Risk Factors Update Summary

• Additional capital of $225 million is needed by early Q3 2025 to fund R&D and business objectives.
• Limited experience in international operations increases risk of unsuccessful expansion efforts.
• Operating losses increased significantly from $41.7 million in 2022 to $71.5 million in 2023.
• Potential power cuts in 2022/2023 could have a material adverse impact on operations.
• Revenue concentration increased with top 3 customers accounting for 81.3% of total revenue in 2023.
• Increased financial accounting and reporting burdens and complexities pose operational challenges.
• International expansion risks include unexpected costs, compliance challenges, and legal uncertainties.
• Risks related to litigation and government regulation have been expanded and detailed.
• Failure to remediate material weaknesses in controls could lead to non-compliance and listing issues.
• Sales of Common Stock and Public Warrants have been volatile, impacting investment value.
• Changes in laws and regulations, including privacy laws, may impact business operations.
• Failure to maintain compliance with Nasdaq listing standards could lead to delisting.