季報
季度報告
10-Q
2026-08-06
太信銀行完成3500萬美元私募融資 現金狀況大幅改善
AI 繁中摘要
Solidion Technology（納斯達克：STI）今季提交10-Q季報，截至2026年6月30日止第二季度及上半年業績曝光。公司期內完成一筆約3,500萬美元的私募融資，大幅改善現金狀況，並解除持續經營的重大疑慮。
📊 第二季度（截至2026年6月30日）業績重點：
- 淨銷售額：12.49萬美元（去年同期僅4,000美元），銷售開始起步
- 淨虧損：288.7萬美元（去年同期虧損211.4萬美元），虧損擴大主要因衍生工具公平值變動損失約91.8萬美元
- 每股虧損：0.35美元（去年同期0.70美元），每股虧損收窄
📈 上半年（六個月）業績重點：
- 淨銷售額：21.03萬美元（去年同期4,000美元）
- 淨虧損：431.7萬美元（去年同期錄得純利708.1萬美元，惟該利潤主要來自衍生工具公平值變動的非現金收益，經修訂後每股攤薄虧損為0.53美元）
- 研發開支：77.3萬美元，按年大幅減少（去年同期175.3萬美元），反映成本控制
- 銷售及行政開支：257.7萬美元，亦見回落（去年同期316.9萬美元）
💰 財務狀況與融資：
- 截至2026年6月30日，現金及現金等價物達2,767.7萬美元，較去年底的20.5萬美元大幅改善
- 6月9日完成私募配售，發行75萬股普通股及可認購158.3萬股普通股的預付窩輪，集資總額約3,500萬美元，扣除費用後淨額約3,220萬美元
- 股東權益由去年底的負718.6萬美元轉為正2,167.5萬美元
⚠️ 其他要點：
- 公司已修訂2025年首季及上半年業績，涉及窩輪衍生負債公平值、Forward Purchase Agreement股份確認及每股盈餘計算的錯誤
- 公司仍有一筆本金約102.6萬美元的承兌票據違約，但管理層認為現有流動資金足以償還，持續經營疑慮已消除
- 目前須在2026年9月3日前恢復符合納斯達克審計委員會獨立成員規定，年會已排期9月15日舉行，公司表示正積極物色人選
🔮 前景與影響：
管理層指公司有足夠資金應付未來至少一年的營運及還款需求。作為先進電池材料及儲能解決方案開發商，Solidion仍處於初期商業化階段，季度銷售額雖少但已見增長，加上新資金到位，可支持研發及業務拓展。惟投資者需留意：公司持續錄得營運虧損、衍生工具公平值變動可令盈利大幅波動，以及納斯達克合規期限臨近等風險。
展開英文正文
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utr:sqft xbrli:pure xbrli:shares sti:Segment UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-41323 SOLIDION TECHNOLOGY, INC. (Exact name of registrant as specified in its charter) Delaware 87-1993879 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1900 N. Pearl Street, Suite 1750 Dallas, TX 75201 (Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code: (972) 918-5120 13355 Noel Road, Suite 1100, Dallas, TX, 75240 (Former name or former address, if changed since last report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted and pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Smaller reporting company ☒ Emerging growth company ☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.0001 per share STI The Nasdaq Stock Market LLC As of August 5, 2026, there were 8,512,771 shares of common stock of the Company issued and outstanding. SOLIDION TECHNOLOGY, INC. FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026 TABLE OF CONTENTS Part I - FINANCIAL INFORMATION 1 Item 1. Unaudited Condensed Consolidated Financial Statements 1 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3. Quantitative and Qualitative Disclosures about Market Risk 37 Item 4. Controls and Procedures 38 Part II - OTHER INFORMATION 39 Item 1. Legal Proceedings 39 Item 1A. Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40 SIGNATURES 41 i EXPLANATORY NOTE On February 2, 2024 (the “Closing Date”), Nubia Brand International Corp., a Delaware corporation (“Nubia” and after the Transactions described herein, the “Combined Company” or “Solidion Technology, Inc.”), consummated the previously announced business combination (the “Closing”) pursuant to a Merger Agreement (as amended on August 25, 2023, the “Merger Agreement”), by and among Nubia, Honeycomb Battery Company, an Ohio corporation (“HBC”), and Nubia Merger Sub, Inc., an Ohio corporation and wholly-owned subsidiary of Nubia (“Merger Sub”). Pursuant to the Merger Agreement, Merger Sub merged with and into HBC (the “Merger,” and the transactions contemplated by the Merger Agreement, the “Transactions”), with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing. Unless the context otherwise requires, the “registrant” and the “Company” refer to Nubia prior to the Closing and to the Combined Company and its subsidiaries following the Closing and “HBC” and “Honeycomb” refers to Honeycomb Battery Company and its subsidiaries prior to the Closing and the business of the Combined Company and its subsidiaries following the Closing. The Company’s common stock, par value $0.0001 per share (the “Common Stock”), is now listed on The Nasdaq Stock Market LLC (“NASDAQ Global”) under the symbol “STI”. The Company’s Public Warrants to purchase Common Stock at an exercise price of $575.00 per share, previously listed under ticker “NUBIW”, were delisted from the Nasdaq and are quoted for trading on The OTC Pink Limited Market under the symbol “STIWW”. Until the Merger, Nubia neither engaged in any operations nor generated any revenue, and based on its business activities, Nubia was a “shell company” as defined under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). ii PART I - FINANCIAL INFORMATION Item 1. Unaudited Condensed Consolidated Financial Statements SOLIDION TECHNOLOGY, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unAUDITED) June 30, 2026 December 31, 2025 ASSETS Current Assets: Cash and cash equivalents $ 27,677,315 $ 204,725 Accounts receivable 47,105 5,110 Other receivable 302,500 302,500 Inventory 24,430 24,430 Prepaid expenses 123,199 170,257 Other current assets 268,966 76,166 Total Current Assets 28,443,515 783,188 Property and Equipment, net of depreciation 1,926,891 2,022,043 Patents, net of amortization 1,997,407 1,991,623 Total Assets $ 32,367,813 $ 4,796,854 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities: Accounts payable and accrued expenses $ 2,676,939 $ 3,509,936 Excise tax payable 1,088,515 964,463 Derivative liabilities 4,771,891 4,772,600 Due to related party - 87,873 Short-term notes payable 2,003,386 2,647,556 Short-term notes payable – related party 151,775 - Total Liabilities 10,692,506 11,982,428 Commitments and contingencies (Note 6) Stockholders’ Equity (Deficit): Preferred stock, $0.0001 par value; 2,000,000 shares authorized; none issued and outstanding - - Common stock, $0.0001 par value, 300,000,000 shares authorized, 8,512,771 and 7,465,283 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 851 746 Additional paid-in capital 192,365,464 159,027,646 Stock subscription receivable (3,001,045 ) (2,841,427 ) Accumulated deficit (167,689,963 ) (163,372,539 ) Total Stockholders’ Equity (Deficit) 21,675,307 (7,185,574 ) Total Liabilities and Stockholders’ Equity (Deficit) $ 32,367,813 $ 4,796,854 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 SOLIDION TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unAUDITED) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 (Restated) 2026 2025 (Restated) Net sales $ 124,914 4,000 $ 210,340 4,000 Cost of goods sold - 2,327 1,696 2,327 Gross profit 124,914 1,673 208,644 1,673 Operating Expenses Research and development 370,802 399,542 773,189 1,752,592 Selling, general and administrative 1,121,449 1,389,255 2,577,085 3,168,874 Total operating expenses 1,492,251 1,788,797 3,350,274 4,921,466 Operating loss (1,367,337 ) (1,787,124 ) (3,141,630 ) (4,919,793 ) Other Income (Expense) Change in fair value of derivative liabilities (917,780 ) (216,150 ) (356,430 ) 12,201,300 Interest income 35,130 1,886 35,321 18,157 Interest expense (153,597 ) (112,471 ) (300,830 ) (218,893 ) Other (expense) (483,172 ) - (553,855 ) - Total other income (expense) (1,519,419 ) (326,735 ) (1,175,794 ) 12,000,564 Net income (loss) before provision for income taxes (2,886,756 ) (2,113,859 ) (4,317,424 ) 7,080,771 Provision for income taxes - - - - Net Income (Loss) $ (2,886,756 ) $ (2,113,859 ) $ (4,317,424 ) $ 7,080,771 Weighted average number of shares of common stock outstanding, basic 8,357,332 3,002,802 8,074,545 3,002,295 Basic net income (loss) per share of common stock $ (0.35 ) $ (0.70 ) $ (0.53 ) $ 2.36 Weighted average number of shares of common stock outstanding, diluted 8,357,332 3,002,802 8,074,545 3,377,247 Diluted net loss per share of common stock $ (0.35 ) $ (0.70 ) $ (0.53 ) $ (0.53 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 2 SOLIDION TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ Equity (DEFICIT) FOR THE THREE AND SIX MONTHS ENDED June 30, 2026 (UNAUDITED) Common Stock Additional Paid-in Accumulated Stock Subscription Stockholders’ Equity Shares Amount Capital Deficit Receivable (Deficit) Balance at December 31, 2025 7,465,283 $ 746 $ 159,027,646 $ (163,372,539 ) $ (2,841,427 ) $ (7,185,574 ) Shares issued upon settlement of warrants 240,400 24 (24 ) — — — Forward Purchase Agreement – subscription receivable discount — — 78,247 — (78,247 ) — Discount on short term notes payable — — 70,000 — — 70,000 Stock-based compensation to consultants 40,000 4 (4 ) — — — Stock-based compensation — — 277,654 — — 277,654 Net loss — — — (1,430,668 ) — (1,430,668 ) Balance at March 31, 2026 7,745,683 $ 774 $ 159,453,519 $ (164,803,207 ) $ (2,919,674 ) $ (8,268,588 ) Shares issued from exercise of Series A Warrants 17,088 2 357,139 — — 357,141 Forward Purchase Agreement – subscription receivable discount — — 81,371 — (81,371 ) — Private Placement - Issuance of common stock, net of issuance costs 750,000 75 9,721,983 — — 9,722,058 Private Placement - Issuance of pre-funded stock purchase warrants, net of issuance costs — — 20,520,023 — — 20,520,023 Issuance of stock purchase warrants — — 1,938,014 — — 1,938,014 Stock-based compensation — — 293,415 — — 293,415 Net loss — — — (2,886,756 ) — (2,886,756 ) Balance at June 30, 2026 8,512,771 $ 851 $ 192,365,464 $ (167,689,963 ) $ (3,001,045 ) $ 21,675,307 FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 (UNAUDITED) (RESTATED) Additional Stock Stockholders’ Common Stock Paid-in Accumulated Subscription Equity Shares Amount Capital Deficit Receivable (Deficit) Balance at December 31, 2024 2,633,956 $ 13,169 $ 101,998,956 $ (122,368,539 ) $ (2,545,586 ) $ (22,902,000 ) Shares issued from exercise of Series A Warrants 14,755 74 241,472 — — 241,546 Conversion of convertible notes into common stock 67,895 339 527,161 — — 527,500 Shares issued to consultants 100 1 670 — — 671 Reverse stock split — (13,311 ) 13,311 — — — Stock-based compensation — — 754,361 — — 754,361 Net income (loss) — — — 9,194,630 — 9,194,630 Balance at March 31, 2025 2,716,706 $ 272 $ 103,535,931 $ (113,173,909 ) $ (2,545,586 ) $ (12,183,292 ) Conversion of convertible notes into common stock 200 — — — — — Reverse stock split (112 ) — (460 ) — — (460 ) Stock-based compensation — — 203,509 — — 203,509 Net income (loss) — — — (2,113,859 ) — (2,113,859 ) Balance at June 30, 2025 2,716,794 $ 272 $ 103,738,980 $ (115,287,768 ) $ (2,545,586 ) $ (14,094,102 ) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 SOLIDION TECHNOLOGY, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUdITED) For the Six Months Ended June 30, 2026 2025 (Restated) Cash Flows From Operating Activities: Net income (loss) $ (4,317,424 ) $ 7,080,771 Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 134,800 138,400 Stock based compensation 571,069 957,869 Equity compensation expense — 671 Non-cash interest expense — 202,920 Amortization of debt discount 62,562 — Accrued interest on short-term note payable - related party 1,775 — Change in fair value of derivative liabilities 356,430 (12,201,300 ) Changes in operating assets and liabilities: Accounts receivable (41,994 ) (4,112 ) Prepaid expenses 47,058 (139,453 ) Other current assets (192,800 ) (431,608 ) Accounts payable and accrued expenses (847,995 ) 1,118,918 Income taxes payable — (6,369 ) Excise taxes 124,052 27,296 Due to related party (12,873 ) — Net Cash Used In Operating Activities (4,115,341 ) (3,255,997 ) Cash Flows From Investing Activities: Purchases of property and equipment — (117,812 ) Capitalized patent costs (45,432 ) (63,686 ) Net Cash Used In Investing Activities (45,432 ) (181,498 ) Cash Flows From Financing Activities: Proceeds from issuance of common stock and warrants in connection with the Private Placement 34,994,842 — Offering costs for common stock and warrants issuance in connection with the Private Placement (2,814,747 ) — Proceeds from issuance of common stock from exercise of warrants — 241,546 Proceeds from short-term notes payable 75,000 — Proceeds from short-term notes payable – related party 75,000 — Repayment of short-term notes payable (696,732 ) (42,671 ) Cash used to settle fractional shares — (460 ) Net Cash Provided By Financing Activities 31,633,363 198,415 Net change in cash 27,472,590 (3,239,080 ) Cash at beginning of period 204,725 3,353,732 Cash at end of period $ 27,677,315 $ 114,652 Supplemental disclosure Cash paid for interest expense $ 95,781 $ 7,329 Cash paid for federal income taxes $ — $ 6,369 Supplemental disclosure of non-cash financing activities: Issuance of Common Stock upon the closing of the Merger $ — $ 414 Issuance of stock purchase warrants $ 1,938,014 $ — Issuance of Common Stock upon cashless exercise of warrants $ 2 $ — Forward Purchase Agreement discount accretion $ 159,618 $ — Debt discount recognized on note payable $ 85,000 $ — Issuance of promissory note in settlement of due to related party $ 75,000 $ — Convertible notes converted to common shares $ — $ 527,500 Reclassification of warrant derivative liability to additional paid-in capital upon exercise of Series A warrants $ 357,139 $ — Capitalized interest to principal balance of short-term note payable $ — $ 202,920 Reverse stock split — reclassification from common stock to additional paid-in capital $ — $ 13,311 Shares issued upon settlement of warrants $ 24 $ — The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 SOLIDION TECHNOLOGY, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 — DESCRIPTION OF ORGANIZATION, BUSINESS OPERATIONS AND GOING CONCERN Solidion Technology, Inc. (the “Company”, “Solidion” or “Solidion Technology”), formerly known as Nubia Brand International Corp. prior to February 2, 2024, was incorporated in Delaware on June 14, 2021 and is an advanced battery technology company focused on the development and commercialization of next-generation battery materials, components, and energy storage solutions. Solidion is headquartered in Dallas, TX, with research and development and manufacturing operations located in Dayton, OH. On February 2, 2024, Nubia Brand International Corp., a Delaware corporation (“Nubia” and after the Transactions described herein, the “Company”, “Solidion” or “Solidion Technology, Inc.”), consummated the merger (the “Closing”) pursuant to a Merger Agreement, dated February 16, 2023 (as amended on August 25, 2023, the “Merger Agreement”), by and among Nubia, Honeycomb Battery Company, an Ohio corporation (“HBC”), and Nubia Merger Sub, Inc., an Ohio corporation and wholly-owned subsidiary of Nubia (“Merger Sub”). HBC was formerly the energy solutions division of Global Graphene Group, Inc. (“G3”). Pursuant to the Merger Agreement, Merger Sub merged with and into HBC (the “Merger,” and the transactions contemplated by the Merger Agreement, the “Transactions”), with HBC surviving such merger as a wholly owned subsidiary of Nubia, which was renamed “Solidion Technology, Inc.” upon Closing. In accordance with the Merger Agreement, the Company issued to the HBC stockholders aggregate consideration of 1,400,000 shares of Solidion’s common stock, minus up to 4,000 Holdback Shares, subject to adjustment for any additional interest or penalties related to the G3 Tax Lien (the “Closing Merger Consideration Shares”) at the effective time of the Merger Agreement (the “Effective Time”), plus up to an additional 450,000 shares of Solidion’s common stock (the “Earnout Shares”) upon the occurrence of the following events (or earlier upon a change of control of Solidion but subject to (and only to the extent that) the valuation of Solidion’s common stock implied by such change of