Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 480

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 480
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 results of operations and financial condition. In addition, government regulations and economic incentives could also drive or hamper the demand for our products and services.

Funding for Operations

Since our inception, we have dedicated substantially all of our resources to the development of commercial-ready autonomous trucking technology. For the five months ended December 31, 2023 and the year ended December 31, 2024, we had total net cash outflows of $36.1 million and $28.8 million, respectively. For the nine months ended September 30, 2025, we had total net cash outflows of $32.1 million. We will continue to incur losses and have negative net operating cash flows until we achieve commercial scale, as we continue to incur operational expenses related to our efforts to launch and scale our autonomous driving solution. In particular, a core part of our strategy is to continue making sustained investments in research and development, and we have dedicated significant resources to these activities since our inception. Our research and development expenses were $12.9 million, $39.7 million, and $41.5 million representing 61.1%, 68.7%, and 73.2% of our total operating expenses for the five months ended December 31, 2023, the year ended December 31, 2024, and the nine months ended September 30, 2025, respectively. As we continue to train and optimize our AI models towards the goal of developing commercial-ready autonomous driving technology, we expect our research and development expenses to increase and to continue to represent a significant percentage of our total operating expenses. Therefore, we will require additional capital to fund our research and development activities for the foreseeable future. Until we can generate sufficient operating cash flow

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from the deployment and utilization of our virtual driver software, we expect to finance our operations through a combination of existing cash on hand, equity, and debt financing. For additional discussion of our liquidity and capital resources, please see the “Liquidity and Capital Resources” section below.

Scalable Financial Model

We believe that our strong unit economics and software model will give us the opportunity to establish high operating margins when operating at scale. We believe our business model is positioned for scalability by leveraging third party partnerships so that we can focus our efforts on core technology development and commercialization. We expect to generate revenue based on miles/kilometers driven autonomously for each truck equipped with our software.

We operate in a capital light