Company: CCIXW
Filing Date: 2025-12-05
Form Type: S-4/A
Source: 0001193125-25-309933
Chunk: 677

Company: Churchill Capital Corp IX/Cayman
Filing Date: 2025-12-05
Form: S-4/A
Chunk 677
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 maintenance fee per truck. All performance obligations related to retrofitting trucks were fully completed prior to July 31, 2023. The Company does not expect future sales of goods or services outside of receiving annual software maintenance fees under this contract. All revenue was generated in the U.S.

The Company enters into best-efforts nonrefundable, NRE arrangements in which it collaborates with strategic partners to develop SuperDrive, an autonomous driving system that enables driverless vehicles, and is reimbursed for a portion of the research and development expenses attributable to specific development activities. The Company does not receive any additional consideration or royalties upon completion of NRE projects and the counterparty does not commit to purchase any specific product in the future. The participation reimbursement received by the Company does not depend on whether there are future benefits from the project. All proprietary intellectual property generated by the Company under these arrangements is exclusively owned by the Company.

The Company analyzes NRE arrangements to determine whether such arrangements involve joint operating activities performed by parties that are both active participants and exposed to significant risks and rewards based on the commercial success of the activities. Based on this assessment, the Company has concluded NRE arrangements fall within the scope of ASC Topic 808:Collaborative Arrangements. For NRE arrangements within the scope of ASC Topic 808, the Company first determines whether the collaborative arrangement is entirely or partially a contract with a customer or falls entirely within the scope of other GAAP. For NRE agreements with multiple deliverables, the Company would assess the units of account by applying the separation and initial measurement requirements of the applicable authoritative accounting literature. If there are no separation or initial measurement requirements in those other standards, the requirements in ASC Topic 606, are applied. For each unit of account identified, the Company determines the accounting treatment based on the relevant authoritative guidance that can be directly applied or reasonably analogized to, or makes an accounting policy election based on the nature if no reasonable analogy found.

The Company has concluded that for each NRE arrangement, there is one unit of account for participation in research and development programs. Participation reimbursements are recognized over time using a cost-to-cost input method (i.e., costs incurred to date relative to total estimated costs), which reflects the Company’s progress toward satisfying its obligation under the development activities. Activities performed for NRE arrangement are tracked and reflect progress made for each arrangement and are charged at consistent internal rates. Participation reimbursements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div