Every 10-Q that SCANTECH AI SYSTEMS INC (STAI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow STAI 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 STAI filings page.
ScanTech AI Systems Inc. reported Q3 2025 results showing early revenue growth but continuing heavy losses and liquidity pressure. The company generated revenue of $631,021 in the quarter and $1,861,045 for the first nine months of 2025, up from $522,166 a year earlier, as it began selling its CT Sentinel baggage screening systems through a single distribution customer. Operating expenses rose sharply, with nine‑month general and administrative costs of $21,889,320, leading to a nine‑month net loss of $34,518,281.
The January 2025 business combination with Mars Acquisition Corp. was accounted for as a reverse recapitalization and was accompanied by large non‑cash conversions of debt, warrants and derivatives into equity, which reduced total liabilities to $46,415,775 and narrowed shareholders’ deficit to $41,269,447 as of September 30, 2025. Despite these balance‑sheet changes, ScanTech ended the quarter with only $157,646 in cash and a working capital deficit of $23,641,349. Management notes that most funding has come from Seaport Group SIBS LLC and concludes there is “substantial doubt” about the company’s ability to continue as a going concern without additional capital and continued lender support.
ScanTech AI Systems Inc. filed a second amendment to its June 30, 2025 Form 10‑Q to restate its financial statements after identifying multiple errors and after a new audit firm, Berkowitz Pollack Brandt, reviewed the period.
The restatement adjusts revenue, cost of goods sold, and several operating expenses, including previously unrecorded stock compensation issued to non‑redemption shareholders and revised research and development and legal costs. It also corrects the treatment of common shares pledged to a creditor and related interest, revises the loss on extinguishment of debt and other non‑operating items, and in aggregate reduces the previously reported net loss, which is now $24.8 million for the first half of 2025 on $1.23 million of revenue. As of June 30, 2025, ScanTech reported just $41,123 of cash, a shareholders’ deficit of $40.5 million, and a working capital deficit of $22.8 million, leading management to conclude there is substantial doubt about its ability to continue as a going concern.
ScanTech AI Systems Inc. filed an amended Form 10‑Q/A to fully restate its Q1 2025 results after identifying multiple accounting errors tied to its de‑SPAC transaction and related share and debt activity. For the quarter ended March 31, 2025, the company generated revenue of $346,050 but reported a net loss of $17.9 million and an accumulated deficit of $202.4 million. Cash was only $771,171 against a working capital deficit of about $32.8 million and a shareholders’ deficit of $50.5 million, while liabilities totaled $55.6 million. The restatement recognizes compensation for shares to be issued to non‑redeeming shareholders, reclassifies certain de‑SPAC expenses, adjusts taxes and legal accruals, and corrects the treatment of shares pledged to creditors. ScanTech completed a reverse recapitalization with Mars Acquisition Corp. and executed a large troubled debt restructuring, converting more than $100 million of debt, warrants and derivatives into equity, which produced a sizable gain but still leaves the business highly leveraged. Management states there is substantial doubt about the company’s ability to continue as a going concern without new capital and continued support from key lender Seaport Group SIBS LLC.
ScanTech AI Systems, Inc. (STAI) amended its quarterly report disclosing extensive post-period capital restructurings, debt conversions and equity issuances tied to its January 2, 2025 business combination. All revenue for the three and six months ended June 30, 2025 and 2024 was recognized at a point-in-time upon customer acceptance for CT Sentinel systems and related bins, with certain when-and-if-available software updates recognized straight-line if material. The company reported no impairment charges for the six months ended June 30, 2025 or year ended December 31, 2024.
The filing details numerous share issuances and settlements: 48,262,310 shares issued and outstanding as of June 30, 2025 (14,184,397 at Dec 31, 2024), multiple issuances to Seaport and other creditors totaling millions of shares (including 5,350,000 and 8,350,000 share issuances in April 2025), debt-to-equity conversions, and reclassification of $54,499,066 of related party debt to additional paid-in capital. The company expects an effective tax rate of 0% for fiscal 2025 due to valuation allowances and non-taxable gains on debt extinguishment.
ScanTech AI Systems, Inc. reported operational and financing activity tied to its January 2, 2025 business combination and the six months ended June 30, 2025. The company had 48,262,310 shares issued and outstanding as of June 30, 2025 (14,184,397 as of December 31, 2024) and reported no impairment charges for the six months ended June 30, 2025 or the year ended December 31, 2024. All revenue for the three- and six-month periods ended June 30, 2025 and 2024 was recognized at a point-in-time upon customer acceptance for CT Sentinel scanning systems and bins, with certain when-and-if-available operating system updates recognized straight-line if material. Cash and contract-related balances of $755,406 and $1,621,707 were recorded as of June 30, 2025 and December 31, 2024, respectively. The Company has one short-term operating lease for an office and warehouse in Buford, Georgia. Multiple bridge loans, amendments and conversions resulted in large issuances of common stock to lenders and counterparties (for example, 5,350,000 shares issued to Seaport on April 17, 2025 and a total of 8,350,000 shares issued to Seaport in connection with agreements and warrant exercises). As of December 31, 2024, certain related-party debt was reclassified to additional paid-in capital ($54,499,066) and warrant/derivative liabilities were settled at closing. The Company expects an effective tax rate of 0% for fiscal year 2025 due to non-taxable debt extinguishment gains and a full valuation allowance against deferred tax assets.