0001759546 2025-01-01 2025-12-31 0001759546 2025-06-30 0001759546 2026-03-26 0001759546 2025-12-31 0001759546 2024-12-31 0001759546 NRDE:SeriesAConvertiblePreferredStockMember 2025-12-31 0001759546 NRDE:SeriesAConvertiblePreferredStockMember 2024-12-31 0001759546 us-gaap:CommonClassAMember 2025-12-31 0001759546 us-gaap:CommonClassAMember 2024-12-31 0001759546 2024-01-01 2024-12-31 0001759546 us-gaap:PreferredStockMember 2023-12-31 0001759546 us-gaap:CommonStockMember 2023-12-31 0001759546 us-gaap:AdditionalPaidInCapitalMember 2023-12-31 0001759546 us-gaap:RetainedEarningsMember 2023-12-31 0001759546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0001759546 2023-12-31 0001759546 us-gaap:PreferredStockMember 2024-12-31 0001759546 us-gaap:CommonStockMember 2024-12-31 0001759546 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0001759546 us-gaap:RetainedEarningsMember 2024-12-31 0001759546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0001759546 us-gaap:PreferredStockMember 2024-01-01 2024-12-31 0001759546 us-gaap:CommonStockMember 2024-01-01 2024-12-31 0001759546 us-gaap:AdditionalPaidInCapitalMember 2024-01-01 2024-12-31 0001759546 us-gaap:RetainedEarningsMember 2024-01-01 2024-12-31 0001759546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-12-31 0001759546 us-gaap:PreferredStockMember 2025-01-01 2025-12-31 0001759546 us-gaap:CommonStockMember 2025-01-01 2025-12-31 0001759546 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-12-31 0001759546 us-gaap:RetainedEarningsMember 2025-01-01 2025-12-31 0001759546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-12-31 0001759546 us-gaap:PreferredStockMember 2025-12-31 0001759546 us-gaap:CommonStockMember 2025-12-31 0001759546 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0001759546 us-gaap:RetainedEarningsMember 2025-12-31 0001759546 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-12-31 0001759546 us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001759546 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001759546 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001759546 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2025-12-31 0001759546 us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001759546 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001759546 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001759546 us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2024-12-31 0001759546 srt:MinimumMember 2024-12-31 0001759546 srt:MaximumMember 2024-12-31 0001759546 2022-11-07 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember 2022-11-07 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember NRDE:InvestmentAgreementMember 2022-11-07 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember NRDE:InvestmentAgreementMember 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember NRDE:InvestmentAgreementFirstTrancheMember 2022-11-07 2022-11-07 0001759546 NRDE:FoxconnMember us-gaap:PreferredStockMember NRDE:InvestmentAgreementSecondTrancheMember 2022-11-07 2022-11-07 0001759546 2023-11-07 0001759546 us-gaap:CommonClassAMember 2023-05-24 0001759546 us-gaap:ConvertiblePreferredStockMember 2025-01-01 2025-12-31 0001759546 us-gaap:ConvertiblePreferredStockMember 2024-01-01 2024-12-31 0001759546 NRDE:FoxconnWarrantsMember 2025-01-01 2025-12-31 0001759546 NRDE:FoxconnWarrantsMember 2024-01-01 2024-12-31 0001759546 NRDE:PrivatePlacementWarrantsMember 2025-01-01 2025-12-31 0001759546 NRDE:PrivatePlacementWarrantsMember 2024-01-01 2024-12-31 0001759546 2024-01-01 2024-03-31 0001759546 NRDE:StockIncentivePlan2020Member us-gaap:CommonClassAMember 2024-03-14 0001759546 us-gaap:RestrictedStockUnitsRSUMember NRDE:StockIncentivePlan2020Member 2024-05-13 2024-05-13 0001759546 srt:DirectorMember 2024-11-26 2024-11-26 0001759546 srt:DirectorMember 2024-12-04 2024-12-04 0001759546 srt:BoardOfDirectorsChairmanMember us-gaap:RestrictedStockUnitsRSUMember 2024-11-26 2024-11-26 0001759546 srt:BoardOfDirectorsChairmanMember us-gaap:RestrictedStockUnitsRSUMember 2024-12-04 2024-12-04 0001759546 srt:DirectorMember us-gaap:RestrictedStockUnitsRSUMember 2024-11-26 2024-11-26 0001759546 srt:DirectorMember us-gaap:RestrictedStockUnitsRSUMember 2024-12-04 2024-12-04 0001759546 srt:ChiefExecutiveOfficerMember 2025-09-26 2025-09-26 0001759546 srt:ChiefExecutiveOfficerMember us-gaap:RestrictedStockUnitsRSUMember 2025-09-26 2025-09-26 0001759546 us-gaap:RestrictedStockUnitsRSUMember 2025-09-26 0001759546 us-gaap:CommonClassAMember 2025-10-16 0001759546 us-gaap:RestrictedStockUnitsRSUMember NRDE:StockIncentivePlan2020Member 2025-01-01 2025-12-31 0001759546 us-gaap:RestrictedStockUnitsRSUMember NRDE:StockIncentivePlan2020Member 2024-01-01 2024-12-31 0001759546 us-gaap:RestrictedStockUnitsRSUMember NRDE:StockIncentivePlan2020Member 2025-12-31 0001759546 us-gaap:StateAndLocalJurisdictionMember 2025-12-31 0001759546 us-gaap:StateAndLocalJurisdictionMember 2024-12-31 0001759546 2023-08-08 0001759546 2024-10-25 0001759546 NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2021-05-14 2021-05-14 0001759546 NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2025-01-01 2025-12-31 0001759546 NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2025-12-31 0001759546 NRDE:FoxconnMember NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2025-01-01 2025-12-31 0001759546 NRDE:FoxconnMember NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2025-12-31 0001759546 NRDE:StockholderDerivativeComplaintsMember 2021-07-09 2021-07-09 0001759546 NRDE:FoxconnMember NRDE:ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember 2024-08-01 2024-08-01 0001759546 NRDE:FoxconnMember srt:MaximumMember srt:ChiefExecutiveOfficerMember 2025-01-01 2025-12-31 0001759546 NRDE:FoxconnMember srt:ChiefExecutiveOfficerMember 2025-01-01 2025-12-31 0001759546 NRDE:FoxconnMember srt:ChiefExecutiveOfficerMember 2024-01-01 2024-12-31 0001759546 NRDE:FoxconnMember srt:ChiefExecutiveOfficerMember 2025-12-31 0001759546 NRDE:FoxconnMember srt:ChiefExecutiveOfficerMember 2024-12-31 0001759546 srt:ChiefExecutiveOfficerMember 2025-01-01 2025-12-31 0001759546 srt:ChiefExecutiveOfficerMember 2024-01-01 2024-12-31 0001759546 2025-12-30 2025-12-30 0001759546 NRDE:FoxpointFloridaLLCMember 2025-12-30 0001759546 NRDE:FoxpointFloridaLLCMember NRDE:SecondAnniversaryOfClosingMember 2025-12-30 0001759546 NRDE:FoxpointFloridaLLCMember NRDE:FirstAnniversaryOfClosingMember 2025-12-30 0001759546 2025-10-01 2025-12-31 0001759546 us-gaap:SubsequentEventMember 2026-01-23 2026-01-23 0001759546 us-gaap:SubsequentEventMember NRDE:FoxpointFloridaIIILLCMember 2026-02-13 2026-02-13 0001759546 us-gaap:SubsequentEventMember NRDE:FourThousandFourHundredAndFourtyFiveWVineLLCMember 2026-02-13 2026-02-13 iso4217:USD shares iso4217:USD shares pure NRDE:segment NRDE:Integer false FY 0001759546

10-K true 2025-12-31 --12-31 2025 false 001-38821 NU RIDE INC. DE 83-2533239 1700 Broadway, 19th Floor New York NY 10019 (212) 202-2200 No No Yes Yes Non-accelerated Filer true false false false true 20199631 true 16096296 0.0001 Certain information required to be disclosed in Part III of this report is incorporated by reference from the registrant’s definitive proxy statement or an amendment to this report, which will be filed with the SEC not later than 120 days after the end of the fiscal year covered by this report Since emerging from bankruptcy, our operations have been limited to resolving substantial litigation, claims reconciliation and financial reporting. Therefore, we have <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_901_ecyd--CybersecurityRiskManagementProcessesIntegratedFlag_dbF_c20250101__20251231_zce01lDXaJRj">not adopted any cybersecurity risk management program or formal processes for assessing risk, which may make us susceptible to heightened cybersecurity risks. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_905_ecyd--CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag_dbT_c20250101__20251231_zkCM9cut3ink">We also depend on <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_90E_ecyd--CybersecurityRiskManagementThirdPartyEngagedFlag_dbT_c20250101__20251231_znkUwZipbUd1">third parties to provide certain services, and any sophisticated and deliberate attacks on, or security breaches in, systems or infrastructure that we utilize, including those of third parties, could lead to the corruption or misappropriation of our information, though we do not anticipate collecting or storing any significant confidential information related to customers, consumers, employees, or vendors. Because we expect to continue to rely on third parties, we will also depend upon the personnel and the processes of third parties to protect against cybersecurity threats, and we will have no personnel or processes of our own for this purpose. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_907_ecyd--CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock_c20250101__20251231_zYqDYmYyuvIa">Our <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zudMs8wjHOAj">Board of Directors is generally responsible for the oversight of risks from cybersecurity threats. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_900_ecyd--CybersecurityRiskRoleOfManagementTextBlock_c20250101__20251231_zDDwzuxbxcrg">In the event of a cybersecurity incident impacting us, our management team will inform our Board of Directors of the details of such incident as well as the measures taken in response to such incident. There can be no assurance that we will have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences on our business and lead to financial loss and damage to our reputation. false true true Our <span class="xdx_phnt_RGlzY2xvc3VyZSAtIEN5YmVyc2VjdXJpdHkgUmlzayBNYW5hZ2VtZW50IGFuZCBTdHJhdGVneSBEaXNjbG9zdXJlAA__" id="xdx_903_ecyd--CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag_dbT_c20250101__20251231_zudMs8wjHOAj">Board of Directors is generally responsible for the oversight of risks from cybersecurity threats. true In the event of a cybersecurity incident impacting us, our management team will inform our Board of Directors of the details of such incident as well as the measures taken in response to such incident. There can be no assurance that we will have sufficient resources to adequately protect against, or to investigate and remediate any vulnerability to, cyber incidents. 243 BDO USA, P.C. Troy, Michigan

34439000

23095000

4722000

6371000

5100000

23370000

317000

208000

176000

139000

44754000

53183000

2215000

46969000

53183000

464000

136000

401000

721000

126000 207000

991000

1064000

5004000

9884000

5995000

10948000

0.0001

12000000

300000000

38378000

35455000

0.0001

450000000

16211365

16096296

24000

1182014000

1184505000

-408000

666000

-1179034000

-1178415000

2596000

6780000

46969000

53183000

6768000

12903000

-3008000 -6033000

4022000

3760000

10892000

-3760000

-10892000

16000

-251000

1336000

257000

1789000

2750000

-619000

-8136000

-619000

-8136000

2923000 2700000

-3542000

-10836000

-1074000

666000

-4616000

-10170000

-0.22

-0.67

16096000

16067000

-619000

-8136000

-1074000

666000

-1693000

-7470000

300000

32755000

15953000

24000

1183804000

-1170279000

13549000

143000

106000

3507000

-2700000

2700000

666000

-8136000

300000

35455000

16096000

24000

1184505000

-1178415000

666000

6780000

300000

35455000

16096000

24000

1184505000

-1178415000

666000

6780000

432000

-2923000

2923000

-1074000

-619000

300000

38378000

16096000

24000

1182014000

-1179034000

-408000

2596000

300000

38378000

16096000

24000

1182014000

-1179034000

-408000

2596000

-619000

-8136000

432000

3507000

1336000

257000

604000

146000

-4726000

328000

-797000

-320000 -12094000 -4961000 -22026000

-7226000

-35077000

29215000

38818000

50000000

10000000

2215000

18570000

-28818000

106000

-106000

11344000

-64001000

23095000

87096000

34439000

23095000

30620000

<p id="xdx_804_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z7ybLqo9GAZk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">NOTE 1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Description of Business Overview On June 27, 2023, Lordstown Motors Corp., a Delaware corporation, together with its subsidiaries (“Lordstown,” the “Company,” or the “Debtors”), filed voluntary petitions for relief (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). On March 5, 2024, the Bankruptcy Court entered an order confirming the Second Modified First Amended Joint Plan of Lordstown Motors Corp. and Its Affiliated Debtors (the “Plan”). Following the entry of the confirmation order and all conditions to effectiveness of the Plan being satisfied, the Debtors emerged from bankruptcy on March 14, 2024 (the “Effective Date”) under the name “Nu Ride Inc.” Following emergence, the Company’s assets consist largely of cash on hand, the claims asserted in the Foxconn Litigation (as defined below), claims that the Company may have against other parties, certain loans receivable made after emergence, described below, as well as net operating loss carryforwards (“NOLs”) and other tax attributes, and the Company’s primary operations are: (i) resolving claims filed in the bankruptcy, (ii) prosecuting the Foxconn Litigation (as defined below), (iii) pursuing, compromising, settling or otherwise disposing of other retained causes of action of the Company, and (iv) exploring potential business opportunities, including strategic alternatives or business combinations. No assurances can be made that the Company will be successful in prosecuting any claim or cause of action or that any strategic alternative or business combination will be identified or, if identified, would result in profitable operations. The Company anticipates that the prosecution of claims and causes of action and the evaluation and pursuit of potential strategic alternatives will be costly, complex, and risky. Foxconn Litigation In the years prior to the Company’s filing for bankruptcy protection, the Company entered into a series of transactions with affiliates of Foxconn, beginning with the Agreement in Principle that was announced on September 30, 2021, pursuant to which the Company entered into definitive agreements to sell our manufacturing facility in Lordstown, Ohio under an asset purchase agreement (the “Foxconn APA”) and outsource manufacturing of the Endurance to Foxconn under a contract manufacturing agreement (the “CMA”). On November 7, 2022, the Company entered into an investment agreement with Foxconn under which Foxconn agreed to make additional equity investments in the Company (the “Investment Agreement”). The Investment Agreement superseded and replaced an earlier joint venture agreement. On June 27, 2023, the Company commenced an adversary proceeding against Foxconn (the “Foxconn Litigation”) in the Bankruptcy Court seeking relief for fraudulent and tortious conduct as well as breaches of the Investment Agreement and other agreements, the parties’ joint venture agreement, the Foxconn APA, and the CMA that the Company believes were committed by Foxconn. As set forth in the complaint relating to the adversary proceeding, the Company believes Foxconn’s actions have caused substantial harm to the Company’s operations and prospects and caused significant damages. On September 29, 2023, Foxconn filed a motion to dismiss all counts of the Foxconn Litigation and brief in support of the same (the “Foxconn Adversary Motion to Dismiss”), asserting that all of the Company’s claims are subject to binding arbitration provisions and that the Company has failed to state a claim for relief. The Company believes that the Foxconn Adversary Motion to Dismiss is without merit and, on November 6, 2023, the Company filed an opposition to Foxconn’s Adversary Motion to Dismiss. Foxconn filed a reply in support of the Foxconn Adversary Motion to Dismiss on November 30, 2023. On December 7, 2023, the Company and its equity committee (the “Equity Committee”) filed a notice of completion of briefing, which provided that the briefing of the Foxconn Adversary Motion to Dismiss has been completed and such motion is ready for disposition. On August 1, 2024, the Bankruptcy Court entered an opinion and order partially denying and partially granting the Foxconn Adversary Motion to Dismiss, which was subsequently amended on October 1, 2024. Nine of the Company’s claims survived the motion to dismiss on the grounds that the Company pled viable claims against Foxconn and the claims were not subject to mandatory arbitration. The Court also dismissed two of the Company’s claims in favor of arbitration. The order is presently being appealed by Foxconn. The Bankruptcy Court has stayed litigation of the claims that it ruled were not subject to arbitration pending that appeal. The Court also allowed that the two dismissed claims should proceed to arbitration. The Company is vigorously pursuing this litigation. Any net proceeds from the Foxconn Litigation may enhance the recoveries for holders of claims and equity interests of shareholders (“Interests”), as set forth in the Plan. However, no assurances can be provided as to the Company having sufficient resources to pursue the Foxconn Litigation, or the outcome or recoveries, if any. See Note 8 - Commitments and Contingencies - Foxconn Litigation for additional information. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts and operations of the Company and its wholly owned subsidiary. All intercompany accounts and transactions are eliminated upon consolidation. Liquidity The Company had cash and cash equivalents of approximately $34.4 million, excluding restricted short-term investments of approximately $5.1 million and short-term investments of $4.7 million, an accumulated deficit of $1.2 billion at December 31, 2025, and a net loss of $0.6 million for the year ended December 31, 2025. The Company’s liquidity and ability to continue as a going concern is dependent upon, among other things: (i) the resolution of significant contingent and other claims, liabilities and (ii) the outcome of the Company’s efforts to realize value, if any, from its retained causes of action, including the Foxconn Litigation, and other remaining assets. The Company intends to explore potential business opportunities, including strategic alternatives or business combinations, including those that would preserve the value of the Company’s NOLs. Based on the foregoing, management believes that the Company will have sufficient working capital to meet its needs through the date one year from this filing. Over this time period, the Company will be using its restricted short-term investments to pay for settled claims and its cash and cash equivalents, unrestricted short-term investments and interest received from our short-term investments and our notes receivable for paying existing accrued expenses and legal and consulting fees expected to be incurred.

34400000

5100000

4700000

-1200000000

-600000

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates in Financial Statement Preparation The preparation of consolidated financial statements in accordance with GAAP is based on the selection and application of accounting policies that require us to make significant estimates and assumptions that affect the reported amounts in the consolidated financial statements, and related disclosures in the accompanying notes to the financial statements. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the consolidated financial statements in the period they are determined to be necessary. The Chapter 11 Cases may result in ongoing, additional changes in facts and circumstances that may cause the Company’s estimates and assumptions to change, potentially materially. The Company undertakes no obligation to update or revise any of the disclosures, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Fresh Start Accounting Upon emergence from bankruptcy, the Company assessed the requirements of fresh start accounting as required in Accounting Standards Codification 852: Reorganizations (“ASC 852”). Based on the Company’s assessment, management concluded that the Company does not qualify for fresh start accounting under ASC 852 upon emergence from bankruptcy. Management’s conclusion was based on the fact that the total of all post-petition liabilities and reserve for allowed claims did not exceed the reorganization value, and the holders of existing voting shares immediately prior to confirmation did not lose control of the entity, as defined as receiving less than <span id="xdx_903_ecustom--PercentageOfEmergingEntitySVotingSharesToBeReceivedByExistingVotingShareholdersImmediatelyPriorToConfirmation_iI_pid_dp_uPure_c20251231_zROZ66SKbtQi" title="Percentage of emerging entity's voting shares">50% of the emerging entity’s voting shares. Accordingly, the Company continued to apply GAAP in the ongoing preparation of its financial statements post emergence. Segment Information Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding resource allocation and assessing performance. The Company has determined that its CODM is its Chief Executive Officer. The Company operates as one operating segment with a focus on (a) claims administration under its Plan, (b) prosecuting, pursuing, compromising, settling, or otherwise disposing of litigation and other retained causes of action including the Foxconn Litigation, (c) defending the Company against any counterclaims, (d) maintaining and managing the NOLs and (e) filing Securities and Exchange Commission required reports and satisfying other regulatory requirements. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements The Company’s CODM manages and allocates resources to the operations of the Company on a consolidated basis. This enables the CODM to assess the Company’s overall level of available resources and determine how best to deploy these resources in line with the Company’s long-term company-wide strategic goals. Given the Company does not currently generate revenue, the CODM assesses performance of the Company’s single segment and allocation of resources based on consolidated net loss as well as total selling, general, and administrative expenses. The CODM utilizes these metrics in order to assess the Company’s net cash usage. Total net loss as well as selling, general, and administrative expenses are used to monitor budget versus actual results. Significant segment expenses are consistent with those presented on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total assets. <p id="xdx_846_ecustom--CashCashEquivalentsShortTermInvestmentsRestrictedAndShortTermInvestmentsPolicyTextBlock_z7iP8AA5JDEd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Cash, Cash Equivalents, Short-Term Investments, and Restricted Short-term Investments Cash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. The Company maintains its cash in bank deposit and securities accounts that exceed federally insured limits. The Company has not experienced significant losses in such accounts and management believes it is not exposed to material credit risk. The Company’s short-term investments consist of U.S. treasury notes and bills and U.S. government and prime asset money market funds. The short-term investments are accounted for as available-for-sale securities. The market risk related to these investments is insignificant given that the short-term investments held are highly liquid investment-grade fixed-income securities. The Company records changes in allowance for expected credit loss in other income (expense). There has been no allowance for expected credit losses recorded during any of the periods presented. See Note 3 – Fair Value Measurements for further information. Restricted short-term investments balances represent the cash reserves as required by the Plan that have been invested in short-term available for sale securities, which consist primarily of U.S. treasury notes and bills and U.S. government and prime asset money market funds. Under the Plan, the Company established an escrow for the payment of certain professional fees incurred in connection with the Chapter 11 Cases (“Professional Fee Escrow”). The Professional Fee Escrow was established based upon estimates and assumptions as of the date the Company emerged from bankruptcy. Therefore, the actual obligations may be more or less than the amount escrowed. To the extent the Professional Fee Escrow is insufficient, the Company will be required to use its available unrestricted cash to settle its obligations. In the event the Professional Fee Escrow exceeds the Company’s obligations, funds will be returned to the Company and become unrestricted. The obligations were fully paid in August 2024 and the remainder of the Professional Fee Escrow was released from restriction. The Plan also required the Company to establish a $45 million reserve for allowed and disputed claims of general unsecured creditors (the “Claims Reserve”), including interest (although there can be no assurance the Company will be able to pay such claims in full, with interest). As of December 31, 2025, $5.1 million was included in restricted short-term investments, which represents the initial Claims Reserve of $45 million, less $40.4 million which was released from the Claims Reserve related to the claims reconciliation process. Loan Receivable On December 30, 2025, the Company entered into a Funding Agreement and Secured Promissory Note with Foxpoint Florida LLC (“FPI”), pursuant to which the Company loaned FPI $2.215 million to finance the acquisition by FPI of certain billboard leasehold assets, including structures and permits, in Florida (the “FPI Loan”). The FPI Loan is secured by a first priority lien on substantially all the assets of FPI, as well as a pledge of all equity interests in FPI held by its owner, and bears interest at 15% per annum, payable monthly in cash, with payment in full of principal and accrued interest on December 30, 2028. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for credit losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Loans are reported as past due when principal is due and unpaid for a period of 30 days or more. Loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements Allowance for Credit Losses The Allowance for Credit Losses (“ACL”), which consist of the allowance for loan losses represents management’s estimate of current expected credit losses over the contractual term of the loans as of the balance sheet date. Loans are charged against the ACL and recognized in the consolidated statements of operations when management believes the recorded loan balance is confirmed as uncollectible. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Specific reserves cover impaired loans, or loans individually valuated for impairment, and are primarily measured based on the fair value of collateral. After applying historic loss experience, the quantitatively derived level of ACL is reviewed using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ACL and the primary qualitative factors that may be reflected in the quantitative model may include, but not limited to asset quality trends; national and regional economic business conditions and other macroeconomic adjustments, industry monitoring and the value of underlying collateral. Changes in the level of the ACL reflect changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ACL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ACL. Liabilities Subject to Compromise In the accompanying consolidated balance sheets, the “Liabilities subject to compromise” line is reflective of expected allowed claim amounts in accordance with ASC 852-10 and are subject to change materially based on the continued consideration of claims that may be modified, allowed, or disallowed. Refer to Note 8 - Commitments and Contingencies for further detail. Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, Accounting for Stock-Based Compensation (“ASC Topic 718”), which establishes a fair value-based method of accounting for stock-based compensation plans. In accordance with ASC Topic 718, the cost of stock-based awards issued to employees and non-employees over the awards vesting period is measured on the grant date based on the fair value. For options, the fair value is determined using the Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, expected option life and risk-free interest rate. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 - Compensation - Stock Compensation (Topic 718), the Company has elected to account for forfeitures as they occur. See Note 6 - Stock Based Compensation. Reorganization Items Reorganization items of $4.0 million for the year ended December 31, 2024 represent the expenses directly and incrementally resulting from the Chapter 11 Cases and are separately reported as Reorganization items in the consolidated statements of operations and comprehensive loss. Given that the company emerged from bankruptcy in 2024, no reorganization costs were incurred for the year ended December 31, 2025. Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes (ASC Topic 740). Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC Topic 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense. Recently Issued Accounting Standards Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 beginning January 1, 2025 and determined there was no material impact on its financial statements. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires public business entities to provide disclosure of additional information about certain identified costs and expenses on both an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40); Clarifying the Effective Date. This ASU provided clarification regarding the effective dates of annual and interim disclosure requirements presented in ASU 2024-03. Upon consideration of the clarification in ASU 2025-01, the guidance in ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements.

Use of Estimates in Financial Statement Preparation The preparation of consolidated financial statements in accordance with GAAP is based on the selection and application of accounting policies that require us to make significant estimates and assumptions that affect the reported amounts in the consolidated financial statements, and related disclosures in the accompanying notes to the financial statements. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the consolidated financial statements in the period they are determined to be necessary. The Chapter 11 Cases may result in ongoing, additional changes in facts and circumstances that may cause the Company’s estimates and assumptions to change, potentially materially. The Company undertakes no obligation to update or revise any of the disclosures, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Fresh Start Accounting Upon emergence from bankruptcy, the Company assessed the requirements of fresh start accounting as required in Accounting Standards Codification 852: Reorganizations (“ASC 852”). Based on the Company’s assessment, management concluded that the Company does not qualify for fresh start accounting under ASC 852 upon emergence from bankruptcy. Management’s conclusion was based on the fact that the total of all post-petition liabilities and reserve for allowed claims did not exceed the reorganization value, and the holders of existing voting shares immediately prior to confirmation did not lose control of the entity, as defined as receiving less than <span id="xdx_903_ecustom--PercentageOfEmergingEntitySVotingSharesToBeReceivedByExistingVotingShareholdersImmediatelyPriorToConfirmation_iI_pid_dp_uPure_c20251231_zROZ66SKbtQi" title="Percentage of emerging entity's voting shares">50% of the emerging entity’s voting shares. Accordingly, the Company continued to apply GAAP in the ongoing preparation of its financial statements post emergence. 0.50

Segment Information Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker (“CODM”) in deciding resource allocation and assessing performance. The Company has determined that its CODM is its Chief Executive Officer. The Company operates as one operating segment with a focus on (a) claims administration under its Plan, (b) prosecuting, pursuing, compromising, settling, or otherwise disposing of litigation and other retained causes of action including the Foxconn Litigation, (c) defending the Company against any counterclaims, (d) maintaining and managing the NOLs and (e) filing Securities and Exchange Commission required reports and satisfying other regulatory requirements. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements The Company’s CODM manages and allocates resources to the operations of the Company on a consolidated basis. This enables the CODM to assess the Company’s overall level of available resources and determine how best to deploy these resources in line with the Company’s long-term company-wide strategic goals. Given the Company does not currently generate revenue, the CODM assesses performance of the Company’s single segment and allocation of resources based on consolidated net loss as well as total selling, general, and administrative expenses. The CODM utilizes these metrics in order to assess the Company’s net cash usage. Total net loss as well as selling, general, and administrative expenses are used to monitor budget versus actual results. Significant segment expenses are consistent with those presented on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total assets.

<p id="xdx_846_ecustom--CashCashEquivalentsShortTermInvestmentsRestrictedAndShortTermInvestmentsPolicyTextBlock_z7iP8AA5JDEd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">Cash, Cash Equivalents, Short-Term Investments, and Restricted Short-term Investments Cash includes cash equivalents which are highly liquid investments that are readily convertible to cash. The Company considers all liquid investments with original maturities of three months or less to be cash equivalents. In general, investments with original maturities of greater than three months and remaining maturities of less than one year are classified as short-term investments. The Company maintains its cash in bank deposit and securities accounts that exceed federally insured limits. The Company has not experienced significant losses in such accounts and management believes it is not exposed to material credit risk. The Company’s short-term investments consist of U.S. treasury notes and bills and U.S. government and prime asset money market funds. The short-term investments are accounted for as available-for-sale securities. The market risk related to these investments is insignificant given that the short-term investments held are highly liquid investment-grade fixed-income securities. The Company records changes in allowance for expected credit loss in other income (expense). There has been no allowance for expected credit losses recorded during any of the periods presented. See Note 3 – Fair Value Measurements for further information. Restricted short-term investments balances represent the cash reserves as required by the Plan that have been invested in short-term available for sale securities, which consist primarily of U.S. treasury notes and bills and U.S. government and prime asset money market funds. Under the Plan, the Company established an escrow for the payment of certain professional fees incurred in connection with the Chapter 11 Cases (“Professional Fee Escrow”). The Professional Fee Escrow was established based upon estimates and assumptions as of the date the Company emerged from bankruptcy. Therefore, the actual obligations may be more or less than the amount escrowed. To the extent the Professional Fee Escrow is insufficient, the Company will be required to use its available unrestricted cash to settle its obligations. In the event the Professional Fee Escrow exceeds the Company’s obligations, funds will be returned to the Company and become unrestricted. The obligations were fully paid in August 2024 and the remainder of the Professional Fee Escrow was released from restriction. The Plan also required the Company to establish a $45 million reserve for allowed and disputed claims of general unsecured creditors (the “Claims Reserve”), including interest (although there can be no assurance the Company will be able to pay such claims in full, with interest). As of December 31, 2025, $5.1 million was included in restricted short-term investments, which represents the initial Claims Reserve of $45 million, less $40.4 million which was released from the Claims Reserve related to the claims reconciliation process. 45000000

5100000

45000000 40400000

Loan Receivable On December 30, 2025, the Company entered into a Funding Agreement and Secured Promissory Note with Foxpoint Florida LLC (“FPI”), pursuant to which the Company loaned FPI $2.215 million to finance the acquisition by FPI of certain billboard leasehold assets, including structures and permits, in Florida (the “FPI Loan”). The FPI Loan is secured by a first priority lien on substantially all the assets of FPI, as well as a pledge of all equity interests in FPI held by its owner, and bears interest at 15% per annum, payable monthly in cash, with payment in full of principal and accrued interest on December 30, 2028. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allowance for credit losses, and any deferred fees or costs on originated loans. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield over the estimated life of the loan. Loans are reported as past due when principal is due and unpaid for a period of 30 days or more. Loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not collected for loans that are charged off is reversed against interest income. The interest on these loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements

Allowance for Credit Losses The Allowance for Credit Losses (“ACL”), which consist of the allowance for loan losses represents management’s estimate of current expected credit losses over the contractual term of the loans as of the balance sheet date. Loans are charged against the ACL and recognized in the consolidated statements of operations when management believes the recorded loan balance is confirmed as uncollectible. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Specific reserves cover impaired loans, or loans individually valuated for impairment, and are primarily measured based on the fair value of collateral. After applying historic loss experience, the quantitatively derived level of ACL is reviewed using qualitative criteria. Various risk factors are tracked that influence our judgment regarding the level of the ACL and the primary qualitative factors that may be reflected in the quantitative model may include, but not limited to asset quality trends; national and regional economic business conditions and other macroeconomic adjustments, industry monitoring and the value of underlying collateral. Changes in the level of the ACL reflect changes in these factors. The magnitude of the impact of each of these factors on the qualitative assessment of the ACL changes from quarter to quarter according to the extent these factors are already reflected in historic loss rates and according to the extent these factors diverge from one another. Also considered is the uncertainty inherent in the estimation process when evaluating the ACL. Liabilities Subject to Compromise In the accompanying consolidated balance sheets, the “Liabilities subject to compromise” line is reflective of expected allowed claim amounts in accordance with ASC 852-10 and are subject to change materially based on the continued consideration of claims that may be modified, allowed, or disallowed. Refer to Note 8 - Commitments and Contingencies for further detail.

Stock-Based Compensation The Company records stock-based compensation in accordance with ASC Topic 718, Accounting for Stock-Based Compensation (“ASC Topic 718”), which establishes a fair value-based method of accounting for stock-based compensation plans. In accordance with ASC Topic 718, the cost of stock-based awards issued to employees and non-employees over the awards vesting period is measured on the grant date based on the fair value. For options, the fair value is determined using the Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, expected option life and risk-free interest rate. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. Further, pursuant to ASU 2016-09 - Compensation - Stock Compensation (Topic 718), the Company has elected to account for forfeitures as they occur. See Note 6 - Stock Based Compensation.

Reorganization Items Reorganization items of $4.0 million for the year ended December 31, 2024 represent the expenses directly and incrementally resulting from the Chapter 11 Cases and are separately reported as Reorganization items in the consolidated statements of operations and comprehensive loss. Given that the company emerged from bankruptcy in 2024, no reorganization costs were incurred for the year ended December 31, 2025.

4000000.0

Income Taxes Income taxes are recorded in accordance with ASC Topic 740, Income Taxes (ASC Topic 740). Deferred tax assets and liabilities are determined based on the difference between the consolidated financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are provided, if based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company has recorded a full valuation allowance against its deferred tax assets. The Company accounts for uncertain tax positions in accordance with the provisions of ASC Topic 740. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit would more likely than not be realized assuming examination by the taxing authority. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes any interest and penalties accrued related to unrecognized tax benefits as income tax expense.

Recently Issued Accounting Standards Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires that reporting entities disclose specific categories in the effective tax rate reconciliation as well as information about income taxes paid. The authoritative guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-09 beginning January 1, 2025 and determined there was no material impact on its financial statements. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements

Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40). This ASU requires public business entities to provide disclosure of additional information about certain identified costs and expenses on both an interim and annual basis. In January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40); Clarifying the Effective Date. This ASU provided clarification regarding the effective dates of annual and interim disclosure requirements presented in ASU 2024-03. Upon consideration of the clarification in ASU 2025-01, the guidance in ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the effect of this new guidance on the Company’s consolidated financial statements.

NOTE 3 - FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company follows the accounting guidance in ASC Topic 820, Fair Value Measurements (ASC Topic 820) for its fair value measurements of financial assets and liabilities measured at fair value on a recurring basis. Fair value is defined as 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 at the measurement date. 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 when 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. As of December 31, 2025 and 2024, the Company held short-term investments which were U.S. treasury bills and notes that are classified as Level I. The valuation inputs for the short-term investments are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Simultaneously with the closing of the Initial Public Offering, the Sponsor and the anchor investor purchased warrants (the “Private Placement Warrants”), which expired on October 23, 2025. In connection with the Foxconn Transactions and the closing of the Asset Purchase Agreement, the Company issued warrants to Foxconn, which expired on May 11, 2025 (the “Foxconn Warrants”). No Foxconn Warrants were exercised prior to expiration. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements <p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z6qCFwDhXONc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following tables summarize the valuation of our financial instruments (in thousands): SUMMARY OF VALUATION OF FINANCIAL INSTRUMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzUEL5DbfO7e" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zpY7n3ieEnXe" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Quoted prices in active markets (Level 1)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z3DcX0yH2TN3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Prices with observable inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zZnFuXbRfCw1" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Prices with unobservable inputs (Level 3)</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_zsRb24oubJCg" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_z1wFIKzOP9B6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; width: 44%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_492_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zjnu2i6r7IQd" style="border-bottom: Black 1pt solid; text-align: center; width: 10%">Total</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_497_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzkPYJFLZQe5" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Quoted prices in active markets (Level 1)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_49D_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zMqAQZcL2B7g" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Prices with observable inputs (Level 2)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_492_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2JaZI7QuAe" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Prices with unobservable inputs (Level 3)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_zUVpRytpQqx5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_zXfn0Kpzyq4d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> The following table summarizes the amortized cost and fair value of available-for-sale securities (in thousands): SCHEDULE OF AMORTIZED COST AND FAIR VALUE OF AVAILABLE FOR SALE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortized cost basis</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Allowance for credit losses</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Unrealized Gains </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Maturity Date Range</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">United States government treasury bills</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_pn3n3_c20251231_zFAGU2gu4Wh9" style="width: 9%; text-align: right" title="Amortized cost basis">9,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_c20251231_z6bLAq8IVBKb" style="width: 9%; text-align: right" title="Aggregate fair value">9,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_pn3n3_c20251231_zwGkpre1ZH01" style="width: 9%; text-align: right" title="Allowance for credit losses">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AvailableForSaleDebtSecuritiesGrossUnrealizedGain_pn3n3_c20250101__20251231_z8tnZkEDeCe7" style="width: 9%; text-align: right" title="Unrealized gains">102</td><td style="width: 1%; text-align: left"></td><td style="width: 2%"> </td> <td style="width: 11%; text-align: right">July 9, 2026</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; width: 35%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Amortized cost basis</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Aggregate fair value</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Allowance for credit losses</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Unrealized Gains </td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 11%">Maturity Date Range</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_pn3n3_c20241231_zXv1aXNSDgR1" style="text-align: right" title="Amortized cost basis">29,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_c20241231_zMQhNK5buGK9" style="text-align: right" title="Aggregate fair value">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_pn3n3_c20241231_zPzArqg5ErJc" style="text-align: right" title="Allowance for credit losses">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleDebtSecuritiesGrossUnrealizedGain_pn3n3_c20240101__20241231_zJ5EvuL65Lvj" style="text-align: right" title="Unrealized gains">666</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">February 15, 2025 - May 15, 2025</td></tr> </table>

<p id="xdx_899_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z6qCFwDhXONc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following tables summarize the valuation of our financial instruments (in thousands): SUMMARY OF VALUATION OF FINANCIAL INSTRUMENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzUEL5DbfO7e" style="border-bottom: Black 1pt solid; text-align: center">Total</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zpY7n3ieEnXe" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Quoted prices in active markets (Level 1)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_499_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z3DcX0yH2TN3" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Prices with observable inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zZnFuXbRfCw1" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Prices with unobservable inputs (Level 3)</td><td style="text-align: center; padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_zsRb24oubJCg" style="vertical-align: bottom; background-color: White"> <td style="width: 44%; text-align: left">Cash and cash equivalents</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">34,439</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_z1wFIKzOP9B6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,822</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; width: 44%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_492_20241231__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zjnu2i6r7IQd" style="border-bottom: Black 1pt solid; text-align: center; width: 10%">Total</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_497_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzkPYJFLZQe5" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Quoted prices in active markets (Level 1)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_49D_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zMqAQZcL2B7g" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Prices with observable inputs (Level 2)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td id="xdx_492_20241231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z2JaZI7QuAe" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center; width: 10%">Prices with unobservable inputs (Level 3)</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--CashAndCashEquivalentsFairValueDisclosure_iI_pn3n3_zUVpRytpQqx5" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Cash and cash equivalents</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">23,095</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_zXfn0Kpzyq4d" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> </table>

34439000

9822000

23095000

29741000

The following table summarizes the amortized cost and fair value of available-for-sale securities (in thousands): SCHEDULE OF AMORTIZED COST AND FAIR VALUE OF AVAILABLE FOR SALE SECURITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortized cost basis</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Aggregate fair value</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Allowance for credit losses</td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Unrealized Gains </td><td style="text-align: center; padding-bottom: 1pt"> </td><td style="text-align: center; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Maturity Date Range</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 35%; text-align: left">United States government treasury bills</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_pn3n3_c20251231_zFAGU2gu4Wh9" style="width: 9%; text-align: right" title="Amortized cost basis">9,720</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_c20251231_z6bLAq8IVBKb" style="width: 9%; text-align: right" title="Aggregate fair value">9,822</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_pn3n3_c20251231_zwGkpre1ZH01" style="width: 9%; text-align: right" title="Allowance for credit losses">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98C_eus-gaap--AvailableForSaleDebtSecuritiesGrossUnrealizedGain_pn3n3_c20250101__20251231_z8tnZkEDeCe7" style="width: 9%; text-align: right" title="Unrealized gains">102</td><td style="width: 1%; text-align: left"></td><td style="width: 2%"> </td> <td style="width: 11%; text-align: right">July 9, 2026</td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt; width: 35%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Amortized cost basis</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Aggregate fair value</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Allowance for credit losses</td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="border-bottom: Black 1pt solid; text-align: center; width: 9%">Unrealized Gains </td><td style="padding-bottom: 1pt; text-align: center; width: 1%"> </td><td style="text-align: center; padding-bottom: 1pt; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; text-align: center; width: 11%">Maturity Date Range</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">December 31, 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">United States government treasury bills</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--AvailableForSaleDebtSecuritiesAmortizedCostBasis_iI_pn3n3_c20241231_zXv1aXNSDgR1" style="text-align: right" title="Amortized cost basis">29,751</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--AvailableForSaleSecuritiesDebtSecurities_iI_pn3n3_c20241231_zMQhNK5buGK9" style="text-align: right" title="Aggregate fair value">29,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--DebtSecuritiesAvailableForSaleAllowanceForCreditLoss_iI_pn3n3_c20241231_zPzArqg5ErJc" style="text-align: right" title="Allowance for credit losses">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--AvailableForSaleDebtSecuritiesGrossUnrealizedGain_pn3n3_c20240101__20241231_zJ5EvuL65Lvj" style="text-align: right" title="Unrealized gains">666</td><td style="text-align: left"> </td><td> </td> <td style="text-align: right">February 15, 2025 - May 15, 2025</td></tr> </table>

9720000

9822000

102000

2026-07-09

29751000

29741000

666000

2025-02-15

2025-05-15

NOTE 4 - SERIES A CONVERTIBLE PREFERRED STOCK On November 7, 2022, the Company issued 0.3 million shares of Preferred Stock for $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zhwmpyWhpCpj" title="Shares issued price per share">100 per share to Foxconn, resulting in gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn6n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zWN7daB4M0ha" title="Proceeds from issuance of preferred stock">30 million. In addition, following the parties’ agreement to the EV Program (as defined in the Investment Agreement) budget and the EV Program milestones and satisfaction of those EV Program milestones and other conditions set forth in the Investment Agreement, Foxconn was to purchase in two tranches, a total of <span id="xdx_903_ecustom--TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_pn5n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementMember_zw67Rwc6naY5" title="Convertible preferred shares, shares issued">0.7 million additional shares of Preferred Stock at a purchase price of $<span id="xdx_901_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementMember_zEbB1ooyKu8" title="Shares issued price per share">100 per share for aggregate proceeds of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn6n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementMember_zlxMsc5uRxJj" title="Proceeds from issuance of preferred stock">70 million. The first tranche was to be in an amount equal to <span id="xdx_90D_ecustom--TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_pn5n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementFirstTrancheMember_zZCqfHFIneB1" title="Convertible preferred shares, shares issued">0.3 million shares for an aggregate purchase price of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn6n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementFirstTrancheMember_zJUfjYRuetBb" title="Proceeds from issuance of preferred stock">30 million; the second tranche was to be in an amount equal to <span id="xdx_904_ecustom--TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_pn5n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementSecondTrancheMember_zIhkblQYY4Sl" title="Convertible preferred shares, shares issued">0.4 million shares for an aggregate purchase price of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn6n6_c20221107__20221107__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember__us-gaap--SubsidiarySaleOfStockAxis__custom--InvestmentAgreementSecondTrancheMember_zrz33jibRU28" title="Proceeds from issuance of preferred stock">40 million. The parties agreed to use commercially reasonable efforts to agree upon the EV Program budget and EV Program milestones no later than May 7, 2023. The completion of the Subsequent Preferred Funding would have provided critical liquidity for the Company’s operations. Since April 21, 2023, Foxconn has disputed its obligations under the Investment Agreement to consummate the Subsequent Common Closing and to use necessary efforts to agree upon the EV Program budget and EV Program milestones to facilitate the Subsequent Preferred Funding (each as defined in the Investment Agreement). Foxconn initially asserted that the Company was in breach of the Investment Agreement due to the Company’s previously disclosed receipt of the Nasdaq Notice regarding the Bid Price Requirement. As previously disclosed, Foxconn purported to terminate the Investment Agreement if that purported breach was not cured within 30 days. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements The Company continues to believe that the breach allegations by Foxconn are without merit, and that Foxconn was obligated to complete the Subsequent Common Closing on or before May 8, 2023. Despite the Company taking action to satisfy the Bid Price Requirement as of June 7, 2023, and discussions between the parties to seek a resolution regarding the Investment Agreement, Foxconn did not proceed with the Subsequent Common Closing or any Subsequent Preferred Funding. As a result of Foxconn’s actions, the Company was deprived of critical funding necessary for its operations. On June 27, 2023, the Company filed its Chapter 11 Cases and on that same date the Company commenced the Foxconn Litigation in the Bankruptcy Court seeking relief for fraudulent and tortious conduct as well as breaches of the Investment Agreement and other agreements, the parties’ joint venture agreement, the Foxconn APA, and the CMA that the Company believes were committed by Foxconn. As set forth in the complaint relating to the adversary proceeding, Foxconn’s actions have caused substantial harm to the Company’s operations and prospects and significant damages. See Note 8 – Commitments and Contingencies for additional information. The Foxconn Litigation is Adversary Case No. 23-50414. The descriptions herein with respect to the Preferred Stock and any rights thereunder do not account for the potential effects of the Chapter 11 Cases or the Foxconn Litigation on the Preferred Stock or any rights thereunder. The Company reserves all claims, defenses, and rights with respect to the Chapter 11 Cases, the Foxconn Litigation, the Preferred Stock, and any treatment of Preferred Stock or other interests held by Foxconn or any other party and the descriptions below do not account for the impact of any relief should it be granted. The Preferred Stock, with respect to dividend rights, rights on the distribution of assets on any liquidation, dissolution or winding up of the affairs of the Company and redemption rights, ranks: (a) on a parity basis with each other class or series of any equity interests (“Capital Stock”) of the Company now or hereafter existing, the terms of which expressly provide that such class or series ranks on a parity basis with the Preferred Stock as to such matters (such Capital Stock, “Parity Stock”); (b) junior to each other class or series of Capital Stock of the Company now or hereafter existing, the terms of which expressly provide that such class or series ranks senior to the Preferred Stock as to such matters (such Capital Stock, “Senior Stock”); and (c) senior to the Class A common stock and each other class or series of Capital Stock of the Company now or hereafter existing, the terms of which do not expressly provide that such class or series ranks on a parity basis with, or senior to, the Preferred Stock as to such matters (such Capital Stock, “Junior Stock”). While Foxconn’s beneficial ownership of our Class A common stock meets the 25% Ownership Requirement (defined below), Parity Stock and Senior Stock can only be issued with Foxconn’s consent. The Certificate of Designation, Preferences and Rights of the Series A Convertible Preferred Stock filed by the Company with the Secretary of State of the State of Delaware (the “Certificate of Designations”) provides that, in the event of any liquidation, dissolution or winding up of the affairs of the Company, the holders of Preferred Stock are entitled, out of assets legally available therefor, before any distribution or payment to the holders of any Junior Stock, and subject to the rights of the holders of any Senior Stock or Parity Stock and the rights of the Company’s existing and future creditors, to receive in full a liquidating distribution in cash and in the amount per share of Preferred Stock equal to the greater of (1) the sum of $<span id="xdx_909_eus-gaap--PreferredStockLiquidationPreference_iI_pid_c20251231__us-gaap--StatementEquityComponentsAxis__us-gaap--PreferredStockMember_zdHkLedUdTP6" title="Accrued unpaid dividends (per share)">100 per share plus the accrued unpaid dividends with respect to such share, and (2) the amount the holder would have received had it converted such share into Class A common stock immediately prior to the date of such event. All holders of shares of Preferred Stock are entitled to vote with the holders of Class A common stock on all matters submitted to a vote of stockholders of the Company as a single class with each share of Preferred Stock entitled to a number of votes equal to the number of shares of Class A common stock into which such share could then be converted; provided, that no holder of shares of Preferred Stock will be entitled to vote to the extent that such holder would have the right to a number of votes in respect of such holder’s shares of Class A common stock, Preferred Stock or other capital stock that would exceed the limitations set forth in clauses (i) and (ii) of the definition of Ownership Limitations set forth in the Certificate of Designations. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements The Certificate of Designations provides that, commencing on November 7, 2023 (the “Conversion Right Date”), and subject to the Ownership Limitations, the Preferred Stock became convertible at the option of the holder into a number of shares of Class A common stock obtained by dividing the sum of the liquidation preference (i.e., $100 per share) and all accrued but unpaid dividends with respect to such share as of the applicable conversion date by the conversion price as of the applicable conversion date. The conversion price currently is $29.04 per share and it is subject to customary adjustments. At any time following the third anniversary of the date of issuance, the Company can cause the Preferred Stock to be converted if the volume-weighted average price of the Class A common stock exceeds 200% of the Conversion Price for a period of at least twenty trading days in any period of thirty consecutive trading days. Foxconn’s ability to convert is limited by clauses (i) and (ii) of the definition of the Ownership Limitations set forth in the Certificate of Designations. Upon a change of control (as defined in the Certificate of Designations), Foxconn can cause the Company to purchase any or all of its Preferred Stock at a purchase price equal to the greater of its liquidation preference (including any unpaid accrued dividends) and the amount of cash and other property that it would have received had it converted its Preferred Stock prior to the change of control transaction (the “Change of Control Put”). The terms of the Company’s Preferred Stock do not specify an unconditional obligation of the Company to redeem the Preferred Stock on a specific or determinable date, or upon an event certain to occur. The Company notes the existence of the Change of Control Put. However, the ability to execute this put right is contingent on the occurrence of the change of control event, which is not a known or determinable event at time of issuance. Therefore, the Preferred Stock is not considered to be mandatorily redeemable. The conversion of the Preferred Stock is based on fixed conversion price rather than a fixed conversion amount. The value of the Preferred Stock obligation would not vary based on something other than the fair value of the Company’s equity shares or change inversely in relation to the fair value of the Company’s equity shares. Based on these factors, Preferred Stock does not require classification as a liability in accordance with the provisions in ASC 480 “Distinguishing Liabilities from Equity”. The Preferred Stock is not redeemable at a fixed or determinable date or at the option of the holder. However, the Preferred Stock does include the Change of Control Put, which could allow the holder to redeem the Preferred Stock upon the occurrence of an event. As the Company cannot assert control over any potential event which would qualify as a change of control, the event is not considered to be solely within the control of the issuer, and would require classification in temporary equity (as per ASC 480-10-S99-3A(4)). Accordingly, the Preferred Stock is classified as temporary equity and is separated from permanent equity on the Company’s Balance Sheet. The Preferred Stock issued by the Company accrues dividends at the rate of 8% per annum whether or not declared and/or paid by the Company (cumulative dividends). In addition, the dividends will compound on a quarterly basis (upon each Preferred Dividend Payment Date (as defined in the Certificate of Designations)) to the extent they are not paid by the Company. The Company records the dividends (effective PIK dividends) as they are earned, based on the fair value of the Preferred Stock at the date they are earned. In addition, the holders of the Preferred Stock participate with any dividends payable in respect of any Junior Stock or Parity Stock. The Company accrued $2.9 and $2.7 million in dividends for the years ended December 31, 2025 and 2024, respectively, and had accrued $8.4 and $5.5 million in aggregate dividends as of such date, which represented the estimated fair value to Preferred Stock with a corresponding adjustment to additional-paid-in-capital common stock in the absence of retained earnings. Upon emergence from bankruptcy, and as of the date of this report, the Preferred Stock remains outstanding and unimpaired. Upon a change of control, Foxconn can cause the Company to purchase any or all of its Preferred Stock at a purchase price equal to the greater of its $30.0 million liquidation preference, plus any unpaid accrued dividends, and the amount of cash and other property that it would have received had it converted its Preferred Stock prior to the change of control transaction (the “Change of Control Put”). The liquidation preference, plus accrued dividends is presented as Mezzanine Equity within the Company’s Consolidated Balance Sheet. As of December 31, 2025 and 2024, the Company did not consider a change of control to be probable, however there is significant uncertainty regarding the outcome of the Foxconn Litigation which may impact the foregoing, and the Company can provide no assurance regarding such determination. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements 300000

100

30000000

700000

100

70000000

300000

30000000

400000

40000000

0.25

100

29.04 2

0.08

2900000

2700000

8400000

5500000

30000000.0

NOTE 5 - CAPITAL STOCK AND INCOME (LOSS) PER SHARE The Company has authorized shares of capital stock totaling 462 million shares, consisting of (i) 450 million shares of Class A common stock and (ii) 12 million shares of preferred stock, each with a par value of $0.0001. Effective May 24, 2023, the Company effected a reverse stock split pursuant to which every 15 shares of the then-issued and outstanding shares of Class A common stock were automatically combined into one issued and outstanding share of Class A common stock. FASB ASC Topic 260, Earnings Per Share, requires the presentation of basic and diluted earnings per share (“EPS”). Basic EPS is calculated based on the weighted average number of shares outstanding during the period. Dilutive EPS is calculated to include any dilutive effect of our share equivalents. <p id="xdx_899_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWvxnjkCoTd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75pt; text-align: justify">The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share attributable to common shareholders for the years ended December 31, 2025 and 2024, respectively, due to their anti-dilutive effect (in thousands): SCHEDULE OF OUTSTANDING POTENTIALLY DILUTIVE COMMON STOCK EQUIVALENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zFHSUeorZCOa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zZlDxiTYfkrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Foxconn Preferred Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zBMvw0hYJJA3" style="width: 16%; text-align: right" title="Foxconn Preferred Stock">1,322</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zDR96NTVPMz8" style="width: 16%; text-align: right" title="Foxconn Preferred Stock">1,221</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foxconn Warrants¹</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--FoxconnWarrantsMember_fKDEp_zMpmOyHOlad7" style="text-align: right" title="Foxconn Warrants1">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--FoxconnWarrantsMember_fKDEp_zd4SahV8dHB4" style="text-align: right" title="Foxconn Warrants1">113</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Private Placement Warrants²</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivatePlacementWarrantsMember_fKDIp_znbLU7eXdUrg" style="border-bottom: Black 1pt solid; text-align: right" title="Private Warrants2">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivatePlacementWarrantsMember_fKDIp_zMUZOps7PWW9" style="border-bottom: Black 1pt solid; text-align: right" title="Private Warrants2">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231_zr4SUWFjYht5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">1,322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231_z3ktkXROEoRd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">1,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1)</td><td style="width: 5pt"></td><td style="text-align: justify">Foxconn Warrants expired on May 11, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2)</td><td style="width: 5pt"></td><td style="text-align: justify">Private Placement Warrants expired on October 23, 2025.</td> </tr></table>

462000000

450000000

12000000

0.0001

<p id="xdx_899_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zWvxnjkCoTd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75pt; text-align: justify">The following outstanding potentially dilutive common stock equivalents have been excluded from the computation of diluted net loss per share attributable to common shareholders for the years ended December 31, 2025 and 2024, respectively, due to their anti-dilutive effect (in thousands): SCHEDULE OF OUTSTANDING POTENTIALLY DILUTIVE COMMON STOCK EQUIVALENTS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_494_20250101__20251231_zFHSUeorZCOa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49C_20240101__20241231_zZlDxiTYfkrf" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31, 2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Foxconn Preferred Stock</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zBMvw0hYJJA3" style="width: 16%; text-align: right" title="Foxconn Preferred Stock">1,322</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_98D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertiblePreferredStockMember_zDR96NTVPMz8" style="width: 16%; text-align: right" title="Foxconn Preferred Stock">1,221</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Foxconn Warrants¹</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--FoxconnWarrantsMember_fKDEp_zMpmOyHOlad7" style="text-align: right" title="Foxconn Warrants1">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--FoxconnWarrantsMember_fKDEp_zd4SahV8dHB4" style="text-align: right" title="Foxconn Warrants1">113</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Private Placement Warrants²</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_983_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivatePlacementWarrantsMember_fKDIp_znbLU7eXdUrg" style="border-bottom: Black 1pt solid; text-align: right" title="Private Warrants2">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231__us-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivatePlacementWarrantsMember_fKDIp_zMUZOps7PWW9" style="border-bottom: Black 1pt solid; text-align: right" title="Private Warrants2">154</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_985_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20250101__20251231_zr4SUWFjYht5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">1,322</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_986_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pn3n3_c20240101__20241231_z3ktkXROEoRd" style="border-bottom: Black 2.5pt double; text-align: right" title="Total">1,488</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">1)</td><td style="width: 5pt"></td><td style="text-align: justify">Foxconn Warrants expired on May 11, 2025.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; text-align: right">2)</td><td style="width: 5pt"></td><td style="text-align: justify">Private Placement Warrants expired on October 23, 2025.</td> </tr></table>

1322000

1221000

113000

154000

1322000

1488000

NOTE 6 - STOCK BASED COMPENSATION The vesting and settlement of any unvested equity awards was suspended during the pendency of the Chapter 11 Cases. Upon emergence, the suspended awards were settled if the vesting conditions had been satisfied. All vested options to purchase Class A common stock that remain outstanding as of the date the Company emerged remain outstanding in accordance with their terms and the terms of the Plan and any options not exercised within three months of an officer’s termination of employment or a director’s termination of board of director service with the Company will be forfeited. Prior to emergence, the Company and each of its Named Executive Officers (“NEOs) were parties to employment agreements that provided for certain payments, including the accelerated vesting of equity awards, to the NEO upon the NEOs termination of employment by the Company without “Cause” or by the NEOs choice with “Good Reason”. Accordingly, upon emergence, the Company issued 101,947 shares of Class A common stock to satisfy equity awards that vested during the pendency of the Chapter 11 Cases, and 102,889 shares of Class A common stock related to the accelerated vesting of the NEO awards. The accelerated vesting of the NEO awards resulted in the recognition of $2.6 million of stock compensation expense during the first quarter of 2024. The remaining $0.8 million of stock compensation expense during the first quarter of 2024 related to non-accelerated stock-based compensation for other employees prior to emergence. In accordance with the Plan, on March 14, 2024, the Board of Directors approved, adopted and ratified an amendment to the Company’s 2020 Equity Incentive Plan, as amended to increase the number of shares of Class A common stock reserved for issuance thereunder to an aggregate of <span id="xdx_908_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_pid_c20240314__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zbtq7FuaJCWj" title="Aggregate of shares">3,000,000 shares. On May 13, 2024, the Compensation Committee of the Board of Directors of the Company adopted a modified director compensation plan for the five outside directors that constitute the Board of Directors. The director compensation plan includes a <span id="xdx_90F_ecustom--ShareBasedPaymentArrangementPlanModificationAwardExpirationPeriod_pid_dtY_c20240513__20240513__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zGPkODUPAArc" title="Granted period">3three-year grant under the Company’s 2020 Equity Compensation Plan of restricted stock units (“RSUs”) with a fair market value of $<span id="xdx_90A_ecustom--ShareBasedPaymentArrangementPlanModificationFairMarketValueOfAwardsGrantedPerQuarter_c20240513__20240513__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zje3YWAT02W4" title="Fair value of restricted stock units">8,000 per director per quarter ($<span id="xdx_90F_ecustom--ShareBasedPaymentArrangementPlanModificationFairMarketValueOfAwardsGranted_c20240513__20240513__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_z0VkEL2sgGG5" title="Aggregate fair value of restricted stock units">96,000 per director in the aggregate), based on the closing price per share of the Company’s common stock on May 13, 2024. The RSUs granted cover service on the Board of Directors through the first quarter of 2027 and vest quarterly through January 30, 2027, subject to acceleration on the occurrence of certain events. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements On November 26 and December 4, 2024, the Compensation Committee of the Board of Directors of the Company adopted the director compensation plan for 2025 which includes cash payments of $140,000 per year ($<span id="xdx_902_eus-gaap--ShareBasedCompensation_c20241126__20241126__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW3T0Jw7Beaf" title="Fair market value"><span id="xdx_909_eus-gaap--ShareBasedCompensation_c20241204__20241204__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvZWYZqyZqz8" title="Fair market value">210,000 for the board of director chair (the “Chair)) and an annual RSU grant with a fair market value of $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20241126__20241126__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zcbkybChabFc" title="Fair market value"><span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20241204__20241204__srt--TitleOfIndividualAxis__srt--DirectorMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAXMPLbAN67j" title="Fair market value">100,000 ($<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20241126__20241126__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z0mYZv0J2xNl" title="Fair market value"><span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20241204__20241204__srt--TitleOfIndividualAxis__srt--BoardOfDirectorsChairmanMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAtt2pJERQfh" title="Fair market value">150,000 for Chair), vesting in substantially equal tranches on the first two anniversaries of the grant date. The grant date is the first trading day in January of each year (i.e., January 2, 2025). The fair value is determined based on the fair market value as of the grant date using the closing price on the grant date. On September 26, 2025, the Company and its CEO, Alexander Matina, executed an employment agreement. The employment agreement outlined his cash compensation of $415,000 in addition to an annual RSU grant with a fair market value of $<span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue_c20250926__20250926__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zusgJ7aA5ijj" title="Fair market value">50,000, vesting in substantially equal tranches on the first two anniversaries of the grant date. The first RSU grant of <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20250926__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXsNy5Afi1i8" title="Share based compensation, grant">9,629 RSUs was issued with a grant date determined to be January 2, 2026. The fair value shall be determined based on the fair market value as of the grant date using the closing price on the grant date. On October 16, 2025, the Compensation Committee recommended, and the Board of Directors approved, an amendment to the Company’s 2020 Equity Incentive Plan, as amended, to increase the number of shares of Class A common stock reserved for issuance thereunder to an aggregate of <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20251016__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJy2s7AgQqKg" title="Share based compensation, grant">4,000,000 shares, which was approved by the stockholders on December 11, 2025. The settlement of shares in respect to vested RSUs will occur as such shares vest, unless a director makes an irrevocable election to defer settlement (i.e., on the earliest of (x) five years after the grant date, (y) a change in control event, or (z) separation from service). Such election must be made in the calendar year prior to RSUs being granted. All Company directors elected this deferral in December 2024 related to RSUs granted to Board of Directors for 2025 service. During the years ended December 31, 2025 and 2024, the Company recognized $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_zjt27GD3PSy7" title="Stock-based compensation expense">0.4 million and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn5n6_c20240101__20241231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_z3eU4cIDz355" title="Stock-based compensation expense">3.5 million of stock-based compensation expense, respectively, which was included in selling, general, and administrative expense on the consolidated financial statements. As of December 31, 2025, there was $<span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn5n6_c20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_z195bWViOTd1" title="Unrecognized stock-based compensation">0.4 million of unrecognized stock-based compensation related to non-vested awards that is expected to be recognized over a weighted average period of <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_dtY_c20250101__20251231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--PlanNameAxis__custom--StockIncentivePlan2020Member_z38rDbZzJnIh" title="Weighted average period">1.04 years. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements

P3M 101947

102889

2600000

800000

3000000

P3Y 8000 96000

140000

210000

100000

150000

415000

50000

9629

4000000

400000

3500000

400000

P1Y14D

NOTE 7 - INCOME TAXES The reconciliation of the statutory federal income tax with the provision for incomes taxes is as follows at December 31 (in thousands): SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Rate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Rate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Fed tax benefits at statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maeevtrp_c20250101__20251231_zlTSd2OCLuhh" style="width: 10%; text-align: right" title="Fed tax benefits as statutory rates">(129</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maeevtrp_c20240101__20241231_zGXoUY60pcD9" style="width: 10%; text-align: right" title="Fed tax benefits as statutory rates">(1,709</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maeevtrp_c20250101__20251231_zSaqx3cwi6i1" style="text-align: right" title="Equity Compensation">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maeevtrp_c20240101__20241231_zFHiEh0B92Mi" style="text-align: right" title="Equity Compensation">736</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9.1</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return to provision adjustments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--IncomeTaxReconciliationReturnToProvisionAdjustments_pn3n3_maeevtrp_c20250101__20251231_zt7MZyg7MOR6" style="text-align: right" title="Return to provision adjustments">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncomeTaxReconciliationReturnToProvisionAdjustments_pn3n3_maeevtrp_c20240101__20241231_zP2956ch9YHd" style="text-align: right" title="Return to provision adjustments">(13,165</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rate difference</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_maeevtrp_c20250101__20251231_z1n3xv6TRmx8" style="text-align: right" title="Rate difference">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_maeevtrp_c20240101__20241231_ztSH4VNVY7l8" style="text-align: right" title="Rate difference">7,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maeevtrp_c20250101__20251231_zm9jzV5UpXhg" style="border-bottom: Black 1pt solid; text-align: right" title="Change in valuation allowance">39</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6.3</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maeevtrp_c20240101__20241231_zkFHmwVKKvc5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in valuation allowance">6,755</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total tax benefit</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mteevtrp_c20250101__20251231_zwh3DrKoJkh5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total tax benefit">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mteevtrp_c20240101__20241231_zn1fKZsTB9n2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total tax benefit">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table> On July 4, 2025, One Big Beautiful Bill Act (“OBBB”) was signed into law in the United States. OBBB includes significant changes to U.S. federal tax law, such as an elective deduction for domestic research and experimental expenditures, and changes to interest expense deductibility. OBBB did not have a material impact on the Company’s current year effective tax rate. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. The Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets, and accordingly, a full valuation allowance has been provided on its deferred tax assets. Components of the Company’s deferred tax assets are as follows at December 31 (in thousands): SCHEDULE OF DEFERRED TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_z0v3xGpDcoRl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zq2EqyIY3Pzc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_maDTAGzxlX_zZGilOAd5wxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Capitalized R&D expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,249</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseOther_iI_pn3n3_maDTAGzxlX_zfEzCmBaGrI5" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,228</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzxlX_zz0JXvr6Rqy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273,884</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">268,405</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzxlX_maDTANz99L_zrdIJS3imrE7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,882</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANz99L_zRkLMYxo9qDl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(282,921</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(282,882</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANz99L_zcAAJ4QtgDz1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, net of valuation allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company’s valuation allowance roll-forward is as follows at December 31 (in thousands): SCHEDULE OF VALUATION ALLOWANCES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zfzACPhtkUz3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zrdQrmBRxk3j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNS_pn3n3_di_zupL2qMUu2Ph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Valuation allowance, beginning of year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(282,882</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(276,128</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax benefit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn3n3_zjolwIWPSN2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(39</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_iNE_pn3n3_di_zo7jSxqeB87l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Valuation allowance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(282,921</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(282,882</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> At December 31, 2025 and 2024, respectively, the Company had $1.1 billion of federal net operating losses that carry forward indefinitely. State and local net operating losses totaled $843.4 million for both 2025 and 2024. The state and local net operating losses carry forwards are related to various jurisdictions and provide for both indefinite carryforward periods and others with carryforwards that expire between tax years 2026 through 2043. No federal, state or local income taxes were paid during 2025 or 2024.

The reconciliation of the statutory federal income tax with the provision for incomes taxes is as follows at December 31 (in thousands): SCHEDULE OF RECONCILIATION OF THE STATUTORY FEDERAL INCOME TAX <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Rate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Rate</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 44%; text-align: left">Fed tax benefits at statutory rates</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maeevtrp_c20250101__20251231_zlTSd2OCLuhh" style="width: 10%; text-align: right" title="Fed tax benefits as statutory rates">(129</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_984_eus-gaap--IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate_pn3n3_maeevtrp_c20240101__20241231_zGXoUY60pcD9" style="width: 10%; text-align: right" title="Fed tax benefits as statutory rates">(1,709</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">21.0</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Equity compensation</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maeevtrp_c20250101__20251231_zSaqx3cwi6i1" style="text-align: right" title="Equity Compensation">90</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(14.7</td><td style="text-align: left">)%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost_pn3n3_maeevtrp_c20240101__20241231_zFHiEh0B92Mi" style="text-align: right" title="Equity Compensation">736</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(9.1</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Return to provision adjustments</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--IncomeTaxReconciliationReturnToProvisionAdjustments_pn3n3_maeevtrp_c20250101__20251231_zt7MZyg7MOR6" style="text-align: right" title="Return to provision adjustments">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_ecustom--IncomeTaxReconciliationReturnToProvisionAdjustments_pn3n3_maeevtrp_c20240101__20241231_zP2956ch9YHd" style="text-align: right" title="Return to provision adjustments">(13,165</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">161.8</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Rate difference</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_maeevtrp_c20250101__20251231_z1n3xv6TRmx8" style="text-align: right" title="Rate difference">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--IncomeTaxReconciliationChangeInEnactedTaxRate_pn3n3_maeevtrp_c20240101__20241231_ztSH4VNVY7l8" style="text-align: right" title="Rate difference">7,383</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90.7</td><td style="text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Change in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maeevtrp_c20250101__20251231_zm9jzV5UpXhg" style="border-bottom: Black 1pt solid; text-align: right" title="Change in valuation allowance">39</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6.3</td><td style="padding-bottom: 1pt; text-align: left">)%</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98C_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pn3n3_maeevtrp_c20240101__20241231_zkFHmwVKKvc5" style="border-bottom: Black 1pt solid; text-align: right" title="Change in valuation allowance">6,755</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(83.0</td><td style="padding-bottom: 1pt; text-align: left">)%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total tax benefit</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_985_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mteevtrp_c20250101__20251231_zwh3DrKoJkh5" style="border-bottom: Black 2.5pt double; text-align: right" title="Total tax benefit">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--IncomeTaxExpenseBenefit_iT_pn3n3_mteevtrp_c20240101__20241231_zn1fKZsTB9n2" style="border-bottom: Black 2.5pt double; text-align: right" title="Total tax benefit">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left">%</td></tr> </table>

-129000

0.210

-1709000

0.210

90000

-0.147

736000

-0.091

-13165000 1.618

7383000

-0.907

39000

-0.063

6755000

-0.830

Components of the Company’s deferred tax assets are as follows at December 31 (in thousands): SCHEDULE OF DEFERRED TAX ASSETS <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt"></td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20251231_z0v3xGpDcoRl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20241231_zq2EqyIY3Pzc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsInProcessResearchAndDevelopment_iI_pn3n3_maDTAGzxlX_zZGilOAd5wxe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Capitalized R&D expenses</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">7,909</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">12,249</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseOther_iI_pn3n3_maDTAGzxlX_zfEzCmBaGrI5" style="vertical-align: bottom; background-color: White"> <td>Others</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,128</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,228</td><td style="text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_pn3n3_maDTAGzxlX_zz0JXvr6Rqy6" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Net operating losses</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">273,884</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">268,405</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsGross_iTI_pn3n3_mtDTAGzxlX_maDTANz99L_zrdIJS3imrE7" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left">Total deferred tax assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,921</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,882</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_pn3n3_di_msDTANz99L_zRkLMYxo9qDl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(282,921</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(282,882</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--DeferredTaxAssetsNet_iTI_pn3n3_mtDTANz99L_zcAAJ4QtgDz1" style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, net of valuation allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7909000

12249000

1128000

2228000

273884000

268405000

282921000

282882000

282921000

282882000

The Company’s valuation allowance roll-forward is as follows at December 31 (in thousands): SCHEDULE OF VALUATION ALLOWANCES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49D_20250101__20251231_zfzACPhtkUz3" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_490_20240101__20241231_zrdQrmBRxk3j" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNS_pn3n3_di_zupL2qMUu2Ph" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Valuation allowance, beginning of year</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(282,882</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(276,128</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Income tax benefit:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_pn3n3_zjolwIWPSN2k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Increase in valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(39</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(6,754</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsValuationAllowance_iNE_pn3n3_di_zo7jSxqeB87l" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Valuation allowance, end of year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(282,921</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(282,882</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

282882000

276128000

-39000

-6754000

282921000

282882000

1100000000

843400000

NOTE 8 - COMMITMENTS AND CONTINGENCIES Voluntary Chapter 11 Proceedings, Liabilities Subject to Compromise and Other Potential Claims On June 27, 2023, the Company and its subsidiaries commenced the Chapter 11 Cases in the Bankruptcy Court. See Note 1 - Description of Organization and Business Operations for additional information. Until our emergence from bankruptcy on March 14, 2024, the Company operated as debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements The Company has been subject to extensive pending and threatened legal proceedings arising in the ordinary course of business and has already incurred, and expects to continue to incur, significant legal expenses in defending against these claims. The Company sought and achieved resolution of many of these matters as part of the Chapter 11 Cases and has and may in the future enter into further discussions regarding settlement of these matters and may enter into settlement agreements if it believes it is in the best interest of the Company’s stakeholders. The Company records a liability for loss contingencies in the consolidated financial statements when a loss is known or considered probable and the amount can be reasonably estimated. Legal fees and costs of litigation, settlement by the Company or adverse decisions with respect to the matters disclosed may result in a liability that is not insured or that is in excess of insurance coverage and could significantly exceed our current accrual and ability to pay and be, individually or in the aggregate, material to the Company’s consolidated results of operations, financial condition or cash flows, and diminish or eliminate any assets available for any distribution to creditors and Interest holders. The filing of the Chapter 11 Cases resulted in an initial automatic stay of legal proceedings against the Company, as further described below. On July 27, 2023, the Bankruptcy Court modified the automatic stay that was in effect at the time of filing the Chapter 11 Cases to allow the Karma Action (defined below) to proceed against the Company in the District Court (defined below) and that matter was settled, as further described below. With respect to the stockholder derivative suits filed on behalf of the Company against certain of its officers and directors and certain former DiamondPeak directors prior to the Chapter 11 Cases, the derivative claims asserted in those suits became the property of the Company pursuant to the Bankruptcy Court’s order confirming the Plan. The Company appointed an independent committee of directors to evaluate such claims with the assistance and advice of special litigation counsel, to make a recommendation as to the disposition of such claims, including, among other things, whether to pursue or release some or all of those claims against some or all of those officers and directors. Ultimately, such claims were retained by the Company and not released under the Plan. With respect to the Ohio Securities Class Action opt-out claims (discussed below), the Post-Petition Securities Action and any other similar claims for damages arising from the purchase or sale of the Class A common stock, Section 510(b) the Bankruptcy Code treats such claims as subordinated to all claims or Interests that are senior to the Class A common stock and having the same priority as the Class A common stock. The Bankruptcy Court established October 10, 2023, as the general bar date for all creditors (except governmental entities) to file their proofs of claim or interest, and December 26, 2023, as the bar date for all governmental entities, which was extended until January 5, 2024, in the case of the SEC or that may arise due to our obligations under the Highway Safety Act of 1970 (the “Safety Act”) administered by the National Highway Traffic Safety Administration (“NHTSA”) described under “NHTSA Matters” below. The deadline to assert rejection damage claims and administrative expense claims has passed. The ability of creditors to amend previously filed proofs of claim, both in terms of amount and nature of claim, will be governed in accordance with applicable law. Furthermore, proofs of claim have been filed asserting unliquidated damages or claims in respect of certain indemnifications or otherwise that we may not be able to estimate, or may be materially more than we estimate. The amount of such liability may diminish the assets available to satisfy general unsecured claims. There is substantial risk of litigation by and against the Company or its indemnified directors and officers with respect to such claims. In addition, the deadline for parties to file proofs of claim arising from the Company’s rejection of an executory contract or unexpired lease, and proofs of claim for administrative expense claims, was April 15, 2024. Several rejection damages and administrative expense claims were filed, all but one of which has been settled or withdrawn. “Liabilities subject to compromise” are recorded at the expected or estimated amount of the total allowed claim, however, the ultimate settlement of these liabilities remains subject to analysis and negotiation, approval of the Bankruptcy Court and the other factors discussed above, and any unliquidated claims may be settled or resolved for materially different amounts. These amounts are also subject to adjustments if we make changes to our assumptions or estimates related to unliquidated claims as additional information becomes available to us. Such adjustments may be material, and the Company will continue to evaluate the amount and classification of its pre-petition liabilities. Any additional liabilities that are subject to compromise will be recognized accordingly, and the aggregate amount of “Liabilities subject to compromise” may change materially. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements Upon emergence from bankruptcy, the Company recorded $60.7 million in restricted cash as required by the Plan of Reorganization for bankruptcy and administrative claim settlements and pre-emergence bankruptcy professional fees. Post emergence the Company settled claims and pre-emergence bankruptcy professional fees totaling $55.6 million, resulting in a restricted short-term investments balance of $5.1 million as of December 31, 2025. In accordance with Plan, the Claims Ombudsman had until the end of the GUC Reserve Adjustment Period (as defined in the Plan) to request an increase in the reserve, if he believed the existing reserve would be insufficient to fund all allowed and disputed unsecured claims. The Claims Ombudsman made no such request, and the GUC Reserve Adjustment Period concluded in September 2024. Concurrently, the Company recorded a liability totaling $29.9 million upon emergence from bankruptcy within liabilities subject to compromise, which was reflective of the expected allowed claims amounts in accordance with ASC 852-10. After emerging from bankruptcy, the Company settled liabilities subject to compromise since emergence from bankruptcy in the amount totaling $<span id="xdx_901_eus-gaap--LiabilitiesSubjectToCompromisePaymentsUnderBankruptcyCourtOrderForResolutionsOfContingenciesSubjectToChapter11_pn5n6_c20250101__20251231_zHOzx1QvRwj" title="Liabilities subject to compromise since emergence from bankruptcy">24.9 million, resulting in a liabilities subject to compromise balance of $5.0 million as of December 31, 2025. This balance reflects both undisputed and partially disputed amounts the Company may owe. The Company’s liabilities for legal proceedings and potential related obligations may include amounts for the securities litigation, government claims and indemnification obligations described in more detail below or other claims that may be asserted against the Company and may or may not be offset by insurance. Changes in the Company’s operations in connection with the Chapter 11 Cases reduced the Company’s need to maintain insurance coverage at previous levels or to carry certain insurance policies. The amount accrued as of December 31, 2025 was estimated based on available information and legal advice, the potential resolution of these matters in light of historical negotiations with the parties, and the potential impact of the outcome of one or more claims on related matters, but does not take into account the impact of the applicable provisions of the Bankruptcy Code, the terms of the Plan, ongoing discussions with the parties thereto and other stakeholders or actual amounts that may be asserted in Claims submitted in the Chapter 11 Cases or for indemnification as these factors cannot yet be determined and are subject to substantial uncertainty. Accordingly, the accrued amount may be adjusted in the future based on new developments and it does not reflect a full range of possible outcomes for these proceedings, or the full amount of any damages alleged, which are significantly higher. Insurance Matters The Company was notified by its primary insurer under its post-merger directors and officers insurance policy that the insurer is taking the position that no coverage is available for the Ohio Securities Class Action, various shareholder derivative actions, the consolidated stockholder class action, various demands for inspection of books and records, the SEC investigation, and the investigation by the United States Attorney’s Office for the Southern District of New York described below, and certain indemnification obligations, under an exclusion to the policy called the “retroactive date exclusion.” The insurer has identified other potential coverage issues as well. Excess coverage attaches only after the underlying insurance has been exhausted, and generally applies in conformance with the terms of the underlying insurance. As a result of the denial of coverage, no or limited insurance may be available to us to reimburse our expenses or cover any potential losses for these matters, which could be significant. The insurers in our Side A directors and officers (“D&O”) insurance program, providing coverage for individual directors and officers in derivative actions and certain other situations, have issued a reservation of rights letter which, while not denying coverage, has cast doubt on the availability of coverage for at least some individuals and/or claims. The Company continues to analyze the insurer’s position and intends to pursue any available coverage under this policy and other insurance. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements On October 25, 2024, the Company filed a complaint in the United States Bankruptcy Court for the District of Delaware seeking a declaration that the Company is entitled to coverage from the 2020-2022 primary layer D&O liability insurance company for costs to defend certain lawsuits and respond to certain SEC and DOJ investigations. The primary policy has face limits of $5 million. The Company filed a memorandum of law in support of its motion for summary judgment with the Court on November 4, 2024. In response, the primary layer insurer moved to dismiss and filed a competing lawsuit in New York State court seeking a declaration that there is no coverage for the same lawsuits and SEC and DOJ investigations. The New York State court granted summary judgment in favor of the primary layer insurance company and denied the Company’s motion for summary judgment. The Company has appealed the decision to the intermediate appellate court and the appeal is pending. No damages are sought against the Company. The motion to dismiss was granted by the Bankruptcy Court. Certain former directors and officers have also stated that they intend to pursue coverage for their defense costs related to these lawsuits, and the Bankruptcy Court has ordered that they coordinate with the Company on these efforts in order to maximize the amount of coverage potentially available. Ohio Securities Class Action <span id="xdx_902_eus-gaap--LossContingencyNewClaimsFiledNumber_dc_uInteger_c20210514__20210514__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zgRH3foHazEd" title="Number of suits or actions filed">Six related putative securities class action lawsuits were filed against the Company and certain of its current and former officers and directors and former DiamondPeak directors between March 18, 2021 and May 14, 2021 in the U.S. District Court for the Northern District of Ohio (Rico v. Lordstown Motors Corp., et al.; Palumbo v. Lordstown Motors Corp., et al.; Zuod v. Lordstown Motors Corp., et al.; Brury v. Lordstown Motors Corp., et al.; Romano v. Lordstown Motors Corp., et al.; and FNY Managed Accounts LLC v. Lordstown Motors Corp., et al.). The matters have been consolidated and the Court appointed George Troicky as lead plaintiff and Labaton Sucharow LLP as lead plaintiff’s counsel (the “Ohio Securities Class Action”). On March 10, 2021, lead plaintiff and several additional named plaintiffs filed their consolidated amended complaint, asserting violations of federal securities laws under Section 10(b), Section 14(a), Section 20(a), and Section 20A of the Exchange Act and Rule 10b-5 thereunder against the Company and certain of its current and former officers and directors. The complaint generally alleges that the Company and individual defendants made materially false and misleading statements relating to vehicle pre-orders and production timeline. Defendants filed a motion to dismiss, which is fully briefed as of March 3, 2023. The Company filed a suggestion of bankruptcy on June 28, 2023, and filed an amended suggestion of bankruptcy on July 11, 2023, which notified the court of the filing of the Chapter 11 Cases and resulting automatic stay. On August 28, 2023, the court denied the pending motion to dismiss, without prejudice, given the notice of the automatic stay, subject to potential re-filing by the Defendants following the lifting of the stay. The Plan settled the Ohio Securities Class Action, with the lead plaintiff receiving (i) $<span id="xdx_90F_eus-gaap--DebtorReorganizationItemsProvisionForExpectedAllowedClaims_pn6n6_c20250101__20251231__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zdpWZfKSncM2" title="Claims recognized">3 million in cash and (ii) up to an additional $<span id="xdx_90C_ecustom--DebtorReorganizationItemsMaximumAmountRetained_iI_pn6n6_c20251231__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zQXcZygMUHjf" title="Retained amount from debtor reorganizations">7 million, consisting of (a) <span id="xdx_907_ecustom--DebtorReorganizationItemsMaximumAmountRetainedPercentageOfNetProceeds_pid_dp_uPure_c20250101__20251231__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zxuhzgiK7X6b" title="Retained amount from debtor reorganizations">25% of all net litigation proceeds received by the Company on Retained Causes of Action (if any); and (b) the lesser of (x) <span id="xdx_904_ecustom--DebtorReorganizationItemsAmountRetainedFromRecoveriesFromLitigationAndOtherCausesOfActionPercentageBackstopped_pid_dp_uPure_c20250101__20251231__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember__srt--CounterpartyNameAxis__custom--FoxconnMember_zvblLxbYqwXk" title="Amount paid into debtors reserve (in percentage)">16% of any distribution made by the Company on account of Foxconn’s preferred stock liquidation preference, and (y) $<span id="xdx_90A_ecustom--DebtorReorganizationItemsAmountRetainedFromRecoveriesFromLitigationAndOtherCausesOfActionAmountBackstopped_iI_pn6n6_c20251231__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember__srt--CounterpartyNameAxis__custom--FoxconnMember_zVa4jNAjlve6" title="Amount paid into debtors reserve">5 million, on behalf of the Ohio Settlement Class (as defined in the Plan). Derivative Litigation <span id="xdx_909_eus-gaap--LossContingencyNewClaimsFiledNumber_dc_uInteger_c20210709__20210709__srt--LitigationCaseAxis__custom--StockholderDerivativeComplaintsMember_zcIjWGGE3ek9" title="Number of suits or actions filed">Four related stockholder derivative lawsuits were filed against certain Company officers and directors, former DiamondPeak directors, and against the Company as a nominal defendant between April 28, 2021 and July 9, 2021 in the U.S. District Court for the District of Delaware (Cohen, et al. v. Burns, et al.; Kelley, et al. v. Burns, et al.; Patterson, et al. v. Burns, et al.; and Sarabia v. Burns, et al.). The derivative actions in the District Court of Delaware have been consolidated. On August 27, 2021, plaintiffs filed a consolidated amended complaint, asserting violations of Section 10(b), Section 14(a), Section 20(a) and Section 21D of the Exchange Act and Rule 10b-5 thereunder, breach of fiduciary duties, insider selling, and unjust enrichment, all relating to vehicle pre-orders, production timeline, and the merger with DiamondPeak. On October 11, 2021, defendants filed a motion to stay this consolidated derivative action pending resolution of the motion to dismiss in the consolidated securities class action. On March 7, 2023, the court granted in part defendants’ motion to stay, staying the action until the resolution of the motion to dismiss in the consolidated securities class action, but requiring the parties to submit a status report if the motion to dismiss was not resolved by March 3, 2023. The court further determined to dismiss without a motion, on the grounds that the claim was premature, plaintiffs’ claim for contribution for violations of Sections 10(b) and 21D of the Exchange Act without prejudice. The parties filed a joint status report as required because the motion to dismiss in the consolidated securities class action was not resolved as of March 3, 2023. The parties filed additional court-ordered joint status reports on October 28, 2022, January 6, 2023 and April 3, 2023. On April 4, 2023, the Court ordered the parties to submit a letter brief addressing whether the Court should lift the stay. On April 14, 2023, the parties submitted a joint letter requesting that the Court not lift the stay. On April 17, 2023, the court lifted the stay and ordered the parties to meet and confer by May 8, 2023 and submit a proposed case-management plan. On May 9, 2023, the court reinstated the stay and ordered the parties to advise the court of any developments in the consolidated securities class action or material changes to Lordstown’s condition. The Company filed a suggestion of bankruptcy on June 27, 2023, which notified the court of the filing of the Chapter 11 Cases and resulting automatic stay. The court entered an order acknowledging the effect of the automatic stay on June 28, 2023. An independent committee of directors evaluated the derivative claims with the assistance and advice of special litigation counsel to make a recommendation as to the disposition of such claims. Ultimately, such claims were retained by the Company and not released under the Plan. The proceedings are subject to uncertainties inherent in the litigation process. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements Another related stockholder derivative lawsuit was filed in U.S. District Court for the Northern District of Ohio on June 30, 2021 (Thai v. Burns, et al.), asserting violations of Section 10(b), Section 14(a), Section 20(a) and Section 21D of the Exchange Act and Rule 10b-5 thereunder, breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, and waste, based on similar facts as the consolidated derivative action in the District Court of Delaware. On October 21, 2021, the court in the Northern District of Ohio derivative action entered a stipulated stay of the action and scheduling order relating to defendants’ anticipated motion to dismiss and/or subsequent motion to stay that is similarly conditioned on the resolution of the motion to dismiss in the consolidated securities class action. The Company filed a suggestion of bankruptcy on June 28, 2023, and filed an amended suggestion of bankruptcy on July 19, 2023, which notified the court of the filing of the Chapter 11 Cases and resulting automatic stay. An independent committee of directors evaluated the derivative claims with the assistance and advice of special litigation counsel to make a recommendation as to the disposition of such claims. Ultimately, such claims were retained by the Company and not released under the Plan. The proceedings are subject to uncertainties inherent in the litigation process. Another related stockholder derivative lawsuit was filed in the Delaware Court of Chancery on December 2, 2021 (Cormier v. Burns, et al. (C.A. No. 2021-1049)), asserting breach of fiduciary duties, insider selling, and unjust enrichment, based on similar facts as the federal derivative actions. An additional related stockholder derivative lawsuit was filed in the Delaware Court of Chancery on February 18, 2023 (Jackson v. Burns, et al. (C.A. No. 2023-0164)), also asserting breach of fiduciary duties, unjust enrichment, and insider selling, based on similar facts as the federal derivative actions. On April 19, 2023, the parties in Cormier and Jackson filed a stipulation and proposed order consolidating the two actions, staying the litigation until the resolution of the motion to dismiss in the consolidated securities class action and appointing Schubert Jonckheer & Kolbe LLP and Lifshitz Law PLLC as Co-Lead Counsel. On May 10, 2023, the court granted the parties’ proposed stipulation and order to consolidate the actions, and to stay the consolidated action pending the resolution of the motion to dismiss in the consolidated securities class action. While the action remains stayed, on June 24, 2023, the plaintiffs filed a consolidated complaint asserting similar claims, and substituting a new plaintiff (Ed Lomont) for Cormier, who no longer appears to be a named plaintiff in the consolidated action. On June 27, 2023, the Company filed a suggestion of bankruptcy, which notified the court of the filing of the Chapter 11 Cases and resulting automatic stay. An independent committee of directors evaluated the derivative claims with the assistance and advice of special litigation counsel to make a recommendation as to the disposition of such claims. Ultimately, such claims were retained by the Company and not released under the Plan. The proceedings are subject to uncertainties inherent in the litigation process. DiamondPeak Delaware Class Action Litigation <span id="xdx_908_ecustom--NumberOfPutativeClassActionLawsuitsFiled_iI_uInteger_c20211231__srt--LitigationCaseAxis__custom--DelawareClassActionLitigationMember__us-gaap--LitigationStatusAxis__us-gaap--PendingLitigationMember_z3mcrHzVoJx6" title="Number of putative class action lawsuits filed">Two putative class action lawsuits were filed against former DiamondPeak directors and DiamondPeak Sponsor LLC on December 8 and 13, 2021 in the Delaware Court of Chancery (Hebert v. Hamamoto, et al. (C.A. No. 2021-1066); and Amin v Hamamoto, et al. (C.A. No. 2021-1085)) (collectively, the “Delaware Class Action Litigation”). The plaintiffs purport to represent a class of investors in DiamondPeak and assert breach of fiduciary duty claims based on allegations that the defendants made or failed to prevent alleged misrepresentations regarding vehicle pre-orders and production timeline, and that but for those allegedly false and misleading disclosures, the plaintiffs would have exercised a right to redeem their shares prior to the de-SPAC transaction. On February 9, 2023, the parties filed a stipulation and proposed order consolidating the two putative class action lawsuits, appointing Hebert and Amin as co-lead plaintiffs, appointing Bernstein Litowitz Berger & Grossmann LLP and Pomerantz LLP as co-lead counsel and setting a briefing schedule for the motions to dismiss and motions to stay. The motions to stay were fully briefed as of February 23, 2023 and the court held oral argument on February 28, 2023. On March 7, 2023, the court denied the motion to stay. On March 10, 2023, defendants filed their brief in support of their motion to dismiss. The motion to dismiss was fully briefed on April 27, 2023, and was scheduled for oral argument on May 10, 2023. On May 6, 2023, defendants withdrew the motion to dismiss without prejudice. On July 22, 2023, co-lead plaintiffs filed an amended class action complaint asserting similar claims. Defendants filed a motion to dismiss the amended class action complaint on October 14, 2023. Plaintiffs’ answering brief and Defendants’ reply brief were due on November 18 and December 9, 2023, respectively. Oral argument on the motion to dismiss was scheduled for January 6, 2023. On January 5, 2023, the defendants withdrew their motion to dismiss. On February 2, 2023, the court issued a case scheduling order setting forth pre-trial deadlines and a date for trial in March 2024. On February 3, 2023, defendants filed their answer to plaintiffs’ amended class action complaint. On February 7, 2023, plaintiffs served the Company, as a non-party, with a subpoena for certain information, which the Company responded to on February 21, 2023. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements On June 9, 2023, the court granted in part and denied in part the plaintiffs’ motion to compel regarding the appropriate scope of the Company’s response to the subpoena. On July 5, 2023, in the Chapter 11 Cases, the Company filed (i) an adversary complaint seeking injunctive relief to extend the automatic stay to the plaintiffs in the Delaware Class Action Litigation, initiating the adversary proceeding captioned Lordstown Motors Corp. v. Amin, Adv. Proc. No. 23-50428 (Bankr. D. Del.) and (ii) a motion and brief in support thereof, seeking a preliminary injunction extending the automatic stay to the Delaware Class Action Litigation. On August 3, 2023, the Bankruptcy Court denied the Company’s preliminary injunction motion. On July 21, 2023, plaintiffs filed a motion for class certification in the Delaware Class Action Litigation. The parties have advised the Company that they have reached an agreement to resolve this matter, and the former DiamondPeak directors are seeking indemnification from the Company with respect to a portion of the settlement amount. The Company believes it has defenses to such indemnification claims, including that such indemnification claims are subject to subordination pursuant to applicable law, and, if allowed, should receive the treatment set forth in Article III B.8 of the Plan. The proceedings remain subject to uncertainties inherent in the litigation process. On September 8, 2024, the Company and the former DiamondPeak directors entered into a settlement agreement pursuant to which, among other things, such former directors’ claims against the Company were settled. SEC Claim The Company received two subpoenas from the SEC for the production of documents and information, including relating to the merger between DiamondPeak and Legacy Lordstown and pre-orders of vehicles, and the Company was informed by the U.S. Attorney’s Office for the Southern District of New York that it is investigating these matters. The Company cooperated, and will continue to cooperate, with these and any other regulatory or governmental investigations and inquiries. Ultimately, the SEC filed a claim against the Company for $45.0 million (the “SEC Claim”). The Company settled the SEC Claim by (i) settling the Ohio Securities Class Action and (ii) making an offer of settlement to the SEC, which was approved by the SEC on February 29, 2024. Upon the Company’s emergence from bankruptcy, the SEC Claim was deemed withdrawn pursuant to the terms of the offer of settlement and the Plan. See the section in this Note 8 titled “Ohio Securities Class Action” for additional information regarding the Company’s continuing contingent obligations related to the Ohio Securities Class Action settlement. No amounts attributable to the Company’s settlement of the SEC Claim were paid or are payable to the SEC. Indemnification Obligations The Company may have potential indemnification obligations with respect to the current and former directors named in the above-referenced actions, which obligations may be significant and may not be covered by the Company’s applicable directors and officers insurance. The Company believes it has defenses to certain of these potential indemnification obligations, including that such claims for indemnification are subject to subordination pursuant to applicable law, and, if allowed, should receive the treatment set forth in Article III.B.8 of the Plan. Foxconn Transactions The Company entered into a series of transactions with affiliates of Foxconn, beginning with the Agreement in Principle that was announced on September 30, 2021, pursuant to which the Company entered into definitive agreements to sell our manufacturing facility in Lordstown, Ohio under an asset purchase agreement (the “Foxconn APA”) and outsource manufacturing of the Endurance to Foxconn under a contract manufacturing agreement (the “CMA”). On November 7, 2022, the Company entered into an investment agreement with Foxconn under which Foxconn agreed to make additional equity investments in the Company (the “Investment Agreement”). The Investment Agreement superseded and replaced an earlier joint venture agreement. The Foxconn APA, the CMA and the Investment Agreement together are herein referred to as the “Foxconn Transactions.” Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements On June 27, 2023, the Company commenced the Foxconn Litigation in the Bankruptcy Court seeking relief for breaches of the Investment Agreement, the Foxconn APA and the CMA and fraudulent and tortious actions that the Company believes were committed by Foxconn. See the following section and Note 1 - Description of Business - Foxconn Litigation for additional information. The Investment Agreement and the CMA were rejected pursuant to the Plan upon the Company’s emergence from bankruptcy. The Foxconn APA transaction was consummated before the Chapter 11 Cases. Refer to Note 4 - Series A Convertible Preferred Stock for additional details. Foxconn Litigation On June 27, 2023, the Company commenced the Foxconn Litigation in the Bankruptcy Court seeking relief for breaches of the Investment Agreement and other agreements and fraudulent and tortious actions that the Company believes were committed by Foxconn, which have caused substantial harm to our operations and prospects and significant damages. On September 29, 2023, Foxconn filed a motion to dismiss all counts of the Foxconn Litigation and brief in support of the same (the “Foxconn Adversary Motion to Dismiss”), asserting that all of the Company’s claims are subject to binding arbitration provisions and that the Company has failed to state a claim for relief. On August 1, 2024, the Bankruptcy Court entered an opinion and order partially denying and partially granting the Foxconn Adversary Motion to Dismiss, which was subsequently amended on October 1, 2024. <span id="xdx_90B_ecustom--LossContingencyClaimsSurvivedNumber_dc_uInteger_c20240801__20240801__srt--CounterpartyNameAxis__custom--FoxconnMember__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zVuA6xB2vgDh" title="Number of claims survived">Nine of the Company’s claims survived the motion to dismiss on the grounds that the Company pled viable claims against Foxconn and the claims were not subject to mandatory arbitration. The Court also dismissed <span id="xdx_90E_eus-gaap--LossContingencyClaimsDismissedNumber_dc_uInteger_c20240801__20240801__srt--CounterpartyNameAxis__custom--FoxconnMember__srt--LitigationCaseAxis__custom--ClassActionLawsuitsAllegingSecuritiesLawsViolationsMember_zKNv0JgilOdb" title="Court dismissed company's claims">two of the Company’s claims in favor of arbitration. The order is presently being appealed by Foxconn. The Bankruptcy Court has stayed litigation of the claims that it ruled were not subject to arbitration pending that appeal. The Court also allowed that the two dismissed claims should proceed to arbitration. In conjunction with the District Court proceedings, the Company and Foxconn engaged in a mediation effort. On January 15, 2025, the Company informed the District Court that the mediation did not result in a resolution. On January 27, 2025, the Company moved the District Court to allow the appeal to be heard directly by the Court of Appeals for the Third Circuit. That motion is pending. The Company is vigorously pursuing the litigation. The Post-Petition Securities Action On July 26, 2023, a putative class action lawsuit was filed in the U.S. District Court for the Northern District of Ohio by Bandol Lim (“Plaintiff Lim”), individually and on behalf of other stockholders asserting violations of Section 10(b), Section 20(a) of the Exchange Act and Rule 10b-5 thereunder relating to the Company’s disclosure regarding its relationship with Foxconn and the Foxconn Transactions (the “Post-Petition Securities Action”). The lawsuit names Edward Hightower, Adam Kroll, and Daniel Ninivaggi as Defendants (“Defendants”) in their capacities as Company officers and/or directors. Defendants dispute the allegations and intend to vigorously defend against the suit. None of the Debtors is named as a Defendant in the Post-Petition Securities Action. Plaintiff Lim and RIDE Investor Group each filed motions for appointment as lead plaintiff in the Post-Petition Securities Action. On September 30, 2024, the Post-Petition Securities Action was dismissed in full on the grounds that none of the allegations were actionable. Separately, each of the members of the RIDE Investor Group filed proofs of claim (the “RIDE Proofs of Claims”) against the Company, purportedly on behalf of themselves and the putative class in the Post-Petition Securities Action, in an unliquidated amount. The RIDE Investor Group has not sought authority from the Bankruptcy Court to file its purported class proofs of claim. The Plan constituted an objection to each of the RIDE Proofs of Claim, and on October 25, 2024, the Company filed additional objections to the RIDE Proofs of Claim on various grounds. Each of the RIDE Proofs of Claim was disallowed by Bankruptcy Court order, and the Company bears no liability for such claims. Nu Ride Inc. f/k/a Lordstown Motors Corp. Notes to Consolidated Financial Statements NHTSA Matters The Company’s obligations under the Safety Act administered by NHTSA for the vehicles it has manufactured and sold continued in force during the pendency of and following the Chapter 11 Cases. During the Chapter 11 Cases, the Company’s obligations were treated as a claim of the United States government against the Company. The Plan did not discharge the Company from claims arising after emergence from bankruptcy, nor did it preclude or enjoin the enforcement of any police or regulatory power. The Company has repurchased all but two of the vehicles that were sold (other than the vehicles sold to LAS Capital or its affiliates, for which it assumed warranty, product liability and recall liabilities). The Company cannot predict the extent of the liability that may arise from the Safety Act obligations for vehicles the Company has already manufactured and sold, or any claims that may be asserted by NHTSA.

60700000

55600000

5100000

29900000

24900000

5000000.0

5000000

3000000

7000000 0.25 0.16 5000000

45000000.0

NOTE 9 - RELATED PARTY TRANSACTIONS Under the Investment Agreement, Foxconn made additional equity investments in the Company, whereby it became a related party under the Company’s Related Party Transaction Policy as a <span id="xdx_90F_ecustom--RelatedPartyTransactionPolicyThresholdBeneficialOwnershipPercent_pid_dp_uPure_c20250101__20251231__srt--CounterpartyNameAxis__custom--FoxconnMember__srt--RangeAxis__srt--MaximumMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_z8uFhsaV1Kmi">5% or more beneficial owner of the Company’s Class A common stock. For the years ended December 31, 2025 and 2024, the Company made <span id="xdx_900_ecustom--PaymentsToRelatedParties_do_c20250101__20251231__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zp9TwRFfpcCb"><span id="xdx_90B_ecustom--PaymentsToRelatedParties_do_c20240101__20241231__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zGpn2flO6sii">no payments, and had <span id="xdx_909_eus-gaap--OtherLiabilities_iI_do_c20251231__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_z1H5rPhaVfCe"><span id="xdx_90A_eus-gaap--OtherLiabilities_iI_do_c20241231__srt--CounterpartyNameAxis__custom--FoxconnMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zhUUA0sBhmv8">no amounts payable, to Foxconn. William Gallagher, who served as the Company’s Chief Executive Officer from the Effective Date until September 26, 2025, is a principal of M3 Advisory Partners, LP (“M3 Partners”). M3 Partners served as the Equity Committee’s financial consultant during the bankruptcy proceedings. Upon emergence from bankruptcy, the Company engaged M3 Partners to provide executive management and support services pursuant to the terms of an engagement agreement (the “Engagement Agreement”). While serving as the Company’s Chief Executive Officer, Mr. Gallagher remained employed by M3 Partners and provided his services pursuant to the Engagement Agreement. In connection with the appointment of Alexander Matina as the Company’s Chief Executive Officer on September 26, 2025, the Company entered into an amended and restated engagement letter (the “Amended Engagement Agreement”) with M3 Partners to reflect that William Gallagher would no longer be serving in the role of Chief Executive Officer of the Company. The Amended M3 Engagement Letter provides that M3 Partners will continue to provide support to the Company, including a litigation trustee, in evaluating and managing its operations, assets and liabilities, and such other services as M3 Partners and the Company otherwise agree in writing. Pursuant to the Amended Engagement Agreement, M3 Partners’ fees are calculated on an hourly basis. The Company incurred approximately $<span id="xdx_90C_eus-gaap--ProfessionalFees_pn5n6_c20250101__20251231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_zO0SPn8YcJWg" title="Fees payable to M3 Partners'">0.9 million in fees payable to M3 Partners under the Engagement Agreement and Amended Engagement Agreement for the year ended December 31, 2025, which is included in selling, general, and administrative expenses within the consolidated statements of operations and comprehensive loss. The Company incurred approximately $<span id="xdx_908_eus-gaap--ProfessionalFees_pn5n6_c20240101__20241231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__srt--ChiefExecutiveOfficerMember_ztLXyWdxhT3c" title="Fees payable to M3 Partners">1.5 million in fees payable to M3 Partners under the Engagement Agreement for the year ended December 31, 2024, which is included in selling, general, and administrative expenses within the consolidated statements of operations and comprehensive loss.

0.05 0 0

900000

1500000

NOTE 10 - LOAN RECEIVABLE On December 30, 2025, the Company entered into a Funding Agreement and Secured Promissory Note with FPI, pursuant to which the Company loaned FPI $2.215 million to finance the acquisition by FPI of certain billboard leasehold assets, including structures and permits, in Florida (the “FPI Loan”). The FPI Loan is secured by a first priority lien on substantially all the assets of FPI, as well as a pledge of all equity interests in FPI held by its owner, and bears interest at 15% per annum, payable monthly in cash, with payment in full of principal and accrued interest on December 30, 2028. The loan agreement contains representations and warranties, covenants, events of default and conditions customary for loans of this type. Additionally, the Company received ownership of <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20251230__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--FoxpointFloridaLLCMember_zDeCy0R4BQza" title="Ownership interest rate">40% of the equity interests in FPI, subject to reduction to <span id="xdx_901_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_pid_dp_uPure_c20251230__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--FoxpointFloridaLLCMember__us-gaap--AwardTypeAxis__custom--SecondAnniversaryOfClosingMember_zKT9gbG3Be46" title="Reduction interest rate">30% if the FPI Loan is repaid in full on or prior to the second anniversary of closing, and <span id="xdx_900_eus-gaap--LoansReceivableBasisSpreadOnVariableRate_iI_pid_dp_uPure_c20251230__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--FoxpointFloridaLLCMember__us-gaap--AwardTypeAxis__custom--FirstAnniversaryOfClosingMember_z0yz6nZ1oBu4" title="Reduction interest rate">20% if the FPI Loan is repaid in full on or prior to the first anniversary of closing. Management determined that its ownership percentage in FPI does not provide it a controlling financial interest under the voting interest model nor the power to direct the most significant activities and economies given its lack of board representation. Thus, the Company was not required to consolidate FPI at December 31, 2025. The Company applied the equity method accounting under ASC 323 given its non-controlling interest in FPI but concluded that the equity-method investment is de minimis.

2215000

0.15

0.40

0.30

0.20

NOTE 11 - SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued and has determined that no material subsequent events exist other than the following: On January 23, 2026, the Company entered into a Loan and Security Agreement with Foxpoint Florida II, LLC (“FPII”) and certain other lenders party thereto, pursuant to which the Company loaned FPII $5.5 million (out of aggregate loan proceeds of $7.5 million) to finance the acquisition by FPII of certain billboard leasehold assets, including structures and permits, in Florida (the “FPII Loan”). The FPII Loan is secured by a first priority lien on substantially all the assets of FPII, as well as a pledge of all equity interests in FPII held by its owner, and bears interest at 15% per annum, payable monthly in cash, with payment in full of principal and accrued interest on January 23, 2029. The loan agreement contains representations and warranties, covenants, events of default and conditions customary for loans of this type. Additionally, the Company received equity interests in FPII representing approximately 29.3% of the aggregate equity interests (out of aggregate equity interests issued to the lenders representing 40%), subject to reduction to an aggregate of 30% if the FPII Loan is repaid in full on or prior to the second anniversary of closing (January 23, 2028), and 20% if the FPII Loan is repaid in full on or prior to the first anniversary of closing (January 23, 2027). On February 13, 2026, the Company entered into a Funding Agreement and Secured Promissory Note with each of Foxpoint Florida III, LLC and 4445 W. Vine, LLC ((“FPIII” and “4445WV”, respectively), and collectively with FPI and FPII, “Foxpoint Florida”), pursuant to which the Company loaned FPIII $<span id="xdx_906_eus-gaap--ProceedsFromLoans_c20260213__20260213__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--FoxpointFloridaIIILLCMember_zvWsFlz4btnl" title="Proceeds from loans">615,000 and 4445WV $<span id="xdx_900_eus-gaap--ProceedsFromLoans_c20260213__20260213__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__dei--LegalEntityAxis__custom--FourThousandFourHundredAndFourtyFiveWVineLLCMember_zhLdTKD4XwH4" title="Proceeds from loans">485,000 to finance the acquisition by FPIII of certain billboard leasehold assets in Florida and the acquisition by 4445WV of an easement to such assets (together, the “FPIII Loans”). The FPIII Loans are secured by substantially the same type of collateral and have substantially the same terms as the FPII Loan described above.

5500000

7500000

The loan agreement contains representations and warranties, covenants, events of default and conditions customary for loans of this type. Additionally, the Company received equity interests in FPII representing approximately 29.3% of the aggregate equity interests (out of aggregate equity interests issued to the lenders representing 40%), subject to reduction to an aggregate of 30% if the FPII Loan is repaid in full on or prior to the second anniversary of closing (January 23, 2028), and 20%

615000

485000

false false false false Foxconn Warrants expired on May 11, 2025. Private Placement Warrants expired on October 23, 2025.