季報
季度報告
10-Q
2026-05-19
AMC Robotics Corp首季轉虧為盈 錄淨收入14.56萬美元
AI 繁中摘要
申報類型：10-Q（季度報告）
公司：AMC Robotics Corporation（前稱AlphaVest Acquisition Corp.）
財政季度：2026年第一季度（截至2026年3月31日）
業績重點：公司成功轉虧為盈，錄得淨收入約14.56萬美元（去年同期淨虧損7.72萬美元），每股盈利0.01美元。總收入約118.46萬美元，較去年同期的179.25萬美元下跌約34%，主要由於產品收入大幅減少（從122.18萬美元降至10.2萬美元）。然而，來自關聯方Kami Vision的收入分成增長至94.61萬美元（去年同期57.06萬美元），同時新增智能資訊服務及AI服務共享收入約19萬美元，帶動毛利上升至102.07萬美元（去年同期48.83萬美元）。
期內經營開支大幅下降，銷售及市場推廣費用由40.41萬美元減至1.43萬美元，主要因為終止了部分中國VIE安排及優化成本。一般及行政開支約85.48萬美元，與去年相若。
資產及現金狀況：截至2026年3月31日，公司總資產約1,129.97萬美元，現金及等價物約663.26萬美元。股東權益約1,048.24萬美元，較去年底增加，主要來自行使認股權證所得約2萬美元及本期盈利。
關鍵事件及背景：公司於2025年12月9日完成與特殊目的收購公司AlphaVest的業務合併，視作反向資本重組。與此同時完成PIPE融資，以每股10美元發行80萬股普通股，籌集800萬美元，並附有PIPE認股權證（可認購約557.63萬股，行使價經調整）。該等權證其後重新分類為權益工具。此外，公司於2026年1月在越南設立全資子公司AMCV，以支持製造業務，惟截至季末尚未錄得重大收入。
管理層展望：管理層在季報中未提供具體前瞻指引，但從成本結構改善及新AI服務收入可見，公司正專注於高毛利關聯方業務及成本控制。同時，越南生產基地的設立預示未來可能減少對中國供應商的依賴。
對投資者的潛在影響：公司成功轉虧為盈，惟總收入顯著下滑，可持續性有待觀察。PIPE融資及認股權證帶來資金同時亦存在潛在稀釋效應（加權平均股數由1,800萬股增至約2,260萬股）。投資者需注意客戶集中風險（Kami Vision佔應收賬款及收入比重高），以及公司能否維持利潤增長。
展開英文正文
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us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember AMCI:InventoryImpairmentLossesMember 2025-01-01 2025-03-31 0001937891 srt:EuropeMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember AMCI:InventoryImpairmentLossesMember 2025-01-01 2025-03-31 0001937891 country:CN us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember AMCI:InventoryImpairmentLossesMember 2025-01-01 2025-03-31 0001937891 us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember AMCI:InventoryImpairmentLossesMember 2025-01-01 2025-03-31 0001937891 srt:NorthAmericaMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2026-03-31 0001937891 srt:EuropeMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2026-03-31 0001937891 us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2026-03-31 0001937891 srt:NorthAmericaMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2025-12-31 0001937891 srt:EuropeMember us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2025-12-31 0001937891 country:CN us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2025-12-31 0001937891 us-gaap:ReportableSegmentAggregationBeforeOtherOperatingSegmentMember 2025-12-31 0001937891 us-gaap:ForeignCountryMember 2026-03-31 0001937891 us-gaap:StateAndLocalJurisdictionMember 2026-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure AMCI:Segment iso4217:CNY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 March 31, 2026 OR ☐ 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: 001-41574 AMC Robotics Corporation (Exact name of registrant as specified in its charter) Delaware 41-3041844 (State or other jurisdiction (IRS Employer of incorporation or organization) Identification Number) 12 East 49th Street, Suite 1805, New York, NY 10017 (Address of principal executive offices) (Zip code) (734) 709-5127 (Issuer’s telephone number including area code) N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $0.0001 per share AMCI The Nasdaq Stock Market LLC 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 Data File required to be submitted pursuant to Rule 405 of Regulation S-T 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, or a smaller reporting 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 ☒ As of May 18, 2026, the registrant had 22,600,363 shares of common stock, $0.0001 par value, outstanding. INDEX Part I - Financial Information Item 1 – Financial Statements 2 Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) 3 Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Unaudited Condensed Consolidated Financial Statements 6 Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3 – Quantitative and Qualitative Disclosures About Market Risk 45 Item 4 – Controls and Procedures 45 Part II - Other Information Item 5 – Other Information 45 Item 6 – Exhibits 46 Signatures 47 1 Part I - Financial Information Item 1 – Financial Statements AMC ROBOTICS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) March 31, December 31, 2026 2025 (Unaudited) ASSETS Current assets Cash and cash equivalents $6,632,619 $7,004,601 Accounts receivable 505 427 Accounts receivable - related party 3,114,877 2,065,890 Accounts receivable 3,114,877 2,065,890 Inventories, net 914,678 1,069,465 Prepaid expenses 270,958 355,467 Other receivable 107 - Other receivable - related party, net 192,999 475,909 Other receivable 192,999 475,909 Advance to suppliers 3,677 3,677 Advance to suppliers – related party 21,387 21,387 Advance to suppliers 21,387 21,387 Prepayment - related party (current) 51,844 60,000 Total current assets 11,203,651 11,056,823 Right-of-use asset 88,354 101,221 Other non-current assets 7,697 7,697 Prepayment - related party - 6,845 TOTAL ASSETS $11,299,702 $11,172,586 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable - related party $1,799 $- Accounts payable $1,799 $- Accrued and other liabilities 672,727 701,844 Tax payable 6,627 6,627 Other payable - related party 1,786 - Other payable 1,786 - Lease liability - current 58,120 57,349 Warranty liabilities - current 31,493 30,023 Total current liabilities 772,552 795,843 Lease liability - noncurrent 37,931 52,753 Warranty liabilities - noncurrent 6,839 6,810 TOTAL LIABILITIES 817,322 855,406 Stockholders’ equity Common stock, $0.0001 par value, 100,000,000 shares authorized, 22,600,363 and 22,595,363 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 2,260 2,260 Additional paid-in capital 37,673,115 37,653,029 Accumulated deficits (27,192,508) (27,338,109) Accumulated other comprehensive loss (487) - Total stockholders’ equity 10,482,380 10,317,180 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $11,299,702 $11,172,586 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 2 AMC ROBOTICS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) 2026 2025 Three months ended March 31, 2026 2025 REVENUES Product revenue $102,018 $1,221,803 Product revenue - related party 136,548 134 Revenue share – related party 946,050 570,588 Total Revenues 1,184,616 1,792,525 COST OF REVENUES E-commerce platform expenses (16,576) (355,968) Product cost - related party (140,802) (909,624) Delivery and freight cost (6,273) (13,178) Inventory impairment losses (309) (25,425) Total Cost of Revenues (163,960) (1,304,195) Gross Profit 1,020,656 488,330 OPERATING EXPENSES General and administrative expenses (854,786) (817,412) Sales and marketing expenses (14,332) (404,112) Research and development expenses (22,999) (14,559) Total Operating Expenses (892,117) (1,236,083) INCOME (LOSS) FROM OPERATIONS 128,539 (747,753) OTHER INCOME (EXPENSES) Other income - related party - 683,898 Other income (loss), net (9,490) 7,185 Interest income 28,651 318 Interest expense - (16,502) Total Other Income , Net 19,161 674,899 INCOME (LOSS) BEFORE INCOME TAX 147,700 (72,854) Income tax expense (2,099) (4,323) NET INCOME (LOSS) $145,601 $(77,177) Other comprehensive loss (487) (110) TOTAL COMPREHENSIVE INCOME (LOSS) $145,114 $(77,287) NET INCOME (LOSS) PER SHARE: BASIC 0.01 (0.00) NET INCOME(LOSS) PER SHARE: DILUTED $0.01 $(0.00) WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC 22,596,196 18,000,000 WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED 24,810,555 18,000,000 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 3 AMC ROBOTICS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) Number of Shares Amount Paid-in Capital Accumulated Deficits Comprehensive Loss Total Common stock Additional Accumulated Other Number of Shares Amount Paid-in Capital Accumulated Deficits Comprehensive Loss Total Balance as of January 1, 2025 18,000,000 $1,800 $142,899 $(2,470,588) $(5,726) $(2,331,615) Net loss - - - (77,177) - (77,177) Other comprehensive loss - - - - (110) (110) Balance as of March 31, 2025 18,000,000 $1,800 $142,899 $(2,547,765) $(5,836) $(2,408,902) Balance as of January 1, 2026 22,595,363 $2,260 $37,653,029 $(27,338,109) $- $10,317,180 Issuance of shares from exercise of warrants 5,000 - 20,085 - - 20,085 Net income - - - 145,601 145,601 Net income (loss) - - - 145,601 145,601 Other comprehensive loss - - - - (487) (487) Balance as of March 31, 2026 22,600,363 $2,260 $37,673,115 $(27,192,508) $(487) $10,482,380 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 4 AMC ROBOTICS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) 2026 2025 Three months ended March 31, 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $145,601 $(77,177) Adjustments to reconcile net income (loss) to net cash (used in)/provided by operating activities: Provision for warranty 1,499 9,426 Inventory impairment losses (309) 25,425 Non-cash lease expenses 12,867 - Changes in operating assets and liabilities: Accounts receivable (78) (210,298) Accounts receivable - related party (1,048,987) 22,262 Inventories, net 155,096 1,038,114 Prepaid expenses 84,509 4,206 Other receivable (107) - Other receivable - related party, net 282,910 (67,348) Advance to suppliers - (6) Prepayment - related party 15,001 15,121 Accounts payable - related party 1,799 (756,323) Accrued and other liabilities (29,116) 195,425 Tax payable - (53) Other payable - related party 1,786 5,543 Warranty liabilities - (332) Lease liability (14,051) - Net cash (used in) / provided by operating activities $(391,580) $203,985 CASH FLOWS FROM INVESTING ACTIVITIES Repayment of note receivable - stockholder - 15,862 Issuance of promissory note - (321,486) Net cash used in investing activities $- $(305,624) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercised warrants 20,085 - Net cash provided by financing activities $20,085 $- Effect of changes of foreign exchange rate on cash and cash equivalent (487) 4,286 Net decrease in cash and cash equivalents (371,982) (97,353) Cash and cash equivalents - beginning of the period 7,004,601 358,887 Cash and cash equivalents - end of the period $6,632,619 $261,534 Supplemental Cash Flow Disclosures Cash paid for interest expenses $- $- Cash paid for income taxes $- $- NON-CASH INVESTING AND FINANCING ACTIVITIES Unpaid deferred offering cost $- $83,571 The accompanying notes are an integral part of the unaudited condensed consolidated financial statements. 5 AMC ROBOTICS CORPORATION Notes to CONSOLIDATED financial statements (UNAUDITED) 1. ORGANIZATION AND BUSINESS BACKGROUND Organization and Business AMC Robotics Corporation (formerly known as AlphaVest Acquisition Corp.) (the “Company”) is a Delaware corporation and a publicly traded holding company. The Company conducts its operations through its wholly owned subsidiaries. The Company and its consolidated subsidiaries as of March 31, 2026 are as follows: SCHEDULE OF COMPANY AND ITS SUBSIDIARIES AND CONSOLIDATED ENTITIES Company Name Date of Incorporation Place of Incorporation Ownership Interest Principal Activities AMC Robotics Corporation (F/K/A AlphaVest Acquisition Corp.) January 14, 2022 Delaware, USA - Public holding company AMC Corporation October 21, 2021 Washington, USA 100% Sale of security camera products AMCV Company Limited January 5, 2026 Vietnam 100% Manufacturing and operational support AMC Corporation (“AMC” or the “Predecessor”) was incorporated in the State of Washington on October 21, 2021. The Company designs and sells residential and small-business security camera products, including indoor and outdoor camera devices, which are sourced from suppliers in Asia and sold primarily through e-commerce platforms in the United States, Canada, and Europe. Formation of New Subsidiary On January 5, 2026, the Company established a wholly owned subsidiary, AMCV Company Limited (“AMCV”), in Vietnam to support manufacturing and operational activities related to the Company’s robotics products. As of March 31, 2026, AMCV had not commenced material revenue-generating operations. The Company has begun initial operational setup activities, including administrative, hiring, and procurement functions. The accompanying unaudited condensed consolidated financial statements include the accounts of AMCV from its date of incorporation, and its impact on the Company’s financial position as of March 31, 2026 and results of operations for the period from its date of incorporation through March 31, 2026 was not material. Reverse Recapitalization and Basis of Presentation On December 9, 2025, the Company consummated a business combination (“Business Combination”) with AlphaVest Acquisition Corp., a special purpose acquisition company (the “SPAC” or “AlphaVest”). The transaction was accounted for as a reverse recapitalization in accordance with ASC 805-40, with AMC determined to be the accounting acquirer. Under this method of accounting, the transaction is treated as a capital transaction rather than a business combination. Accordingly, the assets and liabilities of AlphaVest were recognized at their historical carrying values, with no goodwill or identifiable intangible assets recorded. AlphaVest’s historical equity accounts were eliminated, and the equity structure was retroactively adjusted to reflect that of the combined company. The net assets received from AlphaVest were recognized as a capital contribution, with the offset recorded within additional paid-in capital (“APIC”). 6 As a result, the unaudited condensed consolidated financial statements represent a continuation of AMC’s historical financial statements. All share and per-share information has been retroactively adjusted to reflect the legal capital structure of AMC Robotics Corporation for all periods presented. The significant equity transactions completed in connection with the Business Combination, including the issuance of shares to public shareholders, PIPE investors, sponsor and founder shareholders, and the conversion of sponsor-related instruments, are disclosed in Note 11 – Stockholders’ Equity. As of December 31, 2025, the Company had 22,595,363 shares of common stock issued and outstanding. During the three months ended March 31, 2026, there were no significant changes to the Company’s capital structure, except for the exercise of 5,000 warrants for 5,000 common shares. Variable Interest Entities Historically, the Company conducted certain e-commerce operations through contractual arrangements with Shanghai Xiaoyun Technology Limited (“Xiaoyun”) and Kunshan Yishijue Technology Limited (“Yishijue”), which were determined to be variable interest entities (“VIEs”) under ASC 810. The Company was previously the primary beneficiary and consolidated these entities. On December 1, 2025, the Company terminated the contractual arrangements with Xiaoyun and Yishijue and transferred the ownership and operational control of the related e-commerce platform accounts to the Company. As a result, the Company ceased to be the primary beneficiary and deconsolidated these entities as of that date. Accordingly, as of March 31, 2026, the Company does not have any VIEs and does not have any continuing involvement with or exposure to losses from Xiaoyun or Yishijue. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures normally included in annual financial statements have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented have been included. The results of operations for the three months ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 7 The Company’s fiscal year-end date is December 31. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, allowance for credit losses, valuation of inventory, estimated replacement rates to calculate warranty liabilities and warranty expenses. Foreign Currency translation The Company’s reporting currency is the U.S. dollar (“USD”). The functional currency of AMC Robotics Corporation and its wholly owned U.S. subsidiary is USD. The functional currency of the Company’s Vietnam subsidiary, AMCV Company Limited (“AMCV”), is the Vietnamese Dong (“VND”). Transactions denominated in currencies other than the functional currency are translated at exchange rates prevailing on the transaction dates, with resulting gains and losses recorded in other income (expense). Assets and liabilities of foreign operations are translated into USD at period-end exchange rates, while revenues and expenses are translated at average exchange rates for the period. Translation adjustments are recorded in accumulated other comprehensive income (loss). For the three months ended March 31, 2026, the Company used the following exchange rates for its Vietnam subsidiary: SCHEDULE OF FOREIGN CURRENCY TRANSLATION Period ended March 31, 2026 Balance sheet, except for equity accounts ₫26,237 VND to $1 USD Income statement and cash flows ₫26,167 VND to $1 USD As a result of applying the above translation methodology, the Company recorded a foreign currency translation loss of approximately $487 for the three months ended March 31, 2026, which is included in accumulated other comprehensive loss in the unaudited condensed consolidated balance sheets and in other comprehensive loss in the condensed consolidated statements of operations and comprehensive income (loss). This translation adjustment primarily relates to the Company’s inv