RICHTECH ROBOTICS INC. 10-K/A

ITEM 9A. Controls and Procedures Evaluation of Disclosure Controls and Procedures Our disclosure controls and procedures are designed to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure. In connection with the preparation of this Report, our management conducted an assessment of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this Report. Based on such assessment, our CEO and CFO have concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Report. Management’s Annual Report on Internal Controls over Financial Reporting Our internal control over financial reporting is a process designed by, or under the supervision of, our Chief Executive Officer and Chief Financial Officer and effected by our Board, management and other personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with the authorization of our Board and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements. Under the supervision and participation of our management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), we evaluated the effectiveness of our internal control over financial reporting based on the framework set forth in Internal Control – Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission. Based on the foregoing, our Certifying Officers concluded that our internal controls over financial reporting were not effective as of the end of the fiscal year ended September 30, 2025 due to the material weakness described below. As part of our assessment of the effectiveness of our internal control over financial reporting as of September 30, 2025, management identified a material weakness in the Company’s internal control over financial reporting related to the design and operation of controls over the identification, evaluation, and accounting for complex and non-routine transactions, including equity-linked financial instruments and derivative accounting, as well as certain controls over financial statement account classification and disclosures, and controls over the application of U.S. GAAP to specific transactions and account balances. This material weakness contributed to errors identified in the accounting for warrants, share-based compensation, derivative instruments, debt and equity transactions, inventory, property and equipment, intangible assets, expense classification, income taxes, etc. The errors identified are discussed in detail in NOTE 2: Restatement of Previously Issued Financial Statements and NOTE 3: Restatement of Previously Issued Quarterly Financial Statements within Item 8. The material weakness resulted in misstatements to previously issued consolidated financial statements that required restatement. Accordingly, management concluded that the material weakness created a reasonable possibility that a material misstatement of the Company’s consolidated financial statements would not be prevented or detected on a timely basis. Management has developed and is implementing a remediation plan to address the identified material weakness. Key elements of the remediation plan include enhancing technical accounting resources and review procedures; strengthening controls over the evaluation and accounting for complex financial instruments, non-routine transactions, and significant estimates; improving documentation standards; implementing additional review and approval controls over financial reporting and account classifications; and providing additional training to personnel responsible for the preparation and review of financial information. While these remediation efforts are ongoing, management expects to complete testing of the operating effectiveness of the enhanced controls in a future period and therefore has not yet completed sufficient testing to conclude that the material weakness has been fully remediated as of September 30, 2025. 51 This Report does not include an attestation report of our internal controls from our independent registered public accounting firm due to our status as an emerging growth company under the JOBS Act. Ongoing Monitoring Management recognizes the importance of ongoing monitoring and continuous improvement of our internal control over financial reporting. We have established a process for regularly evaluating the effectiveness of our controls, including periodic self-assessments, internal audits, and ongoing monitoring activities. This process allows us to identify and address any emerging risks or control deficiencies in a timely manner. Changes in Internal Control over Financial Reporting Other than as disclosed above, there were no changes in the Company’s internal control over financial reporting during the fiscal year ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. Inherent Limitations on Internal Controls Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. No evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. ITEM 9B. Other Information During the fiscal quarter ended September 30, 2025, the following Section 16 officers and directors adopted , modified or terminated a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act): ● Phil Zheng, Chief Operating Officer, adopted a new trading plan on May 25, 2025, which provided for the sale of up to 200,000 shares of Class B common stock, provided that certain conditions are met. The trading plan was effective until December 31, 2025. ITEM 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections Not Applicable. 52 PART III ITEM 10. Directors, Executive Officers and Corporate Governance Listed below are the names of the directors and executive officers of the Company, their ages as of the date of this Annual Report, their positions held and the year they commenced service with the Company. Name Age Title Zhenwu (Wayne) Huang 50 Chief Executive Officer and Director Zhenqiang (Michael) Huang 47 Chief Financial Officer and Director Phil Zheng 33 Chief Operating Officer John Shigley 69 Director Stephen Markscheid 71 Director Saul Factor 66 Director Biographies of Executive Officers and Directors Mr. Zhenwu (Wayne) Huang has served as our Founder, Chief Executive Officer and director since the founding of the Company in July 2016. Mr. Huang has 20 years of experience leading corporations across multiple technology industries. Mr. Huang directs the core focus of the company, formulates and implements business policies through the Company’s management team, and directly oversees R&D operations. He served as co-founder and Chief Executive Officer of Nanjing Rich Digital Technology Co. Ltd. from 2003 to 2007, a leading value-add service provider for telecommunications. There, he pioneered live interactive TV games based on smart computer vision. and had a peak audience of over 100 million subscribers. This success can be attributed to Mr. Huang’s understanding of customer centric design, utilizing technology to elevate the customer experience. Mr. Huang served was the co-founder and Chief Executive Officer of Richtech System Ltd. from 2007 to 2016, a global supplier of smart hardware and interactive multimedia systems to over 120 countries. Mr. Huang received a Bachelor in Computer Information Management from Huadong Finance and Economics College in July 2000. We believe that Mr. Huang’s extensive knowledge of our Company as co-founder and his experience in executive roles across multiple industries make him qualified to serve on our Board. Mr. Zhenqiang (Michael) Huang has served as our co-founder, Chief Financial Officer and director since the founding of the Company in July 2016. He oversees the functions relating to finance, accounting, reporting and procurement. Mr. Huang was co-founder of Nanjing Rich Digital Technology Co. Ltd. from 2003 to 2007 where he oversaw international cooperation and partnerships. He served as co-founder and Chief Financial Officer of Richtech System Ltd. from 2007 to 2016, leading the company on its international expansion and business development. Mr. Huang holds a management training certificate from the Federal Ministry of Economics and Technology of Germany since 2012. He received his Bachelor’s Degree in Economics from Nanjing University in June 2000. We believe that Mr. Huang’s extensive knowledge of our Company as co-founder and his experience in finance and international business development make him qualified to serve on our Board. Mr. Phil Zheng has served as our Chief Operating Officer since February 2020. He oversees the operations of the Company, including business development, marketing, product design, R&D process, market research, compliance, administration of standardized operating procedures, customer relations, and partnerships. Prior to that, he served as the Company’s Director of Operations from July 2017 to January 2019 and Chief Revenue Officer from February 2019 to January 2020, where he was tasked to build and scale company departments into effective business units and direct sales revenues strategies. He has a Bachelor of Arts from the University of California, Los Angeles, and a Juris Doctor from the University of California, Irvine, School of Law. We believe Mr. Zheng’s extensive knowledge of the Company’s internal operations qualifies him to be our Chief Operating Officer. 53 Mr. Casella served as our President until December 2, 2025. In connection with his resignation, the Company entered into a separation agreement as filed in our Form 8-K on December 5, 2025. 51 Mr. John Shigley joined our board of directors as an independent director in November 2023. Mr. Shigley is a retired Nevada certified public accountant with over 30 years of executive experience in large casino-hotels. Mr. Shigley has held various positions in finance, marketing and operations, including Chief Financial Officer of Primadonna Resorts (1998 to 2000), President of Caesars Palace (2000 to 2001), Executive Vice President of New York, New York Hotel and Casino in Las Vegas (2002 to 2005), Executive Vice President (2005 to 2011) and Chief Financial Officer (2005 to 2008) of MGM Grand Hotel Las Vegas, President of MGM Vietnam (March 2011 to April 2013), Executive Vice President of MGM Macau (May 2013 to January 2014) and Chief Operating Officer of Gaming for MGM China (January 2014 to February, 2019). Mr. Shigley received his B.S. in Accountancy from Northern Illinois University and spent his early career with a large international certified public accounting firm. We believe that Mr. Shigley’s experience in financial and operational management and his established network in the hospitality industry make him a qualified candidate to serve on our Board. Mr. Stephen Markscheid joined our board of directors as an independent director in November 2023. Mr. Markscheid has been the Managing Partner of Aerion Capital, a family office, since July 2022. He currently serves as independent non-executive director of six other publicly listed companies: Jinko Solar Inc. (NYSE: JKS), a solar panel manufacturer (since 2010); ConnectM Technology Solutions, Inc. (Nasdaq: CNTM), a technology company (since July 2024); Four Leaf Acquisition Corporation (Nasdaq: FORL), a special purpose acquisition company (since 2023); Charlton Aria Acquisition Corporation (Nasdaq: CHARU), a special purpose acquisition company (since October 2024); Pantages Acquisition Corporation (Nasdaq: PGAC), a special purpose acquisition company (since December 2024); and Starry Sea Acquisition Corporation (Nasdaq: SSEA), a special purpose acquisition company (since August 2025). Mr. Markscheid previously served as a director on numerous public boards including Cenntro Inc. (Nasdaq CENN), an electric vehicle manufacturer from 2023 to 2024, UGE International (XTSX:UGE), a solar installation company from August 2019 to July 2023, Fanhua, Inc. (Nasdaq: FANH), a financial services provider from 2007 to 2024, Kingwisoft Technology Services Ltd. (HKSE: 8295.HK), an information technology company from 2016 to 2024, and several special purpose acquisition companies. He is also a trustee emeritus of Princeton-in-Asia. From 1998 to 2006, he worked for GE Capital. During his time with GE Capital, Mr. Markscheid led GE Capital’s business development activities in China and Asia Pacific, primarily acquisitions and direct investments. Prior to GE Capital, Mr. Markscheid worked with the Boston Consulting Group throughout Asia. He was a banker for ten years in London, Chicago, New York, Hong Kong and Beijing with Chase Manhattan Bank and First National Bank of Chicago. Mr. Markscheid began his career with the US-China Business Council, in Washington D.C. and Beijing. He earned a BA in East Asian Studies from Princeton University in 1976, an MA in international affairs from Johns Hopkins University in 1980, and an MBA from Columbia University in 1991, where he was class valedictorian. We believe that Mr. Markscheid’s extensive experience serving on public boards and working with technology companies makes him a qualified candidate to serve on our Board. Mr. Markscheid was a consolidated defendant in his capacity as a director of ChinaCast Education Corporation (“ChinaCast”) in a securities lawsuit filed on May 2, 2012 in the U.S. District Court for the Central District of California, alleging misrepresentation of ChinaCast’s financial conditions and its failure to disclose cash transfers of $120 million to certain officers and directors of ChinaCast. On November 8, 2016, the district court ruled in favor of the class action plaintiffs, finding ChinaCast was liable for $65.8 million. On August 25, 2014, a securities complaint alleging similar violations was also filed in the Delaware Court of Chancery (the “Chancery Court”) by ChinaCast, where Mr. Markscheid was named a third-party defendant. On March 23, 2015, the Chancery Court entered a judgment in favor of the plaintiff, ordering a former director of ChinaCast with damages of $183.3 million caused by breach of fiduciary duty. The former director filed a third party complaint against the other directors, including Mr. Markscheid, which was settled in December 2022. Mr. Markscheid was a defendant in his capacity as a director of JinkoSolar Holding Co. Ltd. (“JinkoSolar”) in a class action securities lawsuit filed in October 2011. The plaintiff alleged the JinkoSolar directors of making materially false and misleading statements regarding its compliance with environmental regulations. The case was settled in March 2016. Mr. Markscheid was a defendant in his capacity as a director of China Integrated Energy, Inc. (“CBEH”) in a class action securities lawsuit filed on June 30, 2011, where the president, officers, directors of CBEH were alleged to have disseminated materially misleading statements and failed to disclose material information concerning the CBEH’s true financial condition and business prospects (“CBEH June 2011 Case”). Mr. Markscheid was also a defendant in his capacity as a director of CBEH in a class action securities lawsuit filed on July 8, 2011, where the officers of CBEH were alleged to have made improper statements regarding its financial results and business operations, caused it to enter into non-accretive acquisitions for entities that they knew were overvalued, failed to implement an effective system of internal and financial controls, and obstructed the CBEH’s audit committee’s independent investigation (“CBEH July 2011 Case”). CBEH June 2011 Case and CBEH July 2011 Case were later consolidated, which was settled in December 2015. 54 Mr. Saul Factor joined our board of directors as an independent director in November 2023. Mr. Factor has over 20 years of experience as a healthcare and pharmaceuticals executive, with experience driving business operations across various countries around the world. Mr. Factor currently serves as president of Factor Healthcare Consulting, a pharmaceuticals consulting company, which he founded in 2020. Prior to that, he served in various roles at different pharmaceuticals and healthcare companies, including serving as president of Smith Drug Company (2017 to 2020), where he directed marketing, sales, operations, and financial functions; executive vice president of strategy at Accord Healthcare (2016 to 2017); president of global sourcing & procurement and senior vice president of Global Generics at McKesson Corporation (2006 to 2016); chief operating officer at RX America, LLC (2003 to 2006); and B2B Brand Manager and Leader at Eli Lily & Company (2000 to 2003). Mr. Factor received a Bachelor of Science in Pharmacy from Northeastern University and a Master of Business Administration (MBA) from the University of New Haven. We believe that Mr. Factor’s executive leadership experience and specialty in fostering corporate growth make him a qualified candidate to serve on our Board. Our Advisory Board We have an Advisory Board comprised of the following individuals: Name Age Title Yman Vien 65 Advisory Board Nominee Dr. Lingyun Gu 48 Advisory Board Nominee Dr. Darryl T. Jenkins 63 Advisory Board Nominee Michael Roberts 74 Advisory Board Nominee The following sets forth certain biographical information with respect to the members of our Advisory Board: Ms. Yman Vien , an advisor of the Company, is a business consultant and financial advisor with 30 years of banking industry experience. Recognized by the American Bankers Association, she has served as Vice President Business Banker at Lakeside Bank where she was responsible for developing new business for deposits and lending activities, managing customer portfolios, and expanding other banking products and services relationships. For 30 years, Ms. Vien worked in the banking industry in various positions including auditor, accountant, president and chief executive officer at local Chicago community banks. Most recently, from 2015 to current, Ms. Vien serves as President at Lotus Financial Partners, which provides financial consulting services to local developers and business owners for raising private funding and obtaining bank financing for real estate development projects. Same time from 2021, Ms. Vien has helped to start an Adult Day Care Service center and In-Home Service programs to seniors. Ms. Vien also served as trustee and treasurer for Ravenswood Health Care Foundation from 2007 to 2018. Ms. Vien received her Bachelor’s Degree in Business Administration Managerial Accounting from Loyola University in 1985. She also received a diploma from the Graduate School of Banking, University of Wisconsin in 2000. She holds real estate and insurance licenses. She is the co-founder and current board member of Chinese Mutual Aid Association, a not for profit organization serving refugees and immigrants in Chicago since 1981. Dr. Lingyun Gu , an advisor of the Company, focuses on the fields of AI, machine learning, and big data, he has published dozens of papers in international journals and has at least 15 invention patents in the United States and China. At the same time, he also has senior leadership experience in building AI companies, as well as TMT investment experience in VC companies, which enables him to combine academic research with business practice. He holds a PhD in School of Computer Science from Carnegie Mellon University. 55 Dr. Darryl T. Jenkins , an advisor of the Company, is a business executive with 30+ years of professional experience building multiple products and companies. He is an experienced senior leader with a history of working in project management, diversity, equity and inclusion, marketing, sales, organizational leadership and information technology. Dr. Jenkins has extensive experience working with non-profit organizations, health care systems, and providers to promote greater health equity through education and research, with a focus in areas of chronic conditions. Dr. Jenkins currently serves as the President of the Judson University Board of Trustees of Elgin, Illinois and CEO of DLJ Consulting Group, a professional consulting firm working in corporate and non-profit sectors in Polarity Thinking™. He has held key leadership positions with Fortune 500 Companies and has led diverse information technology teams and network engineers in national and international project deployments, advanced systems and software integrations. Dr. Jenkins is also a published author. Dr. Jenkins has served on various public and private boards of directors. Dr. Jenkins holds a Bachelor’s Degree from the University of Illinois Chicago, a Masters and Doctorate degrees from Northern Seminary, Lisle, Illinois. Michael Roberts , an advisor of the Company, is currently the President of Westside Holdings LLC, a marketing and brand development company since 2006, and the former Global President and Chief Operations Officer for McDonald’s Corporation (NYSE: MCD) (2004 to 2006), where he also served on the board of directors. As Global President for McDonald’s, Mr. Roberts was responsible for more than 31,000 restaurants in 118 countries. Before assuming this position in 2004, his previous positions at McDonald’s Corporation included Chief Executive Officer, McDonald’s USA (2001 to 2004); and President, West Division, McDonald’s USA (1997 to 2001). Mr. Roberts was the Co-Founder of LYFE Kitchen restaurants, where he created a transformational, socially responsible “lyfestyle” brand whose acronym stands for Love Your Food Everyday. In 2009, Mr. Roberts was the Vice Chairman and a Board Member of the Chicago 2016 Olympic Committee. He was responsible for overseeing marketing and communications activities for the bid from the board level. In addition, he was also active in areas of sponsorship, advertising, grassroots marketing and building the bid’s national and international presence in support of Chicago’s candidacy. Mr. Roberts is also on the board of directors of Lumen Technologies (NYSE: LUMN) (since 2011), a telecommunications company, and a former board member of W.W. Grainger, Inc. (NYSE: GWW), where he also served as Chair of the Compensation Committee and as a member of the Board Affairs and Nominating Committee. and of Lumen Technologies (f/k/a CenturyLink), where he also served as a member of the Nominating and Corporate Governance Committee. Mr. Roberts received his undergraduate degree from Loyola University of Chicago. Family Relationships There are no family relationships between or among any of the current directors, executive officers or persons nominated or charged to become directors or executive officers, except that Mr. Zhenqiang (Michael) Huang and Mr. Zhenwu Huang are brothers. Board Composition Our business and affairs are organized under the direction of our board of directors, which consists of five (5) members. Our directors hold office until the earlier of their death, resignation, removal, or disqualification, or until their successors have been elected and qualified. Our board of directors does not have a formal policy on whether the roles of Chief Executive Officer and chairman of our board of directors should be separate. The primary responsibilities of our board of directors are to provide oversight, strategic guidance, counseling, and direction to our management. Our board of directors meets on a regular basis. 56 In addition, in accordance with the terms of our second amended and restated articles of incorporation and amended and restated bylaws, our board of directors is divided into three (3) classes with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first annual meeting of stockholders) serving a three-year term. The term of office of the first class of directors, which consists of Stephen Markscheid,who was re-elected at our first annual meeting of stockholders held on September 29, 2025, will expire at our fourth annual meeting of stockholders. The term of office of the second class of directors, which consists of Saul Factor and John Shigley, will expire at the second annual meeting of stockholders. The term of office of the third class of directors, which consists of Zhenwu Huang and Zhenqiang Huang, will expire at the third annual meeting of stockholders. We expect that any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. The division of our board of directors into three classes with staggered three-year terms may delay or prevent a change of our management or a change in control. Our second amended and restated articles of incorporation and second amended and restated bylaws provide that the authorized number of directors may be changed only by resolution of our board of directors. Our second amended and restated articles of incorporation and second amended and restated bylaws also provide that our directors may be removed only for cause, and only by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the total voting power of the outstanding shares of capital stock of the Company entitled to vote in the election of directors, voting together as a single class, and that any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office. Director Independence The Nasdaq Marketplace Rules require a majority of a listed company’s board of directors to be comprised of independent directors within one year of listing. In addition, the Nasdaq Marketplace Rules require that, subject to specified exceptions, each member of a listed company’s audit, compensation and nominating and corporate governance committees be independent and that audit committee members also satisfy independence criteria set forth in Rule 10A-3 under the Exchange Act. Under Rule 5605(a)(2) of the Nasdaq Marketplace Rules, a director will only qualify as an “independent director” if, in the opinion of our board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In order to be considered independent for purposes of Rule 10A-3 of the Exchange Act, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee, accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries or otherwise be an affiliated person of the listed company or any of its subsidiaries. 57 Our board of directors has reviewed the composition of our board of directors and its committees and the independence of each director. Based upon information requested from and provided by each director concerning his background, employment and affiliations, including family relationships, our board of directors has determined that each of John Shigley, Stephen Markscheid and Saul Factor is an “independent director” as defined under Rule 5605(a)(2) of the Nasdaq Marketplace Rules and that John Shigley, Stephen Markscheid and Saul Factor are “independent directors.” Our board of directors also determined that John Shigley, Stephen Markscheid and Saul Factor, who are members of our audit committee, Stephen Markscheid and Saul Factor, who are members of our compensation committee, and Stephen Markscheid and Saul Factor, who are members of our nominating and corporate governance committee, satisfy the independence standards for such committees established by the SEC and the Nasdaq Marketplace Rules, as applicable. In making such determinations, our board of directors considered the relationships that each such non-employee director has with our company and all other facts and circumstances our board of directors deemed relevant in determining independence, including the beneficial ownership of our capital stock by each non-employee director. Board Committees Our board of directors has established three standing committees - audit, compensation and nominating and corporate governance - each of which operates under a charter that has been approved by our board of directors. Copies of each committee’s charter are posted on the Investor Relations section of our website, which is located at www.richtechrobotics.com . Each committee has the composition and responsibilities described below. Our board of directors may from time to time establish other committees. Audit Committee Our audit committee consists of John Shigley, who is the chair of the audit committee, Stephen Markscheid and Saul Factor. Our board of directors has determined that each of the members of our audit committee satisfies the Nasdaq Marketplace Rules and SEC independence requirements. The functions of this committee include, among other things: ● evaluating the performance, independence and qualifications of our independent auditors and determining whether to retain our existing independent auditors or engage new independent auditors; ● reviewing and approving the engagement of our independent auditors to perform audit services and any permissible non-audit services; ● reviewing our annual and quarterly financial statements and reports, including the disclosures contained under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and discussing the statements and reports with our independent auditors and management; ● reviewing with our independent auditors and management significant issues that arise regarding accounting principles and financial statement presentation and matters concerning the scope, adequacy and effectiveness of our financial controls; ● reviewing our major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment and risk management is implemented; and ● reviewing and evaluating on an annual basis the performance of the audit committee, including compliance of the audit committee with its charter. Our board of directors has determined that John Shigley qualifies as an “audit committee financial expert” within the meaning of applicable SEC regulations and meets the financial sophistication requirements of the Nasdaq Marketplace Rules. In making this determination, our board has considered his extensive financial experience and business background. Both our independent registered public accounting firm and management periodically meet privately with our audit committee. 58 Compensation Committee Our compensation committee consists of Stephen Markscheid, who is the chair of the compensation committee, and Saul Factor. Our board of directors has determined that each of the members of our compensation committee is an outside director, as defined pursuant to Section 162(m) of the Code, and satisfies the Nasdaq Marketplace Rules independence requirements. The functions of this committee include, among other things: ● reviewing, modifying and approving (or if it deems appropriate, making recommendations to the full board of directors regarding) our overall compensation strategy and policies; ● reviewing and approving the compensation, the performance goals and objectives relevant to the compensation, and other terms of employment of our executive officers; ● reviewing and approving (or if it deems appropriate, making recommendations to the full board of directors regarding) the equity incentive plans, compensation plans and similar programs advisable for us, as well as modifying, amending or terminating existing plans and programs; ● reviewing and approving the terms of any employment agreements, severance arrangements, change in control protections and any other compensatory arrangements for our executive officers; ● reviewing with management and approving our disclosures under the caption “Compensation Discussion and Analysis” in our periodic reports or proxy statements to be filed with the SEC; and ● preparing the report that the SEC requires in our annual proxy statement. Nominating and Corporate Governance Committee Our nominating and corporate governance committee consists of Saul Factor, who is the chair of the compensation committee, and Stephen Markscheid. Our board of directors has determined that each of the members of this committee satisfies the Nasdaq Marketplace Rules independence requirements. The functions of this committee include, among other things: ● identifying, reviewing and evaluating candidates to serve on our board of directors consistent with criteria approved by our board of directors; ● evaluating director performance on the board and applicable committees of the board and determining whether continued service on our board is appropriate; ● evaluating, nominating and recommending individuals for membership on our board of directors; and ● evaluating nominations by stockholders of candidates for election to our board of directors. The compensation committee will take into account may factors in determining recommendations for persons to serve on the board of directors, including the following: ● personal and professional integrity, ethics and values; ● experience in corporate management, such as serving as an officer or former officer of a publicly-held company; 59 ● experience as a board member or executive officer of another publicly-held company; ● strong finance experience; ● diversity of expertise and experience in substantive matters pertaining to our business relative to other board members; ● diversity of background and perspective including, without limitation, with respect to age, gender, race, place of residence and specialized experience; ● experience relevant to our business industry and with relevant social policy concerns; and ● relevant academic expertise or other proficiency in an area of our business operations. Attendance There were nine (9) meetings, exclusive of action by unanimous written consent, of the board of directors held during fiscal year 2025. Each of our directors attended all of the meetings of the board of directors held during fiscal year 2025, while such director was a member of the board of directors. There were four (4) meetings, exclusive of action by unanimous written consent, of the Audit Committee held during fiscal year 2025. Each of the committee members attended all of the meetings of the Audit Committee held during fiscal year 2025 while such committee member served on the Audit Committee. There was one (1) meeting, exclusive of action by unanimous written consent, of the Compensation Committee held during fiscal year 2025. Each of the committee members attended such meeting of the Compensation Committee held during fiscal year 2024. There were zero (0) meetings, exclusive of action by unanimous written consent, of the Nominating and Corporate Governance Committee held during fiscal year 2025. Director Attendance at Annual Meeting of Stockholders We do not have a formal policy regarding the attendance of our board members at our annual meetings of stockholders, but we expect all directors to make every effort to attend any meeting of stockholders. Role of Board in Risk Oversight Process Our co-founder and Chief Executive Officer, Zhenwu (Wayne) Huang, beneficially owns approximately 68% of the voting power of our common stock as of September 30, 2025. Periodically, our board of directors assesses these roles and the board of directors leadership structure to ensure the interests of the Company and our stockholders are best served. Our board of directors has determined that its current leadership structure is appropriate. Zhenwu (Wayne) Huang, as one of our founders and as our Chief Executive Officer, has extensive knowledge of all aspects of the Company, our business and risks. While management is responsible for assessing and managing risks to the Company, our board of directors is responsible for overseeing management’s efforts to assess and manage risk. This oversight is conducted primarily by our full board of directors, which has responsibility for general oversight of risks, and standing committees of our board of directors. Our board of directors satisfies this responsibility through full reports by each committee chair regarding the committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of particular risks within our company. Our board of directors believes that full and open communication between management and the board of directors is essential for effective risk management and oversight. Compensation Committee Interlocks and Insider Participation None of our executive officers serves, or in the past has served, as a member of the board of directors or compensation committee, or other committee serving an equivalent function, of any entity that has one or more executive officers who serve as members of our board of directors or our compensation committee. None of the members of our compensation committee is, or has ever been, an officer or employee of our company. 60 Code of Business Conduct and Ethics We have adopted a written code of business conduct and ethics that applies to our employees, officers and directors. A current copy of the code is posted on the Corporate Governance section of our website, which is located at www.richtechrobotics.com . We intend to disclose future amendments to certain provisions of our code of business conduct and ethics, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, and our directors, on our website identified above or in filings with the SEC. Insider Trading Policy We have adopted a formal policy against insider trading which provides guidelines to all of our directors, officers, employees, and consultants with respect to trading in our securities, as well as the securities of publicly traded companies with whom we have a business relationship. This policy has been designed to prevent insider trading or even allegations of insider trading. Compensation Recovery and Clawback Policy Under the Sarbanes-Oxley Act, in the event of misconduct that results in a financial restatement that would have reduced a previously paid incentive amount, we can recoup those improper payments from our executive officers. The SEC also recently adopted rules which direct national stock exchanges to require listed companies to implement policies intended to recoup bonuses paid to executives if the company is found to have misstated its financial results. On November 13, 2023, our board of directors approved the adoption of the Executive Compensation Clawback Policy (the “Clawback Policy”), with an effective date of October 2, 2023, in order to comply with the final clawback rules adopted by the SEC under the Rule, and the listing standards, as set forth in the Nasdaq Listing Rule 5608 (the “Final Clawback Rules”). The Clawback Policy provides for the mandatory recovery of erroneously awarded incentive-based compensation from our current and former executive officers as defined in the Rule (“Covered Officers”) in the event that we are required to prepare an accounting restatement, in accordance with the Final Clawback Rules. The recovery of such compensation applies regardless of whether a Covered Officer engaged in misconduct or otherwise caused or contributed to the requirement of an accounting restatement. Under the Clawback Policy, our board of directors may recoup from the Covered Officers erroneously awarded incentive compensation received within a lookback period of the three completed fiscal years preceding the date on which we are required to prepare an accounting restatement. 61 Section 16(a) Beneficial Ownership Reporting Compliance Section 16(a) of the Exchange Act requires our directors, executive officers and ten percent stockholders to file initial reports of ownership and reports of changes in ownership of our common stock with the Commission. Directors, executive officers and ten percent stockholders are also required to furnish us with copies of all Section 16(a) forms that they file. Based solely on our review of such forms furnished to us and written representations from certain reporting persons, we believe that during the year ended September 30, 2025, all reports applicable to our executive officers, directors and greater than 10% beneficial owners were filed in a timely manner in accordance with Section 16(a) of the Exchange Act, except as set forth below: ● Phil Zheng, Chief Operating Officer, failed to timely file his Form 4 twice. ● John Shigley, a director, failed to timely file its Form 4 twice. ● Stephen Markscheid, a director, failed to timely file its Form 4 twice. ● Saul Factor, a director, failed to timely file its Form 4 twice. ITEM 11. Executive Compensation This section discusses the material components of the executive compensation program for our named executive officers for the years ended September 30, 2025 and 2024. Individuals we refer to as our “named executive officers” include our Chief Executive Officer and our two other most highly compensated executive officers whose salary and bonus for services rendered in all capacities exceeded $100,000 during the fiscal year ended September 30, 2025. Our named executive officers are: ● Zhenwu (Wayne) Huang Chief Executive Officer ● Matthew Casella President ● Phil Zheng Chief Operating Officer 62 Summary Compensation Table The following table presents the compensation awarded to or earned by our named executive officers during the fiscal years ended September 30, 2025 and 2024. Name and Principal Position Year (FY) Salary ($) Bonus ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($) Total ($) Zhenwu (Wayne) Huang 2025 $ 126,000 - - - - - $ 126,000 CEO 2024 120,000 - - - - - 120,000 Phil Zheng 2025 125,389 - - - - - 125,389 COO 2024 133,717 - - - - - 133,717 Matthew Casella 1 2025 185,000 - - - - - 185,000 President 2024 168,654 - - - - - 168,654 1. Matthew Casella resigned on December 2, 2025. Narrative to Summary Compensation Table Employment Agreements For the fiscal year ended September 30, 2025, the Company maintained written employment agreements with its Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and President. These employment agreements set forth the terms and conditions of employment, including compensation, benefits, and certain post-termination obligations. Each agreement provides for paid holidays, health insurance eligibility, and severance benefits, if any, as required by applicable law. Following termination of employment, the executives agreed to refrain from (i) hiring or attempting to hire any current employees of the Company; and (ii) soliciting business from current clients or clients who have retained the Company in the 6-month period immediately preceding the employment termination. Agreement with Chief Executive Officer The CEO employment agreement was entered as of July 1, 2016. Initially, the CEO annual base salary was $120,000, and for the fiscal year ended September 30, 2025, the annual base salary for Mr. Zhenwu (Wayne) Huang was $126,000. Upon termination of employment without cause, the Company is required to pay to Mr. Zhenwu (Wayne) Huang an amount as required by the Employment Standards Act 2000 or other such legislation as may be in effect at the time of termination. This payment shall constitute the employee’s entire entitlement arising from said termination. The agreement provides for a non-solicitation period of six (6) months following the termination of employment. 63 Agreement with Chief Operating Officer The COO employment agreement was entered as of July 2, 2020. Initially, Mr. Zheng was paid an hourly rate of $50 per hour, and for the fiscal year ended September 30, 2024, the annual base salary for Mr. Zheng was $133,717. On November 20, 2024, Mr. Zheng was granted 200,000 shares of Class B common stock. Upon termination of employment without cause, the Company is required to pay to Mr. Zheng an amount as required by the Employment Standards Act 2000 or other such legislation as may be in effect at the time of termination. This payment shall constitute the employee’s entire entitlement arising from said termination. The agreement provides for a non-solicitation period of six (6) months following the termination of employment. On November 20, 2024, Mr. Zheng was granted 200,000 shares of Class B common stock. Agreement with President The President employment agreement was entered as of August 15, 2023.The agreement entitles the President to an annual base salary of $100,000. For the fiscal year ended September 30, 2025, the annual base salary for Mr. Casella was $185,000. Under the terms of the agreement, the annual stock option grant will follow a “50+70” plan, where 50,000 shares will be granted as vested stock options after one year of service, and an additional 70,000 shares will be granted based on the completion of annual performance targets. On November 20, 2024, Mr. Casella was granted 60,000 shares of Class B common stock. Upon termination of employment without cause, the Company is required to pay to Mr. Casella an amount as required by the Employment Standards Act 2000 or other such legislation as may be in effect at the time of termination. This payment shall constitute the employee’s entire entitlement arising from said termination. The agreement provides for a non-competition and period of twelve (12) months following the termination of employment and an indefinite non-solicitation restriction. On December 2, 2025, Matthew Casella resigned from his position of President of the Company, effective immediately. Mr. Casella’s departure was not in connection with any disagreements with the Company. In connection with Mr. Casella’s transition, the Company has entered into a mutual separation agreement (the “Separation Agreement”) with Mr. Casella, pursuant to which the company shall pay Mr. Casella (i) $32,019.23, representing payment for severance, earned personal time off and accrued unpaid salary, (ii) a performance bonus of $35,000, and (iii) 60,000 restricted shares of Class B common stock of the Company. Pursuant to the Separation Agreement, Mr. Casella will continue to serve as a consultant to the Company for a period of twelve (12) months following his separation date, in consideration for which the Company will pay him 50,000 restricted shares of Class B common stock, to be issued in four (4) equal installments on a quarterly basis through December 2026. Further, the Company has waived and released Mr. Casella from any non-competition restrictions contained in prior employment agreements, but Mr. Casella will continue to be subject to other applicable continuing obligations post-employment under his original employment agreement with the Company. The Separation Agreement also contains a mutual release of claims. 64 Outstanding Equity Awards at Fiscal Year-End Table The following table summarizes the number of shares of common stock underlying outstanding equity incentive plan awards for each named executive officer as of September 30, 2025. Name Number of Securities Underlying Unexercised Options (# exercisable) Number of Securities Underlying Unexercised Options (# unexercisable) Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options Option Exercise Price Option Expiration Date Number of shares or units of stock that have not yet vested Zhenwu (Wayne) Huang CEO - - - $ - - - Phil Zheng COO - - - - - - Matthew Casella President - - - - - - Incentive Plan On October 1, 2025, our Board and the holders of a majority of the voting power of the outstanding Class B common stock of the Company adopted resolutions by written consent to approve and adopt the Second Amended and Restated Richtech Robotics Inc. 2023 Stock Option Plan (the “Incentive Plan”), pursuant to the Company’s second amended and restated bylaws and Nevada law. The principal purposes of the Incentive Plan are to: (a) attract and retain the best available personnel for positions of substantial responsibility; (b) provide additional incentive to employees, directors, and consultants; and (c) promote the success of the business of the Company. The following description of the principal terms of the Incentive Plan is a summary of the terms of the Incentive Plan and is qualified in its entirety by the full text of the Incentive Plan. Administration of the Incentive Plan Our Board or a committee appointed by the Board will administer the Incentive Plan. The plan administrator has broad authority to: ● select participants and determine the types of awards that they are to receive; ● determine the number of shares that are to be subject to awards and the terms and conditions of awards, including the price (if any) to be paid for the shares or the award and establish the vesting conditions (if applicable) of such shares or awards; ● cancel, modify, or waive our rights with respect to, or modify, discontinue, suspend, or terminate any or all outstanding awards, subject to any required consents; ● reduce the exercise price of an option if the fair market value of shares covered by such option has declined since the date the option was granted; ● determine whether an option will be settled in cash instead of shares; and ● construe and interpret the terms of the Incentive Plan and any agreements relating to the Incentive Plan. Shares Subject to the Incentive Plan An aggregate of 6,000,000 shares was initially reserved under the original Incentive Plan. An aggregate of 14,311,215 shares of Class B common stock was reserved for issuance under the amended and restated Incentive Plan (including the 6,000,000 shares originally reserved). Effective as of November 1, 2025, an additional 8,311,215 shares were reserved for issuance under the second amended and restated Incentive Plan. As of September 30, 2025, 876,658 shares remained available for issuance under the Incentive Plan (which amount does not include the additional 8,311,215 shares). If an option should expire or become unexercisable for any reason without having been exercised in full or no shares are issued with respect to an award, the shares underlying that award will again become available for issuance under the Incentive Plan. All of the shares available under the Incentive Plan may be issued upon the exercise of incentive stock options. 65 Participation Employees, directors, and consultants that provide services to us or one of our subsidiaries may be selected to receive awards under the Incentive Plan. Incentive stock options may only be granted under the Incentive Plan to persons who, at the time of the grant, are employees of our Company or our subsidiaries. Types of Awards The Incentive Plan permits the granting of awards in the form of stock options and stock purchase rights, which include restricted stock awards and restricted stock units. Stock Options. A stock option entitles the recipient to purchase shares of Class B common stock at a fixed exercise price. The exercise price per share will be determined by the plan administrator in the applicable award agreement in its sole discretion at the time of the grant. The exercise price can be paid in cash, check, net exercise, any consideration permissible under applicable law, or any combination of the foregoing. The maximum term of each stock option shall be fixed by the plan administrator, but in no event shall an option be exercisable more than ten (10) years after the date such option is granted. The plan administrator may grant share options that qualify as “incentive stock options,” as described in Section 422 of the Code. The exercise price per share for an incentive stock option may not be less than 100% of the fair market value of a share of Class B common stock on the date of the grant. However, for an incentive stock option granted to a person possessing more than 10% of the total combined voting power of all classes of our shares, the exercise price may not be less than 110% of the fair market value of a share of Class B common stock on the date of grant and the option term may not exceed five (5) years. The aggregate fair market value of all shares with respect to which incentive stock options are exercisable by any one individual participant for the first time during any calendar year (under all of the plans of the Company, including the Incentive Plan), measured at the date of the grant, may not exceed $100,000. Restricted Stock. A restricted stock award is an award of Class B common stock that vests in accordance with the terms and conditions established by the plan administrator. The plan administrator will determine the persons to whom grants of restricted stock are made, the number of shares to be awarded, the price (if any) to be paid for the restricted stock, the time or times within which awards of restricted stock may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of restricted stock awards. Restricted Stock Units. Restricted stock units are the right to receive shares of Class B common stock at a future date in accordance with the terms of such grant upon the attainment of certain conditions specified by the plan administrator. Restrictions or conditions could include, but are not limited to, the attainment of performance goals, continuous service with our Company, the passage of time, or other restrictions or conditions. The plan administrator determines the persons to whom grants of restricted stock units are made, the number of restricted stock units to be awarded, the time or times within which awards of restricted stock units may be subject to forfeiture, the vesting schedule and rights to acceleration thereof, and all other terms and conditions of the restricted stock unit awards. The holders of restricted stock units will have no voting rights. Prior to settlement or forfeiture, restricted stock units awarded under the Incentive Plan may, at the plan administrator’s discretion, provide for a right to dividend equivalents. Such right entitles the holder to be credited with an amount equal to all dividends paid on one share of Class B common stock while each restricted stock unit is outstanding. Dividend equivalents may be converted into additional restricted stock units. Settlement of dividend equivalents may be made in the form of cash, shares, other securities, other property, or a combination of the foregoing. Prior to distribution, any dividend equivalents shall be subject to the same conditions and restrictions as the restricted stock units to which they are payable. Equitable Adjustments In the event of a stock split, reverse stock split, stock dividend, combination, recapitalization or reclassification of shares of Class B common stock, the maximum number and kind of shares reserved for issuance or with respect to which awards may be granted under the Incentive Plan will be adjusted to reflect such event, and the plan administrator will make such adjustments as it deems appropriate and equitable in the number, kind, and exercise price of shares covered by outstanding awards made under the Incentive Plan. 66 Change in Control In the event of any proposed change in control (as described in the Incentive Plan), the plan administrator will take any action as it deems appropriate, which action may include, without limitation, the following: (i) the continuation of any award, if the Company is the surviving corporation; (ii) the assumption of any award by the surviving corporation or its parent or subsidiary; (iii) the substitution by the surviving corporation or its parent or subsidiary of equivalent awards; or (iv) accelerated vesting of the award and a limited period during which to exercise the award prior to closing of the change in control. Transferability An award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner, other than by will or by the laws of descent or distribution, and may be exercised or purchased during the lifetime of the participant, only by the participant. Term The Incentive Plan became effective upon adoption by the Board on November 16, 2023 and, unless terminated, the Incentive Plan will continue in effect for a term of ten (10) years. Amendment and Termination Our Board may amend, alter, suspend, or discontinue the Incentive Plan at any time. Any such termination will not affect outstanding awards. No amendment, alteration, suspension, or discontinuation of the Incentive Plan will impair the rights of any participant without the participant’s consent. Director Compensation Non-employee directors receive annual awards of restricted shares of Class B common stock. In fiscal year 2025, our non-employee directors each received an aggregate of 28,000 shares of our Class B common stock, which vested as described below. Subsequent awards may be adjusted by the compensation committee of the board of directors based on then-current market conditions considering the size of the Company. We will also reimburse our non-employee directors for certain expenses incurred in connection with their duties as directors of the Company. On November 20, 2024, the Company issued 10,000 shares of its Class B common stock to each of its non-employee directors. These shares were issued at a price of $0.53 per share, reflecting the closing market price on the date of grant, and vested immediately. On February 17, 2025, the Company granted a total of 18,000 restricted shares of Class B common stock to each of its non-employee directors at a grant date fair value of $2.75 per share. These shares vested in three equal installments of 6,000 shares on February 17, 2025, May 17, 2025, and August 17, 2025. The total value of the stock issued to each director during the fiscal year was $54,800. The following table shows the compensation paid to our non-employee directors during the year ended September 30, 2025. Name (1) Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) Nonequity incentive plan compensation ($) Nonqualified deferred compensation earnings ($) All other compensation ($) Total ($) John Shigley $ - 54,800 - - - - $ 54,800 Stephen Markscheid - 54,800 - - - - 54,800 Saul Factor - 54,800 - - - - 54,800 (1) As of September 30, 2025, none of the non-employee directors held any outstanding stock or option awards. 67 Limitation of Liability and Indemnification Matters The Company’s second amended and restated articles of incorporation and second amended and restated bylaws limit the directors’ liability and may indemnify directors and officers to the fullest extent permitted under the NRS 78.7502-NRS 78.751. Nevada law, NRS 78.138, provides that the Company’s directors and officers will not be personally liable to us, our stockholders or our creditors for damages for any act or omission in his or her capacity as a director or officer other than in circumstances where the director or officer breaches his or her fiduciary duty to us or our stockholders and such breach involves intentional misconduct, fraud or a knowing violation of law and the trier of fact determines that the presumption that he or she acted in good faith, on an informed basis and with a view to the interests of the corporation has been rebutted, or with respect to payment of dividends in violation of the NRS. While Nevada law allows the articles of incorporation of a corporation to provide for greater liability of the corporation’s directors and officers, our second amended and restated articles of incorporation does not provide for greater liability of our officers and directors than is provided under Nevada law. Nevada law allows a corporation to indemnify officers and directors for actions pursuant to which a director or officer either would not be liable pursuant to the limitation of liability provisions of Nevada law or where he or she acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to our best interests, and, in the case of an action not by or in the right of the corporation and with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. As permitted by Nevada law or our second amended and restated articles of incorporation, our second amended and restated bylaws (a) include provisions that eliminate the personal liability of our directors or officers for damages resulting from certain breaches of fiduciary duties as a director or officer; (b) require the Company to indemnify and hold harmless any officer or director against all expense, liability and loss (including, without limitation, attorneys’ fees, judgments, fines, taxes, penalties, and amounts paid or to be paid in settlement) reasonably incurred or suffered by the indemnitee in connection with any threatened, pending, or completed action, suit or proceeding (including, without limitation, an action, suit or proceeding by or in the right of the company), whether civil, criminal, administrative, or investigative; and (c) require us to advance expenses of the indemnitee as such expenses are incurred upon receipt of an undertaking by or on behalf of the indemnitee to repay the amount if it is ultimately determined by a court of competent jurisdiction that he or she is not entitled to be indemnified by the Company. The effect of these provisions is to restrict our rights and the rights of our stockholders in derivative suits to recover damages against a director or officer for breach of fiduciary duties as a director or officer. In addition, the Company pays the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. These limitations of liability do not apply to liabilities arising under federal securities laws and do not affect the availability of equitable remedies such as injunctive relief or recession. We have obtained a directors’ and officers’ insurance policy pursuant to which our directors and officers are insured against liability for actions taken in their capacities as directors and officers. ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth certain information concerning the ownership of our Class A common stock and Class B common stock as of January 20, 2026, with respect to: (i) each person, or group of affiliated persons, known to us to be the beneficial owner of more than five percent of our Class A common stock and Class B common stock; (ii) each of our directors; (iii) each of our named executive officers; and (iv) all of our current directors and executive officers as a group. 68 Applicable percentage ownership is based on an aggregate of 215,095,973 shares of our common stock, consisting of (i) 39,934,846 shares of our Class A common stock and (ii) 175,161,127 shares of our Class B common stock outstanding as of January 20, 2026. We have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of securities to persons who possess sole or shared voting or investment power with respect to such securities. In addition, pursuant to such rules, we deemed outstanding shares of Class B common stock subject to options or warrants held by that person that are currently exercisable or exercisable within 60 days of the date of January 20, 2026. We did not deem such shares outstanding, however, for the purpose of computing the percentage ownership of any other person. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the beneficial owners named in the table below have sole voting and investment power with respect to all shares of our Class A common stock and Class B common stock that they beneficially own, subject to applicable community property laws. Name of Beneficial Owner (1) Shares of Class A Common Stock Shares of Class B Common Stock % of Total Voting Power Executive Officers and Directors Zhenwu Huang (2) 30,308,000 220,000 52.77 % Zhenqiang Huang (3) 7,892,000 220,000 13.77 % Phil Zheng (4) - 1,378,000 * John Shigley (5) - 52,000 * Stephen Markscheid (6) - 52,000 * Saul Factor (7) - 52,000 * All officers and directors as a group (6 individuals) 38,200,000 1,974,000 66.54 % 5% Stockholders N/A * Less than 1% (1) Unless noted otherwise, the address of all listed stockholder is 2975 Lincoln Rd, Las Vegas, NV 89115. Each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise. (2) Includes 400,000 restricted shares of Class B common stock granted by the board of directors on December 4, 2025, which shares vested immediately and which are issuable within 60 days of the date hereof, less 180,000 shares of Class B common stock to be withheld by the Company for tax purposes. (3) Includes 400,000 restricted shares of Class B common stock granted by the board of directors on December 4, 2025, which shares vested immediately and which are issuable within 60 days of the date hereof, less 180,000 shares of Class B common stock to be withheld by the Company for tax purposes (4) Includes 600,000 restricted shares of Class B common stock granted by the board of directors on December 4, 2025, which shares vested immediately and which will be issued within 60 days of the date hereof, less 222,000 shares of Class B common stock to be withheld by the Company for tax purposes (5) Includes 6,000 restricted shares of Class B common stock granted by the board of directors on October 20, 2025, which shares vested immediately and which will be issued within 60 days of the date hereof, and excludes 18,000 shares underlying RSAs that will vest in three equal quarterly installments over the remainder of the fiscal year ending September 30, 2026. (6) Includes 6,000 restricted shares of Class B common stock granted by the board of directors on October 20, 2025, which shares vested immediately and which will be issued within 60 days of the date hereof, and excludes 18,000 shares underlying RSAs that will vest in three equal quarterly installments over the remainder of the fiscal year ending September 30, 2026. (7) Includes 6,000 restricted shares of Class B common stock granted by the board of directors on October 20, 2025, which shares vested immediately and which will be issued within 60 days of the date hereof, and excludes 18,000 shares underlying RSAs that will vest in three equal quarterly installments over the remainder of the fiscal year ending September 30, 2026. Changes in Control None. 69 ITEM 13. Certain Relationships and Related Transactions, and Director Independence None. ITEM 14. Principal Accounting Fees and Services The following table sets forth the fees billed by our independent accountants, Bush & Associates CPA LLC (“Bush & Associates”) for the years ended September 30, 2025 and 2024. Year Ended September 30, 2025 2024 Audit fees $ 100,000 $ 70,000 Audit-related fees 20,000 18,000 Tax fees - - All other fees - - Audit Fees Audit fees consist of fees for professional services rendered for the audit of our year-end financial statements and services that are normally provided by Bush& Associates in connection with regulatory filings. The aggregate fees of Bush & Associates for professional services rendered for the audit of our annual financial statements, review of the financial information include in our filings with the SEC for the years ended September 30, 2025 and 2024 totaled approximately $100,000 and $70,000, respectively. The above amounts include interim procedures and audit fees, as well as attendance at audit committee meetings. Audit-Related Fees Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultations concerning financial accounting and reporting standards. We paid Bush & Associates $20,000 and $18,000 for consultations concerning financial accounting and reporting standards for the years ended September 30, 2025 and 2024, respectively. Tax Fees We did not pay Bush & Associates for tax services, planning or advice for the years ended September 30, 2025 and 2024. All Other Fees We did not pay Bush & Associates for any other services for the years ended September 30, 2025 and 2024. Procedures For Board of Directors Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditor Our audit committee was formed upon the consummation of our initial public offering. As a result, the audit committee did not pre-approve all of the foregoing services, although any services rendered prior to the formation of our audit committee were approved by our board of directors. Since the formation of our audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services and permitted non-audit services to be performed for us by our auditors, including the fees and terms thereof (subject to the de minimis exceptions for non-audit services described in the Exchange Act which are approved by the audit committee prior to the completion of the audit). 70 PART IV ITEM 15. Exhibits and Financial Statements Schedules (a) The following documents are filed as part of this Report: (1) Financial Statements Page Report of Independent Registered Public Accounting Firm (PCAOB ID 6797) F-2 Balance Sheets F-7 Statements of Operations F-8 Statements of Stockholders’ Equity F-10 Statements of Cash Flows F-12 Notes to Financial Statements F-13 F- 1 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and the Board of Directors of Richtech Robotics, Inc. Las Vegas, Nevada OPINION ON THE FINANCIAL STATEMENTS We have audited the accompanying consolidated balance sheets of Richtech Robotics, Inc. and Subsidiaries (the “Company”) as of September 30, 2025, and 2024, and the related consolidated statements of operations, equity, and cash flows for the years then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025, and 2024, and the results of their operations and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America. BASIS FOR OPINION These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Richtech Robotics, Inc. is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion EXPLANATORY PARAGRAPH – RESTATEMENT AND REISSUANCE (BIG R) As discussed in Note 2, “Restatement of Previously Issued Financial Statements,” to the consolidated financial statements, the Company determined that its previously issued consolidated financial statements for the years ended September 30, 2025, and 2024 contained material errors related to the accounting for warrants, derivative instruments, and depreciation. The accompanying consolidated financial statements as of and for the years ended September 30, 2025, and 2024 have been restated to correct these errors. We originally issued our report on the consolidated financial statements as of and for the years ended September 30, 2025, and 2024 on January 20, 2026, which was included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025. That report should no longer be relied upon because it has been superseded by this report, which is being reissued as of August xx, 2026, in connection with Amendment No. 1 to the Company’s Annual Report on Form 10-K for the year ended September 30, 2025, to reflect the restatement described in Note 2. Our procedures with respect to the restatement were limited to auditing the adjustments necessary to correct these errors and evaluating the related disclosures, in accordance with auditing standards of the PCAOB. CRITICAL AUDIT MATTERS The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. CRITICAL AUDIT MATTER: REVENUE RECOGNITION AND DEFERRED REVENUE Description of the Matter: We identified revenue recognition and deferred revenue as critical audit matter. Richtech Robotics, Inc. generates revenue primarily through direct sales of branded robotic products to customers. The Company also generates revenue from Robots-as-a-Service (RaaS). which provide customers with ongoing access to their robotic solutions under long-term contracts. For RaaS agreements, revenue is recognized over time on a monthly basis as the services are provided and the customer benefits from the use of the robotic solutions. The transaction price is typically fixed and allocated evenly across the contract term unless specific usage-based considerations are included. Revenue recognition begins once the robots are installed and operational at the customer’s site. F- 2 The Company’s revenue recognition process involves significant judgment in several areas: 1. Identifying performance obligations in customer contracts 2. Determining the timing of control transfer to customers 3. Measuring and allocating the transaction price 4. Assessing the probability of collecting consideration from customers 5. Determining the appropriate period over which to recognize revenue related to RaaS and other subscription or service arrangements and the related classification and measurement of deferred revenue. Given the complexity of the Company’s revenue recognition policy, which adheres to ASC 606, auditing revenue recognition and deferred revenue required extensive audit effort and a high degree of auditor judgment. How the Critical Audit Matter Was Addressed in the Audit The audit procedures performed to address this critical audit matter included, among others: 1. Evaluating the Company’s revenue recognition and deferred revenue policy for compliance with ASC 606 2. Selecting samples of customer contracts from each significant revenue stream, which involved: a. Inspecting executed contracts, customer purchase orders, amendments, and related documentation to evaluate management’s identification of performance obligations and the terms that affect revenue recognition. b. Evaluating management’s conclusions regarding whether performance obligations are satisfied at a point in time or over time, including the basis for recognizing RaaS and other subscription revenue over the contract term. c. Testing the allocation of consideration to multiple performance obligations d. Recomputing revenue recognized for sampled contracts and agreeing significant elements to underlying evidence, including delivery documentation, installation or acceptance records, and subsequent cash receipts. e. Recalculating deferred revenue balances at the reporting date for sampled contracts. f. Comparing the pattern of revenue recognition to contract terms, service schedules, and customer usage or billing data, as applicable. 3. Performing substantive analytical procedures to identify unusual revenue trends 4. Assessing the Company’s disclosures related to revenue recognition and deferred revenue in the financial statements Auditor’s Evaluation: Our procedures included evaluating the Company’s revenue recognition and deferred revenue policy for compliance with ASC 606, verifying transactions through inspection of sales contracts and other related documentation, and evaluating management’s conclusions regarding whether performance obligations are satisfied at a point in time or over time. F- 3 CRITICAL AUDIT MATTER: INTANGIBLE ASSETS ISSUED FOR SHARES VALUATION Description of the Matter: Richtech Robotics Inc. issued shares as consideration for certain technology-related and other identifiable intangible assets during the year and recognized those assets at fair value at the acquisition date. The valuation of these intangible assets was a critical audit matter because: 1. The transaction involved non-cash consideration (equity instruments), requiring management to determine the fair value of the shares issued at the measurement date and to allocate the value to the acquired intangible assets. 2. The fair value of the intangible assets depended on highly judgmental assumptions, including projected revenues and margins from the related technologies, expected adoption and commercialization timelines, and assumptions about technology life cycles and customer behavior. 3. These intangible assets are significant to the consolidated financial statements and are subject to impairment or recoverability assessments that involve significant management judgment in estimating future cash flows, selecting appropriate discount rates, and determining other key valuation assumptions such as projected revenue growth, margin expansion, and technology life cycles. Changes in these assumptions could have a material effect on the carrying value of the intangible assets and on the related amortization or impairment charges recognized in the consolidated financial statements. These matters involved a high degree of auditor judgment and the use of specialists, especially because relatively small changes in the key assumptions could have a significant effect on the recognized amounts of intangible assets, related amortization, and any potential impairment in future periods. How the Critical Audit Matter Was Addressed in the Audit The audit procedures performed to address this critical audit matter included, among others: 1. Evaluating the Company’s intangible asset valuation processes, which include the determination of the fair value of the shares issued at the measurement date. 2. Assessing the appropriateness of management’s valuation methodologies for the intangible assets recognized for share-based consideration, including whether the methods were consistent with the applicable financial reporting framework and with commonly used techniques for technology- and customer-related assets. 3. Inspecting supporting documentation for the share issuance and the agreed transaction terms and comparing the share price used by management to observable market prices for the company’s shares at or near the measurement date, and considering trading volumes and any relevant market events. 4. With the assistance of valuation specialists, evaluating the reasonableness of key valuation assumptions for the intangible assets 5. Assessing whether the estimated useful lives and technological obsolescence assumptions were consistent with contractual terms, expected product life cycles, and industry practices. Auditor’s Evaluation: Our procedures supported the reasonableness of management’s valuation of the intangible assets recognized in connection with the issuance of shares and the related disclosures in the financial statements. F- 4 CRITICAL AUDIT MATTER: WARRANT LIABILITIES Description of the Matter: We identified the classification and valuation of the Company’s warrants as a critical audit matter. As described in Notes 2, 3, 11 and 12 to the consolidated financial statements, the Company issued multiple tranches of warrants in connection with its initial public offering, a registered public offering, and a warrant exercise inducement transaction, including Public Offering Warrants, Pre-Funded Warrants, Common Inducement Warrants, Placement Agent Warrants, Placement Agent Inducement Warrants, and Representative’s Warrants. Depending on their terms, these instruments were classified as liabilities, mezzanine equity, or permanent equity. We identified the classification and valuation of the Company’s warrants as a critical audit matter because: 1. Determining the appropriate balance sheet classification required management to evaluate the contractual terms of each warrant agreement, including fundamental transaction, change-in-control, and cash settlement provisions that are not solely within the Company’s control, against the requirements of ASC 480, Distinguishing Liabilities from Equity, ASC 815-40, Derivatives and Hedging — Contracts in Entity’s Own Equity, and, for warrants issued as consideration for placement agent and underwriting services, ASC 718, Compensation — Stock Compensation. Warrants with redemption features outside the Company’s control required presentation in mezzanine equity under ASC 480-10-S99 and SEC Accounting Series Release No. 268. Relatively similar contractual terms produced materially different accounting outcomes, and the classification conclusion determined whether subsequent changes in fair value affected earnings. 2. The liability-classified warrants were valued using a Black-Scholes option pricing model incorporating significant unobservable inputs, principally expected volatility of 95.1% to 100.8% and expected terms of 3.93 to 4.36 years as of September 30, 2025. Expected volatility was derived from a combination of implied volatility of the Company’s Class B common stock and historical volatility of comparable public companies, requiring judgment in selecting the guideline companies and weighting the inputs. As disclosed by management, changes in these unobservable inputs could result in a significantly higher or lower fair value measurement. 3. The Company restated its previously issued annual and interim financial statements, and management identified a material weakness in internal control over financial reporting relating to the accounting for complex financing transactions, including the liability or equity classification of warrants. This increased the risk of material misstatement and the extent of audit effort required, including with respect to the completeness and accuracy of the restatement adjustments and the related disclosures. How the Critical Audit Matter Was Addressed in the Audit 1. Obtaining an understanding of, and evaluating the design of, the Company’s process and controls over the identification, classification, initial recognition, and subsequent measurement of warrants, including management’s remediation activities in response to the identified material weakness, and designing our substantive procedures to respond to the assessed risks arising from that material weakness. 2. Obtaining and reading the underlying agreements for each warrant tranche — including the securities purchase agreement, forms of pre-funded, common, placement agent, inducement, and underwriter warrants, and the warrant exercise inducement offer letter — and independently evaluating the settlement, fundamental transaction, and cash redemption provisions against the classification criteria in ASC 480, ASC 815-40, and ASC 718. 3. Evaluating management’s technical accounting memoranda supporting the liability, mezzanine equity, and permanent equity classification conclusions, including the conclusion that the Mezzanine Equity Warrants were not currently redeemable as of each balance sheet date and therefore required no adjustment to redemption value. 4. Testing the completeness of the warrant population by inspecting board and committee minutes, Current Reports on Form 8-K and registration statements, cash receipts, share issuance records, and the transfer agent’s records, and reconciling warrant issuances, exercises, and outstanding balances to the rollforward schedules in Note 12. F- 5 5. With the assistance of professionals with specialized skill and knowledge in valuation: a. Evaluating the appropriateness of the Black-Scholes option pricing model for the Public Offering Warrants and Common Inducement Warrants, and the use of observable market prices for the Pre-Funded Warrants classified within Level I. b. Testing the completeness and accuracy of the model inputs by agreeing the stock price to quoted market prices, the exercise price and contractual term to the executed warrant agreements, and the risk-free interest rate to published U.S. Treasury yields at the issuance and measurement dates. c. Evaluating the reasonableness of expected volatility, including the selection of comparable publicly traded companies and the weighting of implied and historical volatility, and developing an independent range of fair value estimates for comparison to management’s recorded amounts. d. Performing sensitivity analyses over expected volatility and expected term to assess the effect of reasonably possible changes in those assumptions on the recorded warrant liability and the related change in fair value recognized in earnings. 6. Recomputing the issuance-date fair values, the change in fair value recognized in other income (loss), the amounts derecognized upon exercise, and the related charges to additional paid-in capital, and testing the allocation of issuance costs between the liability- and equity-classified instruments. 7. Testing the effect of the warrant-related restatement adjustments on the annual and interim periods presented, including the presentation of mezzanine equity and the reclassification of amounts previously recorded in additional paid-in capital. 8. Evaluating whether the Company’s disclosures in Notes 2, 3, 11 and 12 appropriately describe the classification basis, valuation technique, significant unobservable inputs, fair value hierarchy levels, rollforwards, and the sensitivity of the measurement to changes in unobservable inputs, in accordance with ASC 820 and ASC 815-40-50. Auditor’s Evaluation: Our procedures supported the reasonableness of management’s classification of the warrants as liabilities, mezzanine equity, and permanent equity, and the fair value measurements of the liability-classified warrants recorded as of September 30, 2025 and 2024, as restated, and the related disclosures in the consolidated financial statements. /s/ Bush & Associates CPA LLC We have served as the Company’s auditor since 2023. Henderson, Nevada August 7, 2026 PCAOB ID Number 6797 F- 6 RICHTECH ROBOTICS INC. Consolidated Balance Sheets September 30, 2025 and 2024 (in thousands, except share and per share data) 2025 (Restated) 2024 (Restated) ASSETS Current assets: Cash and cash equivalents $ 185,574 $ 14,566 Short term investment 66,363 15,940 Accounts receivable, (net of allowance for doubtful accounts) 1,780 1,359 Inventory 1,124 1,028 Prepaid expenses and other current assets 429 33 Total current assets 255,270 32,926 Property and equipment, net 5,794 842 Notes receivable 523 - Operating lease right-of-use-assets 731 506 Intangible assets, net 10,715 7,620 Other assets, non-current 640 740 Total assets $ 273,673 $ 42,634 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 397 $ 150 Deferred revenue 248 - Accrued expenses and other payables 1,376 97 Short-term loan - 53 Tax payables 55 5 Operating lease liabilities, current 301 150 Warrant liabilities 19,285 6,940 Total current liabilities 21,662 7,395 Deferred income taxes - 108 Long-term payables 118 102 Operating lease liabilities, non-current 429 356 Total liabilities 22,209 7,961 Commitments and contingencies (Note 14) Mezzanine equity 634 786 Stockholders’ equity: Class A Common stock, $ 0.0001 par, 100,000,000 shares authorized as of September 30, 2025 and September 30, 2024, 39,934,846 shares issued and outstanding as of September 30, 2025 and 2024, respectively. $ 4 $ 4 Class B Common stock, $ 0.0001 par, 200,000,000 shares authorized as of September 30, 2025 and September 30, 2024, 154,656,592 shares and 53,795,254 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively. 16 6 Additional Paid-in Capital 300,701 35,044 Accumulated other comprehensive income 393 - Accumulated deficit ( 50,241 ) ( 1,167 ) Total controlling stockholders’ equity 250,873 33,887 Non-controlling interests ( 43 ) - Total stockholder’s equity 250,830 33,887 Total liabilities, mezzanine equity and stockholder’s equity $ 273,673 $ 42,634 See accompanying Notes to Financial Statement F- 7 RICHTECH ROBOTICS INC. Consolidated Statements of Operations For the years ended September 30, 2025 and 2024 (in thousands, except share and per share data) 2025 (Restated) 2024 (Restated) Revenue, net $ 5,045 $ 4,240 Cost of revenue, net 3,235 1,537 Gross profit 1,810 2,703 Operating expenses: Research and development 3,302 2,635 Sales and marketing 741 1,315 General and administrative 14,967 6,533 Total operating expenses 19,010 10,483 Income (loss) from operations ( 17,200 ) ( 7,780 ) Non-operating income(expense): Investment income 2,177 13 Other income (loss) ( 34,172 ) 7,587 Interest expense, net ( 83 ) ( 762 ) Total other expense ( 32,078 ) 6,838 Loss before income tax expense ( 49,278 ) ( 942 ) Income tax benefit/(expense) 96 ( 426 ) Consolidated net loss ( 49,182 ) ( 1,368 ) Less: Net loss Attributable to Non-Controlling Interest ( 108 ) - Net loss attributable to common stockholders $ ( 49,074 ) $ ( 1,368 ) Basic and diluted net loss per share of common stock $ ( 0.40 ) $ ( 0.02 ) Weighted average shares used to compute basic and diluted net loss per share 121,963,786 69,953,723 See accompanying Notes to Financial Statements. F- 8 RICHTECH ROBOTICS INC. Consolidated statements of Comprehensive Income For the year ended September 30, 2025 and 2024 (in thousands, except share and per share data) 2025 (Restated) 2024 (Restated) Net loss attributable to common stockholders ( 49,074 ) ( 1,368 ) Other comprehensive income: Unrealized net gain on investments, net of tax 393 - Comprehensive loss $ ( 48,681 ) $ ( 1,368 ) See accompanying Notes to Financial Statements. F- 9 RICHTECH ROBOTICS INC Consolidated Statements of Equity For the years ended September 30, 2025 and 2024 (in thousands, except per share data) Accumulated Retained Common stock Additional Other earnings Total Class A Class B Paid-in Comprehensive (Accumulated Shareholders’ Shares Amount Shares Amount Capital Income deficit) NCI equity Balance at September 30, 2023 44,353,846 $ 4 17,813,000 $ 2 $ 4,602 $ - $ 201 $ - $ 4,809 Initial Public offering related expenses - - - - ( 1,435 ) - - - ( 1,435 ) Common stock Issuance for initial public offering* - - 2,142,563 - 10,713 - - - 10,713 Issuance of Common shares for Loan Settlement - - 2,294,114 - 1,300 - - - 1,300 Issuance of Common Shares for Intangible Asset Acquisition - - 4,730,726 1 2,216 - - - 2,217 Issuance of shares upon exercise of warrants for cash - - - 2,937 - - - 2,937 Shares Issued to Employees - - 51,890 - 74 - - - 74 Issuance of new shares for cash - - 22,343,961 2 14,637 - - - 14,639 Conversion from class A to Class B Common stock ( 4,419,000 ) - 4,419,000 1 - - - - 1 Net loss attributable to common stockholders - - - - - - ( 1,368 ) - ( 1,368 ) Balance at September 30, 2024 (Restated) 39,934,846 $ 4 53,795,254 $ 6 $ 35,044 $ - $ ( 1,167 ) $ - $ 33,887 See accompanying Notes to Financial Statements. F- 10 R ICHTECH ROBOTICS INC Consolidated Statements of Equity For the years ended September 30, 2025 and 2024 (in thousands, except per share data) Accumulated Retained Common stock Additional Other earnings Total Class A Class B Paid-in Comprehensive (Accumulated Shareholders’ Shares Amount Shares Amount Capital Income deficit) NCI equity Balance at September 30, 2024 39,934,846 $ 4 53,795,254 $ 6 $ 35,044 $ - $ ( 1,167 ) $ - $ 33,887 Issuance of Common Shares for Intangible Asset Acquisition - - 5,788,849 1 3,701 - - - 3,702 Issuance of shares upon exercise of warrants for cash - - 13,014,899 1 38,433 - - - 38,434 Shares Issued to Employees - - 1,023,040 - 1,089 - - - 1,089 Issuance of new shares for cash - - 79,241,455 8 219,799 - - - 219,807 Shares Issued for services - - 1,793,095 - 2,635 - - - 2,635 Net Loss attributable to NCI - - - - - - - ( 108 ) ( 108 ) Capital Contribution from NCI - - 65 65 Other Comprehensive Income - - - - - 393 - - 393 Net loss attributable to common stockholders - - - - - - ( 49,074 ) - ( 49,074 ) Balance at September 30, 2025 (Restated) 39,934,846 4 154,656,592 16 300,701 393 ( 50,241 ) ( 43 ) 250,830 See accompanying Notes to Financial Statements. F- 11 RICHTECH ROBOTICS INC. Consolidated Statements of Cash Flows For the year ended September 30, 2025 and 2024 (in thousands, except share and per share data) 2025 (Restated) 2024 (Restated) Cash flows from operating Activities: Consolidated net loss $ ( 49,182 ) $ ( 1,368 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 1,387 98 Change in fair value of derivative instruments 34,172 ( 7,587 ) Issuance costs related to warrants 189 690 Amortization of notes payable discount - 120 Stock based compensation 3,724 - Accounts receivable ( 422 ) 4,218 Inventory ( 96 ) ( 207 ) Prepaid expenses and other current assets ( 396 ) ( 16 ) Right-of-use asset ( 225 ) ( 191 ) Accounts payable 247 ( 976 ) Deferred revenue 248 - Tax payable 50 ( 456 ) Accrued expenses and other payable 1,280 ( 82 ) Deferred income taxes ( 108 ) 626 Change in operating lease liabilities 221 190 Net cash used in operating activities $ ( 8,911 ) $ ( 4,941 ) Cash flows from investing activities: Purchase of PPE ( 5,144 ) ( 844 ) Purchase of intangible assets ( 590 ) ( 5,471 ) Purchase of short-term investments ( 50,028 ) ( 15,940 ) Purchase of long-term investments 102 ( 730 ) Notes receivable ( 523 ) - Cash used for lending to related parties - 134 Net cash used in investing activities $ ( 56,183 ) $ ( 22,851 ) Cash flows from financing activities: Payment of loans received from third parties ( 53 ) ( 3,792 ) Contributions from Non-controlling Interests 65 - Payment of issuance cost of ordinary shares ( 2,643 ) Proceeds from warrants exercise 18,909 - Loans received from third parties 16 3,102 Loan settlement - 3,385 Payment of related party debt - ( 238 ) Proceeds from issuance of ordinary shares 219,808 30,182 Proceeds from stockholder capital injection - 9,286 Net Cash provided by financing activities $ 236,102 $ 41,925 Net change in cash and cash equivalents 171,008 14,133 Cash, cash equivalents and restricted cash at beginning of the period $ 14,566 $ 433 Cash, cash equivalents and restricted cash at end of the period $ 185,574 $ 14,566 Supplemental noncash disclosures: Intangible assets acquired in exchange for common shares $ 3,702 $ 2,217 See accompanying Notes to Financial Statements. F- 12 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 1: Nature of Business Description of Business Richtech Robotics Inc. (“we”, “us”, “our” or “Richtech”), is a C-Corporation registered in Nevada. Richtech was originally established as Richtech Creative Displays, LLC in Nevada on July 19, 2016, and converted to a Nevada corporation on June 22, 2022 . We completed our initial public offering on November 21, 2023, and shares of our Class B common stock began trading on the Nasdaq Capital Market on November 17, 2023 under the symbol “RR.” We are a robotics and artificial intelligence (“AI”) technology company focused on developing advanced embodied AI systems that aims to improve the efficiency and productivity of U.S. businesses. Richtech trains proprietary artificial intelligence models on in-house data to operate advanced robotic systems in the real world. We design, engineer, manufacture, and deploy next generation embodied AI systems to serve a wide range of industries—including food service, retail, industrial manufacturing, automotive, healthcare, and hospitality. Our robots are designed to be user friendly, reliable, and highly customizable, with the goal of driving tangible profit and loss (“P&L”) improvements for our customers. Our mission is to accelerate the advancement of embodied AI in the United States. We aim to become a robotics “Super-Operator”—i.e. a company operating over one hundred thousand intelligent robots connected through a unified, data-rich AI ecosystem. These robots will perform a wide range of tasks across commercial and industrial environments, from scrubbing floors and packaging deliveries to supporting medical staff in hospitals and staffing factory production lines. F- 13 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 2: Restatement of Previously Issued Financial Statements We have restated our previously issued audited consolidated financial statements as of and for the years ended September 30, 2025 and 2024 (collectively, the “Affected Periods”), including the related balance sheets, statements of operations, statements of changes in stockholders’ deficit, and statements of cash flows, along with the applicable notes thereto. We determined that the restatement was necessary following the identification of errors related to the accounting for warrants, derivative instruments, and depreciation, which were not recognized or measured in accordance with U.S. GAAP in the previously issued financial statements. The restatement corrects these identified errors in the previously issued financial statements for the Affected Periods. The specific nature of these errors is described below: 1. Placement warrants – Placement agent warrants which should have been recognized as nonemployee share-based compensation presented within mezzanine equity were not recognized. As a result, the balance sheets did not present mezzanine equity, and subsequent exercises of placement agent warrants were improperly measured within APIC. 2. Pre-funded and common warrants – Pre-funded and common warrants were not correctly recognized as liabilities at issuance or subsequently measured to fair value at each reporting date. The result is that no warrants were recognized at issuance, no other income (loss) was recognized on the consolidated statements of operations due to changes in the fair value, and the accounting for the exercise of pre-funded and common warrants did not appropriately measure additional paid in capital. 3. Common inducement warrants – Common inducement warrants were not correctly recognized as liabilities at issuance or subsequently measured to fair value at each reporting date. The result is that no warrants were recognized at issuance, no other income (loss) was recognized on the consolidated statements of operations due to changes in the fair value, and the accounting for the exercise of common inducement warrants did not appropriately measure APIC. 4. SEPA and notes payable – The standby equity purchase agreement (“SEPA”) was not correctly recognized at inception or subsequently throughout the life of the agreement as a derivative instrument, and the settlement of associated notes payable issued for advances on the SEPA were not correctly recognized as settlements of liabilities through the issuance of our stock. 5. Cost of revenue – Certain costs incurred in the sale of our products, including event-related personnel costs, were incorrectly recognized in general and administrative expenses and sales and marketing expenses. 6. Research and development – Certain costs incurred in our research and development activities related to employee and contractor compensation was incorrectly recognized in general and administrative expenses. 7. Property and equipment – Depreciation expense was incorrectly recognized due to certain fixed assets being miscategorized. 8. Inventory – Purchases of certain inventory were incorrectly recognized between inventory property and equipment causing misstatements in depreciation and cost of revenue. 9. Intangible assets – One of our intangible assets was amortized using a useful life that was not appropriate. We revised the estimated useful life to a longer period, resulting in decreased amortization expense in the Affected Periods. 10. Deferred tax liabilities – As a result of several of the aforementioned misstatements, our income tax provision was misstated. 11. Short-term investments – Certain short-term investments acquired were improperly classified as cash and cash equivalents. F- 14 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 2: Restatement of Previously Issued Financial Statements (Cont.) As a result of the errors described above, our previously issued audited consolidated financial statements for the Affected Periods were materially misstated. We have corrected these errors in the accompanying financial statements as of and for the years ended September 30, 2025 and 2024. The impact of these corrections on our consolidated financial statements for each of the Affected Periods is presented below. Restated Audited Consolidated Balance Sheet – As of September 30, 2025 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Assets Current Assets Cash and cash equivalents 193,629 ( 8,055 ) 11 185,574 Short-term investments 58,308 8,055 11 66,363 Inventory 1,380 ( 256 ) 8 1,124 Total current assets 255,526 ( 256 ) * 255,270 Non-current assets Property and equipment, net 5,579 215 7,8 5,794 Intangible assets, net 9,761 954 9 10,715 Other assets, non-current 638 2 * 640 Total assets 272,758 915 * 273,673 Liabilities Current liabilities Accrued expenses and other payable 1,377 ( 1 ) * 1,376 Warrant liability - 19,285 2,3 19,285 Total current liabilities 2,378 19,284 * 21,662 Total liabilities 2,925 19,284 * 22,209 Mezzanine equity - 634 1 634 Stockholders’ equity Additional paid-in capital 293,156 7,545 1,2,3 300,701 Retained earnings ( 23,693 ) ( 26,548 ) * ( 50,241 ) Total stockholders’ equity 269,833 ( 19,003 ) * 250,830 Total liabilities, mezzanine equity and stockholders’ equity 272,758 915 * 273,673 Restated Audited Consolidated Balance Sheet – As of September 30, 2024 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Assets Current Assets Inventory 1,148 ( 120 ) 8 1,028 Total current assets 33,046 ( 120 ) * 32,926 Non-current assets Property and equipment, net 738 104 7,8 842 Intangible assets, net 7,621 ( 1 ) 9 7,620 Total assets 42,651 ( 17 ) * 42,634 Liabilities Current liabilities Warrant liability - 6,940 2,3 6,940 Total current liabilities 455 7,048 * 7,395 Deferred income taxes - 108 10 108 Total liabilities 913 7,048 * 7,961 Mezzanine equity - 786 1 786 Stockholders’ equity Additional paid-in capital 49,667 ( 14,623 ) 1,2,3,4 35,044 Retained earnings ( 7,939 ) 6,772 * ( 1,167 ) Total stockholders’ equity 41,738 ( 7,851 ) * 33,887 Total liabilities, mezzanine equity and stockholders’ equity 42,651 ( 17 ) * 42,634 F- 15 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 2: Restatement of Previously Issued Financial Statements (Cont.) Restated Audited Consolidated Statement of Operations – Fiscal Year Ended September 30, 2025 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Cost of revenue, net 1,756 1,479 5,8 3,235 Gross profit 3,289 ( 1,479 ) * 1,810 Research and development 2,432 870 6 3,302 Sales and marketing 1,262 ( 521 ) 5 741 General and administrative 17,539 ( 2,572 ) 5,6,7,9 14,967 Total operating expenses 21,233 ( 2,223 ) * 19,010 Income (loss) from operations ( 17,944 ) 744 * ( 17,200 ) Other income (loss) - ( 34,172 ) 2,3 ( 34,172 ) Total other expense 2,094 ( 34,172 ) * ( 32,078 ) Loss before income tax expense ( 15,850 ) ( 33,428 ) * ( 49,278 ) Income tax benefit / (expense) ( 12 ) 108 10 96 Consolidated net loss ( 15,862 ) ( 33,320 ) * ( 49,182 ) Net loss attributable to common stockholders ( 15,754 ) ( 33,320 ) * ( 49,074 ) Basic and diluted net loss per share of common stock $ ( 0.13 ) $ ( 0.40 ) Restated Audited Consolidated Statement of Operations – Fiscal Year Ended September 30, 2024 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Cost of revenue, net 1,520 17 5,8 1,537 Gross profit 2,720 ( 17 ) * 2,703 Research and development 2,021 614 6 2,635 General and administrative 6,457 76 5,6,7 6,533 Total operating expenses 9,793 690 * 10,483 Income (loss) from operations ( 7,073 ) ( 707 ) * ( 7,780 ) Other income (loss) - 7,587 2,3,4 7,587 Total other expense ( 749 ) 7,587 * 6,838 Loss before income tax expense ( 7,822 ) 6,880 * ( 942 ) Income tax benefit / (expense) ( 318 ) ( 108 ) 10 ( 426 ) Consolidated net loss ( 8,140 ) 6,772 * ( 1,368 ) Net loss attributable to common stockholders ( 8,140 ) 6,772 * ( 1,368 ) Basic and diluted net loss per share of common stock $ ( 0.12 ) $ ( 0.02 ) Restated Audited Consolidated Statement of Equity – Fiscal Year Ended September 30, 2025 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Additional paid-in capital, issuance of shares upon exercise of warrants for cash 16,265 22,168 2,3 38,433 Additional paid-in capital 293,156 7,545 * 300,701 Net loss attributable to common stockholders ( 15,754 ) ( 33,319 ) * ( 49,073 ) Retained earnings ( 23,693 ) ( 26,548 ) * ( 50,241 ) Total stockholders’ equity 269,833 ( 19,003 ) * 250,830 F- 16 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 2: Restatement of Previously Issued Financial Statements (Cont.) Restated Audited Consolidated Statement of Equity – Fiscal Year Ended September 30, 2024 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Issuance of common shares for loan settlement 3,383 ( 2,083 ) 4 1,300 Additional paid-in capital, issuance of shares upon exercise of warrants for cash - 2,937 2,3 2,937 Issuance of new shares for cash 30,124 ( 15,487 ) 2,3 14,637 Additional paid-in capital 49,667 ( 14,623 ) * 35,044 Net loss attributable to common stockholders ( 8,140 ) 6,772 * ( 1,368 ) Retained earnings ( 7,939 ) 6,772 * ( 1,167 ) Total stockholders’ equity 41,738 ( 7,851 ) * 33,887 Restated Audited Consolidated Statement of Cash Flows – Fiscal Year Ended September 30, 2025 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Consolidated net loss ( 15,754 ) ( 33,428 ) * ( 49,182 ) Depreciation and amortization 2,319 ( 932 ) 7,9 1,387 Change in fair value of warrant liability - 34,172 2,3 34,172 Issuance costs related to warrants - 189 1 189 Inventory ( 232 ) 136 8 ( 96 ) Accounts receivable ( 421 ) ( 1 ) * ( 422 ) Non-operating losses ( 108 ) 108 * - Deferred income taxes - ( 108 ) 10 ( 108 ) Change in operating lease liabilities 225 ( 4 ) * 221 Net cash provided by operating activities ( 9,043 ) 132 * ( 8,911 ) Purchase of PPE ( 5,009 ) ( 135 ) 8 ( 5,144 ) Purchase of intangible assets ( 591 ) 1 * ( 590 ) Purchase of short-term investments ( 41,975 ) ( 8,053 ) 11 ( 50,028 ) Net cash used in investing activities ( 47,996 ) ( 8,187 ) * ( 56,183 ) Net change in cash and cash equivalents 179,063 ( 8,055 ) * 171,008 Cash, cash equivalents, and restricted cash at end of period 193,629 ( 8,055 ) * 185,574 Restated Audited Consolidated Statement of Cash Flows – Fiscal Year Ended September 30, 2024 Line item As Previously Reported on 10-K Restatement Adjustment ID As Restated Consolidated net loss ( 8,140 ) 6,772 * ( 1,368 ) Change in fair value of warrant liability - ( 5,185 ) 2,3 ( 5,185 ) Gain on standby equity purchase agreement - ( 2,402 ) 4 ( 2,402 ) Issuance costs related to warrants - 371 3 371 Issuance costs related to SEPA - 319 4 319 Amortization of notes payable discount - 120 4 120 Inventory ( 326 ) 119 8 ( 207 ) Accrued expenses and other payable 38 ( 120 ) 4 ( 82 ) Deferred income taxes 518 108 10 626 Depreciation and amortization 81 17 7,9 98 Net cash provided by operating activities ( 5,060 ) 119 * ( 4,941 ) Purchase of PPE ( 725 ) ( 119 ) 8 ( 844 ) Purchase of intangible assets ( 5,470 ) ( 1 ) 9 ( 5,471 ) Net cash used in investing activities ( 22,731 ) ( 120 ) * ( 22,851 ) Loan settlement 3,383 2 4 3,385 Net cash used in financing activities 41,923 2 * 41,925 Net change in cash and cash equivalents 14,132 1 * 14,133 * Represents the downstream effects of the identified restatement adjustments and other individually immaterial changes. F- 17 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements The errors described above, other than error ID 11, also affected the Company’s previously issued unaudited consolidated financial statements for the interim periods presented below. Accordingly, the Company has restated its previously issued unaudited consolidated financial statements for the three and nine months ended June 30, 2025, the three and six months ended March 31, 2025, and the three months ended December 31, 2024. The following tables present the impact of the restatement adjustments on the Company’s previously reported consolidated balance sheets, statements of operations, statements of cash flows, and statements of stockholders’ equity for those interim periods. The restatement corrects the identified errors in the previously issued financial statements for the Affected Periods, including the following interim-period error that did not impact the Company’s annual financial statements 12. Stock-based compensation – The issuance of our stock based compensation awards were improperly presented within financing activities in the statement of cash flows. 13. Issuance of shares – The issuance of shares for our intangible asset acquisition, share-based payments to employees and nonemployees, and transfers to (from) ESOP trust were recognized in incorrect interim periods. Restated Unaudited Consolidated Balance Sheet – As of June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Inventory $ 1,482 $ ( 256 ) 8 $ 1,226 Total current assets 88,851 ( 256 ) * 88,595 Property and equipment, net 5,164 216 7 5,380 Intangible assets, net 11,532 ( 964 ) 9,13 10,568 Total assets 107,329 ( 1,004 ) * 106,325 Warrant liability - 7,406 2,3 7,406 Total current liabilities 739 7,406 * 8,145 Deferred income taxes - 108 10 108 Total liabilities 1,378 7,514 * 8,892 Mezzanine equity - 975 1 975 Additional paid-in capital 126,114 3,325 1,2,3,4,13 129,439 Retained earnings ( 20,099 ) ( 12,818 ) * ( 32,917 ) Total stockholders’ equity 105,951 ( 9,493 ) * 96,458 Total liabilities, mezzanine equity and stockholders’ equity $ 107,329 $ ( 1,004 ) * $ 106,325 Restated Unaudited Consolidated Balance Sheet – As of March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Inventory $ 1,491 $ ( 195 ) 7,8 $ 1,296 Total current assets 45,139 ( 195 ) * 44,944 Property and equipment, net 816 165 7 981 Intangible assets, net 9,384 1,481 9,13 10,865 Total assets 57,179 1,451 * 58,630 Warrant liability - 7,120 2,3 7,120 Total current liabilities 596 7,120 * 7,716 Deferred income taxes - 108 10 108 Total liabilities 1,320 7,228 * 8,548 Mezzanine equity - 975 1 975 Additional paid-in capital 71,913 8,488 1,2,3,4,13 80,401 Retained earnings ( 16,027 ) ( 15,240 ) * ( 31,267 ) Total stockholders’ equity 55,859 ( 6,752 ) * 49,107 Total liabilities, mezzanine equity and stockholders’ equity $ 57,179 $ 1,451 * $ 58,630 F- 18 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements (Cont.) Restated Unaudited Consolidated Balance Sheet – As of December 31, 2024 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Inventory $ 1,396 $ ( 180 ) 7,8 $ 1,216 Total current assets 39,458 ( 180 ) * 39,278 Property and equipment, net 802 158 7 960 Intangible assets, net 9,576 1,481 9,13 11,057 Total assets 51,424 1,459 * 52,883 Warrant liability - 20,564 2,3 20,564 Total current liabilities 993 20,564 * 21,557 Deferred income taxes - 108 10 108 Total liabilities 1,555 20,672 * 22,227 Mezzanine equity - 786 1 786 Additional paid-in capital 61,366 ( 776 ) 1,2,3,4,13 60,590 Retained earnings ( 11,487 ) ( 19,224 ) * ( 30,711 ) Total stockholders’ equity 49,869 ( 19,999 ) * 29,870 Total liabilities, mezzanine equity and stockholders’ equity $ 51,424 $ 1,459 * $ 52,883 Restated Consolidated Statement of Operations – Three Months Ended June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Cost of revenues $ 301 $ 445 5,8 $ 746 Gross profit 876 ( 445 ) * 431 General and administrative 4,562 ( 3,153 ) 5,6,7,13 1,409 Total operating expenses 5,383 ( 3,153 ) * 2,230 Loss from operations ( 4,507 ) 2,707 * ( 1,800 ) Other income (loss) - ( 286 ) 2,3 ( 286 ) Total other expenses 404 ( 286 ) * 118 Loss before income tax expense ( 4,103 ) 2,422 * ( 1,681 ) Income tax benefit/(expense) - ( 9 ) * ( 9 ) Consolidated net loss ( 4,103 ) 2,413 * ( 1,690 ) Net loss attributable to common stockholders $ ( 4,063 ) $ 2,413 * $ ( 1,650 ) Basic and diluted net loss per share of common stock $ ( 0.04 ) $ ( 0.01 ) Restated Consolidated Statement of Operations – Nine Months Ended June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Cost of revenues $ 878 $ 1,113 5,8 $ 1,991 Gross profit 2,723 ( 1,113 ) * 1,610 General and administrative 13,827 ( 3,647 ) 5,6,7,13 10,180 Total operating expenses 16,067 ( 3,647 ) * 12,420 Loss from operations ( 13,344 ) 2,534 * ( 10,810 ) Other income (loss) - ( 22,123 ) 2,3 ( 22,123 ) Total other expenses 1,115 ( 22,123 ) * ( 21,008 ) Loss before income tax expense ( 12,229 ) ( 19,589 ) * ( 31,818 ) Consolidated net loss ( 12,238 ) ( 19,589 ) * ( 31,827 ) Net loss attributable to common stockholders $ ( 12,151 ) $ ( 19,598 ) * $ ( 31,749 ) Basic and diluted net loss per share of common stock $ ( 0.11 ) $ ( 0.29 ) F- 19 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements (Cont.) Restated Consolidated Statement of Operations – Three Months Ended March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Cost of revenues $ 454 $ 348 5,8 $ 802 Gross profit 713 ( 348 ) * 365 General and administrative 4,962 ( 205 ) 5,6,7,13 4,757 Total operating expenses 5,652 ( 205 ) * 5,447 Loss from operations ( 4,939 ) ( 143 ) * ( 5,082 ) Other income (loss) - 4,128 2,3 4,128 Total other expenses 382 4,128 * 4,510 Loss before income tax expense ( 4,557 ) 3,985 * ( 572 ) Consolidated net loss ( 4,557 ) 3,985 * ( 572 ) Net loss attributable to common stockholders $ ( 4,540 ) $ 3,985 * $ ( 555 ) Basic and diluted net loss per share of common stock $ ( 0.04 ) $ ( 0.00 ) Restated Consolidated Statement of Operations – Six Months Ended March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Cost of revenues $ 577 $ 668 5,8 $ 1,245 Gross profit 1,847 ( 668 ) * 1,179 General and administrative 9,265 ( 494 ) 5,6,7,13 8,771 Total operating expenses 10,684 ( 494 ) * 10,190 Loss from operations ( 8,837 ) ( 174 ) * ( 9,011 ) Other income (loss) - ( 21,837 ) 2,3 ( 21,837 ) Total other expenses 711 ( 21,837 ) * ( 21,126 ) Loss before income tax expense ( 8,126 ) ( 22,011 ) * ( 30,137 ) Consolidated net loss ( 8,126 ) ( 22,011 ) * ( 30,137 ) Net loss attributable to common stockholders $ ( 8,088 ) $ ( 22,011 ) * $ ( 30,099 ) Basic and diluted net loss per share of common stock $ ( 0.08 ) $ ( 0.29 ) Restated Consolidated Statement of Operations – Three Months Ended December 31, 2024 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Cost of revenues $ 123 $ 320 5,8 $ 443 Gross profit 1,134 ( 320 ) * 814 General and administrative 4,303 ( 289 ) 5,6,7,13 4,014 Total operating expenses 5,032 ( 289 ) * 4,743 Loss from operations ( 3,898 ) ( 31 ) * ( 3,929 ) Other income (loss) - ( 25,965 ) 2 ( 25,965 ) Total other expenses 329 ( 25,965 ) * ( 25,636 ) Loss before income tax expense ( 3,569 ) ( 25,996 ) * ( 29,565 ) Consolidated net loss ( 3,569 ) ( 25,996 ) * ( 29,565 ) Net loss attributable to common stockholders $ ( 3,548 ) $ ( 25,996 ) * $ ( 29,544 ) Basic and diluted net loss per share of common stock $ ( 0.04 ) $ ( 0.31 ) F- 20 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements (Cont.) Restated Consolidated Statement of Equity – Nine Months Ended June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Additional paid-in capital $ 126,114 $ 3,325 * $ 129,439 Additional paid-in capital, issuance of common shares for intangible asset acquisition 5,378 ( 1,677 ) 13 3,701 Additional paid-in capital, issuance of shares upon exercise of warrants for cash 16,858 21,656 2,3 38,514 Additional paid-in capital, shares issued to employees 1,380 ( 475 ) 13 905 Additional paid-in capital, shares issued for services 4,080 ( 1,556 ) 13 2,524 Retained earnings ( 20,099 ) ( 12,818 ) * ( 32,917 ) Net loss attributable to common stockholders ( 12,151 ) ( 19,598 ) * ( 31,749 ) Total stockholders’ equity $ 105,951 $ ( 9,493 ) * $ 96,458 Restated Consolidated Statement of Equity – Three Months Ended June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Additional paid-in capital $ 126,114 $ 3,325 * $ 129,439 Additional paid-in capital, issuance of common shares for intangible asset acquisition 2,924 ( 2,924 ) 13 - Additional paid-in capital, shares issued to employees - 212 13 212 Additional paid-in capital, shares issued for services 2,591 ( 2,451 ) 13 140 Retained earnings ( 20,099 ) ( 12,818 ) * ( 32,917 ) Net loss attributable to common stockholders ( 4,063 ) 2,413 * ( 1,650 ) Total stockholders’ equity $ 105,951 $ ( 9,493 ) * $ 96,458 Restated Consolidated Statement of Equity – Six Months Ended March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Additional paid-in capital $ 71,913 $ 8,488 * $ 80,401 Additional paid-in capital, issuance of common shares for intangible asset acquisition 2,454 1,247 13 3,701 Additional paid-in capital, issuance of shares upon exercise of warrants for cash 16,858 21,656 2,3 38,514 Additional paid-in capital, shares issued to employees 867 ( 175 ) 13 692 Additional paid-in capital, transfer to ESOP trust 513 ( 513 ) 13 0 Additional paid-in capital, shares issued for services 1,175 1210 13 2,385 Retained earnings ( 16,027 ) ( 15,240 ) * ( 31,267 ) Net loss attributable to common stockholders ( 8,088 ) ( 22,011 ) * ( 30,099 ) Total stockholders’ equity $ 55,859 $ ( 6,752 ) * $ 49,107 Restated Consolidated Statement of Equity – Three Months Ended March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Additional paid-in capital $ 71,913 $ 8,488 * $ 80,401 Additional paid-in capital, issuance of shares upon exercise of warrants for cash 8,794 9,316 2,3 18,110 Additional paid-in capital, transfer to ESOP trust 513 ( 513 ) 13 0 Additional paid-in capital, shares issued for services 1,175 283 13 1,458 Retained earnings ( 16,027 ) ( 15,240 ) * ( 31,267 ) Net loss attributable to common stockholders ( 4,540 ) 3,985 * ( 555 ) Total stockholders’ equity $ 55,859 $ ( 6,752 ) * $ 49,107 F- 21 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements (Cont.) Restated Consolidated Statement of Equity – Three Months Ended December 31, 2024 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Additional paid-in capital $ 61,366 $ ( 776 ) 2 $ 60,590 Additional paid-in capital, issuance of common shares for intangible asset acquisition 2,454 1,243 13 3,697 Additional paid-in capital, issuance of shares upon exercise of warrants for cash 8,064 12,342 2 20,406 Additional paid-in capital, shares issued to employees 867 ( 351 ) 13 516 Additional paid-in capital, shares issued for services 314 614 13 928 Retained earnings ( 11,487 ) ( 19,224 ) * ( 30,711 ) Net loss attributable to common stockholders ( 3,548 ) ( 25,996 ) * ( 29,544 ) Total stockholders’ equity $ 49,869 $ ( 19,999 ) * $ 29,870 Restated Consolidated Statement of Cash Flows – Nine Months Ended June 30, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Consolidated net loss $ ( 12,238 ) $ ( 19,591 ) * $ ( 31,827 ) Gain/loss on change in fair value of warrant liability - 22,123 2,3 22,123 Issuance costs accrued related to warrants - 189 1 189 Inventory ( 334 ) 331 8 ( 3 ) Stock-based compensation - 3,429 12,13 3,429 Depreciation and amortization 1,635 ( 694 ) 7,9 941 Net cash used by operating activities ( 11,197 ) 5,788 * ( 5,409 ) Purchase of property and equipment ( 4,509 ) ( 330 ) 8 ( 4,839 ) Purchase of intangible assets ( 100 ) 16 * ( 84 ) Purchase of long-term investments ( 247 ) 105 * ( 142 ) Net cash used in investing activities ( 41,532 ) ( 209 ) * ( 41,741 ) Payment of issuance cost of ordinary shares - ( 1,180 ) 12 ( 1,180 ) Proceeds from warrants exercise - 18,038 12 18,038 Proceeds from issuance of ordinary shares 71,087 ( 22,437 ) 12 48,650 Net Cash used in financing activities $ 71,056 $ ( 5,579 ) * $ 65,477 Restated Consolidated Statement of Cash Flows – Six Months Ended March 31, 2025 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Consolidated net loss $ ( 8,126 ) $ ( 22,011 ) * $ ( 30,137 ) Gain/loss on change in fair value of warrant liability - 21,837 2,3 21,837 Issuance costs accrued related to warrants - 189 1 189 Allowance for credit loss - ( 94 ) * ( 94 ) Inventory ( 343 ) 270 8 ( 73 ) Stock based compensation - 3,077 12,13 3,077 Depreciation and amortization 730 ( 225 ) 7,9 505 Accounts receivable ( 321 ) 94 * ( 227 ) Accrued expenses ( 91 ) 3 * ( 88 ) Net cash used by operating activities ( 8,076 ) 3,139 * ( 4,937 ) Purchase of property and equipment ( 116 ) ( 270 ) 8 ( 386 ) Net cash used by investing activities ( 15,130 ) ( 205 ) * ( 15,335 ) Payment of issuance cost of ordinary shares 0 ( 1180 ) 12 ( 1180 ) Proceeds from issuance of ordinary shares 19,792 ( 1,754 ) 12 18,038 Net cash provided by financing activities 19,766 ( 2,934 ) * 16,832 F- 22 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 3: Restatement of Previously Issued Quarterly Financial Statements (Cont.) Restated Consolidated Statement of Cash Flows – Three Months Ended December 31, 2024 Line item As Previously Reported on 10-Q Restatement Adjustment ID As Restated Consolidated net loss $ ( 3,548 ) $ ( 26,017 ) * $ ( 29,565 ) Gain/loss on change in fair value of warrant liability - 25,965 2 25,965 Inventory ( 248 ) 60 8 ( 188 ) Stock based compensation - 1,444 12,13 1,444 Depreciation and amortization 513 ( 232 ) 7,9 281 Net cash used by operating activities ( 3,578 ) 1,220 * ( 2,358 ) Purchase of property and equipment ( 78 ) ( 60 ) 8 ( 138 ) Net cash used in investing activities ( 380 ) ( 60 ) * ( 440 ) Contributions from non-controlling interests ( 21 ) 21 * - Proceeds from issuance of ordinary shares 9,244 ( 1,181 ) 12 8,063 Net cash used in financing activities $ 9,219 $ ( 1,160 ) * $ 8,059 * Represents the downstream effects of the identified restatement adjustments and other individually immaterial changes. NOTE 4: Summary of Significant Accounting Policies Basis of Presentation These financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Segment Reporting Operating segments are identified as components of an enterprise about which separate financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. We view our operations and manage our business as one operating segment. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturity of three months or less to be cash equivalents. We place our cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings. Investments Investments may be comprised of a combination of marketable securities, including U.S. government securities, corporate debt securities, commercial paper, time deposits, and certain certificates of deposit, which are all designated as available-for-sale and reported at estimated fair value, with unrealized gains and losses recorded in accumulated other comprehensive income which is included within stockholders’ equity. Available-for-sale marketable securities with maturities greater than three months at the date of purchase are included in short-term investments in our consolidated balance sheets. Interest, dividends, amortization and accretion of purchase premiums and discounts on these investments are included within Interest income in our consolidated statements of operations. The cost of available-for-sale investments sold is based on the specific identification method. Realized gains and losses on the sale of available-for-sale investments are recorded in Other income (expense), net. We regularly review all of our investments for declines in fair value. The review includes but is not limited to (i) the consideration of the cause of the decline, (ii) any currently recorded expected credit losses and (iii) the creditworthiness of the respective security issuers. The amortized cost basis of our investments approximates its fair value. F- 23 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) Warrants We have issued certain warrants that are classified as either liabilities or equity. Warrants classified as liabilities are measured at fair value at each reporting period end. Prefunded warrants for which the only valuation input is the quoted price of our common stock are valued using observable market prices and, when outstanding, are classified within Level 1 of the fair value hierarchy. All other liability-classified warrants are valued using an option pricing model, such as the Black-Scholes model, which incorporates inputs including the expected volatility of our common stock, the expected term of the warrant, a risk-free interest rate based on U.S. Treasury yields, and an expected dividend yield of zero. Because these valuations include significant unobservable inputs, such warrants are classified within Level 3 of the fair value hierarchy. Changes in the fair value of liability-classified warrants are recognized in earnings in the period of change. For equity-classified warrants, fair value is measured at issuance with no subsequent remeasurement. Standby Equity Purchase Agreement We entered into a standby equity purchase agreement that provides us the right, subject to certain terms and conditions, to sell shares of our Class B common stock to an investor from time to time. We evaluate the terms of the standby equity purchase agreement to determine the appropriate accounting treatment under applicable accounting guidance. Certain provisions of the arrangement permitted the issuance of a variable number of shares based on future market prices and other contractual terms of the arrangement. As a result, the arrangement was accounted for as a derivative liability. We recognize the derivative liability at fair value upon inception of the arrangement and subsequently remeasure the derivative liability at fair value at each reporting period end. Changes in the fair value of the derivative liability are recognized in earnings in the period of change. Accounts Receivable Our accounts receivable primarily consist of trade receivables, which represent amounts owed to us by customers for products and services provided. These receivables are presented net of any rebates, price protection adjustments, and an allowance for credit losses. In addition to trade receivables, our accounts receivable also include unbilled receivables. These primarily relate to work completed on development services for which revenue has been recognized but not yet invoiced to customers. We expect these unbilled receivables to be billed and collected within twelve months. We actively manage our exposure to customer credit risk through various measures, including credit limits, credit lines, ongoing monitoring procedures, and credit approvals. We perform in-depth credit evaluations of all new customers and periodically reassess the creditworthiness of existing customers. If deemed necessary, we may require letters of credit, bank or corporate guarantees, or advance payments to mitigate credit risk. To account for potential losses from uncollectible accounts, we maintain an allowance for credit losses. This allowance considers both specific troubled accounts and an overall estimate of potential uncollectible receivables based on historical experience and current credit quality assessments. As of September 30, 2025, the allowance for credit losses was $ 139 , compared to $ 197 as of September 30, 2024. We believe that our rigorous credit risk management practices and the allowance for credit losses adequately address the potential for uncollectible accounts. Inventories We value inventory at standard cost, adjusted to approximate the lower of actual cost or estimated net realizable value using assumptions about future demand and market conditions. In determining excess or obsolescence reserves for our products, we consider assumptions such as changes in business and economic conditions, other-than-temporary decreases in demand for our products, and changes in technology or customer requirements. In determining the lower of cost or net realizable value reserves, we consider assumptions such as recent historical sales activity and selling prices, as well as estimates of future selling prices. We fully reserve for inventories and non-cancellable purchase orders for inventory deemed obsolete. We perform periodic reviews of inventory items to identify excess inventories on hand by comparing on-hand balances and non-cancellable purchase orders to anticipated usage using recent historical activity as well as anticipated or forecasted demand. If estimates of customer demand diminish further or market conditions become less favorable than those projected by us, additional inventory carrying value adjustments may be required. F- 24 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) Property, and Equipment, net Property and equipment, net is stated at cost less accumulated depreciation and amortization and is depreciated using the straight-line method over the estimated useful lives of the assets. Estimated useful lives of equipment is two to six years , and leasehold improvements are measured by the shorter of the remaining terms of the leases or the estimated useful economic lives of the improvements. Property and equipment, as of September 30, 2025 and 2024 are as follows: Years Ended September 30, 2025 2024 Furniture, fixtures & equipment $ 1,435 $ 789 Equipment held for lease 536 120 Leasehold improvements 4 4 Building 2,973 - Land 1,109 - 6,057 913 Accumulated depreciation ( 263 ) ( 71 ) Property and equipment, net $ 5,794 $ 842 Depreciation expenses for 2025 and 2024 were $ 192 and $ 31 , respectively. Rights and Privileges of Common Stock Pursuant to our second amended and restated articles of incorporation, our authorized capital stock consists of an aggregate of 300,000,000 shares of common stock, including 100,000,000 shares of Class A common stock and 200,000,000 shares of Class B common stock, and 10,000,000 shares of “blank check” preferred stock. The following description summarizes the material terms of our securities registered under Section 12 of the Exchange Act and does not purport to be complete. It is subject to, and qualified in its entirety by reference to, our second amended and restated articles of incorporation and our amended and restated bylaws. Except as otherwise required by Nevada Revised Statutes (“NRS”), each holder of Class A common stock is entitled to ten (10) votes in respect of each share of Class A common stock held by him, her, or it of record on the books of the Company, and each holder of Class B common stock is entitled to one (1) vote in respect of each share of Class B common stock held by him, her, or it of record on the books of the Company, in connection with the election of directors and on all matters submitted to a vote of stockholders of the Company. Each share of Class A common stock is convertible into one share of Class B common stock at any time at the option of the holder, but Class B common stock shall not be convertible into Class A common stock under any circumstances. Holders of our common stock do not have preemptive, subscription, or redemption rights. Listing on Nasdaq On November 17, 2023, the Company’s shares of Class B common stock commenced trading on the Nasdaq Capital Market under the ticker symbol “RR.” F- 25 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) Mezzanine Equity We classify certain equity instruments as mezzanine equity when they contain redemption features that are not solely within our control. Under ASC 480-10-S99-3A and SEC Regulation S-X Rule 5-02, instruments that are redeemable for cash or other assets upon the occurrence of events not solely within our control are presented outside of permanent equity in a separate mezzanine section of the consolidated balance sheets. Mezzanine equity instruments are initially measured at fair value on the issuance date. Subsequent measurement is based on the estimated redemption value, with changes in the carrying amount recognized through accretion to retained earnings (or additional paid-in capital if retained earnings is insufficient) as redemption becomes probable. We classify mezzanine equity in a separate caption between liabilities and stockholders’ equity on the balance sheet and disclose the terms of each issue, including redemption features and dividend rights. Revenue Recognition Revenue is recognized when we transfer promised goods or services to our customers, in amounts that reflect the consideration that we expect to receive in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under each agreement, we perform the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) we satisfy each performance obligation. We only apply the five-step model to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer to the customer. For arrangements that bundle robotic products, maintenance, and technical support services, we exercise significant judgment in determining whether these items are distinct. Robotic products are typically considered distinct performance obligations as customers can benefit from the product on its own. Maintenance and technical support services, which may include scheduled inspections, repairs, remote troubleshooting, and spare parts provisions, are generally considered distinct performance obligations when they are separately priced, optional, and can be performed by another vendor. However, when these services are embedded as a mandatory component of a bundled contract (e.g., a RaaS arrangement) and are integral to the promised continuous operational capability, they are not considered distinct and are combined with the overall service promise as a single performance obligation. We allocate the transaction price to each distinct performance obligation based on its relative standalone selling price, which is determined based on observable standalone sales or, if not available, estimated using expected cost-plus-margin approaches. We recognize revenue when control of a promised good or service transfers to a customer. Control can transfer at a point in time or over time. Revenue from the sale of robotic products is recognized at a point in time, typically upon shipment or delivery when legal title and the significant risks and rewards of ownership have transferred to the customer. This is assessed based on the terms of sale (e.g., FOB shipping point or FOB destination) and when the customer obtains physical possession, bears the risk of loss, and has an unconditional obligation to pay. Revenue from Robotics-as-a-Service (RaaS) arrangements is recognized over time, as the customer simultaneously receives and consumes the benefits of the Company’s continuous provision of robotic functionality, maintenance, and technical support services. The Company uses the straight-line method of recognition over the contract term as the most faithful depiction of the transfer of services, unless evidence suggests another method better reflects the pattern of performance. The assessment of whether control transfers over time is based on the criteria in ASC 606, including whether (a) the customer simultaneously receives and consumes benefits as the Company performs, or (b) the Company’s performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. F- 26 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) The transaction price is the amount of consideration to which we expect to be entitled in exchange for transferring promised goods or services to a customer. Our contracts contain fixed consideration. We do not offer variable consideration elements such as usage-based fees, price concessions, rebates, penalties, or performance bonuses. Therefore, the transaction price for all contracts equals the fixed, non-refundable amount stated in the contract. At contract inception, we assess the customer’s ability and intent to pay the promised consideration. A contract is only accounted for under ASC 606 if it is probable we will collect substantially all of the consideration to which it is entitled. This collectability assessment involves evaluating the customer’s creditworthiness using both quantitative and qualitative factors. For new customers, this includes reviewing credit ratings (if available), financial statements, and payment history with other parties. For existing customers, we review historical payment patterns, current financial health, and the impact of prevailing economic conditions. If, after contract inception, a significant deterioration in a customer’s creditworthiness indicates that collectability of substantially all of the remaining consideration is no longer probable, we cease to recognize additional revenue and assesses the need for a credit loss provision on any recognized contract assets or receivables. Product Revenue We generate revenue through the sale of our branded robotic products directly to customers. We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with our customers. There is a single performance obligation in all our contracts, which is our promise to transfer our product to customers based on specific payment and shipping terms in the arrangement. The entire transaction price is allocated to this single performance obligation. Product revenue is recognized when a customer obtains control of our product, which occurs at a point in time and may be upon shipment or delivery, based on the terms of the contract. Revenue from Robots-as-a-Service (RaaS) As part of our evolving business model, we generate revenue through our Robots-as-a-Service (RaaS) offerings, which provide customers with ongoing access to our robotic solutions under long-term contracts. For RaaS agreements, revenue is recognized over time on a monthly basis as the services are provided and the customer benefits from the use of the robotic solutions. The transaction price is typically fixed and allocated evenly across the contract term. Revenue recognition begins once the robots are installed and operational at the customer’s site. We account for RaaS arrangements under ASC 606, Revenue from Contracts with Customers. These contracts provide customers with continuous usage to the Company’s robotic products, maintenance, and technical support services, in exchange for a fixed fee. The Company has determined that these are service contracts, as the customer is contracting for an integrated service output and the Company retains substantial ownership risks and control over the deployed robotic assets, including responsibility for maintenance, upgrades, and ensuring uptime. The customer does not have the right to direct the use of, nor obtain substantially all the economic benefits from, a specifically identified asset. Revenue from these fixed-fee contracts is recognized on a straight-line basis over the contractual service period as the customer simultaneously receives and consumes the benefits. F- 27 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) Revenue from Leasing We account for Robotic leasing arrangements under ASC 842, Leases. These contracts convey the right to control the use of an explicitly identified robotic products for a specified period in exchange for consideration. As the customer has the right to direct the use of and obtain substantially all economic benefits from the specifically identified asset during the lease term, these contracts meet the definition of a lease. Our leases are classified as operating leases, and lease income is recognized on a straight-line basis over the lease term. The leased robot is included within Property, Plant, and Equipment and depreciated over its useful life. We did not generate revenue from lease arrangements in fiscal year 2025. Remaining Performance Obligations Remaining performance obligations represent the aggregate amount of the transaction price allocated to unsatisfied or partially unsatisfied performance obligations as of the balance sheet date. This amount relates primarily to the fixed consideration in non-cancelable Robotics-as-a-Service (RaaS) contracts for which revenue is recognized over time. As of September 30, 2025, the total amount of the transaction price allocated to remaining performance obligations was $ 1,376 . Of this amount, $ 704 is expected to be recognized as revenue within the next 12 months, $ 425 is expected to be recognized between 13 and 24 months, and the remaining $ 247 is expected to be recognized beyond 24 months. We did not generate revenue from leasing arrangements in fiscal year 2025, and as such, there are no remaining performance obligations related to lease contracts. Contract assets and contract liabilities We maintain contract-related balance sheet accounts under ASC 606, Revenue from Contracts with Customers , which primarily arise from Robotics-as-a-Service (RaaS) arrangements. Contract Assets (Unbilled Receivables) represent revenue recognized for performance obligations satisfied but not yet billed as of the balance sheet date. These assets are generated when revenue is recognized over time under RaaS contracts, while invoicing occurs on a periodic or milestone basis. Contract assets are reclassified to accounts receivable when the right to payment becomes unconditional. Contract Liabilities (Deferred Revenue) consist of payments received from customers in advance of performance. These liabilities relate primarily to advance payments for RaaS subscriptions and are recognized as revenue as the related services are provided over the contract term. As of September 30, 2025, the balance of contract liabilities was $ 248 . No contract balances are attributable to leasing activities, as the Company did not generate revenue from lease arrangements during fiscal year 2025. Other Revenue Policies Sales, value add, and other taxes collected on behalf of third parties are excluded from revenue. We do not assess whether a contract has a significant financing component if the expectation at contract inception is such that the period between payment by the customer and the transfer of the promised products to the customer will be one year or less, which is the case with substantially all customers. We recognize the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that we otherwise would have recognized is one year or less. These costs are included in selling expenses. F- 28 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) We account for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. We record the related costs within cost of goods sold. Research and Development Costs Research and development costs primarily consist of employee-related expenses, including salaries and benefits, facilities costs, depreciation, and other allocated expenses. Research and development costs are expensed as incurred. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 740, Income Taxes). The income tax accounting guidance results in two components of income tax expense: current and deferred. Current income tax expense reflects taxes to be paid or refunded for the current period by applying the provisions of the enacted tax law to the taxable income or excess of deductions over revenues. The Company determines deferred income taxes using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax bases of assets and liabilities, and enacted changes in tax rates and laws are recognized in the period in which they occur. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence available, it is more likely than not some portion or all of a deferred tax asset will not be realized. Tax positions are recognized if it is more likely than not, based on the technical merits, the tax position will be realized or sustained upon examination. The term “more likely than not” means a likelihood of more than 50 percent; the terms examined and upon examination also include resolution of the related appeals or litigation processes, if any. A tax position that meets the more-likely-than-not recognition threshold is initially and subsequently measured as the largest amount of tax benefit that has a greater than 50 percent likelihood of being realized upon settlement with a taxing authority that has full knowledge of all relevant information. The determination of whether or not a tax position has met the more-likely-than-not recognition threshold considers the facts, circumstances and information available at the reporting date and is subject to management’s judgment. The Company recognizes interest and penalties on income taxes as a component of income tax expense. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, Leases (“Topic 842”). The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations. The standard is effective for public business entities for fiscal years beginning after December 15, 2018. As an emerging growth company, we adopted the new standard on January 1, 2022 for our years ended September 30, 2024 and 2025. We had operating leases for which we were required to recognize a right-of-use asset and lease liability. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes , which amends the approaches and methodologies in accounting for income taxes during interim periods and makes changes to certain income tax classifications. The new standard allows certain exceptions, including an exception to the use of the incremental approach for intra-period tax allocation, when there is a loss from continuing operations and income or a gain from other items, and to the general methodology for calculating income taxes in an interim period, when a year-to-date loss exceeds the anticipated loss for the year. The standard also requires franchise or similar taxes partially based on income to be reported as income tax and to reflect the effects of enacted changes in tax laws or rates in the annual effective tax rate computation from the date of enactment. Lastly, in any future acquisition, we would be required to evaluate when the step-up in the tax basis of goodwill is part of the business combination and when it should be considered a separate transaction. The standard was effective for us beginning January 1, 2022, with early adoption of the amendments permitted. The adoption of ASU 2019-12 did not have a material impact on our financial statements and disclosures. F- 29 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 4: Summary of Significant Accounting Policies (Cont.) In May 2020, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815- 40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”). ASU 2021-04 provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another topic. ASU 2021-04 is effective for fiscal years beginning after December 15, 2021. The Company has determined the adoption of ASU 2021-04 did not have a material impact on our financial statements and disclosures. NOTE 5: Revenue For the fiscal year ended September 30, 2025, total net revenue was $ 5,045 , representing a 19.0 % increase over the $ 4,240 generated in 2024. The Company’s revenue is derived from multiple revenue streams that reflect differences in the nature of the underlying goods and services. The revenue stream was led by revenue from Robots-as-a-Service (RaaS) arrangements, which contributed $ 692 . Product revenue from robotic sales accounted for $ 2,309 , while leasing/service/rental arrangements generated $ 1,429 . The remaining revenue was derived from other retail and management services $ 615 . Revenue is recognized when control of the promised goods or services is transferred to the customer. NOTE 6: Intangible Asset, net The Company’s intangible assets consist of multiple systems purchased for our robotic product. These assets are amortized using the straight-line method over their estimated useful life of 10 years. Intangible Asset, as of September 30, 2025 and September 30, 2024 are as follows: Years Ended September 30, 2025 2024 Intangible assets $ 11,978 $ 7,688 Accumulated amortization ( 1,263 ) ( 68 ) Intangible assets, net $ 10,715 $ 7,620 Amortization expense was $ 2,150 and $ 67 for the years ended September 30, 2025 and 2024, respectively. The increase was primarily attributable to additional intangible assets acquired during the current fiscal year and to intangible assets that were acquired in the prior fiscal year and incurred their first full year of amortization in the current fiscal year. Estimated amortization expense related to existing finite-lived intangible assets for each of the next five years is as follows: Fiscal Year Estimated Amortization Expense FY2026 $ 1,194 FY2027 $ 1,194 FY2028 $ 1,194 FY2029 $ 1,194 FY2030 $ 1,194 Total $ 5,970 The Company performs an impairment assessment on an annual basis. For the fiscal year ended September 30, 2025, the Company’s assessment concluded that no impairment indicators were identified, and no impairment loss was recognized. F- 30 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 7: Accounts Receivable, Net Accounts receivable, net of allowance for doubtful accounts, was $ 1,780 as of September 30, 2025, compared to $ 1,359 as of September 30, 2024. The 2025 balance includes gross receivables of $ 1,919 offset by an allowance for doubtful accounts of $ 139 . This allowance represents management’s best estimate of potential credit losses based on the aging of customer balances and a specific identification of problematic accounts. NOTE 8: Inventories Inventory as of September 30, 2025 and 2024 are as follows: Year Ended September 30, 2025 2024 Raw materials $ 811 $ 619 Finished goods 313 409 Total inventories $ 1,124 $ 1,028 Finished goods inventory includes products-in-transit to fulfill customer orders and robotic products available for sale. We write-down inventory for any excess or obsolete inventory or when we believe that the net realizable value of inventory is less than the carrying value. During the years ended September 30, 2025, we recorded write-downs of $ 167 , respectively, in Cost of revenues in the consolidated statements of operations. NOTE 9: Earnings/Loss per Share Because we reported a net loss for all periods presented, no potentially dilutive securities have been included in the computation of diluted net loss per share. The following potential common stock outstanding were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive: September 30, 2025 September 30, 2024 Warrants to purchase Class B common stock 6,623,330 16,749,446 Year Ended September 30, 2025 2024 Numerators: Net loss attributable to common stockholders $ ( 49,073 ) $ ( 1,368 ) Denominator: Weighted Average ordinary shares used in computing 121,963,786 69,953,723 Basic and diluted net loss per share (in each dollar) $ ( 0.40 ) $ ( 0.02 ) F- 31 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) NOTE 10: Income Taxes The Company’s financial statements include a total federal deferred tax benefit of $ 108 and state tax expense of $ 2 on a loss before income taxes of approximately $49 for the years ended September 30, 2025. A reconciliation of the difference between the (expense)/benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (in thousands, except amounts pertaining to rate which are shown as a percentage): Years Ended September 30, 2025 Federal Statutory Rate 21.00 % Effect of: Change in Valuation Allowance ( 22.94 )% RTP & Deferred True-up ( 0.01 )% Change in Rate 0.07 % State Tax Benefit (Net of Fed) 1.90 % M&E ( 0.03 )% Liability instrument issuance costs ( 0.08 )% Others 0.31 % Total provision effective rate 0.22 % The components of deferred tax assets and liabilities are as follows (in thousands): September 30, 2025 Deferred tax assets relating to: Net Operating loss carryforwards $ 4,044 Research & development tax credit carryforward 7 174 Expenses 1,070 Right of Use Liability 169 Other deferred tax assets 6,843 Total gross deferred tax assets 12,133 Deferred tax liabilities relating to: Right of Use Asset 169 Fixed Asset 18 Other deferred tax liabilities - Total Gross deferred tax liabilities 186 Deferred assets less liabilities 11,946 Less: valuation allowance ( 11,946 ) Net deferred tax asset (liability) $ - In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income (losses) and projections for future taxable income (losses) over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences in the future. The Company had the following federal net operating loss carryforward and research activities credits as of September 30, 2025 (in thousands): Year incurred Net Operating Loss Research Activities Credit 2023 $ 219 7.33 2024 6,588 - 2025 10,938 F- 32 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 11: Fair Value of Financial Instruments ASC 820, Fair Value Measurements (“ASC 820”) states that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in measuring fair value, is comprised of: (Level I) observable inputs such as quoted prices in active markets; (Level II) inputs other than quoted prices in active markets that are observable either directly or indirectly and (Level III) unobservable inputs for which there is little or no market data. The fair value hierarchy requires the use of observable market data when available in determining fair value. Our assets and liabilities that were measured at fair value on a recurring basis were as follows: September 30, 2025 September 30, 2024 Fair Value Level I Level II Level III Fair Value Level I Level II Level III U.S. government securities $ 81,308 $ 81,308 $ - $ - $ - $ - $ - $ - Certificates of deposit 48,656 - 48,656 - 15,940 - 15,940 - Money market funds 45,532 45,532 - - - - - - Warrants 19,285 - - 19,285 6,940 - - 6,940 Total $ 194,781 $ 126,840 $ 48,656 $ 19,285 $ 22,880 $ - $ 15,940 $ 6,940 Our U.S. government securities are classified within Level I of the fair value hierarchy because their fair values are based on quoted prices in active markets. Our certificates of deposit are classified within Level II of the fair value hierarchy and are measured using observable market inputs. Our liability-classified warrants are measured at fair value on a recurring basis using Level III inputs. Refer to Note 12 for details on the valuation technique and significant unobservable inputs used and a rollforward of the fair value balance. Our cash, cash equivalents and investments classified by security type as of September 30, 2025 and 2024 consisted of the following: September 30, 2025 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Cash $ 76,441 $ - $ - $ 76,441 $ 76,441 $ - U.S. government securities 80,915 393 - 81,308 62,917 18,391 Certificates of deposit and time deposits 48,656 - - 48,656 684 47,972 Money market funds 45,532 - - 45,532 45,532 - Total cash, cash equivalents and short-term investments $ 251,544 $ 393 $ - $ 251,937 $ 185,574 $ 66,363 F- 33 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 11: Fair Value of Financial Instruments (Cont.) September 30, 2024 Adjusted Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and Cash Equivalents Short-Term Investments Cash $ 14,566 $ - $ - $ 14,566 $ 14,566 $ - Certificates of deposit and time deposits 15,940 - - 15,940 - 15,940 Total cash, cash equivalents and short-term investments $ 30,506 $ - $ - $ 30,506 $ 14,566 $ 15,940 As of September 30, 2025, all of our short-term investments had contractual maturity dates within one year. Note 12: Warrants The following table summarizes warrants outstanding as of September 30, 2025 and 2024: Instrument Classification Exercise Price Expiration September 30, 2025 September 30, 2024 Representative’s Warrants Equity $ 6.00 Nov-28 105,000 105,000 Public Offering Warrants Liability $ 1.35 Sep-29 3,013,408 15,555,557 Placement Agent Warrants Mezzanine equity $ 1.69 Sep-29 616,139 1,088,889 Common Inducement Warrants Liability $ 4.00 Feb-30 2,699,797 - Placement Agent Inducement Warrants Mezzanine equity $ 5.00 Mar-30 188,986 - Total warrants outstanding 6,623,330 16,749,446 Liability Classified Warrants On September 3, 2024, in connection with a registered public offering, we issued warrants to investors (the “Public Offering Warrants”) with an exercise price of $ 1.35 per share. In connection with the inducement transaction on February 10, 2025, we issued new common stock purchase warrants to certain holders that exercised outstanding warrants (the “Common Inducement Warrants”) with an exercise price of $ 4.00 per share. The Public Offering Warrants were issued to investors in exchange for capital, and the Common Inducement Warrants were issued in exchange for the exercise of previously outstanding warrants. The terms of the Public Offering Warrants and Common Inducement Warrants include settlement features that, under specified transactions involving a change in control or similar corporate events, could require the Company to settle the warrants for cash in circumstances outside the Company’s control. As a result, the warrants do not qualify for equity classification and are recorded as liabilities, measured initially and subsequently at fair value with changes in fair value recognized in earnings. The following table presents the changes in shares of the liability-classified warrants outstanding. Public Offering Warrants Common Inducement Warrants Total Warrants outstanding as of September 30, 2023 — — — Issuance 15,555,557 — 15,555,557 Warrants outstanding as of September 30, 2024 15,555,557 — 15,555,557 Issuance — 2,699,797 2,699,797 Exercises ( 12,542,149 ) — ( 12,542,149 ) Warrants outstanding as of September 30, 2025 3,013,408 2,699,797 5,713,205 F- 34 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 12 : Warrants (Cont.) Both the Public Offering Warrants and the Common Inducement Warrants are included within Level III of the fair value hierarchy. We use a Black-Scholes option pricing model to determine the fair value of our liability-classified warrants. The valuation incorporates both observable inputs, including our stock price and risk-free interest rates, and significant unobservable inputs, including expected stock price volatility. The expected volatility is based on a combination of the implied volatility of our publicly traded common stock and the historical volatility of comparable publicly traded companies with similar expected terms, while the expected term is generally based on the contractual term of the warrants as they are immediately exercisable. The dividend yield is assumed to be zero, consistent with our historical practice on our Class B common stock. Changes in significant unobservable inputs, particularly expected volatility and expected term, could result in a significantly higher or lower fair value measurement. Key assumptions utilized in the issuance-date valuation of the Public Offering Warrants and Common Inducement Warrants are summarized in the table below: Public Offering Warrants Common Inducement Warrants Stock price $ 1.27 $ 3.01 Exercise price $ 1.35 $ 4.00 Expected term (in years) 5.00 5.00 Volatility 73.6 % 75.2 % Risk-free interest rate 3.62 % 4.29 % The following table presents the change in the liability balance associated with the liability-classified warrants. Changes in the fair value of the liability-classified warrants are included within other income (loss) on the consolidated statements of operations. Public Offering Warrants Common Inducement Warrants Total Balance as of September 30, 2023 $ — $ — $ — Issuance 12,125 — 12,125 Change in fair value ( 5,185 ) — ( 5,185 ) Balance as of September 30, 2024 6,940 — 6,940 Issuance — 4,758 4,758 Exercises ( 26,585 ) — ( 26,585 ) Change in fair value 30,648 3,524 34,172 Balance as of September 30, 2025 $ 11,003 $ 8,282 $ 19,285 Key assumptions utilized in the valuation of the liability-classified warrants as of the balance sheet dates are summarized in the table below: September 30, 2025 September 30, 2024 Stock price $ 4.29 $ 0.84 Exercise price $ 1.35 – 4.00 $ 1.35 Expected term (in years) 3.93 – 4.36 4.93 Volatility 95.1 – 100.8 % 74.9 % Risk-free interest rate 3.64 – 3.66 % 3.55 % F- 35 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 12 : Warrants (Cont.) Mezzanine Equity Classified Warrants In September 2024, in connection with a registered public offering, we issued warrants to placement agents (the “Placement Agent Warrants”) with an exercise price of $ 1.69 per share. In connection with the inducement transaction on February 10, 2025, we issued inducement warrants to certain placement agents with an exercise price of $ 5.00 (the “Placement Agent Inducement Warrants,” and together with the Placement Agent Warrants, the “Mezzanine Equity Warrants”). The Placement Agent Warrants were issued on September 3, 2024, and the Placement Agent Inducement Warrants were issued on March 12, 2025. Both were issued in exchange for placement agent services and are accounted for as share-based payment awards. Due to certain settlement features that are not solely within the Company’s control, including a change in control or similar corporate events, the Mezzanine Equity Warrants are classified within mezzanine equity. The warrants were recorded at their issuance-date fair value. As of September 30, 2025 and 2024, the warrants were not currently redeemable and, therefore, the Company did not adjust the carrying amounts to redemption value. The warrants are exercisable into shares of Class B common stock. The following table presents the changes shares of the Mezzanine Equity Warrants. Placement Agent Warrants Placement Agent Inducement Warrants Total Warrants outstanding as of September 30, 2023 — — — Issuance 1,088,889 — 1,088,889 Warrants outstanding as of September 30, 2024 1,088,889 — 1,088,889 Issuance — 188,986 188,986 Exercises ( 472,750 ) — ( 472,750 ) Warrants outstanding as of September 30, 2025 616,139 188,986 805,125 Key assumptions utilized in the issuance-date valuation of the Placement Agent Warrants and Placement Agent Inducement Warrants are summarized in the table below: Placement Agent Warrants Placement Agent Inducement Warrants Stock price $ 1.27 $ 1.98 Exercise price $ 1.69 $ 5.00 Expected term (in years) 5.00 4.95 Volatility 73.6 % 82.7 % Risk-free interest rate 3.62 % 3.92 % The following table summarizes activity in mezzanine equity: Placement Agent Warrants Placement Agent Inducement Warrants Total Balance as of September 30, 2023 $ — $ — $ — Issuance 786 — 786 Balance as of September 30, 2024 786 — 786 Issuance — 189 189 Exercises ( 341 ) — ( 341 ) Remeasurement — — — Balance as of September 30, 2025 $ 445 $ 189 $ 634 Because the Placement Agent Warrants and Placement Agent Inducement Warrants were not currently redeemable as of September 30, 2025 or September 30, 2024, no redemption value adjustment was recorded during the years ended September 30, 2025 and 2024. F- 36 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 12 : Warrants (Cont.) Equity Classified Warrants In connection with our initial public offering in November 2023, we issued warrants with an exercise price of $ 6.00 per share to the representative of the offering to purchase shares of our common stock (the “Representative’s Warrants”). The Representative’s Warrants were issued as consideration for underwriting services and are accounted for as share-based payment awards. The Representative’s Warrants do not contain any cash settlement or redemption features outside the Company’s control, and are classified in permanent equity. The Representative’s Warrants issued at our initial public offering remained outstanding as of both September 30, 2025 and September 30, 2024, with no issuances, exercises, forfeitures, or expirations during the period from September 30, 2024 through September 30, 2025. Note 13 : Stockholders’ Equity As of September 30, 2025, the Company had 39,934,846 shares of Class A common stock and 154,656,592 shares of Class B common stock issued and outstanding. As of September 30, 2024, the Company had 39,934,846 shares of Class A common stock and 53,795,254 shares of Class B common stock issued and outstanding. During the fiscal year ended September 30, 2025, the Company issued an aggregate of 100,861,338 shares of Class B common stock and no additional shares of Class A common stock. The material issuances of the Company’s Class B common stock are described below. On November 21, 2023, the Company issued an aggregate of 2,100,000 shares of Class B common stock at a price of $ 5.00 per share in connection with the closing of its initial public offering (“IPO”). On December 22, 2023, the Company issued an additional 42,563 shares of Class B common stock at a price of $ 5.00 per share pursuant to the partial exercise of the underwriters’ over-allotment option. In connection with the IPO, the Company also issued warrants to the representative of the offering to purchase shares of common stock (the “Representative’s Warrants”). The Representative’s Warrants were issued as consideration for underwriting services, are accounted for as share-based payment awards, and are classified in permanent equity. On February 15, 2024, the Company entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, Ltd. (“Yorkville”), pursuant to which Yorkville agreed to purchase up to $ 50 million of the Company’s Class B common stock over a 24-month period. The purchase price for shares issued under the SEPA is equal to 96 % of the lowest volume weighted average price (“VWAP”) of the Company’s Class B common stock during the three trading days immediately following delivery of an advance notice by the Company. Each issuance and sale under the SEPA (an “Advance”) is subject to a maximum amount equal to 100 % of the daily trading volume of the Company’s Class B common stock, as reported by Bloomberg L.P., during the five trading days immediately preceding an Advance notice. On April 22, 2024, the Company issued 259,350 commitment shares to Yorkville pursuant to the SEPA. As of September 30, 2024, the Company had issued an aggregate of 8,776,211 shares of Class B common stock under the SEPA. For a more detailed description of the SEPA, refer to the Company’s Current Report on Form 8-K/A filed with the SEC on March 15, 2024. For the year ended September 30, 2025, the Company did not recognize any losses related to issuances under the SEPA. For the year ended September 30, 2024, the Company recognized losses related to issuances under the SEPA of $ 2,305 , which were recorded within other income (loss). On September 3, 2024, the Company completed a public offering pursuant to a Securities Purchase Agreement, dated August 29, 2024, with certain institutional investors and a prospectus dated August 29, 2024, filed with the SEC on August 30, 2024, relating to certain retail purchasers (collectively, the “Investors”). In connection with the offering, the Company issued (i) 13,242,963 shares of Class B common stock, (ii) pre-funded warrants to purchase up to 2,312,594 shares of Class B common stock (the “Pre-Funded Warrants”), and (iii) warrants to purchase up to 15,555,557 shares of Class B common stock (the “Common Warrants”), at a purchase price of $ 1.35 per share and accompanying Common Warrant. The Pre-Funded Warrants were immediately exercisable at an exercise price of $ 0.00001 per share and remain exercisable until exercised in full. The Common Warrants were immediately exercisable at an exercise price of $ 1.35 per share and expire five years from the date of issuance. F- 37 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 13: Stockholders’ Equity (Cont.) As of September 30, 2024, the Company had issued an aggregate of 2,312,594 shares of Class B common stock pursuant to the exercise of all of the outstanding Pre-Funded Warrants in full, at an exercise price of $ 0.00001 per share. As of September 30, 2024, the Company issued zero shares of Class B common stock pursuant to the exercise of Common Warrants, at an exercise price of $ 1.35 per share. During the fiscal year ended September 30, 2024, the Company issued an aggregate of 4,829,573 shares of Class B common stock under the Amended and Restated Richtech Robotics, Inc. 2023 Stock Option Plan, consisting of the following: (i) 4,730,726 shares of Class B common stock issued to consultants as compensation for technology development services. Upon completion of the development, the resulting technology was recognized as an intangible asset on the Company’s balance sheet in accordance with ASC 350 and ASC 718; (ii) 51,890 shares of Class B common stock issued as stock compensation to employees and directors; and (iii) 46,957 shares of Class B common stock allocated to the employee and director equity incentive pool. During the fiscal year ended September 30, 2024, the Company issued an aggregate of 4,419,000 shares of Class B common stock to stockholders upon the conversion of an equal number of shares of Class A common stock. During the fiscal year ended September 30, 2025, the Company issued an aggregate of 79,241,455 shares through at-the-market (“ATM”) offerings. During the fiscal year ended September 30, 2025, the Company issued 8,721,735 shares of Class B common stock under the Amended and Restated Richtech Robotics, Inc. 2023 Stock Option Plan, consisting of the following: (i) 5,788,849 shares of Class B common stock issued to consultants as compensation for technology development services. Upon completion of the development, the resulting technology was recognized as an intangible asset on the Company’s balance sheet in accordance with ASC 350 and ASC 718; (ii) 1,023,040 shares of Class B common stock issued as stock compensation to employees; and (iii) 1,793,095 shares of Class B common stock issued for legal and professional services. 861,904 shares of Class B common stock remained available under the employee and director equity incentive pool. During the fiscal year ended September 30, 2025, the Company issued an aggregate of 13,014,899 shares of Class B common stock pursuant to the exercise of investor warrants. Note 14 : Commitments and Contingencies Legal Proceedings From time to time, we may be involved in judicial or administrative proceedings concerning matters arising in the ordinary course of business. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, would not be material to the Company’s consolidated financial position, results of operations or cash flows. F- 38 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 14: Commitments and Contingencies (Cont.) On June 2, 2025, a civil action was filed against the Company and certain of our officers in the Supreme Court of the State of New York, County of Kings (Index No. 517888/2025). The complaint asserts claims for breach of contract, breach of express and implied warranties, fraud, and joint venture liability. The plaintiff seeks damages in excess of $ 600,000 , including compensatory and punitive damages. On September 26, 2025, we filed a motion to dismiss the case. On April 28, 2026, the parties entered into a joint stipulation adjourning oral argument on the motion to dismiss to July 15, 2026 We believe the claims are meritless and are vigorously defending the action. Based on the current stage of litigation and consultation with outside counsel, management has concluded that a loss is not probable. Lease We lease office facilities and retail space under noncancelable operating lease agreements. Following the purchase of the new corporate headquarters in April 2025, the existing facilities at 4175 Cameron St, Las Vegas, Nevada, continue to be leased and are now utilized for dedicated Research and Development (R&D) laboratory space and overflow administrative support. We closed our second office space in Austin, Texas, in April 2024. The total operating lease liabilities primarily relate to the Cameron Street R&D facility and the Clouffee & Tea retail space (Town Square Las Vegas). As of September 30, 2025, our operating lease liabilities were measured using a weighted average remaining lease term of approximately 2.7 years and a weighted average discount rate of approximately 4.0 %. The components of leases and lease costs are as follows (in thousands): Operating leases As of September 30, 2025 As of September 30, 2024 Operating lease right-of use assets $ 731 $ 506 Operating lease liabilities, current portion 301 150 Operating lease liabilities, non-current portion 429 356 Total operating lease liabilities $ 730 $ 506 Future minimum lease payments under these leases as of September 30, 2025, are approximately as follow: Fiscal Year Amount 2026 $ 298 2027 307 2028 54 2029 56 2030 19 Total future minimum lease payments $ 734 Less: Imputed interest ( 4 ) Present value of lease payments $ 730 F- 39 NOTES TO FINANCIAL STATEMENT FOR THE YEARS ENDED SEPTEMBER 30, 2025 AND 2024 (in thousands, except share and per share data) Note 15: Subsequent Events Between October 1, 2025 and January 15, 2026, the Company issued an aggregate of 19,642,631 shares of Class B common stock, as detailed below: - The Company issued an aggregate of 4,485,946 shares of Class B common stock upon the exercise of Common Warrants, generating total proceeds of $ 9,813,400.08 before deducting financial advisory fees. - The Company issued an aggregate of 15,156,685 shares of Class B common stock under the At-The-Market program generating gross proceeds of $ 71,622,886.31 . - On December 5, 2025, the Company announced the resignation of Matthew Casella as President, effective December 2, 2025. In connection with his departure, the Company entered into a separation agreement pursuant to which the Company will provide: (i) a cash payment of $ 32 for severance and accrued obligations, (ii) a $ 35 performance bonus, and (iii) 60,000 restricted shares of Class B common stock. Additionally, Mr. Casella will continue to provide consulting services for 12 months in exchange for 50,000 restricted shares of Class B common stock, payable quarterly through December 2026. (2) Financial Statement Schedules All financial statement schedules are omitted because they are not applicable or the amounts are immaterial and not required, or the required information is presented in the financial statements and notes thereto beginning on page F-1 of this Report. (3) Exhibits We hereby file as part of this Report the exhibits listed in the attached Exhibit Index. Exhibits that are incorporated herein by reference can be inspected on the SEC website at www.sec.gov. F- 40 ITEM 16. Form 10-K Summary. Not applicable. EXHIBIT INDEX Exhibit No. Description 3.1 Second Amended and Restated Articles of Incorporation (Incorporated by reference to Exhibit 3.1 in the Company’s Current Report on Form 8-K, filed with the SEC on November 22, 2023). 3.2 Articles of Amendment to Articles of Incorporation of Richtech Robotics Inc. (Incorporated herein by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed with the Commission on November 17, 2025). 3.3 Second Amended and Restated Bylaws (Incorporated by reference to Exhibit 3.3 in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024, filed with the SEC on January 11, 2024). 4.1 Specimen Class B Common Stock Certificate (Incorporated by reference to Exhibit 4.1 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 4.2 Form of Underwriter Warrant (Incorporated by reference to Exhibit 4.1 in the Company’s Current Report on Form 8-K, filed with the SEC on November 22, 2023). 4.3 Form of Pre-Funded Warrant (Incorporated by reference to Exhibit 4.1 in the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2024). 4.4 Form of Common Warrant (Incorporated by reference to Exhibit 4.2 in the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2024). 4.5 Form of Placement Agent Warrant (Incorporated by reference to Exhibit 4.3 in the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2024). 4.6 Form of Inducement Warrant (Incorporated by reference to Exhibit 4.1 in the Company’s Current Report on Form 8-K, filed with the SEC on February 11, 2025). 4.7 Description of Registered Securities (Incorporated by reference to Exhibit 4.6 in the Company’s Annual Report on Form 10-K, filed with the SEC on January 14, 2025). 10.1# Letter of Intent, dated as of October 16, 2024, by and between Richtech Robotics Inc. and Ghost Kitchens America (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on October 22, 2024). 10.2 Form of Invention Assignment Agreement (Incorporated by reference to Exhibit 10.4 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.3 Form of Stock Purchase Agreement (Pre-IPO Private Placement) (Incorporated by reference to Exhibit 10.5 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.4 Second Amended and Restated Richtech Robotics, Inc. 2023 Stock Option Plan (Incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed with the Commission on November 17, 2025). 10.5 Form of Stock Option Agreement (Incorporated by reference to Exhibit 10.7 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.6 Form of Stock Purchase Agreement (Incorporated by reference to Exhibit 10.8 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.7 Employment Agreement between the Company and Zhenwu Huang (Incorporated by reference to Exhibit 10.9 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.8 Employment Agreement between the Company and Zhenqiang Huang (Incorporated by reference to Exhibit 10.10 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.9 Employment Agreement between the Company and Phil Zheng (Incorporated by reference to Exhibit 10.11 in the Company’s Registration Statement on Form S-1/A (File No. 333-273628), filed with the SEC on November 1, 2023). 10.10 Standby Equity Purchase Agreement, dated February 15, 2024, by and between the Company and YA II PN, Ltd. (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on February 21, 2024). 71 10.11 Letter Agreement, dated March 14, 2024, by and between the Company and YA II PN, Ltd. (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on March 15, 2024). 10.12 Form of Securities Purchase Agreement (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on September 5, 2024). 10.13 Form of Inducement Letter (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on February 11, 2025). 10.14^ Purchase and Sale Agreement, dated April 8, 2025, by and between the Company and L & R Investment LLC (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on April 14, 2025). 10.15# Product Sales and Technical Services Agreement, dated as of June 24, 2025, by and between Boyu Artificial Intelligence (Beijing) Technology Co., Ltd. and Beijing Kaiwu Tongchuang Technology Development Co., Ltd (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on June 30, 2025). 10.16# Master Services Agreement, dated August 21, 2025 (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on August 25, 2025). 10.17 At the Market Offering Agreement, dated August 28, 2025, by and among the Company and Rodman & Renshaw LLC and H.C. Wainwright & Co., LLC (Incorporated by reference to Exhibit 10.1 in the Company’s Current Report on Form 8-K, filed with the SEC on August 28, 2025). 10.18 At the Market Offering Agreement, dated September 23, 2025, by and among the Company, Rodman & Renshaw LLC and H.C. Wainwright & Co., LLC (Incorporated by reference to Exhibit 10.1 in the Company’s Registration Statement on Form S-3ASR, filed with the SEC on September 24, 2025). 14 Code of Ethics (Incorporated by reference to Exhibit 14 in the Company’s Annual Report on Form 10-K, filed with the SEC on January 14, 2025). 19 Insider Trading Policy (Incorporated by reference to Exhibit 19 in the Company’s Annual Report on Form 10-K, filed with the SEC on January 14, 2025). 21 Subsidiaries of the Registrant (Incorporated by reference to Exhibit 21 in the Company’s Annual Report on Form 10-K, filed with the SEC on January 20, 2026). 31.1 Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* 31.2 Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* 32.1 Certification of the Principal Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** 32.2 Certification of the Principal Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** 97 Executive Compensation Clawback Policy.(Incorporated by reference to Exhibit 97 in the Company’s Annual Report on Form 10-K/A, filed with the SEC on February 7, 2025). 101.INS Inline XBRL Instance Document.* 101.SCH Inline XBRL Taxonomy Extension Schema Document.* 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.* 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.* 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.* 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.* 104 Cover Page Interactive Data File (Embedded as Inline XBRL document and contained in Exhibit 101).* * Filed herewith. ** Furnished herewith # Certain portions of this exhibit have been omitted because the omitted information is (i) not material and (ii) would likely cause competitive harm to the Company if publicly disclosed. ^ Certain annexes, schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request. 72 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized. August 7, 2026 RICHTECH ROBOTICS INC. By: /s/ Zhenwu Huang Zhenwu Huang Chief Executive Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Zhenwu Huang Chief Executive Officer and Director August 7, 2026 Zhenwu Huang (Principal Executive Officer) /s/ Zhenqiang Huang Chief Financial Officer and Director August 7, 2026 Zhenqiang Huang (Principal Financial and Accounting Officer) /s/ John Shigley Director August 7, 2026 John Shigley /s/ Stephen Markscheid Director August 7, 2026 Stephen Markscheid /s/ Saul Factor Director August 7, 2026 Saul Factor 73