 million, respectively.The table below reconciles the undiscounted cash flows to be received to the net investment in sales-type leases recorded in the unaudited condensed balance sheets (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026 (remainder)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 77</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 648</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Less: unearned interest</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (202)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Net investment in sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 446</td></tr></table>Interest income recognized on lease arrangements is included in interest expense, net, on the unaudited condensed statements of operations, and is presented below (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Lease income - sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total lease income</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 14</td></tr></table>

14000

18000

10000

7000

20000

The table below presents certain information related to the weighted average remaining lease term and the weighted average discount rate for the Company’s operating leases, as of March 31, 2026:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:433.2pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td><td style="width:79.4pt;padding:0pt;"></td><td style="width:13.7pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:12.25pt;"><td style="vertical-align:bottom;width:433.2pt;background:#cceeff;margin:0pt;padding:0pt;">Weighted average remaining lease term (in years) - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;background:#cceeff;margin:0pt;padding:0pt;"> 0.25</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;background:#cceeff;margin:0pt;padding:0pt;"> </td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:433.2pt;margin:0pt;padding:0pt;">Weighted average discount rate - operating leases</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:79.4pt;margin:0pt;padding:0pt;"> 6.46</td><td style="vertical-align:bottom;white-space:nowrap;width:13.7pt;margin:0pt;padding:0pt;">% </td></tr></table>

P0Y3M

0.0646

true

P6M

3150000 3276000 1950

5950

1536000 1598000

Future lease payments for all lease obligations as of March 31, 2026 for the following fiscal year and thereafter are as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:437.3pt;padding:0pt;"></td><td style="width:13.79pt;padding:0pt;"></td><td style="width:8.75pt;padding:0pt;"></td><td style="width:80.16pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Year ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:88.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Operating Lease</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:437.3pt;background:#cceeff;margin:0pt;padding:0pt;">Less effects of discounting</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:437.3pt;margin:0pt;padding:0pt;">Present value of future minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:80.15pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 14</td></tr></table>

14000

400000

500000

The table below reconciles the undiscounted cash flows to be received to the net investment in sales-type leases recorded in the unaudited condensed balance sheets (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:450.05pt;padding:0pt;"></td><td style="width:14.25pt;padding:0pt;"></td><td style="width:8.95pt;padding:0pt;"></td><td style="width:66.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2026 (remainder)</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 77</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 102</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Thereafter</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 163</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Total minimum lease payments</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 648</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:450.05pt;margin:0pt;padding:0pt;">Less: unearned interest</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> (202)</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:450.05pt;background:#cceeff;margin:0pt;padding:0pt;">Net investment in sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:14.25pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.95pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:66.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 446</td></tr></table>

77000

102000

163000

648000

202000

446000

Interest income recognized on lease arrangements is included in interest expense, net, on the unaudited condensed statements of operations, and is presented below (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:12.04pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Lease income - sales-type leases</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 14</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Total lease income</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 12</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 14</td></tr></table>

12000

14000

12000

14000

778000

804000

446000

506000

1224000

1310000

50000

550000

500000

1200000

1300000

21000

28000

0.165

P24M

1000000

0.18

15000

19000

26000

300000

0.165

10000000

500000

0.165

7000

500000

0.165

2000

P90D

As of March 31, 2026 the future minimum principal payments on all related party debt, excluding accrued interest amounts, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:425.2pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:8.55pt;padding:0pt;"></td><td style="width:92.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.24pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;margin:0pt;padding:0pt;">Future Minimum Principal</td></tr><tr style="height:9.49pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"></td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2026 (remainder)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 256</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"> 341</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 341</td></tr><tr style="height:11.54pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"> 242</td></tr><tr style="height:11.79pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2030</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 44</td></tr><tr style="height:12.54pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">Total future payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 1,224</td></tr></table>

256000

341000

242000

44000

1224000

Note 7. Notes PayableNotes payable consist of the following (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note, current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 199</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 196</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Motherlode Promissory Note, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 442</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 490</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total note payable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 641</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 686</td></tr></table>Motherlode Promissory Note (April 12, 2024)On April 12, 2024, the Company entered into a promissory note (the “Motherlode Promissory Note”) with Motherlode, LLC (“Motherlode”), pursuant to which Motherlode loaned the Company $1.0 million. The Motherlode Promissory Note bears interest at 6.0% per annum, compounded annually, requires monthly principal and interest installments of $19 thousand, and matures on April 30, 2029. Motherlode was a related party of the Company at the time the Motherlode Promissory Note was issued, and ceased to be a related party of the Company effective April 12, 2024. For the three months ended March 31, 2026 and 2025, the Company incurred interest expense of $10 thousand and $13 thousand, respectively, related to the Motherlode Promissory Note, which is included in interest expense, net in the accompanying unaudited condensed statements of operations. As of March 31, 2026 and December 31, 2025, the outstanding principal balance of the Motherlode Promissory Note was $0.6 million and $0.7 million, respectively.As of March 31, 2026 the future minimum principal payments on notes payable, excluding accrued interest amounts, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:425.2pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:8.55pt;padding:0pt;"></td><td style="width:92.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;margin:0pt;padding:0pt;">Future Minimum Principal</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2026 (remainder)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 148</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"> 208</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 221</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 64</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">Total future payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 641</td></tr></table>

Notes payable consist of the following (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">December 31, 2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Motherlode Promissory Note, current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 199</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 196</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;">Motherlode Promissory Note, net of current</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 442</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 490</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total note payable</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 641</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 686</td></tr></table>

199000

196000

442000

490000

641000

686000

1000000

0.06

19000

10000

13000

600000

700000

As of March 31, 2026 the future minimum principal payments on notes payable, excluding accrued interest amounts, were as follows (in thousands):<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:425.2pt;padding:0pt;"></td><td style="width:13.5pt;padding:0pt;"></td><td style="width:8.55pt;padding:0pt;"></td><td style="width:92.75pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;margin:0pt;padding:0pt;">Future Minimum Principal</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;white-space:nowrap;width:425.2pt;margin:0pt;padding:0pt;">Years ending December 31:</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:101.3pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Payments</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2026 (remainder)</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 148</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2027</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;margin:0pt;padding:0pt;"> 208</td></tr><tr style="height:11.49pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">2028</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;margin:0pt;padding:0pt;"> 221</td></tr><tr style="height:11.74pt;"><td style="vertical-align:bottom;width:425.2pt;margin:0pt;padding:0pt;">2029</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 64</td></tr><tr style="height:12.49pt;"><td style="vertical-align:bottom;width:425.2pt;background:#cceeff;margin:0pt;padding:0pt;">Total future payments</td><td style="vertical-align:bottom;white-space:nowrap;width:13.5pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:8.55pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:92.75pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 641</td></tr></table>

148000

208000

221000

64000

641000

Note 8. Related Party PayablesManagement Agreement (December 6, 2019, was not renewed post 2022)On December 6, 2019 the Company entered into a management agreement (the “Management Agreement”) with Elauwit Connection, LLC, a Wyoming limited liability company (“Elauwit LLC”), a related party, that was dissolved in October 2024, whereby certain key persons of Elauwit LLC, provided management services to manage all aspects of the Company, subject to supervision and oversight by the Company’s board of directors (the “Board”). The key persons (“Key Persons”) who supervised all services include the Executive Chairman and the Chief Executive Officer of the Company. In consideration of the services provided by the Key Persons, the Company paid Elauwit LLC a sum of $45 thousand per month during the initial year of the Management Agreement, subject to potential annual increases and other compensation, as determined by the Board. The term of the agreement was three (3) years commencing on December 1, 2019 and terminated on November 30, 2022. Beginning in December 2020, the Key Persons elected to defer portions of their consideration. On August 20, 2024, as part of the Deferred Compensation Agreement, defined below, the Company agreed to pay the Key Persons $0.5 million, at an interest rate of 3.25%, on cumulative balances owed. For the three months ended March 31, 2026 and 2025 the Company incurred $0 thousand, and $4 thousand of interest expense, respectively, which is recognized in interest expense in the unaudited condensed statements of operations. As of December 31, 2025 the deferred compensation had been repaid in full with the Offering in November 2025.Subsequent to November 30, 2022, the Company continued making payments under an informal agreement to same Key Persons. For the three months ended March 31, 2026 and 2025, the Company incurred expenses of $0 thousand and $90 thousand, respectively, included in general and administrative expenses on the unaudited condensed unaudited condensed statements of operations.Deferred Compensation Agreement (August 20, 2024)On August 20, 2024 the Company entered into a deferred compensation agreement, as amended (the “Deferred Compensation Agreement”) with certain executives of the Company, whereby the executives, deferred a certain portion of their salaries. The deferred salaries bore interest of 3.25%, on all cumulative balances outstanding as of February 1, 2022. The Company agreed to pay each of the executives $2.5 thousand per month and there was no fixed maturity date. For the three months ended March 31, 2026 and 2025, the Company incurred 0 thousand and $1 thousand of interest expense, respectively, which is recognized in interest expense in the unaudited condensed statements of operations. As of December 31, 2025, the Deferred Compensation Agreement had been repaid in full with the Offering in November 2025.

45000 P3Y

500000

0.0325

4000

90000

0.0325 2500

1000

Note 9. Equity OfferingsCommon StockAmendment to the Certificate of IncorporationOn June 16, 2025, the Company amended and restated its certificate of incorporation to, among other things, (i) provide for a classified structure for the election of directors; (ii) increase the number of shares of common stock, par value $0.0001 per share, authorized for issuance to 14,900,000, consisting of 12,000,000 shares of Class A common stock and 2,900,000 shares of Class B common stock; (iii) authorize the Board of Directors to issue up to 100,000 shares of preferred stock, par value $0.0001 per share.On August 14, 2025, the Company amended and restated its certificate of incorporation to, among other things, (i) authorize 15,000,000 of capital stock which is divided into two classes, with 14,900,000 shares designated as common stock, $0.0001 par value per share (the “common stock”), and 100,000 shares designated as Preferred Stock, par value $0.0001 per share (the “Preferred Stock”) and (ii) provide that the holders of common stock hold all voting power.Initial Public OfferingOn November 4, 2025, the Company entered into the Underwriting Agreement with the Representative, for the Offering of 1,667,000 shares of common stock at a public offering price of $9.00 per share. The underwriters agreed to purchase the shares at a 7.0% discount to the public offering price. The Offering closed on November 6, 2025, resulting in gross proceeds of approximately $15.0 million. On November 24, 2025, the Company closed the sale of an additional 68,989 shares of common stock, representing the partial exercise of the Representative’s 45-day over-allotment option, resulting in additional gross proceeds of approximately $0.6 million. In total, the Company issued 1,735,989 shares of common stock in the offering for aggregate gross proceeds of approximately $15.6 million, before deducting underwriting discounts and commissions and other offering expenses. After deducting underwriting discounts and commissions of approximately $1.3 million and other offering costs of approximately $0.7 million, the Company received net proceeds of approximately $13.6 million. The underwriting discounts, commissions, and other offering costs were recorded as a reduction of additional paid-in capital.Pursuant to the Underwriting Agreement, the Company issued to the Representative warrants to purchase an aggregate of 121,520 shares of common stock (representing 7% of the total shares sold in the Offering, including shares sold upon partial exercise of the over-allotment option). The Representative’s Warrants are exercisable at $10.35 per share, are initially exercisable beginning on May 2, 2026, and expire on November 2, 2030.Put Right SettlementIn connection with the Put-Call Agreement, Baron Hunter and Steele Creek were each granted the right to sell to the Company up to $1.0 million in shares of common stock at a price of $8.10 per share, representing a 10% discount to the Offering price. On November 13, 2025, each of Baron Hunter and Steele Creek exercised its put option. On November 14, 2025, the Company repurchased an aggregate of 123,456 shares of common stock from each of Baron Hunter and Steele Creek, for an aggregate of 246,912 shares, at $8.10 per share, for aggregate cash consideration of approximately $2.0 million. The repurchased shares were retired.

0.0001

14900000

12000000

2900000

100000

0.0001

15000000 2

14900000

0.0001

100000

0.0001

1667000

0.07

15000000

68989

P45D

600000

1735989

15600000

1300000

700000

13600000

121520

0.07

10.35

1000000

8.1

0.10

123456

246912

8.1

2000000

Note 10. SAFEStrategic InvestmentOn January 6, 2025, the Company entered into a Simple Agreement for Future Equity (the “SAFE Agreement” or “SAFE”) with an investor (the “Investor”). Pursuant to the terms of the SAFE Agreement, the Company received an aggregate amount of $1.0 million (the “SAFE Amount”). In the event of a liquidity event, as defined in the SAFE Agreement, the Investor was entitled to the amount payable on the number of shares of common stock equal to the SAFE Amount divided by the price per share in the liquidity event multiplied by a discount price of 85%.The SAFE was recorded as a liability in accordance with the applicable accounting guidance due to the potential for the Company to settle the fixed outstanding balance of the SAFE liability in a variable number of shares. The initial fair value of the SAFE liability was $1.0 million. Subsequent changes in fair value at each reporting period are recognized in the unaudited condensed statements of operations as changes in fair value of SAFE liability. On November 6, 2025, upon the closing of the Offering, the SAFE liability was extinguished by automatic conversion into 130,719 shares of common stock. Accordingly, no SAFE liability was outstanding as of March 31, 2026 or December 31, 2025, and no gain or loss related to the SAFE was recognized in the unaudited condensed statements of operations for the three months ended March 31, 2025. 1000000 0.85 1000000 130719 0 0 0

Note 11. Employee Benefit PlanIn April 2024, the Company established a Safe Harbor 401(k) contribution plan under Section 401(k) of the Internal Revenue Code (“401(k) Plan”). Under the terms of the 401(k) Plan, all full-time employees were eligible to make voluntary contributions as a percentage or defined amount of compensation. The Company made matching contributions based on 100% of each employee’s contribution up to the first 3% of pay and then on 50% of employee contributions on the next 2% of pay of the employee’s eligible compensation. The Company incurred expenses of approximately $29 thousand and $14 thousand, respectively, related to matching contributions for the three months ended March 31, 2026 and 2025.

0.03

0.50

0.02

29000

14000

Note 12. Stock-Based CompensationIn November 2025, the Company adopted the Elauwit Connection, Inc. 2025 Stock Incentive Plan (the “Plan”), which permits the grant of stock options, restricted stock units (“RSUs”) and other stock-based awards. The Plan initially authorized 700,000 shares of common stock for issuance, subject to an annual evergreen increase.On January 28, 2026, the Compensation Committee of the Board of Directors approved RSU awards to certain employees of the Company with an aggregate grant-date fair value of approximately $88 thousand (16,552 RSUs). The RSUs vest in full on the one-year anniversary of the grant date, subject to continued service. The grant-date fair value of the RSUs of $5.25 per share was determined based on the closing price of the Company’s common stock on the Nasdaq Capital Market on January 28, 2026. Compensation cost is recognized on a straight-line basis over the one-year requisite service period.RSU activity for the three months ended March 31, 2026 was as follows:<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:372.55pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:68.25pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.45pt;padding:0pt;"></td><td style="width:68.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:372.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;margin:0pt;padding:0pt;">Weighted – Average</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:372.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Number of RSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"> 5.25</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Vested</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5.25</td></tr></table>Stock-based compensation expense was $15 thousand for the three months ended March 31, 2026, included within general and administrative expense, and was zero for the three months ended March 31, 2025. As of March 31, 2026, total unrecognized compensation cost related to unvested RSUs was approximately $73 thousand, expected to be recognized over a weighted-average remaining requisite service period of approximately 0.83 years. See Note 16 — Subsequent Events for additional information regarding equity awards granted by the Company subsequent to March 31, 2026.

700000

88000

16552

P1Y

5.25

P1Y

<table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:372.55pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:68.25pt;padding:0pt;"></td><td style="width:11.75pt;padding:0pt;"></td><td style="width:7.45pt;padding:0pt;"></td><td style="width:68.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.19pt;"><td style="vertical-align:bottom;width:372.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;margin:0pt;padding:0pt;">Weighted – Average</td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:372.55pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Number of RSUs</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:75.7pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">Fair Value</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at January 1, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;">Granted</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;margin:0pt;padding:0pt;"> 5.25</td></tr><tr style="height:11.49pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Vested</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:372.55pt;margin:0pt;padding:0pt;">Forfeited</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:top;width:372.55pt;background:#cceeff;margin:0pt;padding:0pt;">Unvested at March 31, 2026</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:11.75pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.45pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;">$</td><td style="vertical-align:bottom;white-space:nowrap;width:68.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 5.25</td></tr></table>

16552

5.25

16552

5.25

15000

73000

P0Y9M29D

Note 13. Commitments and ContingenciesThe Company is periodically involved in legal proceedings, legal actions and claims arising in the ordinary course of business. Management does not believe that there is any pending or threatened proceeding against the Company, which, if determined adversely, would have a material adverse effect on the Company’s business, results of operations, cash flows, or financial condition.

Note 14. Net Loss per ShareParticipating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to the participating securities since the holders have no contractual obligation to share in the losses of the Company.The Company calculates basic net loss per share by dividing net loss by the weighted average number of common shares outstanding during the reporting period. Diluted net loss per share is computed by giving effect to all potentially dilutive securities. Because the Company was in a net loss position for all periods presented, basic and diluted net loss per share are the same, as the inclusion of all potentially dilutive securities would have been antidilutive.The following potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because their inclusion would have been antidilutive:<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Representative’s Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 121,520</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:385.8pt;margin:0pt;padding:0pt;">Restricted Stock Units</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:top;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,072</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>In connection with the Company’s initial public offering in November 2025, the Company issued warrants to the Representative to purchase an aggregate of 121,520 shares of common stock at an exercise price of $10.35 per share. These warrants are initially exercisable on May 2, 2026 and expire on November 2, 2030. The warrants were excluded from the computation of diluted net loss per share for the three months ended March 31, 2026 because their effect would have been antidilutive. At March 31, 2025, there were no potentially dilutive securities outstanding.

<table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;"><tr><td style="width:385.8pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td><td style="width:12.2pt;padding:0pt;"></td><td style="width:7.65pt;padding:0pt;"></td><td style="width:57.25pt;padding:0pt;"></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:385.8pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr style="height:9.44pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:142pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">For the three months ended March 31,</td></tr><tr style="height:9.69pt;"><td style="vertical-align:bottom;width:385.8pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2026</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"> </td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:64.9pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;">2025</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Representative’s Warrants</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> 121,520</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:11.74pt;"><td style="vertical-align:top;width:385.8pt;margin:0pt;padding:0pt;">Restricted Stock Units</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> 16,552</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> </td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"> —</td></tr><tr style="height:12.49pt;"><td style="vertical-align:top;width:385.8pt;background:#cceeff;margin:0pt;padding:0pt;">Total</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> 138,072</td><td style="vertical-align:bottom;white-space:nowrap;width:12.2pt;background:#cceeff;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:7.65pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:57.25pt;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"> —</td></tr></table>

121520

16552

138072

121520

10.35

Note 15. Income TaxesThe Company’s provision for income taxes is calculated by applying an estimated annual effective tax rate to year-to-date pre-tax income or loss and adjusting for any discrete tax items recognized in the period, in accordance with FASB Accounting Standards Codification (“ASC”) 740-270, Income Taxes — Interim Reporting.For the three months ended March 31, 2026 and 2025, the Company recorded no income tax expense or benefit. The Company’s effective tax rate was 0% for both periods, which differs from the U.S. statutory federal income tax rate of 21% primarily due to the recording of a full valuation allowance against the Company’s net deferred tax assets, which results in no current period income tax benefit being recognized on the Company’s pre-tax loss.In assessing the realizability of its deferred tax assets, the Company considers all available positive and negative evidence, including its history of cumulative losses, projections of future taxable income, the reversal of existing taxable temporary differences, and prudent and feasible tax planning strategies. As a result of this assessment, the Company continues to conclude that it is more likely than not that the deferred tax assets will not be realized as of March 31, 2026, and accordingly continues to maintain a full valuation allowance against its net deferred tax assets. There were no material changes to the Company’s valuation allowance position during the three months ended March 31, 2026.The Company did not recognize any material discrete tax items during the three months ended March 31, 2026 or 2025. On July 4, 2025, the OBBB Act, which includes a broad range of tax reform provisions, was signed into law in the United States. The Company evaluated the impact of the OBBB Act on its unaudited condensed financial statements as of and for the year ended December 31, 2025 and determined that it did not have a material impact on its income tax provision or effective tax rate. The Company does not currently expect the OBBB Act to have a material impact on its estimated annual effective tax rate for 2026 and continues to monitor any guidance issued thereunder.As a result of the Company’s Offering completed in November 2025 (see Note 9), the Company may have experienced an “ownership change” within the meaning of Section 382 of the Internal Revenue Code. If an ownership change has occurred, the Company’s ability to utilize its U.S. federal and state net operating loss carryforwards and certain other tax attributes generated prior to the ownership change to offset future taxable income would be subject to annual limitations. The Company has not completed a formal Section 382 analysis as of the date of these financial statements. Any limitation is not expected to result in additional cash tax expense in the current period given the Company’s continued cumulative loss position and the related full valuation allowance against the deferred tax assets associated with the affected attributes.As of March 31, 2026 and December 31, 2025, the Company had no liability for unrecognized tax benefits. There were no material changes to the Company’s unrecognized tax benefits during the three months ended March 31, 2026, and the Company does not expect any material change in the next twelve months.

0.21

Note 16. Subsequent EventsThe Company evaluated subsequent events and transactions that occurred after the balance sheet date through May 14, 2026, the date the financial statements were issued.Operating Lease CommitmentOn April 1, 2026, the Company entered into an operating lease for approximately 10,927 square feet of office and warehouse space in Columbia, South Carolina. The lease has an initial term of approximately five years, commencing May 1, 2026, with aggregate undiscounted base rent payments of approximately $611 thousand over the initial term. The right-of-use asset and corresponding lease liability will be recognized upon the lease commencement date and reflected in the Company’s financial statements for the quarter ending June 30, 2026.Equity Awards Under the 2025 Stock Incentive PlanOn April 2, 2026, the Compensation Committee of the Board of Directors granted (i) RSUs to certain directors and officers of the Company, with one-year cliff vesting and other terms substantially similar to the January 28, 2026 RSU awards, and (ii) non-qualified stock options to an officer of the Company with an exercise price of $6.50 per share and a 10-year contractual term.May 2026 Term Loan with Endurance OpportunitiesOn May 14, 2026, the Company entered into the $2.0 million May 2026 Term Loan with Endurance Opportunities, an existing related-party lender. In connection with the May 2026 Term Loan, the Company issued the May 2026 Note in favor of Endurance Opportunities with a principal amount of $500 thousand and agreed to issue three additional commercial promissory notes in favor of Endurance Opportunities, each with a principal amount of $500 thousand. The May 2026 Note bears interest at a fixed rate of 15.5% per annum on the outstanding principal balance, requires monthly payments of interest with the outstanding principal amount due on the maturity date, and has a maturity date of 36 months. Each subsequent commercial promissory note issued in accordance with the May 2026 Term Loan will have the same terms and conditions as the May 2026 Note. The May 2026 Term Loan, May 2026 Note and subsequent commercial promissory notes to be issued in accordance with the May 2026 Term Loan were reviewed and approved by the Audit Committee in accordance with the Company’s Related Person Transactions Policy. The Company intends to use the proceeds for general working capital and continued network deployment activities.

10927

P5Y

611000

P1Y

6.5

10-year

2000000

500000

0.155

P36M