Likely the first Company to achieve this level of certification for high voltage vehicular battery systems in its target segment, further strengthening its leadership in heavy-duty, mission critical applications
TORONTO, ON / ACCESS Newswire / March 10, 2026 / Electrovaya Inc. (“Electrovaya” or the “Company”) (NASDAQ:ELVA)(TSX:ELVA), a leading lithium-ion battery technology and manufacturing company, today announced that it has successfully completed UL2580 safety certification for six models of its next-generation high-voltage lithium-ion battery systems. These systems are designed for integrated material handling vehicles supporting all-season outdoor environments.
The newly certified battery platforms are powered by Electrovaya’s Infinity Battery Technology and incorporate an advanced thermal management system specifically engineered to maintain safe and consistent performance across a wide operating environment.
The UL2580 certification process involved some of the most stringent safety tests in the industry, including fire propagation testing, vibration, mechanical shock, short-circuit testing, and other destructive abuse tests. To the Company’s knowledge, this represents the first high-voltage UL2580 certification, exemplifying Electrovaya’s leadership position for battery safety.
“This certification represents an important milestone as we expand our product portfolio into higher-voltage battery systems,” said Dr. Raj DasGupta, CEO of Electrovaya. “UL2580 is one of the most trusted safety standards in the battery industry, and achieving the first certification for high-voltage systems underscores the strength and safety of Electrovaya’s Infinity Battery Technology.”
Electrovaya continues to advance its high-voltage product offerings to meet evolving customer requirements and to support the ongoing electrification of industrial vehicle fleets.
Investor and Media Contact:
Jason Roy VP, Corporate Development and Investor Relations Electrovaya Inc. jroy@electrovaya.com 905-855-4618
About Electrovaya Inc.
Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a technology-driven lithium-ion battery company commercializing its proprietary Infinity Battery Technology, designed for superior safety, longevity, and performance in mission-critical industrial, robotics, defense and energy-storage applications. The Company leverages a strong intellectual-property portfolio and advanced materials expertise to deliver durable, high-value battery solutions to global OEMs and end users. To support growing demand and advancing energy-security and national-security objectives, Electrovaya is expanding U.S. manufacturing through its 52-acre Jamestown, New York site, which includes a 137,000-square-foot facility planned as its first gigafactory. Electrovaya also operates two Canadian sites focused on research, engineering, and product commercialization. For more information, please visit www.electrovaya.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements that relate to, among other things, revenue, purchase orders, the potential for additional purchase orders from the described customer in CY 2026, order growth and customer demand FY and CY 2026, UL certifications, the demand for high voltage battery systems, the first UL2580 certification for high voltage battery systems, future business opportunities, and the ability to deliver to customer requirements. Forward-looking statements can generally, but not always, be identified by the use of words such as “may”, “will”, “could”, “should”, “would”, “likely”, “possible”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “plan”, “planned”, “objective”, “estimated” and “continue” (or the negative thereof) and words and expressions of similar import. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate are necessarily applied in making forward looking statements and such statements are subject to risks and uncertainties, therefore actual results may differ materially from those expressed or implied in such statements and undue reliance should not be placed on such statements. Material assumptions made in disclosing the forward-looking statements included in this news release include, but are not limited to assumptions that the Company’s customers will deploy its products in accordance with communicated timing and volumes, that the Company’s customers will complete new distribution centers in accordance with communicated expectations, intentions and plans, and stable political climate with respect to exports from Canada to the United. Factors that could cause actual results to differ materially from expectations include but are not limited to customers not placing roughly in accordance with historical ordering patterns and communicated intentions, the fact that the expected additional sales from the described customer are expressions of interest and not yet purchase orders, the uncertain effects of the imposition of a new tariff regime on Canadian exports by the United States, macroeconomic effects on the Company and its business and on the lithium battery industry generally, the Company’s liquidity and cash availability in excess of its operational requirements, and the ability to generate and sustain sales orders. Additional information about material factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found in the Company’s Annual Information Form for the year ended September 30, 2025 under “Risk Factors”, in the Company’s base shelf prospectus dated September 17, 2024, and in the Company’s most recent annual and interim Management’s Discussion and Analysis under “Qualitative And Quantitative Disclosures about Risk and Uncertainties” as well as in other public disclosure documents filed with Canadian securities regulatory authorities. The Company does not undertake any obligation to update publicly or to revise any of the forward looking statements contained in this document, whether as a result of new information, future events or otherwise, except as required by law.
ST HELIER, JERSEY / ACCESS Newswire / March 10, 2026 / Caledonia Mining Corporation Plc (NYSE American:CMCL)(AIM:CMCL)(VFEX:CMCL)(“Caledonia” or “the Company”) announces that it received notification on March 9, 2026 from BlackRock, Inc. that on March 6, 2026 it had crossed a threshold for notification of a relevant change (as defined by the AIM Rules for Companies).
A copy of the notification is below.
Enquiries:
Caledonia Mining Corporation Plc
Mark Learmonth
Camilla Horsfall
Tel: +44 1534 679 800
Tel: +44 7817 841 793
Cavendish Capital Markets Limited (Nomad and Broker)
Adrian Hadden
George Lawson
Tel: +44 207 397 1965
Tel: +44 131 220 9775
Camarco, Financial PR (UK)
Gordon Poole
Elfie Kent
Tel: +44 20 3757 4980
Curate Public Relations (Zimbabwe)
Debra Tatenda
Tel: +263 77802131
IH Securities (Private) Limited (VFEX Sponsor – Zimbabwe)
Lloyd Mlotshwa
Tel: +263 (242) 745 119/33/39
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:
CALEDONIA MINING CORPORATION PLC
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
X
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
Name
BlackRock, Inc.
City and country of registered office (if applicable)
Wilmington, DE, USA
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached vi:
06/03/2026
6. Date on which issuer notified (DD/MM/YYYY):
09/03/2026
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached
4.95%
1.07%
6.03%
1,165,007
Position of previous notification (if
applicable)
5.57%
1.30%
6.88%
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
Number of voting rights ix
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
JE00BF0XVB15
956,648
4.95%
SUBTOTAL 8. A
956,648
4.95%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Number of voting rights that may be acquired if the instrument is
exercised/converted.
% of voting rights
Securities Lending
N/A
N/A
126,657
0.65%
SUBTOTAL 8. B 1
126,657
0.65%
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Physical or cash
Settlement xii
Number of voting rights
% of voting rights
CFD
N/A
N/A
Cash
81,701
0.42%
SUBTOTAL 8.B.2
81,701
0.42%
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv
X
Name xv
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
Ssangjon Mine advancing toward first tungsten concentrate shipment in June 2026, as Pure Tungsten nears completion of its C$5 million pre-IPO financing
HAMILTON, BM / ACCESS Newswire / March 9, 2026 / Pure Tungsten Inc. (“Pure Tungsten” or the “Company”) highlights the rapidly strengthening market for tungsten, often referred to as the “war metal,” as global defense spending accelerates and governments seek to secure supply chains for critical military materials. In light of the recent surge in tungsten prices, the Company is currently updating its financial forecasts and development plans for the historic Ssangjon tungsten mine in South Korea ahead of a planned public listing in Canada in H1 2026.
Amidst ongoing conflicts in the Middle East and Ukraine, demand for tungsten has surged as governments accelerate defense production and secure supply chains for critical military materials. Tungsten is indispensable for the production of armor-piercing ammunition, missile systems, jet turbine components, and other aerospace and military technologies, making it one of the most strategically important metals in modern warfare.
The price of tungsten concentrate has risen sharply since the beginning of 2025, recently reaching levels equivalent to roughly $220,000 per tonne. The Company believes the current pricing environment could significantly enhance the economics of new non-Chinese tungsten supply and strengthen the strategic importance of projects such as Ssangjon.
Against this backdrop, Pure Tungsten expects to deliver its first shipment of tungsten concentrate from the Ssangjon mine in South Korea by June 2026, positioning the Company as one of the few emerging non-Chinese tungsten suppliers capable of supplying Western markets.
Pure Tungsten CEO, Tiger Kim, commented: “We are proud to report that our Ssangjon mine will be back into production for the first time since 1974 in the current environment of strong tungsten prices. It’s the result of four years of hard work and planning with the first concentrate shipment planned for June 2026.”
Pure Tungsten’s large tungsten resource at the Ssangjon mine and operational mill is capable of producing high-quality tungsten concentrate and represents one of the most development-ready non-Chinese supply sources globally. Initial production is targeted at approximately 1,000 tonnes of concentrate per annum, representing roughly 8% of current non-Chinese tungsten supply, with potential for further expansion. The Ssangjon mine is situated approximately 23 kilometers from Almonty Industries’ Sangdong tungsten mine, which is also scheduled to resume production this year.
The project benefits from strong government support under South Korea’s Critical Minerals Initiative, reinforcing the country’s commitment to securing strategic supply chains for essential materials.
With legislative tailwinds in the United States, Europe, and South Korea promoting the development of critical mineral projects outside China, and with severe shortages of non-Chinese tungsten supply looming, the timing of Pure Tungsten’s production launch could not be more aligned with global strategic priorities.
For more information on Pure Tungsten, please visit the link here.
JACKSONVILLE, FL / ACCESS Newswire / March 9, 2026 / GEE Group Inc. (NYSE American:JOB) together with its subsidiaries (collectively referred to as the “Company,” “GEE Group,” “our” or “we”), a provider of professional staffing services and human resource solutions, today announced that William M. (“Bill”) Isaac, who has been a valued member of GEE Group’s Board of Directors since 2015, retired from and resigned his position as a Director effective March 6, 2026 for health and other reasons.
Derek Dewan, Chairman & Chief Executive Officer commented, “Bill is a well respected businessman and a former Chairman of the Federal Deposit Insurance Corporation (“FDIC”). For 10 years, he has faithfully fulfilled his Director responsibilities and has been a tremendous asset to the Company. We wish him well as he winds down many of his business activities and moves into retirement.”
About GEE Group
GEE Group Inc. is a provider of specialized staffing solutions and is the successor to employment offices doing business since 1893. The Company provides professional staffing services and solutions in information technology, engineering, finance and accounting specialties through the names of Access Data Consulting, Agile Resources, Omni One, GEE Group Columbus, Hornet Staffing and Paladin Consulting. Also, in the healthcare sector, GEE Group, through its Scribe Solutions brand, staffs medical scribes who assist physicians in emergency departments of hospitals and in medical practices by providing required documentation for patient care in connection with electronic medical records (EMR). The Company provides contract and direct hire professional staffing services through the following SNI brands: Accounting Now®, SNI Technology®, Legal Now®, SNI Financial®, Staffing Now®, SNI Energy®, and SNI Certes®.
Forward-Looking Statements Safe Harbor
In addition to historical information, this press release contains statements relating to possible future events and/or the Company’s future results (including results of business operations, certain projections, future financial condition, pro forma financial information, and business trends and prospects) that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995 and are subject to the “safe harbor” created by those sections. The statements made in this press release that are not historical facts are forward-looking statements that are predictive in nature and depend upon or refer to future events. These forward-looking statements include, without limitation, anticipated cash flow generation and expected shareholder benefits. Such forward-looking statements often contain, or are prefaced by, words such as “will”, “may,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “pro forma”, “estimates,” “aims,” “believes,” “hopes,” “potential,” “intends,” “suggests,” “appears,” “seeks,” or variations of such words or similar words and expressions of future tense. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and, consequently, as a result of a number of factors, the Company’s actual results could differ materially from those expressed or implied by such forward-looking statements. The international pandemic, the Novel Coronavirus (“COVID-19”), negatively impacted and disrupted the Company’s business operations and had a significant negative impact on the global economy and employment in general, resulting in, among other things, a lack of demand for the Company’s services. This was exacerbated by government and client directed “quarantines”, “remote working”, “shut-downs” and “social distancing”. Some of these outcomes or by-products of the pandemic have persisted in one form or another since and there is no assurance that conditions will ever fully return to their former pre-pandemic status quo. These and certain other factors that might cause the Company’s actual results to differ materially from those in the forward-looking statements include, without limitation: (i) the loss, default or bankruptcy of one or more customers; (ii) changes in general, regional, national or international economic conditions; (iii) an act of war or terrorism, industrial accidents, or cyber security breach that disrupts business; (iv) changes in the law and regulations; (v) the effect of liabilities and other claims asserted against the Company including the failure to repay indebtedness or comply with lender covenants including the lack of liquidity to support business operations and the inability to refinance debt, failure to obtain necessary financing or the inability to access the capital markets and/or obtain alternative sources of capital; (vi) changes in the size and nature of the Company’s competition; (vii) the loss of one or more key executives; (viii) increased credit risk from customers; (ix) the Company’s failure to grow internally or by acquisition or the failure to successfully integrate acquisitions; (x) the Company’s failure to improve operating margins and realize cost efficiencies and economies of scale; (xi) the Company’s failure to attract, hire and retain quality recruiters, account managers and salesmen; (xii) the Company’s failure to recruit qualified candidates to place at customers for contract or full-time hire; (xiii) the adverse impact of geopolitical events, government mandates, natural disasters or health crises, force majeure occurrences, future global pandemics such as COVID-19 or other harmful viral or non-viral rapidly spreading diseases and such other factors as set forth under the heading “Forward-Looking Statements” in the Company’s annual reports on Form 10-K, its quarterly reports on Form 10-Q and in the Company’s other filings with the Securities and Exchange Commission (SEC). More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company is under no obligation to (and expressly disclaims any such obligation to) and does not intend to publicly update, revise, or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Every choice you make. Every lie you tell. Every promise you break. The story tracks it all.
PALO ALTO, CA / ACCESS Newswire / March 9, 2026 / AImmersive Inc. today announced OMEA, a narrative gaming platform where players speak or type freely and the story responds to every choice they make. No dialogue wheels, no predetermined options, no invisible walls – just natural language, and a world that listens. The public demo is free to play now at demo.omea.ai, no download or account required.
[ OMEA TRAILER · LOGO · SCREENSHOTS – media kit: Demo-Launch ]
Freedom of choice is what OMEA is built on. OMEA’s Narrative Intelligence – trained on over 150,000 novels, built specifically for storytelling – tracks every thread, every relationship, every decision across the entire adventure. Betray an ally early on; watch the consequences surface hours later in ways no one explicitly programmed.
The worlds and characters are built by professional storytellers and game designers. The AI does what humans cannot: hold the full weight of a player’s choices and weave them, live, into a story that belongs to that player alone. No two playthroughs are alike.
“This is not a chatbot wearing a costume. OMEA is an entirely new medium – one where the player’s imagination is the only limit.” – Max Salamonowicz, Founder, AImmersive Inc.
The full OMEA platform – with adventures across hard sci-fi, fantasy, horror, mystery, slice of life, and more – is coming to Steam, App Store, and Google Play. The launch coincides with AImmersive’s presence at the NFX AI Games Conference, GDC 2026, and NVIDIA GTC 2026. The company has closed a pre-seed round and is now pursuing seed investment with strategic and VC partners.
About AImmersive Inc. AImmersive Inc. is a narrative gaming company combining AI research, game design, and professional storytelling. Founded by Max Salamonowicz and headquartered in Palo Alto, California, AImmersive operates across the US and Europe. Learn more at omea.ai.
Media Contact Crunchfest on behalf of AImmersive Inc. Aleksandra Wójcik awojcik@crunchfest.com omea.ai · demo.omea.ai
ABOUT OMEA A New Medium. A New Kind of Game. Interactive storytelling has been stuck behind the same wall for fifty years. No matter how good the writing or how large the budget, every game eventually reveals its invisible fence: try something the designers didn’t anticipate, and the illusion collapses.
OMEA tears down that fence. Players interact in natural language – spoken or typed – and the story genuinely responds. Not a simulation of freedom. Actual freedom, within a world built by professional writers who set the stage, wrote the characters, and defined the stakes.
Think of it as the difference between a choose-your-own-adventure book and being dropped inside the story with a real voice. The authors wrote the world. The player lives it.
“Written by humans. Lived by you.” – AImmersive Inc.
THE TECHNOLOGY What Makes Unprecedented Freedom Possible At the center of OMEA is Narrative Intelligence – a proprietary AI trained on over 150,000 novels, built specifically for storytelling, not general conversation.
It understands story structure, character motivation, and consequence in a way general-purpose AI does not. It knows when to build tension, when to release it, when a character should remember – and when they should pretend they don’t.
Writers create what only humans can: worlds with soul, characters with depth. The AI does what humans cannot: track every thread a player pulls and respond to every move they make, honestly and in real time.
THE DEMO Available Now – Free, Any Device, No Sign-Up The public demo is live at demo.omea.ai. Any browser, any device – desktop, laptop, phone, or tablet. No download, no account.
It features a complete adventure with full voice from AImmersive’s proprietary in-house voice AI, adaptive music, dynamic sound, and illustrated scenes. Play it. Try something unexpected. That is the point.
The full OMEA platform – with a growing catalogue across genres – is coming to Steam, App Store, and Google Play.
ABOUT AIMMERSIVE The Company AImmersive Inc. is a team between Poland and California combining AI research, game design, and professional storytelling.
Founded by Max Salamonowicz, AImmersive exists to close the gap between what a player imagines and what a game actually allows. OMEA is the answer – a platform where that gap no longer exists.
Company
AImmersive Inc.
Incorporation
Delaware C-Corp
Headquarters
Palo Alto, California, USA
Team
US & Europe (distributed)
Platform
Coming to Steam, App Store, and Google Play
Demo
Live now – free at demo.omea.ai
Events Q1 2026
NFX AI Games Conference · GDC 2026 · NVIDIA GTC 2026
NORTH MIAMI, FL AND ASTANA, KAZAKHSTAN / ACCESS Newswire / March 9, 2026 / TGI Group Inc. (OTCMarkets:TSPG), a pioneer in sustainable technology research and environmental real estate development, is pleased to announce it has entered into a formal Strategic Alliance Agreement with AMIRON GROUP, a Kazakhstan-based integrator of industrial software and hardware.
The alliance aims to combine TGI’s global strategic oversight and international technological resources with AMIRON’s local specialized knowledge to foster a “Green Digital Transformation” across Kazakhstan and the broader region. A central pillar of this partnership is the implementation of TGI POWER EXPERIENCE, leveraging TGI’s global expertise in energy investments and Small Modular Reactor (SMR) transitions to modernize the regional power landscape.
Joint Development of Smart Cities and Data Centers The parties are jointly looking to explore the development of self-sustaining Smart Cities and the construction of high-capacity Data Centers in Kazakhstan. This initiative will strategically utilize local resources, human capital, and Kazakhstan’s growing talent pool to address the surging demand for robust data infrastructure in Central Asia.
Key Strategic Objectives:
Green Digital Transformation: Ensuring a sustainable energy lifecycle from renewable generation, including potential Small Modular Reactors (SMRs), to smart digital distribution.
Smart City Infrastructure: Integrating fragmented information systems between government bodies and international structures in energy, water, and logistics to build reliable urban ecosystems.
Technological Modernization: Utilizing local human capital and specialized software-hardware bases to maintain regional competitiveness.
Data Center Expansion: Developing and deploying high-capacity infrastructure for Big Data storage and processing to meet Central Asian demand.
International Standards: Achieving mutual certification under the ISO/IEC 20000 standard for IT service management.
Under the terms of the agreement, the parties will establish a new Special Purpose Vehicle (SPV), TGI AMIRON, to manage joint research and development (R&D) and launch pilot programs for “Smart Energy” grids and digital logistics.
“This alliance is built on the principle that ‘Energy is Power, Power is Power,’” said Samuel Epstein, CEO of TGI Solar Power Group Inc. “By integrating TGI POWER EXPERIENCE with AMIRON’s local integration capabilities, we are not only building data centers and smart cities but also investing in the local talent and resources of Kazakhstan to lead the next wave of global energy innovation.”
“Digital transformation and Artificial Intelligence must complement human labor productivity and work toward improving the quality of human life.”
– Academician Bakhtay Sekerbaev, CEO of Amiron
About TGI Group Inc. TGI Group Inc. (OTCMarkets:TSPG) is a leader in sustainable technology research and environmental real estate development. The company focuses on the development of energy-efficient infrastructure, smart cities, and innovative technology solutions globally. For more information, visit www.TGIpower.com.
About AMIRON GROUP LLP “AMIRON GROUP” is a Kazakhstan-based technology firm specializing in industrial software-hardware integration. Based in Astana, the company provides technical implementation of data infrastructure and manages complex industrial modernization projects. For more information, visit www.amirongroup.kz.
Safe Harbor Statement
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties, including the ability of TGI Group Inc. and AMIRON GROUP to successfully implement smart city developments, secure local talent, and meet the growing demand for data centers in Central Asia. Actual results may differ materially from those projected. TGI Group Inc. undertakes no obligation to update these statements as a result of new information or future events.
ORLANDO, FLORIDA / ACCESS Newswire / March 9, 2026 / Unusual Machines (NYSE American:UMAC) (“Unusual Machines” or the “Company”), a leading provider of NDAA-compliant drone components, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2025 and is anticipating filing its Form 10-K with the U.S. Securities and Exchange Commission for the fiscal year ended December 31, 2025 in the coming days. The Company provided the following letter to its shareholders from CEO Allan Evans.
Dear Shareholders,
This shareholder letter follows the completion of our fourth quarter and fiscal year ended December 31, 2025.
2025 represented a turning point for Unusual Machines. During the year we financed and then rapidly expanded our operations. We executed against our strategy to build an enterprise sales business and have emerged as a leading domestic supplier of NDAA-compliant drone components.
During the year we strengthened the financial position of the company to execute an aggressive expansion through multiple financings. As of December 31, 2025, we held approximately $103 million in cash and $39 million in short-term investments, with no debt, resulting in net working capital of approximately $157 million. This capital position allows us to continue scaling manufacturing capacity, expanding our workforce, and investing in the infrastructure required to support the rapidly growing domestic drone ecosystem.
The growth in operations is now being realized in revenue increases. Revenue for 2025 totaled approximately $11.2 million, representing 101% year-over-year growth, and fourth quarter revenue was approximately $4.9 million, representing 133% sequential quarterly growth. This rapid growth reflects our operational scaling along with increasing demand for our products from enterprise customers.
We want to take this opportunity to provide additional context around our operational progress, financial results, and the scaling of Unusual Machines as we position the company for the next stage of growth.
Operations Update
Operationally, 2025 is a tale of two halves. The first half of the year was preparation and resourcing for growth while the second half of the year was the start of rapid operational expansion. Unusual Machines started to scale rapidly in the second half of 2025 as enterprise demand for NDAA-compliant drone components rapidly increased.
Hardware businesses like Unusual Machines must expand operational capacity substantially before revenue growth is realized. This suggests that headcount expansion is the earliest indicator of scaling and revenue improvements should come about a quarter later. In other words, we need to scale engineering, manufacturing, and operational staff to support product development and production and not realize the revenue until after the products are made and shipped.
Our workforce expansion started in the third quarter. Headcount grew from 19 employees at the end of the second quarter of 2025 to 38 employees at the end of the third quarter, and 81 employees by the end of the fourth quarter. As of today, the company has grown to more than 140 employees, and we are continuing to expand and scale production.
Revenue expansion roughly trailed operational expansion by a quarter. Revenue for quarter 2 was approximately $2.1 million, quarter 3 was approximately $2.1 million and quarter 4 was approximately $4.9 million. The capacity in quarter 3 can be approximated as double the capacity in quarter 2 (headcount doubled from 19 to 38). This quarter 3 capacity expansion is the driving force behind the quarter 4 revenue growth.
There are many other growth drivers that were initiated in the second half. We have expanded our footprint from 6,900 sq ft to 62,500 sq ft across 5 locations in Orlando. We began U.S. production of motors in November and Fat Shark headsets in January of 2026. Transitioned to a 25,000 sq ft fulfillment center in December and continue to add new employees to each operations center to meet rapidly scaling demand.
Cash Flow Management
Responsible cash management has always been core to our ethos, and I want to highlight how we balance the costs of operational growth with our cash management strategy.
We ended the year with approximately $103.3 million in cash, compared to approximately $3.7 million at the end of 2024. The increase in cash was primarily driven by several equity financings completed during the year as well as warrant exercises and ATM activity. Over the course of 2025 we raised $157.8 million through equity sales. These financings allow us to invest aggressively in scaling the company while maintaining financial flexibility and providing a working capital basis for us to manage inventory and material flow.
Cash can be allocated to many different balance sheet categories at any given time. It can be used to purchase inventory, fund capital equipment, etc. The purpose of these balance sheet activities is to use the cash to generate a positive return. The best way to measure cash flow for our business is to aggregate these categories and subtract out payables to quickly understand our entire business. We call this our working capital and is summarized in Table 3. At the end of 2025, our working capital was approximately $157.4 million. Our working capital at the end of 2024 was $5.2 million and across 2025 we raised $157.8 million through equity sales. Through all activities across 2025 we generated a cash loss of approximately $5.6 million.
In this same year, we recognized a GAAP net loss of approximately $19.2 million. This GAAP loss is primarily driven by non-cash stock compensation expense of approximately $15.7 million. Reference Table 2 for additional details on our net loss to operational loss for the fourth quarter. I believe that if Unusual Machines was cash flow positive with a relatively minimal operational net loss we would be in the “goldilocks” zone for rapid growth. It demonstrates that we are constantly re-investing in maximum growth while not creating risks from significant cash depletion. As long as we continue to sustain high YoY growth rates, we will target this type of financial performance.
Looking Ahead
Our priorities moving forward remain clear.
Scale Manufacturing
We are continuing to scale as quickly as possible. In 2026 we have already added a second and third shift to our motor production, added a second shift to our flexible assembly building, and started Fat Shark headset production. We anticipate adding battery pack manufacturing in 2026 and camera manufacturing in late 2026. We plan to dramatically increase our motor production capacity in the second half of 2026 with our automated production equipment.
Grow Revenue and Manage Margins
As we scale manufacturing, we will need to grow revenues to consume the material or we run the risk of scaling past demand and incurring significant losses. We do not believe we will be demand limited in the next 18 months. The Drone Dominance program (www.dronedominance.io) indicates the need for U.S. production of 90,000 drones in 2026 and 250,000 drones in 2027. Each drone represents about $1,000 in total revenue potential for Unusual Machines. This provides an immediately addressable market of at least $90 million this year and $250 million next year without considering the market potential of any of the other government and commercial drone programs.
Introducing new products, processes, and production facilities results in initial inefficiencies that will reduce gross margins in the short term. This margin impact is generally the most pronounced in the quarter after the facility is operational. For instance, our gross margins in Q4 of 2025 were approximately 36% while our margins from just motor production were approximately 20%. We expect margins from motor production will dip further in Q1 before rebounding as the margin impacts are not realized until after the product is shipped. Once we get past these initial inefficiencies, we will work to return margins to our 40% target.
Drive Toward Cash Flow Positive Operations
We were not cash flow positive as a company in 2025 and our operations realized a loss. Our long-term goal is to build a profitable and sustainable business. The next step toward this is for our operations to become cash flow positive. We are pushing to achieve this by the end of 2026 as revenues increase and margins recover from the anticipated drop due to the inefficiencies that come from the introduction of new operating centers and processes.
Closing Thoughts
In 2025 Unusual Machines finalized the transformation from a retail channel to a domestic drone component producer and initiated growth. The progress made in the second half of 2025 gives us a leadership position as we pursue the emerging market opportunity created by the Department of War and the FCC regulatory actions emphasizing the need for a domestic supply chain.
We significantly expanded our team, strengthened our balance sheet, and built the operational capacity needed to support increasing demand for NDAA-compliant drone components and will continue to build and expand operations to meet demand.
We believe the U.S. drone industry is still in the early stages of development, and the need for secure, domestic supply chains will continue to grow. Our focus remains on building the infrastructure necessary to support that ecosystem and we are pursuing this with the expectation that we will not be demand limited for the next 18 months.
We appreciate the continued support and confidence of our employees, our customers, and our shareholders as we work to build Unusual Machines into a leading U.S. manufacturer.
Sincerely,
Allan Evans CEO Unusual Machines
Conference Call and Webcast Details
Participants may dial (888)506-0062 or (973)528-0011 for international callers. Please use access code 695837. An audio webcast will also be available by accessing this LINK.
The numbers used below and in the tables are preliminary unaudited and subject to change. Any changes may be material.
Fourth Quarter & Full Year Financial Results
Revenues totaled approximately $4.9 million for the three months ended December 31, 2025 as compared to $2.0 million for the three months ended December 31, 2024 which was a 144% increase for the fourth quarter year over year.
Revenues totaled approximately $11.2 million for the year ended December 31, 2025 as compared to revenue of $5.6 million for the year ended December 31, 2024, which represents a 101% increase year over year.
Gross margin for the fourth quarter was approximately 36%, which improved due to the increase in our enterprise sales mix over retail sales. Our gross margin for the year ended December 31, 2025 is approximately 35%.
Our loss from operations was approximately $9.7 million for the three months ended December 31, 2025 as compared to an operating loss of $2.8 million for the three months ended December 31, 2024. Included in this is non-cash stock compensation expense of $6.1 million and $1.5 million for the three months ended December 31, 2025 and 2024, respectively. See table 2 for additional details.
Interest income was $0.9 million for the three months ended December 31, 2025 related to interest earned from our cash balance which increased from our recent common stock offerings.
Unrealized gain from short-term investments was $2.7 million for the year ended December 31, 2025 and realized gains from short-term investments was $1.4 million related to investment gains from our investments made during the year.
Net loss for the year ended December 31, 2025 was approximately $19.2 million or ($0.74) per share as compared to a net loss of approximately $31.9 million for the year ended December 31, 2024 or ($3.84) per share. See table 2 for additional details.
We had approximately $103.3 million of cash as of December 31, 2025 as compared to $3.7 million as of December 31, 2024. The increase in cash primarily relates to our common stock offerings completed in May, July and October 2025 and cash exercise of warrants in February and December 2025. See table 1 for additional details.
For further information concerning our financial results, see the tables attached to this shareholders’ letter.
About Unusual Machines
Unusual Machines manufactures and sells drone components and drones across a diversified brand portfolio, which includes Fat Shark, the leader in FPV (first-person view) ultra-low latency video goggles for drone pilots. The Company also retails small, acrobatic FPV drones and equipment directly to consumers through the curated Rotor Riot ecommerce store. With a changing regulatory environment, Unusual Machines seeks to be a dominant Tier-1 parts supplier to the fast-growing multi-billion-dollar U.S. drone industry. According to Fact.MR, the global drone accessories market is currently valued at $17.5 billion and is set to top $115 billion by 2032.
Safe Harbor Statement
This shareholder letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. These statements include: our expectations concerning the growth of our operations, our business and our revenues, the growth of the NDAA-compliant drone market, our anticipated gross margins, our plans to scale manufacturing capacity including the timing and success of new production lines for motors, batteries, cameras and headsets, our ability to achieve cash flow positive operations in the future, our workforce expansion plans, and our building a profitable business and achieving positive cash flow from operations. The results expected by some or all of these forward-looking statements may not occur. Factors that affect our ability to achieve these results include the risks that enough of our customers receive orders under the Drone Dominance program or other government programs and in turn place component orders with us; our dependence on a limited number of enterprise customers and the risk of customer concentration; the risks that our inventory buildup will become obsolete or that we cannot sell such inventory at reasonable margins; our ability to manage our rapid growth, including integrating new employees and maintaining quality control; risks relating to manufacturing bugs, delays, or failure to achieve anticipated production efficiencies; the availability of a satisfactory labor pool to meet our planned growth; potential supply chain disruptions or component shortages; the impact from tariffs, including inflation and increased costs of goods sold; risks related to our dependence on government contracts and programs, including potential funding reductions, program delays, or changes in procurement priorities; the risk that our automated production equipment may not be operational on the anticipated timeline; the risk of continued dilution from future equity financings; any risk that our auditors may require us to make changes to our financial statements, and the Risk Factors contained in our Form 10-Q, filed with the Securities and Exchange Commission (the “SEC”) on November 6, 2025, Prospectus Supplements filed with the SEC on September 2, 2025, July 15, 2025, and May 6, 2025 and in our Form 10-K for the year ended December 31, 2025, which we anticipate filing in the coming days. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. Any forward-looking statement made by us herein speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Non-GAAP – Financial Measures
This shareholder letter includes both financial measures in accordance with Generally Accepted Accounting Principles, or GAAP, as well as non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternatives to net income (loss), operating income (loss), and cash flow from operating activities, liquidity or any other financial measures. They may not be indicative of the historical operating results of the Company nor are they intended to be predictive of potential future results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP.
Our management uses and relies on adjusted net loss, which is a non-GAAP financial measure. We believe that management, analysts, and shareholders benefit from referring to the following non-GAAP financial measure to evaluate and assess our core operating results from period-to-period after removing the impact of items that affect comparability. Our management recognizes that the non-GAAP financial measure has inherent limitations because of the excluded items described below.
We have included in Table 2 a reconciliation of our non-GAAP financial measure to the most comparable financial measure calculated in accordance with GAAP. We believe that providing the non-GAAP financial measure, together with reconciliation to GAAP, helps investors make comparisons between the Company and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance.
Table 1
Cash balance at September 30, 2025
$
64.3M
Q4 cash financings:
At-the-market offering, net
70.0M
Warrant exercises
3.3M
Short-term investments
3.4M
Interest income
0.9M
Employee stock option exercises
0.2M
Q4 cash spend:
Normal operations
(0.4M
)
Working capital changes
(1.3M
)
Non-recurring expenses
(0.4M
)
Non-recurring investor relations
(1.0M
)
Inventory purchases
(7.7M
)
Equipment purchases
(0.5M
)
Short-term investments
(27.6M
)
Cash Balance at December 31, 2025
$
103.2M
Table 2
Net loss for three months ended December 31, 2025
$
(10.6M
)
Q4 non-cash income and expenses for the three months ended December 31, 2025:
Stock compensation expense
6.1M
Unrealized change in short term investments
3.2M
Q4 non-recurring items for the three months ended December 31, 2025:
Investor relations
1.0M
Professional fees and marketing events
0.5M
R&D costs associated with motors
0.3M
Realized gains from short-term investments
(1.4M
)
Adjusted net loss for the three months ended December 31, 2025
$
(0.9M
)
Table 3
Working Capital Detail
2025
2024
Total current assets
$
159.5M
$
6.1M
Total current liabilities less operating lease liability
(2.1M
)
(0.9M
)
Net working capital
$
157.4M
$
5.2M
Total financings, net of fees
$
157.8M
$
7.7M
Unusual Machines, Inc. Consolidated Balance Sheets
December 31,
2025
2024
ASSETS
Current assets:
Cash and cash equivalents
$
103,261,397
$
3,757,323
Short-term investments
39,214,909
–
Accounts receivable
1,779,423
66,575
Inventories
5,316,648
1,335,503
Prepaid inventory
9,748,483
904,728
Other current assets
190,622
31,500
Total current assets
159,511,482
6,095,629
Property and equipment, net
2,233,891
570
Operating lease right-of-use assets, net
2,607,256
323,514
Other assets
197,785
59,426
Goodwill
15,596,105
7,402,906
Intangible assets, net
2,561,895
2,225,530
Total non-current assets
23,196,932
10,011,946
Total assets
$
182,708,414
$
16,107,575
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable and accrued expenses
$
1,506,793
$
668,732
Deferred revenue
638,125
197,117
Operating lease liability
456,429
67,870
Total current liabilities
2,601,347
933,669
Long-term liabilities
Deferred tax liability
146,772
93,793
Operating lease liability – long term
2,173,626
262,171
Contingent consideration
2,847,000
–
Total liabilities
7,768,745
1,289,633
Commitments and contingencies (Note 15)
–
–
Common stock – $0.01 par value, 500,000,000 authorized and 37,759,911 and 15,122,018 shares issued and outstanding at December 31, 2025 and 2024, respectively
377,596
151,221
Additional paid in capital
229,665,734
50,580,235
Accumulated deficit
(55,107,131
)
(35,913,514
)
Accumulated other comprehensive income (loss)
3,470
–
Total stockholders’ equity
174,939,669
14,817,942
Total liabilities and stockholders’ equity
$
182,708,414
$
16,107,575
Unusual Machines, Inc. Consolidated Statements of Operations and Comprehensive Income (Loss)
Year Ended December 31,
2025
2024
Revenue
$
11,199,217
$
5,565,319
Cost of goods sold
7,292,370
4,019,068
Gross profit
3,906,847
1,546,251
Operating expenses:
Operations
3,234,706
959,740
Research and development
202,585
90,584
Sales and marketing
1,581,716
1,091,268
General and administrative
23,898,633
6,250,939
Loss on impairment of goodwill
–
10,073,326
Depreciation and amortization
141,267
72,161
Total operating expenses
29,058,907
18,538,018
Loss from operations
(25,152,060
)
(16,991,767
)
Other income (expense):
Interest income
1,830,944
1,146
Interest expense
(519
)
(116,981
)
Gain on debt extinguishment
–
1,259,979
Change in fair value of derivatives and warrant liabilities
–
(16,146,205
)
Unrealized gain from short-term investments
2,469,908
–
Realized gain from short-term investments
1,623,317
–
Gain (Loss) from foreign currency transactions
(1,459
)
–
Total other income (expense)
5,922,191
(15,002,061
)
Net loss before income tax
(19,229,869
)
(31,993,828
)
Income tax benefit
36,252
13,360
Net loss
$
(19,193,617
)
$
(31,980,468
)
Comprehensive Income (Loss):
Net loss
$
(19,193,617
)
$
(31,980,468
)
Other comprehensive income (loss):
Gain from foreign currency translation
3,470
–
Comprehensive loss
$
(19,190,147
)
$
(31,980,468
)
Net loss
Basic and diluted
$
(0.74
)
$
(3.84
)
Weighted average common shares outstanding
Basic and diluted
26,015,541
8,325,128
Unusual Machines, Inc. Consolidated Statements of Changes in Stockholders’ Equity For the Years Ended December 31, 2025 and 2024
Series A, Preferred Stock
Series B, Preferred Stock
Series C, Preferred Stock
Common Stock
Additional Paid-In
Accumulated
Total Stockholders’
Shares
Value
Shares
Value
Shares
Value
Shares
Value
Capital
Deficit
Equity
Balance, December 31, 2023
–
$
–
190
$
2
–
$
–
3,217,255
$
32,173
$
5,315,790
$
(3,933,046
)
$
1,414,919
Issuance of common shares as settlement
–
–
–
–
–
–
16,086
161
64,183
–
64,344
Issuance of common shares, initial public offering, net of offering costs
–
–
–
–
–
–
1,250,000
12,500
3,837,055
–
3,849,555
Issuance of common shares, business combination
–
–
–
–
–
–
4,250,000
42,500
16,957,500
–
17,000,000
Issuance of common shares, equity incentive plan
–
–
–
–
–
–
1,330,955
13,310
(13,310
)
–
–
Issuance of common shares, private placement, net
–
–
–
–
–
–
1,286,184
12,862
1,812,842
–
1,825,704
Exchange of common shares for Series A preferred
4,250
43
–
–
–
–
(4,250,000
)
(42,500
)
42,457
–
–
Exchange of convertible note for Series C preferred
–
–
–
–
210
2
–
–
999,998
–
1,000,000
Conversion of preferred shares to common shares
(4,250
)
(43
)
(190
)
(2
)
(210
)
(2
)
5,830,000
58,300
(58,253
)
–
–
Cash exercise of warrants
–
–
–
–
–
–
684,000
6,840
1,516,860
–
1,523,700
Convertible note conversion
–
–
–
–
–
–
1,507,538
15,075
17,849,250
–
17,864,325
Stock compensation expense – vested stock
–
–
–
–
–
–
–
–
2,194,938
–
2,194,938
Stock option compensation expense
–
–
–
–
–
–
–
–
60,925
–
60,925
Net loss
–
–
–
–
–
–
–
–
–
(31,980,468
)
(31,980,468
)
Balance, December 31, 2024
–
$
–
–
$
–
–
$
–
15,122,018
$
151,221
$
50,580,235
$
(35,913,514
)
$
14,817,942
Series A, Preferred Stock
Series B, Preferred Stock
Series C, Preferred Stock
Common Stock
Additional Paid-In
Accumulated
Accumulated Other Comprehensive
Total Stockholders’
Shares
Value
Shares
Value
Shares
Value
Shares
Value
Capital
Deficit
Income
Equity
Balance, December 31, 2024
–
$
–
–
$
–
–
$
–
15,122,018
$
151,221
$
50,580,235
$
(35,913,514
)
$
–
$
14,817,942
Issuance of common shares, Management/BOD
–
–
–
–
–
–
1,870,534
18,702
(18,702
)
–
–
–
Issuance of common shares, option exercises
–
–
–
–
–
–
162,816
1,629
644,943
–
–
646,572
Issuance of common shares, consulting services
–
–
–
–
–
–
7,896
78
(78
)
–
–
–
Issuance of common shares, advisory board
–
–
–
–
–
–
258,000
2,580
(2,580
)
–
–
–
Issuance of common shares for exercise of warrants
–
–
–
–
–
–
2,015,405
20,154
5,724,773
–
–
5,744,927
Issuance of common shares, confidentially marketed public offering
–
–
–
–
–
–
8,000,000
80,000
36,416,000
–
–
36,496,000
Issuance of common shares, registered direct offering
–
–
–
–
–
–
5,000,000
50,000
44,851,000
–
–
44,901,000
Issuance of common shares, at-the-market, net of offering costs
–
–
–
–
–
–
4,666,600
46,666
69,933,868
–
–
69,980,534
Issuance of common shares, Rotor Lab acquisition
–
–
–
–
–
–
656,642
6,566
5,916,345
–
–
5,922,911
Stock compensation expense
–
–
–
–
–
–
–
–
1,868,514
–
–
1,868,514
Stock compensation expense – vested stock
–
–
–
–
–
–
–
–
13,751,416
–
–
13,751,416
Net loss
–
–
–
–
–
–
–
–
–
(19,193,617
)
–
(19,193,617
)
Foreign currency translation gain
–
–
–
–
–
–
–
–
–
–
3,470
3,470
Balance, December 31, 2025
–
–
–
$
–
–
$
–
37,759,911
$
377,596
$
229,665,734
$
(55,107,131
)
$
3,470
$
174,939,669
Unusual Machines, Inc. Consolidated Statements of Cash Flows
Year Ended December 31,
2025
2024
Cash flows from operating activities:
Net loss
$
(19,193,617
)
$
(31,980,468
)
Depreciation and amortization
141,267
72,161
Stock compensation expense as settlement
–
64,344
Stock compensation expense
15,619,929
2,255,862
Unrealized gain on short-term investments
(2,469,908
)
–
Realized gain on sale of short-term investments
(1,623,317
)
–
Loss on impairment on goodwill
–
10,073,326
Change in fair value of derivatives and warrant liabilities
–
16,146,205
Gain on debt extinguishment
–
(1,281,880
)
Credit loss provision
18,122
–
Income tax benefit
(36,252
)
(13,360
)
Change in assets and liabilities:
Accounts receivable
(1,598,551
)
(59,777
)
Inventory
(3,944,257
)
455,101
Prepaid inventory
(8,843,755
)
(83,749
)
Other assets
(137,280
)
54,940
Right of use asset
(2,353,311
)
–
Accounts payable and accrued expenses
745,949
266,690
Operating lease liabilities
2,240,020
(48,438
)
Customer deposits and other current liabilities
257,342
82,676
Net cash used in operating activities
(21,177,620
)
(3,996,367
)
Cash flows from investing activities
Cash portion of consideration paid for acquisition of businesses, net of cash received
93,054
(852,801
)
Cash paid for short-term investments
(38,550,000
)
–
Proceeds from sale of short-term investments
3,428,317
–
Purchases of property and equipment
(2,062,181
)
–
Net cash used in investing activities
(37,090,810
)
(852,801
)
Cash flows from financing activities:
Proceeds from issuance of common shares, public offering
40,000,000
5,000,000
Proceeds from issuance of common shares, registered direct offering
48,500,000
–
Proceeds from issuance of common shares, at the market
72,145,636
–
Proceeds from option exercises
646,572
–
Proceeds from issuance of common shares, private placement
–
2,047,105
Proceeds from issuance of common shares, warrant exercises
5,744,927
1,523,700
Common share issuance offering costs
(9,268,101
)
(859,087
)
Net cash provided by (used in) financing activities
157,769,034
7,711,718
Net increase (decrease) in cash
99,500,604
2,862,550
Effect of exchange rate changes on cash
3,470
–
Cash, beginning of year
3,757,323
894,773
Cash, end of year
$
103,261,397
$
3,757,323
Supplemental disclosures of cash flow information:
Non-cash consideration paid for assets acquired and liabilities assumed
$
8,769,911
$
21,000,000
Deferred acquisitions costs
$
–
$
100,000
Deferred offering costs recorded as a reduction of proceeds
NEW YORK CITY, NEW YORK / ACCESS Newswire / March 9, 2026 / Code and Theory, the digital transformation network within Stagwell (NASDAQ:STGW), has been named to Ad Age’s A-List, which recognizes the most innovative and impactful agencies shaping the future of business and marketing.
Code and Theory was built for a different definition of creative: the ability to create change. Most agencies are optimized for campaigns. Code and Theory optimizes for how organizations move, redesigning not just what the campaign is, but how they operate across their internal organizations and customers’ products and services.
Code and Theory’s strategic 50/50 split of creatives and engineers brings CMOs, CTOs, CIOs and CEOs together to solve problems that can’t be solved alone.
While much of the industry shrank, Code and Theory’s model drove 17% revenue growth in 2024, fueled by 35 new clients and expanded partnerships with Comcast, Amazon, JPMorganChase, Microsoft and others. More than 50 Fortune 500 companies now trust Code and Theory to lead transformation work that compounds, the kind that builds capabilities, not just campaigns.
Code and Theory’s AI-transformation stories are not philosophical; they’re meaningful. Recent client success stories include:
TIME: A full-stack reinvention into a modern, AI-native publishing platform. Digital revenue increased by 159%.
Stanley Black & Decker: A unified design system across 30+ brands in 55 markets, increasing e-commerce conversion by 40%.
JBL: An editorial and content architecture-driving campaign rebuilt for social and LLM discovery, fueling 2,434% year-over-year growth in AI referrals.
T. Rowe Price: One unified ecosystem consolidated from 47 fragmented sites, saving 90,000 hours and $14M in avoided costs.
NFL: A reimagined NFL.com that increased NFL+ discovery 104% year-over-year and tripled subscriber acquisition.
This recognition extends a historic run that includes Agency of the Year honors from Adweek, ANA B2 Awards, Digiday, Campaign and the Shorty Awards, as well as multiple Fast Company Innovation by Design distinctions.
Dan Gardner, Co-Founder of Code and Theory: “We’ve spent 25 years becoming experts at doing what hasn’t been done before. That has never been more valuable than it is right now. AI is rewriting the business rulebook, and the companies that use technology creatively will be the ones that turn this moment into real, sustained growth. I’m grateful to the teams who make reinvention feel natural and meaningful and to the clients who trust us at the moments that matter most.”
Michael Treff, CEO: “A lot of companies are talking about AI. Very few are restructuring how they actually work. The leaders right now are rebuilding their operating systems so they can move at AI speed without losing the human instincts that create real connection. That is the work we exist to do. This recognition reflects the ambition of our clients and the energy inside our walls.”
About The Code and Theory Network
The Code and Theory Network is the only technology and creative network with a balance of 50% creative and 50% engineers. Our unique makeup makes us the place where CMOs, CTOs and CIOs come together to drive results for their businesses. We partner with our clients to redefine what is possible to create lasting impact and drive long-term growth. Part of Stagwell, Code and Theory offers a global footprint and the capabilities to work across the entirety of the customer-facing journey, and implement the technology that powers it. The network includes the flagship agency Code and Theory as well as Kettle, Instrument, Left Field Labs, Truelogic, Create. Group, Rhythm and Mediacurrent. Code and Theory clients include Amazon, JPMorganChase, Microsoft, NBC, NFL and Yeti. For more, visit codeandtheory.com
As geopolitical instability reshapes global trade routes and energy markets, molecular-level verification is emerging as a powerful new tool for protecting capital, safeguarding energy assets, and defending return on investment across the oil and gas sector.
NEW YORK CITY, NEW YORK / ACCESS Newswire / March 9, 2026 / As regional conflicts, sanctions regimes, and shifting alliances disrupt global energy markets, protecting the massive financial investments embedded in oil and gas supply chains has become a strategic priority for producers, traders, refiners, and investors worldwide. In a market where trillions of dollars in crude oil, fuels, and petrochemical commodities move through complex global networks each year, ensuring the authenticity, origin, and chain-of-custody of energy materials is increasingly essential to protecting both physical assets and financial returns.
SMX (Security Matters) PLC (NASDAQ:SMX), the company pioneering molecular traceability technology for materials and commodities, is helping introduce a powerful new layer of protection for global supply chains-one where materials themselves carry permanent proof of origin and movement.
For the energy sector, where cargoes often move through multiple jurisdictions, storage hubs, blending facilities, and trading networks, the risks associated with substitution, counterfeiting, sanctions exposure, and misreported origin can translate directly into financial losses, regulatory penalties, and reputational damage. Even small uncertainties surrounding commodity provenance can undermine the value of high-stakes energy transactions.
SMX’s technology addresses this challenge by attaching identity directly to the material itself.
Traditional supply chains rely heavily on documentation and certifications that travel separately from the materials they describe. In an increasingly fragmented global trading environment, those documents can be manipulated, lost, or disconnected from the physical commodity they are meant to represent.
SMX replaces document-based trust with material-based verification.
By embedding an invisible molecular marker directly into materials, SMX technology allows crude oil, refined fuels, petrochemicals, and other industrial commodities to carry a persistent and verifiable identity throughout their lifecycle-from extraction and transport to refining, blending, storage, and delivery.
For energy companies and investors, this creates a powerful new safeguard.
Market participants gain the ability to confirm origin, authenticate materials, and validate chain-of-custody across complex global supply networks. This capability helps protect capital investments, reduce exposure to sanctions violations and fraud, safeguard commodity value, and defend the financial performance of energy assets moving through global markets.
In short, the technology helps protect the economic value embedded in the world’s energy supply chains.
As governments and regulators increase scrutiny around sanctions compliance, carbon reporting, and supply-chain transparency, technologies that provide direct physical verification of materials are becoming increasingly important.
“Energy supply chains represent some of the largest concentrations of capital and infrastructure on the planet,” the company said. “When materials carry their own verifiable identity, companies gain a powerful tool to protect those investments, defend market value, and reduce systemic risk across global trade.”
While energy markets represent a particularly powerful use case, SMX’s technology platform extends across numerous industries where protecting asset value, verifying origin, and securing supply chains are essential.
These applications include:
Energy and petrochemicals: Verifying the origin and chain-of-custody of crude oil, fuels, and petrochemical inputs across global markets, helping safeguard energy assets and protect investment value.
Precious metals and mining: Authenticating gold, silver, and critical minerals from mine to refinery to vault.
Industrial metals: Tracking steel, aluminum, and other materials through manufacturing and recycling ecosystems.
Plastics and circular materials: Certifying recycled content and enabling large-scale circular economy systems.
Rubber and industrial materials: Authenticating latex, rubber, and manufacturing inputs across complex industrial supply chains.
Luxury goods and textiles: Ensuring authenticity and protecting brand value across global consumer markets.
Agricultural commodities: Verifying origin and sustainability claims for commodities such as cotton, palm oil, and cocoa.
Semiconductors and technology components: Authenticating chips and electronic components to protect against counterfeiting and supply-chain infiltration.
By embedding molecular markers directly into materials and linking them to a digital verification platform, SMX enables what the company describes as a “physical-to-digital identity layer” for global trade. This approach allows stakeholders across the value chain-from producers and refiners to regulators and financial institutions-to verify provenance, track materials through transformation processes, and maintain auditable records across complex supply networks.
As global uncertainty continues to reshape energy markets, technologies that protect asset value, strengthen supply-chain visibility, and defend return on investment are becoming increasingly critical to the infrastructure of global trade.
ABOUT SMX (SECURITY MATTERS) PLC
SMX (Security Matters) PLC (NASDAQ:SMX) is a technology company pioneering molecular traceability and material authentication solutions for global supply chains. The company’s platform embeds invisible molecular markers directly into physical materials-including solids, liquids, and gases-creating a persistent identity that can be verified throughout a product’s lifecycle.
Combined with proprietary reader systems and a secure digital platform, SMX enables materials to carry a verifiable record of origin, composition, and supply-chain journey. This capability supports authentication, compliance, sustainability reporting, recycling verification, and circular economy initiatives across a wide range of industries.
SMX technologies are designed to help protect asset value, strengthen supply-chain security, and support regulatory compliance across sectors including energy, metals and mining, plastics and circular materials, industrial rubber, semiconductors, textiles, luxury goods, and agricultural commodities. By linking molecular-level material identity with digital traceability systems, SMX is helping enable a new generation of investment-protected global trade infrastructure.
The partnership seeks to combine SMX’s physical verification layer with LIQOS, by algo21’s autonomous liquidity infrastructure, closing the loop from real-world materials verification to liquid, risk-managed financial assets.
TEL AVIV, ISRAEL, SINGAPORE, AND NEW YORK, NY / ACCESS Newswire / March 9, 2026 / SMX (Security Matters) PLC, the publicly listed technology company digitizing physical objects for the circular economy, and LIQOS, by algo21, the autonomous capital infrastructure platform for tokenized financial markets, today announced a strategic partnership with the intention to enter into a definitive commercial agreement to deploy an end-to-end infrastructure stack enabling verified industrial materials to become tradeable digital assets.
The collaboration is working towards combining SMX’s proprietary molecular traceability technology with LIQOS, by algo21’s liquidity and execution intelligence platform, to create a market architecture where physical materials can be verified at the molecular level and transformed into institutionally tradable tokenized assets.
From SMX: “We believe that verified physical truth is the foundation of the next generation of financial markets. With SMX’s rigorous molecular verification system for materials, combined withLIQOS, by algo21’s liquidity infrastructure, we are seeking to create an environment where verified materials can become tradeable digital assets backed by real-world proof. We believe this partnership represents a first step in transforming verified industrial materials and circular economy activity into scalable financial instruments.”
“Tokenization only becomes meaningful when the underlying asset is verified and the market infrastructure can support institutional liquidity,” said Amit Krelman of LIQOS, by algo21. “We believe that SMX has solved the hardest problem in real-world asset markets – establishing provable physical truth at the material level. By combining that verification layer with LIQOS, by algo21’s liquidity intelligence and execution infrastructure, we intend for this partnership to enable verified industrial materials to move from static supply-chain data to dynamic financial assets. Together we are seeking to create the market architecture that allows real-world materials to participate in digital capital markets at institutional scale.”
Closing the Loop: From Physical Truth to Financial Liquidity
The partnership is seeking to address a structural gap that the parties believe has prevented industrial materials and sustainability-linked assets from becoming scalable financial instruments: the absence of a trusted bridge between verified physical materials and institutional capital markets.
SMX has established itself as a global participant in molecular-level material verification. Its proprietary marking and tracking technology creates an immutable, auditable chain of custody for materials of any type, anchored cryptographically on-chain. The system produces high-integrity data that verifies origin, composition, and lifecycle attributes at the physical level.
LIQOS, by algo21 will provide the complementary infrastructure that converts verified data into executable financial intelligence. Its GENIE engine is designed to transform verified on-chain data into risk-managed financial positions, enabling liquidity, price discovery, and institutional-grade execution routing.
Together, the two platforms are expected to eliminate the verification-liquidity gap that the parties believe have historically limited the ability of verified materials to participate in institutional capital markets.
How the Architecture Works
The joint infrastructure being developed is expected to operate across three layers:
Physical Truth Layer (SMX)
Molecular markers embedded in materials are to generate verified batch-level data including composition, origin, chain of custody, and sustainability attributes. This data would be immutably recorded through SMX’s blockchain-based registry, creating a verifiable digital twin for physical materials.
Liquidity Intelligence Layer (LIQOS, by algo21)
LIQOS, by algo21’s GENIE engine would accept verified SMX data streams and transform them into executable financial intelligence. The system enables liquidity depth analysis, price discovery, position management, and institutional-grade routing while operating non-custodially across blockchain networks.
Market Layer
The infrastructure is expected to be designed to enable tokenized instruments linked to verified physical materials such as rare earth elements, precious metals, recycled materials, and other traceable commodities across SMX’s ecosystem. These tokens would support spot and forward markets, auction mechanisms, and connectivity to institutional asset managers and compliance registries.
The system is to be architected in alignment with emerging global regulatory frameworks for real-world asset tokenization, including initiatives in Singapore and Europe focused on sustainable material verification.
The collaboration may also open the door to a new category of sustainability-linked financial assets: Verified circular economy activity – such as recycled materials and traceable resources – can be tokenized and traded in a way that provides a transparent, auditable alternative to traditional carbon credit mechanisms.
Why This Partnership, Why Now
The parties believe that the convergence of regulatory pressure, growing institutional demand for verifiable sustainability assets, and the maturation of blockchain execution infrastructure has created a unique opportunity to establish global standards for tokenized industrial materials.
The result is a partnership structured around complementary intellectual property designed to enable verified materials to function as trusted digital assets across global markets.
All intellectual property related to the physical verification and material digitization layer is owned by SMX.
The Strategic Partnership Agreement, is between SMX Circular Economy Platform PTE. Ltd., and LIQOS, by algo21 and/or LIQOS Inc. The parties intend to negotiate to enter into a definitive commercial agreement to operationalize SMX’s exchange via LIQOS, by algo21’s infrastructure, to include, among other things, prototyping, payment terms, commercial licensing and production deployment, delivery timelines, operational roles and intellectual property ownership and licensing. Until the earlier of (a) SMX’s written acceptance of the prototyping deliverables by LIQOS, by algo21, (b) termination of the Strategic Partnership Agreement in accordance with its terms, or (c) ninety days from the effective date, SMX agrees to give LIQOS a priority and exclusive first opportunity to deliver the liquidity orchestration infrastructure and exchange backend technology for the SMX exchange prototype.
ABOUT SMX
SMX (Security Matters) PLC (NASDAQ:SMX) is a technology company providing molecular marking, authentication, and track-and-trace solutions designed to create transparency and accountability across global supply chains. Using proprietary molecular markers embedded directly into materials and products, SMX enables physical objects to carry a secure and persistent identity that can verify origin, composition, and chain of custody throughout their lifecycle. Combined with a digital platform and blockchain-linked data infrastructure, SMX allows materials to maintain a permanent digital record that supports authentication, regulatory compliance, sustainability verification, and circular-economy initiatives across industries including precious metals, industrial materials, textiles, rubber, and plastics, enabling companies, regulators, and financial markets to verify authenticity and supply-chain integrity at the material level.
For further information contact:
SMX GENERAL ENQUIRIES
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LIQOS, by algo21 is an autonomous capital infrastructure platform designed to power institutional markets for tokenized real-world assets. The company’s core technology, GENIE, transforms verified on-chain data into executable financial intelligence, enabling liquidity discovery, risk-managed position management, and institutional-grade execution across decentralized and traditional financial environments. By connecting verified physical assets with advanced market infrastructure, LIQOS, by algo21 enables materials, commodities, and sustainability-linked assets to be transformed into scalable digital financial instruments for global capital markets.
Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intends,” “may,” “will,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example: successful launch and implementation of SMX’s joint projects and initiatives with manufacturers and other supply chain participants of steel, rubber, fabric and other materials, including the Strategic Partnership Agreement with LIQOS, by algo21 and SMX’s planned next steps to enter into a definitive commercial agreement with LIQOS, by algo21; changes in SMX’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; SMX’s ability to develop and launch new products and services, including its planned Plastic Cycle Token; SMX’s ability to successfully and efficiently integrate future expansion plans and opportunities; SMX’s ability to grow its business in a cost-effective manner; SMX’s product development timeline and estimated research and development costs; the implementation, market acceptance and success of SMX’s business model; developments and projections relating to SMX’s competitors and industry; and SMX’s approach and goals with respect to technology. These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing views as of any subsequent date, and no obligation is undertaken to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. As a result of a number of known and unknown risks and uncertainties, actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include: the ability to maintain the listing of the Company’s shares on Nasdaq; changes in applicable laws or regulations; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which SMX operates; the risk that SMX and its current and future collaborators are unable to successfully develop and commercialize SMX’s products or services, or experience significant delays in doing so; the risk that the Company may never achieve or sustain profitability; the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk that the Company experiences difficulties in managing its growth and expanding operations; the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations; disruptions resulting from new and ongoing hostilities between Israel and the Palestinians, Iran and other neighboring countries, the risk that SMX is unable to secure or protect its intellectual property; the possibility that SMX may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties described in SMX’s filings from time to time with the Securities and Exchange Commission.
