NUAIWHIGH SIGNALFINANCIAL10-K

NUAIW's operating losses substantially expanded while the company underwent significant balance sheet restructuring with a four-fold increase in outstanding shares.

The dramatic expansion in operating losses combined with minimal revenue growth suggests the company is burning cash at an accelerating rate during its exploration phase. The massive increase in share count from approximately 14 million to 57 million shares indicates substantial dilution for existing shareholders, likely from equity financing to fund operations.

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

The company's financial position shows mixed signals with revenue growing modestly but operating losses substantially expanding to $24.5 million. Total assets increased meaningfully to $14.1 million alongside higher liabilities, while the company maintained similar cash levels despite the operational cash burn. The balance sheet restructuring appears designed to provide additional runway for the exploration-stage helium and energy company, though at significant cost to existing equity holders through 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.
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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.
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