Document

commission file number 001
COMMISSION FILE NUMBER 001-42023
Delaware 85-3844872
(State or other jurisdiction of
 incorporation or organization)		 (I.R.S. Employer
 Identification No.)
730 Broadway   Redwood City , CA 94063 (818) 860-1352
(Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code)

comparison of results of o
Comparison of Results of Operations for the Years ended December 31, 2025 and 2024
Year Ended December 31, Change
2025 2024 $%
Revenues 2651 1813 838 46%
Cost of revenues 18033 1888 16145 855%
Gross loss -15382 -75 -15307 20409%
Operating expenses:
Research and development 45267 24255 21012 87%
General and administrative 37118 10093 27025 268%
Operations 12101 3289 8812 268%
Sales and marketing 2901 577 2324 403%
Total operating expenses 97387 38214 59173 155%
Loss from operations -112769 -38289 -74480 195%
Other income (expense):
Interest income 7271 1279 5992 468%
Interest expense -3 -1959 1956 (100)%
Realized gain on foreign currency translation 2 — 2 100%
Realized gain on investments 391 — 391 100%
Change in fair value of derivative liability — -222 222 (100)%
Other income 91 — 91 100%
Net loss before income taxes -105017 -39191 -65826 168%
Benefit from income taxes 3656 — 3656 100%
Net loss -101361 -39191 -62170 159%

key metrics
Key Metrics
Three Months Ended December 31, Year Ended December 31,
2025 2024 2025 2024
Daily Active Robots 547 57 273 52
Daily Supply Hours 6676 455 3196 401

cash flows
Cash Flows
Year Ended December 31,
2025 2024 Change
Net cash (used in) / provided by:
Operating activities -80241 -21542 -58699
Investing activities -197999 -10318 -187681
Financing activities 261212 155120 106092
(Decrease) / increase in cash and cash equivalents -17028 123260 -140288

consolidated balance sheets
Consolidated Balance Sheets
Year Ended December 31,
2025 2024
ASSETS
Current assets:
Cash and cash equivalents 106239 123266
Short-term marketable securities 127170 —
Accounts receivable, net 851 87
Inventory — 310
Prepaid expenses 6042 1397
Other receivables 696 192
Other current assets 77 —
Total current assets 241075 125252
Property and equipment, net 47013 11963
Long-term marketable securities 26344 —
Intangible assets, net 31313 —
Goodwill 15530 —
Operating lease right-of-use assets 5369 1808
Other non-current assets 1107 578
Total assets 367751 139601
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable 5014 4902
Accrued liabilities 6482 655
Deferred revenue 2 20
Operating lease liabilities, current 1800 666
Financing lease liabilities, current — 564
Total current liabilities 13298 6807
Operating lease liabilities, non-current 3454 1113
Deferred tax liabilities 255 —
Total liabilities 17007 7920
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $ 0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of both December 31, 2025 and 2024 — —
Common stock, $ 0.0001 par value; 300,000,000 shares authorized, 74,781,782 and 51,396,574 shares issued, and 74,734,949 and 51,288,566 shares outstanding as of December 31, 2025 and 2024, respectively 7 5
Additional paid-in capital 559485 239201
Accumulated other comprehensive income 138 —
Accumulated deficit -208886 -107525
Total stockholders’ equity 350744 131681
Total liabilities and stockholders’ equity 367751 139601

operations and comprehensi
Consolidated Statements of Operations and Comprehensive Loss
Year Ended December 31,
2025 2024
Revenues 2651 1813
Cost of revenues 18033 1888
Gross loss -15382 -75
Operating expenses:
Research and development 45267 24255
General and administrative 37118 10093
Operations 12101 3289
Sales and marketing 2901 577
Total operating expenses 97387 38214
Loss from operations -112769 -38289
Other income (expense):
Interest income 7271 1279
Interest expense -3 -1959
Realized gain on foreign currency translation 2 —
Realized gain on investments 391 —
Change in fair value of derivative liability — -222
Other income 91 —
Net loss before income taxes -105017 -39191
Benefit from income taxes 3656 —
Net loss -101361 -39191
Other comprehensive income, net of tax:
Unrealized gain on investments 189 —
Other comprehensive income, before tax 189 —
Income tax expense related to items of other comprehensive income -51 —
Other comprehensive income, net of tax 138 —
Comprehensive loss -101223 -39191
Weighted average common shares outstanding - basic and diluted 62284449 36658834
Net loss per common share - basic and diluted -1.63 -1.07

stockholders equity deficit
Consolidated Statements of Stockholders Equity (Deficit)
Common Stock Additional Paid-in Capital Subscription
Receivable		 Accumulated Other Comprehensive Income Accumulated
Deficit		 Total Stockholders’ Equity (Deficit)
Shares Amount
Balances at December 31, 2023 24508795 2 64468 -170 $— -68334 -4034
Issuance of common stock pursuant to offering 10000000 1 39999 — — — 40000
Offering costs — — -4151 — — — -4151
Conversion of convertible note and derivative liability into common stock 2104562 — 6804 — — — 6804
Issuance of common stock under the Sales Agreement and Equity Distribution Agreement, net of offering costs 5698992 1 77595 — — — 77596
Restricted stock awards repurchased -233208 — — — — — —
Interest on recourse loan — — — 4 — — 4
Interest and forgiveness on recourse loans — — — 166 — — 166
Issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs 3055555 — 17116 — — — 17116
Vested restricted stock units 377284 — — — — — —
Exercise of warrants 5264799 1 22448 — — — 22449
Exercise of options 511787 — 367 — — — 367
Stock-based compensation — — 14555 — — — 14555
Net loss — — — — — -39191 -39191
Balances at December 31, 2024 51288566 5 239201 — — -107525 131681
Issuance of common stock, net of offering costs 10460525 1 170772 — — — 170773
Issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs 6499935 1 78722 — — — 78723
Vayu Acquisition 1494906 — 37636 — — — 37636
Short-swing profit disgorgement — — 48 — — — 48
Vested restricted stock units 2437895 — — — — — —
Exercise of warrants 2315799 — 11431 — — — 11431
Exercise of options 237323 — 423 — — — 423
Stock-based compensation — — 21252 — — — 21252
Other comprehensive income (loss) — — — — 138 — 138
Net loss — — — — — -101361 -101361
Balances at December 31, 2025 74734949 7 559485 $— 138 -208886 350744

cash flows-1
Consolidated Statements of Cash Flows
Year Ended December 31,
2025 2024
Cash flows from operating activities:
Net loss -101361 -39191
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation 21252 14555
Depreciation & amortization 8213 310
Deferred income taxes -4702 —
Accretion of discount on available-for-sale securities -1073 —
Amortization of debt discount — 1678
Change in fair value of derivative liability — 222
Changes in operating assets and liabilities, net of effects of businesses acquired:
Accounts receivable, net -697 -84
Inventory — 465
Prepaid expenses -4634 -720
Other receivables -498 -192
Accounts payable -2017 872
Accrued liabilities 6707 477
Deferred revenue -18 20
Operating lease liabilities -1413 46
Net cash used in operating activities -80241 -21542
Cash flows from investing activities:
Purchases of marketable securities -203752 —
Proceeds from maturities and sales of marketable securities 51500 —
Purchases of property and equipment -37334 -10252
Acquisitions, net of cash acquired -7502 —
Security deposits -506 -66
Capitalized implementation costs -405 —
Net cash used in investing activities -197999 -10318
Cash flows from financing activities:
Proceeds from issuance of common, net of offering costs 170773 35849
Proceeds from issuance of common stock under the 2025 Equity Distribution Agreement, net of offering costs 78723 77596
Proceeds from exercise of warrants 11431 22449
Proceeds from exercise of options 423 367
Repayments of financing lease liability -186 -1782
Proceeds from short-swing profit disgorgement 48 —
Proceeds from issuance of pre-funded warrants to purchase common stock in connection with private placement, net of issuance costs — 17116
Proceeds from convertible notes payable, net of offering costs — 4845
Repayments of note payable — -1250
Repayment of note payable, related party — -70
Net cash provided by financing activities 261212 155120
Effect of exchange rate changes on cash and cash equivalents 1 —
Net change in cash and cash equivalents -17028 123260
Cash and cash equivalents at beginning of year 123266 7
Cash and cash equivalents at end of year 106239 123266
Supplemental disclosure of cash flow information:
Cash paid for interest 224 203
Cash paid for income taxes $— $—
Supplemental disclosure of non-cash investing and financing activities:
Operating lease right-of-use assets obtained for lease obligations 4818 1578
Purchases of property and equipment, accrued but not paid 1723 1972
Conversion of convertible notes and derivative into common stock $— 6804

net loss per share
Net Loss per Share
December 31,
2025 2024
Common stock warrants 5079294 3340011
Stock options 826539 1022291
Unvested restricted stock awards subject to recourse and nonrecourse loans 46833 108008
Unvested restricted stock units 7217790 5362326
Total potentially dilutive shares 13170456 9832636

3 revenue
3. REVENUE
Year Ended December 31,
2025 2024
Fleet services 1622 627
Software services 1029 1186
Total revenue 2651 1813

notes to the consolidated
Notes to the Consolidated Financial Statements
April 1, 2025
Cash consideration paid 5170
Escrow amount 575
Purchase price 5745
Assets acquired:
Cash and cash equivalents 111
Other current assets 73
Other assets 17
Intangible assets, net 1370
Total identifiable assets acquired 1571
Liabilities assumed:
Current liabilities -153
Total identifiable liabilities assumed -153
Fair value of identifiable assets, net of identifiable liabilities assumed 1418
Goodwill 4327

notes to the consolidated -1
Weighted Average Useful Life April 1, 2025
Developed technology 15 980
Customer relationships 25 255
Trade names 10 135
Total intangible assets 16 1370

notes to the consolidated -2
Notes to the Consolidated Financial Statements
Shares Per Share Total Consideration (in thousands)
Cash paid for outstanding shares of Vayu common and preferred stock 1875
Net working capital adjustment 310
Company common shares issuable to Vayu common and preferred stockholders 1539906 9.71 14952
Company warrants issued to Vayu SAFE holder, Khosla Ventures 4000000 5.41 21640
Replacement equity awards attributable to pre-combination service — — 734
Total purchase price consideration 39511

notes to the consolidated -3
Notes to the Consolidated Financial Statements
August 15, 2025
Total purchase price consideration 39511
Assets acquired:
Cash and cash equivalents 6
Other current assets 57
Intangible assets 32439
Total identifiable assets acquired 32502
Liabilities assumed:
Accounts payable -366
Other current liabilities -44
Deferred tax liability -3784
Total identifiable liabilities assumed -4194
Fair value of identifiable assets, net of identifiable liabilities assumed 28308
Goodwill 11203

5 goodwill and intangible
5. GOODWILL AND INTANGIBLE ASSETS, NET
Total
Balance as of December 31, 2024 $—
Acquisitions 15530
Balance as of December 31, 2025 15530

notes to the consolidated -4
Notes to the Consolidated Financial Statements
Weighted-Average Remaining Useful Life (in years) Gross Carrying Value Accumulated Amortization Net Carrying Value
Developed technology 4.9 33419 -2479 30940
Customer relationships 24.3 255 -7 248
Trade names 9.3 135 -10 125
Balance as of December 31, 2025 33809 -2496 31313

notes to the consolidated -5
Year Ending December 31, Amortization Expense
2026 6577
2027 6577
2028 6577
2029 6577
2030 4144
Thereafter 861
Total estimated future amortization expense 31313

6 fair value measurements
6. FAIR VALUE MEASUREMENTS
Fair Value Measurements
as of December 31, 2025:
Level 1 Level 2 Level 3 Total
Cash equivalents
Money market funds 86714 $— $— 86714
Commercial paper — 3995 — 3995
Short-term marketable securities
Certificates of deposit — 40182 — 40182
Commercial paper — 35814 — 35814
Corporate notes/bonds — 47928 — 47928
U.S. Government agencies — 1251 — 1251
U.S. Treasury securities — 1995 — 1995
Long-term marketable securities
Corporate notes/bonds — 20341 — 20341
U.S. Government agencies — 6003 — 6003
Total 86714 157509 $— 244223

7 marketable securities
7. MARKETABLE SECURITIES
December 31, 2025
Cost or Amortized Cost Unrealized Estimated Fair Value
Gains Losses
Cash equivalents
Money market funds 86714 $— $— 86714
Commercial paper 3995 — — 3995
Short-term marketable securities
Certificates of deposit 40001 181 — 40182
Commercial paper 35814 — — 35814
Corporate notes/bonds 47912 16 — 47928
U.S. Government agencies 1251 — — 1251
U.S. Treasury securities 1994 1 — 1995
Long-term marketable securities
Corporate notes/bonds 20348 — -7 20341
U.S. Government agencies 6005 — -2 6003
Total 244034 198 -9 244223

8 property and equipment net
8. PROPERTY AND EQUIPMENT, NET
December 31,
2025 2024
Robot assets 47221 4610
Construction in progress 3357 7826
Tooling 2111 1799
Leasehold improvement 414 —
Office equipment 375 332
Total 53478 14567
Less: Accumulated depreciation -6465 -2604
Property and equipment, net 47013 11963

restricted stock awards rsas
Restricted Stock Awards (RSAs)
Restricted Stock Awards
Number of Shares Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024 996799 0.38
Granted — —
Vested -663964 0.01
Forfeited -47782 0.48
Nonvested as of December 31, 2025 285053 0.08

restricted stock units rsus
Restricted Stock Units (RSUs)
Restricted Stock Units
Number of Shares Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024 5362326 7.49
Granted 4613157 10.67
Vested -2437895 7.21
Forfeited -319798 9.55
Nonvested as of December 31, 2025 7217790 9.14

performancebased restricte
Performance-Based Restricted Stock Units
Number of Shares Weighted Average Grant Date Fair Value
Nonvested as of December 31, 2024 — $—
Granted 1440001 9.71
Nonvested as of December 31, 2025 1440001 9.71

stock options
Stock Options
Options Weighted Average Exercise Price Intrinsic Value (in thousands)
Outstanding as of December 31, 2023 1515386 0.61 5112
Granted 110374 4.05
Exercised -511787 0.71 6544
Forfeited -91682 0.77
Outstanding as of December 31, 2024 1022291 0.94 12843
Granted 89438 5.49
Exercised -237323 1.05 2463
Forfeited -47867 1.98
Outstanding as of December 31, 2025 826539 1.01 8573
Exercisable as of December 31, 2025 682717 1.08 7087
Exercisable and expected to vest at December 31, 2025 826539 1.01 8573

warrants
Warrants
Warrants Weighted Average
Exercise Price
Outstanding as of December 31, 2024 3340011 6.56
Granted 4000000 10.36
Exercised -2260717 5.12
Forfeited — —
Outstanding as of December 31, 2025 5079294 10.18
Exercisable as of December 31, 2025 5079294 10.18

11 stockbased compensation
11. STOCK-BASED COMPENSATION
Year Ended December 31,
2025 2024
General and administrative 10416 2834
Research and development 9829 11492
Operations 661 146
Sales and marketing 346 83
Total stock-based compensation expense 21252 14555

12 income taxes
12. INCOME TAXES
Year Ended December 31, 2025
Domestic -103169
Foreign -1848
Total net loss before income taxes -105017
Note: Amounts for the year ended December, 31, 2024 were immaterial.

12 income taxes-1
Year Ended December 31, 2025
Current:
Federal 568
State 478
Foreign —
Total current tax expense 1046
Deferred:
Federal -4175
State -443
Foreign -84
Total deferred tax benefit -4702
Total income tax benefit -3656
Note: Amounts for the year ended December, 31, 2024 were immaterial.

notes to the consolidated -6
Notes to the Consolidated Financial Statements
Year Ended December 31, 2025
Amount Percent
Income tax benefit at U.S. federal statutory rate -22054 21.0%
State and local income taxes, net of federal income tax effect (1) -436 0.4%
Foreign tax effects 305 ( 0.3 )%
Tax credits -800 0.8%
Changes in valuation allowances 18641 ( 17.8 )%
Non taxable or nondeductible items
Stock-based compensation -2867 2.7%
Section 162(m) executive compensation limitation 2120 ( 2.0 )%
Other 85 ( 0.1 )%
Changes in unrecognized tax benefits 1039 ( 1.0 )%
Other adjustments 311 ( 0.3 )%
Income tax benefit at effective tax rate -3656 3.5%
(1) In 2025, the state that contributed to the majority (greater than 50%) of the tax effect in this category is California.
Note: Amounts for the year ended December, 31, 2024 were immaterial.

notes to the consolidated -7
Notes to the Consolidated Financial Statements
December 31,
2025 2024
Net operating loss and credit carryforwards 57660 15004
Capitalized research and development costs 5092 5988
Stock-based compensation 1631 —
Lease obligations 1114 —
Other deferred tax assets 34 411
Gross Deferred tax assets 65531 21403
Less: Valuation Allowance -55620 -21403
Total deferred tax assets 9911 $—
Deferred tax liabilities:
Intangible assets -7764 $—
Operating lease right-of-use assets -1141 —
Property and equipment -138 —
Total deferred tax liabilities -9043 —
Net deferred tax asset 868 $—

notes to the consolidated -8
Notes to the Consolidated Financial Statements
December 31, 2025
Balance at beginning of year $—
Additions for tax positions in prior year 789
Additions for tax positions in current year 250
Settlements —
Release due to statute expirations —
Balance at end of year 1039
Note: Amounts for the year ended December, 31, 2024 were immaterial.

13 commitments and conting
13. COMMITMENTS AND CONTINGENCIES
Financial Statement Line Item Year Ended
December 31,
2025 2024
Operations 1918 719
Research and development 80 242
General and administrative 68 56
Sales and marketing 8 —
Total lease costs 2074 1017

13 commitments and conting-1
Year Ended
December 31,
2025 2024
Operating cash flows paid for operating leases 1518 593
Right-of-use assets obtained in exchange for operating lease obligations 4818 1578

notes to the consolidated -9
Notes to the Consolidated Financial Statements
December 31,
2025 2024
Weighted-average remaining lease term (in years) 3.42 2.65
Weighted-average discount rate 7.39% 7.24%

notes to the consolidated -10
Year Ending December 31, Amount
2026 2087
2027 1805
2028 872
2029 577
2030 441
Thereafter 136
Total undiscounted future cash flows 5918
Less: imputed interest -664
Total minimum payments 5254

exhibit index
EXHIBIT INDEX
Exhibit No. Description
3.1 Amended and Restated Certificate of Incorporation, filed with the Secretary of State of the State of Delaware on July 31, 2023 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the SEC on August 4, 2023).
3.2 Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed with the SEC on August 4, 2023).
4.1 Form of August Exchange Warrant (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K filed with the SEC on August 28, 2024).
4.2 Common Stock Purchase Warrant, dated as of August 15, 2025 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the SEC on August 1 8, 202 5 ) .
4.3 Description of Securities (incorporated by reference to Exhibit 4.8 to the Annual Report on Form 10-K filed with the SEC on February 29, 2024) .
10.1+§ Offer Letter, dated as of March 1, 2021, by and between Touraj Parang and the Company (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 4, 2023).
10.2+§ Offer Letter, dated March 24, 2024, by and between Brian Read and Serve Operating Co. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 9, 2024).
10.3 Form of Pre-Merger Indemnification Agreement (incorporated by reference to Exhibit 10.21 to the Current Report on Form 8-K filed with the SEC on August 4, 2023).
10.4+ 2021 Stock Plan and form of award agreements (incorporated by reference to Exhibit 10.24 to the Current Report on Form 8-K filed with the SEC on August 4, 2023).
10.5+ 2023 Equity Incentive Plan and form of award agreements (incorporated by reference to Exhibit 10.29 to the Company ’ s report on Form 10-K filed with the SEC on February 29, 2024).
10.6+ Amendment to Serve Robotics Inc. ’ s 2023 Equity Incentive Plan (incorporated by reference to the Company ’ s Form DEF14A filed with the SEC on June 7, 2024).
10.7+ Amendment to Serve Robotics Inc. ’ s 2023 Equity Incentive Plan (incorporated by reference to the Company ’ s Form DEF14A filed with the SEC on April 25, 2025).
10.8+ Vayu Robotics, Inc. 2022 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 filed with the SEC on August 25, 2025).
10.9+ Vayu Robotics, Inc. 2025 Equity Incentive Plan (incorporated by reference to Exhibit 99.2 to the Registration Statement on Form S-8 filed with the SEC on August 25, 2025).
10.10+ Serve Robotics Inc. Amended and Restated Outside Director Compensation Policy ( incorporated by reference to Exhibit 10.2 5 to the Annual Report on Form 10 -K filed with the SEC on March 6 , 2025) .
10.11 Form of August Registration Rights Agreement (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed with the SEC on August 28, 2024).
10.12 Form of August Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on August 28, 2024).
10.13 Form of Securities Purchase Agreement, by and among the Company and the Purchaser (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on January 7, 2025 ).
10.14 Placement Agency Agreement, dated January 7, 2025, by and between Serve Robotics Inc. and Northland Securities, Inc. (incorporated by reference to Exhibit 10. 2 to the Current Report on Form 8-K filed with the SEC on January 7, 2025) .
10.15 Form of Securities Purchase Agreement, by and among the Company and the Purchasers (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on October 10 , 2025).
10.16 Placement Agency Agreement, dated October 10, 2025, by and between Serve Robotics Inc. and Northland Securities, Inc. (incorporated by reference to Exhibit 10. 2 to the Current Report on Form 8-K filed with the SEC on October 10, 2025).
16.1 L etter from dbbmckennon as to the change in cert ifying accountant, dated March 6, 2025 ( incorporated by reference to Exhibit 16.1 to the Current Report on Form 8-K filed with the SEC on March 6, 2025 ).
19.1* Serve Robotics Inc. Amended and Restated Insider Trading Policy.

exhibit index-1
21.1* Subsidiaries of the Registrant .
23.1* Consent of PricewaterhouseCoopers LLP.
23.2* Consent of dbbmckennon.
31.1* Certification of Principal Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2* Certification of Principal Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1** Certification of Principal Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)
32.2** Certification of Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)
97.1 Serve Robotics Inc. Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Annual Report on Form 10-K filed with the SEC on February 29, 2024) .
101.INS Inline XBRL Instance Document.
101.SCH Inline XBRL Taxonomy Extension Schema Document.
101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

certification of principal
Certification of Principal Executive Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted
Date: March 12, 2026 /s/ Ali Kashani
Ali Kashani
Chief Executive Officer
(Principal Executive Officer)

certification of principal-1
Certification of Principal Financial Officer Pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as Adopted
Date: March 12, 2026 /s/ Brian Read
Brian Read
Chief Financial Officer
(Principal Financial and Accounting Officer)

certification of principal-2
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant
Date: March 12, 2026 /s/ Ali Kashani
Ali Kashani
Chief Executive Officer
(Principal Executive Officer)

certification of principal-3
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant
Date: March 12, 2026 /s/ Brian Read
Brian Read
Chief Financial Officer
(Principal Financial and Accounting Officer)