Financial Statements — SPAI
Balance Sheet
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 |
|---|
| Cash & Equivalents | 10.23 | 14.80 | 7.60 | 0.81 | 0.91 | 2.33 | 0.18 |
| Accounts Receivable | 1.25 | 0.06 | -- | 0.04 | 0.02 | 0.22 | 0.04 |
| Inventory | 0.76 | 0.45 | 0.49 | 0.31 | 0.31 | 0.38 | 0.36 |
| Total Current Assets | 12.38 | 15.57 | 8.42 | 1.33 | 1.49 | 3.35 | 0.78 |
| Property, Plant & Equipment | 0.34 | 0.31 | 0.28 | 0.30 | 0.31 | 0.32 | 0.34 |
| Goodwill | -- | -- | -- | 0.68 | 0.68 | 0.68 | 0.68 |
| Intangible Assets | 0.78 | 0.81 | 0.90 | 1.12 | 1.11 | 0.99 | 1.07 |
| Total Non-current Assets* | 1.15 | 1.17 | 1.27 | 2.21 | 2.20 | 2.13 | 2.24 |
| Total Assets | 13.53 | 16.74 | 9.70 | 3.54 | 3.69 | 5.48 | 3.02 |
| Accounts Payable | 0.53 | 0.46 | 0.26 | 0.17 | 0.23 | 0.23 | 0.23 |
| Total Current Liabilities | 1.41 | 1.17 | 1.11 | 0.81 | 0.87 | 1.05 | 2.28 |
| Long-term Debt | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.26 |
| Total Non-current Liabilities | 0.15 | 0.15 | 0.15 | 0.16 | 0.17 | 0.19 | 0.21 |
| Total Liabilities | 1.56 | 1.32 | 1.26 | 0.97 | 1.04 | 1.24 | 2.49 |
| Retained Earnings | (34.54) | (31.37) | (25.14) | (20.13) | (18.22) | (12.87) | (9.18) |
| Total Stockholder Equity | 11.97 | 15.42 | 8.44 | 2.57 | 2.64 | 4.23 | 0.53 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Total Revenue | 1.33 | 1.22 | 0.23 | 0.10 | 0.09 | 0.18 | 0.89 | 0.33 | 0.64 |
| Cost of Revenue | 0.48 | 0.39 | 0.15 | 0.07 | 0.06 | 0.12 | 0.42 | 0.20 | 0.46 |
| Gross Profit | 0.85 | 0.83 | 0.08 | 0.03 | 0.03 | 0.06 | 0.46 | 0.13 | 0.18 |
| Research & Development | 0.19 | 0.36 | 0.27 | 0.11 | 0.02 | 0.09 | 0.00 | 0.09 | 0.13 |
| Selling, General & Admin | 0.72 | 0.76 | 0.80 | 0.60 | 0.37 | 0.36 | 0.40 | 0.42 | 0.25 |
| Total Operating Expenses | 4.12 | 3.75 | 4.48 | 4.24 | 1.95 | 4.07 | 1.87 | 3.68 | 1.31 |
| Operating Income | (3.27) | (2.92) | (4.41) | (4.21) | (1.92) | (4.01) | (1.40) | (3.54) | (1.12) |
| Net Income | (3.17) | (2.79) | (3.43) | (5.01) | (1.91) | (3.97) | (1.38) | (3.69) | (1.21) |
| Basic EPS | (0.15) | (0.14) | (0.16) | (0.29) | (0.13) | (0.27) | (0.06) | (0.34) | (0.14) |
| Diluted EPS | (0.15) | (0.14) | (0.16) | (0.29) | (0.13) | (0.27) | (0.06) | (0.34) | (0.14) |
Cash Flow Statement
(in millions USD)| Metric | Q2
2026 | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Operating Cash Flow | (2.88) | (1.18) | (2.67) | (1.60) | (1.01) | (0.94) | (1.03) | (1.91) | (1.16) |
| Capital Expenditures | 0.06 | 0.05 | 0.02 | 0.01 | 0.00 | 0.02 | 0.01 | 0.00 | 0.05 |
| Free Cash Flow* | (2.94) | (1.23) | (2.69) | (1.60) | (1.01) | (0.96) | (1.04) | (1.91) | (1.21) |
| Investing Cash Flow | (0.09) | (0.08) | (0.01) | (0.01) | (0.10) | (0.12) | (0.21) | -0.00 | (0.22) |
| Financing Cash Flow | (1.60) | (0.73) | 11.87 | 8.36 | 1.04 | 0.01 | 0.88 | 4.07 | 0.86 |
* Derived from reported values
