NUAIHIGH SIGNALFINANCIAL10-K

NUAI's operating losses substantially expanded while the company underwent a significant equity restructuring that quadrupled outstanding shares.

The dramatic increase in operating losses despite higher revenue suggests deteriorating operational efficiency and raises questions about the company's path to profitability. The massive dilution from 14 million to 57 million shares outstanding represents a substantial equity restructuring that likely significantly impacts existing shareholders' ownership percentage.

Comparing 2026-03-12 vs 2025-03-31View on EDGAR →
FINANCIAL ANALYSIS

NUAI's financial position shows mixed signals with revenue growing modestly and current assets meaningfully expanding to $7.0 million, alongside a stable cash position. However, operating losses substantially worsened while total liabilities increased nearly 50% to $16.7 million, keeping the company in negative equity territory. The company appears to be in a capital-intensive growth phase, burning cash on operations while raising capital through what appears to be significant equity dilution.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
-92.4%
-$12.7M→-$24.5M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Revenue
P&L
+66.2%
$533K→$885K

Strong top-line growth of 66.2% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+65.8%
$4.2M→$7.0M

Current assets grew 65.8% — improving short-term liquidity or inventory/receivables build.

Total Assets
Balance Sheet
+53.9%
$9.2M→$14.1M

Asset base grew 53.9% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+49.1%
$11.2M→$16.7M

Liabilities grew 49.1% — significant increase in debt or obligations, assess impact on financial flexibility.

Current Liabilities
Balance Sheet
-32%
$6.5M→$4.4M

Current liabilities reduced — improved short-term financial position and working capital health.

Stockholders Equity
Balance Sheet
-27.4%
-$2.0M→-$2.6M

Equity decreased 27.4% — buybacks or losses reducing book value, monitor solvency ratios.

Cash & Equivalents
Balance Sheet
+14.1%
$1.1M→$1.2M

Cash grew 14.1% — improving liquidity position supports investment and shareholder returns.

Accounts Receivable
Balance Sheet
+10.5%
$851K→$941K

Receivables grew 10.5% — monitor days sales outstanding for collection efficiency.

LANGUAGE CHANGES
NEW — 2026-03-12
PRIOR — 2025-03-31
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of March 9, 2026, there were 56,949,545 shares of common stock of the Company issued and 56,775,187 shares outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 35 Item 6.
Management s Discussion and Analysis of Financial Condition and Results of Operations 36 Item 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 48 Item 9A.
Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 62 Item 13.
69 INDEX TO FINANCIAL STATEMENTS F-1 i GLOSSARY OF OIL, GAS AND HELIUM TERMS The following are abbreviations and definitions of certain terms commonly used in the oil and gas industry and this document: Bbl.
(the Company or NUAI ) was initially incorporated in the State of Delaware on November 5, 2020 under the name Roth CH Acquisition V Co., which was formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more target businesses.
consummated an initial public offering, after which its securities began trading on the Nasdaq on December 1, 2021.
merged with and into Roth CH V Holdings, Inc., a Nevada corporation and a wholly owned subsidiary of Roth CH Acquisition V Co., formed on June 24, 2024, for the sole purpose of reincorporating Roth CH Acquisition V Co.
REMOVED
At June 28, 2024, the last business day of the registrant s most recently completed second fiscal quarter, the aggregate market value of the common stock of the registrant held by non-affiliates of the registrant was $ 0.00 .
If a determination as to whether a particular person or entity is an a liate cannot be made without involving unreasonable e ort and expense, the aggregate market value of the common stock held by non-a liates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form.
As of March 24, 2025, there were 14,125,152 shares of common stock of the Company issued and 13,950,794 shares outstanding.
GLOSSARY OF OIL, GAS AND HELIUM TERMS The following are abbreviations and definitions of certain terms commonly used in the oil and gas industry and this document: Bbl.
We are an exploration and production company whose primary operations include the exploration, development and production of helium, natural gas, oil and natural gas liquids.
To date, we have not generated any revenue from the production of helium.
Although hydrocarbons are currently our primary source of revenues, our business model is moving from a hydrocarbon focus to a helium focused model and centers on producing and selling helium to various parties in the supply chain, namely Helium Majors, Tier 2 gas companies, and balloon gas distributors.
We currently own and operate 137,000 acres in Southeast New Mexico and have 85,498 MMcfe of proved hydrocarbon reserves and 166,430 MMcfe of probable hydrocarbon reserves.
In addition, we have approximately 422 MMcf of net proved undeveloped helium reserves and 788 MMcf of net probable undeveloped helium reserves.
We believe our existing helium production distinguishes us from other emerging companies in the helium exploration and production space.
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