Here are the 10-K annual reports from Applied Energetic PFD A (AERGP) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow AERGP and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AERGP filings page.
Applied Energetics, Inc. develops advanced ultrashort pulse laser and directed energy technologies for U.S. defense and select commercial markets, backed by 25 issued patents and nine Government Sensitive Patent Applications. The company remains pre‑revenue intensive, relying heavily on government contracts and R&D.
For the year ended December 31, 2025, Applied Energetics generated $461,727 in revenue, down sharply from $2,426,609 in 2024, and recorded a net loss of $14,872,730 versus a $9,174,958 loss in 2024. Its auditor expressed substantial doubt about the company’s ability to continue as a going concern, citing recurring losses, negative operating cash flow and reduced government contract activity.
As of December 31, 2025, the company held $6,436,082 in cash and cash equivalents and working capital of $6,129,118, after raising about $10.8 million in 2025 bridge financings. At June 30, 2025, non‑affiliate equity market value was approximately $423.4 million, with 223,836,331 common shares outstanding as of March 27, 2026. Management warns it will likely need additional capital and faces risks from inflation, supply chain constraints, contract funding cuts, stringent export controls and complex U.S. government regulations, while also noting a small workforce of 26 employees and ongoing malpractice litigation against former counsel.