What changed in this filing

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Item 1A. Risk Factors

2025-11-14 compared with 2025-08-13 · 133 added, 94 removed, 40 unchanged (85% of the section changed)

addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed

in Part I, “Item 1A.

Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, which

could materially affect our business, financial condition, or future results.

have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31,

2024, except as noted below.

Related to our Business and Industry

changes or developments in U.S.

In addition to the other information

set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, “Item 1A.

Risk Factors”

in our Annual Report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition,

or future results.

There have been no material

changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, except as noted

Risks Related to Our Financial Condition and

Capital Requirements

We believe our current cash on hand will not be sufficient to

fund our projected operating requirements for a period of twelve months from the issuance of these interim financial statements included

in this Quarterly Report.

This raises substantial doubt about our ability to continue as a going concern.

We believe that our current

cash on hand will not be sufficient to fund our projected operating requirements for a period of twelve months from the issuance of our

interim financial statements including in this Quarterly Report.

This raises substantial doubt about our ability to continue as a going

concern and could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise.

If we cannot continue as a going concern, our investors may lose their entire investment in our securities.

Until we can generate significant

revenues, if ever, we expect to satisfy our future cash needs through debt or equity financing.

We cannot be certain that additional funding

will be available to us on acceptable terms, if at all.

If funds are not available, we may be required to delay, reduce the scope of,

or eliminate research or development plans for, or commercialization efforts with respect to our products.

Risks Related to our Business and Industry

Significant changes

or developments in U.S.

laws or policies, including changes in U.S.

trade policies and tariffs and the reaction of other countries

thereto, may have a material adverse effect on our business and financial statements.

changes or developments in U.S.

laws and policies, such as laws and policies surrounding international trade, foreign affairs, manufacturing

and development and investment in the territories and countries where we or our customers operate, can materially adversely affect our

business and financial statements.

trade policies and tariffs and the reaction of other countries thereto,

may have a material adverse effect on our business and financial statements.

Significant changes or developments

laws and policies, such as laws and policies surrounding international trade, foreign affairs, manufacturing and development and

investment in the territories and countries where we or our customers operate, can materially adversely affect our business and financial

Tariffs imposed by the U.S.

government, may increase the cost of certain raw materials and components

used in our products.

If these tariffs remain in place or are expanded, or if new trade restrictions are implemented, our manufacturing

costs could increase, which could materially and adversely affect our margins and financial results.

changes in trade policy have increased uncertainty in our industry, and any escalation in trade tensions could disrupt our supply chain,

delay production timelines, or require costly modifications to sourcing and logistics strategies.

The extent and duration of the tariffs

and the resulting impact on general economic conditions and on our business are uncertain and depend on various factors, such as negotiations

between the U.S.

and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability

and cost of alternative sources of supply, and demand for our products in affected markets.

Related to Israeli Law and Our Operations in Israel

principal executive offices and other significant operations are located in Israel, and, therefore, our results may be adversely affected

by political, economic and military instability in Israel, including the recent attack by Hamas and other terrorist organizations from

the Gaza Strip and Israel’s war against them.

executive offices and corporate headquarters are located in Israel.

government, may increase the cost of certain raw materials and components used in our products.

If these tariffs remain in place or are expanded, or if new trade restrictions are implemented, our manufacturing costs could increase,

which could materially and adversely affect our margins and financial results.

Furthermore, changes in trade

policy have increased uncertainty in our industry, and any escalation in trade tensions could disrupt our supply chain, delay production

timelines, or require costly modifications to sourcing and logistics strategies.

The extent and duration of the tariffs and the resulting

impact on general economic conditions and on our business are uncertain and depend on various factors, such as negotiations between the

and affected countries, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and

cost of alternative sources of supply, and demand for our products in affected markets.

Risks Related to Israeli Law and Our Operations in Israel

Our principal executive

offices and other significant operations are located in Israel, and, therefore, our results may be adversely affected by political, economic

and military instability in Israel, including the recent attack by Hamas and other terrorist organizations from the Gaza Strip and Israel’s

war against them.

Our executive offices and

corporate headquarters are located in Israel.

In addition, our officers and directors are residents of Israel.

political, economic and military and security conditions in Israel and the surrounding region may directly affect our business.

Any conflicts,

political instability, terrorism, cyberattacks or any other hostilities involving Israel or the interruption or curtailment of trade between

Israel and its present trading partners could adversely affect our operations.

Ongoing and revived hostilities in the Middle East or other

Israeli political or economic factors, could harm our operations.

October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian

and military targets.

Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s

border with the Gaza Strip and in other areas within the State of Israel.

These attacks resulted in extensive deaths, injuries and kidnapping

of civilians and soldiers.

Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against

these terrorist organizations commenced in parallel to their continued rocket and terror attacks.

April 2024 and October 2024, Iran launched direct attacks on Israel involving hundreds of drones and missiles and has threatened

to continue to attack Israel.

Relations between Israel and Iran continue to be hostile, due to the fact that Iran is a state sponsor of

Hamas and Hezbollah, maintains a military presence in Syria and Lebanon, alongside Israel’s northern border, and is viewed as a

strategic threat to Israel in light of its nuclear program.

On June 13, 2025, in light of continued nuclear threats and intelligence assessments

indicating imminent attacks, Israel launched a preemptive strike directly targeting military and nuclear infrastructure inside Iran aimed

to disrupt Iran’s capacity to coordinate or launch further hostilities against Israel, as well as disrupt its nuclear program.

United States joined Israel in this military action.

A ceasefire between Israel and Iran was declared by the United States on June 24,

Certain ceasefire agreements have also been reached with Hamas and Lebanon (with respect to Hezbollah), however, these agreements

have failed to be fully upheld and military activity and hostilities continue to exist at varying levels of intensity, and the situation

remains volatile, with the potential for escalation into a broader regional conflict.

connection with the Israeli security cabinet’s declaration of war against Hamas and possible hostilities with other organizations,

several hundred thousand Israeli military reservists were drafted to perform immediate military service.

As of June 30, 2025, none of our

employees and regular consultants (and their spouses or partners) in Israel have been called for reserve service, however even if they

were to be called this is not expected to have any material implication on our business.

Additional employees (or their spouses or partners)

may be called, for service in the current or future wars or other armed conflicts with Hamas, and such persons may be absent for an extended

period of time.

As a result, our operations in Israel may be disrupted by such absences, which disruption may materially and adversely

affect our business, prospects, financial condition and results of operations.

the attack by Hamas on Israel’s southern border, Hezbollah in Lebanon has also launched missile, rocket and shooting attacks against

Israeli military sites, troops, and Israeli towns in northern Israel.

In response to these attacks, the Israeli army has carried out a

number of targeted strikes on sites belonging to Hezbollah in southern Lebanon.

Accordingly, political,

economic and military and security conditions in Israel and the surrounding region may directly affect our business.

Any conflicts, political

instability, terrorism, cyberattacks or any other hostilities involving Israel or the interruption or curtailment of trade between Israel

and its present trading partners could adversely affect our operations.

Ongoing and revived hostilities in the Middle East or other Israeli

political or economic factors, could harm our operations.

In October 2023, Hamas terrorists

infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets.

also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s border with the Gaza

Strip and in other areas within the State of Israel.

These attacks resulted in extensive deaths, injuries and kidnapping of civilians

and soldiers.

Following the attack, Israel’s security cabinet declared war against Hamas and a military campaign against these terrorist

organizations commenced in parallel to their continued rocket and terror attacks.

Following the attack

by Hamas on Israel’s southern border, Hezbollah in Lebanon has also launched missile, rocket and shooting attacks against Israeli

military sites, troops, and Israeli towns in northern Israel.

In response to these attacks, the Israeli army has carried out a number

of targeted strikes on sites belonging to Hezbollah in southern Lebanon.

It is possible that other terrorist organizations, including

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conditions and could harm our results of operations.

in the past, the State of Israel and Israeli companies have been subjected to economic boycotts.

Several countries still restrict business

with the State of Israel and with Israeli companies.

These restrictive laws and policies may have an adverse impact on our operating results,

financial condition or the expansion of our business.

A campaign of boycotts, divestment and sanctions has been undertaken against Israel,

which could also adversely impact our business.

Moreover, we cannot predict how this war will ultimately affect Israel’s economy

in general, which may involve a downgrade in Israel’s credit rating by rating agencies (such as the recent downgrade by Moody’s

of its credit rating of Israel from A1 to A2, as well as the downgrade of its outlook rating from “stable” to “negative”).

In April 2024 and October

2024, Iran launched direct attacks on Israel involving hundreds of drones and missiles and has threatened to continue to attack Israel.

Relations between Israel and Iran continue to be hostile, due to the fact that Iran is a state sponsor of Hamas and Hezbollah, maintains

a military presence in Syria and Lebanon, alongside Israel’s northern border, and is viewed as a strategic threat to Israel in light

of its nuclear program.

On June 13, 2025, in light of continued nuclear threats and intelligence assessments indicating imminent attacks,

Israel launched a preemptive strike directly targeting military and nuclear infrastructure inside Iran aimed to disrupt Iran’s capacity

to coordinate or launch further hostilities against Israel, as well as disrupt its nuclear program.

The United States joined Israel in

this military action.

A ceasefire between Israel and Iran was declared by the United States on June 24, 2025.

Certain ceasefire agreements

have also been reached with Hamas and Lebanon (with respect to Hezbollah), however, these agreements have failed to be fully upheld and

military activity and hostilities continue to exist at varying levels of intensity, and the situation remains volatile, with the potential

for escalation into a broader regional conflict.

On September 10, 2025, a ceasefire agreement was reached between Israel

and Hamas, effectively ending the large-scale military operations in the Gaza Strip.

As part of the agreement, all remaining living Israeli

hostages have been released and returned to Israel.

A number of deceased hostages remains are to be returned, and the parties continue

to cooperate in that process.

The ceasefire has generally held as of the date of these financial statements, although the security situation

remains fragile, and the risk of renewed hostilities persists.

In connection with the Israeli security cabinet’s declaration

of war against Hamas and possible hostilities with other organizations, several hundred thousand Israeli military reservists were drafted

to perform immediate military service.

During the quarter ended September 30, 2025, several of our contractors and regular consultants

(and their spouses or partners) as well as employees of our customers in Israel have been called for reserve service, resulting

in temporary disruptions to our regular business operations during the third quarter of 2025.

Additional employees (or their spouses or

partners) or contractors may be called, for service in the current or future wars or other armed conflicts with Hamas, and such persons

may be absent for an extended period of time.

As a result, our operations in Israel may be disrupted by such absences, which disruption

may materially and adversely affect our business, prospects, financial condition and results of operations.

Further, in the past, the

State of Israel and Israeli companies have been subjected to economic boycotts.

Several countries still restrict business with the State

of Israel and with Israeli companies.

These restrictive laws and policies may have an adverse impact on our operating results, financial

condition or the expansion of our business.

A campaign of boycotts, divestment and sanctions has been undertaken against Israel, which

could also adversely impact our business.

Moreover, we cannot predict how this war will ultimately affect Israel’s economy in general,

which may involve a downgrade in Israel’s credit rating by rating agencies (such as the recent downgrade by Moody’s of its

credit rating of Israel from A1 to A2, as well as the downgrade of its outlook rating from “stable” to “negative”).

We may also be targeted by cyber terrorists specifically because we are an Israeli-related company.

to the Hamas attack in October 2023, the Israeli government pursued extensive changes to Israel’s judicial system.

In response to

the foregoing developments, individuals, organizations and institutions, both within and outside of Israel, have voiced concerns that

the proposed changes may negatively impact the business environment in Israel including due to reluctance of foreign investors to invest

or transact business in Israel as well as to increased currency fluctuations, downgrades in credit rating, increased interest rates, increased

volatility in securities markets, and other changes in macroeconomic conditions.

The risk of such negative developments has increased

in light of the recent Hamas attacks and the war against Hamas declared by Israel, regardless of the proposed changes to the judicial

system and the related debate.

To the extent that any of these negative developments do occur, they may have an adverse effect on our

business, our results of operations and our ability to raise additional funds, if deemed necessary by our management and board of directors.

Prior to the Hamas attack

in October 2023, the Israeli government pursued extensive changes to Israel’s judicial system.

In response to the foregoing developments,

individuals, organizations and institutions, both within and outside of Israel, have voiced concerns that the proposed changes may negatively

impact the business environment in Israel including due to reluctance of foreign investors to invest or transact business in Israel as

well as to increased currency fluctuations, downgrades in credit rating, increased interest rates, increased volatility in securities

markets, and other changes in macroeconomic conditions.

The risk of such negative developments has increased in light of the recent Hamas

attacks and the war against Hamas declared by Israel, regardless of the proposed changes to the judicial system and the related debate.

To the extent that any of these negative developments do occur, they may have an adverse effect on our business, our results of operations

and our ability to raise additional funds, if deemed necessary by our management and board of directors.

Description of Exhibit

Certificate of Amendment to Articles of Incorporation (incorporated by reference to Exhibit 3.1 of our current report on Form 8-K filed on October 16, 2025).

Composite Copy of the Company’s Articles of Incorporation as amended on October 15, 2024.

Composite Copy (marked) of the Company’s Articles of Incorporation as amended on October 15, 2024.

Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a) .

11 unchanged sentences

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Filed herewith.

Furnished herewith.

Pursuant to the requirements

1 unchanged sentence

duly authorized.

August 13, 2025

November 14, 2025

DUKE Robotics Corp.

1 unchanged sentence

Yossef Balucka

Chief Executive Officer and Director

Chief Executive Officer

(Principal Executive Officer)

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1A. Risk Factors