Exyn Technologies, Inc. 10-Q

Item 1. Financial Statements. EXYN TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ ​ ​ December 31, ​ ​ 2026 ​ 2025 Assets ​ ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ Cash and cash equivalents ​ $ 1,102,166 ​ $ 812,534 Accounts receivable, net ​ 571,838 ​ 1,456,208 Inventories, net ​ 1,503,402 ​ 1,622,833 Prepaid expenses and other current assets ​ 1,357,105 ​ 1,246,286 Total current assets ​ 4,534,511 ​ 5,137,861 ​ ​ ​ ​ ​ ​ ​ Property and equipment, net ​ 277,936 ​ 344,114 Right of use assets ​ 274,410 ​ 312,041 Other assets ​ 63,700 ​ 63,700 Total assets ​ $ 5,150,557 ​ $ 5,857,716 ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders’ Deficit ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Accounts payable ​ $ 2,001,764 ​ $ 1,618,701 Accrued expenses and other current liabilities ​ 1,923,458 ​ 1,866,123 SAFE liabilities ​ 6,917,000 ​ 6,887,000 Deferred revenues ​ 286,689 ​ 348,538 Current portion of operating lease liabilities ​ 159,382 ​ 156,797 Current portion of notes payable, net ​ 7,308,988 ​ 6,123,992 Total current liabilities ​ 18,597,281 ​ 17,001,152 ​ ​ ​ ​ ​ ​ ​ Long-term liabilities: ​ ​ ​ ​ Operating lease liabilities, net of current portion ​ 126,082 ​ 167,290 Long-term portion of notes payable, net ​ 750,000 ​ — Total long-term liabilities ​ 876,082 ​ 167,290 ​ ​ ​ ​ ​ ​ ​ Total liabilities ​ 19,473,363 ​ 17,168,442 ​ ​ ​ ​ ​ ​ ​ Stockholders’ deficit ​ ​ ​ ​ Preferred Stock, $ 0.0001 par value, 74,382,714 shares authorized and 65,937,090 , and 64,322,487 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively ​ 6,593 ​ 6,432 Common Stock, $ 0.0001 par value, 5,120,000 shares authorized and 1,322,500 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively ​ 132 ​ 132 Additional paid-in capital ​ 64,842,183 ​ 64,642,374 Accumulated deficit ​ ( 79,151,980 ) ​ ( 75,913,195 ) Accumulated other comprehensive income ​ ( 19,734 ) ​ ( 46,470 ) Total stockholders’ deficit ​ ( 14,322,806 ) ​ ( 11,310,726 ) Total liabilities and stockholders’ deficit ​ $ 5,150,557 ​ $ 5,857,716 ​ See accompanying notes to these unaudited condensed consolidated financial statements. ​ 1 Table of Contents EXYN TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2026 ​ ​ ​ 2025 Revenues, net ​ $ 1,190,597 ​ $ 1,218,053 Cost of revenues ​ 688,262 ​ 784,894 Gross profit ​ 502,335 ​ 433,159 ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ Selling, general, and administrative expenses ​ 1,960,412 ​ 1,410,939 Research and development expenses ​ 1,214,834 ​ 1,333,919 Stock-based compensation ​ 199,809 ​ 201,734 Total operating expenses ​ 3,375,055 ​ 2,946,592 Operating loss ​ ( 2,872,720 ) ​ ( 2,513,433 ) ​ ​ ​ ​ ​ ​ ​ Non-operating income (expense): ​ ​ ​ ​ Interest expense ​ ( 336,154 ) ​ ( 81,323 ) Interest income ​ 3,828 ​ 7,516 Noncash change in fair value of SAFE liabilities ​ ( 30,000 ) ​ — Other expense ​ ( 3,739 ) ​ 7,581 Total non-operating income (expense) ​ ( 366,065 ) ​ ( 66,226 ) Net loss before income tax benefit ​ ( 3,238,785 ) ​ ( 2,579,659 ) Income Tax Benefit ​ — ​ — Net loss ​ $ ( 3,238,785 ) ​ $ ( 2,579,659 ) ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss: ​ ​ ​ ​ Foreign currency translation ​ $ 26,736 ​ $ 216 Comprehensive loss ​ $ ( 3,212,049 ) ​ $ ( 2,579,443 ) ​ ​ ​ ​ ​ ​ ​ Net loss per share: basic and diluted ​ $ ( 2.45 ) ​ $ ( 1.96 ) Weighted-average number of common shares outstanding - basic and diluted ​ 1,322,500 ​ 1,316,616 ​ See accompanying notes to these unaudited condensed consolidated financial statements. ​ 2 Table of Contents EXYN TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025 (Unaudited) Three Months Ended March 31, 2026 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ Stockholders’ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Shares ​ ​ ​ Amount ​ ​ ​ Capital ​ ​ ​ Deficit ​ ​ ​ Loss ​ ​ ​ Deficit Balance - December 31, 2025 ​ 64,322,487 ​ $ 6,432 ​ 1,322,500 ​ $ 132 ​ $ 64,642,374 ​ $ ( 75,913,195 ) ​ $ ( 46,470 ) ​ $ ( 11,310,726 ) Issuance of preferred stock upon exercise of warrants 1,614,603 ​ 161 — ​ — ​ — ​ — ​ — ​ 161 Foreign currency translation — ​ — — ​ — ​ — ​ — ​ 26,736 ​ 26,736 Stock-based compensation — ​ — — ​ — ​ 199,809 ​ — ​ — ​ 199,809 Net loss — ​ — — ​ — ​ — ​ ( 3,238,785 ) ​ — ​ ( 3,238,785 ) Balance - March 31, 2026 65,937,090 ​ $ 6,593 1,322,500 ​ $ 132 ​ $ 64,842,183 ​ $ ( 79,151,980 ) ​ $ ( 19,734 ) ​ $ ( 14,322,806 ) ​ Three Months Ended March 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Other ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-in ​ Accumulated ​ Comprehensive ​ Stockholders’ ​ ​ Shares ​ ​ ​ Amount ​ Shares ​ ​ ​ Amount ​ Capital ​ Deficit ​ Loss ​ Deficit Balance - December 31, 2024 64,322,487 ​ $ 6,432 1,316,616 ​ $ 132 ​ $ 63,820,629 ​ $ ( 63,721,509 ) ​ $ ( 30,496 ) ​ $ 75,189 Foreign currency translation — ​ — — ​ — ​ — ​ — ​ 216 ​ 216 Stock-based compensation — ​ — — ​ — ​ 201,734 ​ — ​ — ​ 201,734 Net loss — ​ — — ​ — ​ — ​ ( 2,579,659 ) ​ — ​ ( 2,579,659 ) Balance - March 31, 2025 64,322,487 ​ $ 6,432 1,316,616 ​ $ 132 ​ $ 64,022,363 ​ $ ( 66,301,168 ) ​ $ ( 30,280 ) ​ $ ( 2,302,520 ) ​ See accompanying notes to these unaudited condensed consolidated financial statements. ​ 3 Table of Contents EXYN TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2026 ​ ​ ​ 2025 Cash flows from operating activities: ​ ​ ​ ​ ​ ​ Net loss ​ $ ( 3,238,785 ) ​ $ ( 2,579,659 ) Adjustments to reconcile net loss to net cash used in ​ ​ ​ ​ ​ ​ Operating activities: ​ ​ ​ ​ ​ ​ Depreciation and amortization ​ 69,728 ​ 87,930 Amortization of debt issuance costs ​ 15,248 ​ 9,136 Amortization of right of use assets ​ 37,631 ​ 36,172 Noncash change in fair value of SAFE liabilities ​ 30,000 ​ — Stock-based compensation ​ 199,809 ​ 201,734 Change in provision for credit losses ​ 29,246 ​ — Changes in assets and liabilities: ​ ​ ​ ​ ​ ​ Accounts receivable ​ 855,124 ​ 933,418 Inventories ​ 146,167 ​ ( 70,785 ) Prepaid expenses and other current assets ​ ( 110,819 ) ​ 70,217 Accounts payable ​ 383,063 ​ ( 83,982 ) Accrued expenses and other current liabilities ​ ( 4,516 ) ​ ( 78,801 ) Operating lease liabilities ​ ( 38,623 ) ​ ( 35,937 ) Net cash used in operating activities ​ ( 1,626,727 ) ​ ( 1,510,557 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from investing activities: ​ ​ ​ ​ Purchases of property and equipment ​ ( 3,550 ) ​ ( 11,429 ) Net cash used in investing activities ​ ( 3,550 ) ​ ( 11,429 ) ​ ​ ​ ​ ​ ​ ​ Cash flows from financing activities: ​ ​ ​ ​ Proceeds from issuance of preferred stock upon exercise of warrants ​ 161 ​ — Net borrowings from notes payable ​ 1,919,748 ​ — Net cash provided by financing activities ​ 1,919,909 ​ — ​ ​ ​ ​ ​ ​ ​ Net change in cash ​ 289,632 ​ ( 1,521,986 ) Cash, beginning of period: ​ 812,534 ​ 1,981,564 Cash, end of period: ​ $ 1,102,166 ​ $ 459,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Supplemental disclosure of cash flow information: ​ ​ ​ ​ Cash paid for interest ​ $ 146,604 ​ $ 81,323 Cash paid for income taxes ​ $ — ​ $ — ​ See accompanying notes to these unaudited condensed consolidated financial statements. ​ ​ 4 Table of Contents EXYN TECHNOLOGIES, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) ​ 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION Exyn Technologies, Inc. (“Exyn” or the “Company”) was incorporated in the State of Delaware on May 12, 2014. The Company is a pioneer in fully adaptive and cognitive mission-level autonomous robotics and artificial intelligence. The Level 4B autonomy platform allows aerial and ground robotic systems to navigate safely and efficiently in complex, GPS-denied environments. Its full-stack solution enables flexible deployment of single or multi-robot fleets that can intelligently navigate and dynamically adapt to challenging environments in real time. As of March 31, 2026, Exyn had two wholly owned subsidiaries: ● Exyn Latin America SPA, Inc. (“Exyn Latam”): Formed in April 2023 to focus on business development and sales in the Latin America region. ● Exyn Defense: Formed in October 2024 to focus on business development and sales in the defense industry in the US and internationally. This subsidiary had no activity during the three months ended March 31, 2026. Unless otherwise indicated, references to “Exyn” or the “Company” herein collectively refer to Exyn Technologies, Inc. and its subsidiaries. Basis of Presentation . The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting. Accordingly, they do not include all of the information and disclosures required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements as certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments) necessary to fairly present the results of the interim periods. The results of operations and cash flows for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the fiscal year ended December 31, 2026 or any other future period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in Exyn Technologies, Inc.’s Registration Statement on Form S-1/A filed with the SEC on May 11, 2026. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. The Company’s significant estimates used in these consolidated financial statements include, but are not limited to, revenue recognition, fair value of stock-based compensation, and the determination of the economic useful life of depreciable property and equipment. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates. Cash and Cash Equivalents . The Company considers all highly liquid, short-term investments with original maturities of three months or less when purchased to be cash equivalents. Accounts Receivable. Accounts receivable are carried at their contractual amounts, less an estimated allowance for credit losses. Credit is granted in the normal course of business without collateral. The typical payment term is 30 days . Management estimates the allowance for credit losses using a loss-rate approach based on historical loss information, adjusted for management’s expectations about current and future economic conditions, as the basis to determine expected credit losses. Management exercises significant judgment in determining expected credit losses. Key inputs include macroeconomic factors, industry trends, the creditworthiness of counterparties, historical experience, the financial conditions of the customers, and the amount and age of past due accounts. Management believes that the composition of receivables at year-end is consistent with historical conditions as credit terms and practices and the client base has not changed significantly. Receivables are considered past due if full payment is not received by the contractual due date. Past due 5 Table of Contents accounts are generally written off against the allowance for credit losses only after all collection attempts have been exhausted. The allowance for credit losses was $ 232,206 and $ 203,960 as of March 31, 2026 and December 31, 2025, respectively. There were two and one customers who represented in the aggregate 25 % and 12 % of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively. Inventories . Inventory is recorded at the lower of cost or net realizable value on an average cost basis. The Company reduces the carrying value of inventories for those items that are potentially excess, obsolete, or slow moving based on a review of recent sales trends and expected future demand. Property and Equipment. Property and equipment are stated at cost, net of accumulated depreciation and amortization, which is recorded commencing at the in-service date using the straight-line method over the estimated useful lives of the assets, as follows: 3 to 5 years for lab, office and computer equipment, 5 to 7 years for furniture and fixtures, 10 to 15 years for building improvements, and 5 years for software. When fixed assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the statements of comprehensive loss for the respective period. Minor additions and repairs are expensed in the period incurred. Major additions and repairs which extend the useful life of existing assets are capitalized and depreciated using the straight-line method over their remaining estimated useful lives. Deferred revenue. The Company classifies amounts billed to customers for which the related services or performance obligations have not yet been satisfied as deferred revenue, which represents contract liabilities under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606. These amounts are recorded as a contract liability until the Company fulfills its obligations under the contract. Deferred revenue activity as of March 31, 2026 is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 Balance at December 31, 2025 ​ $ 348,538 Billings in advance of revenue recognition ​ 1,128,748 Revenue recognized from beginning balance ​ ( 1,190,597 ) Balance at March 31, 2026 ​ $ 286,689 ​ All deferred revenue outstanding as of March 31, 2026 is expected to be recognized within the following twelve months. Because the Company’s contracts have an original expected duration of one year or less, the Company has elected the practical expedient in ASC 606-10-50-14 and does not disclose information about remaining performance obligations. Contingent Liabilities. The Company, from time to time, may be involved in certain legal proceedings. Based upon consultation with outside counsel handling its defense in these matters and the Company’s analysis of potential outcomes, if the Company determines that a loss arising from such matters is probable and can be reasonably estimated, an estimate of the contingent liability is recorded in its consolidated financial statements. If only a range of estimated loss can be determined, an amount within the range that, based on estimates, assumptions and judgments, reflects the most likely outcome, is recorded as a contingent liability in the consolidated financial statements. In situations where none of the estimates within the estimated range is a better estimate of probable loss than any other amount, the Company records the low end of the range. Any such accrual would be charged to expense in the appropriate period. Litigation expenses for these types of contingencies are recognized in the period in which the litigation services were provided. Stock-based Payments . The Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation - Stock Compensation”, which requires the measurement and recognition of compensation expense for all stock-based awards made to employees and directors based on estimated fair values on the grant date. The fair value of restricted stock awards is estimated by the market price of the Company’s common stock at the date of grant. Restricted stock awards are being amortized to expense over the shorter of the requisite service period or the actual vesting period. The Company estimates the fair value of option and warrant awards on the date of grant using the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the shorter of the requisite service period or the actual vesting period, using the straight-line method. In June 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee stock-based Payment Accounting (the “2018 Update”). The amendments in the 2018 Update expand the scope of Topic 718 to include stock-based payment transactions for acquiring goods and services from non-employees. Prior to the 2018 Update, Topic 718 applied only to share- based transactions to employees. Consistent with the accounting requirement for employee stock-based payment awards, nonemployee stock-based payment awards within the scope of Topic 718 are measured at grant-date fair value of the equity instruments that an entity is obligated to issue when the good has been delivered or the service has been rendered and any other 6 Table of Contents conditions necessary to earn the right to benefit from the instruments have been satisfied. The Company has elected to account for forfeiture of stock-based awards as they occur. Warrants. The Company classifies a warrant to purchase shares of its common stock as equity on its consolidated balance sheets as this warrant is a free-standing financial instrument that is indexed to the Company’s own stock and meets the criteria for equity classification. Each warrant is initially recorded within equity at the date of grant, net of issuance costs, and is not subsequently re-measured. Changes in the fair value of the warrant are not recognized after the initial measurement. The warrants will remain classified in equity until they are exercised or expire. Revenue Recognition. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue when it satisfies performance obligations, by transferring promised goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for fulfilling those performance obligations. The Company’s primary revenue streams include sales of aerial robotic systems and related software solutions, service revenue and subscription revenue generated through the Company’s installment program. Product Sales Beginning in August 2024, revenue for product sales is recognized upon shipment, which is the point in time when control of the product transfers to the customer. Prior to August 2024, revenue was recognized upon customer receipt. Subscription Revenue Installment Program The Company offers customers an installment-based subscription program under which a drone is delivered to the customer at the outset, and the customer pays fixed monthly subscription fees usually over a 24 -month term. Customers may cancel the arrangement at any time by providing 90 days ’ notice and returning the drone at the end of the notice period. Because the customer may cancel the arrangement prior to completing the 24 -month term, the Company does not have an unconditional right to the remaining consideration at the time of delivery. Under ASC 606, the Company has determined that the installment program represents a series of monthly performance obligations to provide the customer with access to and use of the drone for as long as the customer continues to participate in the program. Revenue is recognized monthly, as invoices are issued and the Company’s right to consideration for each installment becomes unconditional. A trade receivable is recorded only for amounts invoiced. The total monthly subscription fees over the 24-month period equal the cash selling price of the drone. The Company evaluated whether the installment program includes a significant financing component and concluded that it does not, as the absence of interest represents a sales incentive. Service Revenue Service revenue is recognized over time as the related services are performed, based on the nature of the underlying service arrangement. Remaining Performance Obligations As of March 31, 2026 and December 31, 2025, deferred revenue totaled $ 286,689 and $ 348,538 respectively, representing amounts billed in advance for which performance obligations have not yet been satisfied. Concentration Revenue from four customers accounted for approximately 60 % of the Company’s revenue during the three months ended March 31, 2026. Revenue from two customers accounted for 41 % of the Company’s revenue during the three months ended March 31, 2025. Cost of Revenues. Cost of revenues includes materials, wages, freight charges, depreciation and inspection costs. Comprehensive income . The Company follows Accounting Standards Codification ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Other comprehensive income is limited to foreign currency translation adjustments. Therefore, total comprehensive income includes net income (loss) and foreign currency translation adjustments. 7 Table of Contents Foreign Currency Transactions and Translation. Exyn’s functional currency is the United States Dollar (“USD”) and Exyn Latam’s functional currency is the Chilean Peso (“CLP”). For the purpose of presenting these consolidated financial statements the reporting currency is USD. The Company’s assets and liabilities are expressed in USD at the exchange rate on the balance sheet date, equity accounts are translated at historical rates, and income and expense items are translated at the weighted average exchange rate during the period. The resulting translation adjustments are reported under accumulated other comprehensive income in the stockholders’ equity section of the balance sheets. Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on the date of the transaction. Exchange rate used for the translation are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ ​ ​ Three Months ​ ​ Ended ​ Ended ​ ​ March 31, 2026 ​ March 31, 2025 CLP to USD ​ ​ ​ ​ Spot ​ $ 927.46 ​ $ 953.07 Average ​ $ 892.78 ​ $ 962.48 ​ Earnings Per Share. The Company follows ASC 260 when reporting Earnings Per Share (“EPS”) resulting in the presentation of basic and diluted earnings per share. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted-average number of vested common shares outstanding, plus the effect of potentially dilutive common stock equivalents, if any. In periods when losses are reported, the weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. For the three months ended March 31, 2026 and 2025, the Company had net losses and therefore all potentially dilutive securities were excluded from the diluted EPS calculation, as their inclusion would have been anti-dilutive. For the three months ended March 31, 2026 and 2025, the Company excluded the following common stock equivalents from its calculation of diluted EPS, as their effect would have been anti-dilutive. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ March 31, 2025 Convertible Preferred Stock ​ 2,637,484 ​ 2,572,899 Options ​ 677,077 ​ 662,128 Warrants for equity investors and placement agent 18,629 83,213 Total Common Stock Equivalents 3,333,190 3,318,240 ​ During the year ended December 31, 2025, the Company issued Simple Agreements for Future Equity (“SAFEs”), which are contingently convertible into preferred stock upon the occurrence of specified events (e.g., an equity financing or liquidity event); as such conditions were not met as of March 31, 2026 the related shares are not considered issuable and are therefore excluded from the table above. There were no outstanding SAFEs as of March 31, 2025. Deferred Financing Costs. Deferred financing costs include debt discounts and debt issuance costs related to a recognized debt liability and are presented in the balance sheet as a direct deduction from the carrying value of the debt liability. Amortization of deferred financing costs are included as a component of interest expense. Deferred financing costs are amortized using the straight-line method over the term of the recognized debt liability which approximates the effective interest method. Income Taxes. The Company accounts for income taxes under the provisions of the FASB ASC Topic 740 “Income Taxes”. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of items that have been included or excluded in the consolidated financial statements or tax returns. Deferred tax assets and liabilities are determined on the basis of the difference between the tax basis of assets and liabilities and their respective financial reporting amounts (“temporary differences”) at enacted tax rates in effect for the years in which the temporary differences are expected to reverse. The Company utilizes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s consolidated financial statements as of December 31, 2025 and 2024. The Company does not expect any significant changes 8 Table of Contents in its unrecognized tax benefits within twelve months of the reporting date. The Company’s policy is to classify assessments, if any, for tax related interest as interest expense and penalties as general and administrative expenses in the consolidated statements of comprehensive income. The Company is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Fair Value Measurements. The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” (“ASC 820”) which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example, cash flow modeling inputs based on assumptions) The following tables show the fair value measurements used by level as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ ​ Quoted Prices ​ ​ ​ Significant ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ ​ (Level 1) ​ (Level 2) ​ (Level 3) ​ Total SAFE Liabilities ​ $ — ​ $ — ​ $ 6,917,000 ​ $ 6,917,000 Total Liabilities ​ $ — ​ $ — ​ $ 6,917,000 ​ $ 6,917,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ Quoted Prices ​ Significant ​ ​ ​ ​ ​ ​ in Active ​ Other ​ Significant ​ ​ ​ ​ Markets for ​ Observable ​ Unobservable ​ ​ ​ ​ Identical Assets ​ Inputs ​ Inputs ​ ​ ​ ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) ​ ​ ​ Total SAFE Liabilities ​ $ — ​ $ — ​ $ 6,887,000 ​ $ 6,887,000 Total Liabilities ​ $ — ​ $ — ​ $ 6,887,000 ​ $ 6,887,000 ​ The carrying amounts of the Company’s financial instruments, such as cash, accounts receivable, accounts payable and other current liabilities approximate fair values due to the short-term nature of these instruments The estimated fair value of the Company’s long-term debt approximates the carrying value of these instruments, due to the interest rates on this debt approximating current market interest rates. During the year ended December 31, 2025, the Company issued SAFEs, with gross proceeds totaling $ 4,700,000 . The Company did not issue any additional SAFEs in the three months ended March 31, 2026. Measurement As there are no quoted prices or observable market inputs available for these instruments, the SAFEs are classified within Level 3 of the fair value hierarchy. The Company engaged a third-party valuation specialist to assist in the estimation of fair value at each reporting date using a Probability-Weighted Expected Return Method to probability-weight discrete outcomes (including equity financing, liquidity event, termination, and dissolution) and an Option Pricing Model to value the option-like conversion features within the applicable scenarios. 9 Table of Contents For the April 5, 2025 ($ 1,500,000 SAFE) issuance, the significant unobservable inputs used in the Level 3 valuation include: ​ ​ ​ ​ ​ ​ Date of Valuation ​ ​ ​ March 31, 2026 ​ Pre-Money Valuation Cap ​ $ 90,000,000 ​ Probability of Equity Event ​ 0 % Probability of Liquidity Event ​ 99 % Probability of Termination ​ 0 % Probability of Dissolution ​ 1 % Discount Period (years) ​ 0.04 ​ Market Discount Rate ​ 24.41 % Discount Factor ​ 99 % Volatility ​ 78 % Fair Value of SAFE ​ $ 2,208,000 ​ ​ For the August 1, 2025 ($ 3,000,000 SAFE) and December 1, 2025 ($ 100,000 SAFEs each) issuances, the significant unobservable inputs used in the Level 3 valuation include the inputs set forth in the table below. Because the December 2025 SAFEs had terms identical to the August 1, 2025 SAFE and management concluded there were no significant changes in the Company’s facts and circumstances or key valuation drivers between issuance dates, the Company applied the same valuation methodology and significant unobservable inputs used for the August 1, 2025 issuance to estimate the initial fair values of the December 2025 SAFEs. ​ ​ ​ ​ ​ ​ Date of Valuation ​ ​ ​ March 31, 2026 Pre-Money Valuation Cap ​ $ 125,000,000 ​ Probability of Equity Event ​ 0 % Probability of Liquidity Event ​ 99 % Probability of Termination ​ 0 % Probability of Dissolution ​ 1 % Discount Period (years) ​ 0.04 ​ Market Discount Rate ​ 24.41 % Discount Factor ​ 99 % Volatility ​ 78 % Fair Value of SAFE ​ $ 4,709,000 ​ ​ The following table summarizes the changes in SAFE liabilities for the three months ended March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 Beginning Balance, January 1 ​ $ 6,887,000 Change in fair value recognized in earnings ​ 30,000 Ending Balance, March 31 ​ $ 6,917,000 ​ As a Level 3 fair value measurement, the estimated fair value of the SAFE liabilities is sensitive to changes in significant unobservable inputs, including the assumed probability and timing of future equity financings and liquidity events, the Company’s implied equity value, volatility, and the discount rate. Changes in these inputs may increase or decrease the estimated fair value depending on their effect on the probability-weighted expected payoff to SAFE holders. For example, a decrease in the discount rate generally increases the estimated fair value; however, changes in event probabilities or volatility may have different directional effects depending on the contractual terms and modeled outcomes. Concentration of Credit Risks. Financial instruments that potentially subject the Company to concentrations of credit risk are cash equivalents and accounts receivable. Cash and cash equivalents are invested in deposits with certain financial institutions and may, at times, exceed federally insured limits. The Company has not experienced any significant losses on its deposits of cash and cash equivalents. In regard to trade receivables, the Company performs ongoing evaluations of its customers’ financial condition as well as general economic conditions and, generally, requires no collateral from its customers. Leases. The Company leases certain facilities and office space. Lease assets and lease liabilities are recognized at the commencement of an arrangement where it is determined at inception that a lease exists. Lease assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from the lease. These assets and liabilities are initially recognized based on the present value of lease payments over the lease term calculated using an incremental borrowing rate 10 Table of Contents generally applicable to the location of the lease asset, unless the implicit rate is readily determinable. Lease assets also include any upfront lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that those options will be exercised. The Company has operating lease arrangements with lease and non-lease components. The non-lease components in these arrangements are not significant when compared to the lease components. For all operating leases, the Company accounts for the lease and non-lease components as a single component. In the calculation of the lease asset and corresponding liability. Variable lease payments are generally expensed as incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the expense for these short-term leases is recognized on a straight-line basis over the lease term. The depreciable life of lease assets and leasehold improvements is limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. Recent Accounting Pronouncements Not Yet Adopted. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). The new guidance requires disaggregated information about certain income statement expense line items on an annual and interim basis. This guidance will be effective for annual periods beginning the year ended December 31, 2027 and for interim periods thereafter. The new standard permits early adoption and can be applied prospectively or retrospectively. The Company is evaluating the impact of this ASU on its consolidated financial statements disclosures. Segment Reporting. The Company uses “the management approach” in determining reportable operating segments. The management approach considers the internal organization and reporting used by the Company’s chief operating decision maker for making operating decisions and assessing performance as the source for determining the Company’s reportable segments. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”) of the Company, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company’s primary revenue stream includes the sale of aerial robotic systems and related software solutions that enable data collection, mapping, and inspection. Based on the CODM’s evaluation and internal reporting, the Company has one reportable segment: Aerial Robotic Systems. 3. GOING CONCERN The condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for 12 months from the date the condensed consolidated financial statements were available to be issued. The Company has negative cash flows from operations and net losses for the three months ended March 31, 2026 and further losses are anticipated in the development of its business. These factors raise substantial doubts about the Company’s ability to continue as a going concern for a period of 12 months from the date the consolidated financial statements were available to be issued. As of March 31, 2026, the Company had $ 1,102,166 in cash and cash equivalents. The Company expects that its current cash and cash equivalents, approximately $ 7,390,916 as of July 6, 2026, will not be sufficient to support its projected operating requirements for the next 12 months from the date the condensed consolidated financial statements became available. The Company expects to need additional capital in order to increase revenues above current levels, and is actively pursuing additional funding through various sources, including potential debt, equity or other capital-raising alternatives, to meet its future operating and capital needs. Any additional equity financing, if available, may not be on favorable terms and would likely be significantly dilutive to the Company’s current stockholders, and debt financing, if available, may involve restrictive covenants. Management has concluded that substantial doubt is not alleviated by its plans. The Company’s ability to access capital when needed is not assured and, if not achieved on a timely basis, will likely have a materially adverse effect on its business, financial condition and results of operations. The financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. ​ 11 Table of Contents 4. ACCOUNTS RECEIVABLE Accounts receivable consists of the following as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Trade accounts receivable ​ $ 804,044 ​ $ 1,660,168 Less: allowance for credit losses ​ ( 232,206 ) ​ ( 203,960 ) Total accounts receivable ​ $ 571,838 ​ $ 1,456,208 ​ ​ 5. INVENTORIES Inventories of $ 1,641,007 and $ 1,756,268 as of March 31, 2026 and December 31, 2025, respectively, consist of finished goods of $ 371,429 and $ 556,014 and raw materials of $ 1,269,578 and $ 1,200,254 , which are valued at the lower of cost (determined on an average cost) or net realizable value. During the three months ended March 31, 2026 and 2025 the Company recorded an inventory write-off of $ 137,605 and $ 0 , respectively, which reduced inventories and was recognized in cost of revenues. The write-off primarily related to inventory items with no usage or movement during the preceding 12 months, for which management determined there was no expected future use or recoverable value. 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Other current assets consist of the following as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Prepaid expenses ​ $ 356,471 ​ $ 1,218,174 Deferred financing costs ​ 12,546 ​ 14,637 Deferred offering costs ​ 967,934 ​ — Other ​ 20,154 ​ 13,475 Total prepaid expenses and other current assets ​ $ 1,357,105 ​ $ 1,246,286 ​ ​ 7. PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Lab, office and computer equipment ​ $ 1,434,195 ​ $ 2,685,999 Furniture and fixtures ​ 29,249 ​ 44,117 Leasehold improvements ​ 24,681 ​ 36,942 Computer software ​ — ​ 25,824 ​ ​ 1,488,125 ​ 2,792,882 Less: accumulated depreciation ​ ( 1,210,189 ) ​ ( 2,448,768 ) Total property and equipment, net ​ $ 277,936 ​ $ 344,114 ​ Depreciation expense was $ 69,728 and $ 87,930 for the three months ended March 31, 2026 and 2025, respectively. ​ 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Accrued payroll and related benefits ​ $ 80,739 ​ $ 83,163 Accrued expenses ​ 329,003 ​ 307,277 Accrued other taxes ​ 1,488,500 ​ 1,460,481 Other ​ 25,216 ​ 15,202 Total accrued expenses and other current liabilities ​ $ 1,923,458 ​ $ 1,866,123 ​ ​ 12 Table of Contents 9. SAFE LIABILITIES In April 2025, the Company issued SAFEs for gross proceeds of $ 1,500,000 . The SAFEs bear no interest and was scheduled to expire and terminate on March 1, 2026 if no conversion event had occurred by that date. On March 9, 2026, the Company and the SAFE holder executed an amendment extending the expiration date to June 30, 2026. No other terms of the SAFE were modified. In August and December 2025, the Company issued SAFEs for aggregate gross proceeds of $ 3,200,000 . The August 2025 SAFE bears no interest and was scheduled to expire and terminate on March 1, 2026 if no conversion event had occurred by that date. On March 9, 2026, the Company and the SAFE holder executed an amendment extending the expiration date of the August 2025 SAFE to June 30, 2026. No other terms of the August 2025 SAFE were modified. The December 2025 SAFEs, which were amended on April 1, 2026, bear no interest and are scheduled to expire and terminate on May 30, 2026 if no conversion event has occurred by that date. Upon a qualified equity financing occurring prior to June 30, 2026, the April and August 2025 SAFEs will automatically convert into the number of shares of the series of preferred stock issued in such financing determined by dividing the investment amount by the lower of (i) 74 % of the price per share paid by other investors in the financing (a 26 % discount) or (ii) the price per share implied by a $ 90,000,000 pre-money valuation cap for the April 2025 SAFE and $ 125,000,000 pre-money valuation cap for the August and December 2025 SAFEs. The SAFEs also contain customary provisions for mandatory conversion upon a qualified equity event, liquidity event, or dissolution event prior to the expiration date. Repayment of the SAFEs in an amount equal to the purchase amount is required upon a dissolution event. The investor can also opt for repayment upon termination of the agreement. The Company’s SAFEs are classified as liabilities, as they fail equity classification per ASC 815-40 due to the possibility that repayment of the purchase amount may be required or may be elected upon dissolution of the Company or termination of the agreement. In addition, the conversion features provide for a variable number of shares based on the lower of a discount to the price per share in a future financing or a valuation cap, and therefore the instruments do not qualify for equity classification under ASC 815-40. The SAFEs are re-measured to fair value at each reporting date, with changes in fair value recognized in earnings. See Note 2, Summary of Significant Accounting Policies — Fair Value Measurements, for additional detail regarding the Company’s fair value hierarchy classification and the valuation techniques and significant unobservable inputs used to measure the SAFE liabilities. The shares of a series of Preferred Stock issued to the SAFE investor in an equity financing, will have the identical rights, privileges, preferences and restrictions as the shares of other issued Preferred Stock, other than with respect to: (i) the per share liquidation preference and the conversion price for purposes of price-based anti-dilution protection, which will equal the conversion price; and (ii) the basis for any dividend rights, which will be based on the conversion price. See Note 16 Subsequent Events for discussion of conversion of SAFEs in the subsequent event period. ​ 10. NOTES PAYABLE Principal due under notes payable was as follows as of March 31, 2026 and December 31, 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Notes payable ​ $ 8,083,445 ​ $ 6,143,837 Less: debt discount ​ ( 24,457 ) ​ ( 19,845 ) Notes payable, net ​ 8,058,988 ​ 6,123,992 Less: current portion ​ ( 7,308,988 ) ​ ( 6,123,992 ) Total: non-current portion ​ $ 750,000 ​ $ — ​ For the three months ended March 31, 2026 and 2025, the Company recognized total interest expense of approximately $ 336,154 and $ 81,323 , respectively, of which $ 15,248 and $ 9,136 related to the accretion of the debt discount on the notes payable. 13 Table of Contents On September 27, 2023, the Company entered into a Loan and Security Agreement (“LSA”) with Western Alliance Bank, pursuant to which the Company obtained a term loan of up to $ 5,000,000 , consisting of a Term A Advance of $ 3,500,000 and a Term B Advance of up to $ 1,500,000 upon achievement of certain revenue milestones. The loan matures on September 27, 2027, and bears interest at a floating rate equal to the greater of 8.25 % or the Bank’s Prime Rate. The interest rate as of December 31, 2025 was 8.61 %. Interest-only payments were due through September 10, 2025, followed by equal monthly principal and interest installments commencing October 10, 2025. On November 19, 2025, the Company entered into an amendment to the Loan and Security Agreement extending the interest-only period through March 10, 2026, with equal monthly principal and interest installments commencing April 10, 2026. As amended, Tranche B was eliminated from the LSA, resulting in a maximum term loan of up to $ 3,500,000 . On December 23, 2025, the Company entered into a forbearance and amendment agreement whereby the maturity date changed from September 27, 2027 to April 28, 2026. Due to this agreement, the loan was reclassified as a current liability. This agreement also extended the interest-only period through April 10, 2026, with all unpaid principal and accrued interest due on the maturity date. On April 28, 2026, the maturity date was extended to May 1, 2026. On April 30, 2026, the maturity date was further extended to May 6, 2026. On May 6, 2026, the maturity date was extended again to June 12, 2026. The loan is secured by substantially all assets of the Company. In connection with the Loan Agreement entered into with Western Alliance Bank on September 27, 2023, the Company also issued accompanying warrants to Western Alliance Bank with an expiration date of September 27, 2033. The warrants grant Western Alliance Bank the ability to purchase 197,551 shares of common stock of the Company with an exercise price of $ 0.35 per share. The fair value of the warrants was determined using Black-Scholes option-pricing model. Assumptions included expected volatility of 46.4 %, risk-free rate of 3.9 %, expected term of 9.3 years, and a dividend yield of 0 %. Expected volatility was estimated based on the historical volatility of guideline public companies in the Company’s industry, as the Company is privately held and does not have its own trading history. The fair value of the warrants was $ 55,330 and was recorded as Debt Issuance Costs (presented as deferred financing costs in 2023 and as a contra-liability that reduces the carrying amount of the debt on the 2026 and 2025 balance sheet). This amount is amortized to interest expense over the term of the debt using the effective interest method. The remaining balance of these costs as of March 31, 2026 and December 31, 2025 are $ 24,457 and $ 19,845 , respectively. Amortization expense recognized for the three months ended March 31, 2026 and 2025 totaled $ 15,248 and $ 9,136 , respectively. On May 20, 2025, the Company issued a $ 1,500,000 Senior Convertible Promissory Note to NeoLync Holdings Ltd. The Note had an original maturity date of November 20, 2025, bears interest at 12 % per annum, and is secured by a first-priority lien on substantially all assets of the Company (subject only to the existing Western Alliance Bank facility). The Note provides for (i) a 300 % liquidation preference, (ii) automatic conversion into common equity upon a Public Company Event at 135 % of the then-public trading price, and (iii) cash repayment at maturity if no Public Company Event occurs. Upon certain events of default (including bankruptcy), the outstanding amount may become payable at 200 % of the then-outstanding obligations. Proceeds are being used for general corporate purposes and working capital. On October 9, 2025, prior to the original maturity date, the Company and the holder executed an amendment extending the maturity date to April 15, 2026. On April 15, 2026, the Company and the holder executed an amendment further extending the maturity date to May 15, 2026. On April 23, 2026, the Company and the holder executed an additional amendment further extending the maturity date to June 30, 2026. No other terms or conditions were modified. As of March 31, 2026, the Note remained outstanding and is classified as a current liability given the June 30, 2026 maturity date. Concurrently with the Company’s initial public offering closing on May 18, 2026, the Note converted into 160,239 shares of common stock. On May 30, 2025, HSBC Bank (acting through its Chennai branch) issued an irrevocable standby letter of credit (No. SDNBGE890972) in favor of Exyn Technologies Inc. for a maximum amount of USD $ 3,500,000 . The standby letter of credit was issued at the request of NeoLync Electronics Pvt Ltd (India) in support of banking facilities granted to NeoLync Electronics Pvt Ltd (India) by HSBC. The standby letter of credit has a fixed expiry date of November 14, 2025, is governed by International Standby Practices (ISP98), allows partial drawings, and has been assigned to Western Alliance Bank (San José, California) as security for the Company’s senior credit facility. As of the date of this report, no amounts have been drawn under the standby letter of credit. The standby letter of credit was renewed in November 2025, with an expiration date of May 13, 2026. The standby letter of credit was further renewed in May 2026, with an expiration date of June 30, 2026. The standby letter of credit is no longer outstanding. On December 23, 2025, Exyn Technologies Inc. signed a term loan with NeoLync Holdings, Inc. for $ 1,500,000 . Initial cash proceeds of $ 500,000 were received on December 26, 2025. The loan matures on December 23, 2026, bears interest at 12 % per annum with principal and interest repayable over twelve monthly installments. Interest expense for the three months ended March 31, 2026 and 2025 was $ 92,088 and $ 0 , respectively. 14 Table of Contents On December 26, 2025, Maximcash Solutions LLC (“Maximcash”) issued a loan to Exyn Technologies Inc. for USD $ 600,000 (the “Maximcash Loan Agreement”). The loan matures on December 26, 2026, bears interest at 38.5 % per annum with principal and interest repayable over twelve monthly installments, with the first 3 months being interest only. Interest expense for the three months ended March 31, 2026 and 2025 was $ 57,020 and $ 0 , respectively. On March 13, 2026, the Company issued a $ 750,000 convertible promissory note to NCH Ventures LLC. The note matures March 13, 2028, bears interest at 8 % per annum, with all interest accruing daily on the basis of a 365-day year. This note is an unsecured convertible promissory note and is subordinated to the company’s obligations owed to Western Alliance Bank. Interest expense for the three months ended March 31, 2026 and 2025 was $ 4,032 and $ 0 , respectively. See Note 16 Subsequent Events for discussion of repayment of notes payable in the subsequent events period. 11. INCOME TAXES The Company’s income tax provision for the interim period was determined using an estimated annual effective tax rate, adjusted for discrete items recognized during the period, if any. The effective tax rate for the three months ended March 31, 2026 and 2025 was 0 %, which differed from the U.S. federal statutory rate primarily due to the impact of the valuation allowance maintained against the Company’s deferred tax assets. Management evaluates the realizability of deferred tax assets on a quarterly basis and continues to maintain a full valuation allowance against all of its deferred tax assets as of March 31, 2026. There were no material changes in the Company’s assessment of the realizability of its deferred tax assets during the three months ended March 31, 2026. As of March 31, 2026, the Company had no unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. No interest or penalties were recognized during the three months ended March 31, 2026. There were no material changes to the Company’s uncertain tax positions, valuation allowance, or other income tax matters from those disclosed in the notes to the audited financial statements in the Company’s Registration Statement (Form S-1/A) for the year ended December 31, 2025. ​ 12. STOCKHOLDERS’ EQUITY Common Stock As of March 31, 2026, the Company is authorized to issue 5,120,000 shares of common stock, par value $ 0.0001 per share. Holders of common stock are entitled to one vote for each share held. The holders of common stock are entitled to receive dividends, when and if declared by the Board of Directors, subject to the preferential rights of preferred stockholders. As of March 31, 2026 and December 31, 2025, there were 1,322,500 shares of common stock issued and outstanding. Common stock issuances during the three months ended March 31, 2026: No shares of common stock were issued in the three months ended March 31, 2026. 15 Table of Contents Preferred Stock As of March 31, 2026, the Company’s authorized and issued preferred stock, with par value of $ 0.0001 per share, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issued and Outstanding ​ ​ Authorized ​ March 31, 2026 Series A-1 Preferred Stock 3,778,798 3,778,798 Series A-2 Preferred Stock 545,372 545,372 Series A-3 Preferred Stock 2,423,708 2,423,708 Series A-4 Preferred Stock 17,303,891 17,035,717 Series B-1 Preferred Stock 18,530,110 18,530,110 Series B-2 Preferred Stock 31,800,835 23,623,385 Total Preferred Stock 74,382,714 65,937,090 ​ The rights, preferences, and privileges of the Series A-1, Series A-2, Series A-3, and Series A-4 Preferred Stock are identical in all material respects, and the rights, preferences, and privileges of the Series B-1 and Series B-2 Preferred Stock are identical in all material respects. The only material differences between the Series A Preferred Stock and Series B Preferred Stock are the original issue price per share, the dedicated board seat for each series, and the requirement that certain actions adversely affecting the Series B Preferred Stock also require the approval of a majority of the Series B Preferred Stock. During the three months ended March 31, 2026, the company issued 1,614,603 shares of preferred stock upon the exercise of warrants. See Note 16 Subsequent Events for discussion of conversion of preferred stock in the subsequent events period. Employee Incentive Stock Option Plan The Company has adopted the Exyn Technologies, Inc. 2015 Equity Compensation Plan under which a total of 936,207 shares of common stock are reserved for issuance. Options typically vest over 4 years and expire 10 years from the grant date. The following table summarizes stock option activity as of March 31, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Weighted Average ​ Remaining Term ​ ​ ​ ​ Number of Shares ​ ​ ​ Exercise Price ​ ​ ​ (years) Balance at December 31, 2025 712,381 ​ $ 7.50 7.0 Granted — ​ — — Exercised — ​ — — Expired/Cancelled ( 35,304 ) ​ $ 2.50 — Balance at March 31, 2026 677,077 ​ $ 7.42 6.6 ​ ​ ​ ​ ​ ​ ​ ​ Exercisable at March 31, 2026 and expected to vest thereafter 677,077 ​ $ 7.42 6.6 ​ As of March 31, 2026, there was $ 21,511 of total unrecognized stock-based compensation expense related to nonvested options which is expected to be recognized over a remaining weighted-average vesting period of 1.9 years. Stock-based compensation expense of $ 199,809 and $ 201,734 was recognized for the three months ended March 31, 2026 and 2025, respectively, related to the vesting of stock options and other equity awards. 16 Table of Contents Warrants The following table summarizes stock warrant activity for the three months ended March 31, 2026. ​ ​ ​ ​ ​ ​ ​ ​ Number of Warrants Balance at December 31, 2025 83,213 Granted — Exercised ( 64,584 ) Forfeited/Expired — Balance at March 31, 2026 18,629 Exercisable at March 31, 2026 18,629 ​ The decrease in outstanding warrants during the three months ended March 31, 2026 was primarily attributable to the exercise of warrants into 1,614,603 of Series A-4 Preferred Stock. ​ 13. LEASES The Company has operating leases for office space and equipment. Lease terms generally range from 3 to 5 years , and certain leases include options to extend or terminate which are considered in determining the lease term when reasonably certain to be exercised. The components of lease expense were as follows for the three months ended March 31, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Operating lease costs ​ $ 40,561 ​ $ 40,561 Total lease cost ​ $ 40,561 ​ 40,561 ​ The Company does not have any finance leases, short-term leases, or variable lease payment arrangements. The components of operating lease assets and liabilities as of March 31, 2026 and December 31, 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2026 ​ ​ ​ December 31, 2025 Operating lease right of use assets ​ $ 274,410 ​ $ 312,041 ​ ​ ​ ​ ​ ​ ​ Current portion of operating lease liability ​ 159,382 ​ 156,797 Operating lease liability, net of current portion ​ 126,082 ​ 167,290 Total operating lease liabilities ​ $ 285,464 ​ $ 324,087 ​ The weighted-average remaining lease term is 1.75 years and the weighted-average discount rate: 3.94 %. Future minimum lease payments under non-cancelable operating leases as of March 31, 2026 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases 2026 ​ $ 124,658 2027 ​ 170,322 Total lease payments ​ 294,980 Less: imputed interest ​ ( 9,516 ) Total present value of lease liabilities ​ $ 285,464 ​ ​ 17 Table of Contents 14. COMMITMENTS AND CONTINGENCIES Litigation and Claims From time to time, the Company is subject to claims, litigation, investigations, and other legal proceedings arising in the ordinary course of business. The Company records a liability for loss contingencies when it is both probable that a liability has been incurred and the amount can be reasonably estimated. As of March 31, 2026, no loss contingencies have been accrued because no matters meet both of these criteria or the amounts involved are not material. Management has evaluated all known and potential matters and believes that the ultimate resolution of any currently pending proceedings, either individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows. However, the outcome of legal proceedings is inherently uncertain, and adverse resolutions could occur. An unfavorable outcome in one or more matters could materially affect the Company’s operating results or cash flows in the period in which it is resolved. Other Commitments Other than standard operating leases and purchase commitments entered into in the ordinary course of business, the Company has no material off-balance-sheet arrangements or long-term commitments as of March 31, 2026. 15. SEGMENT REPORTING The Company operates as a single operating and reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) has been identified as the Chairman and Chief Executive Officer, who reviews the consolidated operating results, including net revenues, cost of revenues, gross profit, and selling, general and administrative expenses, and net income (loss) to make decisions about resource allocation, including investments in personnel, marketing, and technology and product development, and to assess performance. The CODM does not evaluate performance or allocate resources at a disaggregated level below the consolidated entity. The significant expense categories the CODM reviews regularly are personnel expenses, contractor expense, and legal and professional expenses. The Company’s revenue is derived principally from the sale of aerial robotic systems, service revenue and subscription revenue. Because the Company manages its business, allocates resources, and evaluates performance on a consolidated basis, the accompanying consolidated financial statements reflect the operations of one segment. The measures of profit or loss reviewed by the CODM are consistent with those presented in the consolidated statements of operations. Segment information available with respect to the reportable business segment for the three months ended March 31, 2026 and 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Revenue by type: ​ ​ ​ ​ Systems ​ $ 980,139 ​ $ 948,039 Services ​ 118,958 ​ 168,254 Subscription ​ 91,500 ​ 101,760 Total revenues ​ $ 1,190,597 ​ $ 1,218,053 Cost of sales: ​ 688,262 ​ 784,894 Gross profit: ​ 502,335 ​ 433,159 Depreciation and amortization: ​ 69,728 ​ 87,930 Revenues by geography ​ ​ ​ ​ Canada ​ 233,678 ​ 208,057 United States ​ 395,195 ​ 413,155 Australia ​ 66,267 ​ 185,480 Other ​ 495,457 ​ 411,361 Total geography and consolidated revenues ​ $ 1,190,597 ​ $ 1,218,053 Segment capital expenditures ​ $ ( 3,550 ) ​ $ ( 11,429 ) Segment total assets ​ $ 5,150,557 ​ $ 4,221,802 ​ ​ 18 Table of Contents 16. SUBSEQUENT EVENTS On April 15, 2026, the Company entered into Amendment No. 2 to the Senior Convertible Promissory Note (the “Note”) with NeoLync Holdings, Ltd., pursuant to which the maturity date of the Note was extended from April 15, 2026 to May 15, 2026. Subsequently, on April 23, 2026, the Company entered into Amendment No. 3 to the Note with NeoLync Holdings, Ltd., pursuant to which the maturity date of the Note was extended from May 15, 2026 to June 30, 2026. The Note has an original principal amount of $ 1,500,000 . All other terms and conditions of the Note remain unchanged. Concurrently with the Company’s initial public offering closing on May 18, 2026, the Note converted to 160,239 shares of common stock. On April 28, 2026, the maturity date of the Loan Agreement with Western Alliance Bank was extended to May 1, 2026. On April 30, 2026, the maturity date was further extended to May 6, 2026. On May 6, 2026, the maturity date was extended again to June 12, 2026. In Q2 2026, the Company used proceeds from its initial public offering to repay in full the outstanding loan with Western Alliance Bank. On April 30, 2026 and May 6, 2026, the Company issued senior secured convertible promissory notes to Evergreen Capital Management, LLC (“Evergreen”) with an aggregate outstanding principal amount of approximately $ 1.2 million (reflecting a 15 % original issue discount) in exchange for $ 1,000,000 in cash proceeds. The notes will convert into shares of our common stock automatically upon the closing of the Company’s initial public offering, and bear interest at 10 % per annum. In connection with these notes, the Company also issued 100,000 shares of common stock as equity kicker shares. The Company determined the fair value of the equity kicker shares to be approximately $ 825,000 , based on an estimated fair value of $ 8.25 per share as of the issuance date. The Company recorded the fair value of the equity kicker shares of $ 825,000 as a debt discount, with a corresponding credit to additional paid-in capital. The carrying value of the notes as of the issuance date is $ 175,000 , net of the unamortized debt discount of $ 825,000 and net of the original issue discount. The Note and Warrant Purchase Agreement, as amended, provided for the issuance of warrants upon the closing of our initial public offering to purchase up to 178,253 shares of the Company’s common stock with 125 % warrant coverage on the aggregate principal amount outstanding of approximately $ 1.2 million and an exercise price equal to the price per share of our common stock in our initial public offering. Furthermore, pursuant to that certain Confidential Side Letter Agreement dated May 18, 2026 between the Company and Evergreen (the “Evergreen Side Letter”), the Company made an initial installment payment on June 17, 2026 in the amount of $ 472,388 to Evergreen in connection with Evergreen agreeing to forbear from declaring an event of default under the Note and the Company has agreed to make two additional installment payments in the amount of $ 472,388 , on July 17, 2026 and August 16, 2026, for a total installment amount of $ 1,417,165 . Additionally, in connection with entering into the Evergreen Side Letter, the Company issued to Evergreen an additional 100,000 shares of its common stock as equity kicker shares (the “Evergreen Side Letter Shares”) in addition to the equity kicker shares issued pursuant to the Note, comprising a total of 200,000 shares of common stock issued to Evergreen. On May 6, 2026, the maturity date of the HSBC standby letter of credit was extended to June 30, 2026. Upon the closing of the Company's initial public offering on May 18, 2026, the WAB loan was repaid using a portion of the net proceeds from the offering, and the related standby letter of credit was terminated. Accordingly, the standby letter of credit is no longer outstanding as of the date the condensed consolidated financial statements are available to be issued. The Securities and Exchange Commission declared the Company’s Registration Statement on Form S-1/A effective on May 14, 2026. The Company has evaluated the impact of this event and determined that no adjustment to the March 31, 2026 condensed consolidated financial statements was required. Concurrently with the closing of its initial public offering of its stock on May 18, 2026, all outstanding SAFEs converted to 819,529 shares of common stock and all outstanding Preferred Stock converted to 2,637,484 shares of common stock. ​ On May 18, 2026, the Company used proceeds from its initial public offering to repay in full the outstanding loan with Maximcash Solutions LLC in the amount of $ 621,314 . In connection with the Maximcash Loan Agreement, on May 21, 2026 and June 17, 2026, the Company also issued to Maximcash an additional 8,516 shares of its common stock and 6,000 shares of its common stock, respectively, as equity kicker shares. ​ ​ 19 Table of Contents