Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 483

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 483
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 Sales, marketing, general and administrative |                           |                     | 1,254 |     |   |  652 |
| Total stock-based compensation               |                           | $                   | 2,741 |     | $ |  897 |

Revenue During all of the periods presented, we had one contract with a revenue-generating customer. We were engaged to retrofit a fleet of trucks with the PlusDrive system, which was fully completed prior to July 31, 2023. We are paid an agreed-upon fee for each retrofitted truck, and an annual software maintenance fee per truck. We do not expect future sales of goods or services outside of receiving annual software maintenance fees under this contract. Research and Development Research and development (“ R&D ”) expenses increased by $14.8 million, or 55%, for the nine months ended September 30, 2025 compared to the same period in 2024. The change was primarily related to $3.8 million increase in personnel-related costs due to higher headcount, $2.9 million increase spending for general supplies and equipment-related costs, including cloud-based services, and the reduction of NRE reimbursements from collaboration with partners of $9.2 million, which are recorded as a reduction to our R&D expenses. These changes were partially offset

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by the reduction of $1.2 million in stock-based compensation due to one-time charges related to the modification of certain restricted stock awards recognized during the nine months ended September 30, 2024.

Sales, Marketing, General, and Administrative

Sales, Marketing, General, and Administrative (“SG&A”) expenses increased by $2.1 million, or 16%, for the nine months ended September 30, 2025 compared to the same period in 2024. The change was primarily related to $2.4 million increase in professional services for external legal and various other consultants to support readiness for public company operations, partially offset by $0.6 million in stock-based compensation primarily in connection with certain liability-classified awards that vested and became equity classified during the nine-months ended September 30, 2024.

Interest Income

We generate interest income primarily from our investments in highly liquid, low-risk cash equivalents. The interest income recognized during the periods presented is derived from the applicable interest rate, and the size of our cash equivalent balances. Interest income decreased by $2.0 million, or 76%, for the nine months ended September 30