Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 127

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 127
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, particularized skills and expertise required by personnel, inconsistent and evolving regulatory frameworks, a need to build public trust and brand reputation, and transitioning novel technology into real-world operation. If we are not able to overcome these challenges, in a timely manner or at all, our business, prospects, financial condition, and results of operations will be negatively impacted.

Although we believe that our virtual driver software and supporting technology are promising, we have not commercially launched our software and supporting technology and cannot assure you that our technology will succeed commercially. The successful development of our virtual driver software and related technology involves many challenges and uncertainties, including:

achieving sufficiently safe virtual driver software performance as determined by us, government and regulatory agencies, our partners, customers, and the general public;

finalizing virtual driver software design, specification, and vehicle integration;

successfully completing software testing, validation, and safety approvals;

obtaining additional approvals, licenses or certifications from regulatory agencies, if required, and maintaining current approvals, licenses or certifications;

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successful collaboration with OEMs and other third parties with whom we intend to partner to develop and deploy our virtual driver software;

preserving core intellectual property rights, while obtaining intellectual property rights, technology or materials from third parties that may be critical to our R&D activities; and

continuing to fund and maintain our current technology development activities.

We have incurred net losses since our inception, and we expect to incur significant expenses and continuing losses for the foreseeable future.

We have incurred net losses on an annual basis since our inception. During the five months ended December 31, 2023, 12 months ended December 31, 2024 and nine months ended September 30, 2025, we incurred net losses of $15.3 million, $61.1 million and $77.7 million, respectively. We believe that we will continue to incur operating and net losses each quarter until at least the time we have begun to scale commercial operation of our virtual driver software, which may take longer than we currently expect or may never occur. Even if we successfully develop and commercialize our virtual driver technology, there can be no assurance that we will be commercially successful. We expect the rate at which we will incur losses may be substantially higher in future periods as we continue to scale our development and begin commercialization of our technology. Because we expect to incur the costs and expenses from these efforts before we receive significant revenues from commercial launch, we expect that our losses in future periods will be significant. In addition