Our Exit Notes — $25.3M net, roughly $28.1M gross, due December 7, 2026, floating rate, secured on substantially all assets — are classified current. The 10-K states we have not secured financing to repay them and there is 'no assurance' we can repay or refinance at maturity. Cash of $28.9M barely covers the balance; operating cash flow is negative. Repayment hinges on a refinancing, an uplisting raise, or new capital — nothing signed at this time, no guarantees yet. We don't have a crystal ball. This maturity is the honest centerpiece.

They frame the trade-off across technologies. Our foundation: first profitable year in roughly 38 years — revenue $106.0M, up 23.9% from $85.6M. Gross margin expanded 480 basis points to 32%, adjusted EBITDA roughly doubled to $15.9M. The reported $(3.21) diluted EPS is not an operating loss; it reflects a $69.6M non-cash deemed dividend from preferred accretion. Ex-accretion basic EPS was +$0.14.

Revenue reached $106.0M, up 23.9% from $85.6M — our first profitable year in roughly 38 years with $2.8M net income. Gross margin expanded 480 basis points to 32%, adjusted EBITDA roughly doubled to $15.9M. The reported $(3.21) diluted EPS is not an operating loss; it reflects a $69.6M non-cash deemed dividend from preferred accretion. Ex-accretion basic EPS was +$0.14.

Our FY2026 10-K carries no going-concern qualification — the December quarter still carried "substantial doubt about the Company's ability to meet its obligations." The doubt lifted between quarter and year-end after a March strategic investment took our cash from $15.2M to $28.9M. Real but recent, and it doesn't resolve the December 2026 maturity. Disclosure controls are effective; the previously reported material weakness is fully remediated, no remaining material weaknesses. Clean audit opinion issued.

Our Exit Notes — $25.3M net, maturing December 7, 2026, floating rate, secured on substantially all assets — are classified current. The 10-K says there is 'no assurance' we repay or refinance at maturity. Cash of $28.9M barely covers the note; operating cash flow is negative. The bridge is a refinancing, an uplisting raise, or fresh capital — nothing signed at this time, no guarantees yet. We don't have a crystal ball. This cliff is the honest centerpiece.

The data-center opportunity sits in our 10-K as an emerging market and a risk factor — not a revenue line. We're building an 800-volt DC microturbine for the next AI-chip power standard, piloting with infrastructure companies, but nothing signed at this time. Our Energy Surplus reference design pairs waste-heat recovery with waterless cooling on a data-center power ring. We describe the pipeline as "doubled" and better-qualified, yet no customer named, no revenue booked. This is optionality, not a proven thesis.