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10-K true 2025-12-31 --12-31 2025 false 001-40981 Cactus Acquisition Corp. 1 Ltd. E9 301 Carnegie Center Drive Suite 304 Princeton NJ 08540 (609) 495-2222 Class A ordinary shares, par value $0.0001 per share CCTSF Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 CTSWF Units, each consisting of one Class A ordinary share and one-half of a redeemable warrant CTSUF No No Yes Yes Non-accelerated Filer true true false false false true 22164380 3214738 0.0001 0.0001 None As a blank check company, we have no operations and therefore do not have any operations of our own that face material cybersecurity threats. However, <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250101__20251231_zOIvhxpwe4U4">we do depend on the digital technologies of third parties, including information systems, infrastructure and cloud applications and services, any sophisticated and deliberate attacks on, or security breaches in, systems or infrastructure or the cloud that we utilize, including those of third parties, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential data. Because of our reliance on the technologies of third parties, we also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we have no personnel or processes of our own for this purpose. In the event of a cybersecurity incident impacting us, the management team will report to the board of directors and provide updates on the management team’s incident response plan for addressing and mitigating any risks associated with such an incident. As an early-stage company without significant investments in data security protection, we may not be sufficiently protected against such occurrences. We also lack sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have material adverse consequences on our business and lead to financial loss. We have established certain processes for identifying, evaluating, and managing material risks from cybersecurity threats as a part of our overall technology management strategy. These processes are designed and reassessed on a periodic basis to help protect our technology assets and operations from internal and external security threats. true true 1309 We have audited the accompanying balance sheets of Cactus Acquisition Corp. 1 Limited (the “Company”) as of December 31, 2025 and 2024, and the related statements of operations, changes in capital deficiency and cash flows for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America Kesselman & Kesselman C.P.A.s Tel-Aviv, Israel

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NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">a.</td> <td style="text-align: justify">Organization and General</td></tr> </table> Cactus Acquisition Corp. 1 Limited (hereafter – the Company) is a blank check company, incorporated on April 19, 2021, as a Cayman Islands exempted company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination (hereafter – the Business Combination). The Company may pursue a business combination target in any business or industry and across any geographical region, however the current focus of its search is on companies in the energy renewables sector. The Company is an early stage and an emerging growth company, and as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. All activity for the period from inception through December 31, 2025, relates to the Company’s formation, its initial public offering (the “Public offering”) described below, and activities to identify a business combination target. The Company generates non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Public Offering and the private placement (as defined below in Note 3). The Company has selected December 31 as its fiscal year end. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">b.</td> <td style="text-align: justify">Sponsor and Financing</td></tr> </table> On February 9, 2024, the Company’s first sponsor, Cactus Healthcare Management, L.P. (“Cactus LP”), entered into a sponsor securities purchase agreement with EVGI Limited (“EVGI”), the Company’s second sponsor, pursuant to which, on February 23, 2024, Cactus LP transferred to EVGI 80% of the securities of the Company owned by Cactus LP prior to the transaction. On April 29, 2024, a subsequent sponsor securities purchase agreement was executed between EVGI, the Company’s second sponsor, and ARWM Pte Limited (ARWM”), the Company’s third sponsor, pursuant to which, on May 16, 2024, EVGI transferred to ARWM 100% of the securities of the Company owned by EVGI prior to the transaction. See Note 6 Related Party Transactions regarding Promissory Notes and Third Sponsor Alliance for additional information. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">c.</td> <td style="text-align: justify">The Trust Account</td></tr> </table> The proceeds held in the Trust Account are invested in money market funds registered under the Investment Company Act and compliant with Rule 2a-7 thereof that maintain a stable net asset value of $1.00. Unless and until the Company completes the Initial Business Combination, it may pay its expenses only from the net proceeds of the Public Offering held outside the Trust Account. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (continued): <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">d.</td> <td style="text-align: justify">Business Combination / Extension Amendments</td></tr> </table> Business Combination On April 2, 2024, the Company entered into a non-binding heads of agreement with Tembo e-LV B.V. (Tembo), a private company incorporated under the laws of the Netherlands and subsidiary of VivoPower. On August 29, 2024, the Company and Tembo signed a Business Combination Agreement. The parties are advancing activities towards consummating the proposed business combination transaction. The Company confidentially submitted a Form F-4 registration statement to the U.S. Securities and Exchange Commission (SEC) on December 29, 2025, in connection with its proposed business combination with Tembo. The Company received a comment letter from the SEC in March 2026 and is in the process of finalizing its responses and updating the registration statement. Management is targeting confidential resubmission of the amended Form F-4 during the second half of 2026 and continues to work toward completing the proposed business combination prior to the Company’s mandatory liquidation date of November 2, 2026. Completion of the proposed business combination remains subject to SEC review, shareholder approvals, regulatory requirements, and the satisfaction of customary closing items. The Sponsors and the Company’s officers and directors have entered into a letter agreement with the Company, pursuant to which they have waived their rights to liquidating distributions from the Trust Account with respect to any Class B ordinary shares (as described in Note 4) held by them if the Company fails to complete the Initial Business Combination within 18 months of the closing of the Public Offering or during any extended time that the Company has to consummate an Initial Business Combination beyond 18 months as a result of a shareholder vote to amend its amended and restated memorandum and articles of association. However, if the Sponsor or any of the Company’s directors or officers acquire any Class A ordinary shares, they will be entitled to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the Initial Business Combination within the prescribed time period. Extension Amendments Third extension On November 1, 2024, the Company held an extraordinary general meeting (the “Third Extension Meeting), at which the Company’s shareholders voted to approve the Third Extension, which extended the mandatory liquidation date from November 2, 2024 to November 2, 2025. A total of 1,148,799 Class A ordinary shares were redeemed in connection with the Third Extension, resulting in 3,926,071 Class A ordinary shares outstanding, consisting of <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241101__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--NonrelatedPartyMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zD1n9SIl2gQ3" title="Common stock, shares outstanding">763,572 publicly-held Class A ordinary shares and <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20241101__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableFoundersSharesMember_zpbkIQpL8HK4" title="Ordinary stock, shares outstanding">3,162,499 non-redeemable founders shares. Accordingly, on November 13, 2024, $13,389,826 was distributed from the Trust Account to the shareholders who redeemed their shares Pursuant to the October 29, 2024 non-redemption agreement (NRA) between the Company, ARWM Inc Pte. Ltd. (the Company’s current Sponsor), and the Non-Redeeming Shareholder, as it related to the Third Extension, the Sponsor agreed to transfer an aggregate of <span id="xdx_902_ecustom--StockAgreedToTransferMonthlySharesIfBusinessCombinationDoesNotOccur_iI_c20241029__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zT4zDhXeQVF" title="Sponsor agreed to transfer">125,000 founder shares of the Company held by it to the Non-Redeeming Shareholder immediately following, and subject to, consummation of an initial business combination. The <span id="xdx_902_ecustom--NonredeemableAggregateShares_pid_c20241029__20241029__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zTdm2yR4Nffl" title="Non redeemable aggregate shares">125,000 Class A shares due to the Non-Redeeming Shareholder has an implied value of $<span id="xdx_909_eus-gaap--SharePrice_iI_pid_c20241029__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQvXXzdV5exk" title="Share price">2.22 per share, or an aggregate of $<span id="xdx_90E_ecustom--AggregateValue_c20241029__20241029__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zSduXXkwtJk9" title="Aggregate value">277,000. 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Further, since a business combination did not close by May 2, 2025, the Sponsor is obligated to transfer to the non-redeeming shareholder, an additional <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20250503__20250503__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_z1gsjHF6GU2" title="Shares obligated to transfer">25,000 founder shares held by it per month beginning on May 3, 2025 and ending on October 2, 2025 (up to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20250503__20251002__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_z2SKrGDcOdD2" title="Shares obligated to transfer">150,000 founder shares). The <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesOther_pid_c20250502__20250502__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjuInVM1Wcja" title="Number of shares obligated to transfer">150,000 Class A shares due to the Non-Redeeming Shareholder has an implied value of $<span id="xdx_901_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250503__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z1TrDlxi5I49" title="Implied value per share">2.31 per share, or an aggregate value of $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueOther_pid_c20250503__20250503__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAZxNRxFRxpj" title="Value of shares obligated to transfer">347,000. The $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueOther_pid_c20250503__20250503__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z4rs8rCB8fXl" title="Value of shares obligated to transfer">347,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement dates, and assigning a probability of acquisition of <span id="xdx_903_eus-gaap--DebtInstrumentMeasurementInput_iI_pid_uPure_c20250503__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--MeasurementInputTypeAxis__custom--MeasurementInputProbabilityOfAcquisitionMember_zY4yDCpAQ5W4" title="Probability of acquisition">20%. This $<span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodValueOther_pid_c20250101__20251231__srt--CounterpartyNameAxis__custom--NonredeemingShareholderMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z9AO73ZpfHYb" title="Value of shares obligated to transfer">347,000 value consideration is reflected in the shareholders equity section of the financial statements for the year ended December 31, 2025. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (continued): Fourth extension On October 31, 2025, the Company held an extraordinary general meeting (the “Fourth Extension Meeting), at which the Company’s shareholders voted to approve the Fourth Extension, which extended the mandatory liquidation date from November 2, 2025 to November 2, 2026. A total of 711,333 Class A ordinary shares were redeemed in connection with the Fourth Extension, resulting in 3,214,738 Class A ordinary shares outstanding, consisting of <span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251031__us-gaap--StatementClassOfStockAxis__custom--PublicHeldClassAOrdinarySharesMember_zrE8ebVTWxF5" title="Common stock, shares outstanding">52,239 publicly-held Class A ordinary shares and <span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251031__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableFoundersSharesMember_zSQ58Wp0uM2" title="Ordinary stock, shares outstanding">3,162,499 non-redeemable founders shares. Accordingly, on November 21, 2025, $8,676,000 was distributed from the Trust Account to the shareholders who redeemed their shares. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">e.</td> <td style="text-align: justify">Substantial Doubt about the Company’s Ability to Continue as a Going Concern</td></tr> </table> On October 31, 2025, the Company extended the date by which the Company has to consummate an Initial Business Combination from November 2, 2025 to November 2, 2026 (the “Mandatory Liquidation Date”). If a business combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution of the Company. The Company intends to complete an Initial Business Combination before the Mandatory Liquidation Date. However, there can be no assurance that the Company will be able to consummate any business combination ahead of the Mandatory Liquidation Date, or that the Company will be able to raise sufficient funds to complete an Initial Business Combination. These matters raise substantial doubt about the Company’s ability to continue as a going concern, for the subsequent twelve months following the issuance date of these financial statements. No adjustments have been made to the carrying amounts of assets or liabilities should the Company fail to obtain financial support in its search for an Initial Business Combination, nor if it is required to liquidate after the Mandatory Liquidation Date. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">f.</td> <td style="text-align: justify">Emerging Growth Company</td></tr> </table> Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make a comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible, because of the potential differences in accounting standards used. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (continued): <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">g.</td> <td style="text-align: justify">Notice of Delisting</td></tr> </table> On October 29, 2024, the Company received a notice from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq) stating that because the Company had not completed an initial business combination within 36 months of the effective date of its registration statement in connection with its initial public offering, it was not in compliance with Nasdaq IM 5101-2 and was therefore subject to delisting. Trading in the Company’s securities on NASDAQ was suspended at the opening of business on November 5, 2024 and trading of the Company’s securities on the OTC market commenced on November 6, 2024, under the symbol CCTSF. Upon completion of the Business Combination, Cactus and Tembo intend to apply for up-listing on the Nasdaq Stock Market.

0.80 1

1.00

1148799

3926071

763572

3162499

13389826 125000 125000

2.22

277000 277000

11.06

277000

25000

150000

2.31

347000

711333

3214738

52239

3162499

8676000

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (hereafter – U.S. GAAP) and the regulations of the Securities Exchange Commission (hereafter – SEC). The significant accounting policies used in the preparation of the financial statement are as follows: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">a.</td> <td style="text-align: justify">Use of estimates in the preparation of financial statement</td></tr> </table> The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and such differences may have a material impact on the Company’s financial statement. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">b.</td> <td style="text-align: justify">Functional currency</td></tr> </table> The U.S. dollar is the currency of the primary economic environment. The Company’s financing and operational costs are denominated in U.S. dollars. Accordingly, the functional currency of the Company is the U.S. dollar. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">c.</td> <td style="text-align: justify">Cash and cash equivalents</td></tr> </table> The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">d.</td> <td style="text-align: justify">Trust account</td></tr> </table> As of December 31, 2025, the Company held deposits of $641,000 in a Blackrock treasury money market trust account. The Company included the balance in the trust account in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows as a restricted cash equivalent. Money market funds are characterized as Level I investments within the fair value hierarchy under ASC 820. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">e.</td> <td style="text-align: justify">Accrued expenses</td></tr> </table> The Company accounts for all incurred expenses which have yet to be paid as accrued expenses. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued): <p id="xdx_846_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_zwWgJmg1tdkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">f.</td> <td style="text-align: justify">Redeemable Class A Ordinary Shares</td></tr> </table> As discussed in Note 1, all of the <span id="xdx_903_ecustom--CommonStockSubjectToPossibleRedemptions_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkQwXBjU0tGb" title="Common stock subject to possible redemption">12,650,000 Class A ordinary shares of $<span id="xdx_90B_ecustom--CommonStockSubjectToPossibleRedemptionParValue_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcjbTCJitLx2" title="Common stock subject to possible redemption, par value">0.0001 par value each, sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its amended and restated articles of association provide that in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,000. Accordingly, on December 31, 2025 and 2024, 52,239 and 763,572, respectively, Class A ordinary shares included in the Units were classified outside of permanent equity at their redemption value of $12.27 and $<span id="xdx_902_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjtVgHQnNGyg" title="Temporary equity, redemption value per share">11.76 per share, respectively. SCHEDULE OF PUBLIC WARRANTS AND THE REDEEMABLE CLASS A SHARES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Shares of Class A Common Stock</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">U.S. dollars in thousands</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Class A common stock subject to possible redemption, as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20240101__20241231_z1eMbf08aYsj" style="width: 18%; text-align: right" title="Class A common stock subject to possible redemption, balance">21,161</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20240101__20241231_z6iO9qu2ORQ4" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">1,208</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20240101__20241231_zhb75TECnLTk" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(13,389</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20250101__20251231_zsPy9wPsROej" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">8,980</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20250101__20251231_zEbvHc2yM0j1" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20250101__20251231_z8ePhDTifnsj" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(8,676</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_pn3n3_c20250101__20251231_zipyjbBVJh6h" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">641</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">g.</td> <td style="text-align: justify">Warrants</td></tr> </table> The Company accounts for the warrants in accordance with the guidance contained in Accounting Standards Codification 815 (“ASC 815”), “Derivatives and Hedging”. Accordingly, both the public and the private warrants are considered indexed to the entity’s own stock and are classified within equity. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">h.</td> <td style="text-align: justify">Concentration of credit risk</td></tr> </table> Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250 thousand. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">i.</td> <td style="text-align: justify">Financial instruments</td></tr> </table> The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures”, approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continued): <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">j.</td> <td style="text-align: justify">Stock based compensation</td></tr> </table> The Company expenses the fair value of stock awards granted or assigned to employees and non-employees for services. Compensation costs for stock awards with immediate vesting are recognized immediately in the income statement based on the fair value of the award. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">k.</td> <td style="text-align: justify">Income tax</td></tr> </table> The Company accounts for income taxes in accordance with ASC 740, “Income Taxes (hereafter – ASC 740). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that a portion or all of the deferred tax assets will not be realized, based on the weight of available positive and negative evidence. Deferred tax liabilities and assets are classified as non-current in accordance with ASC 740. The Company follows the guidance on accounting for uncertainty in income taxes in accordance with U.S. GAAP. Under this guidance, a company can recognize the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position; otherwise, no benefit can be recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits, and no amounts accrued for interest and penalties as of December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 became effective for annual periods beginning after December 15, 2024. The Company adopted this standard effective January 1, 2025 and the standard did not have a significant impact on our financial statements (See also Note 8). The application of the standard did not result in additional disclosures as the Company residence is in Cayman Islands. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">l.</td> <td style="text-align: justify">Net Earnings (Loss) per share</td></tr> </table> The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed by dividing net earnings (loss) attributable to holders of ordinary shares of the Company, by the weighted average number of ordinary shares outstanding for the reporting period. In computing the Company’s diluted earnings per share, the denominator for diluted earnings per share is a computation of the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">m.</td> <td style="text-align: justify">Segment information reporting </td></tr> </table> In accordance with FASB ASC Topic 280, the Company has determined that it operates in a single operating and reportable segment. The Company’s chief executive officer acts as the Company’s chief operating decision maker (CODM) and examines the Company as a whole, including the review of financial income and expenses. See Note 9 for details of financial income and expenses. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">a.</td> <td style="text-align: justify">Use of estimates in the preparation of financial statement</td></tr> </table> The preparation of the financial statement in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates and such differences may have a material impact on the Company’s financial statement.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">b.</td> <td style="text-align: justify">Functional currency</td></tr> </table> The U.S. dollar is the currency of the primary economic environment. The Company’s financing and operational costs are denominated in U.S. dollars. Accordingly, the functional currency of the Company is the U.S. dollar.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">c.</td> <td style="text-align: justify">Cash and cash equivalents</td></tr> </table> The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">d.</td> <td style="text-align: justify">Trust account</td></tr> </table> As of December 31, 2025, the Company held deposits of $641,000 in a Blackrock treasury money market trust account. The Company included the balance in the trust account in cash and cash equivalents when reconciling beginning-of-period and end-of-period total amounts shown on the statement of cash flows as a restricted cash equivalent. Money market funds are characterized as Level I investments within the fair value hierarchy under ASC 820.

641000000

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">e.</td> <td style="text-align: justify">Accrued expenses</td></tr> </table> The Company accounts for all incurred expenses which have yet to be paid as accrued expenses.

<p id="xdx_846_eus-gaap--SharesSubjectToMandatoryRedemptionChangesInRedemptionValuePolicyTextBlock_zwWgJmg1tdkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">f.</td> <td style="text-align: justify">Redeemable Class A Ordinary Shares</td></tr> </table> As discussed in Note 1, all of the <span id="xdx_903_ecustom--CommonStockSubjectToPossibleRedemptions_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zkQwXBjU0tGb" title="Common stock subject to possible redemption">12,650,000 Class A ordinary shares of $<span id="xdx_90B_ecustom--CommonStockSubjectToPossibleRedemptionParValue_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zcjbTCJitLx2" title="Common stock subject to possible redemption, par value">0.0001 par value each, sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with FASB ASC 480, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of FASB ASC 480. Although the Company has not specified a maximum redemption threshold, its amended and restated articles of association provide that in no event will the Company redeem its public shares in an amount that would cause its net tangible assets to be less than $5,000,000. Accordingly, on December 31, 2025 and 2024, 52,239 and 763,572, respectively, Class A ordinary shares included in the Units were classified outside of permanent equity at their redemption value of $12.27 and $<span id="xdx_902_eus-gaap--TemporaryEquityRedemptionPricePerShare_iI_pid_c20241231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zjtVgHQnNGyg" title="Temporary equity, redemption value per share">11.76 per share, respectively. SCHEDULE OF PUBLIC WARRANTS AND THE REDEEMABLE CLASS A SHARES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Shares of Class A Common Stock</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">U.S. dollars in thousands</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Class A common stock subject to possible redemption, as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20240101__20241231_z1eMbf08aYsj" style="width: 18%; text-align: right" title="Class A common stock subject to possible redemption, balance">21,161</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20240101__20241231_z6iO9qu2ORQ4" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">1,208</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20240101__20241231_zhb75TECnLTk" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(13,389</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20250101__20251231_zsPy9wPsROej" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">8,980</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20250101__20251231_zEbvHc2yM0j1" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20250101__20251231_z8ePhDTifnsj" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(8,676</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_pn3n3_c20250101__20251231_zipyjbBVJh6h" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">641</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

12650000 0.0001 5000000

52239

763572

12.27

11.76

SCHEDULE OF PUBLIC WARRANTS AND THE REDEEMABLE CLASS A SHARES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Redeemable Shares of Class A Common Stock</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">U.S. dollars in thousands</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Class A common stock subject to possible redemption, as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20240101__20241231_z1eMbf08aYsj" style="width: 18%; text-align: right" title="Class A common stock subject to possible redemption, balance">21,161</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_989_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20240101__20241231_z6iO9qu2ORQ4" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">1,208</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98F_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20240101__20241231_zhb75TECnLTk" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(13,389</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_pn3n3_c20250101__20251231_zsPy9wPsROej" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">8,980</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Accretion of carrying value to redemption value</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_pn3n3_c20250101__20251231_zEbvHc2yM0j1" style="border-bottom: Black 1pt solid; text-align: right" title="Accretion of carrying value to redemption value">337</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Redemption of Class A Ordinary Shares</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_eus-gaap--PaymentsForRepurchaseOfCommonStock_iN_pn3n3_di_c20250101__20251231_z8ePhDTifnsj" style="border-bottom: Black 1pt solid; text-align: right" title="Redemption of Class A Ordinary Share">(8,676</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Class A common stock subject to possible redemption, as of December 31, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_pn3n3_c20250101__20251231_zipyjbBVJh6h" style="border-bottom: Black 2.5pt double; text-align: right" title="Class A common stock subject to possible redemption, balance">641</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

21161000

1208000

13389000

8980000

337000

8676000

641000

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">g.</td> <td style="text-align: justify">Warrants</td></tr> </table> The Company accounts for the warrants in accordance with the guidance contained in Accounting Standards Codification 815 (“ASC 815”), “Derivatives and Hedging”. Accordingly, both the public and the private warrants are considered indexed to the entity’s own stock and are classified within equity.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">h.</td> <td style="text-align: justify">Concentration of credit risk</td></tr> </table> Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250 thousand. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

250000

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">i.</td> <td style="text-align: justify">Financial instruments</td></tr> </table> The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC 820, “Fair Value Measurements and Disclosures”, approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">j.</td> <td style="text-align: justify">Stock based compensation</td></tr> </table> The Company expenses the fair value of stock awards granted or assigned to employees and non-employees for services. Compensation costs for stock awards with immediate vesting are recognized immediately in the income statement based on the fair value of the award.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">k.</td> <td style="text-align: justify">Income tax</td></tr> </table> The Company accounts for income taxes in accordance with ASC 740, “Income Taxes (hereafter – ASC 740). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that a portion or all of the deferred tax assets will not be realized, based on the weight of available positive and negative evidence. Deferred tax liabilities and assets are classified as non-current in accordance with ASC 740. The Company follows the guidance on accounting for uncertainty in income taxes in accordance with U.S. GAAP. Under this guidance, a company can recognize the benefit of an income tax position only if it is more likely than not (greater than 50%) that the tax position will be sustained upon tax examination, based solely on the technical merits of the tax position; otherwise, no benefit can be recognized. The tax benefits recognized are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits, and no amounts accrued for interest and penalties as of December 31, 2025 and 2024. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. ASU 2023-09 became effective for annual periods beginning after December 15, 2024. The Company adopted this standard effective January 1, 2025 and the standard did not have a significant impact on our financial statements (See also Note 8). The application of the standard did not result in additional disclosures as the Company residence is in Cayman Islands.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">l.</td> <td style="text-align: justify">Net Earnings (Loss) per share</td></tr> </table> The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, Earnings Per Share. Basic earnings per share is computed by dividing net earnings (loss) attributable to holders of ordinary shares of the Company, by the weighted average number of ordinary shares outstanding for the reporting period. In computing the Company’s diluted earnings per share, the denominator for diluted earnings per share is a computation of the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period.

<table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">m.</td> <td style="text-align: justify">Segment information reporting </td></tr> </table> In accordance with FASB ASC Topic 280, the Company has determined that it operates in a single operating and reportable segment. The Company’s chief executive officer acts as the Company’s chief operating decision maker (CODM) and examines the Company as a whole, including the review of financial income and expenses. See Note 9 for details of financial income and expenses.

CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

NOTE 3 - PUBLIC OFFERING: In the Initial Public Offering, the Company issued and sold 12,650,000 units at an offering price of $10.00 per unit (the “Units”). The Sponsor purchased an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_z89ivGrDh4n9" title="Warrants issued">4,866,667 Private Warrants (as defined below) at a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_zlyLyQq8BnIf" title="Warrants per shares">1.50 per Private Warrant, approximately $<span id="xdx_904_eus-gaap--WarrantsAndRightsOutstanding_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivateWarrantsMember_zfdjxtQID3Id" title="Value of warrants issued">7,300,000 in the aggregate. Each Unit consists of one Class A ordinary share, $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zAqDOC7dwQ8" title="Common stock, par value">0.0001 par value, and one-half of one warrant, with each whole warrant exercisable for one Class A ordinary share (each, a “Warrant” and, collectively, the “Warrants”). Each Warrant entitles the holder thereof to purchase one whole Class A ordinary share at a price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ze4SlPtgW5Q2" title="Warrant par value">11.50 per share, subject to adjustment. No fractional shares will be issued upon exercise of the Warrants and only whole Warrants will trade. Each Warrant will become exercisable 30 days after the completion of the Company’s initial Business Combination and will expire at 5:00 p.m., New York City time, five years after the completion of the initial Business Combination or earlier upon redemption (only in the case of the Warrants sold in the Public Offering, or the “Public Warrants”) or liquidation. Once the Public Warrants become exercisable, the Company may redeem them in whole and not in part at a price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantMember_zoAx7rAS1Apd" title="Warrant price per share">0.01 per Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last reported sale price of the Company’s Class A ordinary shares equals or exceeds $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zgfHysazZiqe" title="Shares price per share">18.00 per share (as adjusted) for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Warrant holders. The Warrants sold in the Private Placement (the “Private Warrants”) are identical to the Public Warrants except that: (1) they (including the ordinary shares issuable upon exercise of these warrants) may not, subject to certain limited exceptions, be transferred, assigned or sold by the sponsor until 30 days after the completion of the initial business combination; (2) they (including the ordinary shares issuable upon exercise of these warrants) are not registered but are entitled to registration rights; and (3) prior to being sold in the open market or transferred into “street name”, they are not redeemable by the Company. The Company paid an underwriting commission of <span id="xdx_90B_ecustom--PercentageOfUnderwritingCommission_pid_dp_uPure_c20211102__20211102__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zABuPcSWOuw9" title="Percentage of underwriting commission">2.0% of the gross proceeds of the Public Offering, or $2,530 thousand, in the aggregate, to the underwriters at the closings of the Public Offering. See Notes 6 and 8 for more information regarding the waiver of an additional fee that was payable to the underwriters upon the consummation of an Initial Business Combination. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

12650000

10.00

4866667

1.50

7300000

0.0001

11.50

0.01

18.00

0.020

2530000

NOTE 4 - CAPITAL DEFICIENCY: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">a.</td> <td style="text-align: justify">Ordinary Shares</td></tr> </table> Class A ordinary shares The Company is authorized to issue up to 500,000,000 Class A ordinary shares of $0.0001 par value each. Pursuant to the initial Public Offering on December 31, 2022 the Company issued and sold an aggregate of <span id="xdx_903_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20221231__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zjsvE9n83RE" title="Number of shares sold">12,650,000 Class A ordinary shares as part of the Units sold in the respective transaction. The Units (which also included Warrants) were sold at a price of $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zHQ9ER6CMwdl" title="Offering price per share">10 per Unit, and for an aggregate consideration of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20221231__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zCS10KJQibqh" title="Aggregate consideration">126,500,000 in the Public. See Note 3 above for further information regarding those share issuances. Class B ordinary shares As of December 31, 2025 and 2024, there was one ordinary Class B share outstanding. Class B ordinary shares are convertible into Class A ordinary shares, on a one-to-one basis, at any time and from time to time at the option of the holder, or automatically on the day of the business combination. Class B ordinary shares also possess the sole right to vote for the election or removal of directors, until the consummation of an initial business combination. <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">b.</td> <td style="text-align: justify">Preference shares</td></tr> </table> The Company is authorized to issue up to 5,000,000 Preference Shares of $0.0001 par value each. As of December 31, 2025 and 2024, the Company has no Preference shares issued and outstanding. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

500000000

0.0001

12650000

126500000

5000000

0.0001

NOTE 5 – EARNINGS PER SHARE: <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">a.</td> <td style="text-align: justify">Basic</td></tr> </table> As of December 31, 2025 and 2024, the Company had two classes of ordinary shares, Class A ordinary shares subject to possible redemption and non-redeemable Class A and Class B ordinary shares. In order to determine the net loss attributable to each class, the Company first considered the total earnings (loss) allocable to both sets of shares. This is calculated using the total earnings (loss) less any Interest Earned on Investments Held in Trust Account. The accretion to redemption value of the Class A ordinary shares subject to possible redemption is fully allocated to the Class A ordinary shares subject to redemption. SCHEDULE OF EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zFXc2veaehw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zw3YfXvb3oV9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">U.S. dollars in thousands (except share data)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_pn3n3_zhTsz0pxp9q8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net loss for the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(559</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(1,312</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--InvestmentIncomeInterest_iN_pn3n3_di_zlUfwHWEPn7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Add - interest earned on marketable securities held in trust account</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,016</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--NetLossExcludingInterest_pn3n3_zVNOgKfGheD9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(896</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,328</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Class A ordinary shares subject to possible redemption:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--NetLossExcludingInterest_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zVtlFDVCi8Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(821</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--SponsorLoanWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zSkavObgRyha" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsor Loan Waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zavlNqG2ku82" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accretion on Class A ordinary shares subject to possible redemption to redemption amount (“Accretion”)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,485</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--UnderwritersDeferredCompensationWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zxwN17SVoLd2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Underwriters’ deferred compensation waiver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,428</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--TemporaryEquityOtherChanges1_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zEcgSBowKCBa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Class A ordinary shares subject to possible redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">664</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonRedeemableOrdinarySharesValue_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zYSaDu9XrOE8" style="display: none; vertical-align: bottom; background-color: White"> <td>Non-redeemable Class A and Class B ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Weighted average of class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_ztK6hKpRntW3" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zGZOJGAfVP36" title="WEIGHTED AVERAGE SHARES, DILUTED">674,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zAlWylEbLyLi" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zrS7z7b0R4j8" title="WEIGHTED AVERAGE SHARES, DILUTED">1,724,047</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted earnings per Class A ordinary share subject to possible redemption</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_znE6QYwxF4W6" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zHALlgY7AYje" title="DILUTED EARNINGS (LOSS) PER SHARES">0.78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zwETrmauDvu2" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zcWhRyMPzzv" title="DILUTED EARNINGS (LOSS) PER SHARES">0.39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-redeemable Class A and Class B ordinary shares:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NetLossExcludingInterest_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zbqnudtlYO84" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(739</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,506</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--SponsorLoanWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zov55cqBrEbf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsor Loan Waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zGOTeBxmgQPk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Accretion (Including the Sponsor’s Surrender of Shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(347</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(468</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--UnderwritersDeferredCompensationWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zEEWDqyj7mob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Underwriters’ deferred compensation waiver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,428</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--NonRedeemableOrdinarySharesValue_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zEySBfcVmUvf" style="vertical-align: bottom; background-color: White"> <td>Non-redeemable Class A and Class B ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Weighted average of non-redeemable Class A shares and Class B ordinary share outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zvhrJ0ihzYYa" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zoH08q5P5lI4" title="WEIGHTED AVERAGE SHARES, DILUTED">3,162,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zeOCM0eBAqGg" title="Weighted average of ordinary share outstanding, basic"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zTLaB4DC5Tpa" title="Weighted average of ordinary share outstanding, diluted">3,162,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted earnings (loss) per non-redeemable Class A and Class B ordinary share:</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zxDFqhO9zCN8" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zccaDQ61Wb4l" title="DILUTED EARNINGS (LOSS) PER SHARES">(0.34</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zHoAItVWEjHi" title="Basic earnings (loss) per ordinary share"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zDnQPXmYzWl9" title="Diluted earnings (loss) per ordinary share">0.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0.75in"> </td> <td style="text-align: justify; width: 0.25in">b.</td> <td style="text-align: justify">Diluted</td></tr> </table> As of December 31, 2025 and 2024, the Company did not have any dilutive securities or any other contracts which could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

SCHEDULE OF EARNINGS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 89%; margin-left: 0.75in"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zFXc2veaehw4" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20240101__20241231_zw3YfXvb3oV9" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year ended December 31</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; text-align: center">U.S. dollars in thousands (except share data)</td><td style="padding-bottom: 1pt"> </td></tr> <tr id="xdx_40B_eus-gaap--NetIncomeLoss_pn3n3_zhTsz0pxp9q8" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net loss for the year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(559</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">(1,312</td><td style="width: 1%; text-align: left">)</td></tr> <tr id="xdx_409_eus-gaap--InvestmentIncomeInterest_iN_pn3n3_di_zlUfwHWEPn7" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Add - interest earned on marketable securities held in trust account</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(337</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,016</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_402_ecustom--NetLossExcludingInterest_pn3n3_zVNOgKfGheD9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(896</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,328</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Class A ordinary shares subject to possible redemption:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--NetLossExcludingInterest_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zVtlFDVCi8Eh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(157</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(821</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--SponsorLoanWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zSkavObgRyha" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsor Loan Waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zavlNqG2ku82" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Accretion on Class A ordinary shares subject to possible redemption to redemption amount (“Accretion”)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">684</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,485</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--UnderwritersDeferredCompensationWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zxwN17SVoLd2" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Underwriters’ deferred compensation waiver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,428</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_407_ecustom--TemporaryEquityOtherChanges1_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zEcgSBowKCBa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Class A ordinary shares subject to possible redemption</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">527</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">664</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NonRedeemableOrdinarySharesValue_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zYSaDu9XrOE8" style="display: none; vertical-align: bottom; background-color: White"> <td>Non-redeemable Class A and Class B ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Weighted average of class A ordinary shares subject to possible redemption</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_909_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_ztK6hKpRntW3" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zGZOJGAfVP36" title="WEIGHTED AVERAGE SHARES, DILUTED">674,655</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_908_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zAlWylEbLyLi" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zrS7z7b0R4j8" title="WEIGHTED AVERAGE SHARES, DILUTED">1,724,047</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted earnings per Class A ordinary share subject to possible redemption</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90C_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_znE6QYwxF4W6" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zHALlgY7AYje" title="DILUTED EARNINGS (LOSS) PER SHARES">0.78</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_905_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zwETrmauDvu2" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_90A_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--ClassAOrdinarySharesSubjectToPossibleRedemptionMember_zcWhRyMPzzv" title="DILUTED EARNINGS (LOSS) PER SHARES">0.39</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Non-redeemable Class A and Class B ordinary shares:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--NetLossExcludingInterest_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zbqnudtlYO84" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Net loss excluding interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(739</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,506</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--SponsorLoanWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zov55cqBrEbf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Sponsor Loan Waiver</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">335</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--TemporaryEquityAccretionToRedemptionValueAdjustment_pn3n3_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zGOTeBxmgQPk" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Accretion (Including the Sponsor’s Surrender of Shares)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(347</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(468</td><td style="text-align: left">)</td></tr> <tr id="xdx_40B_ecustom--UnderwritersDeferredCompensationWaiver_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zEEWDqyj7mob" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Underwriters’ deferred compensation waiver</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">-</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">4,428</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--NonRedeemableOrdinarySharesValue_hus-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zEySBfcVmUvf" style="vertical-align: bottom; background-color: White"> <td>Non-redeemable Class A and Class B ordinary shares</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,086</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,789</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Weighted average of non-redeemable Class A shares and Class B ordinary share outstanding</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_900_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zvhrJ0ihzYYa" title="WEIGHTED AVERAGE SHARES, BASIC"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zoH08q5P5lI4" title="WEIGHTED AVERAGE SHARES, DILUTED">3,162,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zeOCM0eBAqGg" title="Weighted average of ordinary share outstanding, basic"><span id="xdx_90B_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zTLaB4DC5Tpa" title="Weighted average of ordinary share outstanding, diluted">3,162,500</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted earnings (loss) per non-redeemable Class A and Class B ordinary share:</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zxDFqhO9zCN8" title="BASIC EARNINGS (LOSS) PER SHARES"><span id="xdx_905_eus-gaap--EarningsPerShareDiluted_pid_c20250101__20251231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zccaDQ61Wb4l" title="DILUTED EARNINGS (LOSS) PER SHARES">(0.34</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right"><span id="xdx_90D_eus-gaap--EarningsPerShareBasic_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zHoAItVWEjHi" title="Basic earnings (loss) per ordinary share"><span id="xdx_907_eus-gaap--EarningsPerShareDiluted_pid_c20240101__20241231__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableClassAAndClassBOrdinarySharesMember_zDnQPXmYzWl9" title="Diluted earnings (loss) per ordinary share">0.88</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

-559000

-1312000

337000

1016000

-896000 -2328000 -157000 -821000 335000

684000

1485000

4428000 527000 664000 -1086000 2789000

674655

1724047

0.78

0.39

-739000 -1506000 335000

-347000

-468000

4428000 -1086000 2789000

3162500

-0.34

0.88

NOTE 6 - RELATED PARTY TRANSACTIONS: Third Sponsor Alliance On April 29, 2024, a subsequent sponsor securities purchase agreement was executed between EVGI, the Company’s second sponsor, and ARWM Pte Limited (“ARWM”), the Company’s third sponsor, pursuant to which, EVGI agreed to transfer to ARWM on the closing (a) an aggregate of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240429__20240429__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_zq3W4eiXnmih" title="Number of shares issued">2,360,000 founders’ shares, consisting of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240429__20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_zk6o0boZ1UL6" title="Number of shares issued">2,359,999 Class A ordinary shares of the Company, or <span id="xdx_900_ecustom--PercentOfSharesOutstanding_iI_pid_dp_uPure_c20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_znQzAx6KzUL5" title="Percentage of shares outstanding">46.50% of the outstanding Class A Ordinary Shares, and <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240429__20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_z60OyeokGAsf" title="Number of shares issued">1 Class B ordinary share of the Company (“Class B Ordinary Share”), or <span id="xdx_90E_ecustom--PercentOfSharesOutstanding_iI_pid_dp_uPure_c20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_zm7UqIwpkKCl" title="Percentage of shares outstanding">100% of the outstanding Class B Ordinary Shares and (b) <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20240429__us-gaap--StatementEquityComponentsAxis__custom--PrivatePlacementWarrantsMember__us-gaap--TypeOfArrangementAxis__custom--SponsorSecuritiesPurchaseAgreementMember_zSllubExMtWh" title="Number of warrants issued">3,893,334 private placement warrants (“Private Warrants”) that had been purchased by the first Sponsor concurrently with the Company’s IPO. Prior to the closing of the Third Sponsor Alliance, <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20240429__20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--EVGILimitedMember_zrTWjaKQWUL" title="Number of shares issued">170,000 Class A Ordinary Shares owned by EVGI were transferred to EVGI Designees. The transferred securities, collectively constituted <span id="xdx_90C_ecustom--PercentOfSharesOutstanding_iI_pid_dp_uPure_c20240429__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--EVGILimitedMember_zMpnCg8MckEb" title="Percentage of shares outstanding">100% of the securities of the Company owned by EVGI prior to transaction. See Note 10 regarding stock based compensation. On May 16, 2024, the parties completed the closing related to the and as part of the closing of the Third Sponsor Alliance, the Company introduced a change in management and the board of directors of the Company. Post the May 16, 2024 closing, ARWM transferred or sold 575,000 of its sponsor shares (see Note 10 regarding stock based compensation). As of December 31, 2025, ARWM owned <span id="xdx_902_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--ARWMPteLimitedMember_zeHcRXCiv96" title="Ordinary stock, shares outstanding">1,784,999 Class A ordinary shares, representing <span id="xdx_90C_ecustom--OwnershipPercentageTransferred_iI_pid_dp_c20251231__dei--LegalEntityAxis__custom--ARWMPteLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_ztR6qCA33lJh" title="Ownership percentage, transferred">56.4% of the outstanding Class A Ordinary Shares and <span id="xdx_905_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20251231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__dei--LegalEntityAxis__custom--ARWMPteLimitedMember_za0B2IyfOig8" title="Ordinary stock, shares outstanding">1 Class B ordinary share, representing <span id="xdx_909_ecustom--OwnershipPercentageTransferred_iI_pid_dp_c20251231__dei--LegalEntityAxis__custom--ARWMPteLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zon2bqFvg4V5" title="Ownership percentage, transferred">100% of the outstanding Class B Ordinary Shares. Promissory Notes – First and Second Sponsors On January 30, 2024, the Company issued a convertible promissory note to the first Sponsor under which the Company can borrow up to a $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240130__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FirstSponsorMember_zl3zp3xpTGsc" title="Principal amount">330 thousand principal amount from the first Sponsor or its registered assigns or successors in interest (the “Payee”), which will be funded equally by the primary three limited partners of the first Sponsor ($<span id="xdx_905_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20240130__20240130__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNotePerEachSponsorMember_zBsmeM8Ny4F6" title="Related party amount transaction">110,000 each). The Company shall draw amounts under the promissory note to fund costs and expenses related to its operations and the Business Combination. The promissory note contains the same terms and conditions as the March 16, 2022 and November 8, 2023 promissory notes referenced above. On January 31, 2024, the Company requested of the first Sponsor that $<span id="xdx_906_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn3n3_c20240131__20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FirstSponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zwselIizlaA" title="Related party amount transaction">290 thousand of the $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_c20240131__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FirstSponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zC8HErdHErr8">330 thousand promissory note be funded. The requested amount of $<span id="xdx_908_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_pn3n3_c20240205__20240205__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--FirstSponsorMember__us-gaap--DebtInstrumentAxis__custom--PromissoryNotesMember_zOCIFlzTBDPg" title="Related party amount transaction">290 thousand was received by the Company on February 5, 2024. On February 23, 2024, as part of closing of the Second Sponsor Alliance, the promissory notes issued by the Company to the first Sponsor, consisting of promissory notes (a) dated March 16, 2022, in a principal amount of $<span id="xdx_90F_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20240223__20240223__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorAlliancePromissoryNotesMember_zbkwsZOTANrg" title="Related party amount transaction">450,000, (b) dated November 8, 2023, in a principal funded amount of $<span id="xdx_902_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20240223__20240223__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNoteDatedNovemberEightTwoThousandsTwentyThreeMember_zK0oeDydndg1" title="Related party amount transaction">120,000, and (c) dated January 30, 2023, in a principal funded amount of $<span id="xdx_901_eus-gaap--RelatedPartyTransactionAmountsOfTransaction_c20240223__20240223__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--PromissoryNoteDatedJanuaryThirtyTwoThousandsTwentyThreeMember_zPaB1tjp7MW2" title="Related party amount transaction">290,000, were waived by the Sponsor. This $<span id="xdx_906_ecustom--NoncashAdjustmentSponsorLoanCancellation_c20240223__20240223__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorAlliancePromissoryNotesMember_zNinBs7uvvR9" title="Non cash adjustment sponsor loan cancellation">860,000 adjustment was reflected in the changes in capital deficiency section of the Company’s 2024 financial statements. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued) NOTE 6 - RELATED PARTY TRANSACTIONS (continued): Promissory Notes – Third Sponsor (ARWM) On May 17, 2024, the Company issued an unsecured promissory note to the Company’s third sponsor, ARWM Inc Pte. Ltd. (the “Lender”) with a principal amount up to $<span id="xdx_906_eus-gaap--DebtInstrumentFaceAmount_iI_c20240517__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zUYYRRrwjdD8" title="Principal amount">500,000 (the “Note”). The Note is repayable in full upon the earlier of (a) the Maturity Date (including extensions), (b) the date of the consummation of the Company’s initial business combination or (c) the date of the liquidation of the Company. The Note bears no interest, however, an establishment fee, a line fee and an exit fee totaling in aggregate <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240517__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zF3xkwRacJii" title="Interest rate">9.0% per annum are payable on the Maturity Date. At the option of Lender, at any time on or prior to the Maturity Date, any unpaid principal amount outstanding under this Note may be converted into whole warrants of the Company to purchase common stock of the Company at a conversion price equal to $<span id="xdx_90F_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20240517__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zmf9Eosij8ed" title="Conversion price">1.00 per Warrant. If Lender elects such conversion, the terms of such Warrants shall be identical, with the exception of the exercise price, to the warrants issued in connection with Company’s initial public offering that closed on November 02, 2021 (the “Private Placement Warrants”). On March 2025, the parties signed an agreement to increase the maximum principal amount to $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20250331__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zOOsi9Kd0Bw6" title="Principal amount">900,000. <span id="xdx_90D_eus-gaap--DebtInstrumentMaturityDateDescription_c20240517__20240517__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_z7XPxYuUakNf" title="Debt instrument, maturity date, description">The Company and the Lender signed a Note extension on November 1, 2024 to extend the Maturity Date from November 1, 2024 to June 30, 2025, and on July 29, 2025 to extend the Maturity Date to June 30, 2026, and on July 7, 2026 the parties agreed to extend the maturity date of the Note to the earlier of (i) the closing of the Company’s initial business combination or (ii) June 30, 2027. All other terms of the Note remain unchanged by the Note extension. The Lender advanced $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfDebt_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zYmUjiRBT9t8" title="Advances from lender">95,000 during the year ended December 31, 2025. The balance due the Lender as of December 31, 2025 was $<span id="xdx_902_eus-gaap--NotesPayable_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_zWi3NP1m2Jid" title="Note balance due">855,000 (reflected as Sponsor loan on the balance sheet), which consisted of $<span id="xdx_907_eus-gaap--OtherLiabilities_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_z7bjUIi9jmQf" title="Advances payable">758,000 of advances under the Note plus $<span id="xdx_90B_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ARWMIncPteLtdMember_z5WcUFV0RV8e" title="Accrued interest">97,000 of accrued interest. If the Company does not consummate an Initial Business Combination by the Maturity Date the Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

2360000

2359999

0.4650

3893334

170000

575000

1784999

0.564

330000

110000

290000

330000

290000

450000

120000

290000

860000

500000

0.090

1.00

900000

The Company and the Lender signed a Note extension on November 1, 2024 to extend the Maturity Date from November 1, 2024 to June 30, 2025, and on July 29, 2025 to extend the Maturity Date to June 30, 2026, and on July 7, 2026 the parties agreed to extend the maturity date of the Note to the earlier of (i) the closing of the Company’s initial business combination or (ii) June 30, 2027. All other terms of the Note remain unchanged by the Note extension.

95000

855000

758000

97000

NOTE 7 – PROMISSORY NOTES – UNRELATED PARTY: Energi Holding Limited On March 25, 2024, the Company issued an unsecured promissory note to Energi Holding Limited (“Energi”), an unrelated party, with a principal amount up to $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20240325__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zFmzKGF8U646">600,000 (the “Note”). The Note is repayable in full upon the earlier of (a) November 1, 2024, (b) the date of the consummation of the Company’s initial business combination or (c) the date of the liquidation of the Company (such earlier date, the “Maturity Date”). The Note bears no interest, however, an establishment fee, a line fee and an exit fee totaling in aggregate <span id="xdx_909_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20240325__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zcVMBIjCpF59">9.0% per annum, are payable on the Maturity Date. On March 25, 2024, Energi advanced $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfDebt_c20240325__20240325__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zwsuTkELsmX7" title="Advanced amount">600,000 to the Company under the Note. <span id="xdx_909_eus-gaap--DebtInstrumentMaturityDateDescription_c20250101__20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zeozIKC2EIX1" title="Debt instrument, maturity date, description">The Company and Energi signed a Note extension to extend the Maturity Date from November 1, 2024 to November 2, 2025, and subsequently signed a Note extension to November 2, 2026. All other terms of the Note remain unchanged by the Note extension. The balance due Energi as of December 31, 2025 was $<span id="xdx_905_eus-gaap--NotesPayable_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zgxJNMAZd3Pk" title="Note balance due">690,000, which consisted of $<span id="xdx_90B_eus-gaap--OtherLiabilities_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_z3MXFumgKPgj" title="Advances">600,000 of advances under the Notes plus $<span id="xdx_90C_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EnergiHoldingLimitedMember_zeOPYKU1g6f9" title="Accrued interest">90,000 of accrued interest. Hali International Limited On July 17, 2025, the Company issued an unsecured promissory note to Hali International Limited (“Hali”), an unrelated party, with a principal amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20250717__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zk1C3doip4Pi" title="Note principal amount">200,000, and on October 15, 2025, the Company issued an additional unsecured promissory note to Hali with a principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20251015__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zZ6JB44E7Q2d" title="Note principal amount">150,000 (the “Notes”). The Notes, which bear interest at <span id="xdx_908_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251015__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zYHbnza5frFd" title="Bear interest rate">12% per annum, are repayable in full on or prior to <span id="xdx_90A_eus-gaap--DebtInstrumentMaturityDate_dd_c20250717__20250717__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zz39UJGc4N9c" title="Note maturity date">October 14, 2026 (the “Maturity Date”), as determined by the Company. The balance due Hali as of December 31, 2025 was $<span id="xdx_909_eus-gaap--NotesPayable_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zZK6Fu7sVHCc" title="Note balance due">364,000, which consisted of $350,000 of advances under the Notes plus $<span id="xdx_907_eus-gaap--InterestPayableCurrentAndNoncurrent_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--HaliInternationalLimitedMember_zqfvW3laUFb9">14,000 of accrued interest. VivoPower On December 23, 2025, the Company issued an unsecured promissory note to VivoPower, the parent company of Tembo (see Note 1-d Business Combination), and an unrelated party, with a principal amount of $<span id="xdx_909_eus-gaap--DebtInstrumentFaceAmount_iI_c20251223__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--VivoPowerMember_zX3ZEYNvy7kl" title="Note principal amount">65,000 (the “Note”). The Note, which bears interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20251223__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--VivoPowerMember_zcElcREX06D1" title="Bear interest rate">10% per annum, is repayable in full on or prior to <span id="xdx_901_eus-gaap--DebtInstrumentMaturityDate_dd_c20251223__20251223__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--VivoPowerMember_zmf0IVuSHxYi" title="Note maturity date">October 14, 2026 (the “Maturity Date”), as determined by the Company. The balance due VivoPower as of December 31, 2025 was $<span id="xdx_90F_eus-gaap--NotesPayable_iI_c20251231__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--VivoPowerMember_zOBAGnG7wsC3" title="Note balance due">65,000, representing advances under the Note. CACTUS ACQUISITION CORP. 1 LIMITED NOTES TO FINANCIAL STATEMENTS (continued)

600000

0.090

600000

The Company and Energi signed a Note extension to extend the Maturity Date from November 1, 2024 to November 2, 2025, and subsequently signed a Note extension to November 2, 2026

690000

600000

90000

200000

150000

0.12

2026-10-14

364000

350000

14000

65000

0.10

2026-10-14

65000

NOTE 8 - COMMITMENTS AND CONTINGENCIES Under the Underwriting Agreement, the Company was obligated to pay an additional fee (the “Deferred Underwriting Compensation”) of 3.5% ($4,428,000) of the gross proceeds of the Public Offering, payable upon the Company’s completion of the Initial Business Combination. The Underwriting Compensation was recorded as a deferred liability on the balance sheet as of December 31, 2023. In connection with the closing of the Sponsor Alliance on February 23, 2024 (see Note 6), the Company obtained a waiver with respect to the underwriters’ payment of the deferred underwriting compensation additional fee. This $4,428,000 adjustment was reflected in the changes in capital deficiency section of the Company’s 2024 financial statements.

0.035

4428000000

NOTE 9 – FINANCIAL INCOME AND EXPENSES Financial income represents interest earned on funds in the Trust account (see Note 2d), which amounted to $337,000 and $1,016,000 for the years ended December 31, 2025 and 2024, respectively. Financial expenses amounted to $144,000 for the year ended December 31, 2025, consisting of $71,000 on the Sponsor loan (see Note 6) and $73,000 on the Promissory notes (see Note 7), and $304,000 for the year ended December 31, 2024, consisting of $26,000 on the Sponsor loan (see Note 6) and $278,000 on the Promissory notes (see Note 7).

337000

1016000

144000

71000

73000

304000

26000

278000

NOTE 10 – STOCK AWARDS During the year ended December 31, 2024, the Sponsor assigned <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zLytphOdXDRb" title="Number of shares assigned">175,000 Class A non-redeemable shares (founder shares) to directors. The stock awards were valued at $<span id="xdx_90D_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zv5nuceMdH8l" title="Value of shares assigned">387,000 and are reflected in the financial statements as stock based compensation and included in operating expenses, with a corresponding amount as a capital contribution to additional paid in capital. The <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zbJQexHAti1e" title="Number of shares assigned">175,000 shares have an implied value of $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zJDID4dwO4Sk" title="Implied value per share">2.21 per share, or an aggregate of $<span id="xdx_90D_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zwkt3rPw1oJ9" title="Value of shares assigned">387,000. The $<span id="xdx_90D_eus-gaap--StockGrantedDuringPeriodValueSharebasedCompensation_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_zfLyVs4dBy5" title="Value of shares assigned">387,000 value was determined based on a market approach methodology with a probability of acquisition assessment, using a stock price at the measurement date of $11.06 and assigning a probability of acquisition of <span id="xdx_907_ecustom--AcquisitionPercentage_pid_dp_uPure_c20240101__20241231__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--StatementClassOfStockAxis__custom--FoundersSharesMember_z2HSq0w9aICb" title="Probability of acquisition percentage">20%. There were no stock awards assigned for the year ended December 31, 2025.

175000

387000

175000

2.21

387000

11.06

0.20

NOTE 11 - SUBSEQUENT EVENT Promissory Note On May 19, 2026, the Company issued an unsecured promissory note to TAG INTL DMCC, an unrelated party, with a principal amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20260519__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--TAGINTLDMCCMember_zcNRRptozLmk">300,000 (the “Note”). The Note, which was funded on May 26, 2026, and bears interest at <span id="xdx_900_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20260519__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--TAGINTLDMCCMember_zaaMjSUPwWl3">12% per annum, is repayable in full on or prior to <span id="xdx_905_eus-gaap--DebtInstrumentMaturityDate_ddp_c20260519__20260519__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--DebtInstrumentAxis__custom--UnsecuredPromissoryNoteMember__dei--LegalEntityAxis__custom--TAGINTLDMCCMember_zHVEKqvh72w8">May 19, 2027, as determined by the Company.

300000

0.12

2027-05-19

Represents an amount less than 1 thousand US Dollars