Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 481

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 481
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 model and, accordingly, do not expect that we will require significant incremental capital expenditures as revenue grows. Improvements from scale are expected to increase gross margins.

We believe our differentiated technology provides a compelling value proposition for favorable margins and unit economics in an industry with increasing driver shortages. We expect our gross margin to increase from scaling following a targeted commercial launch in 2027 as miles/kilometers driven using our virtual driving software increase. However, it is possible that competition may lead to pricing pressure and lower margins that negatively impact operating results. If we do not generate the margins expected upon commercialization of the DaaS model, we may be required to raise additional debt or equity capital, which may not be available or may only be available on terms that are onerous to our stockholders.

Key Operating Metrics

In parallel with technical testing, we are tracking key readiness metrics to assess system maturity and alignment with commercialization objectives. These include:

Safety Case Readiness ( “ SCR ” ). A percentage-based metric that aggregates how complete and mature the safety case is relative to commercial launch requirements. SCR is calculated by measuring the progress of SuperDrive toward reaching various safety and performance milestones that must be completed before commercial launch.

Remote Assistance Free Trips ( “ RAFT ” ). A metric that is calculated by measuring the percentage of autonomous trips completed without any intervention from a remote operator or an onboard safety driver on a specified commercial route. RAFT serves as an indicator of independence, technical maturity, and readiness for scaled deployment.

Autonomous Miles Percentage ( “ AMP ” ) . A metric that is calculated by measuring the percentage of total miles driven by SuperDrive under full autonomous control on a specified route. AMP reflects the system's ability to remain engaged across all distances traveled, regardless of whether a trip is completed in its entirety without intervention. AMP complements the RAFT metric by quantifying the extent and reliability of autonomous engagement across route segments, providing insight into system maturity and operational stability.

We believe that continued progress on these metrics is critical to demonstrating system safety, validating commercial readiness, and building stakeholder confidence.

Components of Results of Operations

Revenue

We have limited revenue from the deployment of our technology. In the future, we plan to generate revenue from the provision of self-driving technology and solutions to third-party corporate customers.

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Operating Expenses

Research and Development

Research and development expenses consist primarily of personnel-related costs and stock-based compensation for engineering and technical employees; depreciation expenses; equipment-related expenses; and professional services fees, primarily for