Aether Holdings, Inc.
For the period ended Jun 30, 2026. Filed Aug 13, 2026.
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.
Jun 30, 2026 · Filed Aug 13, 2026
ATHR$2.36-2.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-15.
0001493152-26-023858
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-13.
0001493152-26-037828
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 146 previous paragraphs and 167 current paragraphs.
94 unchanged; 42 reworded; 30 added; 10 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 14 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 (30)
Current report
Board of Directors
Current report
On June 1, 2026, the Board of Directors increased the size of the Board from four to five directors and appointed Hon Nam Lee (Alvars) as an independent director to fill the newly created directorship. Mr. Lee was also appointed Chair of the Nominating and Corporate Governance Committee. On the same date, the Board approved the transition of Timothy William Murphy from an independent director to a director who also serves as the Company’s General Counsel. Mr. Murphy will continue to serve on the Board but will no longer be considered an independent director under the applicable Nasdaq listing standards, SEC rules, the Company’s committee charters, and corporate governance guidelines.
Current report
Formation of Subsidiaries
Current report
On May 29, 2026, the Company incorporated Alpha Edge Media (Hong Kong) Limited, a wholly owned subsidiary of Alpha Edge Media, Inc., under the laws of Hong Kong to support the Company’s expanding newsletter business. As of the reporting date, the subsidiary had not commenced material operations and its incorporation did not have a material impact on the Company’s condensed consolidated financial statements.
Current report
On June 15, 2026, the Company incorporated Aether Compute LLC, a wholly owned subsidiary organized under the laws of the State of Delaware. As of the reporting date, Aether Compute LLC had not commenced material operations and its incorporation did not have a material impact on the Company’s condensed consolidated financial statements.
Current report
At-the-Market Offering Program
Current report
On June 25, 2026, the Company entered into an At-The-Market Issuance Sales Agreement with Rodman & Renshaw LLC (“Rodman” or the “Sales Agent”) pursuant to which, the Company may offer and sell, from time to time at its sole discretion, shares of its common stock, $0.001 par value per share, up to $10,998,532 through the Sales Agent. The offer and sale of the shares will be made pursuant to a previously filed shelf registration statement on Form S-3 (File No. 333-296182), originally filed with the SEC on May 22, 2026 and declared effective by the SEC on June 2, 2026, and the related prospectus supplement dated June 2, 2026 and filed with the SEC on such date pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the “Securities Act”).
Current report
Under the Sales Agreement, Rodman may sell shares by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the Securities Act. Rodman will use commercially reasonable efforts to sell the shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company agreed to pay Rodman a commission of upto 3.0% of the gross proceeds from the sales of shares sold under the Sales Agreement and has provided the Sales Agent with customary indemnification and contribution rights. The Company also agreed to reimburse Rodman for certain expenses incurred in connection with the Sales Agreement. The Company and Rodman may each terminate the Sales Agreement at any time upon specified prior written notice.
Current report
For the three and nine months ended June 30, 2026, the amount of proceeds generated from the sale of common stock under the Sales Agreement was $10,674 from the sale of 2,500 shares.
Current report
Grant of Stock Options
Current report
On July 10, 2026, the Board of Directors of the Company approved, by unanimous written consent, the grant of stock options to purchase an aggregate of 920,000 shares of the Company’s common stock under the Aether Holdings, Inc. 2024 Equity Incentive Plan, at an exercise price of $4.24 per share, to the Company’s executive officers, directors, employees and certain consultants, including incentive stock options and nonqualified stock options as applicable. The Board also ratified the filing and effectiveness of the Company’s Registration Statement on Form S-8 (File No. 333-296549), filed with the SEC on June 5, 2026, registering shares issuable under the Plan, including shares underlying the Option Grants. The Company is evaluating the resulting stock-based compensation expense and does not expect this event to require adjustment to the financial statements for the period covered by this Quarterly Report.
Current report
Definitive Agreement (Virtual Grid)
Current report
On July 17, 2026, the Company and its subsidiary, Aether Compute LLC, entered into definitive agreements with Virtual Grid Inc. (“Virtual Grid”), a related party establishing a strategic partnership and equity investment. Under an Exclusive White Label Supply and Distribution Agreement and a related FOMA license agreement, Aether Compute became Virtual Grid’s exclusive reseller for the AetherPod™ VG100 across ten Southeast Asian countries for an initial 10-year term (with a 10-year renewal option), with certain non-exclusive U.S. rights, subject to royalties of 6% (direct deployments) or an effective 3% (operator deployments) of gross compute revenue. Separately, the Company invested $360,000 in Virtual Grid via issuance of 82,606 shares of Company common stock, in exchange for 176,412 Virtual Grid Class A shares and a warrant for 176,412 additional shares (exercise price C$2.864692, expiring July 17, 2031), subject to a 12-month lock-up and down-round protection. The Company is evaluating the accounting treatment of this transaction and does not expect it to require adjustment to the financial statements for the period covered by this Quarterly Report.
Current report
Acquisition of Noviant Inc.
Current report
On August 4, 2026, Aether Compute LLC, a wholly owned subsidiary of the Company, entered into a Stock Purchase Agreement with Noviant Inc., a New York corporation, and its four selling stockholders, pursuant to which Aether Compute LLC acquired 60% of the fully diluted equity interests of Noviant for an aggregate purchase price of $3,600,000, consisting of $900,000 in cash and $2,700,000 in restricted shares of the Company’s common stock (based on the 20-day VWAP preceding closing). Of the cash consideration, $50,000 was placed into a working capital support account and $540,000 of the stock consideration was placed into an 18-month indemnity holdback, in each case pursuant to related escrow arrangements. Following the closing, the Company has the right to designate a majority of Noviant’s board of directors and retains various governance and transfer-restriction rights over the Sellers’ retained 40% interest.
Current report
The initial accounting for the business combination is incomplete as of the date these condensed consolidated financial statements were available to be issued because the Company has not yet completed the valuation of the assets acquired, the liabilities assumed, the non-controlling interest, and the resulting goodwill. Accordingly, the Company is unable to present the provisional amounts of consideration transferred and of the identifiable assets and liabilities recognized at the acquisition date. The amounts recognized are provisional and may be adjusted during the measurement period, which will not exceed one year from the acquisition date, as the Company obtains the information necessary to identify and measure the acquisition-date fair values of the assets acquired and liabilities assumed.
Current report
On August 5, 2026, the Company entered into a Note Purchase Agreement with Streeterville Capital, LLC pursuant to which the Company issued a Secured Promissory Note in the original principal amount of $1,620,000, reflecting a purchase price of $1,500,000 after a $120,000 original issue discount. The note bears interest at 8% per annum, matures 18 months from the purchase price date, and is secured by substantially all of the Company’s assets, its intellectual property, and guaranties from the Company’s subsidiaries. This note is in addition to a prior secured note issued to the same investor on May 13, 2026 in the original principal amount of $3,240,000, and contains customary redemption rights, trigger/default provisions, and restrictive covenants (including limitations on additional liens and variable-rate financings) in favor of the investor. Accounting treatment for same is under evaluation and will be finalized and reflected in our Annual Report on Form 10-K for the fiscal year ending September 30, 2026.
Current report
ARPU for SentimenTrader increased by $23, or 5.22%, to $464 for the nine months ended June 30, 2026, as compared to $441 for the nine months ended June 30, 2025.
Current report
ARPU for SentimenTrader increased by $11, or 7.53%, to $157 for the three months ended June 30, 2026, as compared to $146 for the three months ended June 30, 2025.
Current report
Total revenue decreased by $13,706, or 4%, from $342,411 for the three months ended June 30, 2025 to $328,705 for the three months ended June 30, 2026.
Current report
For Nine Months Ended June 30, 2026 and 2025
Current report
Interest income (expense), net
Current report
Interest expense was $69,968 for the nine months ended June 30, 2026, compared to $0 for the same period in 2025, while interest income was $40,868 and $47,845, respectively. The increase in interest expense was primarily due to the issuance of the Company’s secured note payable in May 2026. Interest expense for the nine months ended June 30, 2026 included contractual interest at the stated rate and non-cash amortization of the original issue discount, debt issuance costs and brokerage costs.
Current report
Interest income (expense), net
Current report
Interest expense was $69,968 for the three months ended June 30, 2026, compared to $0 for the same period in 2025, while interest income was $9,114 and $47,845, respectively. The increase in interest expense was primarily due to the issuance of the Company’s secured note payable in May 2026. Interest expense for the three months ended June 30, 2026 included contractual interest at the stated rate and non-cash amortization of the original issue discount, debt issuance costs and brokerage costs.
Current report
For the Nine months ended June 30, 2026 and 2025
Current report
Net cash provided by financing activities was $2,778,174 for the nine months ended June 30, 2026 as compared to $7,681,331 for the nine months ended June 30, 2025.
Current report
The increase in net cash provided by financing activities for the nine months ended June 30, 2026 was primarily due to the issuance of note payable of $2,790,000 and proceeds from issuance of shares (under ATM offering) of $ 10,674 which is offset by offering cost paid of $22,500 compared to no such amount for the nine months ended June 30, 2025.
Current report
As of June 30, 2026, other than obligations under the Secured Promissory Note described above and ordinary-course operating obligations, we did not have any material contractual obligations. As of September 30, 2025, we did not have any contractual obligations.
Current report
Our significant accounting policies are discussed in Note 2 of the consolidated financial statements that are included elsewhere in this filing. We believe that the following accounting estimates are the most critical to aid in fully understanding and evaluating our reported financial results, and they require our most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. There have been no changes to estimates during the periods presented in the filing. Historically changes in management estimates have not been material.
Removed paragraphs (10)
Previous report
Bitcoin Treasury Strategy
Previous report
On July 18, 2025, our board of directors approved the adoption of a new treasury strategy for the Company, which primarily consists of holding the majority our liquid assets in bitcoin. We do not currently hold any bitcoin and we intend to fund our initial acquisition of bitcoin with the proceeds of a public or private offering of our securities; however, there can be no assurances that we will complete such an offering on favorable terms, on unfavorable terms, or at all. If we do not complete an offering of our securities, we intend to pursue other capital raising opportunities to finance our initial acquisition of bitcoin. See the sections of or Annual Report entitled “Business – Bitcoin Treasury Strategy” and “Risk Factors – Risks Related to our Bitcoin Treasury Strategy and Holdings” for a more detailed discussion of our bitcoin treasury strategy.
Previous report
ARPU for SentimenTrader increased by $12, or 4.07%, to $307 for the six months ended March 31, 2026, as compared to $295 for the six months ended March 31, 2025.
Previous report
ARPU for SentimenTrader increased by $6, or 4.08%, to $153 for the three months ended March 31, 2026, as compared to $147 for the three months ended March 31, 2025.
Previous report
Total revenue decreased by $5,865, or 1.72%, from $341,906 for the three months ended March 31, 2025 to $336,041 for the three months ended March 31, 2026.
Previous report
For Six Months Ended March 31, 2026 and 2025
Previous report
For the Six months ended March 31, 2026 and 2025
Previous report
Net cash used in financing activities was $0 for the six months ended March 31, 2026 as compared to $2,789 for the six months ended March 31, 2025.
Previous report
As of March 31, 2026, and as of September 30, 2025, we don’t have any contractual obligations.
Previous report
While our significant accounting policies are more fully described in Note 2 – Summary of Significant Accounting Policies to our consolidated financial statements, we believe that there were no critical accounting policies and estimates that affect the preparation of financial statements.
Reworded paragraphs (42)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read together with our unaudited condensed consolidated financial statements and the related notes appearing elsewhere in this Report. In addition to unaudited condensed consolidated financial statements, the following discussions and other parts of this Report contain forward-looking statements that reflect our plans, objectives, expectations, intentions, and beliefs, which involve risks, uncertainties and assumptions. Our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those identified below and those discussed in the sections titled “Cautionary Note on Forward-Looking Statements” and “Risk Factors” included elsewhere in this Report.
Previous wording
As previously reported in our Annual Report, since July 18, 2025, our management has been engaged in a dispute with Mr. David Mandel, a former member of our board of directors. On March 19, 2026, Mr. Mandel filed a lawsuit against the Company and Mr. Nicolas Lin, our Chief Executive Officer and Chairman. See “Part II – Other Information - Item 1 – Legal Proceedings” below for more information and the section entitled “Risk Factors - Our management is currently in a dispute with one of our former directors If he were to bring legal action against us, and we were to receive an adverse ruling, it could materially and adversely affect our reputation, dilute our shareholders’ equity interests in the Company, and adversely affect our stock price” contained in our Annual Report for a discussion of the risks associated with the dispute.
Current wording
As previously reported in our Annual Report, since July 18, 2025, our management has been engaged in a dispute with Mr. David Mandel, a former member of our board of directors. On March 19, 2026, Mr. Mandel filed a lawsuit against the Company and Mr. Nicolas Lin, our Chief Executive Officer and Chairman. See “Part II – Other Information - Item 1 – Legal Proceedings” below for more information and the section entitled “Risk Factors - Our management is currently in a dispute with one of our former directors. If he were to bring legal action against us, and we were to receive an adverse ruling, it could materially and adversely affect our reputation, dilute our stockholders’ equity interests in the Company, and adversely affect our stock price” contained in our Annual Report for a discussion of the risks associated with the dispute.
Previous wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the six months ended March 31, 2026 and 2025.
Current wording
The following table presents the revenue, cost of sales, gross margin and the net cash provided by or used in operating activities for the nine months ended June 30, 2026 and 2025.
Previous wording
As of March 31, 2026, Alpha Edge Media had a negligible number of paid subscribers. Subscriber activity commenced on August 14, 2025. Accordingly, there were no subscribers for the six months ended March 31, 2025
Current wording
As of June 30, 2026, Alpha Edge Media had a negligible number of paid subscribers. Subscriber activity commenced on August 14, 2025. Accordingly, there were no subscribers for the nine months ended June 30, 2025.
Previous wording
The number of new Free Subscribers for SentimenTrader increased by 59, or 9.95%, from 593 for the six months ended March 31, 2025 to 652 for the six months ended March 31, 2026. The number of new Free Subscribers decreased by 41, or 12.62 %, from 325 for the three months ended March 31, 2025, to 284 for the three months ended March 31, 2026. The decrease in Free Subscribers reflects reduced customer acquisition and increased attrition.
Current wording
The number of new Free Subscribers for SentimenTrader decreased by 392, or 30.43%, from 1,288 for the nine months ended June 30, 2025 to 896 for the nine months ended June 30, 2026. The number of new Free Subscribers decreased by 451, or 64.89 %, from 695 for the three months ended June 30, 2025, to 244 for the three months ended June 30, 2026. The decrease in Free Subscribers reflects reduced customer acquisition and increased attrition.
Previous wording
The number of Free Subscribers for Alpha Edge Media as of March 31, 2026, was 392,964. Alpha Edge Media did not have operations as of March 31, 2025.
Current wording
The number of free subscribers for Alpha Edge Media as of June 30, 2026, was 402,086. Alpha Edge Media did not have operations as of June 30, 2025.
Previous wording
Paid Subscribers for SentimenTrader decreased by 181, or 7.68%, from 2,357 for the six months ended March 31, 2025 to 2,176 for the six months ended March 31, 2026. The number of Paid Subscribers decreased by 165, or 7.08 %, from 2,331 for the three months ended March 31, 2025, to 2,166 for the three months ended March 31, 2026.
Current wording
Paid Subscribers for SentimenTrader decreased by 214, or 9.08%, from 2,356 for the nine months ended June 30, 2025 to 2,142 for the nine months ended June 30, 2026. The number of Paid Subscribers decreased by 276, or 11.73 %, from 2,352 for the three months ended June 30, 2025, to 2,076 for the three months ended June 30, 2026.
Previous wording
The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 26.48% and 23% for the six months ended March 31, 2026 and 2025, respectively. The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 20.89% and 20.90% for the three months ended March 31, 2026 and 2025, respectively. The higher conversion rates for the six months ended March 31, 2026, were attributable to a promotional campaign.
Current wording
The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 34.27% and 19.26% for the nine months ended June 30, 2026 and 2025, respectively. The average conversion rate from Free Subscribers to Paid Subscribers on our SentimenTrader platform was approximately 32.32% and 11.68% for the three months ended June 30, 2026 and 2025, respectively. The higher conversion rates for the nine months ended June 30, 2026, was attributable to a promotional campaign.
Previous wording
The average conversion rate from Free Subscribers to Paid Subscribers of AEM was negligible for the six months ended March 31, 2026. AEM did not have operations as of March 31, 2025.
Current wording
The average conversion rate from Free Subscribers to Paid Subscribers of AEM was negligible for the nine months ended June 30, 2026. AEM did not have operations as of June 30, 2025.
Previous wording
ARPU for SentimenTracker was not significant for the three and six months ended March 31, 2026. No comparable ARPU existed for the three and six months ended March 31, 2025, as the platform was not yet operational during that period.
Current wording
ARPU for SentimenTracker was not significant for the three and nine months ended June 30, 2026. No comparable ARPU existed for the three and nine months ended June 30, 2025, as the platform was not yet operational during that period.
Previous wording
Total revenue decreased marginally by $21,704, or 3.12%, from $696,549 for the six months ended March 31, 2025, to $674,845 for the six months ended March 31, 2026.
Current wording
Total revenue decreased marginally by $35,410, or 3.41%, from $1,038,960 for the nine months ended June 30, 2025, to $1,003,550 for the nine months ended June 30, 2026.
Previous wording
The following table summarizes the results of unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended March 31, 2026 and 2025 in U.S. dollars and provides information regarding the dollar and percentage increase or (decrease) during such periods. The operating results in any historical period are not necessarily indicative of the results that may be expected for any future period.
Current wording
The following table summarizes the results of unaudited condensed consolidated statements of operations and comprehensive loss for the nine months endedJune 30, 2026 and 2025 in U.S. dollars and provides information regarding the dollar and percentage increase or (decrease) during such periods. The operating results in any historical period are not necessarily indicative of the results that may be expected for any future period.
Previous wording
Our revenue decreased by $21,704, or 3.12%, from $696,549 for the six months ended March 31, 2025, to $674,845 for the six months ended March 31, 2026 due to a decrease in the number of Paid Subscribers.
Current wording
Our revenue decreased by $35,410, or 3.41%, from $1,038,960 for the nine months ended June 30, 2025, to $1,003,550 for the nine months ended June 30, 2026 due to a decrease in the number of Paid Subscribers.
Previous wording
Cost of sales mainly include the hosting costs for the SentimenTrader platform, Bloomberg access for the analysts’ use in research, and the analyst salaries. Cost of sales decreased by $85,970, or 39.59%, from $217,174 for the six months ended March 31, 2025, to $131,204 for the six months ended March 31, 2026 due to a decrease in analyst salaries.
Current wording
Cost of sales mainly include the hosting costs for the Sentiment Trader platform, Bloomberg access for the analysts’ use in research, and the analyst salaries. Cost of sales decreased by $124,688, or 38.92%, from $320,360 for the nine months ended June 30, 2025, to $195,672 for the nine months ended June 30, 2026 due to decrease in analyst salaries.
Previous wording
Gross profit increased by $64,266, or 13.41%, from $479,375 for the six months ended March 31, 2025 to $543,641 for the six months ended March 31, 2026. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Current wording
Gross profit increased by $89,278, or 12.42%, from $718,600 for the nine months ended June 30, 2025 to $807,878 for the nine months ended June 30, 2026. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Previous wording
Gross profit margin increased from 68.82% for the six months ended March 31, 2025, to 80.56% for the six months ended March 31, 2026. The increase in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue and decrease in cost of sales.
Current wording
Gross profit margin increased from 69.17% for the nine months ended June 30, 2025, to 80.50% for the nine months ended June 30, 2026. The increase in gross profit margin was primarily attributable to the combined impact of the decrease in subscription revenue and decrease in cost of sales.
Previous wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $306,891 or 390.11%, from $78,667 for the six months ended March 31, 2025, to $385,558 for the six months ended March 31, 2026, representing 57.13% and 11.29% of our total revenue for the six months ended March 31, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to the six months ended March 31, 2025.
Current wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $314,107 or 141.59%, from $221,848 for the nine months ended June 30, 2025, to $535,955 for the nine months ended June 30, 2026, representing 53.41% and 21.35% of our total revenue for the nine months ended June 30, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to the nine months ended June 30, 2025.
Previous wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 356.22% and 159.80% of our revenue for the six months ended March 31, 2026 and 2025, respectively. General and administrative expenses increased by $1,290,868, or 115.97%, from $1,113,088 for the six months ended March 31, 2025, to $2,403,956 for the six months ended March 31, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Current wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 369.77% and 217.79% of our revenue for the nine months ended June 30, 2026 and 2025, respectively. General and administrative expenses increased by $1,447,994, or 63.99%, from $2,262,801 for the nine months ended June 30, 2025, to $3,710,795 for the nine months ended June 30, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Previous wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. The expenses incurred amounted to $131,119 for the six months ended March 31, 2026, and there were no expenses for the six months ended March 31, 2025. Research and development expenses represented approximately 19.43% and 0% of our revenue for the respective periods.
Current wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. The expenses incurred amounted to $231,773 for the nine months ended June 30, 2026, and there were no expenses for the nine months ended June 30, 2025. Research and development expenses represented approximately 23.10% and 0% of our revenue for the respective periods.
Previous wording
We had a loss before income taxes of $2,326,201 and $712,380 for the six months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Current wording
We had a loss before income taxes of $3,668,941 and $1,718,204 for the nine months ended June 30, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Previous wording
We had no provision for income taxes for the six months ended March 31, 2026, as we had no assessable profits for the period.
Current wording
We had no provision for income taxes for the nine months ended June 30, 2026, as we had no assessable profits for the period.
Previous wording
We had a net comprehensive loss of $2,326,201 and $712,380 for the six months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Current wording
We had a net comprehensive loss of $3,668,941 and $1,718,204 for the nine months ended June 30, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Previous wording
Our revenue decreased by $5,865, or 1.72%, from $341,906 for the three months ended March 31, 2025, to $336,041 for the three months ended March 31, 2026 due to a decrease in the number of Paid Subscribers.
Current wording
Our revenue decreased by $13,706, or 4%, from $342,411 for the three months ended June 30, 2025, to $328,705 for the three months ended June 30, 2026 due to a decrease in the number of Paid Subscribers.
Previous wording
Cost of sales mainly includes the hosting costs for the SentimenTrader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $44,832, or 40.90%, from $109,616 for the three months ended March 31, 2025, to $64,784 for the three months ended March 31, 2026, attributable to the decrease in analyst salaries.
Current wording
Cost of sales mainly includes the hosting costs for the Sentiment Trader platform, Bloomberg access for the analysts to research tools, and the analyst salaries. Cost of sales decreased by $38,718, or 37.52%, from $103,186 for the three months ended June 30, 2025, to $64,468 for the three months ended June 30, 2026, attributable to the decrease in analyst salaries.
Previous wording
Gross profit increased by $38,967, or 16.78%, from $232,290 for the three months ended March 31, 2025, to $271,257 for the three months ended March 31, 2026. The increase in gross profit was mainly due to the decrease in in cost of sales, as discussed above.
Current wording
Gross profit increased by $25,012, or 10.46%, from $239,225 for the three months ended June 30, 2025, to $264,237 for the three months ended June 30, 2026. The increase in gross profit was mainly due to the decrease in cost of sales, as discussed above.
Previous wording
Gross profit margin increased from 67.94% for the three months ended March 31, 2025, to 80.72% for the three months ended March 31, 2026. The increase in gross profit margin was primarily due to decrease in cost of sales.
Current wording
Gross profit margin increased from 69.86% for the three months ended June 30, 2025, to 80.39% for the three months ended June 30, 2026. The increase in gross profit margin was primarily due to decrease in cost of sales.
Previous wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $132,364 or 233.77%, from $56,622 for the three months ended March 31, 2025, to $188,986 for the three months ended March 31, 2026, representing 56.24% and 16.56% of our revenue for the three months ended March 31, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to three months ended March 31, 2025.
Current wording
Our selling and marketing costs primarily consist of expenses related to advertising and marketing consultants. These costs increased by $7,216 or 5.04%, from $143,181 for the three months ended June 30, 2025, to $150,397 for the three months ended June 30, 2026, representing 45.75% and 41.82% of our revenue for the three months ended June 30, 2026 and 2025, respectively. The increase was mainly driven by higher advertising and marketing expenses incurred in the current period compared to three months ended June 30, 2025.
Previous wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 314.40% and 165.50% of our revenue for the three months ended March 31, 2026 and 2025, respectively. General and administrative expenses increased by $490,663, or 86.71%, from $565,849 for the three months ended March 31, 2025, to $1,056,512 for the three months ended March 31, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Current wording
Our general and administrative expenses primarily include salaries and benefits, legal and professional fees, insurance expenses, office expenses, travel and entertainment expenses, utility expenses, depreciation expenses and amortization expenses. Our general and administrative expenses represented 397.57% and 335.77% of our revenue for the three months ended June 30, 2026 and 2025, respectively. General and administrative expenses increased by $157,126, or 13.67%, from $1,149,713 for the three months ended June 30, 2025, to $1,306,839 for the three months ended June 30, 2026. The increase was mainly due to the increase in legal fees, consulting fees, insurance expense, amortization expense, depreciation expense and membership and subscription charges.
Previous wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. These expenses incurred amounted to $73,172 for the three months ended March 31, 2026 and there were no expenses for the three months ended March 31, 2025. Research and development expenses represented approximately 21.77% and 0% of our revenue for the respective periods.
Current wording
Our research and development expenses primarily consist of costs incurred in the development of artificial intelligence and machine learning tools for our platform. These expenses incurred amounted to $100,654 for the three months ended June 30, 2026 and there were no expenses for the three months ended June 30, 2025. Research and development expenses represented approximately 30.62% and 0% of our revenue for the respective periods.
Previous wording
We had a loss before income taxes of $1,028,964 and $390,181 for the three months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Current wording
We had a loss before income taxes of $1,342,740 and $1,005,824 for the three months ended June 30, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses.
Previous wording
We had a net comprehensive loss of $1,028,964 and $390,181 for the three months ended March 31, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Current wording
We had a net comprehensive loss of $1,342,740 and $1,005,824 for the three months ended June 30, 2026 and 2025, respectively. The loss was primarily attributable to the increase in selling expenses, research and development expenses and general and administrative expenses. The discussion regarding the increase in selling expenses, research and development expenses and general and administrative expenses are discussed in the sections above.
Previous wording
Net cash used in operating activities was $1,927,242 for the six months ended March 31, 2026, as compared to net cash used in operating activities of $361,771 for the six months ended March 31, 2025. The increase in net cash used in operating activities was mainly attributable to the following factors:
Current wording
Net cash used in operating activities was $3,115,850 for the nine months ended June 30, 2026, as compared to net cash used in operating activities of $1,998,095 for the nine months ended June 30, 2025. The increase in net cash used in operating activities was mainly attributable to the following factors:
Previous wording
Net cash used in investing activities was $1,682,970 for the six months ended March 31, 2026 and $0 for March 31, 2025.
Current wording
Net cash used in investing activities was $1,670,412 for the nine months ended June 30, 2026 and $9,575 for June 30, 2025.
Previous wording
The increase in net cash used in investing activities for the six months ended March 31, 2026 was primarily due to purchase of property and equipment of $1,168,598, payment for intangible assets for $417,167, and advances for the development of XYZ Terminal, Tradrithm & Alphid AI of $97,205 which are capitalized as Internally developed software WIP for the six months ended March 31, 2026, compared to no such amount for the six months ended March 31, 2025.
Current wording
The increase in net cash used in investing activities for the nine months ended June 30, 2026 was primarily due to purchase of property and equipment of $1,175,098, payment for intangible assets for $417,166, and advances for development XYZ Terminal and Tradrithm of 78,148 which are capitalized as Internally developed software WIP for the nine months ended June 30, 2026, compared to no such amount for the nine months ended June 30, 2025.
Previous wording
As of March 31, 2026, our current assets were $1,083,201 which includes cash of $807,957, accounts receivable and other receivables of $12,931 and prepaid expenses of $262,313. Our current liabilities were $640,758 which includes accounts payables and accrued liabilities of $250,650, amounts due to related parties of $5,172, and contract liabilities of $384,936. The resulting positive working capital was $442,443. No dividends were declared and paid to the shareholders for the six months period ended March 31, 2026.
Current wording
As of June 30, 2026, our current assets were $2,668,297 which includes cash of $2,410,081 and prepaid expenses of $258,216. Our current liabilities were $791,606 which includes accounts payables and accrued liabilities of $405,263, amounts due to related parties of $5,174, and contract liabilities of $381,169. The resulting positive working capital was $1,876,691. No dividends were declared and paid to the shareholders for the nine months period ended June 30, 2026.
Previous wording
As of September 30, 2025, our current assets totaled $4,783,242, which included cash of $4,418,169 and prepaid expenses of $365,073. Our current liabilities amounted to $519,078, which consisted of accounts payable and accrued liabilities of $123,257, amounts due to related parties of $37,193, and contract liabilities of $358,628. This resulted in positive working capital of $4,264,164. No dividends were declared or paid to shareholders for the six months ended March 31, 2025.
Current wording
As of September 30, 2025, our current assets totaled $4,783,242, which included cash of 4,418,169 and prepaid expenses of $365,073. Our current liabilities amounted to $519,078, which consisted of accounts payables and accrued liabilities of 123,257, amounts due to related parties of $37,193, and contract liabilities of $358,628. This resulted in positive working capital of $4,264,164. No dividends were declared or paid to shareholders for the nine months ended June 30, 2025.
Previous wording
Our available cash resources currently consist of the net proceeds from our April 2025 IPO and cash generated from our business. We completed our IPO on April 11, 2025 and the closing of the underwriters’ over-allotment option on April 16, 2025, which collectively generated aggregate gross proceeds of approximately $8,901,000 (before underwriting discounts and offering expenses). We continue to incur operating losses and expect to require additional capital in the near term to fund operations and execute our business plan. These conditions raise substantial doubt about our ability to continue as a going concern within one year after the date these condensed financial statements are issued.
Current wording
Our available cash resources currently consist of the net proceeds from our April 2025 IPO, Note Payable in May 2026, ATM offering in June 2026 and cash generated from our business. We completed our IPO on April 11, 2025 and the closing of the underwriters’ over-allotment option on April 16, 2025, which collectively generated aggregate gross proceeds of approximately $8,901,000 (before underwriting discounts and offering expenses). We continue to incur operating losses and expect to require additional capital in the near term to fund operations and execute our business plan. These conditions raise substantial doubt about our ability to continue as a going concern within one year after the date these condensed consolidated financial statements are issued.
Previous wording
Management intends to fund operating costs over the next twelve months primarily through the use of remaining IPO proceeds and, most likely, through additional financing from public or private offerings of equity or debt securities. However, there can be no assurance that such financing will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt about our ability to continue as a going concern has not been alleviated. The accompanying condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Current wording
Management intends to fund operating costs over the next twelve months primarily through the use of remaining IPO proceeds and, most likely, through additional financing from public or private offerings of equity or debt securities. However, there can be no assurance that such financing will be available on acceptable terms, or at all. Accordingly, management has concluded that substantial doubt about our ability to continue as a going concern has not been alleviated. The accompanying condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Previous wording
During the six months ended March 31, 2026 we paid $1,168,598 towards purchase of property and $417,167 towards acquisition of intangible assets.
Current wording
During the nine months ended June 30, 2026 we paid $1,175,098 towards purchase of property and $417,166 towards acquisition of intangible assets.
Previous wording
On May 13, 2026, the Company entered into a Note Purchase Agreement with Streeterville Capital, LLC (the “Investor”), pursuant to which the Company issued a Secured Promissory Note in the original principal amount of $3,240,000, including an original issue discount of $240,000. The purchase price for the Note was $3,000,000 and, after deducting a $30,000 transaction expense amount payable to the Investor, net proceeds to the Company were approximately $2,970,000, which the Company intends to use for working capital and general corporate purposes. The Note bears interest at 8% per annum, compounding daily based on a 360-day year of twelve 30-day months, and matures eighteen (18) months after the date the purchase price is delivered to the Company (the “Purchase Price Date”). The Note is secured by a first-position lien on substantially all of the Company’s assets and intellectual property, subject to permitted liens, and is guaranteed by the Company’s subsidiaries that are party to the related guaranty. No warrants were issued in connection with this transaction.
Current wording
On May 13, 2026, the Company entered into a Note Purchase Agreement with Streeterville Capital, LLC (the “Investor”), pursuant to which the Company issued a Secured Promissory Note in the original principal amount of $3,240,000, including an original issue discount of $240,000. The purchase price for the Note was $3,000,000 and, after deducting a $30,000 transaction expense amount payable to the Investor and other debt issuance costs of $204,070, net proceeds to the Company were $2,765,930., which the Company intends to use for working capital and general corporate purposes. The Note bears interest at 8% per annum, compounding daily based on a 360-day year of twelve 30-day months and matures 18 months from issuance (November 13, 2027). The Note is secured by a first-position lien on substantially all of the Company’s assets and intellectual property, subject to permitted liens, and is guaranteed by the Company’s subsidiaries that are party to the related guaranty. No warrants were issued in connection with this transaction.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Note Purchase Agreement with Streeterville Capital, LLC