0001823652 2025-01-01 2025-06-30 0001823652 2025-04-01 2025-06-30 0001823652 2026-01-01 2026-06-30 0001823652 2024-12-31 0001823652 2026-06-30 0001823652 2025-06-30 0001823652 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001823652 us-gaap:CommonStockMember 2025-06-30 0001823652 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0001823652 us-gaap:RetainedEarningsMember 2025-06-30 0001823652 us-gaap:CommonStockMember 2024-12-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001823652 us-gaap:RetainedEarningsMember 2024-12-31 0001823652 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0001823652 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0001823652 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0001823652 us-gaap:CommonStockMember 2026-06-30 0001823652 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0001823652 us-gaap:RetainedEarningsMember 2026-06-30 0001823652 us-gaap:HeldtomaturitySecuritiesMember 2026-06-30 0001823652 us-gaap:HeldtomaturitySecuritiesMember 2026-01-01 2026-06-30 0001823652 evex:MasterServiceAgreementMember evex:EmbraerSAMember 2021-12-14 2021-12-14 0001823652 evex:SharedServiceAgreementMember srt:ParentCompanyMember 2021-12-14 2021-12-14 0001823652 evex:MasterServiceAgreementMember evex:AtechMember 2021-12-14 2021-12-14 0001823652 evex:MasterServiceAgreementMember 2026-01-01 2026-06-30 0001823652 us-gaap:ResearchAndDevelopmentExpenseMember 2026-01-01 2026-06-30 0001823652 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2026-01-01 2026-06-30 0001823652 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-01 2025-06-30 0001823652 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-01 2025-06-30 0001823652 us-gaap:RelatedPartyMember 2026-06-30 0001823652 us-gaap:NonrelatedPartyMember 2026-06-30 0001823652 evex:LoanAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:LoanAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:LoanAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:LoanAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:LoanAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:FinancingAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:FinancingAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:FinancingAgreementMember evex:ThirdLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:FinancingAgreementMember evex:FourthLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:FinancingAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember evex:FourthLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:CreditAgreementMember us-gaap:LoansPayableMember evex:CitibankNAMember 2024-10-29 2024-10-29 0001823652 evex:CreditAgreementMember us-gaap:LoansPayableMember evex:CitibankNAMember 2024-10-29 0001823652 evex:FinancingAgreementMember us-gaap:LoansPayableMember evex:BrazilsNationalDevelopmentBankMember 2024-11-22 0001823652 evex:SubscriptionAgreementsMember us-gaap:PrivatePlacementMember 2024-07-12 2024-07-12 0001823652 evex:SubscriptionAgreementsMember us-gaap:PrivatePlacementMember 2024-07-12 0001823652 evex:WarrantExchangeAgreementsMember us-gaap:PrivatePlacementMember 2024-07-12 2024-07-12 0001823652 evex:WarrantExchangeAgreementsMember us-gaap:PrivatePlacementMember 2024-07-12 0001823652 evex:WarrantExchangeAgreementsMember evex:StrategicPennyWarrantsMember us-gaap:PrivatePlacementMember 2024-07-12 2024-07-12 0001823652 evex:WarrantExchangeAgreementsMember evex:StrategicPennyWarrantsMember evex:EmbraerAircraftHoldingIncMember us-gaap:PrivatePlacementMember 2024-07-12 2024-07-12 0001823652 us-gaap:PrivatePlacementMember 2024-07-12 2024-07-12 0001823652 evex:PublicWarrantsMember us-gaap:CommonStockMember 2026-06-30 0001823652 evex:PublicWarrantsMember 2026-06-30 0001823652 evex:PublicWarrantsMember 2026-01-01 2026-06-30 0001823652 evex:PublicWarrantsMember us-gaap:CommonStockMember 2026-01-01 2026-06-30 0001823652 evex:PublicWarrantsMember us-gaap:PrivatePlacementMember 2026-06-30 0001823652 evex:PublicWarrantsMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2026-01-01 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember evex:StrategicWarrantsOneMember us-gaap:CommonStockMember 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember evex:StrategicWarrantsTwoMember us-gaap:CommonStockMember 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember evex:StrategicWarrantsThreeMember us-gaap:CommonStockMember 2026-06-30 0001823652 evex:StrategicWarrantsMember 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember evex:StrategicWarrantsOneMember us-gaap:PrivatePlacementMember 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember evex:StrategicWarrantsMember 2026-06-30 0001823652 evex:StrategicPennyWarrantsMember 2026-06-30 0001823652 evex:StrategicMarketWarrantsMember evex:StrategicWarrantsThreeMember us-gaap:PrivatePlacementMember 2026-06-30 0001823652 evex:StrategicMarketWarrantsMember evex:StrategicWarrantsThreeMember us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2026-01-01 2026-06-30 0001823652 evex:StrategicMarketWarrantsMember 2026-06-30 0001823652 us-gaap:CommonStockMember us-gaap:PrivatePlacementMember 2026-06-30 0001823652 us-gaap:PrivatePlacementMember 2026-06-30 0001823652 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001823652 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001823652 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001823652 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2026-06-30 0001823652 evex:UnvestedRestrictedStockUnitsRSUMember 2025-01-01 2025-06-30 0001823652 evex:PennyWarrantsMember 2025-01-01 2025-06-30 0001823652 us-gaap:WarrantMember 2025-01-01 2025-06-30 0001823652 evex:UnvestedRestrictedStockUnitsRSUMember 2026-01-01 2026-06-30 0001823652 evex:PennyWarrantsMember 2026-01-01 2026-06-30 0001823652 us-gaap:WarrantMember 2026-01-01 2026-06-30 0001823652 us-gaap:ResearchAndDevelopmentExpenseMember 2025-04-01 2025-06-30 0001823652 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-04-01 2025-06-30 0001823652 evex:EvtolMember 2025-04-01 2025-06-30 0001823652 evex:ServiceSupportMember 2025-04-01 2025-06-30 0001823652 evex:UatmMember 2025-04-01 2025-06-30 0001823652 evex:EvtolMember 2026-01-01 2026-06-30 0001823652 evex:ServiceSupportMember 2026-01-01 2026-06-30 0001823652 evex:UatmMember 2026-01-01 2026-06-30 0001823652 evex:EvtolMember 2025-01-01 2025-06-30 0001823652 evex:ServiceSupportMember 2025-01-01 2025-06-30 0001823652 evex:UatmMember 2025-01-01 2025-06-30 0001823652 us-gaap:WarrantMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember evex:ThirdLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 us-gaap:OtherMachineryAndEquipmentMember 2026-06-30 0001823652 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2026-06-30 0001823652 us-gaap:ComputerEquipmentMember 2026-06-30 0001823652 us-gaap:ConstructionInProgressMember 2026-06-30 0001823652 evex:GrantAgreementMember evex:FinanciadoraDeEstudosEProjetosMember 2025-05-14 0001823652 evex:GrantAgreementMember evex:FinanciadoraDeEstudosEProjetosMember srt:MinimumMember 2025-05-14 2025-05-14 0001823652 evex:GrantAgreementMember evex:FinanciadoraDeEstudosEProjetosMember srt:MaximumMember 2025-05-14 2025-05-14 0001823652 evex:GrantAgreementMember evex:FinanciadoraDeEstudosEProjetosMember 2026-06-30 0001823652 evex:EmbraerAircraftHoldingIncMember 2026-01-01 2026-06-30 0001823652 evex:FinancingAgreementMember us-gaap:LoansPayableMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:RegisteredDirectOfferingMember 2025-08-01 2025-09-30 0001823652 evex:EmbraerAircraftHoldingIncMember evex:RegisteredDirectOfferingMember 2025-08-01 2025-09-30 0001823652 evex:StrategicPennyWarrantsMember 2025-07-01 2025-07-31 0001823652 evex:SubscriptionAgreementsMember evex:RegisteredDirectOfferingMember 2025-08-13 2025-08-13 0001823652 evex:SubscriptionAgreementsMember evex:RegisteredDirectOfferingMember 2025-08-13 0001823652 evex:SubscriptionAgreementsMember evex:BrazilianDepositaryReceiptsMember evex:RegisteredDirectOfferingMember 2025-08-13 0001823652 evex:SubscriptionAgreementsMember evex:RegisteredDirectOfferingMember 2026-01-01 2026-06-30 0001823652 evex:SubscriptionAgreementsMember evex:BrazilsNationalDevelopmentBankMember evex:RegisteredDirectOfferingMember 2026-01-01 2026-06-30 0001823652 evex:GrantAgreementMember evex:FinanciadoraDeEstudosEProjetosMember 2026-01-01 2026-06-30 0001823652 evex:EmbraerAircraftHoldingIncMember 2026-06-30 0001823652 2025-12-31 0001823652 us-gaap:RelatedPartyMember 2025-12-31 0001823652 us-gaap:NonrelatedPartyMember 2025-12-31 0001823652 us-gaap:CommonStockMember 2025-12-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001823652 us-gaap:RetainedEarningsMember 2025-12-31 0001823652 us-gaap:HeldtomaturitySecuritiesMember 2025-12-31 0001823652 us-gaap:OtherMachineryAndEquipmentMember 2025-12-31 0001823652 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2025-12-31 0001823652 us-gaap:ConstructionInProgressMember 2025-12-31 0001823652 us-gaap:ComputerEquipmentMember 2025-12-31 0001823652 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001823652 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001823652 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001823652 us-gaap:ToolsDiesAndMoldsMember 2026-06-30 0001823652 us-gaap:MachineryAndEquipmentMember 2026-06-30 0001823652 us-gaap:ToolsDiesAndMoldsMember 2025-12-31 0001823652 us-gaap:MachineryAndEquipmentMember 2025-12-31 0001823652 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001823652 evex:SyndicatedCreditAgreementMember evex:EVEUAMLlcMember 2026-01-15 2026-01-15 0001823652 evex:CreditAgreementMember us-gaap:LoansPayableMember evex:CitibankNAMember 2026-01-14 2026-01-14 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2025-11-18 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2025-12-31 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2025-12-31 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2025-12-31 0001823652 evex:CreditAgreementMember us-gaap:LineOfCreditMember evex:PrivateExportFundingCorporationAndExportImportBankOfUnitedStatesMember 2025-12-23 0001823652 evex:CreditAgreementMember us-gaap:LineOfCreditMember evex:PrivateExportFundingCorporationAndExportImportBankOfUnitedStatesMember 2025-12-23 2025-12-23 0001823652 evex:SubscriptionAgreementMember evex:BrazilsNationalDevelopmentBankMember evex:RegisteredDirectOfferingMember 2026-01-01 2026-06-30 0001823652 evex:SubscriptionAgreementMember us-gaap:LoansPayableMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 us-gaap:HeldtomaturitySecuritiesMember 2025-01-01 2025-12-31 0001823652 evex:StrategicPennyWarrantsMember 2024-10-31 0001823652 evex:SubscriptionAgreementsMember us-gaap:LoansPayableMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:CreditAgreementMember us-gaap:LineOfCreditMember evex:PrivateExportFundingCorporationAndExportImportBankOfUnitedStatesMember 2026-06-30 0001823652 evex:SyndicatedCreditAgreementMember evex:EVEUAMLlcMember 2026-01-15 0001823652 evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:SyndicatedCreditAgreementMember evex:EVEUAMLlcMember 2026-06-30 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:FirstLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:SecondLineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember evex:BrazilsNationalDevelopmentBankMember 2026-01-01 2026-06-30 0001823652 evex:SyndicatedCreditAgreementMember evex:EVEUAMLlcMember 2026-01-01 2026-06-30 0001823652 evex:EmbraerAircraftHoldingIncMember 2025-01-01 2025-12-31 0001823652 evex:ElectricMotorsDevelopmentLoanAgreementMember us-gaap:LineOfCreditMember evex:BrazilsNationalDevelopmentBankMember 2026-06-30 0001823652 srt:MinimumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2026-06-30 0001823652 srt:MaximumMember us-gaap:ComputerSoftwareIntangibleAssetMember 2026-06-30 0001823652 us-gaap:ComputerSoftwareIntangibleAssetMember 2026-01-01 2026-06-30 0001823652 us-gaap:CommonStockMember 2026-03-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0001823652 us-gaap:RetainedEarningsMember 2026-03-31 0001823652 2026-03-31 0001823652 2026-04-01 2026-06-30 0001823652 us-gaap:RetainedEarningsMember 2026-01-01 2026-03-31 0001823652 2026-01-01 2026-03-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-03-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0001823652 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0001823652 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-03-31 0001823652 us-gaap:RetainedEarningsMember 2025-01-01 2025-03-31 0001823652 2025-01-01 2025-03-31 0001823652 us-gaap:CommonStockMember 2025-03-31 0001823652 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0001823652 us-gaap:RetainedEarningsMember 2025-03-31 0001823652 2025-03-31 0001823652 us-gaap:ResearchAndDevelopmentExpenseMember 2026-04-01 2026-06-30 0001823652 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2026-04-01 2026-06-30 0001823652 evex:EvtolMember 2026-04-01 2026-06-30 0001823652 evex:ServiceSupportMember 2026-04-01 2026-06-30 0001823652 evex:UatmMember 2026-04-01 2026-06-30 0001823652 2026-08-04 0001823652 us-gaap:CommonStockMember 2026-04-01 2026-06-30 shares pure iso4217:BRL iso4217:USD iso4217:USD shares iso4217:BRL shares evex:Number evex:Vertipots

http://fasb.org/us-gaap/2025#BaseRateMember

false 2026 Q2 0001823652 --12-31 FL

http://fasb.org/us-gaap/2025#DerivativeLiabilitiesCurrent

P1Y

false false false false 10-Q true 2026-06-30 false 001-39704 EVE HOLDING, INC. DE 85-2549808 1400 General Aviation Drive Melbourne 32935 (321) 751-5050 Common Stock, par value $0.001 per share Warrants, each whole warrant exercisable for one share of Common Stock EVEX EVEXW NYSE NYSE Yes Yes Accelerated Filer false false false 348486333

52210000

103233000

8592000

8380000

342481000

280845000

61000

54000

17838000

18362000

421181000

410874000

819000

19000

13630000

10560000

239000

310000

7431000

4762000

6886000

3916000

7543000

4434000

36548000

24002000

457730000

434875000

1882000

3828000

70382000

70265000

5739000

3374000

1696000

4588000

41481000

42713000

121179000

124769000

303140000

176412000

2134000

1890000

8446000

8046000

313720000

186348000

434899000

311117000

0.001

348000

832614000

830500000

-810131000

-707090000

22831000

123758000

457730000

434875000

28930000

45672000

88006000

90383000

8301000

8205000

15548000

16097000

37231000

53877000

103554000

106480000

-37231000

-53877000

-103554000

-106480000

2294000

-9471000

2893000

-6156000

4686000

3541000

9808000

7454000

5228000

2388000

9848000

4622000

-1620000

-2055000

-5116000

-3789000

-37099000

-64251000

-105817000

-113593000

-2870000

435000

-2775000

-123000

-34229000

-64685000

-103042000

-113470000

-34229000

-64685000

-103042000

-113470000

-34229000

-64685000

-103042000

-113470000

297644000

298000

606460000

-482835000

123922000

-48784000

1002000

297644000

298000

607462000

-531619000

76141000

-64685000

242000

1980000

297887000

298000

609442000

-596304000

13435000

348305000

348000

830500000

-707090000

123758000

-68813000

1108000

348305000

348000

831608000

-775903000

56054000

-34229000

182000

1006000

348486000

348000

832614000

-810131000

22831000

-103042000

-113470000

911000

189000

85000 337000

-3197000

-2216000

2253000

3139000

2893000

-6156000

-2970000

2636000 1192000

3953000

1816000

806000

-468000

-4122000

976000

521000

5757000

-1876000

16717000

-115330000

-80523000

106000000

155000000

165000000

108000000

1022000

1650000

1722000

-61672000

45278000

51776000

178259000

20813000

187000

178000

138000

157000

126157000

20479000

34000

-65000

-50811000

-14832000

111613000

56366000

60802000

41534000

5998000

4329000

1015000

2258000

591000

16000

10000

515000

941000

<a href="#" id="TOC_c2729133fbe08cb40f49"></a><a href="#TOC" style="text-decoration:none">Note 1 – Organization and Basis of Presentation</a> Eve Holding, Inc. (together with its subsidiaries, as applicable, “Eve,” the “Company,” “we,” “us,” or “our”), is an aerospace company that is dedicated to accelerating the urban air mobility (“UAM”) ecosystem. The Company is taking a holistic approach to progressing the UAM ecosystem with an advanced electric vertical take-off and landing (“eVTOL”) project, a comprehensive global services and support network and a unique air traffic management solution. The Company is organized in Delaware with operations in Melbourne, Florida and São Paulo, Brazil. <div style="-aw-sdt-tag:'45a-1f3-c72-7dd-bd31'">Basis of Presentation The unaudited condensed consolidated financial statements are presented in US Dollars, unless otherwise noted, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The unaudited condensed consolidated financial statements herein should be read in conjunction with our audited consolidated financial statements and notes thereto included within our 2025 Form 10-K. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, the Company’s financial position, results of operations and cash flows for the periods presented. All intercompany balances and transactions were eliminated in consolidation. Certain columns and rows may not add due to rounding.</div> <div style="-aw-sdt-tag:'87a-71d-051-782-7533'">Use of EstimatesThe preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires the Company’s management to make estimates and judgments that affected the reported amounts of assets and liabilities and allocations of expenses. These judgments were based on the historical experience, management’s evaluation of trends in the industry and other factors that were deemed relevant at that time. The estimates and assumptions were reviewed on a regular basis and the changes to accounting estimates were recognized in the period in which the estimates were revised. The Company’s management recognizes that the actual results could be materially different from the estimates.</div> <div style="-aw-sdt-tag:'756-a85-2fc-095-64b7'">Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). This guidance requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The guidance is effective for our fiscal year ending December 31, 2027 and our interim periods during the fiscal year ending December 31, 2028. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The new guidance requires companies to start capitalizing eligible software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted and may be applied using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements. On December 4, 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in International Financial Reporting Standards (“IFRS”), specifically International Accounting Standards (“IAS”) 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC 832, Government Assistance. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements.</div>

Basis of Presentation The unaudited condensed consolidated financial statements are presented in US Dollars, unless otherwise noted, and have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the accounting and disclosure rules and regulations of the Securities Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Additionally, operating results for interim periods are not necessarily indicative of the results that can be expected for a full year. The unaudited condensed consolidated financial statements herein should be read in conjunction with our audited consolidated financial statements and notes thereto included within our 2025 Form 10-K. These unaudited condensed consolidated financial statements reflect, in the opinion of management, all material adjustments (which include normal recurring adjustments) necessary to fairly state, in all material respects, the Company’s financial position, results of operations and cash flows for the periods presented. All intercompany balances and transactions were eliminated in consolidation. Certain columns and rows may not add due to rounding.

Use of EstimatesThe preparation of condensed consolidated financial statements in accordance with U.S. GAAP requires the Company’s management to make estimates and judgments that affected the reported amounts of assets and liabilities and allocations of expenses. These judgments were based on the historical experience, management’s evaluation of trends in the industry and other factors that were deemed relevant at that time. The estimates and assumptions were reviewed on a regular basis and the changes to accounting estimates were recognized in the period in which the estimates were revised. The Company’s management recognizes that the actual results could be materially different from the estimates.

Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement–Reporting Comprehensive Income–Expense Disaggregation Disclosures (Subtopic 220-40). This guidance requires more detailed disclosure about certain costs and expenses presented in the income statement, including inventory purchases, employee compensation, selling expense and depreciation expense. The guidance is effective for our fiscal year ending December 31, 2027 and our interim periods during the fiscal year ending December 31, 2028. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The new guidance requires companies to start capitalizing eligible software costs when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted and may be applied using a prospective, retrospective or modified transition approach. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements. On December 4, 2025, the FASB issued ASU 2025-10, Accounting for Government Grants Received by Business Entities, to establish guidance on the recognition, measurement, and presentation of government grants received by business entities. The new guidance leverages the principles in the accounting framework for government assistance in International Financial Reporting Standards (“IFRS”), specifically International Accounting Standards (“IAS”) 20, Accounting for Government Grants and Disclosure of Government Assistance; makes certain targeted improvements; and modifies certain of the existing disclosure requirements in ASC 832, Government Assistance. Early adoption is permitted. The Company is currently evaluating the impact of adopting this new accounting guidance on the related disclosures to the consolidated financial statements.

<a href="#" id="bm_0d503c3235857e99"></a><a href="#TOC" style="text-decoration:none">Note 2 – Cash and Cash Equivalents</a> Cash and cash equivalents include deposits in Certificates of Deposit with Banks (“CDBs”) issued by financial institutions in Brazil that are immediately available for redemption and fixed term deposits in US Dollars with original maturities of 90 days or less. <div style="-aw-sdt-tag:'413-ba0-db1-80c-abca'; -aw-sdt-title:'Cash and Cash Equivalents T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:69%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'616-0ef-206-02a-8bd4'">June 30, 2026</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'d05-676-cb0-3a9-5eb4'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b2cfcb2e8ef244b6b498117b35d3895b'">Cash</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5eae241717d3483b8adebe41b4689fe0'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_09de96a454e249d887c1be1b24a30157'">24,332</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_abd06a8d907a465eb745949092b950e8'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b5008a2a61f9448e91400b56d74b3bd3'">71,431</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_795ac3ee09704ad29064e1fb8ed4e18f'">CDBs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_cf7ba47db19f440cba7987cdb9d8e619'">830</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d832de0618974f459aa38f582c0e376f'">1,738</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bccd86c4e6c740e38d1f4105697c32f8'">Fixed deposits</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_cbcf1ea2bbd34efe997a3c241c8d9124'">27,048</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f759d8d8658444669e174156235fd75f'">30,064</div></td></tr><tr style="height:3.05pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'228-083-9f9-253-06ae'">Total cash and cash equivalents</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e05-fc6-129-114-68c6'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e32-8ad-9ba-ad9-da52'">52,210</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'0ff-c6d-e45-bc7-e6f3'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'540-39b-f22-e82-b843'">103,233</div></td></tr></tbody></table></div>

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:69%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'616-0ef-206-02a-8bd4'">June 30, 2026</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'d05-676-cb0-3a9-5eb4'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b2cfcb2e8ef244b6b498117b35d3895b'">Cash</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5eae241717d3483b8adebe41b4689fe0'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_09de96a454e249d887c1be1b24a30157'">24,332</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_abd06a8d907a465eb745949092b950e8'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b5008a2a61f9448e91400b56d74b3bd3'">71,431</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_795ac3ee09704ad29064e1fb8ed4e18f'">CDBs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_cf7ba47db19f440cba7987cdb9d8e619'">830</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d832de0618974f459aa38f582c0e376f'">1,738</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bccd86c4e6c740e38d1f4105697c32f8'">Fixed deposits</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_cbcf1ea2bbd34efe997a3c241c8d9124'">27,048</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f759d8d8658444669e174156235fd75f'">30,064</div></td></tr><tr style="height:3.05pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'228-083-9f9-253-06ae'">Total cash and cash equivalents</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e05-fc6-129-114-68c6'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e32-8ad-9ba-ad9-da52'">52,210</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'0ff-c6d-e45-bc7-e6f3'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'540-39b-f22-e82-b843'">103,233</div></td></tr></tbody></table>

24332000

71431000

830000 1738000

27048000

30064000

52210000

103233000

<a href="#" id="TOC_c8ca8a95276c2e5138f6"></a>Note 3 – Financial Investments The financial investments are classified as held-to-maturity (“HTM”) because management has the intent and ability to hold the securities until maturity. These investments include time deposits with original maturities of one year or less, but greater than 90 days and are recorded at amortized cost in the condensed consolidated balance sheets. <div style="-aw-sdt-tag:'dc1-818-305-c52-7124'"><div style="-aw-sdt-tag:'42f-f32-284-87e-6509'; -aw-sdt-title:'Financial Investments CY T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:0.92%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td colspan="10" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'59f-e0f-91b-cd7-123e'">June 30, 2026</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:0.92%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.04%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_a0b4941fcf38435097dca09777a3a185'">Amortized Cost</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.02%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c16ea66b1a1a49c3b050e37d0ea036f6'">Unrealized Gains</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.02%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_4e9f3a91658f498d983669f5caeaa751'">Unrealized Losses</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_5cde6a04b60d41d09a14fa2cc2d0f4f4'">Fair Value</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_81200fa18c6c4d418d77033ce2bd1416'">HTM securities, at cost:</div></td><td style="width:0.92%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.04%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.02%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.02%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_326a063052cb4b1c9a58842c2a18d9c8'">Time deposits</div></td><td style="width:0.92%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4bd0b05e00ba4c7c8abb41f49740e778'">$</div></td><td style="width:12.04%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c8bb2d842a1b4b6fb144b7c54c665847'">342,481</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_834339854f314e89b49ce462cc5e6d0f'">$</div></td><td style="width:12.02%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_90856fc309374b35a899570f69075daf'">241</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_7607f5f2e739464ba3feda6cca3cc9f0'">$</div></td><td style="width:12.02%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(478)</td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d04a6ca5883747bf98673c5ca28ac04f'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d34b793cb1de45cba77b4e1e49323eba'">342,244</div></td></tr></tbody></table></div> <div style="-aw-sdt-tag:'555-cbf-82a-067-aea6'; -aw-sdt-title:'Financial Investments PY T2'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="10" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_253d99c7929243039526eb3acf8c77fd'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_93a5fd0a4d8e4f0fb7ae65f59b483407'">Amortized Cost</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_32476dda2a22441eb8a67c2935c459a6'">Unrealized Gains</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_40608da2fdf4460082aabebd53c958df'">Unrealized Losses</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_8315e0dab86346e38417e3162d97c02a'">Fair Value</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_ef1c3e55f5ae4917ad262850d4b761e4'">HTM securities, at cost:</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c24246dbd0234dbbb00afef038da040b'">Time deposits</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_95ffa1cbce5e42f9ba0d26fa9b10fa0a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_0f3294627b934ebca7b7c3eab5f9a5e1'">280,845</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_b868bb056fc940d3875401f96672bf2a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_e3b5838970c6484cb5bdf1953dfcc396'">687</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_50667aa19f4f4afa9174474572d3419a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(86)</td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f58802edef94479e9f91122cda492bb2'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_062fe2cc735d449aa4fe1f2ea398a5e0'">281,445</div></td></tr></tbody></table></div></div> No allowances for credit losses were recognized as of June 30, 2026 and December 31, 2025.

P90D

<div style="-aw-sdt-tag:'42f-f32-284-87e-6509'; -aw-sdt-title:'Financial Investments CY T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:0.92%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td colspan="10" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'59f-e0f-91b-cd7-123e'">June 30, 2026</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:0.92%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.04%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_a0b4941fcf38435097dca09777a3a185'">Amortized Cost</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.02%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c16ea66b1a1a49c3b050e37d0ea036f6'">Unrealized Gains</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12.02%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_4e9f3a91658f498d983669f5caeaa751'">Unrealized Losses</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_5cde6a04b60d41d09a14fa2cc2d0f4f4'">Fair Value</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_81200fa18c6c4d418d77033ce2bd1416'">HTM securities, at cost:</div></td><td style="width:0.92%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.04%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.02%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.02%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_326a063052cb4b1c9a58842c2a18d9c8'">Time deposits</div></td><td style="width:0.92%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4bd0b05e00ba4c7c8abb41f49740e778'">$</div></td><td style="width:12.04%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c8bb2d842a1b4b6fb144b7c54c665847'">342,481</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_834339854f314e89b49ce462cc5e6d0f'">$</div></td><td style="width:12.02%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_90856fc309374b35a899570f69075daf'">241</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_7607f5f2e739464ba3feda6cca3cc9f0'">$</div></td><td style="width:12.02%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(478)</td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d04a6ca5883747bf98673c5ca28ac04f'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d34b793cb1de45cba77b4e1e49323eba'">342,244</div></td></tr></tbody></table></div> <div style="-aw-sdt-tag:'555-cbf-82a-067-aea6'; -aw-sdt-title:'Financial Investments PY T2'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="10" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_253d99c7929243039526eb3acf8c77fd'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_93a5fd0a4d8e4f0fb7ae65f59b483407'">Amortized Cost</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_32476dda2a22441eb8a67c2935c459a6'">Unrealized Gains</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_40608da2fdf4460082aabebd53c958df'">Unrealized Losses</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:12%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_8315e0dab86346e38417e3162d97c02a'">Fair Value</div></td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_ef1c3e55f5ae4917ad262850d4b761e4'">HTM securities, at cost:</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"> </td></tr><tr style="height:13.2pt"><td style="width:45%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c24246dbd0234dbbb00afef038da040b'">Time deposits</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_95ffa1cbce5e42f9ba0d26fa9b10fa0a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_0f3294627b934ebca7b7c3eab5f9a5e1'">280,845</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_b868bb056fc940d3875401f96672bf2a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_e3b5838970c6484cb5bdf1953dfcc396'">687</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_50667aa19f4f4afa9174474572d3419a'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(86)</td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f58802edef94479e9f91122cda492bb2'">$</div></td><td style="width:12%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_062fe2cc735d449aa4fe1f2ea398a5e0'">281,445</div></td></tr></tbody></table></div>

342481000

241000 478000

342244000

280845000

687000 86000

281445000

<a href="#" id="TOC_c45a3243a934c51d381d"></a>Note <a href="#TOC" style="text-decoration:none">4 – Related Party Transactions</a> Relationship with Embraer Embraer S.A., a Brazilian corporation (sociedade anônima) (“ERJ”), through one of its wholly owned subsidiaries Embraer Aircraft Holdings, Inc. (“EAH” and collectively “Embraer”), owns approximately 72% of the outstanding common stock of the Company as of June 30, 2026. The expenses from transactions with Embraer or any of its affiliates reflected in the condensed consolidated financial statements may not be indicative of expenses that would be incurred in arm’s length transactions. In September 2025, the Company completed a registered direct offering (the “Registered Direct Offering”), which included investment from, among others, Embraer, pursuant to which the Company received aggregate gross proceeds of $230.0 million. In the Registered Direct Offering, Embraer purchased approximately 4.1 million shares of common stock for $20.0 million. Refer to Note 7 and Note 8 for more information regarding the Registered Direct Offering. Master Service Agreements and Shared Service Agreement In December 2021, the Company and Embraer entered into the Master Services Agreement (“MSA”) and Shared Services Agreement (“SSA”), and as a result, Embraer began charging the Company for research and development (“R&D”) and selling, general and administrative (“SG&A”) services, respectively. The initial terms for the MSA and SSA are 15 years. The MSA can be automatically renewed for additional successive one-year periods. The MSA established a fee so that the Company may have access to Embraer’s R&D and engineering department structure, as well as, at the Company’s option, the ability to access manufacturing facilities in the future. The SSA established a cost overhead pool to be allocated, excluding any margin, so that the Company may be provided with access to certain of Embraer’s administrative services and facilities such as shared service centers. In addition, in December 2021, the Company entered into a MSA with Atech Negócios em Tecnologias S.A., a Brazilian corporation (sociedade anônima) (“Atech”) and wholly owned subsidiary of Embraer, for an initial term of 15 years. Fees under the Atech MSA are for services related to air traffic management software development, defense systems, simulation systems, engineering and consulting services. Training Services Agreement In October 2024, the Company and Embraer CAE Training Services, LLC (“ECTS”) entered into a Training Services Agreement, pursuant to which the Company has appointed ECTS as its worldwide training services provider related to aircraft which are or will be designed and manufactured by the Company (“Aircraft”), during the term of the Training Services Agreement. Under the Training Services Agreement, ECTS has agreed to provide certain training services related to the piloting, maintenance and ground handling of the Aircraft to the Company or its customers, and the Company has agreed to purchase certain entitlement training in accordance with the training selected by its customer from ECTS, for the pricing set forth in the Training Services Agreement. The term of the Training Services Agreement ends on the last date ECTS provides training services for the Aircraft. Master Services Agreement #2 On September 23, 2025, the Company entered into a new Master Services Agreement (the “MSA2”) with Embraer, dated as of September 2, 2025 and retrospectively effective as of January 1, 2025, for the provision of support services to develop an industrialization project, including processes and procedures for the production of eVTOLs and plant operation of the Company’s facility in the city of Taubaté, State of São Paulo, Brazil (the “ETT Manufacturing Site”). Corporate Costs Embraer incurs corporate costs for services provided to the Company. These costs include, but are not limited to, expenses for information systems, accounting, treasury, purchasing, human resources, legal, and facilities. These costs benefit the Company, but are not covered under the MSA, SSA or MSA2. The corporate costs are allocated between the “Research and development expenses” and “Selling, general and administrative expenses” line items of the condensed consolidated statements of operations as appropriate. Development Costs The Company has entered into supply agreements with Embraer entities and joint ventures that Embraer is a party to for the purchase of components and other materials consumed in development activities. Related Party Receivables and Payables Certain employees have transferred from Embraer to the Company. On the transfer date of each employee, all payroll related accruals for the employee are transferred to the Company. Embraer is responsible for payroll related costs prior to the transfer date. The Company recognizes a receivable from Embraer for payroll costs incurred prior to the transfer date in the “Related party receivables” line of the condensed consolidated balance sheets. Fees and expenses in connection with the MSA, SSA, and other costs are payable within 45 days after receipt of the invoice and are recognized in “Related party payables” within the condensed consolidated balance sheets. A Related Party Payable may also be recognized under the Flight Control Computer (“FCC”) supply agreement through which Embraer is developing this device. Royalty-Free Licenses Under the MSA and SSA, the Company has a royalty-free license to access Embraer’s intellectual property to be used within the UAM market. Leases The Company has entered into agreements with Embraer to lease corporate office space and other facilities, including a site expected to be used to develop the Company’s manufacturing facility for eVTOL production. The Company has entered into two lease agreements with Embraer that have not yet commenced and therefore no right-of-use asset or lease liability have been recognized as of June 30, 2026. One agreement is for a facility in Gavião Peixoto, São Paulo, Brazil, and is expected to commence later in 2026 or early in 2027. The other lease agreement is for the ETT Manufacturing Site. The lease for this property is expected to commence in 2027. Operating cash flows include lease prepayments related to operating lease arrangements. Management believes classification within operating activities is consistent with the nature of the underlying lease payments and the Company's accounting policy.<div style="-aw-sdt-tag:'0bb-2a3-62c-98a-9b1e'"></div><div style="-aw-sdt-tag:'0bb-2a3-62c-98a-9b1e'"></div>Related Party ExpensesThe following table summarizes the related party expenses for the periods: <div style="-aw-sdt-tag:'5cb-0f3-1e3-f3a-2477'; -aw-sdt-title:'Related Party Transactions T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:10.35pt"><td style="width:49%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td colspan="4" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_3e7c584e03fc4bc984ff90f7e1c51622'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td colspan="5" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top">Six Months Ended</td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_7223c3c1067a4b298d3d82c66eadd04d'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:0.98%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_aab585cd96974e5ea40cb558d63116c7'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'09d-0af-ea0-5c8-712f'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'fee-a05-416-3db-2838'">June 30, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_94cfeb6a5e34420ba0ad9ea6f574609d'">Research and development expenses</div></td><td style="width:1%; border-top:0.75pt solid #000000; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_7f0bf95644a74f4da56191fd920dfd03'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_55c8169d66d340f9997bf456fc90b115'">18,929</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.98%; border-top:0.75pt solid #000000; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_422fa4211d394ae39a45b945af9f14d1'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_bde22eb5a681463a8c75148a30255919'">30,675</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:0.75pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'91e-37b-cef-34a-d221'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'144-4fa-f51-884-85cd'">60,474</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'342-a6d-988-9f5-7e45'">$</div></td><td style="width:11%; border-top:1pt solid #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'15b-428-152-6a0-e189'">60,407</div></td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_38ba10cb04b24272863c10dfabd84e47'">Selling, general and administrative expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_131944cc756a4da2a57aa687a7d9c713'">1,152</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.98%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_364a35f5a1a34217a75492e73d64d153'">1,212</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'dfb-6c1-451-f82-aa43'">1,991</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'762-145-8d3-23f-c6cf'">2,211</div></td></tr><tr style="height:3.05pt"><td style="width:49%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_08419ee7ab9f483b8b2c3affabb2d7ae'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e3a069948e1a4c43a5dc465b555d2343'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6cc764e1f273453d896a446c6bc1c1d1'">20,081</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.98%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2c658d30acb34f418ec29bbfa1031bb3'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'376-f93-f88-1c9-12fc'">31,887</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'da4-bb7-82a-540-1c1a'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'43c-d33-581-588-0517'">62,465</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'ce4-3c2-98a-bcf-1f53'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'929-669-e45-a40-5f13'">62,618</div></td></tr></tbody></table></div>

0.72

230000000

4100000

20000000

P15Y P15Y P45D

A Related Party Payable may also be recognized under the Flight Control Computer (“FCC”) supply agreement through which Embraer is developing this device.

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:10.35pt"><td style="width:49%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td colspan="4" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_3e7c584e03fc4bc984ff90f7e1c51622'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td colspan="5" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top">Six Months Ended</td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:bottom"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_7223c3c1067a4b298d3d82c66eadd04d'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td style="width:0.98%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_aab585cd96974e5ea40cb558d63116c7'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'09d-0af-ea0-5c8-712f'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:11%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'fee-a05-416-3db-2838'">June 30, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_94cfeb6a5e34420ba0ad9ea6f574609d'">Research and development expenses</div></td><td style="width:1%; border-top:0.75pt solid #000000; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_7f0bf95644a74f4da56191fd920dfd03'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_55c8169d66d340f9997bf456fc90b115'">18,929</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.98%; border-top:0.75pt solid #000000; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_422fa4211d394ae39a45b945af9f14d1'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_bde22eb5a681463a8c75148a30255919'">30,675</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:0.75pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'91e-37b-cef-34a-d221'">$</div></td><td style="width:11%; border-top:0.75pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'144-4fa-f51-884-85cd'">60,474</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'342-a6d-988-9f5-7e45'">$</div></td><td style="width:11%; border-top:1pt solid #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'15b-428-152-6a0-e189'">60,407</div></td></tr><tr style="height:13.2pt"><td style="width:49%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_38ba10cb04b24272863c10dfabd84e47'">Selling, general and administrative expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_131944cc756a4da2a57aa687a7d9c713'">1,152</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.98%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_364a35f5a1a34217a75492e73d64d153'">1,212</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'dfb-6c1-451-f82-aa43'">1,991</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:11%; border-bottom:1pt solid #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'762-145-8d3-23f-c6cf'">2,211</div></td></tr><tr style="height:3.05pt"><td style="width:49%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_08419ee7ab9f483b8b2c3affabb2d7ae'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e3a069948e1a4c43a5dc465b555d2343'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6cc764e1f273453d896a446c6bc1c1d1'">20,081</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.98%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2c658d30acb34f418ec29bbfa1031bb3'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'376-f93-f88-1c9-12fc'">31,887</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'da4-bb7-82a-540-1c1a'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'43c-d33-581-588-0517'">62,465</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'ce4-3c2-98a-bcf-1f53'">$</div></td><td style="width:11%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt 3.6pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'929-669-e45-a40-5f13'">62,618</div></td></tr></tbody></table>

18929000 30675000 60474000 60407000 1152000 1212000 1991000 2211000 20081000 31887000 62465000 62618000

<a href="#" id="TOC_cd13df0bf79be2158d03"></a><a href="#TOC" style="text-decoration:none">Note 5 – Other Balance Sheet Components</a> Property, Plant and Equipment Property, Plant and Equipment consisted of the following: <div style="-aw-sdt-tag:'511-904-024-7e0-a1f7'; -aw-sdt-title:'Property net T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:69.16%; vertical-align:bottom"> </td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'8ad-e21-0b0-b75-fa1b'">June 30, 2026</div></td><td style="width:0.84%; vertical-align:bottom"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'187-28c-a83-44a-5378'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5ba-986-381-a6a-a736'">Tooling</div></td><td style="width:0.86%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6240dc0274b94215a7357b60aaee11eb'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'ff8-492-de3-67b-007c'">6,327</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f8893e70c70346f3a99e2a1b4665448b'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'8b9-28a-18e-aa3-f5ae'">5,010</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_660e8e978d94477da13c68e240f46aa9'">Construction in process ("CIP")</div></td><td style="width:0.86%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_b4d583746a9e406390c323e202d238db'">5,399</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'489-32a-292-508-2c19'">3,251</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e92-e0c-877-b51-9377'">eVTOL mockups</div></td><td style="width:0.86%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d1a-a29-940-a2d-9dc0'">2,131</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'be0-3ca-0b1-6f9-fce9'">2,131</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d9a-1c4-3bf-dd1-8dd3'">Machinery and equipment</div></td><td style="width:0.86%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'5da-e9e-e54-b74-6c6a'">693</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b32-43e-7d0-ac0-2c1b'">594</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_16e5e37dc2bf43d1829efe63dbd55840'">Leasehold improvement</div></td><td style="width:0.86%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_897e5107264b46309f084b44a88cf060'">227</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a876bc8153be4c819de9d558f33eb41b'">224</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_7f2d6458d53f48e08427413bf0bd06a1'">Computer hardware</div></td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_116e918be61b47ab8c890d3f20f9b540'">39</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ccea40afb29c458492c67d600a5b0cf3'">39</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'52b-bea-4e3-c42-a464'">Total property, plant and equipment</div></td><td style="width:0.86%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'4b8-2f1-66d-b4d-f4f8'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'64d-b52-937-fe9-290f'">14,815</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'072-725-36d-de5-daee'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'21a-73e-25e-668-c03d'">11,248</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_92b1106352f84e0490b0c8e3f720dc56'">Less: Accumulated depreciation </div></td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff">(1,185)</td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff">(688)</td></tr><tr style="height:6.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2b1135d9b4114a458c1490726581b1a6'">Total property, net</div></td><td style="width:0.86%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3cb4d29482f245458a59ad01d7164acc'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7ffed0b24e414743839e8ed78e1a67fa'">13,630</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_ba24dc76fc054492be45ef3db5114339'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_015c9b6a8e9e4180aa57cbfbd110001e'">10,560</div></td></tr></tbody></table></div> CIP includes costs incurred for tooling for eVTOL production that will be owned by the Company. Depreciation expense is immaterial for the periods presented. Capitalized Software, Net The Company capitalizes certain qualifying costs incurred during the application development stage to develop or obtain internal-use software, in accordance with ASC 350-40. Capitalization begins when management authorizes and commits to funding the project, and it is probable that the project will be completed and the software will be used as intended. Costs related to preliminary project activities, post-implementation activities, data conversion, and training are expensed as incurred. Capitalized internal-use software will be amortized on a straight-line basis over its estimated useful life, which generally ranges from 3 to 5 years, once the software is placed in service. For the six months ended June 30, 2026 there was $7.3 million related to software not placed in service. Other Current PayablesOther current payables are comprised of the following items: <div style="-aw-sdt-tag:'378-503-3fb-78c-3788'; -aw-sdt-title:'Other current payables T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'f7a-65e-c18-ed8-7d0b'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'a2a-83b-ce8-d7f-7426'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1c5efa4490b0483ba65d916ec965fdfa'">Accrued services</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_893b4b1857cd4cf89838df2e96f2b60b'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bb994bcc307c4d1980570e99fa34568f'">23,913</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9c289115082745a6af49340a7debc87e'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_323e4fb1c8f74eca921606bbd4852fc0'">23,412</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'34d-ea7-ca9-9c0-0253'">Subsidies and grants</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'dd2-b6e-3f1-97a-af53'">6,548</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4560585dfa844ced97208b85c56ef6f2'">6,530</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_63bad74bb9e2444ea283609da5ab156e'">Accrued payroll</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3ab4acb0b01d48abab380fa3ec3f1b8f'">4,378</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'177-a11-899-e00-6674'">7,600</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_67468b191055421396376678e2b33a16'">Accrued interest</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_e29d34c984f94e30b77f45b24a2ec961'">3,316</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ea700978a6a24cbda5aa088e67c0989b'">1,062</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bed022cf6d07434e935ff002a3d28f16'">Advances from customers</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_eda34c32094046718aa90a8c99655383'">2,765</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9534542e27f04e4d83d75c33d1795042'">2,770</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'df3-5e8-73b-b79-1df0'">Income tax payable</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d01-097-895-3dc-fc2b'">195</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b1a-8b3-717-da0-4da6'">968</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c847609350af4b599fe31665273707de'">Other payables </div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_4ae9730045f54541b21480d1283d08db'">366</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d572bf26bdc44119ac2a129ce64c6cfd'">371</div></td></tr><tr style="height:13.8pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_30c34aa21b1548a2a27ea4ff5f197322'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c4025174eea54f979f0bfc20402f8bba'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_490c912abbb8423b90da10e8bf4be38f'">41,481</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_168327b5ca2344f086007f33a2d1b457'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a85-3f7-09d-ff6-1694'">42,713</div></td></tr></tbody></table></div>

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:69.16%; vertical-align:bottom"> </td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'8ad-e21-0b0-b75-fa1b'">June 30, 2026</div></td><td style="width:0.84%; vertical-align:bottom"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'187-28c-a83-44a-5378'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5ba-986-381-a6a-a736'">Tooling</div></td><td style="width:0.86%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6240dc0274b94215a7357b60aaee11eb'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'ff8-492-de3-67b-007c'">6,327</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f8893e70c70346f3a99e2a1b4665448b'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'8b9-28a-18e-aa3-f5ae'">5,010</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_660e8e978d94477da13c68e240f46aa9'">Construction in process ("CIP")</div></td><td style="width:0.86%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_b4d583746a9e406390c323e202d238db'">5,399</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'489-32a-292-508-2c19'">3,251</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e92-e0c-877-b51-9377'">eVTOL mockups</div></td><td style="width:0.86%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d1a-a29-940-a2d-9dc0'">2,131</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'be0-3ca-0b1-6f9-fce9'">2,131</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d9a-1c4-3bf-dd1-8dd3'">Machinery and equipment</div></td><td style="width:0.86%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'5da-e9e-e54-b74-6c6a'">693</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b32-43e-7d0-ac0-2c1b'">594</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_16e5e37dc2bf43d1829efe63dbd55840'">Leasehold improvement</div></td><td style="width:0.86%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.14%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_897e5107264b46309f084b44a88cf060'">227</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.16%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a876bc8153be4c819de9d558f33eb41b'">224</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_7f2d6458d53f48e08427413bf0bd06a1'">Computer hardware</div></td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_116e918be61b47ab8c890d3f20f9b540'">39</div></td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ccea40afb29c458492c67d600a5b0cf3'">39</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'52b-bea-4e3-c42-a464'">Total property, plant and equipment</div></td><td style="width:0.86%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'4b8-2f1-66d-b4d-f4f8'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'64d-b52-937-fe9-290f'">14,815</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'072-725-36d-de5-daee'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'21a-73e-25e-668-c03d'">11,248</div></td></tr><tr style="height:13.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_92b1106352f84e0490b0c8e3f720dc56'">Less: Accumulated depreciation </div></td><td style="width:0.86%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.14%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff">(1,185)</td><td style="width:0.84%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.84%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.16%; border-bottom:1pt solid #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff">(688)</td></tr><tr style="height:6.2pt"><td style="width:69.16%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2b1135d9b4114a458c1490726581b1a6'">Total property, net</div></td><td style="width:0.86%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3cb4d29482f245458a59ad01d7164acc'">$</div></td><td style="width:14.14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7ffed0b24e414743839e8ed78e1a67fa'">13,630</div></td><td style="width:0.84%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:0.84%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_ba24dc76fc054492be45ef3db5114339'">$</div></td><td style="width:14.16%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_015c9b6a8e9e4180aa57cbfbd110001e'">10,560</div></td></tr></tbody></table>

6327000

5010000

5399000

3251000

2131000

693000

594000

227000

224000

39000

14815000

11248000

1185000

688000

13630000

10560000

P3Y

P5Y

7300000

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'f7a-65e-c18-ed8-7d0b'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'a2a-83b-ce8-d7f-7426'">December 31, 2025</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1c5efa4490b0483ba65d916ec965fdfa'">Accrued services</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_893b4b1857cd4cf89838df2e96f2b60b'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bb994bcc307c4d1980570e99fa34568f'">23,913</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9c289115082745a6af49340a7debc87e'">$</div></td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_323e4fb1c8f74eca921606bbd4852fc0'">23,412</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'34d-ea7-ca9-9c0-0253'">Subsidies and grants</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'dd2-b6e-3f1-97a-af53'">6,548</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4560585dfa844ced97208b85c56ef6f2'">6,530</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_63bad74bb9e2444ea283609da5ab156e'">Accrued payroll</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3ab4acb0b01d48abab380fa3ec3f1b8f'">4,378</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'177-a11-899-e00-6674'">7,600</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_67468b191055421396376678e2b33a16'">Accrued interest</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_e29d34c984f94e30b77f45b24a2ec961'">3,316</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ea700978a6a24cbda5aa088e67c0989b'">1,062</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bed022cf6d07434e935ff002a3d28f16'">Advances from customers</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_eda34c32094046718aa90a8c99655383'">2,765</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9534542e27f04e4d83d75c33d1795042'">2,770</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'df3-5e8-73b-b79-1df0'">Income tax payable</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d01-097-895-3dc-fc2b'">195</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b1a-8b3-717-da0-4da6'">968</div></td></tr><tr style="height:13.2pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c847609350af4b599fe31665273707de'">Other payables </div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_4ae9730045f54541b21480d1283d08db'">366</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d572bf26bdc44119ac2a129ce64c6cfd'">371</div></td></tr><tr style="height:13.8pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_30c34aa21b1548a2a27ea4ff5f197322'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c4025174eea54f979f0bfc20402f8bba'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_490c912abbb8423b90da10e8bf4be38f'">41,481</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_168327b5ca2344f086007f33a2d1b457'">$</div></td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a85-3f7-09d-ff6-1694'">42,713</div></td></tr></tbody></table>

23913000 23412000 6548000 6530000

4378000

7600000

3316000

1062000

2765000

2770000

195000

968000

366000

371000

41481000

42713000

<a href="#" id="bm_456c0bfe613b30bc"></a><a href="#TOC" style="text-decoration:none">Note 6 – Debt</a> The following table summarizes the Company’s outstanding debt: <div style="-aw-sdt-tag:'ed5-56a-ae4-52c-234a'"><div style="-aw-sdt-tag:'dc0-8cc-417-0cd-f9da'; -aw-sdt-title:'Debt T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:11.5pt"><td style="width:41.98%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_19bb750e9e2b4a57a913cc83fd28d69b'">Title</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:12.24%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_dac9694e9c7b43329c1e8db81950427b'">Interest Rate (a)</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:12.22%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_6b2687808f694c7da9b337b7cac9c4f2'">Maturity Dates</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_b67cff64b65746ce87022cde623ae261'">June 30, 2026</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:13%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_772ba42469b74ae2a86a09ea49590546'">December 31, 2025</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_849af013c52549e4a2656601e28589cf'">Term loans outstanding (b)</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff">6.5%</td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'696-b89-98c-afd-93f2'">2026-2040</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_43122aefbdb9482b985f8ff94a825bfb'">$</div></td><td style="width:14.3%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2e29a9209a3148e98e8ab1838dc45d55'">313,093</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6e00c432051f430ca467b15d9886e5c4'">$</div></td><td style="width:13%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f8dde6a837b640e7a7584b4e14340140'">182,474</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_38a8076a290846ed944cdfe38c0a0a1a'">Unamortized debt issuance costs</div></td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(4,214)</td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:13%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(2,689)</td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bda13c4ac7ce4b1d8f408702248e94e4'">Total debt, net</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.3%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c407fe00be93409eb695bf9331a2c05e'">308,879</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:13%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e174227b5a9f47c0b5f5009386cdb6d9'">179,785</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_6006f324a30542cba8d98e80bb5b3e8c'">Less: current portion of long-term debt</div></td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(5,739)</td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:13%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(3,374)</td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_11dcd3d8e1b94c1da8d22d2450cfe05e'">Long-term debt, net</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3dd4f3ddb4cb4ee5b27324aedebf55d0'">$</div></td><td style="width:14.3%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b0966ef4cfe64db7bc52b98c6e40a536'">303,140</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_921a20fc5c9246f99f1e7d70543d2bff'">$</div></td><td style="width:13%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_663acde90876463ab1f0dd6f665a10a0'">176,412</div></td></tr></tbody></table></div> <table cellpadding="0" cellspacing="0" style="width:100%; margin-left:0.1pt; border-collapse:collapse"><tbody><tr style="height:7.1pt"><td style="width:1%; padding:1pt; vertical-align:top">(a)</td><td style="width:99%; padding-left:4.3pt; vertical-align:top"><div style="-aw-sdt-tag:'a72-eba-43c-7ab-0118'">Weighted-average interest rate as of June 30, 2026 </div></td></tr><tr style="height:7.2pt"><td style="padding:1pt; vertical-align:top">(b)</td><td style="padding-left:4pt; vertical-align:top"><div style="-aw-sdt-tag:'4c5-adc-276-4ec-d058'">Includes debt denominated in BRL and converted to USD as of the reporting date</div></td></tr></tbody></table></div> The long-term debt principal as of June 30, 2026 matures as follows: <div style="-aw-sdt-tag:'8c3-4a4-a53-133-8835'; -aw-sdt-title:'Debt T2'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:24%; padding-right:5.75pt; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_a4463e8adc1044c78cd40d6f96f5250c'">2026</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_dd707a622c9d4b08a8d0eeb1456bb151'">2027</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_bcdaed83307a40ea8351452d31432475'">2028</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_85912855c8ef44baa5258daaca223f0e'">2029</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_eeb4990e541a4b31835a6830fe9e701c'">2030</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:8.96%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_183b7076e4304ef296863fe02a7c1f55'">2031 and thereafter</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_b80f34426af54429983b0b1ec0b1c779'">Total</div></td></tr><tr style="height:12.95pt"><td style="width:24%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c90148d9984c4e678a6b5d6ed8345a70'">Debt maturities</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c5df1e7285c54703883929bf886db410'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_084ef3c9ee604060ba562128a9c660ea'">1,859</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d7f8e60246db45fbbc48c3b3c2483a99'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_533eb22f70ea4cf7b09b7555fbc8a1f7'">11,791</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_8ffb3483fe9b4fbca8ffe950d3021c94'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1e5666a78399464eb0d2f3a6fe1b9a8d'">18,796</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7d2f5b7251e8418f8b308847f9974e74'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_fbd7a47ebd564dff8f636da372fc6810'">18,960</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2c133e5099614db9b54c28a50b623dac'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6786c24f20cc44e3ac327bbbc92091fe'">94,126</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b106759dd8d4a969a105cabc8765d0c'">$</div></td><td style="width:8.96%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_210a7725c864423389a54c0bb4ee2a63'">167,561</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_36f46da11ee34049a5e8bf5b7d240154'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2375a688c78542bb8bcc1ceec6b43aee'">313,093</div></td></tr></tbody></table></div> The Company has the following loan agreements as of June 30, 2026: 2023 BNDES Phase 1 Loan AgreementIn January 2023, the Company entered into a loan agreement with Banco Nacional de Desenvolvimento Economico e Social (“BNDES”), pursuant to which BNDES extended two loans with an aggregate borrowing availability of R$490 million (approximately $95.6 million), to support the first phase of the development of the Company’s eVTOL project. The first loan (“Sub-credit A”), in the amount of R$80 million (approximately $15.5 million),was denominated in Brazilian reais by Fundo Nacional Sobre Mudança Climática (“FNMC”), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions. Sub-credit A has maturity dates on a monthly basis from March 2026 through February 2035. The second loan (“Sub-credit B”), in the amount of R$410 million (approximately $80.2 million), was denominated in US Dollars when the agreement was executed by the US Dollar sale rate published by the Central Bank of Brazil as the “PTAX” rate. Sub-credit B has maturity dates on a quarterly basis from April 2027 through January 2035. As of June 30, 2026, these lines of credit have been fully drawn at a weighted-average interest rate of 5.5%. 2024 BNDES Industrialization AgreementOn October 10, 2024, the Company entered into a financing agreement, dated as of October 7, 2024, with BNDES, pursuant to which BNDES agreed to grant four lines of credit totaling approximately $94.5 million as of June 30, 2026, denominated as follows: Sub-credit A in the amount of R$140 million (approximately $27.0 million), Sub-credit B in the amount of R$60 million (approximately $10.8 million), Sub-credit C in the amount of R$210 million (approximately $40.6 million) and Sub-credit D in the amount of R$90 million (approximately $16.2 million). The principal amount of the debt arising from the Sub-credit A will bear an interest rate of 2.20% per annum, and that arising from the Sub-credit C will bear an interest rate of 2.75% per annum above the Reference Rate (TR) 226, published in the Time Series Management System - SGS of the Central Bank of Brazil, under code no. 226, or any other that may replace it. The principal amount of the debt owed under Sub-credit B will bear interest at the rate of 1.10% per annum and under Sub-credit D will bear interest at the rate of 1.65% per annum plus the fixed rate published by the BNDES System. The financing is intended for the development of the manufacturing facility for the production of eVTOL aircraft in the city of Taubaté, São Paulo, Brazil. The financing will also be secured by the underlying machinery and equipment to be acquired with the funds for the manufacturing facility. The agreement is subject to a one-time commission fee of R$2.5 million (approximately $0.5 million). As of June 30, 2026, the Company has not drawn from these lines of credit. 2024 Citibank Credit AgreementOn October 29, 2024, the Company entered into a credit agreement with Citibank, N.A., (“Citi”) (the “Citi Agreement”), pursuant to which Citi lent $50 million and subject to an interest rate of 3.90% per year plus Term Secured Overnight Financing Rate (“SOFR”). The funds will support the production and sale of eVTOL aircraft. The Credit Agreement requires compliance with a minimum debt service coverage ratio. The ratio is tested on the last day of each fiscal quarter for the trailing four quarter period then ended. The maturity date of the instrument is October 30, 2028. On January 14, 2026, the Company prepaid in full its outstanding loan with Citibank, N.A, totaling $50 million, together with all accrued interest due as of the payoff date. As a result of the prepayment, the loan agreement was terminated, and all related obligations were extinguished. The early repayment was made in connection with, and as a required condition to the Company’s entry into a new syndicated Credit Agreement. 2024 BNDES Phase 2 Loan AgreementOn November 22, 2024, the Company entered into a loan agreement with BNDES, pursuant to which BNDES agreed to grant the Company a loan of R$200 million (approximately $38.6 million) and subject to an interest rate of 7.53%. The loan is intended to support the second phase of the eVTOL project. As of June 30, 2026, the Company had drawn $36.6million from this line of credit. <div style="-aw-sdt-tag:'965-0a2-fef-852-b10e'"></div><div style="-aw-sdt-tag:'965-0a2-fef-852-b10e'"></div>2025 BNDES Electric Motors Development Loan AgreementOn November 18, 2025, the Company entered into a loan agreement with BNDES, pursuant to which BNDES has agreed to grant two lines of credit totaling approximately $38.4 million as of December 31, 2025. The first loan (“Sub-credit A”), in the amount of R$160 million (approximately $30.9 million), was denominated in Brazilian reais by Fundo Nacional Sobre Mudança Climática (“FNMC”), a BNDES fund that supports businesses focused on mitigating climate change and reducing carbon emissions. Sub-credit A will bear interest of 7.88% per annum. The second loan (“Sub-credit B”), in the amount of R$ 40 million (approximately $7.3 million), was denominated in US Dollars when the agreement was executed by the US Dollar sale rate published by the Central Bank of Brazil as the “PTAX” rate. Sub-credit B will bear interest of 1.1% per annum plus the fixed rate published by the BNDES System. Both lines have maturity dates on a semi-annual basis from May 2028 through November 2040. The credit is intended to support the electric motor development phase of electric vertical takeoff and landing aircrafts (“eVTOLs”). The first line of credit (“Sub-credit A”), is in the amount of R$160 million (approximately U.S.$30.9 million) and the second line of credit (“Sub-credit B”), in the amount of R$40 million (approximately U.S.$7.3 million). As of June 30, 2026, the Company had drawn $19.0 million from this credit line. The BNDES loan agreements provide that the availability of such loans are subject to BNDES rules and regulations and or funding by the Conselho Monetário Nacional, Brazil’s National Monetary Council. <div style="-aw-sdt-tag:'ff3-6dc-735-2e7-a660'">For the release of each installment of the BNDES debt, the Company must present to the creditor Letter(s) of Guarantee to be provided by financial institution(s) that, at the discretion of the BNDES System, are in an economic-financial situation that confers a notorious degree of solvency, and the guarantor(s) must undertake as the main payer(s) of the obligations arising from the instrument. The letter needs to be issued for a minimum period of 24 months, and must be replaced or renewed until the 90th day prior to the end of the term of its validity, under penalty of early maturity of the instrument.</div> As of June 30, 2026, there was approximately $117.7 million available to be drawn under the Company’s debt arrangements. 2025 PEFCO/ US EXIM Credit AgreementOn December 23, 2025, the Company entered into a loan agreement with Private Export Funding Corporation, ("PEFCO"), and Export-Import Bank of the United States, an agency of the United States of America, ("US EXIM") pursuant to which PEFCO agreed to establish a credit facility in favor of and guaranteed by the Company, in the maximum principal amount of up to U.S. 15,607,279.94, subject to certain conditions set forth in the Credit Agreement, intended to be used to finance (i) the Financed Portion of the relevant Goods (as defined in the Credit Agreement) and (ii) 100% of the Exposure Fee in respect of such Goods and Services (as defined in the Credit Agreement). The company has borrowed the total amount of US$ 13,574,467 subject to an interest rate of 1.95% per year plus Term Secured Overnight Financing Rate (“SOFR”) and with maturity dates on a quarterly basis from March 2026 through December 2030. As of June 30, 2026, the Company had drawn $13.6 million from this loan agreement. BNDES Subscription AgreementIn connection with the subscription agreement entered into with BNDES, the Company agreed to covenants requiring the Company to use the gross proceeds from the subscription of Brazilian Depositary Receipts in the amount of approximately $75.0 million to pay for services performed in Brazil. The Company must fully use the proceeds no later than August 15, 2028, subject to two additional one year extensions if mutually agreed by the Company and BNDES. The covenants also require services to be paid for in Brazilian reais, quarterly reporting to BNDES of the amounts used and unused, and other standard terms and conditions. If these covenants are breached, BNDES will have the right to liquidated damages equal to the amount of unused proceeds from the subscription of Brazilian Depositary Receipts. 2026 Itau Syndicated Credit AgreementOn January 13, 2026, the Company and Banco do Brasil S.A. New York Branch, Citibank, Itaú Unibanco S.A. Miami Branch, MUFG Bank, Ltd (collectively referred to as “Lenders”) entered into a syndicated credit agreement and Banco Itaú Chile as administrative agent, pursuant to which the Lenders agreed, subject to certain conditions set forth in the Credit Agreement, to provide an advance to EVE UAM of an aggregate amount of $150 million. On January 15, 2026, the conditions set forth in the Credit Agreement were satisfied and the Lenders provided an advance in an aggregate amount of U.S.$150 million to EVE UAM. The advance is to be used for EVE UAM’s core business activities, including, but not limited to, payments to the suppliers and/or to finance the prepayment of its costs of producing and selling its goods. The Company agreed to guarantee EVE UAM’s obligations under the Credit Agreement. The principal will bear interest of 3.1% per annum plus three-month Term SOFR Rate published by CME and has maturity dates on a annual basis from January 2030 through January 2031. As of June 30, 2026, the Company had drawn $150.0 million from this credit agreement. Compliance with Debt Covenants Our loan facilities require compliance with either a debt service coverage ratio, customary affirmative, negative and operational covenants, customary events of default, prepayment and cure provisions, and regular reporting to lenders including providing certain subsidiary financial statements. Our term loan with our Syndicated loan requires compliance with a debt service coverage ratio (defined as sum of unrestricted cash and cash equivalents, divided by debt service obligations). Failure to meet certain of these requirements may result in a covenant violation or an event of default depending on the terms of the agreement. An event of default may allow lenders to declare amounts outstanding under these agreements immediately due and payable, to enforce their interests against collateral pledged under these agreements or restrict our ability to obtain additional borrowings. No covenant violations or technical defaults existed at June 30, 2026.

<div style="-aw-sdt-tag:'dc0-8cc-417-0cd-f9da'; -aw-sdt-title:'Debt T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:11.5pt"><td style="width:41.98%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_19bb750e9e2b4a57a913cc83fd28d69b'">Title</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:12.24%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_dac9694e9c7b43329c1e8db81950427b'">Interest Rate (a)</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:12.22%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_6b2687808f694c7da9b337b7cac9c4f2'">Maturity Dates</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_b67cff64b65746ce87022cde623ae261'">June 30, 2026</div></td><td style="width:1.04%; vertical-align:bottom"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:13%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_772ba42469b74ae2a86a09ea49590546'">December 31, 2025</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_849af013c52549e4a2656601e28589cf'">Term loans outstanding (b)</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff">6.5%</td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'696-b89-98c-afd-93f2'">2026-2040</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_43122aefbdb9482b985f8ff94a825bfb'">$</div></td><td style="width:14.3%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2e29a9209a3148e98e8ab1838dc45d55'">313,093</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6e00c432051f430ca467b15d9886e5c4'">$</div></td><td style="width:13%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f8dde6a837b640e7a7584b4e14340140'">182,474</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_38a8076a290846ed944cdfe38c0a0a1a'">Unamortized debt issuance costs</div></td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(4,214)</td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:13%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(2,689)</td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bda13c4ac7ce4b1d8f408702248e94e4'">Total debt, net</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14.3%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c407fe00be93409eb695bf9331a2c05e'">308,879</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:13%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e174227b5a9f47c0b5f5009386cdb6d9'">179,785</div></td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_6006f324a30542cba8d98e80bb5b3e8c'">Less: current portion of long-term debt</div></td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14.3%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(5,739)</td><td style="width:1.04%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1.04%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:13%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff">(3,374)</td></tr><tr style="height:11.5pt"><td style="width:41.98%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_11dcd3d8e1b94c1da8d22d2450cfe05e'">Long-term debt, net</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.24%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:12.22%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3dd4f3ddb4cb4ee5b27324aedebf55d0'">$</div></td><td style="width:14.3%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b0966ef4cfe64db7bc52b98c6e40a536'">303,140</div></td><td style="width:1.04%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1.04%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_921a20fc5c9246f99f1e7d70543d2bff'">$</div></td><td style="width:13%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_663acde90876463ab1f0dd6f665a10a0'">176,412</div></td></tr></tbody></table></div> <table cellpadding="0" cellspacing="0" style="width:100%; margin-left:0.1pt; border-collapse:collapse"><tbody><tr style="height:7.1pt"><td style="width:1%; padding:1pt; vertical-align:top">(a)</td><td style="width:99%; padding-left:4.3pt; vertical-align:top"><div style="-aw-sdt-tag:'a72-eba-43c-7ab-0118'">Weighted-average interest rate as of June 30, 2026 </div></td></tr><tr style="height:7.2pt"><td style="padding:1pt; vertical-align:top">(b)</td><td style="padding-left:4pt; vertical-align:top"><div style="-aw-sdt-tag:'4c5-adc-276-4ec-d058'">Includes debt denominated in BRL and converted to USD as of the reporting date</div></td></tr></tbody></table>

0.065

2026-2040

313093000

182474000

4214000

2689000

308879000

179785000

5739000

3374000

303140000

176412000

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:24%; padding-right:5.75pt; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_a4463e8adc1044c78cd40d6f96f5250c'">2026</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_dd707a622c9d4b08a8d0eeb1456bb151'">2027</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_bcdaed83307a40ea8351452d31432475'">2028</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_85912855c8ef44baa5258daaca223f0e'">2029</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_eeb4990e541a4b31835a6830fe9e701c'">2030</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:8.96%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_183b7076e4304ef296863fe02a7c1f55'">2031 and thereafter</div></td><td style="width:1%; vertical-align:bottom"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:bottom"> </td><td style="width:9%; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_b80f34426af54429983b0b1ec0b1c779'">Total</div></td></tr><tr style="height:12.95pt"><td style="width:24%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c90148d9984c4e678a6b5d6ed8345a70'">Debt maturities</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c5df1e7285c54703883929bf886db410'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_084ef3c9ee604060ba562128a9c660ea'">1,859</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d7f8e60246db45fbbc48c3b3c2483a99'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_533eb22f70ea4cf7b09b7555fbc8a1f7'">11,791</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_8ffb3483fe9b4fbca8ffe950d3021c94'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1e5666a78399464eb0d2f3a6fe1b9a8d'">18,796</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7d2f5b7251e8418f8b308847f9974e74'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_fbd7a47ebd564dff8f636da372fc6810'">18,960</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2c133e5099614db9b54c28a50b623dac'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6786c24f20cc44e3ac327bbbc92091fe'">94,126</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b106759dd8d4a969a105cabc8765d0c'">$</div></td><td style="width:8.96%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_210a7725c864423389a54c0bb4ee2a63'">167,561</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_36f46da11ee34049a5e8bf5b7d240154'">$</div></td><td style="width:9%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2375a688c78542bb8bcc1ceec6b43aee'">313,093</div></td></tr></tbody></table>

1859000

11791000

18796000

18960000

94126000

167561000

313093000

490000000

95600000

80000000

15500000

maturity dates on a monthly basis from March 2026 through February 2035

410000000

80200000

maturity dates on a quarterly basis from April 2027 through January 2035

0.055

94500000

140000000

27000000

60000000

10800000

210000000

40600000

90000000

16200000

0.022

0.0275

Reference Rate (TR) 226

0.011

0.0165

fixed rate published by the BNDES System

one-time

2500000

500000

50000000

0.039

Term Secured Overnight Financing Rate

The Credit Agreement requires compliance with a minimum debt service coverage ratio. The ratio is tested on the last day of each fiscal quarter for the trailing four quarter period then ended

October 30, 2028

50000000

200000000

38600000

0.0753

36600000

38400000

160000000

30900000

0.0788

40000000

7300000

0.011

Both lines have maturity dates on a semi-annual basis from May 2028 through November 2040

160000000

30900000

40000000

7300000

19000000

For the release of each installment of the BNDES debt, the Company must present to the creditor Letter(s) of Guarantee to be provided by financial institution(s) that, at the discretion of the BNDES System, are in an economic-financial situation that confers a notorious degree of solvency, and the guarantor(s) must undertake as the main payer(s) of the obligations arising from the instrument. The letter needs to be issued for a minimum period of 24 months, and must be replaced or renewed until the 90th day prior to the end of the term of its validity, under penalty of early maturity of the instrument.

117700000

15607279.94

13574467

0.0195

Term Secured Overnight Financing Rate (“SOFR”)

13600000

the Company agreed to covenants requiring the Company to use the gross proceeds from the subscription of Brazilian Depositary Receipts in the amount of approximately $75.0 million to pay for services performed in Brazil. The Company must fully use the proceeds no later than August 15, 2028, subject to two additional one year extensions if mutually agreed by the Company and BNDES. The covenants also require services to be paid for in Brazilian reais, quarterly reporting to BNDES of the amounts used and unused, and other standard terms and conditions. If these covenants are breached, BNDES will have the right to liquidated damages equal to the amount of unused proceeds from the subscription of Brazilian Depositary Receipts

75000000

150000000

0.031

three-month Term SOFR Rate published by CME

maturity dates on a annual basis from January 2030 through January 2031

150000000

<a href="#" id="TOC_cd874b0c4f62ff4cb2f2"></a><a href="#TOC" style="text-decoration:none">Note 7 – Equity</a> The Company’s common stock trades on the New York Stock Exchange (“NYSE”) under the ticker EVEX. Pursuant to the terms of the Amended and Restated Certificate of Incorporation, the Company is authorized to issue the following shares and classes of capital stock, each with a par value of $0.001 per share: (i) 1.0 billion shares of common stock; and (ii) 100.0 million shares of preferred stock. There were 348,486,333 and 348,304,584 shares of common stock issued and outstanding as of June 30, 2026 and December 31, 2025, respectively. Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders. Holders of common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s Board of Directors in its discretion out of funds legally available. No dividends on common stock have been declared by the Company’s Board of Directors through June 30, 2026, and the Company does not expect to pay dividends in the foreseeable future. The Company has shares of common stock reserved for future issuance related to warrants and share-based compensation. Refer to Note 8 and Note 11 for additional information. Preferred stock may be issued at the discretion of the Company’s Board of Directors, as may be permitted by the General Corporation Law of the State of Delaware and without further stockholder action. The shares of preferred stock would be issuable for any proper corporate purpose, including, among other things, future acquisitions, capital raising transactions consisting of equity or convertible debt, stock dividends, or issuances under current and any future stock incentive plans, pursuant to which the Company may provide equity incentives to employees, officers, and directors and in certain instances may be used as an anti-takeover defense. As of June 30, 2026 and December 31, 2025, there was no preferred stock issued and outstanding. In the event of a voluntary or involuntary liquidation, dissolution, distribution of assets, or winding-up, subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of the Company’s common stock will be entitled to receive an equal amount per share of all of our assets of whatever kind available for distribution to stockholders, after the rights of the holders of any preferred stock have been satisfied, if any. 2025 Registered Direct Offering On August 13, 2025, the Company entered into subscription agreements (the “Subscription Agreements”) with certain investors, including BNDES Participações S.A. – BNDESPAR (a subsidiary of BNDES and collectively included in the term “BNDES”), Embraer and other institutional investors, for the issuance and sale of an aggregate of approximately 47.4 million newly issued shares of common stock of the Company, par value $0.001 per share (the “Common Stock”), at a purchase price of $4.85 per share. The subscription by BNDES included Brazilian Depositary Receipts (“BDRs”), each of which represents one share of Common Stock, at a purchase price of R$26.21 per BDR, which reflects an equivalent value of the price per share based on the PTAX rate on August 12, 2025, in a registered direct offering effected pursuant to the Company’s registration statement on Form S-3 (File No. 333-287863) filed under the Securities Act of 1933, as amended. The Subscription Agreements contain customary representations and warranties and covenants that the parties made to each other in the context of the Registered Direct Offering. The Company received aggregate gross proceeds of $230.0 million in the transaction. Issuance costs of approximately $12.6 million were charged against the gross proceeds as part of the transaction. The proceeds were recorded to the “Additional paid-in capital” line item of the condensed consolidated balance sheets, with exception of the par value of common stock issued as part of the transaction. As part of the subscription by BNDES, the Company is required to use the gross proceeds of $75.0 million from BNDES to pay for services performed in Brazil. The Company expects to use the remaining proceeds for general corporate purposes, including the financing of its operations and repayment of outstanding indebtedness. 2024 Private Placement On June 28, 2024 and July 12, 2024, the Company entered into subscription agreements, warrant agreements, and warrant exchange agreements with certain investors relating to a private placement for (i) the issuance and sale of 23.9 million newly issued shares of common stock of the Company, par value $0.001 per share, for cash at a purchase price of $4.00 per share, (ii) the issuance of approximately 3.3 million shares of common stock of the Company in exchange for the surrender and cancellation of certain warrants to acquire an aggregate of approximately 8.3 million shares of common stock of the Company, and (iii) the issuance of certain Penny Warrants to acquire an aggregate of 2.5 million shares of common stock of the Company (of which, 1.5 million were issued to Embraer). The common stock issued has the same rights as the existing common stock issued and outstanding. Refer to Note 8 for more information regarding the warrants related to the 2024 Private Placement. The transactions contemplated by the 2024 Private Placement closed on July 2, 2024, July 5, 2024, July 18, 2024, and September 4, 2024. The Company received aggregate gross proceeds of $95.6 million. A portion of the gross proceeds was allocated to the warrants exchanged for common stock with the residual value being attributable to the newly issued shares of common stock. Issuance costs of approximately $2.3 million were charged against the gross proceeds as part of the transaction. The proceeds were recorded to the “Additional paid-in capital” line item of the condensed consolidated balance sheets, with exception of the par value of common stock issued as part of the transaction. The Company intends to use the net proceeds for working capital and general corporate purposes.

0.001

1000000000

100000000

348486333

348304584

one vote per share

47400000

0.001

4.85

26.21

230000000

12600000

75000000

23900000

0.001

3300000

8300000

2500000 1500000

95600000

2300000

<a href="#" id="TOC_ceec94bafe5b3bb5c4b1"></a><a href="#TOC" style="text-decoration:none">Note 8 – Common Stock Warrants</a> Warrants Classified as EquityPublic WarrantsThe Company has outstanding warrants that are publicly traded on the NYSE (the “Public Warrants”) under the ticker EVEXW. Each Public Warrant entitles its holder to purchase one share of common stock at an exercise price of $11.50 per share, to be exercised only for a whole number of shares of our common stock. The Public Warrants are exercisable provided that we have an effective registration statement under the Securities Act of 1933 (“Securities Act”) covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a cashless basis under the circumstances specified in their warrant agreement) and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. The Public Warrants expire five years after the consummation of the Company’s business combination on May 9, 2022 (“Closing”) or earlier upon redemption or liquidation. We may redeem the outstanding Public Warrants at a price of $0.01 per warrant, if the last sale price of our common stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading days period ending on the third business day before the Company sends the notice of redemption to the warrant holders. In connection with the 2024 Private Placement, certain investors agreed to cancel approximately 3.3 million Public Warrants in exchange for approximately 1.3 million shares of common stock of the Company. As of June 30, 2026, there were approximately 12,478,852 Public Warrants outstanding. New WarrantsThe Company has entered into warrant agreements with certain strategic private investment in public equity investors (“Strategic PIPE Investors”), pursuant to which and subject to the terms and conditions of each applicable warrant agreement. The Company has issued or has agreed to issue warrants to the Strategic PIPE Investors (the “New Warrants”) to purchase shares of common stock with an exercise price of either (i) $0.01 per share (“Penny Warrants”) or (ii) $15.00 or $11.50 per share (“Market Warrants”). Each warrant entitles the holder to purchase one share of common stock of the Company, if applicable conditions have been met. Because the cash received for the common stock and New Warrants is significantly different from their fair value, management considers such warrants to have been issued other than at fair market value. Accordingly, such warrants represent units of account separate from the shares of common stock that were issued to the Strategic PIPE Investors in connection with their respective investment and therefore require separate accounting treatment. Terms related to the issuance and exercisability of the New Warrants differ among the Strategic PIPE Investors and each New Warrant is independently exercisable such that the exercise of any individual warrant does not depend on the exercise of another. As such, management has concluded that all New Warrants meet the criteria to be legally detachable and separately exercisable and therefore freestanding. Forfeitures of New Warrants within the scope of ASC 718, Compensation-Stock Compensation, are estimated by the Company and reviewed when circumstances change. <div style="-aw-sdt-tag:'2b5-ab0-824-3eb-9d55'"></div><div style="-aw-sdt-tag:'2b5-ab0-824-3eb-9d55'"></div>Penny Warrants Penny Warrants issued or issuable to Strategic PIPE Investors were determined to be within the scope of ASC 718 for classification and measurement and ASC 606, Revenue from Contracts with Customers, for recognition. In accordance with ASC 718, these warrants were determined to be equity-classified. Certain Penny Warrants have been issued and vested immediately upon Closing. The warrants were accounted for akin to a non-refundable upfront payment to the Strategic PIPE Investor and were recognized as expense when incurred as the Company had no current revenue or binding contracts when the warrants vested. Other Penny Warrants were issued or are issuable contingent upon meeting certain future conditions or Company milestones. These warrants are recognized when certain conditions are satisfied or milestones are determined probable. The consideration will be classified as either a reduction of revenue under ASC 606 if there are related revenue transactions in place at vesting or otherwise as expense. The vesting conditions and milestones are as follows: (a) receipt of binding eVTOL purchase commitments from certain Strategic Investors, (b) receipt of the first type certification for eVTOL in compliance with certain airworthiness authorities, (c) the time at which ten vertiports that have been developed or implemented with the services of a certain Strategic Investor have entered operation or are technically capable of entering operation, (d) receipt of certain services and support agreements and (e) receipt of a binding purchase commitment from a third-party to purchase an eVTOL jointly developed by Embraer and a certain Strategic Investor. In connection with the 2024 Private Placement, an additional 2.5 million Penny Warrants were issued contingent upon the first type certification for the eVTOL in compliance with certain airworthiness authorities. In October 2024, the Company and a supplier mutually agreed to discontinue their collaboration in advanced air mobility, which terminated 1,000,000 Penny Warrants. The Penny Warrants were measured at fair value on the grant date. The grant date is either the original grant date or, in cases where there has been a modification to the underlying agreement, the effective date of the modified agreement is used as the new grant date for determining fair value. The grant date fair value of Penny Warrants was calculated by subtracting $0.01 from Company’s common stock share price on the grant date. In July 2025, warrant holders exercised 3.0 million Penny Warrants for slightly less than 3.0 million shares of the Company’s common stock. The difference between the number of exercised warrants and issued common stock reflects a cashless exercise. As of June 30, 2026, there were approximately 18,022,536 Penny Warrants outstanding, of which 3,000,000 were vested and exercisable. Market Warrants Market Warrants were issued and vested immediately at Closing and have no contingencies. These warrants were determined to be within the scope of ASC 718, Compensation-Stock Compensation, for classification and measurement and were expensed when vested. The warrants were determined to be equity-classified. In connection with the 2024 Private Placement, an investor agreed to cancel 5.0 million Market Warrants with an exercise price of $11.50 in exchange for 2.0 million shares of common stock of the Company. As of June 30, 2026, the Company had 12,000,000 Market Warrants outstanding with an exercise price of $15.00. <div style="-aw-sdt-tag:'df1-b33-2cb-245-4f54'"></div><div style="-aw-sdt-tag:'df1-b33-2cb-245-4f54'"></div>Warrants Classified as Liabilities Private Warrants The Company has outstanding warrants issued in private placements (the “Private Warrants”), which are recorded in the “Warrant Liability” line of the condensed consolidated balance sheets. Each Private Warrant entitles its holder to purchase one share of common stock at an exercise price of $11.50 per share, subject to conditions as defined in the respective warrant agreement. The Private Warrants have similar terms as the Public Warrants, except for the $0.01 cash redemption feature. However, in the event a Private Warrant is transferred to a third-party not affiliated with the Company (referred to as a non-permitted transferee), the warrant becomes a Public Warrant and is subject to the $0.01 cash redemption feature. If this occurs, the calculation changes for the settlement amount of the Private Warrants. Since the settlement amount depends solely on who holds the instrument, which is not an input to the fair value of a fixed-for-fixed option or forward on equity shares, the Private Warrants are liability classified. As of June 30, 2026, there were approximately 9,974,555 Private Warrants outstanding.

11.5

P5Y

0.01 18 P20D P30D 3300000 1300000

12478852

0.01

11.5

10 2500000 1000000

0.01

3000000 3000000

18022536

3000000 5000000

11.5

2000000

12000000

11.5

0.01 0.01

9974555

<a href="#" id="TOC_c529a49c0a2db61358a0"></a><a href="#TOC" style="text-decoration:none">Note 9 –</a>Warrant Liability The Company has warrant liabilities of $1.7 million and $4.6 million, as of June 30, 2026 and December 31, 2025, respectively, related to the Private Warrants. The Company uses the share price of its Public Warrants as the input for the recurring fair value measurement of Private Warrants at the end of each reporting period within the “Warrant Liability” line item of the condensed consolidated balance sheets. The Public Warrants are used to remeasure the fair value as they have similar key terms. Refer to Note 8 and 10 for additional information. During the six months ended June 30, 2026 and 2025, a gain of $2.9 million and loss of $6.2 million, respectively, were recognized within the “Gain from Warranty Liability” line in the condensed consolidated statements of operations. The change in fair value is included under operating activities within the condensed consolidated statements of cash flows.

1700000

4600000

2900000

-6200000

<a href="#" id="TOC_cf97896af7694dcffa98"></a><a href="#TOC" style="text-decoration:none">Note 10 – Fair Value Measurements</a> The Company uses a fair value hierarchy, which has three levels based on the reliability of the inputs, to determine fair value. The Company’s assessment of the significance of an input to the fair value measurement requires judgment and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. Level 1 refers to fair values determined based on unadjusted quoted prices in active markets for identical instruments. Level 2 refers to fair values estimated using other observable inputs for the instruments, either directly or indirectly, for substantially the full term of the asset or liability. Level 3 includes fair values estimated using unobservable inputs for the instruments used to measure fair value to the extent that observable inputs are not available. The carrying amounts of cash and cash equivalents, financial investments, related party receivables, other current assets, accounts payable, related party payables, and other current payables approximate their fair values due to the short-term maturities of the instruments. The fair value of debt was estimated using a discounted cash flow model and other observable inputs, therefore, are Level 2. Refer to Note 9 for the methodology for determining the fair value of Private Warrants. As of June 30, 2026 and December 31, 2025, there were no changes in the fair value methodology and no transfers between levels of the financial instruments. The following table lists the Company’s financial liabilities by level within the fair value hierarchy. <div style="-aw-sdt-tag:'a6e-cda-37c-929-a1fd'; -aw-sdt-title:'Fair Value Measurements T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="11" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'599-18d-dd8-c98-9c34'"> June 30, 2026 </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="11" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'c97-9c1-ae7-0e8-d1e8'"> December 31, 2025 </div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"><div style="-aw-sdt-tag:'C_7853f90b371848739afc65f7424110ff'"> Carrying </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="8" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_83d31c9f88ba449c8ceec3f64d129c2b'"> Fair Value </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c845d146ead046d9be94b1b883f708c2'"> Carrying </div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="8" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_52524c3a513f4f609ad14b633fa6837d'"> Fair Value </div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"><div style="-aw-sdt-tag:'C_4142cd73d4e545dfa88b5b483fedab2a'">Amount</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_7af872a4474749cd8df6960dfe1af342'">Level 1</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_ebffdb4ed6ff4ad18fc45e81f90066b9'">Level 2</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_2b58fce327c34207882e17b81d8380df'">Level 3</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_01b7b8c6a0494eeca285da39b6a56b9a'">Amount</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c48b91164f4b45799795e1e325c0d4ec'">Level 1</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_367d06b23c204352ad72cf93522fc2e5'">Level 2</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_8e1f8e81076c4a34905c3836b3697dd8'">Level 3</div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f754efe3716042f59f884cc585ea4723'"> Private Warrants</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_efa7ad18bfdc4ce5a43869d71d2846eb'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f6f-122-5d4-b84-c872'">1,696</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bed38991d86a4f54a42d884995ced336'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d57f02b7de734545bb04198ec692a277'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_17c6748bb1c744568b15de7fafa56f05'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5e4-41d-6ad-159-5688'">1,696</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a184383dc988494c893b7ef87098e511'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b8d00053948e49c59c2f0da18012fcf6'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9f024fb3414d48398039670f58c34bc0'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'992-703-798-4a7-79a5'">4,588</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_aa4c5303dfae4dcbb2652c4b149ba2b0'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_fd67033e49774d4e949777ee5653a950'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7ef29fda88654b04b0dbde8a804f35ee'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'64d-93b-560-fb0-1307'">4,588</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1da762b28c1749e9918913b494c21983'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'604-730-da8-eb5-80ca'">-</div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c36751bf0c16497fb138d443d8b4aad5'"> Debt </div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_eb576689020648e68b4d525ed08305e9'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_9b7a8a1973334b719aabb20919513b88'">308,879</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_366054a3bf2542dd95d8a880a25eead1'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f337e8215d8247e9b6dbe3d5891edd3a'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_8449c9ca4e494c168f5814f74c54a6f6'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f6b-06d-ce2-b3f-ddef'">296,758</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f066679066474578a3ae2af5527ccb46'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'492-610-dab-8c1-ff3b'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3311e22ad70b4f048b08ae7353f6de6f'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_8c1bb422e7ee43f28d040d5944253700'">179,786</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_82f9e3650ded4bca95747cd13afb8673'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_1a493b2c2464436ebde49dae8b059518'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a4b4d703eda74e77b1ba186e3bc10550'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6fe-7c8-f54-fb1-58e0'">184,139</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ab3e03bec71b46f7ab62a59f087179da'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f11-f42-f7d-6df-4058'">-</div></td></tr></tbody></table></div>

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="11" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'599-18d-dd8-c98-9c34'"> June 30, 2026 </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="11" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'c97-9c1-ae7-0e8-d1e8'"> December 31, 2025 </div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"><div style="-aw-sdt-tag:'C_7853f90b371848739afc65f7424110ff'"> Carrying </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="8" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_83d31c9f88ba449c8ceec3f64d129c2b'"> Fair Value </div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c845d146ead046d9be94b1b883f708c2'"> Carrying </div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="8" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_52524c3a513f4f609ad14b633fa6837d'"> Fair Value </div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:bottom"> </td><td colspan="2" style="vertical-align:bottom"><div style="-aw-sdt-tag:'C_4142cd73d4e545dfa88b5b483fedab2a'">Amount</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_7af872a4474749cd8df6960dfe1af342'">Level 1</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_ebffdb4ed6ff4ad18fc45e81f90066b9'">Level 2</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_2b58fce327c34207882e17b81d8380df'">Level 3</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_01b7b8c6a0494eeca285da39b6a56b9a'">Amount</div></td><td style="width:1%; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_c48b91164f4b45799795e1e325c0d4ec'">Level 1</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_367d06b23c204352ad72cf93522fc2e5'">Level 2</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom"> </td><td colspan="2" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:bottom"><div style="-aw-sdt-tag:'C_8e1f8e81076c4a34905c3836b3697dd8'">Level 3</div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_f754efe3716042f59f884cc585ea4723'"> Private Warrants</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_efa7ad18bfdc4ce5a43869d71d2846eb'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f6f-122-5d4-b84-c872'">1,696</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bed38991d86a4f54a42d884995ced336'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_d57f02b7de734545bb04198ec692a277'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_17c6748bb1c744568b15de7fafa56f05'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5e4-41d-6ad-159-5688'">1,696</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a184383dc988494c893b7ef87098e511'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b8d00053948e49c59c2f0da18012fcf6'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_9f024fb3414d48398039670f58c34bc0'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'992-703-798-4a7-79a5'">4,588</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_aa4c5303dfae4dcbb2652c4b149ba2b0'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_fd67033e49774d4e949777ee5653a950'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7ef29fda88654b04b0dbde8a804f35ee'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'64d-93b-560-fb0-1307'">4,588</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1da762b28c1749e9918913b494c21983'">$</div></td><td style="width:8%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'604-730-da8-eb5-80ca'">-</div></td></tr><tr style="height:11.5pt"><td style="width:21%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_c36751bf0c16497fb138d443d8b4aad5'"> Debt </div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_eb576689020648e68b4d525ed08305e9'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_9b7a8a1973334b719aabb20919513b88'">308,879</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_366054a3bf2542dd95d8a880a25eead1'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f337e8215d8247e9b6dbe3d5891edd3a'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_8449c9ca4e494c168f5814f74c54a6f6'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f6b-06d-ce2-b3f-ddef'">296,758</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f066679066474578a3ae2af5527ccb46'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'492-610-dab-8c1-ff3b'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3311e22ad70b4f048b08ae7353f6de6f'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_8c1bb422e7ee43f28d040d5944253700'">179,786</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_82f9e3650ded4bca95747cd13afb8673'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_1a493b2c2464436ebde49dae8b059518'">-</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a4b4d703eda74e77b1ba186e3bc10550'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6fe-7c8-f54-fb1-58e0'">184,139</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ab3e03bec71b46f7ab62a59f087179da'">$</div></td><td style="width:8%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f11-f42-f7d-6df-4058'">-</div></td></tr></tbody></table>

1696000

4588000

308879000

296758000

179786000

184139000

<a href="#" id="TOC_cca2b4bcfa093dc1a172"></a><a href="#TOC" style="text-decoration:none">Note 11 – Earnings Per Share</a> Basic and diluted earnings per share is computed by dividing net loss by the weighted average number of common stock outstanding during the period. Diluted net loss per common stock reflects the potential dilution that would occur if securities were exercised or converted into common stock. The effects of any incremental potential common stock are excluded from the calculation of earnings per share if their effect would be anti-dilutive. Contingently issuable shares, including equity awards with performance conditions, are considered outstanding common shares and included in basic and diluted earnings per share as of the date that all necessary conditions to earn the awards have been satisfied. Public and Private Warrants are considered for the diluted earnings per share calculation to the extent they are “in-the-money” and their effect is dilutive. The Company has retroactively adjusted the shares issued and outstanding prior to May 9, 2022, to give effect to the exchange ratio. For the three and six months ended June 30, 2026 and 2025, there were no securities outstanding whose effect would be dilutive to earnings per share. Therefore, the number of basic and diluted weighted-average shares outstanding were equal in each respective period. <div style="-aw-sdt-tag:'39d-0a9-863-cc1-6468'; -aw-sdt-title:'Earnings Per Share T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle"> </td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="4" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'995-a7d-6e0-dce-e4f2'">Three Months Ended</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td colspan="4" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'199-5e7-dc1-c12-14d5'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle"> </td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_fe81124f0d254a4694bfbb82549ec685'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_6cb1147cc7034648a778eeb9846ebad6'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'59a-855-58b-784-7bff'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'7f6-e0e-81b-0be-1de6'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3d2dda46d733415da94e0c7421813ca8'">Net loss</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_dbf1f194116d4dd286b69f829fe84688'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(34,229)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0ee2f9df6f884043bf79bbcfea8231df'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(64,685)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'38a-fad-a6f-207-719a'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(103,042)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'426-4b8-77d-c11-b15e'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(113,470)</td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ca1a540a25c54ffe97771dbe423b3f57'">Weighted-average shares outstanding – basic and diluted</div></td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d973d301f76a44189ab6fa4b0f96838b'">351,863</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a19be5e642934026a03778594a63e5b8'">303,727</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a62-b10-7ac-9d9-3e90'">351,834</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d0b-343-683-0d6-2425'">303,686</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5f937981faf04340bb41ed8195ec0849'">Net loss per share – basic and diluted</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b286983b818e4212a44fd1491a14731e'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.10)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5ea3e809dd934a4193271d1089a4a19d'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.21)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'679-043-e3f-ab3-bdda'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.29)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'43b-bfe-244-258-d79f'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.37)</td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_212fcf34cb8f4809aa9c1dbae440e275'">Penny warrants included in Net loss per share calculation</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_57225bc6cdfa402f988d3a4f2000dfbd'">3,000</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b5096eb418c4ff9aeb75d06be84299f'">6,000</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'0dd-f4d-5b6-504-a9a4'">3,000</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'8c4-fac-3b9-0c5-575e'">6,000</div></td></tr></tbody></table></div> The following table presents potentially dilutive securities excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive. <div style="-aw-sdt-tag:'ac8-323-9e8-c9a-1af0'; -aw-sdt-title:'Earnings Per Share T2'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'588-799-7cb-9b1-94af'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'b64-e6b-8dd-bfb-69fd'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a46571b005c64de4921a53a3f0a06841'">Unvested restricted stock units</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6726a9861c914d2d86336005a63f5e2f'">4,325</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_291d5a7fa09d45c28a4253ae8a3664a1'">2,213</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_769d305242b0480da6e4b2afc89cc038'">Penny warrants subject to unmet contingencies</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4a58e343e22d4fb2aa538059c4bf8aa3'">15,023</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_134a16f131f5497dad287c5527e76f05'">15,023</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7f299cda0a0c4176925d82fdace4f91b'">Warrants “out-of-the-money”</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e5e10697852b4c46898a6524352a55bb'">34,453</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_546339b4074046098b76a24c7be4481c'">34,453</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4f44bdfb98c240eb82ffca326d0e1987'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_43a34fc0458c4e27b522dad2cead6452'">53,801</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f0c14ed218fa4d569c9375dd0b8cf508'">51,689</div></td></tr></tbody></table></div> Certain Penny Warrants contain contingencies agreed upon with potential customers and suppliers that have not yet been achieved. Warrants that are out of the money include Public, Private, and Market Warrants where the exercise price exceeded the common stock price for the period. Refer to Note 8 for a summary of the terms for all warrants.

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle"> </td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="4" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'995-a7d-6e0-dce-e4f2'">Three Months Ended</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td colspan="4" style="border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'199-5e7-dc1-c12-14d5'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle"> </td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_fe81124f0d254a4694bfbb82549ec685'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_6cb1147cc7034648a778eeb9846ebad6'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'59a-855-58b-784-7bff'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'7f6-e0e-81b-0be-1de6'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_3d2dda46d733415da94e0c7421813ca8'">Net loss</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_dbf1f194116d4dd286b69f829fe84688'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(34,229)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0ee2f9df6f884043bf79bbcfea8231df'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(64,685)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'38a-fad-a6f-207-719a'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(103,042)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'426-4b8-77d-c11-b15e'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(113,470)</td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_ca1a540a25c54ffe97771dbe423b3f57'">Weighted-average shares outstanding – basic and diluted</div></td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_d973d301f76a44189ab6fa4b0f96838b'">351,863</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a19be5e642934026a03778594a63e5b8'">303,727</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a62-b10-7ac-9d9-3e90'">351,834</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d0b-343-683-0d6-2425'">303,686</div></td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5f937981faf04340bb41ed8195ec0849'">Net loss per share – basic and diluted</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b286983b818e4212a44fd1491a14731e'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.10)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_5ea3e809dd934a4193271d1089a4a19d'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.21)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'679-043-e3f-ab3-bdda'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.29)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'43b-bfe-244-258-d79f'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(0.37)</td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"> </td></tr><tr style="height:12.95pt"><td style="width:52%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_212fcf34cb8f4809aa9c1dbae440e275'">Penny warrants included in Net loss per share calculation</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_57225bc6cdfa402f988d3a4f2000dfbd'">3,000</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b5096eb418c4ff9aeb75d06be84299f'">6,000</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'0dd-f4d-5b6-504-a9a4'">3,000</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'8c4-fac-3b9-0c5-575e'">6,000</div></td></tr></tbody></table>

-34229000

-64685000

-103042000

-113470000

351863000

303727000

351834000

303686000

-0.1

-0.21

-0.29

-0.37

3000000

6000000

3000000

6000000

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'588-799-7cb-9b1-94af'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:14%; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'b64-e6b-8dd-bfb-69fd'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a46571b005c64de4921a53a3f0a06841'">Unvested restricted stock units</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6726a9861c914d2d86336005a63f5e2f'">4,325</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_291d5a7fa09d45c28a4253ae8a3664a1'">2,213</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_769d305242b0480da6e4b2afc89cc038'">Penny warrants subject to unmet contingencies</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4a58e343e22d4fb2aa538059c4bf8aa3'">15,023</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_134a16f131f5497dad287c5527e76f05'">15,023</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7f299cda0a0c4176925d82fdace4f91b'">Warrants “out-of-the-money”</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_e5e10697852b4c46898a6524352a55bb'">34,453</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:14%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_546339b4074046098b76a24c7be4481c'">34,453</div></td></tr><tr style="height:12.95pt"><td style="width:69%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_4f44bdfb98c240eb82ffca326d0e1987'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_43a34fc0458c4e27b522dad2cead6452'">53,801</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:14%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f0c14ed218fa4d569c9375dd0b8cf508'">51,689</div></td></tr></tbody></table>

4325000

2213000

15023000

34453000

53801000

51689000

<a href="#" id="TOC_c1e98515243f3256d13d"></a><a href="#TOC" style="text-decoration:none">Note 12 – Research and Development Expenses</a> Research and development expenses consisted of the following: <div style="-aw-sdt-tag:'d46-67b-048-365-e402'; -aw-sdt-title:'Research and Development Expenses T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; vertical-align:bottom; background-color:#ffffff"> </td><td colspan="5" style="border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"><div style="-aw-sdt-tag:'d4a-589-c4c-023-4655'">Three Months Ended</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"> </td><td colspan="5" style="border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"><div style="-aw-sdt-tag:'7f8-d30-74f-7c3-dd32'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'160-853-b7a-75e-2c1a'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e1e-836-1b1-857-0c94'">June 30, 2025</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d08-cc3-bc6-065-8891'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'109-a5a-e0e-c9a-9168'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c072f8ded7f64cc7b731cfa86dc16e00'">Outsourced services</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_46fd5642b8ba45f48a75b03de411ab74'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_29549e56e03841a7bcd6f57fc7ef810b'">25,310</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_4148a078d8754ace90d4e724cfe3d772'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_98411829f8f64e8faeef58d54a902be0'">42,750</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d13-b40-65e-434-c5ca'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'1b9-053-cf8-c87-5511'">81,267</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'288-bda-a2e-3f7-b974'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'017-c27-b46-cfd-58f5'">84,956</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_da523cea610b44c6ba456e6287e56109'">Payroll costs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f0b206603dee4ea289f5ea2b78011522'">3,097</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3c4777e414ec4befaef85b8c495b3584'">2,720</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b21-4c3-f52-e02-a5ba'">6,074</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a95-a94-85d-dce-6c65'">5,059</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_00de1a14ef5b477bb8ba1d2070ba7e6b'">Other expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2a18d43c14924b3c8f736ed93057a914'">522</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6c0dc4d3b52f4a9195f0c0aac89e3598'">203</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'7a9-c53-7ad-7f4-8d10'">665</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f17-a1c-0e4-ab4-dee3'">368</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_32c11dccbcba41b1a94cd3961288aec3'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a742b16fd0e344cd9c02259294e22efc'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_365c753fee5b44c79abcb1981eb88e88'">28,930</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3c635ede138e46a080aaa6262d1db82f'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'7ce-58f-fe9-d77-e2f9'">45,672</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'9ec-8e7-578-18d-0a0e'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a44-7f4-c87-08a-47b9'">88,006</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6b7-12d-025-8d2-e6b7'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e69-fbb-9e0-074-edcd'">90,383</div></td></tr></tbody></table></div> <table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; vertical-align:bottom; background-color:#ffffff"> </td><td colspan="5" style="border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"><div style="-aw-sdt-tag:'d4a-589-c4c-023-4655'">Three Months Ended</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"> </td><td colspan="5" style="border-top:1pt solid #000000; vertical-align:bottom; background-color:#ffffff"><div style="-aw-sdt-tag:'7f8-d30-74f-7c3-dd32'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'160-853-b7a-75e-2c1a'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e1e-836-1b1-857-0c94'">June 30, 2025</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d08-cc3-bc6-065-8891'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-top:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'109-a5a-e0e-c9a-9168'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_c072f8ded7f64cc7b731cfa86dc16e00'">Outsourced services</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_46fd5642b8ba45f48a75b03de411ab74'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_29549e56e03841a7bcd6f57fc7ef810b'">25,310</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_4148a078d8754ace90d4e724cfe3d772'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_98411829f8f64e8faeef58d54a902be0'">42,750</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d13-b40-65e-434-c5ca'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'1b9-053-cf8-c87-5511'">81,267</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'288-bda-a2e-3f7-b974'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'017-c27-b46-cfd-58f5'">84,956</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_da523cea610b44c6ba456e6287e56109'">Payroll costs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_f0b206603dee4ea289f5ea2b78011522'">3,097</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3c4777e414ec4befaef85b8c495b3584'">2,720</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b21-4c3-f52-e02-a5ba'">6,074</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a95-a94-85d-dce-6c65'">5,059</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_00de1a14ef5b477bb8ba1d2070ba7e6b'">Other expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_2a18d43c14924b3c8f736ed93057a914'">522</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6c0dc4d3b52f4a9195f0c0aac89e3598'">203</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'7a9-c53-7ad-7f4-8d10'">665</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f17-a1c-0e4-ab4-dee3'">368</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_32c11dccbcba41b1a94cd3961288aec3'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_a742b16fd0e344cd9c02259294e22efc'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_365c753fee5b44c79abcb1981eb88e88'">28,930</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_3c635ede138e46a080aaa6262d1db82f'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'7ce-58f-fe9-d77-e2f9'">45,672</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'9ec-8e7-578-18d-0a0e'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a44-7f4-c87-08a-47b9'">88,006</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6b7-12d-025-8d2-e6b7'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e69-fbb-9e0-074-edcd'">90,383</div></td></tr></tbody></table> 25310000 42750000 81267000 84956000

3097000

2720000

6074000

5059000

522000

203000

665000

368000

28930000

45672000

88006000

90383000

<a href="#" id="TOC_c5588a769b5a1b618802"></a><a href="#TOC" style="text-decoration:none">Note 13 – Selling, General and Administrative Expenses</a> Selling, general and administrative expenses consisted of the following: <div style="-aw-sdt-tag:'d5b-6a1-5d7-e52-0439'; -aw-sdt-title:'Selling, General and Administrative Expenses T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"> </td><td colspan="5" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'c88-f34-a8c-96e-ced3'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td colspan="4" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'175-388-52e-8bf-c3d8'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_0fc2807a87864d71a25f97d47371eaf7'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_1f52cb10fa9f42c3ae40b7ce18d1dfec'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'8ec-fd2-7a0-529-a976'">June 30, 2026</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'9b3-936-b5c-bfa-cf3e'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_394678df893546969ba5f39c0a191730'">Outsourced services</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_66676ef6b6da4519a1cce79d62213707'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6a464cbbb25d43ddae67a3c12a2ce6e0'">3,856</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1d5dc086866048d2bafac97de993df23'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bbf24e6461684a86ba7d6e8302802273'">3,998</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'498-174-632-b53-a734'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'4e1-189-057-0df-5ba3'">7,013</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'00f-d71-937-1e3-eeed'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'9de-47c-e98-625-bb5e'">6,877</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_1adb7ad64efd4a91a93d07c201478d24'">Payroll costs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_81ed1d16682e4c6e94c44dc1ab4d92b0'">3,617</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_112c374014ad4583b0bdf6680de2f730'">3,847</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c08-cf3-7f1-ac7-a256'">6,913</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'198-2ed-725-428-6ef4'">8,186</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7429d337cb694ad2af20cea5bf02a95b'">Director and officers insurance</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_15516fd58e95448bab8a5dea00f2f836'">222</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a2b4d1cf0bec497b95e7f456e3949794'">256</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'148-f67-d70-6ba-cfed'">478</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'ab3-687-5d1-688-4315'">512</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_dfb5aa1503ee4992a060f22ccd0c1f6a'">Other expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_0e92f48596bf437895f84253d0bb5712'">606</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_39e5940e60094924bf0e4b2e7f2f2753'">104</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'664-59f-39e-424-c441'">1,144</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a82-469-6b9-69b-4db6'">523</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a5e26c384c7a4878993c04e2b49f7a6d'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b43f512a00194c6fb9eb784fb7dd0ca4'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0ce514e59f5b4359945ee758dca4efcd'">8,301</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b28383633c647a2bff2fa1e7e8a3eea'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f0a-064-5bb-143-74c5'">8,205</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'b97-914-b5e-982-f7fb'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'6d9-4a7-eb2-b88-1bbb'">15,548</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'d5b-6a1-5d7-e52-0439'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'733-4a6-ea8-00c-4b7a'">16,097</div></td></tr></tbody></table></div> <table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"> </td><td colspan="5" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'c88-f34-a8c-96e-ced3'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td colspan="4" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'175-388-52e-8bf-c3d8'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'C_0fc2807a87864d71a25f97d47371eaf7'">June 30, 2026</div></td><td style="width:1%; vertical-align:middle"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'C_1f52cb10fa9f42c3ae40b7ce18d1dfec'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'8ec-fd2-7a0-529-a976'">June 30, 2026</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"> </td><td style="width:10%; border-top:0.75pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top; -aw-border-top:0.5pt single"><div style="-aw-sdt-tag:'9b3-936-b5c-bfa-cf3e'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_394678df893546969ba5f39c0a191730'">Outsourced services</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_66676ef6b6da4519a1cce79d62213707'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_6a464cbbb25d43ddae67a3c12a2ce6e0'">3,856</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_1d5dc086866048d2bafac97de993df23'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_bbf24e6461684a86ba7d6e8302802273'">3,998</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'498-174-632-b53-a734'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'4e1-189-057-0df-5ba3'">7,013</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'00f-d71-937-1e3-eeed'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'9de-47c-e98-625-bb5e'">6,877</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_1adb7ad64efd4a91a93d07c201478d24'">Payroll costs</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_81ed1d16682e4c6e94c44dc1ab4d92b0'">3,617</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_112c374014ad4583b0bdf6680de2f730'">3,847</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c08-cf3-7f1-ac7-a256'">6,913</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'198-2ed-725-428-6ef4'">8,186</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_7429d337cb694ad2af20cea5bf02a95b'">Director and officers insurance</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_15516fd58e95448bab8a5dea00f2f836'">222</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a2b4d1cf0bec497b95e7f456e3949794'">256</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'148-f67-d70-6ba-cfed'">478</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'ab3-687-5d1-688-4315'">512</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_dfb5aa1503ee4992a060f22ccd0c1f6a'">Other expenses</div></td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_0e92f48596bf437895f84253d0bb5712'">606</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'C_39e5940e60094924bf0e4b2e7f2f2753'">104</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'664-59f-39e-424-c441'">1,144</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'a82-469-6b9-69b-4db6'">523</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_a5e26c384c7a4878993c04e2b49f7a6d'">Total</div></td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_b43f512a00194c6fb9eb784fb7dd0ca4'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0ce514e59f5b4359945ee758dca4efcd'">8,301</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'C_0b28383633c647a2bff2fa1e7e8a3eea'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'f0a-064-5bb-143-74c5'">8,205</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'b97-914-b5e-982-f7fb'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'6d9-4a7-eb2-b88-1bbb'">15,548</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'d5b-6a1-5d7-e52-0439'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'733-4a6-ea8-00c-4b7a'">16,097</div></td></tr></tbody></table> 3856000 3998000 7013000 6877000

3617000

3847000

6913000

8186000

222000 256000 478000 512000

606000

104000

1144000

523000

8301000

8205000

15548000

16097000

<a href="#" id="TOC_cb4664713527ffdd7213"></a><a href="#TOC" style="text-decoration:none">Note 14 – Income Taxes</a> The Company calculates its income tax expense using the annual effective tax rate (“AETR”) methodology, under which interim income tax expense is determined by applying the estimated annual effective tax rate to year‑to‑date pre‑tax income, adjusted for discrete items, if any, in accordance with ASC 740‑270. Beginning in fiscal year 2026 and for all periods thereafter, the Company prepares its income tax calculations on a stand‑alone basis, as it no longer files, nor is it included in, a consolidated income tax return with Embraer. Following the 2025 Registered Direct Offering, Embraer’s ownership decreased to less than 80% of the Company’s outstanding common stock, which, pursuant to U.S. tax law, resulted in the Company’s tax deconsolidation from EAH. For tax year 2025, the Company will file a short‑period tax return for the period subsequent to deconsolidation, covering the period from August 15, 2025 through December 31, 2025. As a result, the Company now files separate income tax returns, inclusive of EVE UAM LLC and EVE Soluções de Mobilidade Aérea Urbana Ltda., both of which are treated as disregarded entities for U.S. federal income tax purposes. For the three months ended June 30, 2026 and 2025, the Company recognized income tax benefit of $2.9 million and income tax expense $0.4 million, respectively. For the six months ended June 30, 2026 and 2025, the Company recognized income tax benefits of $2.8 million and $0.1 million, respectively.

0.80

-2900000

400000

-2800000

-100000

<a href="#" id="bm_53d7bb4c7d25d0bb"></a><a href="#TOC" style="text-decoration:none">Note 15 – Commitments and Contingencies</a> As of June 30, 2026 and December 31, 2025, the Company did not have any accruals for loss contingencies associated with litigation. The Company will make accruals related to loss contingencies in instances where it is probable that a loss has been incurred and the amount can be reasonably estimated. Loss contingencies that are either reasonably possible but not probable or probable but not reasonably estimable, are disclosed in the notes to these condensed consolidated financial statements. On March 3, 2025, a putative shareholder derivative action, captioned Taylor v. Embraer Aircraft Holding, Inc., et al., C.A. No. 2025-0233-NAC, was filed in the Delaware Court of Chancery against EAH, our directors and certain of our officers, asserting breach of fiduciary duty claims related to the 2024 Private Placement of common stock and warrants that were issued to EAH in September 2024. Eve Holding was also named as a nominal defendant in the case. The complaint sought, among other things, declaratory relief, damages, costs and attorneys’ fees and expenses. Pursuant to the operative scheduling order, the defendants moved to dismiss the complaint on April 30, 2025. On May 28, 2025, the plaintiff filed a motion to certify questions regarding the constitutionality of recent amendments to 8 Del. C. § 144, which related to certain arguments raised in the defendants’ respective motions to dismiss, to the Delaware Supreme Court. On June 20, 2025, the Court entered a joint stipulated order staying all proceedings pending the Delaware Supreme Court’s resolution of overlapping constitutional questions regarding the recent amendments to 8 Del. C. § 144 raised in another unrelated action, Rutledge v. Clearway Energy Group LLC, et al., C.A. No. 2025-0499-LWW.On February 27, 2026, the Delaware Supreme Court issued an opinion upholding the constitutionality of the recent amendments to 8 Del. C. § 144. Per the stipulated scheduling order, the plaintiff filed an amended complaint on April 28, 2026, and the defendants moved to dismiss the amended complaint on June 29, 2026. On July 14, 2026, the plaintiff filed a notice and proposed order voluntarily dismissing all claims with prejudice as to himself only, and without prejudice as to any actual or potential derivative claims on behalf of the Company. The notice further provided that no compensation had passed from any defendant to plaintiff or his counsel, and no promise to give any such compensation had been made. The Court entered the dismissal order on July 16, 2026. Due to the nature of our business, from time to time, we are or may be subject to disputes or claims related to our business activities, including, among other things, performance matters under our supplier contracts and other business arrangements, workers’ compensation, premises liability and other claims. We do not expect that any of these disputes and claims will have a material adverse effect on our condensed consolidated balance sheets, statements of operations or cash flows. BNDES Subscription Agreement In connection with the subscription agreement entered into with BNDES, as described in Note 6, the Company agreed to covenants requiring the Company to use the gross proceeds from the subscription of BDRs in the amount of approximately $75.0 million to pay for services performed in Brazil. The Company must fully use the proceeds no later than August 15, 2028, subject to two additional one year extensions if mutually agreed by the Company and BNDES. The covenants also require services to be paid for in Brazilian reais, quarterly reporting to BNDES of the amounts used and unused, and other standard terms and conditions. If these covenants are breached, BNDES will have the right to liquidated damages equal to the amount of unused proceeds from the subscription of BDRs.

the Company agreed to covenants requiring the Company to use the gross proceeds from the subscription of BDRs in the amount of approximately $75.0 million to pay for services performed in Brazil. The Company must fully use the proceeds no later than August 15, 2028, subject to two additional one year extensions if mutually agreed by the Company and BNDES. The covenants also require services to be paid for in Brazilian reais, quarterly reporting to BNDES of the amounts used and unused, and other standard terms and conditions. If these covenants are breached, BNDES will have the right to liquidated damages equal to the amount of unused proceeds from the subscription of BDRs

75000000

<a href="#" id="bm_89352396665d5438"></a><a href="#TOC" style="text-decoration:none">Note 16 – Segments</a> Segment information is presented in a manner consistent with the internal reports provided to the chief operating decision maker (“CODM”), which has been identified as the Chief Executive Officer. Given the Company’s pre-revenue operating stage, it currently has no concentration exposure to products, services or customers. The Company is developing three business units that will provide unique products or services, which were determined to be the reportable segments, as follows: eVTOL The Company is designing and certifying an eVTOL purpose-built for UAM missions and plans to market its eVTOLs globally to operators of UAM services, including fixed wing and helicopter operators, as well as lessors that purchase and manage aircraft on behalf of operators. Service and Operations Solutions The Company plans to offer a full suite of eVTOL service and support capabilities (named “TechCare”), including material services, maintenance, technical support, training, ground handling and data services. Its services will be offered to UAM fleet operators on an agnostic basis, supporting both its own eVTOL and those produced by third parties. Urban Air Traffic Management (“UATM”) The Company is developing next-generation UATM software (named “Vector”) to help enable eVTOLs to operate safely and efficiently in dense urban airspace along with conventional fixed wing and rotary aircraft and unmanned drones. The Company plans to offer Vector software to customers that include air navigation service providers, fleet operators and vertiport operators. The CODM regularly receives and reviews one measure of profit or loss by segment, which is also the sole significant expense for each segment – research and development expenses. This expense information and the physical progress of the projects by segment are used by the CODM when deciding how to allocate resources between segments. Asset information by segment is not presented to the CODM. <div style="-aw-sdt-tag:'6ba-92f-b76-0eb-c61c'; -aw-sdt-title:'Segments T1'"><table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; padding-right:5.75pt; vertical-align:middle"> </td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="4" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'c0e-6e6-3ef-283-872f'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td colspan="4" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'500-d46-4e0-878-3b69'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"><div style="-aw-sdt-tag:'d4e-14a-85c-4f2-3486'">Research and development expenses</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'950-11d-c35-234-b8e9'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'139-f66-43f-770-793e'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'3ae-f9e-27e-48b-25c7'">June 30, 2026</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'2f1-c44-490-44a-5278'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d08-4d5-e47-9ca-840e'">eVTOL</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'859-200-3aa-371-0ae5'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e8b-000-fea-dbc-c0d4'">26,262</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'446-74c-b8f-fcd-7863'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'69a-782-46e-96f-56a4'">43,235</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'a4a-388-1af-7df-4233'">$</div></td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'89c-dbd-e87-85f-670e'">82,301</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'3e9-4be-e23-2ff-ac03'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'2d6-3b6-ef1-5ca-a862'">85,658</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'601-189-ad3-d20-3441'">Service and Operations Solutions</div></td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d15-8f1-d53-260-e59a'">2,390</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b3a-b2d-3ef-a16-d578'">1,532</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e51-e58-f37-db8-9c88'">4,939</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'65f-b9a-304-f3b-1720'">2,866</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'c9a-8af-228-dca-29bd'">UATM</div></td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'984-997-83e-52a-7865'">278</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'aeb-387-f29-310-150c'">905</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e38-cd8-70e-36f-80a1'">766</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d16-a8f-6ed-e91-a222'">1,859</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'ca7-30e-e3d-406-1bb0'">Total segment expenses</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'849-83c-308-6f2-f931'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'662-6d4-6c0-58b-ef2c'">28,930</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'de2-984-372-107-a2f8'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b9e-9f6-2bb-538-d534'">45,672</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c50-c1d-2a3-17d-0403'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'602-430-3b3-5f5-d350'">88,006</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c31-4c4-33f-a47-0d4d'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6b1-790-f04-74e-3a31'">90,383</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'b12-5e2-1b7-e8c-d288'">Total segment loss</div></td><td style="width:0.78%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(28,930)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(45,672)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(88,006)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(90,383)</td></tr><tr style="height:12.95pt"><td style="width:53%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'20c-326-e2b-93f-2f68'">Expenses not allocated to segments, net (a)</div></td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6cd-dfe-c10-8cf-b7a0'">8,169</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f52-4a5-c50-d83-6e99'">18,579</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'440-2cd-eae-32f-a6d5'">17,811</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d1c-cf3-25c-003-c35f'">23,210</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5cd-442-d4f-fc7-168d'">Loss before income taxes</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'48b-661-231-1ed-0bcd'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(37,099)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'05f-2b4-6a3-5c6-90e6'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(64,251)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'14e-1dd-df8-9d8-1e03'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(105,817)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'d70-943-e49-027-bbde'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(113,593)</td></tr></tbody></table></div>a) Includes SG&A expenses and other non-operating income and expenses not allocated to each segment

<table cellpadding="0" cellspacing="0" style="width:100%; border-collapse:collapse"><tbody><tr style="height:12.95pt"><td style="width:53%; padding-right:5.75pt; vertical-align:middle"> </td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td colspan="4" style="border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'c0e-6e6-3ef-283-872f'">Three Months Ended</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td colspan="4" style="border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'500-d46-4e0-878-3b69'">Six Months Ended</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle"><div style="-aw-sdt-tag:'d4e-14a-85c-4f2-3486'">Research and development expenses</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'950-11d-c35-234-b8e9'">June 30, 2026</div></td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle"><div style="-aw-sdt-tag:'139-f66-43f-770-793e'">June 30, 2025</div></td><td style="width:1%; padding:0.75pt; vertical-align:top"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:top"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'3ae-f9e-27e-48b-25c7'">June 30, 2026</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"> </td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle"><div style="-aw-sdt-tag:'2f1-c44-490-44a-5278'">June 30, 2025</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d08-4d5-e47-9ca-840e'">eVTOL</div></td><td style="width:0.78%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'859-200-3aa-371-0ae5'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e8b-000-fea-dbc-c0d4'">26,262</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'446-74c-b8f-fcd-7863'">$</div></td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'69a-782-46e-96f-56a4'">43,235</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'a4a-388-1af-7df-4233'">$</div></td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'89c-dbd-e87-85f-670e'">82,301</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'3e9-4be-e23-2ff-ac03'">$</div></td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'2d6-3b6-ef1-5ca-a862'">85,658</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'601-189-ad3-d20-3441'">Service and Operations Solutions</div></td><td style="width:0.78%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d15-8f1-d53-260-e59a'">2,390</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b3a-b2d-3ef-a16-d578'">1,532</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'e51-e58-f37-db8-9c88'">4,939</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'65f-b9a-304-f3b-1720'">2,866</div></td></tr><tr style="height:12.95pt"><td style="width:53%; padding-left:5.75pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'c9a-8af-228-dca-29bd'">UATM</div></td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'984-997-83e-52a-7865'">278</div></td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'aeb-387-f29-310-150c'">905</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'e38-cd8-70e-36f-80a1'">766</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'d16-a8f-6ed-e91-a222'">1,859</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'ca7-30e-e3d-406-1bb0'">Total segment expenses</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'849-83c-308-6f2-f931'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'662-6d4-6c0-58b-ef2c'">28,930</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'de2-984-372-107-a2f8'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'b9e-9f6-2bb-538-d534'">45,672</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c50-c1d-2a3-17d-0403'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'602-430-3b3-5f5-d350'">88,006</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'c31-4c4-33f-a47-0d4d'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6b1-790-f04-74e-3a31'">90,383</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'b12-5e2-1b7-e8c-d288'">Total segment loss</div></td><td style="width:0.78%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(28,930)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(45,672)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(88,006)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:10%; border-top:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(90,383)</td></tr><tr style="height:12.95pt"><td style="width:53%; padding-right:5.4pt; padding-left:5.4pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'20c-326-e2b-93f-2f68'">Expenses not allocated to segments, net (a)</div></td><td style="width:0.78%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'6cd-dfe-c10-8cf-b7a0'">8,169</div></td><td style="width:1%; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'f52-4a5-c50-d83-6e99'">18,579</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'440-2cd-eae-32f-a6d5'">17,811</div></td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:1%; border-bottom:1pt solid #000000; padding:0.75pt; vertical-align:middle; background-color:#ffffff"> </td><td style="width:10%; border-bottom:1pt solid #000000; padding-right:3.6pt; vertical-align:middle; background-color:#ffffff"><div style="-aw-sdt-tag:'d1c-cf3-25c-003-c35f'">23,210</div></td></tr><tr style="height:12.95pt"><td style="width:53%; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'5cd-442-d4f-fc7-168d'">Loss before income taxes</div></td><td style="width:0.78%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'48b-661-231-1ed-0bcd'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(37,099)</td><td style="width:1%; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; vertical-align:middle; background-color:#cceeff"><div style="-aw-sdt-tag:'05f-2b4-6a3-5c6-90e6'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; padding-left:3.6pt; vertical-align:middle; background-color:#cceeff">(64,251)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'14e-1dd-df8-9d8-1e03'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(105,817)</td><td style="width:1%; padding:0.75pt; vertical-align:middle; background-color:#cceeff"> </td><td style="width:1%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding:0.75pt; vertical-align:middle; background-color:#cceeff;"><div style="-aw-sdt-tag:'d70-943-e49-027-bbde'">$</div></td><td style="width:10%; border-top:1pt solid #000000; border-bottom:2.25pt double #000000; padding-right:3.6pt; vertical-align:middle; background-color:#cceeff">(113,593)</td></tr></tbody></table>

26262000

43235000

82301000

85658000

2390000

1532000

4939000

2866000

278000

905000

766000

1859000

28930000

45672000

88006000

90383000

-28930000 -45672000 -88006000 -90383000 8169000 18579000 17811000 23210000

-37099000

-64251000

-105817000

-113593000

<a href="#" id="bm_1909c85688aae4af"></a>Note 17 – Grants Economic Grant Agreement On May 14, 2025, the Company entered into an Economic Grant Agreement (the “Grant Agreement”) with Financiadora de Estudos e Projetos (“Finep”), a Brazilian federal public company, with support of the Ministry of Science, Technology, and Innovation, and The National Fund for Scientific and Technological Development. Pursuant to the Grant Agreement, Finep has agreed to grant to the Company up to R$90.0 million (approximately $17.4 million) in economic subsidy funding in connection with the execution of a project intended to transform the sustainable and accessible air mobility ecosystem in Brazil with eVTOL technology (the “Project”). The grant is expected in two installments. The timing of their release and respective values with respect to the funding are subject to certain terms and conditions under the Grant Agreement, including budgetary and financial availability, as well as the conditions determined by the Executive Board of Finep. In addition, the Company continues to participate in the costs of preparing and executing the Project with its own resources, in the minimum amount of R$100.8 million (approximately $19.5 million) as well as to contribute the necessary resources to cover any shortcomings or additions in its execution. The Project resources provided under the Grant Agreement shall be used by the Company within 36 months from the date of signing of the Grant Agreement, after which the unused installments will be automatically canceled. The period of use of the resources may be extended, at the discretion and in accordance with the internal rules of Finep, upon prior request of the Company, respecting the term of validity of the Grant Agreement. The Grant Agreement can be terminated early by Finep in certain events provided for in the Grant Agreement. For business entities, US GAAP is not prescriptive regarding accounting for government grants. Therefore management evaluated the transaction and concluded the grant was determined to be within the scope of ASC 958-605, Revenue Recognition for Not-for-Profit Entities, specifically covering the recognition and measurement of contributions. Revenue (or other income) related to the grant is recognized as the conditions of the grant agreement are met, which includes the incurrence of eligible project costs. Grant proceeds are recognized only to the extent that the Company has satisfied the performance requirements specified in the agreement. Upon receipt of the grant funds, the Company records a Subsidies and grants liability for the amount received, as the related conditions of the grant have not yet been satisfied. This liability is subsequently reduced and recognized as revenue (or other income) as eligible project costs are incurred and the conditions of the grant agreement are met. As of June 30, 2026, approximately $ 7.1 million has been received under the Grant Agreement. The Company has incurred eligible costs of $7.3 million and made a deposit of $1.6 million into a specific bank account for funding of the Finep grant, in order to receive the first installment from Finep. The deposit and cash received under the grant agreement is classified as “Restricted cash” in the condensed consolidated balance sheets due to the restriction as to withdrawal or usage under the terms of the contractual agreement.

90000000 17400000 100800000 19500000 P36M 7100000 7300000 1600000 Weighted-average interest rate as of June 30, 2026 Includes debt denominated in BRL and converted to USD as of the reporting date Includes SG&A expenses and other non-operating income and expenses not allocated to each segment