Nocopi Technologies (NNUP) filed its Q3 2025 10‑Q, reporting total revenue of $385,800, down from $668,400 a year ago, as lower ink shipments to an authorized printer weighed on product sales. The quarter’s net loss was $26,800 (vs. $251,100), helped by reduced operating expenses; gross profit was $177,500 (46% margin) versus $380,300 (57%). Customer concentration remained high, with Customer A at 63% of Q3 revenue and Customer B at 19%.
For the first nine months of 2025, revenue was $1,224,800 (vs. $1,525,700) with a net loss of $59,900. Operating cash flow was $657,900, lifting cash and equivalents to $11,497,600. Working capital was $12,732,000 and stockholders’ equity $13,673,800 at September 30, 2025. Long‑term receivables tied to license agreements were $924,000. Shares outstanding were 10,814,843 as of November 6, 2025. Management noted continued focus on entertainment and toy markets, with lease terms extended to December 31, 2027.
Phillip Frost and related trust reported an acquisition of common stock in NOCOPI TECHNOLOGIES INC/MD (NNUP). On 09/11/2025 the reporting persons acquired 21,930 shares of common stock as consideration for advisory services under a Stock Purchase Agreement dated September 11, 2023, at a reported price of $0. Following the transaction, Frost Gamma Investments Trust is shown as beneficial owner of 1,489,712 shares on an indirect basis. The filing identifies Phillip Frost, M.D., as a director and 10% owner and disclaims beneficial ownership of the trust shares except to the extent of any pecuniary interest, consistent with the ownership structure described in the exhibit.