INLIF LIMITED (Nasdaq: INLF) swings to 2025 loss amid 16.52% revenue growth

Rhea-AI Filing Summary

INLIF LIMITED reported fiscal 2025 results showing solid revenue growth but a swing into loss as it invests in a strategic business shift. Net revenue rose to $18.41 million, up 16.52% from 2024, helped by $2.39 million from newly launched new energy sector-focused products, which contributed 12.98% of total revenue.

Traditional manipulator arm sales declined as production capacity was redirected, while accessories, raw materials, and scraps sales increased. Cost of revenue climbed to $14.11 million, compressing gross profit to $4.29 million and lowering gross margin to 23.33% from 28.83%.

Operating expenses jumped to $10.11 million, more than triple the prior year, driven largely by $5.14 million of share-based compensation and higher R&D spending, leading to a net loss of $5.45 million versus $1.61 million net income in 2024. Despite the loss, cash and cash equivalents increased to $6.72 million, supported by $6.87 million in net cash provided by financing activities.

Positive

• Revenue growth and diversification: Net revenue rose to $18.41 million, up 16.52% year over year, with new energy sector-focused products growing from zero to 12.98% of total revenue, helping offset weaker traditional manipulator arm sales.
• Strengthened cash position: Cash and cash equivalents increased to $6.72 million as of December 31, 2025, from $2.47 million a year earlier, supported by $6.87 million in net cash provided by financing activities and a successful ordinary share issuance of $7.03 million.

Negative

• Sharp swing to net loss: The company shifted from $1.61 million net income in 2024 to a $5.45 million net loss in 2025, with basic and diluted EPS dropping from $0.13 to a loss of $0.33.
• Margin compression and cost surge: Gross margin fell from 28.83% to 23.33%, while operating expenses more than tripled to $10.11 million, driven by $5.14 million share-based compensation and higher R&D spending.
• Negative operating cash flow: Net cash from operating activities deteriorated from a positive $1.58 million in 2024 to a use of $1.89 million in 2025, indicating that growth and transformation initiatives have not yet translated into self-funding operations.

Insights

Equity analyst

Revenue grew and cash improved, but heavy equity compensation and higher costs drove INLIF into a 2025 net loss.

INLIF expanded into new energy automation, lifting 2025 revenue to $18.41 million, up 16.52%. New energy products contributed 12.98% of revenue from a zero base, partly offsetting weaker manipulator arm sales as production capacity was reallocated.

Profitability deteriorated sharply. Gross margin fell from 28.83% to 23.33%, and operating expenses soared to $10.11 million from $3.27 million, driven by $5.14 million of share-based compensation and a 32.26% rise in R&D expenses. The company moved from $1.61 million net income to a $5.45 million net loss, with basic and diluted EPS shifting from $0.13 to a loss of $0.33.

On the balance sheet, total assets increased to $24.77 million and cash reached $6.72 million, supported by $7.03 million of share issuance and strong short-term loan activity, resulting in $6.87 million net cash from financing. Operating cash flow turned negative at $(1.89) million, reflecting the loss and working capital movements. The long-term impact depends on how effectively the company converts its new energy investments into sustained, profitable growth in future periods.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-42456

INLIF LIMITED

No. 88, Hongsi Road
Yangxi New Area, Honglai Town
Nan’an City, Quanzhou
The People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒        Form 40-F ☐

Results of Operations and Financial Condition.

On March 6, 2026, INLIF Limited, a Cayman Islands exempted company (the “Company”) issued a press release to announce its financial results for the fiscal year ended December 31, 2025. The press release is furnished as Exhibit 99.1 to this report on Form 6-K. 

EXHIBIT INDEX

Exhibit No.		Description
99.1		Press Release dated March 6, 2026

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: March 6, 2026

	INLIF LIMITED
	By:	/s/ Rongjun Xu
	Name:	Rongjun Xu
	Title:	Chief Executive Officer

2

Exhibit 99.1

INLIF LIMITED Reports Fiscal Year 2025 Financial Results

Quanzhou, China, March 6, 2026 -- INLIF LIMITED (Nasdaq: INLF) (the “Company” or “INLIF”), a company engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms, today announced its financial results for fiscal year 2025 ended December 31, 2025.

Mr. Rongjun Xu, Chief Executive Officer of INLIF, remarked, “Fiscal year 2025 marked a pivotal period of transformative momentum for our growth trajectory. We believe the strategic actions taken during the year have established a strong foundation for our future development, building upon the achievements of prior years.

“Throughout the year, we continued to expand our service offerings and customer base while proactively embracing emerging technologies and industry trends to explore new frontiers and growth opportunities. In response to the accelerating intelligentization of the manipulator arm industry, we strategically reallocated resources and business efforts toward newly launched equipment projects focused on the new energy sector. This strategic pivot delivered tangible results, with the new segment growing from zero to contributing 12.98% of total revenue in fiscal year 2025. This emerging business demonstrates significant growth potential and has effectively offset the decline in manipulator arm sales resulting from our adjusted production capacity.

“Driven by our expansion into the new energy sector, we accelerated organizational, managerial, and research and development (R&D) transformation. During the year, we broadened our product development initiatives to include automation solutions across the lithium battery and energy storage value chain. This required increased investment in engineering, R&D, and supply chain functions. As a result, R&D expenses rose by 32.26%, reflecting an expanded R&D workforce as well as higher material usage and testing costs related to new product development and improvements to existing products.

“To support long-term sustainable growth and retain key management and employees, we implemented two share-based compensation incentive plans during the year. We believe these incentives represent a prudent and necessary investment in our long-term future. These significant, though non-recurring, awards should be viewed not as compensation for past performance, but as a strategic investment in our future success. In a highly competitive industry, success at every stage, whether in technological advancement, business model innovation, or management excellence, ultimately depends on attracting and retaining top talent. We believe these incentives create a deep alignment and powerful drive for long-term value, institutionally linking the personal interests of our executives and key employees with the long-term interests of our shareholders.

“Despite reporting a net loss attributable to the impacts of our transformation, we achieved revenue growth of 16.52%, maintained a relatively stable gross profit, and sustained a resilient gross margin well above 20%. These results underscore the fundamental strength and resilience of our core business model. Looking ahead, we remain confident in our operational capabilities, financial position, and our ability to execute strategies that will drive sustainable growth and long-term value.”

Fiscal Year 2025 Financial Summary

● Net revenue was $18.41 million for fiscal year 2025, representing an increase of 16.52% from $15.80 million for fiscal year 2024.

● Gross profit was $4.29 million for fiscal year 2025, compared to $4.55 million for fiscal year 2024.

● Gross profit margin was 23.33% for fiscal year 2025, compared to 28.83% for fiscal year 2024.

● Net loss was $5.45 million for fiscal year 2025, compared to a net income of $1.61 million for fiscal year 2024.

● Basic and diluted loss per share were $0.33 for fiscal year 2025, compared to basic and diluted earnings per share of $0.13 for fiscal year 2024.

Fiscal Year 2025 Financial Results

Net Revenue

Net revenue was $18.41 million for fiscal year 2025, representing an increase of 16.52% from $15.80 million for fiscal year 2024. The increase was primarily attributable to (i) a decrease in sales of manipulator arms, including installation and warranty services, by approximately $1.26 million, primarily due to reduced production capacity after reallocating certain production personnel to newly introduced new energy sector-focused product in the second half of fiscal year 2025. As a result, production volume decreased to 2,763 units in fiscal year 2025 from 3,026 units in fiscal year 2024; (ii) an increase in sales of manipulator arms accessories by approximately $0.83 million, driven by higher replacement and assembly demand from both existing and new customers; (iii) an increase in sales of raw materials and scraps by approximately $0.70 million, as customers continued to purchase replacement materials directly from the Company due to established relationships and pricing advantages; (iv) a decrease in sales of installation services by approximately $0.05 million, mainly due to lower manipulator arm sales and certain customers using their own personnel or engaging the Company only in an advisory role, resulting in reduced installation hours; and (v) an increase in sales of new energy sector-focused products by approximately $2.39 million, attributable to the delivery and customer acceptance of new energy sector-focused product for new energy automation production lines, a business line newly commenced in fiscal year 2025.

● Sales of manipulator arms and installation and warranty services were $9.07 million for fiscal year 2025, compared to $10.33 million for fiscal year 2024.

● Sales of accessories were $2.27 million for fiscal year 2025, representing an increase of 57.74% from $1.44 million for fiscal year 2024.

● Sales of raw materials and scraps were $4.64 million for fiscal year 2025, representing an increase of 17.83% from $3.93 million for fiscal year 2024.

● Sales of installation services were $47,753 for fiscal year 2025, compared to $95,442 for fiscal year 2024.

● Sales of new energy sector-focused products were $2.39 million for fiscal year 2025.

2

Cost of Revenue

Cost of revenue was $14.11 million for fiscal year 2025, representing an increase of 25.53% from $11.24 million for fiscal year 2024. The increase was primarily attributable to (i) a slight decrease of approximately $0.08 million in cost of revenue from manipulator arms and installation and warranty services, despite lower production volume, as production personnel salaries increased in fiscal year 2025 compared to fiscal year 2024, primarily due to salary adjustments and additional staffing to support production activities, and manufacturing overhead also increased, resulting in higher unit production costs; (ii) an increase of approximately $0.42 million in cost of revenue from accessories, primarily due to higher sales volume; (iii) an increase of approximately $0.61 million in cost of revenue from raw materials and scraps, primarily due to increased sales volume; (iv) a slight decrease of approximately $0.003 million in cost of revenue from installation services; and (v) an increase of approximately $1.91 million in cost of revenue from new energy sector-focused products, attributable to the commencement of this business line in fiscal year 2025.

Gross Profit and Gross Profit Margin

Gross profit was $4.29 million for fiscal year 2025, compared to $4.55 million for fiscal year 2024. The decrease mainly due to (i) a decrease in gross profit from sales of manipulator arms, including installation and warranty services, by approximately $1.18 million, primarily due to increased production personnel salaries in fiscal year 2025 compared to fiscal year 2024, which, combined with lower production volume, resulted in a decline in gross margin; (ii) an increase in gross profit from sales of manipulator arm accessories by approximately $0.41 million, primarily due to lower raw material procurement costs in fiscal year 2025 compared to fiscal year 2024, which were not accompanied by a corresponding decrease in selling prices, resulting in an improvement in gross margin; (iii) an increase in gross profit from sales of raw materials and scraps by approximately $0.09 million, primarily due to higher sales volume, while gross margin remained relatively stable; and (iv) a decrease in gross profit from sales of installation services by approximately $0.05 million, primarily due to lower service revenue in fiscal year 2025 compared to fiscal year 2024, while related service costs remained relatively stable, resulting in a decline in gross profit and gross margin.

Gross profit margin was 23.33% for fiscal year 2025, compared to 28.83% for fiscal year 2024.

Operating Expenses

Operating expenses were $10.11 million for fiscal year 2025, representing an increase of 209.63% from $3.27 million for fiscal year 2024.

● Selling expenses were $0.95 million for fiscal year 2025, representing an increase of 1.51% from $0.94 million for fiscal year 2024. The increase was primarily attributable to higher certification expenses incurred in connection with obtaining European Conformity certification for the European Union and Underwriters Laboratories certification for the United States in fiscal year 2025.

● General and administrative expenses were $7.09 million for fiscal year 2025, representing an increase of 827.86% from $0.76 million for fiscal year 2024. The increase was primarily attributable to share-based compensation expenses of approximately $5.14 million in connection with equity awards granted to management and certain employees in May and August, 2025. In addition, general and administrative expenses increased by approximately $0.17 million, due to higher payroll expenses resulting from an increase in headcount in the Company’s management department from 22 employees in fiscal year 2024 to 28 employees in fiscal year 2025.

● Research and development expenses were $2.07 million for fiscal year 2025, representing an increase of 32.26% from $1.56 million for fiscal year 2024. The increase was primarily attributable to the expansion of the Company’s research and development team, with headcount increasing from 29 employees in fiscal year 2024 to 30 employees in fiscal year 2025, resulting in higher personnel costs. In addition, the Company increased its investment in research activities, including higher material consumption and testing expenses.

3

Net Income (Loss)

Net loss was $5.45 million for fiscal year 2025, compared to a net income of $1.61 million for fiscal year 2024.

Basic and Diluted Earnings (Loss) per Share

Basic and diluted loss per share were $0.33 for fiscal year 2025, compared to basic and diluted earnings per share of $0.13 for fiscal year 2024.

Financial Condition

As of December 31, 2025, the Company had cash and cash equivalents of $6.72 million, compared to $2.47 million as of December 31, 2024.

Net cash used in operating activities was $1.89 million for fiscal year 2025, compared to net cash provided by operating activities of $1.58 million for fiscal year 2024.

Net cash used in investing activities was $0.20 million for fiscal year 2025, compared to net cash provided by investing activities of $0.32 million for fiscal year 2024.

Net cash provided by financing activities was $6.87 million for fiscal year 2025, compared to $0.22 million for fiscal year 2024.

About INLIF LIMITED

Through its operating entity in the People’s Republic of China, Ewatt Robot Equipment Co. Ltd., established in September 2016, INLIF is engaged in the research, development, manufacturing, and sales of injection molding machine-dedicated manipulator arms. It is also a provider of installation services and warranty services for manipulator arms, and accessories and raw materials for manipulator arms. The Company produces an extensive portfolio of injection molding machine-dedicated manipulator arms, including transverse single and double-axis manipulator arms, transverse and longitudinal multi-axis manipulator arms, and large bullhead multi-axis manipulator arms, all developed by itself. For more information, please visit the Company’s website: https://ir.yiwate88.com/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the “Risk Factors” section of the registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov.

For investor and media inquiries, please contact:

INLIF LIMITED
Investor Relations Department
Email: ir@yiwate88.com

Ascent Investor Relations LLC

Tina Xiao

Phone: +1-646-932-7242

Email: investors@ascent-ir.com

4

INLIF LIMITED
CONSOLIDATED BALANCE SHEETS
(Expressed in U.S. Dollars, except for the number of shares)

		As of December 31, 2025				As of December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	6,716,147			$	2,467,638
Accounts receivable, net			5,903,841				3,840,120
Inventories			5,497,426				5,300,458
Deferred offering costs, current			—				1,482,558
Prepayments and other current assets			96,087				159,570
Amounts due from related parties			12,656				1,030
TOTAL CURRENT ASSETS		$	18,226,157			$	13,251,374
NON-CURRENT ASSETS:
Property, plant, and equipment, net		$	4,248,793			$	3,037,312
Land-use rights, net			2,175,012				2,130,164
Intangible assets, net			40,315				43,773
Finance lease assets			76,535				—
Deferred tax assets			6,268				5,169
TOTAL NON-CURRENT ASSETS		$	6,546,923			$	5,216,418
TOTAL ASSETS		$	24,773,080			$	18,467,792
LIABILITIES
CURRENT LIABILITIES:
Accounts payable		$	3,286,866			$	3,132,613
Bank loans			4,618,839				4,630,581
Contract liabilities			8,674				1,712
Accrued expenses and other payables			347,598				190,645
Warranty liabilities			25,941				31,602
Income taxes payable			—				27,337
Amounts due to related parties			281,871				186,768
Current finance lease liabilities			57,326				—
TOTAL CURRENT LIABILITIES		$	8,627,115			$	8,201,258
NON-CURRENT LIABILITIES:
Finance lease liabilities		$	15,368			$	—
TOTAL NON-CURRENT LIABILITIES		$	15,368			$	—
TOTAL LIABILITIES		$	8,642,483			$	8,201,258
COMMITMENTS AND CONTINGENCIES (NOTE 22)
SHAREHOLDERS’ EQUITY
Class A Ordinary Share, $0.0001 par value, 350,000,000 shares authorized; 6,400,000 and 0 shares issued and outstanding as of December 31, 2025 and 2024, respectively *		$	640			$	—
Class B Ordinary Share, $0.0001 par value, 150,000,000 shares authorized; 12,500,000 and 12,500,000 shares issued and outstanding as of December 31, 2025 and 2024, respectively*			1,250				1,250
Additional paid-in capital			17,727,063				7,037,503
Statutory reserve			361,083				361,083
Retained earnings			(2,248,635	)			3,201,818
Accumulated other comprehensive loss			289,196				(335,120	)
TOTAL SHAREHOLDERS’ EQUITY		$	16,130,597			$	10,266,534
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	24,773,080			$	18,467,792

* The share amounts are presented on a retrospective basis.

5

INLIF LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME(LOSS)
(Expressed in U.S. Dollars, except for the number of shares)

		Years ended December 31,
		2025				2024				2023
Revenues			18,406,849				15,796,983				12,610,873
Cost of revenues			(14,113,060	)			(11,242,817	)			(8,451,336	)
Gross profit			4,293,789				4,584,166				4,159,537
Operating expenses:
Selling expenses			(953,121	)			(938,941	)			(688,064	)
General and administrative expenses			(7,093,794	)			(764,530	)			(724,147	)
Research and development expenses			(2,067,322	)			(1,563,059	)			(1,362,058	)
Total operating expenses			(10,114,237	)			(3,266,530	)			(2,774,269	)
Operating (loss) income			(5,820,448	)			1,287,636				1,385,268
Other income (expenses):
Interest income			3,583				3,274				6,884
Interest expenses			(157,277	)			(196,304	)			(146,386	)
Other income, net			268,077				531,198				110,159
Other expense, net			(7,757	)			(8,370	)			(17,410	)
Exchange gain			262,520				3,893				25,344
Total other income (expenses), net			369,146				333,691				(21,409	)
(Loss) Income before income tax			(5,451,302	)			1,621,327				1,363,859
Income tax (benefits) expenses			849				(14,838	)			(11,348	)
Net (loss) income			(5,450,453	)			1,606,489				1,352,511
Comprehensive income (loss)
Net (loss) income			(5,450,453	)			1,606,489				1,352,511
Foreign currency translation adjustments, net of tax			624,316				(302,960	)			(227,278	)
Comprehensive (loss) income			(4,826,137	)			1,303,529				1,125,233
(Loss) Earnings per share, basic and diluted			(0.33	)			0.13				0.11
Weighted average number of shares*			16,571,233				12,500,000				12,500,000

* The share amounts are presented on a retrospective basis.

6

INLIF LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in U.S. Dollars, except for the number of shares)

		For the years ended December 31,
		2025				2024				2023
Cash flows from operating activities:
Net (loss) income			(5,450,453	)			1,606,490				1,352,511
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Share-based compensation			5,142,000				—				—
Depreciation and amortization			289,264				347,977				367,029
Allowance for (reversal of) credit losses			12,987				(154	)			(19,930	)
Loss on disposal of property, plant, and equipment			—				—				5,432
Amortization of finance lease right of use assets			38,268				—				—
Deferred tax assets			(1,099	)			—				—
Changes in operating assets and liabilities:
Accounts receivable			(2,076,707	)			(50,752	)			(1,552,991	)
Intangible assets			—				—				(53,086	)
Inventories			(196,969	)			(807,416	)			(2,025,725	)
Prepayments and other current assets			63,484				(17,474	)			94,160
Accounts payable, trade			154,253				586,195				2,057,775
Interest expense on finance lease liabilities			1,877				—				—
Contract liabilities			6,962				(63,361	)			65,073
Accrued expenses and other payables			156,951				(69,002	)			—
Warranty liabilities			(5,661	)			31,602				98,485
Income taxes payable			(27,337	)			15,279				11,505
Net cash (used in) provided by operating activities			(1,892,180	)			1,579,383				400,238
Cash flows from investing activities:
Purchase of property, plant, and equipment			(192,531	)			(25,759	)			(219,121	)
Disposal of property, plant, and equipment			—				—				989
Amount loan to related parties			(11,626	)			(1,025	)			—
Proceeds from repayment by related parties			—				347,428				—
Net cash (used in) provided by investing activities			(204,157	)			320,644				(218,132	)
Cash flows from financing activities:
Issuance of ordinary shares, net of offering costs			7,030,759				—				—
Proceeds from short-term loans			6,492,114				7,143,130				3,671,841
Repayment of short-term loans			(6,706,611	)			(6,059,153	)			(2,400,819	)
Principal payments on finance lease liabilities			(43,986	)			—				—
Deferred offering costs			—				(522,318	)			(919,207	)
Amount financed from related parties			118,507				181,116				977,418
Amount repaid to related parties			(23,404	)			(518,379	)			(865,770	)
Net cash provided by financing activities			6,867,379				224,396				463,463
Effect of exchange rate changes			(522,533	)			(255,718	)			(131,597	)
Net increase in cash			4,248,509				1,868,705				513,972
Cash and cash equivalents at beginning of the year			2,467,638				598,933				84,961
Cash and cash equivalents at end of the year			6,716,147				2,467,638				598,933
Supplemental disclosures of cash flows information:
Cash paid for income taxes			15,465				1,707				475
Cash paid for interest expense			365,007				191,859				143,727
Supplementary disclosure of non-cash information:
Right of use assets obtained in exchange for finance lease liabilities			114,803				—				—

7

FAQ

How did INLF’s revenue perform in fiscal year 2025?

INLIF LIMITED’s net revenue reached $18.41 million in 2025, an increase of 16.52% from $15.80 million in 2024. Growth was driven mainly by accessories, raw materials, and especially new energy sector-focused products, which helped offset lower manipulator arm sales.

Did INLF report a profit or loss for 2025 and how did it change?

INLIF LIMITED reported a net loss of $5.45 million for 2025, compared with net income of $1.61 million in 2024. The swing reflected lower gross margin and a sharp rise in operating expenses, including substantial share-based compensation and higher R&D spending.

What impact did the new energy business have on INLF’s 2025 results?

New energy sector-focused products contributed 12.98% of INLIF LIMITED’s 2025 revenue, generating about $2.39 million. This new business line grew from zero in 2024 and helped offset reduced manipulator arm sales after production resources were reallocated toward new energy projects.

How did INLF’s gross margin and operating expenses change in 2025?

Gross margin declined to 23.33% in 2025 from 28.83% in 2024 as cost of revenue rose faster than sales. Operating expenses surged to $10.11 million, more than triple the prior year, driven by $5.14 million share-based compensation and increased R&D investment.

What was INLF’s cash position and cash flow profile at year-end 2025?

As of December 31, 2025, INLIF LIMITED held $6.72 million in cash and cash equivalents, up from $2.47 million a year earlier. The company used $1.89 million in operating cash, invested $0.20 million, and generated $6.87 million net cash from financing activities.

How much did INLF spend on share-based compensation and R&D in 2025?

INLIF LIMITED recognized $5.14 million in share-based compensation expense in 2025 as part of incentive plans. Research and development expenses increased to $2.07 million, up 32.26% year over year, reflecting expanded R&D headcount and higher material and testing costs.

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