| Organization and nature of operations |
| 1. | Organization
and nature of operations |
PMGC Holdings Inc. (formerly Elevai
Labs Inc.) (“PMGC”) was incorporated under the laws of the State of Delaware on June 9, 2020. During 2024, PMGC completed
a reorganization that included a name change and redomiciling from Delaware to Nevada. PMGC and its 100% owned subsidiaries, PMGC Research
Inc. (formerly Elevai Research Inc) (“PMGC Research”), PMGC Impasse Corp (formerly Elevai Skincare Inc.), NorthStrive Biosciences
Inc. (formerly Elevai Biosciences, Inc), “NorthStrive Biosciences”, PMGC Capital LLC (“Pacific Capital”), Pacific
Sun Packaging Inc. (“Pacific Sun”), AGA Precision Systems LLC (“AGA”), ELAB Opportunity Holdings LLC (“ELAB
Opportunity”) and SVM Machining Inc.(“SVM”), NorthStrive Defense Tech LLC (“NorthStrive Defense Tech”),
A&B Aerospace, Inc. (“A&B”) and NorthStrive Sponsor I LLC (the “Sponsor”), together with NorthStrive Acquisition
Corp I, which is 51% owned by PMGC, are collectively referred to in these consolidated financial statements as “the Company.”
As part of its diversification and growth
strategy, the Company completed the following acquisitions during the six months ended June 30, 2026:
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On February 2, 2026, the Company completed the acquisition of SVM Machining, Inc., a California-based precision machining and aerospace manufacturing company (Note 5). |
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On May 11, 2026, the Company completed the acquisition of A&B Aerospace, Inc., a California-based precision machining company serving aerospace customers (Note 5). |
On April 2, 2026, the Company announced
the formation of a new wholly owned subsidiary, NorthStrive Defense Tech LLC (“NorthStrive Defense Tech”). NorthStrive Defense
Tech was established to operate in the defense technology sector, with an initial focus on drone technology, autonomous systems, and next-generation
unmanned defense solutions. The Company intends for NorthStrive Defense Tech to serve as a platform to identify, acquire, license, and
commercialize advanced defense technologies through acquisitions, licensing arrangements, strategic partnerships, and other commercialization
pathways. The Company expects to leverage its existing operating subsidiaries, including AGA Precision Systems LLC and SVM Machining,
Inc., which operate within the aerospace, defense, and space sectors, to support potential commercialization opportunities.
NorthStrive Sponsor I LLC (the “Sponsor”)
is a wholly owned subsidiary of PMGC. The Sponsor acts as sponsor of NorthStrive Acquisition Corp I (“NorthStrive Acquisition”),
a special purpose acquisition company incorporated as an exempted company with limited liability under the laws of the Cayman Islands
with effect from April 27, 2026, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses. PMGC holds a 51% interest in NorthStrive Acquisition.
PMGC currently manages and operates
a diverse portfolio of wholly owned subsidiaries:
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NorthStrive
BioSciences Inc. – a biopharmaceutical company focusing on the development and acquisition
of cutting-edge aesthetic medicines and therapeutic products. Our lead asset, EL-22, is leveraging a first-in-class engineered probiotic
approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor
agonists. |
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PMGC Capital – a multi-strategy investment firm focused on direct investments, strategic lending, and acquiring undervalued companies and assets across diverse markets. Our mission is to identify and seize high-potential opportunities, delivering sustainable growth and maximizing returns on capital. |
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ELAB Opportunity - a wholly owned Utah subsidiary which was formed to facilitate and hold assets related to the Company’s secured pre-paid purchase and financing collateral arrangements. ELAB Opportunity supports the Company’s strategic financing structure and related treasury activities. |
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Pacific Sun- a California-based custom IT packaging company providing innovative, sustainable, and technology-driven packaging solutions to industrial and consumer markets. |
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AGA - a California-based precision engineering and CNC machining company specializing in the design and production of high-tolerance components for industrial and technology applications. In October 2025, AGA acquired substantially all the operating assets of Indarg Engineering, Inc. AGA expands PMGC’s advanced manufacturing footprint and enhances its capacity to deliver vertically integrated engineering and production solutions across multiple sectors. |
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SVM - a California-based precision machining and aerospace manufacturing company specializing in high-precision components and complex machining solutions for aerospace, defense, and industrial applications. SVM enhances PMGC’s advanced manufacturing capabilities and expands the Company’s footprint in the aerospace and defense sectors. |
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NorthStrive Defense Tech - a wholly owned
subsidiary focused on defense technology, including drone technology, autonomous systems, and next-generation unmanned defense solutions.
NorthStrive Defense Tech was formed to identify, acquire, license, and commercialize advanced defense technologies.
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A&B - a California-based precision
machining company producing high-tolerance machined components and assemblies for aerospace customers. A&B further extends PMGC’s
aerospace manufacturing capacity and its qualification and certification base.
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NorthStrive Sponsor I - a wholly owned subsidiary that acts as the sponsor of NorthStrive Acquisition Corp I, a special purpose acquisition company. The Sponsor was formed to hold the Company’s sponsor interest in, and to fund the formation and offering costs of, that special purpose acquisition company. |
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NorthStrive Acquisition Corp I - a special purpose acquisition company incorporated as an exempted company with limited liability under the laws of the Cayman Islands with effect from April 27, 2026, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. |
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