Product Development and Launch - The BNA Platform has been developed using AI and includes a database of over 18,000 patients, focusing on twelve disorders[78] - The company plans to commercially launch the BNA Platform in 2025, with no expected material additional development costs[79] - The company aims to enhance patient outcomes through the BNA Platform by establishing objective baseline measurements of brain function[82] - The company expects to incur significant costs for at least two to four years to commercialize and distribute its flagship product, the BNA Platform[102] Financial Performance - Revenue for the three months ended March 31, 2025, was $43,000, compared to $12,000 for the same period in 2024, representing an increase of $31,000 or 258%[96] - Research and development expenses increased to $312,000 for the three months ended March 31, 2025, from $289,000 in 2024, an increase of $23,000 or 8%[97] - Selling and marketing expenses decreased to $208,000 in Q1 2025 from $249,000 in Q1 2024, a decrease of $41,000 or 16%[98] - General and administration expenses rose significantly to $1,588,000 in Q1 2025 from $565,000 in Q1 2024, an increase of $1,023,000 or 181%[99] - Other income (expense) for the three months ended March 31, 2025, was $(10,865,000), compared to $(31,000) in 2024, representing an increase in expenses of $10,834,000[100] - Net cash used in operating activities was $(2,511,000) for Q1 2025, compared to $(1,319,000) in Q1 2024, an increase of $1,192,000 or 90%[107] - Net cash provided from financing activities was $10,253,000 in Q1 2025, compared to $945,000 in Q1 2024, an increase of $9,308,000 or 985%[109] Acquisitions and Financing - On April 30, 2025, the company acquired Evoke Neuroscience, Inc. for approximately $6 million, consisting of $3 million in cash and 857,149 shares valued at $3.50 each[84] - The company acquired all outstanding stock of Evoke for approximately $6,000,000, consisting of $3,000,000 in cash and 857,142 shares of common stock[101] - The company has no committed source of financing and may not be able to raise funds as needed to continue operations[113] Operational Expenses - Research and development expenses are expected to continue to be the largest component of operating expenses as the company updates and maintains the BNA Platform[88] - Selling and marketing expenses include employee-related costs and consulting fees, which are expected to increase as the company expands its market presence[89] - General and administrative expenses will rise due to compliance with SEC and Nasdaq regulations, as well as other public company-related costs[90] Revenue Generation Strategy - Revenue generation will focus on two segments: use of the BNA Platform by neurologists in the U.S. and collaborations with pharmaceutical companies[87] Capital Raising Activities - A private placement agreement was entered into on March 28, 2025, to issue 547,737 units at a price of $3.00 per unit[86] - The company received total proceeds of $8.825 million from the exercise of warrants to purchase 1,623,530 shares of common stock[85]

Financial Performance - Revenue for the three months ended March 31, 2025, was $43,000, compared to $12,000 for the same period in 2024, representing an increase of $31,000 or 258%[96] - Operating expenses totaled $2,108,000 for the three months ended March 31, 2025, compared to $1,103,000 in 2024, an increase of $1,005,000 or 91%[95] - Research and development expenses increased by $23,000 or 8%, totaling $312,000 for the three months ended March 31, 2025[97] - Selling and marketing expenses decreased by $41,000 or 16%, totaling $208,000 for the three months ended March 31, 2025[98] - General and administration expenses rose by $1,023,000 or 181%, totaling $1,588,000 for the three months ended March 31, 2025[99] - Net cash used in operating activities was $2,511,000 for the three months ended March 31, 2025, an increase of $1,192,000 or 90% compared to $1,319,000 in 2024[107] - Net cash provided from financing activities was $10,253,000 for the three months ended March 31, 2025, an increase of $9,308,000 or 985% compared to $945,000 in 2024[109] - The company reported a net loss of $12,930,000 for the three months ended March 31, 2025, compared to a net loss of $1,122,000 in 2024, an increase of $11,808,000[95] Business Development - The BNA Platform is in pre-commercial stages and is expected to launch in 2025, with no material additional development costs anticipated[79] - The company plans to generate revenue through two segments: use of the BNA Platform by U.S. neurologists and collaborations with pharmaceutical companies[79] - On April 30, 2025, the company acquired Evoke Neuroscience, Inc. for approximately $6 million, consisting of $3 million in cash and 857,149 shares valued at $3.50 each[84] - The company acquired all outstanding stock of Evoke for approximately $6,000,000, consisting of $3,000,000 in cash and 857,142 shares of common stock[101] - The company expects to incur significant costs for at least two to four years to commercialize and distribute its flagship product, the BNA Platform[102] Operational Expenses - Research and development expenses are expected to continue to be the largest component of operating expenses as the company updates and maintains the BNA Platform[88] - Selling and marketing expenses include employee-related costs and consulting fees, which are expected to increase as the company expands its market presence[89] - General and administrative expenses are anticipated to rise due to compliance with SEC and Nasdaq regulations, as well as increased investor relations costs[90] Product Impact - The BNA Platform aims to improve patient outcomes by providing objective baseline measurements of brain function, enhancing diagnostic accuracy[82] - The company is focused on building strong client relationships and driving adoption of the BNA Platform through follow-up efforts by its Neurological Team[81]

Revenue Growth - Service revenues increased by 11.0% to $4,619 thousand for the three months ended March 31, 2025, compared to $4,163 thousand for the same period in 2024[46] - Total revenues rose by 10.9% to $4,627 thousand for the three months ended March 31, 2025, from $4,171 thousand in the prior year[46] - Total revenues for the three months ended March 31, 2025, were $4,627,000, an increase of 11.2% from $4,163,000 for the same period in 2024[67] Profitability - Operating income surged by 109.6% to $153 thousand for the three months ended March 31, 2025, compared to $73 thousand in the same period of 2024[54] - Net income increased by 72.5% to $157 thousand for the three months ended March 31, 2025, up from $91 thousand in 2024[59] - Net income for the three months ended March 31, 2025, was $157,000, compared to $91,000 for the same period in 2024, reflecting a 72.5% increase[69] - EBITDA improved by 81.8% to $200 thousand for the three months ended March 31, 2025, from $110 thousand in 2024[60] - Adjusted EBITDA for the three months ended March 31, 2025, was $198,000, an increase of 56% from $127,000 in the same period of 2024[69] - Pre-Corporate EBITDA for the three months ended March 31, 2025, was $424,000, compared to $380,000 for the same period in 2024, representing an increase of 11.6%[69] Expenses - Salaries and service costs increased by 9.1% to $3,235 thousand for the three months ended March 31, 2025, compared to $2,966 thousand in 2024[46] - Office and general expenses rose by 15.9% to $968 thousand for the three months ended March 31, 2025, from $835 thousand in the same period of 2024[51] - Model costs for the three months ended March 31, 2025, were $13,162,000, an increase of 12.9% from $11,653,000 in the prior year[67] Cash and Tax - Cash balance decreased to $5.5 million at March 31, 2025, from $8.5 million at December 31, 2024[61] - The effective tax rate decreased to 30.2% for the three months ended March 31, 2025, down from 38.9% in the prior year[58] Revenue Recognition - The company recognizes revenue primarily from fashion model bookings and representation of social media influencers, with performance obligations satisfied at a point in time[72] - The company has adopted ASC 606 for revenue recognition, which reflects the expected consideration received for goods or services[71] Accounts Receivable and Impairment - Accounts receivable are recorded at gross amounts billed to customers, inclusive of model costs, leading to large relative balances[81] - The company performs annual impairment testing for goodwill and intangible assets, recognizing impairment losses when carrying amounts exceed fair values[82] Gross Billings - Gross billings grew by 12.5% to $17,789 thousand for the three months ended March 31, 2025, compared to $15,816 thousand in the previous year[60] - Gross Billings for the three months ended March 31, 2025, were $17,789,000, up 12.4% from $15,816,000 in the prior year[67]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to SPRINGBIG HOLDINGS, INC. (Exact name of registrant as specified in its charter) | Delaware | 88-2789488 | | --- | --- | | (State or other jurisdiction | (I.R.S Empl ...

Investment Objectives and Portfolio - Investcorp Credit Management BDC, Inc. has a primary investment objective to maximize total return to stockholders through investments in debt and equity of privately held middle-market companies [182]. - As of March 31, 2025, the investment portfolio was valued at $192.4 million, representing 92.7% of total assets, compared to 92.6% as of December 31, 2024 [200]. - The investment portfolio consisted of 43 portfolio companies, with 77.04% in first lien investments and 22.96% in equities, warrants, and other positions [216]. - The average investment per portfolio company was $4.5 million, while the largest investment was $13.6 million as of March 31, 2025 [216]. - The primary revenue source is interest on debt investments, supplemented by royalty income, dividends, and capital gains [213]. - The investment portfolio's industry composition showed an increase in Professional Services to 15.47% from 14.37% and a decrease in Containers & Packaging to 9.15% from 10.52% [220]. - During the three months ended March 31, 2025, the company made investments totaling approximately $5.1 million, with 86.71% in first lien investments [220]. - The company invested a total of $2.0 million in two existing portfolio companies between March 31, 2025, and May 13, 2025 [246]. Financial Performance - Investment income for the three months ended March 31, 2025, decreased to $4.4 million from $6.6 million for the same period in 2024 [226]. - Expenses decreased to $3.7 million for the three months ended March 31, 2025, compared to $4.4 million for the same period in 2024 [227]. - Net investment income before taxes decreased to $0.7 million for the three months ended March 31, 2025, from $2.2 million for the same period in 2024 [228]. - The company recorded a net realized loss on investments of $1.6 million for the three months ended March 31, 2025 [229]. - As of March 31, 2025, the average total yield of debt and income-producing securities was 11.02%, up from 10.60% as of December 31, 2024 [219]. Debt and Financing - As of March 31, 2025, there were $56.0 million in borrowings outstanding under the Capital One Revolving Financing, down from $58.5 million as of December 31, 2024 [204]. - The Capital One Revolving Financing was amended to decrease the applicable interest spread from SOFR plus 3.10% to SOFR plus 2.50% [204]. - The company closed a public offering of $65.0 million in aggregate principal amount of 4.875% notes due 2026, with net proceeds of approximately $63.1 million after expenses [205]. - The 2026 Notes will mature on April 1, 2026, and bear interest at a rate of 4.875% [206]. - As of March 31, 2025, the company's floating rate borrowings totaled $56.0 million, representing 46.3% of its outstanding debt [250]. - A 1.00% increase in interest rates would increase the company's net interest income by approximately 5.30%, while a 2.00% increase would increase it by approximately 15.82% [251]. - The company had no hedging transactions in place as of March 31, 2025, as it deemed the interest rate risk acceptable [253]. Regulatory and Compliance - The Company has no Taxable Subsidiaries as of March 31, 2025, and December 31, 2024 [188]. - The company did not hold any non-qualifying assets in its portfolio as of March 31, 2025, complying with regulatory requirements [211]. - The Adviser has been granted exemptive relief by the SEC to co-invest in certain private placement transactions, subject to conditions [190]. - The company intends to distribute between 90% and 100% of its annual taxable income to stockholders, which includes taxable interest and fee income [241]. - As of March 31, 2025, the company had off-balance sheet arrangements consisting of $5.7 million in unfunded commitments to five portfolio companies, up from $4.6 million to six companies as of December 31, 2024 [245]. Market Conditions and Risks - The current inflationary environment and potential global recession may impact the portfolio companies, necessitating adjustments to operational plans [191]. - The company is subject to financial market risks, including changes in interest rates, which could materially affect its net investment income [248]. - As of March 31, 2025, 98.2% of debt investments bore interest based on floating rates, an increase from 96.4% as of December 31, 2024 [222]. - The asset coverage ratio based on par value was 164.5% as of March 31, 2025 [235]. Ownership and Management Changes - The Company has undergone significant ownership changes, with Investcorp acquiring approximately 83% of the Adviser as of August 31, 2023 [183]. - The Company’s fiscal year end was changed from June 30 to December 31, effective September 18, 2024 [181]. - The board of directors declared a distribution of $0.12 per share for the quarter ended June 30, 2025, payable on June 14, 2025 [247].

FORM 10-Q (Mark One) x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-40611 NAUTICUS ROBOTICS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) Delaware 85-1699753 (State ...

Financial Performance - For the three months ended March 31, 2025, the company reported a net income of $2,215,852, primarily from interest income on marketable securities held in the Trust Account of $2,395,798[109]. - Cash used in operating activities for the three months ended March 31, 2025, was $115,047, with changes in operating assets and liabilities using $92,626 of cash[114]. - The company incurred $37,500 in administrative service costs as of March 31, 2025, under an agreement to reimburse an affiliate of the Sponsor[121]. - The company does not expect to generate operating revenues until after the completion of its Business Combination[108]. Marketable Securities and Trust Account - As of March 31, 2025, the company had marketable securities held in the Trust Account totaling $235,961,864, which will be used to complete the Business Combination[115]. - The company completed its Initial Public Offering of 23,000,000 Units at $10.00 per Unit, generating gross proceeds of $230,000,000[113]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[119]. - The company has the option to convert up to $1,500,000 of Working Capital Loans into warrants at a price of $1.00 per warrant[117]. Business Combination and Regulatory Environment - The company may seek to extend the Combination Period, which would require approval from Public Shareholders and could affect its capitalization[106]. - The SEC's 2024 SPAC Rules may materially affect the company's ability to negotiate and complete its initial Business Combination[105]. - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act, thus not required to provide detailed market risk disclosures[127].

Financial Position - As of March 31, 2025, the company had marketable securities held in the Trust Account amounting to $235,961,864[115] - The company has cash of $820,654 as of March 31, 2025, primarily used for identifying and evaluating target businesses[116] - The company has no long-term debt or off-balance sheet arrangements as of March 31, 2025[119] Income and Expenses - For the three months ended March 31, 2025, the company reported a net income of $2,215,852, primarily from interest income on marketable securities[109] - The company incurred general and administrative costs of $207,897 for the three months ended March 31, 2025[109] Initial Public Offering - The company generated gross proceeds of $230,000,000 from the Initial Public Offering of 23,000,000 Units at $10.00 per Unit[113] - The company repaid all outstanding balance of the IPO Promissory Note at the closing of the Initial Public Offering on October 9, 2024[112] Acquisition Plans - The company expects to continue incurring significant costs in pursuit of its acquisition plans[104] - The company may need to obtain additional financing to complete its Business Combination or due to significant redemptions of Public Shares[118] - The company may seek to extend the Combination Period by amending its Amended and Restated Charter, subject to shareholder approval[106] Regulatory Classification - The company is classified as a smaller reporting company under Rule 12b-2 of the Exchange Act and is not required to provide additional information regarding market risk disclosures[127]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-40564 CHICAGO ATLANTIC BDC, INC. (Exact name of registrant as specified in its charter) | Maryland 86-2872887 | | | | --- | --- | --- | | (State or other jurisdi ...

Financial Performance - For the three months ended March 31, 2025, total investment income was $11,923,002, a significant increase from $2,760,247 for the same period in 2024, representing a growth of approximately 332%[13] - Net investment income for the three months ended March 31, 2025, was $7,648,421, compared to a net loss of $79,809 for the same period in 2024, indicating a turnaround in performance[13] - The net increase in net assets resulting from operations for the three months ended March 31, 2025, was $7,614,357, compared to $519,811 for the same period in 2024, showing a substantial improvement[13] - The net investment income per share for the three months ended March 31, 2025, was $0.34, compared to a loss of $0.01 per share for the same period in 2024[13] - The weighted average shares outstanding for the three months ended March 31, 2025, were 22,820,386, compared to 6,214,941 for the same period in 2024, indicating a significant increase in shares[13] Expenses and Cash Flow - Total expenses for the three months ended March 31, 2025, were $5,249,058, up from $2,840,056 in the same period in 2024, reflecting an increase of approximately 84%[13] - The net cash provided by (used in) operating activities was $(7,264,322) for the current period, a decrease from $2,103,079 in the prior year[20] - Cash and cash equivalents at the end of the period were $14,921,739, down from $33,160,294 at the end of March 31, 2024, reflecting a decrease of approximately 55.1%[20] - The company incurred offering costs of $989,645 during the current period, compared to $756 in the previous year, indicating increased financing activities[20] - The net cash used in financing activities was $(1,746,345), compared to $(1,554,420) in the prior year, showing a slight increase in cash outflow[20] Investment Portfolio - Total investments amount to $288,403,000, with a fair value of $289,264,000, representing 96.1% of net assets[24] - Total Cannabis investments amount to $210,854 million, representing 70.2% of net assets[23] - The company holds equity investments valued at $743,000, with a fair value of $688,000, accounting for 0.2% of total assets[24] - The total fair value of cannabis-related investments is $202.67 million, with a par value of $203.45 million[34] - The total amount of first lien senior secured U.S. debt is $240,063 million, which is 80.0% of net assets[23] Risks and Future Outlook - The company has identified various risks that could impact future performance, including changes in regulation affecting the cannabis industry and potential economic disruptions[8] - The company anticipates continued growth in investment income and is focused on expanding its portfolio and operational capabilities[7] - The company faces significant risks related to interest rate fluctuations, which could materially affect net investment income[112] - The company manages various risks, including market risk and credit risk, through diversified exposures and control mechanisms[102] Shareholder Distributions - The Company declared a quarterly dividend of $0.34 per share on March 14, 2025, totaling $7,758,931, compared to a dividend of $0.25 per share totaling $1,553,736 declared on March 8, 2024[155] - The total distributions for the tax year ended March 31, 2025, were $18,625,335, compared to $9,819,273 for the tax year ended March 31, 2024, indicating a substantial increase[173] Tax and Compliance - The Company intends to maintain its tax treatment as a RIC, requiring it to distribute at least 90% of its investment company taxable income annually[78] - The Company evaluates tax positions and has no uncertain tax positions as of March 31, 2025, indicating a stable tax compliance status[82] - As of March 31, 2025, the Company had $0 in accrued excise taxes, down from $88,709 as of December 31, 2024, indicating improved tax management[79] Valuation and Fair Value - The company utilizes significant unobservable inputs for valuing securities, categorized as Level 3 assets[25] - The company has adopted a multi-step valuation process for its investments, which includes establishing preliminary valuations based on independent third-party valuations[65] - The fair value of First Lien Senior Secured Loans increased from $239,860,206 as of December 31, 2024, reflecting a net change in unrealized appreciation of $74,055[122] Management and Governance - The Adviser waived approximately $658,477 of general and administrative expenses for the three months ended March 31, 2025, which will not be subject to future reimbursement[144] - The Company had co-investments with affiliates amounting to $245,658,531 as of March 31, 2025, down from $272,816,695 as of December 31, 2024[148] - The Expense Limitation Agreement caps the Company's operating expenses at an annualized rate of 2.15% of net assets through September 30, 2025[136]