Iveda Solutions, Inc.
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 14, 2025
IVDA$0.20+5.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-023965
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-022582
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 87 previous paragraphs and 88 current paragraphs.
75 unchanged; 12 reworded; 1 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
Pursuant to the Internal Revenue Code of 1986, as amended (“IRC”), specifically Sections 382 and 383, the Company’s ability to use tax attribute carryforwards to offset future taxable income is limited if the Company experiences a cumulative change in ownership of more than 50% within a three-year testing period. The Company has not completed an ownership change analysis pursuant to IRC Section 382 therefore the ability to offset taxable income in the future may be impacted by ownership changes occurring prior to December 31, 2024. If ownership changes within the meaning of IRC Section 382 occur in the future, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced or eliminated upon realization of an ownership change within the meaning of IRC Section 382. If eliminated, the related asset would be removed from the deferred tax asset schedule, with a corresponding reduction in the valuation allowance. Additionally, limitations on the utilization of the Company’s tax attribute carryforwards can increase the amount of taxable income and current income tax expense recognized. Due to the existence of the valuation allowance, ownership change limitations that are not significant may not impact the Company’s effective tax rate.
Reworded paragraphs (12)
Previous wording
The decrease in revenue for the three months ended June 30, 2025 compared with the same period in 2024 is attributable primarily to decreased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term government contracts offset by increased equipment sales in the US as distributor revenues increase.
Current wording
The decrease in revenue for the three months ended September 30, 2025 compared with the same period in 2024 is attributable primarily to decreased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term government contracts.
Previous wording
The decrease in overall gross margin was primarily attributed to the lower margin larger government contract sales in Taiwan.
Current wording
The increase in overall gross margin was primarily attributed to the higher margin contract sales in Taiwan.
Previous wording
The net decrease in operating expenses in the three months ended June 30, 2025 compared with the same period in 2024 is due primarily to no significant investor relations campaigns in the US based operations during this period.
Current wording
The net decrease in operating expenses in the three months ended September 30, 2025 compared with the same period in 2024 is due primarily to no re-audit and general operation expenses in the US and Taiwan based operations during this period.
Previous wording
A majority of the decrease in loss from operations was primarily due to increased revenues and related gross margins and reduction in operating expenses.
Current wording
A majority of the decrease in loss from operations was primarily due to increased gross margins and reduction in operating expenses.
Previous wording
Results of Operations for the Six Months Ended June 30, 2025 Compared with the Six Months Ended June 30, 2024
Current wording
Results of Operations for the Nine months ended September 30, 2025 Compared with the Nine months ended September 30, 2024
Previous wording
The increase in revenue for the six months ended June 30, 2025 compared with the same period in 2024 is attributable primarily to increased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term government contracts and increased US revenues through its distributors.
Current wording
The increase in revenue for the nine months ended September 30, 2025 compared with the same period in 2024 is attributable primarily to increased equipment sales from Iveda Taiwan as a result of delivery timing related to long-term government contracts and increased US revenues through its distributors.
Previous wording
The decrease in overall gross margin was primarily attributed to the lower margin larger government contract sales in Taiwan.
Current wording
The overall gross margin had a slight increase attributed to the higher margin contract sales in the US and Taiwan.
Previous wording
The net decrease in operating expenses in the six months ended June 30, 2025 compared with the same period in 2024 is due primarily to a reduction in R&D expense in the US and no significant investor relations campaigns in the US based operations during this period.
Current wording
The net decrease in operating expenses in the nine months ended September 30, 2025 compared with the same period in 2024 is due primarily to a reduction in R&D expense in the US and no significant investor relations campaigns in the US based operations during this period.
Previous wording
The decrease in net loss was primarily due to a reduction in operating expenses for the six months ended June 30, 2025 compared to the same period in 2024.
Current wording
The decrease in net loss was primarily due to a reduction in operating expenses for the nine months ended September 30, 2025 compared to the same period in 2024.
Previous wording
As of June 30, 2025, we had cash and cash equivalents of $1.6 million compared to $2.7 million as of December 31, 2024. This decrease in our cash and cash equivalents for the six months ended June 30, 2025 is related to the operating losses during the six months ended June 30, 2025. There are no legal or economic factors that materially impact our ability to transfer funds between our U.S.-based and Taiwan-based segments.
Current wording
As of September 30, 2025, we had cash and cash equivalents of $3.3 million compared to $2.7 million as of December 31, 2024. This increase in our cash and cash equivalents for the nine months ended September 30, 2025 is related to the sale of common stock offset by the operating losses during the nine months ended September 30, 2025. There are no legal or economic factors that materially impact our ability to transfer funds between our U.S.-based and Taiwan-based segments.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2025 was ($1.5) million compared to ($2.3) million net cash used during the six months ended June 30, 2024. Net cash used in operating activities for the six months ended June 30, 2025 consisted primarily of the net loss of ($1.4) million. Net cash used by operating activities for the six months ended June 30, 2024 consisted primarily of the net loss of ($1.9) million.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2025 was ($1.8) million compared to ($3.5) million net cash used during the nine months ended September 30, 2024. Net cash used in operating activities for the nine months ended September 30, 2025 consisted primarily of the net loss of ($1.6) million. Net cash used by operating activities for the nine months ended September 30, 2024 consisted primarily of the net loss of ($2.5) million.
Previous wording
Net cash provided by financing activities for the six months ended June 30, 2025 were $0.3 million compared with $0.5 million provided during the six months ended June 30, 2024. Net cash provided by financing activities in 2025 included $0.2 from the sale of stock as compared to $0.5 million proceeds from long term loans in Taiwan during the six months ended June 30, 2024.
Current wording
Net cash provided by financing activities for the nine months ended September 30, 2025 were $2.4 million compared with $2.3 million provided during the nine months ended September 30, 2024. Net cash provided by financing activities in 2025 included $2.7 million from the sale of stock via an ATM managed by H.C.Wainwright as compared to $1.8 million proceeds from the sale of stock in a direct offering during the nine months ended September 30, 2024.