Financial Statements — ADGM
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 | Q3
2024 | Q2
2024 |
|---|
| Cash & Equivalents | 12.91 | 4.67 | 8.20 | 12.96 | 28.26 | 0.00 |
| Accounts Receivable | -- | -- | -- | 0.00 | 0.09 | -- |
| Inventory | 1.60 | 1.55 | 1.84 | 2.31 | 4.14 | -- |
| Total Current Assets | 15.86 | 8.14 | 12.23 | 17.37 | 35.03 | -- |
| Property, Plant & Equipment | 1.33 | 1.70 | 1.88 | 2.09 | 1.57 | -- |
| Goodwill | 13.97 | 13.97 | 13.97 | 13.97 | 44.29 | -- |
| Intangible Assets | 6.97 | 6.97 | 6.97 | 6.97 | 3.96 | -- |
| Total Non-current Assets* | 23.45 | 23.40 | 23.65 | 23.97 | 72.17 | -- |
| Total Assets | 39.31 | 31.55 | 35.88 | 41.34 | 107.20 | -- |
| Accounts Payable | 1.22 | 1.02 | 1.32 | 2.65 | 4.42 | -- |
| Total Current Liabilities | 8.57 | 9.70 | 4.88 | 6.01 | 7.92 | -- |
| Long-term Debt | 22.87 | 21.19 | 16.95 | 17.65 | 13.75 | -- |
| Total Non-current Liabilities* | 25.01 | 23.16 | 22.33 | 22.93 | 22.72 | -- |
| Total Liabilities | 33.58 | 32.86 | 27.21 | 28.94 | 30.64 | 0.01 |
| Retained Earnings | (102.63) | (92.30) | (82.18) | (78.26) | (13.22) | (2.14) |
| Total Stockholder Equity | 5.73 | (1.31) | 8.67 | 12.40 | 76.56 | -0.00 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.25 | 0.03 | 0.08 | 0.04 | -- |
| Cost of Revenue | -- | 0.06 | 0.03 | 0.34 | 0.25 | 0.33 | 0.25 | -- |
| Gross Profit | -- | (0.06) | (0.03) | (0.43) | (0.25) | (0.26) | (0.21) | -- |
| Research & Development | 2.74 | 2.24 | 2.77 | 1.97 | 3.66 | 1.77 | 4.42 | -- |
| Selling, General & Admin | 2.46 | 1.76 | 2.92 | 2.40 | 3.49 | 3.30 | 4.45 | -- |
| Total Operating Expenses | -- | 3.91 | 5.69 | 6.23 | 7.14 | 5.08 | 8.87 | -- |
| Operating Income | (5.20) | (4.05) | (5.72) | (4.72) | (7.40) | (5.33) | (9.08) | -- |
| Net Income | (6.99) | (3.31) | (10.12) | (3.95) | (7.71) | (8.62) | (10.76) | (0.71) |
| Basic EPS | (0.31) | (0.09) | (0.66) | (0.26) | (0.50) | (11.33) | (14.15) | (713,794.00) |
| Diluted EPS | (0.31) | 0.01 | (0.66) | (0.35) | (0.51) | (11.33) | (14.15) | (713,794.00) |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 | Q4
2024 | Q3
2024 | Q2
2024 |
|---|
| Operating Cash Flow | (4.13) | (4.14) | (3.01) | (4.66) | (7.21) | (7.09) | (6.36) | 0.00 |
| Capital Expenditures | 0.00 | (0.49) | 0.52 | 0.01 | 0.34 | 0.02 | 0.58 | -- |
| Free Cash Flow* | (4.13) | (3.65) | (3.53) | (4.67) | (7.55) | (7.11) | (6.94) | -- |
| Investing Cash Flow | -0.00 | 0.49 | (0.52) | (0.01) | (0.33) | (0.02) | (0.58) | -- |
| Financing Cash Flow | -- | -- | -- | 5.07 | 9.57 | 6.58 | 15.63 | -- |
* Derived from reported values
