The Company had net loss of $9.9 million for the six months ended June 30, 2026 which included $5.0 million of non-cash expenses that mainly included provision for credit losses of $1.8 million, depreciation and amortization of $1.7 million, stock-based compensation of $0.7 million and amortization of operating lease right of use asset of $0.7 million. 

The Company had net cash used in operating activities of $4.8 million and $2.1 million for the six months ended June 30, 2026 and 2025, respectively.

At June 30, 2026, the Company had a cash balance of $1.0 million and working capital of $5.5 million. Based on the Company’s current operating plan and the available working capital that it believes can be converted to cash (specifically the accounts receivable balance of approximately $6.7 million), the Company believes that it has the ability to fund its operations and meet contractual obligations for at least twelve months from the date of this report.

In March 2023, the Company entered into a supply chain line of credit agreement with OCI Group for up to $100 million with a five-year term to further support the Company's working capital requirements. Subject to the terms of the agreement, OCI Group will make available to the Company funding based on amounts owed to the Company by its customers. To date, the Company has not borrowed against this line of credit.

On April 11, 2025, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (“B. Riley”), pursuant to which it  may issue and sell shares of its common stock from time to time, at its option, through B. Riley as its sales agent, subject to certain terms and conditions. Upon the Company's delivery and B. Riley’s acceptance of a placement notice, B. Riley will use commercially reasonable efforts to sell shares, consistent with its normal trading and sales practices, in transactions deemed to be “at the market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by B. Riley and the Company. B. Riley may also sell the shares of common stock in negotiated transactions, subject to the Company's prior approval. Any shares sold will be sold pursuant to the Company's effective shelf registration statement on Form S-3 (File No. 333-272396), as supplemented by a prospectus supplement dated April 11, 2025, and November 14, 2025, which allows the Company to sell up to $15.6 million in shares of its common stock (the “ATM Prospectus Supplement”). The Company will pay B. Riley a commission for up to 3% of the gross proceeds of the sale of any shares sold through B. Riley. As of June 30, 2026, the Company has $10.0 million remaining available for issuance and sale under the ATM Prospectus Supplement.

Although the Company is focused on achieving profitability through revenue growth, improved gross margins and operating leverage, the Company expects to continue to incur losses for a period of time. The Company  may seek additional capital to finance its operations, support working capital needs and execute its business strategy, including through equity or debt financings or other strategic transactions. There can be no assurance that the Company will achieve profitable operations or that additional capital or debt financing will be available when needed, on favorable terms, or at all. Any additional financing, if obtained, may not be sufficient to meet its obligations or support its long-term business strategy. In addition, any equity financing, debt financing with an equity component, or other strategic transactions could result in significant dilution to the Company's stockholders.