Balance Sheet and Liquidity Strengthened
Raised $693,000,000 from ATM facilities and warrant exercises in 2025, significantly reduced debt, fully settled 2029 notes by forcing conversion (saving almost $9,000,000 of annualized interest), and reported record liquidity — described as the strongest financial position in company history.
Remediation of Material Weakness and Clean Audit
Transitioned out of emerging growth company status and achieved SOX 404(b) compliance; independent auditor issued a clean, unqualified opinion and the previously disclosed material weakness was fully remediated as of 12/31/2025.
Strategic M&A and Technology Acquisitions
Completed acquisition of Assage (Dec 31, 2025) — a model-agnostic secure distribution platform for generative AI/agentic capabilities — and closed CargoSphere (CargoSeer) acquisition to add AI-enabled cargo inspection; both described as catalytic and aligned with national security and travel & trade markets.
International Expansion and Partnerships
Established a wholly owned subsidiary and first office in the World Trade Center Abu Dhabi; announced strategic partnerships with Vigilix, EZlease, and Abu Dhabi Ports to pursue regional trade, ports, and government opportunities and to hire local talent.
Product Deployments and Partnerships Driving Market Traction
Veriscan live at Chicago O'Hare, Seattle-Tacoma, Nashville, and Calgary airports for biometrically enabled passenger processing; Assage adoption and utilization growing with cross-selling into additional U.S. government customers; new partnerships with Seaspead (software-defined radar) and Fincantieri advancing Shipyard AI use cases.
FY2026 Revenue Guidance Pointing to Growth
Company projects full-year 2026 revenue of $135,000,000 to $165,000,000, representing approximately 17% growth versus full-year 2025 (guidance includes recent acquisitions).