Red Flags Detected

• ⚠ Controlled Company (new) — The company will be a controlled company, meaning public shareholders may have limited influence over governance.
• ⚠ Dual Class (new) — Dual-class structure concentrates voting control with Co-Founders, limiting public shareholder influence.
• ⚠ Material Weakness (new) — The company acknowledges it may identify material weaknesses in internal controls and may not remediate them in time, which could lead to an adverse opinion and loss of investor confidence.
• ⚠ Related-party Transactions (new) — Significant revenue from equipment sales to entities owned or controlled by the Co-Founders through the OWN Program, indicating potential conflicts of interest and dependence on insiders.
• ⚠ Customer Concentration (new) — A single third-party OWN Program participant accounted for 11% of total revenue in the first nine months of 2025, creating revenue volatility and dependence on a small number of large transactions.
• ⚠ Dilution (new) — New investors face immediate dilution of $17.78 per share, as existing holders paid an average of $2.54 per share.