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Allied Gaming & Entertainment Provides Update on Litigation and Related Matters Involving Knighted Group

Allied Gaming & Entertainment Provides Update on Litigation and Related Matters Involving Knighted Group

NEW YORK–(BUSINESS WIRE)–
Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) (“Allied” or the “Company”), a global experiential entertainment and gaming company, today provided an update regarding its litigation against Knighted Pastures LLC (“Knighted”), Mr. Roy Choi, his mother Ms. Naomi Choi, and Ms. Yiu-Ting So, a long-time business associate of Mr. Choi (Knighted and Mr. Choi, the “Knighted Parties”, and the Knighted Parties, together with Ms. Choi and Ms. So, the “Knighted Group”).

On August 12, 2025, the United States District Court for the Central District of California (the “Court”) issued its full order on preliminary relief. In that order, the Court stated that “Allied has demonstrated it is reasonably likely to establish the Knighted Parties formed a group with Naomi Choi and Yiu-Ting So, under Section 13(d), and succeed on the merits of its claims.”1

Based on the findings reflected in the Court’s order, the Company’s Board of Directors has made a preliminary determination that the Knighted Group, including Knighted and Mr. Roy Choi, triggered the Company’s shareholder rights plan (the “Rights Plan”), which was adopted and announced on February 9, 2024. In response to inquiries and requests from multiple shareholders of the Company regarding the implications of the Court’s order and the Rights Plan, the Board of Directors currently intends to include a proposal at the next annual meeting seeking stockholder approval to confirm and ratify the Board’s preliminary determination that Knighted and Mr. Roy Choi triggered the Rights Plan and authorize the Board of Directors to determine and implement any appropriate actions or mechanics related to the enforcement of the Rights Plan. The Board’s determination is preliminary and will fully consider and take into account the views of shareholders and relevant professional advisors. The Board ultimately may not include a proposal at the annual meeting regarding the Rights Plan. Anyone who has thoughts or comments regarding the above matters is welcome to contact the Company at any time.

The Company will provide additional updates as appropriate.

About Allied Gaming & Entertainment

Allied Gaming & Entertainment Inc. (Nasdaq: AGAE) is a global experiential entertainment company committed to delivering unique experiences to the growing communities of gamers, creators, and live-event audiences through its well-known assets, products, and services. For more information, please visit alliedgaming.gg.

_______________

1 On October 17, 2025, Allied filed a motion for leave to amend its original complaint to add certain additional claims and add additional parties that Allied contends are also part of the Knighted Group. The motion was taken under submission by the Court.

 

Investor Contact:

Addo Investor Relations

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Electronic Games Professional Services Events/Concerts Legal Entertainment

MEDIA:

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Iovance Biotherapeutics Reports Inducement Grants under NASDAQ Listing Rule 5635(c)(4)

SAN CARLOS, Calif., Nov. 21, 2025 (GLOBE NEWSWIRE) — Iovance Biotherapeutics, Inc. (NASDAQ: IOVA) (“Iovance” or the “Company”), a biotechnology company focused on innovating, developing, and delivering novel polyclonal tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer, today announced that on November 20, 2025 (the “Date of Grant”), the Company approved the grant of inducement stock options covering an aggregate of 164,900 shares of Iovance’s common stock to 11 new, non-executive employees.

The awards were granted under Iovance’s Amended and Restated 2021 Inducement Plan, which was adopted on September 22, 2021 and amended and restated on January 12, 2022, March 13, 2023, February 26, 2024, and November 22, 2024, and provides for the granting of equity awards to new employees of Iovance by the Company’s compensation committee in accordance with Nasdaq Listing Rule 5635(c)(4). Each of the stock options granted as referenced in this press release has an exercise price of $2.18, the closing price of Iovance’s common stock on the Date of Grant. Each stock option vests over a three-year period, with one-third of the shares vesting on the first anniversary of the employee’s start date (the “First Vesting Date”) and the remaining shares vesting in eight quarterly installments over the next two years, commencing with the first quarter following the First Vesting Date, subject to continued employment with the Company through the applicable vesting dates.

About Iovance Biotherapeutics, Inc.

Iovance Biotherapeutics, Inc. aims to be the global leader in innovating, developing, and delivering tumor infiltrating lymphocyte (“TIL”) therapies for patients with cancer. We are pioneering a transformational approach to cure cancer by harnessing the human immune system’s ability to recognize and destroy diverse cancer cells in each patient. The Iovance TIL platform has demonstrated promising clinical data across multiple solid tumors. Iovance’s Amtagvi® is the first FDA-approved T cell therapy for a solid tumor indication. We are committed to continuous innovation in cell therapy, including gene-edited cell therapy, that may extend and improve life for patients with cancer. For more information, please visit www.iovance.com.

Amtagvi® and its accompanying design marks, Proleukin®, Iovance®, and IovanceCares™ are trademarks and registered trademarks of Iovance Biotherapeutics, Inc. or its subsidiaries. All other trademarks and registered trademarks are the property of their respective owners.

Forward-Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Iovance Biotherapeutics, Inc. (hereinafter referred to as the “Company,” “we,” “us,” or “our”) within the meaning of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). Without limiting the foregoing, we may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “forecast,” “guidance,” “outlook,” “may,” “can,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes and are intended to identify forward-looking statements. Forward-looking statements are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments, and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and we undertake no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, many of which are outside of our control, that may cause actual results, levels of activity, performance, achievements, and developments to be materially different from those expressed in or implied by these forward-looking statements. Important factors that could cause actual results, developments, and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in our filings with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

CONTACTS

Investors

[email protected]

650-260-7120 ext. 150

Media

[email protected]

650-260-7120 ext. 150



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Lument Finance Trust Announces Pricing of $664 Million Commercial Real Estate CLO

PR Newswire


NEW YORK
, Nov. 21, 2025 /PRNewswire/ — Lument Finance Trust, Inc. (NYSE: LFT) (“we,”; “LFT” or “the Company”) today announced the pricing of LMNT 2025-FL3, a $663.8 million managed Commercial Real Estate Collateralized Loan Obligation (“CRE-CLO”). The Company expects approximately $585.0 million of investment grade securities to be placed with institutional investors, providing LFT with term financing on a non-mark-to-market, non-recourse basis. LMNT 2025-FL3 includes a 30-month reinvestment period, an advance rate of 88.1%, and a weighted average interest rate at issuance of Term SOFR plus 1.91%, before transaction costs. The Company also announced that on November 18, 2025, it redeemed LFT 2021-FL1, a CRE-CLO that had $436.4 million of investment grade securities outstanding at the time of redemption. LMNT 2025-FL3 is expected to close on or around December 10, 2025, subject to customary closing conditions.

J.P. Morgan Securities LLC is acting as sole structuring agent, lead manager and sole bookrunner for LMNT 2025-FL3. Citizens JMP Securities, LLC, is acting as co-manager.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities or any other securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About LFT
LFT is a Maryland corporation focused on investing in, and financing and managing, a portfolio of commercial real estate debt investments. The Company primarily invests in transitional floating rate commercial mortgage loans with an emphasis on middle-market multi-family assets. LFT is externally managed and advised by Lument Investment Management, LLC a Delaware limited liability company.

Additional Information and Where to Find It
Investors, security holders and other interested persons may find additional information regarding the Company at the SEC’s Internet site at https://www.sec.gov/, the Company website at https://lumentfinancetrust.com, or by directing requests to: Lument Finance Trust, 230 Park Avenue, 20th Floor, New York, NY 10169, Attention: Investor Relations.

Forward-Looking Statements
Certain statements included in this press release constitute forward-looking statements intended to qualify for the safe harbor contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act, as amended. Forward-looking statements are subject to risks and uncertainties. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. You can identify forward-looking statements by use of words such as “believe,” “expect,” “anticipate,” “project,” “estimate,” “plan,” “continue,” “intend,” “should,” “may,” “will,” “seek,” “would,” “could,” or similar expressions or other comparable terms, or by discussions of strategy, plans or intentions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us on the date of this press release or the date on which such statements are first made. Statements, among others, relating to the closing of LMNT 2025-FL3 on a future date and the amount and expected use of the net cash proceeds by the Company from the new issuance of LMNT 2025-FL3 are forward-looking statements. Actual results may differ from expectations, estimates and projections. You are cautioned not to place undue reliance on forward-looking statements in this press release and should consider carefully the factors described in Part I, Item IA “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and Part II, Item 1A “Risk Factors” in the Company’s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2025, and September 30, 2025, which are available on the Securities and Exchange Commission’s (“SEC”) website at www.sec.gov, and in the Company’s other current or periodic filings with the SEC, when evaluating these forward-looking statements. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond our control. Except as required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/lument-finance-trust-announces-pricing-of-664-million-commercial-real-estate-clo-302623641.html

SOURCE Lument Finance Trust, Inc.

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Cheer Holding Receives Nasdaq Delisting Notice Subject to Hearing Request

       BEIJING, Nov. 21, 2025 (GLOBE NEWSWIRE) — Cheer Holding, Inc. (NASDAQ: CHR) (“Cheer Holding” or the “Company”), a leading provider of advanced mobile internet infrastructure and platform services, today announced that on November 18, 2025, it received a notice (the “Notice”) from The NASDAQ Stock Market LLC (“Nasdaq”) notifying that the Company is not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii) (the “Low Priced Stocks Rule”), as the Company’s Class A ordinary shares had a closing bid price of $0.10 or less for the last ten consecutive trading days. The Notice indicated that, as a result, Nasdaq staff determined to delist the Company’s securities from The Nasdaq Capital Market (the “Delisting Determination”).

      The letter also indicated that the bid price of the Company’s Class A ordinary shares had closed at less than $1 per share over the previous 30 consecutive business days, and as a result, the Company is not in compliance with Listing Rule 5550(a)(2) (the “Rule”). Normally, a company is provided 180 calendar days to regain compliance with the Rule in accordance with Listing Rule 5810(c)(3)(A). However, Nasdaq determined that the Company’s securities also had a closing bid price of $0.10 or less for ten consecutive trading days. Accordingly, the Company became subject to the provisions contemplated under the Low Priced Stocks Rule and Nasdaq had determined to delist the Company’s securities from The Nasdaq Capital Market. The Company was provided until November 26, 2025 to request an appeal of the Delisting Determination to the Hearings Panel (the “Panel”). If the Company fails to request an appeal by November 26, 2025, trading of the Company’s securities will be suspended at the opening of business on December 1, 2025, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.

       The Company intends to request such hearing to appeal the Delisting Determination before November 26, 2025, which will stay the suspension of the Company’s securities and the filing of the Form 25-NSE pending the Panel’s decision.

       The Company is considering all potential options available to it to regain compliance with the aforementioned rules, including implementing a share consolidation previously approved by its shareholders on May 12, 2025 at its 2025 Annual General Meeting.

About Cheer Holding, Inc.

       As a preeminent provider of next-generation mobile internet infrastructure and platform services in China, Cheer Holding is dedicated to building a digital ecosystem that integrates “platforms, applications, technology, and industry” into a cohesive digital eco-system, thereby creating a new, open business environment for web3.0 that leverages AI technology. The Company is developing a 5G+VR+AR+AI shared universe space that builds on cutting-edge technologies including blockchain, cloud computing, extended reality, and digital twin.

       Cheer Holding’s portfolio includes a wide range of products and services, such as CHEERS Telepathy, CHEERS Video, CHEERS e-Mall, CHEERS Open Data, CheerReal, CheerCar, CheerChat, Polaris Intelligent Cloud, AI-animated short drama series, short video matrix, variety show series, Livestreaming, and more. These offerings provide diverse application scenarios that seamlessly blend “online/offline” and “virtual/reality” elements.

       With “CHEERS+” at the core of Cheer Holding’s digital ecosystem, the Company is committed to utilizing innovative product applications and technologies to drive its long-term sustainable and scalable growth.

Safe Harbor Statement

      Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, that the Company will be granted its request for continued listing   or be able to continue to have its Class A ordinary shares listed on The NASDAQ Stock Market. The Company is subject to a number of risks and uncertainties set forth in documents filed by the Company with the Securities and Exchange Commission from time to time, including the Company’s latest Annual Report on Form 20-F filed with the SEC on March 10, 2025. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, Partner
Email: [email protected]

Tel: +86 1381 185 7742 (CN)



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AutoZone to hold Stockholders’ Meeting December 17, 2025

MEMPHIS, Tenn., Nov. 21, 2025 (GLOBE NEWSWIRE) — AutoZone, Inc. (NYSE:AZO) announced it will hold its Annual Meeting of Stockholders on Wednesday, December 17, 2025, at the J.R. Hyde III Store Support Center in Memphis, Tennessee. The meeting will begin at 9:00 a.m. (ET). Additionally, this event will be webcast and can be accessed at AutoZone’s website at www.autozone.com and by clicking on Investor Relations.

About AutoZone:

As of August 30, 2025, the Company had 6,627 stores in the U.S., 883 in Mexico and 147 in Brazil for a total store count of 7,657.

AutoZone is the leading retailer and distributor of automotive replacement parts and accessories in the Americas. Each store carries an extensive product line for cars, sport utility vehicles, vans and light duty trucks, including new and remanufactured automotive hard parts, maintenance items, accessories, and non-automotive products. The majority of stores have a commercial sales program that provides prompt delivery of parts and other products and commercial credit to local, regional and national repair garages, dealers, service stations, fleet owners and other accounts. AutoZone also sells automotive hard parts, maintenance items, accessories and non-automotive products through www.autozone.com, and our commercial customers can make purchases through www.autozonepro.com. Additionally, we sell the ALLDATA brand of automotive diagnostic, repair, collision and shop management software through www.alldata.com. We also provide product information on our Duralast branded products through www.duralastparts.com. AutoZone does not derive revenue from automotive repair or installation services.

Contact Information:
Financial: Brian Campbell, 901-495-7005, [email protected] 
Media: Jennifer Hughes, 901-495-6022, [email protected] 



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SITE Centers Announces Sales of Four Properties

SITE Centers Announces Sales of Four Properties

BEACHWOOD, Ohio–(BUSINESS WIRE)–
SITE Centers Corp. (NYSE: SITC) announced today completion of the previously announced sale of East Hanover Plaza (East Hanover, NJ), Southmont Plaza (Easton, PA) and Stow Community Center (Stow, OH) for approximately $126.0 million, subject to adjustment for certain closing pro-rations, allocations and credits. At closing, approximately $38.2 million of sale proceeds were used to repay mortgage indebtedness.

The Company also announced today completion of the previously announced sale of Nassau Park Pavilion (Princeton, New Jersey) for approximately $137.6 million in cash, subject to adjustment for certain closing pro-rations, allocations and credits. At closing, the Company applied approximately $98.4 million of sale proceeds to the full repayment of a mortgage loan secured by the property and paid a related make-whole premium of approximately $7.0 million.

About SITE Centers Corp.

SITE Centers is an owner and manager of open-air shopping centers. The Company is a self-administered and self-managed REIT operating as a fully integrated real estate company and is publicly traded on the New York Stock Exchange under the ticker symbol SITC. Additional information about the Company is available at www.sitecenters.com. To be included in the Company’s e-mail distributions for press releases and other investor news, please click here.

Gerald Morgan, EVP and

Chief Financial Officer

216-755-5500

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: REIT Other Retail Retail Commercial Building & Real Estate Construction & Property

MEDIA:

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Eversource Statement on Next Steps Following Aquarion Decision

Eversource Statement on Next Steps Following Aquarion Decision

HARTFORD, Conn. & BOSTON–(BUSINESS WIRE)–
Following this week’s decision by the Connecticut Public Utilities Regulatory Authority (PURA) to reject the proposed sale of the Aquarion Water Company to the South Central Connecticut Regional Water Authority, Eversource Energy (NYSE: ES) issued the statement below from Eversource Executive Vice President, Chief Financial Officer and Treasurer John Moreira.

“Given recent regulatory developments in Connecticut in the past few days, Eversource Energy is providing a financial and strategic update. As part of our strategic process, we prepared for alternative outcomes in relation to our petition for approval to sell Aquarion Water Company. Reasonable expectations included receipt of a lawful decision on the strong merits of the application, particularly in light of the unique customer benefits and local control that the transaction offers. In addition, we took steps to identify and evaluate strategic financing opportunities in the event that PURA denied the transaction. This resulted in our issuance of common equity earlier this year, combined with an issuance of $600 million of parent company debt. Eversource Energy remains in a strong financial position and we have ample tools in our toolbox to manage our capital structure and liquidity effectively. Our FFO to debt metrics have consistently improved and we expect to remain above the rating-agency downgrade thresholds through 2026 and beyond. We reaffirm our 2025 full-year non-GAAP recurring earnings guidance of between $4.72 per share and $4.80 per share. We also reaffirm our expected compound annual earnings per share growth rate within the range of 5% to 7% from a 2024 base of $4.57 per share.

We are mindful that PURA is transitioning from a difficult situation and reaching decisions in dockets where the new chairman, as the only lawyer on the commission, is recused. Following a thoughtful review of PURA’s decision, we are evaluating regulatory and legal remedies to be implemented expeditiously.

We expect to submit an Aquarion rate case early next year in the range of $60 to $70 million, with new rates anticipated before the end of 2026. In the meantime, Aquarion remains a high-quality, well-managed utility with a strong reputation for operational excellence that stands as a valued part of the Eversource organization.”

Eversource (NYSE: ES), celebrated as a national leader for its corporate citizenship, is recognized as the #1 U.S. utility on TIME’s List of World’s Best Companies for 2024. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.6 million customers in Connecticut, Massachusetts and New Hampshire. The #1 Energy Efficiency Provider in the Nation, Eversource harnesses the commitment of more than 10,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like a first-in-the-nation networked geothermal pilot project, solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on X, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the U. S. federal securities laws. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “pending,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “would,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Forward-looking statements are based on the current expectations, estimates, assumptions or projections of management and are not guarantees of future performance. These expectations, estimates, assumptions or projections may vary materially from actual results. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the following important factors that may cause our actual results or outcomes to differ materially from those contained in our forward-looking statements, including, but not limited to cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; the ability to qualify for investment tax credits and investment tax credit adders; variability in the costs and final investment returns of the Revolution Wind and South Fork Wind of shore wind projects as it relates to the purchase price post-closing adjustment under the terms of the sale agreement for these projects; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; changes in economic conditions, including impact on interest rates, tax policies, tariffs, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations, Presidential executive orders or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov and management encourages you to consult such disclosures.

All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

William Hinkle

603-634-2228

[email protected]

KEYWORDS: Massachusetts Connecticut United States North America

INDUSTRY KEYWORDS: Utilities Energy

MEDIA:

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MaxLinear Announces New Employee Inducement Grants

MaxLinear Announces New Employee Inducement Grants

CARLSBAD, Calif.–(BUSINESS WIRE)–
MaxLinear, Inc. (Nasdaq: MXL)(“MaxLinear”), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced that it has granted equity awards (“the Inducement Grants”) under its 2024 Inducement Equity Incentive Plan to newly hired employees. The Inducement Grants were previously approved by the Compensation Committee of the Board of Directors of MaxLinear.

Information regarding the equity awards can be found on MaxLinear’s investor relations website at: https://investors.maxlinear.com/

About MaxLinear, Inc.

MaxLinear, Inc. (NASDAQ: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.

MaxLinear, Inc. Investor Relations Contact:

Leslie Green

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Public Relations/Investor Relations Communications Mobile/Wireless Apps/Applications Technology

MEDIA:

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Corporación América Airports S.A. Reports October 2025 Passenger Traffic

Corporación América Airports S.A. Reports October 2025 Passenger Traffic

Total passenger traffic up 10.2% YoY, up 11.6% YoY in Argentina

International passenger traffic up 11.6% YoY; up 15.1% YoY in Argentina

LUXEMBOURG–(BUSINESS WIRE)–Corporación América Airports S.A. (NYSE: CAAP), (“CAAP” or the “Company”), one of the leading private airport operators in the world, reported today a 10.2% year-on-year (YoY) increase in passenger traffic in October 2025.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251121727920/en/

Monthly Passenger Traffic Performance (In million PAX)

Monthly Passenger Traffic Performance (In million PAX)

Passenger Traffic, Cargo Volume and Aircraft Movements Highlights (2025 vs. 2024)

Statistics

Oct’25

Oct’24

% Var.

 

YTD’25

YTD’24

% Var.

 

Domestic Passengers (thousands)

3,925

3,596

9.1%

 

36,688

33,561

9.3%

 

International Passengers (thousands)

2,994

2,684

11.6%

 

28,637

25,848

10.8%

 

Transit Passengers (thousands)

710

646

10.0%

 

6,673

6,030

10.7%

 

Total Passengers (thousands)1

7,630

6,927

10.2%

 

71,998

65,440

10.0%

 

Cargo Volume (thousand tons)

39.3

38.8

1.1%

 

325.9

318.6

2.3%

 

Total Aircraft Movements (thousands)

76.6

71.7

6.9%

 

727.6

681.8

6.7%

 
 

(1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024. Excluding Natal for comparison purposes, total passenger traffic YTD was up 10.6%.

Passenger Traffic Overview

Total passenger traffic increased by 10.2% in October compared to the same month in 2024. Domestic passenger traffic rose by 9.1% year over year (YoY), largely driven by Argentina, along with strong performance in Brazil. Meanwhile, international traffic grew by 11.6%, with all operating countries contributing positively YoY and particularly strong results in Argentina and Armenia. Notably, Argentina accounted for almost 60% of the total YoY traffic growth in October.

In Argentina, total passenger traffic increased by 11.6% YoY, driven by strong performance across both the international and domestic segments. Domestic traffic grew by 9.9% YoY, supported by increased frequencies by Flybondi on its routes from Buenos Aires to San Juan, Mendoza, Salta, and Jujuy. International traffic also remained solid, rising 15.1% YoY, supported by several developments, including LATAM’s resumption of operations from Córdoba to São Paulo, and increased operations by Air Canada and Emirates to five and seven weekly flights, respectively. Additionally, in October, Delta resumed its New York route, operating through March 2026.

In Italy, passenger traffic grew by 6.8% compared to the same month in 2024, mainly supported by an increase in flight frequencies by Ryanair. International passenger traffic, which accounted for over 80% of total traffic, rose by 7.9% YoY, driven by a 12.2% increase at Florence Airport and a 4.8% increase at Pisa Airport. Domestic passenger traffic grew by 1.8% YoY, supported by a strong performance at Pisa Airport (+8.7%) due to the increase in Ryanair’s flight frequencies, partially offset by a 16.3% decline at Florence Airport.

In Brazil, total passenger traffic increased by 9.8% YoY, reflecting an improvement in traffic trends despite ongoing challenges in the aviation environment. Domestic traffic, which accounted for almost 60% of total traffic, rose by a strong 10.3% YoY, while transit passengers increased by 8.5% YoY. Notably, although representing a small share of total traffic (5%), international traffic grew by 13.2% YoY.

In Uruguay, total passenger traffic, predominantly international, increased by 6.9% YoY, recovering from the decline recorded in September, when operations were suspended for two days due to the installation of the new Category IIIb Precision Instrument Landing System (ILS CAT IIIb) on the main runway.

In Ecuador, where security concerns persist, passenger traffic increased by 1.2% YoY, rebounding from the decline in September caused by runway repaving work that required a two-day suspension of operations. International traffic grew by 2.3% YoY, while domestic traffic increased by 0.8% YoY. High airfares continued to weigh on travel demand.

In Armenia, passenger traffic increased by a strong 15.3% YoY, supported by the introduction of new airlines and routes, as well as increased flight frequencies. In October, Wizz Air launched a new base at Yerevan’s Zvartnots Airport, deploying two aircraft and adding eight new direct routes to Europe.

Cargo Volume and Aircraft Movements

Cargo volume increased by 1.1% YoY, with positive contributions from Uruguay, Armenia and Argentina. Performance by country was as follows: Uruguay (+19.4%), Armenia (+7.3%), Argentina (+3.6%), Ecuador (-5.7%), Italy (-8.2%), and Brazil (-14.4%). Argentina, Brazil, and Armenia accounted for 80% of total cargo volume in October.

Aircraft movements increased by 6.9% YoY, with positive contributions from all countries of operation: Armenia (+13.5%), Italy (+9.8%), Ecuador (+9.0%), Brazil (+7.9%), Argentina (+5.5%), and Uruguay (+0.5%). Argentina, Brazil, and Italy accounted for more than 80% of total aircraft movements in October.

Summary Passenger Traffic, Cargo Volume and Aircraft Movements (2025 vs. 2024)

 

Oct’25

Oct’24

% Var.

 

YTD’25

YTD’24

% Var.

Passenger Traffic (thousands)

 

 

 

 

 

 

 

Argentina

4,031

3,612

11.6%

 

38,966

34,257

13.7%

Italy

931

872

6.8%

 

8,578

7,919

8.3%

Brazil (1)

1,533

1,397

9.8%

 

13,743

12,907

6.5%

Uruguay

196

184

6.9%

 

1,904

1,865

2.1%

Ecuador

393

388

1.2%

 

3,926

3,914

0.3%

Armenia

545

473

15.3%

 

4,881

4,577

6.6%

TOTAL

7,630

6,927

10.2%

 

71,998

65,440

10.0%

(1) Following the friendly termination process concluded in February 2024, CAAP no longer operates Natal airport. Statistics for Natal are available up to February 18, 2024. Excluding Natal for comparison purposes, total passenger traffic YTD was up 10.6% for CAAP and 9.6% for Brazil.

Cargo Volume (tons)

Argentina

21,215

20,471

3.6%

 

170,727

164,620

3.7%

 

Italy

1,189

1,295

-8.2%

 

10,588

10,726

-1.3%

 

Brazil

5,540

6,473

-14.4%

 

52,002

53,833

-3.4%

 

Uruguay

3,536

2,962

19.4%

 

29,126

25,972

12.1%

 

Ecuador

2,936

3,112

-5.7%

 

29,538

30,893

-4.4%

 

Armenia

4,835

4,504

7.3%

 

33,919

32,574

4.1%

 

TOTAL

39,252

38,817

1.1%

 

325,899

318,618

2.3%

 

 

 

Aircraft Movements

 

 

 

 

 

 

 

 

Argentina

41,085

38,947

5.5%

 

396,351

367,152

8.0%

 

Italy

8,678

7,900

9.8%

 

77,649

71,913

8.0%

 

Brazil

13,461

12,474

7.9%

 

125,183

119,836

4.5%

 

Uruguay

2,644

2,632

0.5%

 

26,931

26,191

2.8%

 

Ecuador

6,886

6,320

9.0%

 

65,247

63,240

3.2%

 

Armenia

3,851

3,392

13.5%

 

36,216

33,462

8.2%

 

TOTAL

76,605

71,665

6.9%

 

727,577

681,794

6.7%

 

About Corporación América Airports

Corporación América Airports acquires, develops and operates airport concessions. Currently, the Company operates 52 airports in 6 countries across Latin America and Europe (Argentina, Brazil, Uruguay, Ecuador, Armenia and Italy). In 2024, Corporación América Airports served 79.0 million passengers, 2.7% (or 0.4% excluding Natal) below the 81.1 million passengers served in 2023, and 6.2% below the 84.2 million served in 2019. The Company is listed on the New York Stock Exchange where it trades under the ticker “CAAP”. For more information, visit http://investors.corporacionamericaairports.com.

Investor Relations Contact

Patricio Iñaki Esnaola

Email: [email protected]

Phone: +5411 4899-6716

KEYWORDS: New York Brazil South America Latin America Luxembourg North America Europe Argentina United States

INDUSTRY KEYWORDS: Logistics/Supply Chain Management Air Transportation Transport Travel

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SOLAI Limited Announces Unaudited Financial Results for the Three Months Ended September 30, 2025

PR Newswire


AKRON, Ohio
, Nov. 21, 2025 /PRNewswire/ — SOLAI Limited (NYSE: SLAI) (previously traded under “BTCM”) (“SOLAI,” “the Company,” “we,” “us,” or “our company”), a leading technology-driven cryptocurrency infrastructure company, today reported its unaudited financial results for the three months ended September 30, 2025.

“In the third quarter, we made steady progress on our two core initiatives. Our Solana treasury strategy is now actively generating yield, and we are particularly encouraged by the external validation that we have received, with community members choosing to stake with our independent validator node. On the stablecoin front, we have successfully validated the core technology for DOLAI. This foundational step confirms the potential for the cross-border payment use cases we are exploring, with the focus now shifting to the essential product development required to bring this utility to life.” remarked by Mr. Bo Yu, the Chairman of the Board and Chief Operating Officer of SOLAI.

The Three Months Ended September 30, 2025 Highlights

  • Revenues were US$4.4 million for the three months ended September 30, 2025, representing a decrease of US$0.4 million from US$4.8 million for the three months ended September 30, 2024 and no change comparing with US$4.4 million for the three months ended June 30, 2025.
  • Operating costs and expenses were US$11.1 million for the three months ended September 30, 2025, representing an increase of US$2.1 million from US$9.0 million for the three months ended September 30, 2024 and a decrease of US$0.4 million from US$11.5 million for the three months ended June 30, 2025.
  • Operating loss was US$2.7 million for the three months ended September 30, 2025, compared with operating loss of US$4.8 million for the three months ended September 30, 2024 and operating loss of US$5.8 million for the three months ended June 30, 2025.
  • Non-GAAP adjusted operating loss[1] was US$2.7 million for the three months ended September 30, 2025, compared with non-GAAP adjusted operating loss of US$4.8 million for the three months ended September 30, 2024 and non-GAAP adjusted operating loss of US$5.4 million for the three months ended June 30, 2025.
  • Net loss attributable to SOLAI was US$2.5 million for the three months ended September 30, 2025, compared with net loss attributable to SOLAI of US$4.8 million for the three months ended September 30, 2024 and net loss attributable to SOLAI of US$5.8 million for the three months ended June 30, 2025.
  • Non-GAAP adjusted net loss[1] attributable to SOLAI was US$2.4 million for the three months ended September 30, 2025, compared with non-GAAP adjusted net loss attributable to SOLAI of US$4.8 million for the three months ended September 30, 2024 and non-GAAP adjusted net loss attributable to SOLAI of US$5.5 million for the three months ended June 30, 2025.
  • Basic and diluted losses per American Depositary Share (“ADS”)[2] attributable to SOLAI for the three months ended September 30, 2025 were US$0.14.
  • Non-GAAP adjusted basic and diluted losses per ADS[1][2] attributable to SOLAI including for the three months ended September 30, 2025 were US$0.13.


[1] Non-GAAP financial measures exclude the impact of share-based compensation expenses, and changes in fair value of derivative instruments. Reconciliations of non-GAAP financial measures to U.S. GAAP financial measures are set forth in the table at the end of this release.


[2] American Depositary Shares, which are traded on the NYSE. Each ADS represents one hundred Class A ordinary shares of the Company.

The Three Months Ended September 30, 2025 Financial Results


Revenues

Revenues were mainly comprised of US$1.5 million from the self-mining business and US$2.9 million from the data center business.

Self-mining

As of today, our DOGE/LTC mining machines are shut down. For the three months ended September 30, 2025, we produced 2.7 million DOGE and 816 LTC from our DOGE/LTC cryptocurrency mining operations and recognized revenue of approximately US$0.7 million.

We achieved steady operational progress in the first three quarters of 2025, against the backdrop of refining our infrastructure strategy and continuous cost-control efforts. We are committed to maximizing shareholder value by maintaining our position at the forefront of the evolving digital asset mining landscape while continuing to scale our core BTC operations. As of today, the total hash rate capacity of our BTC mining machines in operation is approximately 343.90 PH/s. For the three months ended September 30, 2025, we produced 7.1 BTC from our BTC cryptocurrency mining operations and recognized revenue of approximately US$0.8 million. Cryptocurrency mining revenue from other cryptocurrencies, such as BEL, JKC, PEP, SHIC and LKY, was immaterial.

During the three months ended September 30, 2025, our self mining business recognized approximately $1.5 million in revenue, representing a decrease of US$1.5 million compared with the three months ended September 30, 2024 and representing a slight decrease of US$0.1 million compared with the three months ended June 30, 2025.

Data Center Operation

During the three months ended September 30, 2025, our 82.5 megawatt space (the “82.5 Megawatt Space”) at the Ohio Mining Site recognized approximately $2.9 million in service fee revenue, representing an increase of US$1.1 million compared with the three months ended September 30, 2024 and representing a slight increase of US$0.1 million compared with the three months ended June 30, 2025.

Overall

Revenues were US$4.4 million for the three months ended September 30, 2025, representing a decrease of US$0.4 million, or 8.3%, from US$4.8 million for the three months ended September 30, 2024 and no change comparing with the three months ended June 30, 2025. The year-over-year decrease was mainly attributable to (i) higher computing power of the whole network in the three months ended September 30, 2025 compared with the computing power in the three months ended September 30, 2024, resulting in an increased difficulty in cryptocurrency self-mining activities; (ii) the maintenance of the machines led to a reduction in the number of machines on the shelves, which was partially offset by the increase of data center business revenue due to new data center customers.


Operating Costs and Expenses

Operating costs and expenses were US$11.1 million for the three months ended September 30, 2025, representing an increase of US$2.1 million, or 23.3%, from US$9.0 million for the three months ended September 30, 2024, and a slight decrease of US$0.4 million or 3.5% from US$11.5 million for the three months ended June 30, 2025.

Cost of revenue was US$6.9 million for the three months ended September 30, 2025, representing an increase of US$0.5 million, or 7.8%, from US$6.4 million for the three months ended September 30, 2024, and a slight decrease of US$0.3 million or 4.2% from US$7.2 million for the three months ended June 30, 2025. The year-over-year increase was mainly attributable to the increase of US$0.7 million in electricity cost which was in line with the increase in data center revenue, and offset by decrease of US$0.2 million as the amortization of the intangible asset arising from the acquisition of Bee Computing was completed in July 2025. The completion of the amortization was also a main cause of the sequential decrease in cost of revenue. Cost of revenue was comprised of the direct cost of revenue of US$4.5 million relating to the data center business and depreciation and amortization expenses of US$2.4 million.

General and administrative expenses were US$4.1 million for the three months ended September 30, 2025, representing a rise of US$1.6 million, or 64.0%, from US$2.5 million for the three months ended September 30, 2024, and a slight decrease of US$0.1 million or 2.4% from US$4.2 million for the three months ended June 30, 2025. The year-over-year increase was mainly attributable to (i) an increase of US$0.8 million in amortization of an intangible asset acquired from the acquisition of the Ethiopian data center and (ii) an increase of US$1.0 million in depreciation of Ethiopian data center and mining machine.


Other Operating Income

Other operating income was US$1.6 million for the three months ended September 30, 2025, representing an increase of US$1.6 million, from nil for the three months ended September 30, 2024, and no change comparing with the three months ended June 30, 2025. The year-over-year increase was mainly due to an increase of US$1.4 million in amortization of unfavorable contact liabilities recognized from the acquisition of the Ethiopian data center.


Other Operating Expenses

Other operating expenses were nil for the three months ended September 30, 2025, representing no change comparing with the three months ended September 30, 2024 and a decrease of US$1.3 million, from US$1.3 million for the three months ended June 30, 2025. The sequential decrease was mainly due to a decrease of US$1.3 million in cryptocurrency loss due to an online scam in the second quarter of 2025.


Changes in Fair Value of Cryptocurrency Assets

Changes in fair value of cryptocurrency assets were positive US$2.4 million for the three months ended September 30, 2025, representing an increase of US$3.0 million, from negative US$0.6 million for the three months ended September 30, 2024 and an increase of US$1.4 million, from positive US$1.0 million for the three months ended June 30, 2025. The year-over-year difference was attributable to the increase of cryptocurrency prices during the three months ended September 30, 2025 when comparing to an overall decrease of cryptocurrency prices during the three months ended September 30, 2024. The sequential difference was attributable to the increase of cryptocurrency prices during the three months ended September 30, 2025 when comparing to cryptocurrency prices during the three months ended June 30, 2025.


Operating Loss

Operating loss was US$2.7 million for the three months ended September 30, 2025, compared with operating loss from of US$4.8 million for the three months ended September 30, 2024, and operating loss of US$5.8 million for the three months ended June 30, 2025.

Non-GAAP adjusted operating loss was US$2.7 million for the three months ended September 30, 2025, compared with non-GAAP adjusted operating loss of US$4.8 million for the three months ended September 30, 2024, and non-GAAP adjusted operating loss of US$5.4 million for the three months ended June 30, 2025. The year-over-year decrease in non-GAAP adjusted operating loss was mainly due to (i) the positive effect of US$3.0 million in changes in fair value of cryptocurrency assets; (ii) the increase of US$1.6 million in other operating income, which was offset by the decrease of US$2.1 million in operating costs and expenses. The sequential improvement was attributable to (i) the positive effect of US$1.4 million in changes in fair value of cryptocurrency assets and (ii) decrease of US$1.3 million in other operating expenses as we recorded cryptocurrency loss due to an online scam in the second quarter of 2025.


Net Loss Attributable to SOLAI

Net loss attributable to SOLAI was US$2.5 million for the three months ended September 30, 2025, compared with net loss attributable to SOLAI of US$4.8 million for the three months ended September 30, 2024, and net loss attributable to SOLAI of US$5.8 million for the three months ended June 30, 2025. The year-over-year decrease in net loss attributable to SOLAI was mainly due to (i) the positive effect of US$3.0 million in changes in fair value of cryptocurrency assets; (ii) the increase of US$1.6 million in other operating income, which was partially offset by (i) the increase of US$2.1 million in operating costs and expenses and (ii) the decrease of US$0.2 million of changes in fair value of derivative instruments. The sequential decrease in net loss attributable to SOLAI was mainly driven by the (i) the positive effect of US$1.4 million in changes in fair value of cryptocurrency assets; (ii) decrease of US$1.3 million in other operating expenses as we recorded cryptocurrency loss due to an online scam in the second quarter of 2025 and (iii) the decrease of US$0.3 million in cost of reveune.

Non-GAAP adjusted net loss attributable to SOLAI was US$2.4 million for the three months ended September 30, 2025, compared with non-GAAP adjusted net loss attributable to SOLAI of US$4.8 million for the three months ended September 30, 2024, and non-GAAP adjusted net loss attributable to SOLAI of US$5.5 million for the three months ended June 30, 2025. The year-over-year and sequential decreases in non-GAAP adjusted net loss attributable to SOLAI were mainly due to the same reasons mentioned in the trend analysis of net loss attributable to SOLAI above.

Cash and Cash Equivalents

As of September 30, 2025, the Company had cash and cash equivalents of US$3.8 million, compared with cash and cash equivalents of US$1.8 million as of December 31, 2024.

Cryptocurrency Assets

As of September 30, 2025, the Company had cryptocurrency assets of US$12.3 million in aggregate, which comprised of 14.6 BTC, 133 ETH, 0.3 million DOGE and various other cryptocurrency assets, which were mainly generated from its cryptocurrency mining business, and 0.4 million USDT and 0.04 million SOL.

About SOLAI Limited

SOLAI Limited (previously known as “BIT Mining Limited”) (NYSE: SLAI) (previously traded under “BTCM”), is a technology-driven cryptocurrency infrastructure company expanding from its foundation in crypto mining to build a blockchain-based ecosystem spanning AI, stablecoins and payment infrastructure, and Solana treasury and staking operations — supporting use cases across institutional settlement, commerce, consumer payments, and AI-native agent transactions. By leveraging its blockchain and data infrastructure expertise, SOLAI aims to enhance on-chain efficiency and expand participation across Solana and other blockchain ecosystems.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will”, “expects”, “anticipates”, “future”, “intends”, “plans”, “believes”, “estimates”, “target”, “going forward”, “outlook” and similar statements. Such statements are based upon management’s current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control, which may cause the Company’s actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

About Non-GAAP Financial Measures

As a supplement to operating loss and net loss, we use the non-GAAP financial measures of non-GAAP adjusted operating loss and non-GAAP adjusted net loss, which are U.S. GAAP operating loss and net loss as adjusted to exclude the impact of share-based compensation expenses and changes in fair value of derivative instruments. All adjustments are non-cash and we believe they are not reflective of our general business performance. The non-GAAP financial measures are provided as additional information to help our investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of our current financial performance and prospects for the future. The non-GAAP financial measures should not be considered in addition to or as a substitute for or superior to U.S. GAAP operating loss or net loss. In addition, our definition of non-GAAP adjusted operating loss and non-GAAP adjusted net loss may be different from the definition of such terms used by other companies, and therefore comparability may be limited.

For more information:

SOLAI Limited
[email protected]
ir.solai.com
www.solai.com 

Piacente Financial Communications
Brandi Piacente
Tel: +1 (212) 481-2050
Email: [email protected] 

 


SOLAI Limited


Condensed Consolidated Balance Sheets


(Amounts in thousands of U.S. dollars (“US$”), except for number of shares)


(Unaudited)


December 31,
2024


September 30,
 2025


ASSETS


Current assets:

Cash and cash equivalents

1,810

3,815

Accounts receivable

1,845

2,694

Prepayments and other current assets

5,911

3,481

Cryptocurrency assets

9,581

12,294


Total current assets

19,147

22,284


Non-current assets:

Property and equipment, net

19,896

23,740

Intangible assets, net

11,084

8,039

Deposits

2,462

2,465

Long-term investments

3,557

3,436

Right-of-use assets

2,627

1,420

Long-term prepayments and other non-current assets

27,562

15,189


Total non-current assets

67,188

54,289


TOTAL ASSETS

86,335

76,573


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities:

Accounts payable

25

25

Accrued payroll and welfare payable

306

69

Accrued expenses and other current liabilities

9,349

11,453

Operating lease liabilities – current

1,485

1,434

Income tax payable

71

80


Total current liabilities

11,236

13,061


Non-current liabilities:

Operating lease liabilities – non-current

1,063

3

Other non-current liabilities

7,256

1,761


Total non-current liabilities

8,319

1,764


TOTAL LIABILITIES

19,555

14,825


Shareholders’ equity:

Class A ordinary shares, par value US$0.00005 per share; 1,599,935,000 and
8,399,935,000 shares authorized as of December 31, 2024 and September 30,
2025, respectively; 1,595,399,890 and 1,867,853,490 shares issued and 
outstanding as of December 31, 2024 and September 30, 2025, respectively

78

92

Class A preference shares, par value US$0.00005 per share; 65,000 shares
authorized as of December 31, 2024 and September 30, 2025; 65,000 shares
issued and outstanding as of December 31, 2024 and September 30, 2025

–

–

Class B ordinary shares, par value US$0.00005 per share; 400,000,000 shares
authorized as of December 31, 2024 and September 30, 2025; 99 shares issued
and outstanding as of December 31, 2024 and September 30, 2025

–

–

Additional paid-in capital

640,724

652,190

Treasury shares

(21,604)

(21,604)

Accumulated deficit and statutory reserve

(557,913)

(574,294)

Accumulated other comprehensive loss

(4,392)

(4,346)


Total SOLAI Limited shareholders’ equity

56,893

52,038

Non-controlling interests

9,887

9,710


Total shareholders’ equity

66,780

61,748


TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

86,335

76,573

 

 


SOLAI Limited


Condensed Consolidated Statements of Comprehensive Loss


(Amounts in thousands of U.S. dollars (“US$”),


except for number of shares, per share (or ADS) data)


(Unaudited)


Three Months Ended


September 30,
2024


June 30,
2025


September 30,
2025


Revenues

4,770

4,420

4,403


Operating costs and expenses:

Cost of revenue

(6,448)

(7,201)

(6,923)

Sales and marketing expenses

(16)

(16)

(15)

General and administrative expenses

(2,513)

(4,249)

(4,147)


Total operating costs and expenses

(8,977)

(11,466)

(11,085)

Other operating income

11

1,576

1,570

Other operating expenses

(2)

(1,265)

(24)

Changes in fair value of cryptocurrency assets

(601)

972

2,411

Changes in fair value of payables settled by cryptocurrency assets

–

–

1


Operating loss

(4,799)

(5,763)

(2,724)

Other (expense) income, net

(21)

(107)

55

Interest income

1

36

38

Gain from equity method investments

–

2

–

Changes in fair value of derivative instruments

69

46

(117)


Loss before income tax

(4,750)

(5,786)

(2,748)

Income tax benefits

–

–

–


Net loss

(4,750)

(5,786)

(2,748)

Less: Net income (loss) attributable to the non-controlling interests

–

23

(266)


Net loss attributable to SOLAI Limited

(4,750)

(5,809)

(2,482)

Other comprehensive income (loss):

–

Foreign currency translation gain (loss)

140

(9)

56


Other comprehensive income (loss), net of tax

140

(9)

56


Comprehensive loss

(4,610)

(5,795)

(2,692)

Less: Comprehensive income (loss) attributable to non-controlling interests

–

23

(266)


Comprehensive loss attributable to SOLAI Limited

(4,610)

(5,818)

(2,426)


Weighted average number of Class A and Class B ordinary shares
outstanding:

Basic

1,154,341,589

1,607,852,073

1,835,240,207

Diluted

1,154,341,589

1,607,852,073

1,835,240,207


Losses per share attributable to SOLAI Limited-Basic and
Diluted

Net loss

(0.00)

(0.00)

(0.00)


Losses per ADS* attributable to SOLAI Limited-Basic and
Diluted

Net loss

(0.41)

(0.36)

(0.14)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of
the Company.

 

 


SOLAI Limited


Reconciliation of non-GAAP results of operations measures to the nearest comparable GAAP measures


(Amounts in thousands of U.S. dollars (“US$”),


except for number of shares, per share (or ADS) data)


(Unaudited)


Three Months Ended


September 30,
2024


June 30,
2025


September 30,
2025


Operating loss

(4,799)

(5,763)

(2,724)

Adjustment for share-based compensation expenses

–

344

–


Non-GAAP adjusted operating loss

(4,799)

(5,419)

(2,724)


Net loss attributable to SOLAI Limited

(4,750)

(5,809)

(2,482)

Adjustment for share-based compensation expenses

–

344

–

Adjustment for changes in fair value of derivative instruments

(69)

(46)

117


Non-GAAP adjusted net loss attributable to SOLAI Limited

(4,819)

(5,511)

(2,365)


Weighted average number of Class A and Class B ordinary shares
outstanding:

Basic

1,154,341,589

1,607,852,073

1,835,240,207

Diluted

1,154,341,589

1,607,852,073

1,835,240,207


Losses per share attributable to SOLAI Limited-Basic and
Diluted (non-GAAP)

Non-GAAP adjusted net loss

(0.00)

(0.00)

(0.00)


Losses per ADS* attributable to SOLAI Limited-Basic and
Diluted (non-GAAP)

Non-GAAP adjusted net loss

(0.42)

(0.34)

(0.13)

* American Depositary Shares, which are traded on the NYSE. Each ADS represents 100 Class A ordinary shares of
the Company.

 

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SOURCE SOLAI Limited