# EDGAR Filing Document

**Accession Number:** 0001823000
**File Stem:** 0001104659-25-116867
**Filing Date:** 2025-11
**Character Count:** 109676
**Document Hash:** 093c0f01d687df7b66a384c3e8f903af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-116867.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001104659-25-116867

**CONFORMED SUBMISSION TYPE**: 8-K/A

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20241202

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONX Corp.
- **CENTRAL INDEX KEY:** 0001823000
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 852728630
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39677
- **FILM NUMBER:** 251534940

**BUSINESS ADDRESS:**
- **STREET 1:** 5701 S. SANTA FE DR.
- **CITY:** LITTLETON
- **STATE:** CO
- **ZIP:** 80120
- **BUSINESS PHONE:** (303) 472-1542

**MAIL ADDRESS:**
- **STREET 1:** 5701 S. SANTA FE DR.
- **CITY:** LITTLETON
- **STATE:** CO
- **ZIP:** 80120

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K/A**

**Amendment No. 1**

------

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): December 2, 2024**

------

**CONX Corp.**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Nevada** | &nbsp;&nbsp; **001-39677** | &nbsp;&nbsp; **85-2728630** |
| &nbsp;&nbsp;**(State or other jurisdiction**<br> **of incorporation)** | &nbsp;&nbsp;**(Commission**<br> **File Number)** | &nbsp;&nbsp;**(IRS Employer**<br> **Identification No.)** |

---

**5701 S. Santa Fe Dr.**

**Littleton, CO 80120 (Address of principal executive offices, including zip code)**

**Registrant's telephone number, including area code: (303) 472-1542**

**Not Applicable (Former name or former address, if changed since last report)**

------

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None (1)

(1) The Company's Class A common stock and public warrants are traded over-the-counter under the symbol "CNXX" and "CNXXW," respectively.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Introductory Note**

On December 2, 2024, RED Tech US, LLC ("<u>Buyer</u>"), a wholly-owned subsidiary of CONX Corp. (the "<u>Company</u>"), entered into a definitive Stock Purchase Agreement (the "<u>Investors Purchase Agreement</u>") among (i) Red Technologies SAS, a *société par actions simplifiée* organized under the laws of France ("<u>Red Technologies</u>"), and (ii) FPCI CAPDECISF III, Damari, Mr. Bruno Rambaud, Mrs. Joelle Toledano and Mr. Luc Davit. Furthermore, on December 2, 2024, Buyer and the Company entered into a definitive Stock Purchase Agreement (the "<u>Founders Purchase Agreement</u>" and together with the Investors Purchase Agreement, the "<u>Purchase Agreements</u>") among (i) Red Technologies and (ii) Michael Abitbol and Pierre Jean Muller. On December 5, 2024, Buyer acquired 68% of the equity ownership of Red Technologies pursuant to the Purchase Agreements.

The Company filed a Current Report on Form 8-K in connection with the Purchase Agreements on December 6, 2025 (the "<u>Original Report</u>"). This Current Report on Form 8-K/A amends the Original Report to include (i) the historical financial information required by Item 9.01(a) prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and (ii) the pro forma financial information required by Item 9.01(b). Except as provided herein, the disclosures made in the Original Report remain unchanged.

**Item 9.01. Financial Statements and Exhibits.**

*(a) Financial statements of businesses or funds acquired*

The audited financial statements of Red Technologies and the notes related thereto for each of the years ended December 31, 2023 and December 31, 2022, are filed as Exhibit 99.1 and 99.2, respectively, and incorporated by reference herein. The unaudited condensed financial statements of Red Technologies and the notes related thereto for the nine months ended September 30, 2024 are filed as Exhibit 99.3 and incorporated by reference herein.

*(b) Pro forma financial information.*

The unaudited pro forma condensed combined financial statements of the Company giving effect to the Purchase Agreements as of and for the year ended December 31, 2023 and the nine months ended September 30, 2024, and the related notes thereto, are filed as Exhibit 99.4 and incorporated herein by reference.

*(d) Exhibits.*

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit <br> No.** | **Description** |
| [99.1](tm2530096d1_ex99-1.htm) | [Red Technologies audited financial statements for the year ended December 31, 2023.](tm2530096d1_ex99-1.htm) |
| [99.2](tm2530096d1_ex99-2.htm) | [Red Technologies audited financial statements for the year ended December 31, 2022.](tm2530096d1_ex99-2.htm) |
| [99.3](tm2530096d1_ex99-3.htm) | [Red Technologies unaudited condensed financial statements for the nine months ended September 30, 2024.](tm2530096d1_ex99-3.htm) |
| [99.4](tm2530096d2_ex99-4.htm) | [CONX Corp. unaudited pro forma condensed combined financial statements for the nine months ended September 30, 2024 and the year ended December 31, 2023.](tm2530096d2_ex99-4.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CONX Corp.** | **CONX Corp.** |
| Date: November 28, 2025 | By: | /s/ Kyle Jason Kiser |
|  | Name: | Kyle Jason Kiser |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

**RED TECHNOLOGIES SAS**

**INDEPENDENT AUDITOR'S REPORT**

**Financial year ended**

**December 31, 2023**

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

**The Board of Directors of RED TECHNOLOGIES SAS**

**Paris, France**

**INDEPENDENT AUDITOR'S REPORT**

**Opinion**

We have audited the accompanying financial statements of **RED TECHNOLOGIES SAS**, which comprise the statement of financial position as at December 31<sup>st</sup>, 2023, the statement of profit & loss, statement of changes in equity, and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of RED TECHNOLOGIES as at December 31, 2023, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of RED TECHNOLOGIES SAS and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS as issued by the IASB, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about RED TECHNOLOGIES's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of RED TECHNOLOGIES's
internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about RED TECHNOLOGIES's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Casablanca, March 15<sup>th</sup>, 2025

**CKE Consulting**

**(Member of TGS International)**

![](tm2530096d1_ex99-1img002.jpg)

**Abdelhakim KHORSSANI**

**Partner**

**CPA**

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

Summary of Financial Statements <br>    

---

| | | | |
|:---|:---|:---|:---|
| 1. | Statement of financial position | Statement of financial position | :2 |
|  |  | 1.1- Asset | :2 |
|  |  | 1.2- Liabilities | :3 |
| 1. | Statement of profit or loss and other comprehensive income | Statement of profit or loss and other comprehensive income | :4 |
| 2. | Statement of changes in equity | Statement of changes in equity | :5 |
| 3. | Cash Flow Statement | Cash Flow Statement | :6 |
| 4. | Notes to the Financial Statements | Notes to the Financial Statements | :7 |

---

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**This Financial statement was establish in accordance with International <br> Financial Reporting Standards (IFRSs) as issued by the International <br> Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of December 31, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation** |
| **ASSETS** |  |  |  |  |
| ***Current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 176 | 282 | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 979 | 892 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;taxes receivable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 10 | 9 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable |  |  | - | - |
| ***Non-current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits to suppliers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | **<u>5.1</u>** | 6.035 | 5.898 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | **<u>5.2</u>** | 131 | 213 | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax (Asset) |  | 407 | 246 | 161 |
| **TOTAL ASSETS** |  | **7.739** | **7.541** | **198** |

---

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**This Financial statement was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of December 31, 2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation** |
| **LIABILITIES** |  |  |  |  |
| ***Current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities |  | 112 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;taxes Payable |  | 309 | 274 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion on external loans |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of lease liabilities |  | 61 | 60 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Others liabilities |  | - | - | - |
| ***Non-current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  | 20 | 81 | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset retirement obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long term portion on external loans |  | 413 | 352 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income |  | 1.629 | 984 | 645 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax (Liability) |  | - | 36 | (36) |
| **TOTAL LIABILITIES** |  | **2.544** | **1.843** | **700** |
| **EQUITY** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital |  | 138 | 138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity reserves |  | 1.754 | 1.915 | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;Merger premium |  | 3.770 | 3.769 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income of the year |  | (466) | (125) | (342) |
| **TOTAL EQUITY** |  | **5.195** | **5.698** | **(503)** |
| **TOTAL LIABILITIES AND EQUITY** |  | **7.739** | **7.541** | **198** |

---

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**This Financial statement was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**From 01/01/2023 To 12/31/2023**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | **<u>8</u>** | 1.754 | 1.998 | (244) |
| **Revenues** |  | **1.754** | **1.998** | **(244)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel and social costs |  | 1.076 | 1.086 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 262 | 287 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, duties and similar payments |  | 11 | 11 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 1.114 | 1.038 | 77 |
| **Expenses** |  | **2.463** | **2.423** | **41** |
| **Operating income for the year** |  | **(709)** | **(425)** | **(285)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense/income |  | 59 | 34 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  | - | - |
| **Net income before income taxes** |  | **(769)** | **(459)** | **(310)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax expense | **<u>9</u>** | (302) | (280) | (22) |
| **Net Income** |  | **(466)** | **(179)** | **(288)** |
| **Other comprehensive loss** |  |  | **54** | **(54)** |
| ***Items that will subsequently be reclassified to net income*** |  |  | ***-*** | ***-*** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | - | 54 | (54) |
| **Comprehensive income** |  | **(466)** | **(125)** | **(341)** |

---

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**This Financial statement was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Statement of changes in equity**

**As of December 31, 2023**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Capital** | **Legal<br> **reserve** | **Other**<br> **reserves** | **Net**<br> **result** | **share**<br> **premium** | **Total**<br> **shareholders'**<br> **equity** |
| **Equity at 01/01/2023** | **138** | **12** | **1.904** | **(125)** | **3.769** | **5.698** |
| Increase in share capital |  |  |  |  |  |  |
| Decrease in share capital |  |  |  |  |  |  |
| Dividends paid |  |  | 421 | (421) |  | (0) |
| Net income for the period |  |  |  | 15 |  | 15 |
| Other comprehensive income |  |  | (582) | 64 |  | (518) |
| **Equity at 31/12/2023** | **138** | **12** | **1.743** | **(466)** | **3.769** | **5.195** |

---

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**This Financial statement was establish in accordance with International<br> Financial Reporting Standards (IFRSs) as issued by the International <br> Accounting Standards Board (IASB).**

**Cash Flow Statement**

**As of December 31, 2023**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December**<br> **31, 2023** | **December**<br> **31, 2022** |
| &nbsp;&nbsp;**Cash flow from operating activities** |  |  |
| &nbsp;&nbsp;Net income | (621) | 421 |
| &nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;Depreciation and provisions | 726 | 979 |
| &nbsp;&nbsp;Change in trade receivables | 96 | 189 |
| &nbsp;&nbsp;Change in trade payables | 109 | 13 |
| &nbsp;&nbsp;Other adjustments (e.g., gains/losses on disposals) |  |  |
| &nbsp;&nbsp;Income taxes |  | 280 |
| &nbsp;&nbsp;**Net cash flow from operating activities** | **118** | **944** |
| &nbsp;&nbsp;**Cash flow from investing activities** |  |  |
| &nbsp;&nbsp;Acquisition of tangible assets | 1 | 106 |
| &nbsp;&nbsp;Disposal of tangible assets |  |  |
| &nbsp;&nbsp;Acquisition of financial assets (e.g., securities, investments) |  |  |
| &nbsp;&nbsp;**Net cash used in investing activities** | **(1)** | **(106)** |
| &nbsp;&nbsp;**Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Capital increase |  | 22 |
| &nbsp;&nbsp;Borrowings contracted | 105 |  |
| &nbsp;&nbsp;Repayment of borrowings | 87 | 897 |
| &nbsp;&nbsp;Bond issuance |  | (10) |
| &nbsp;&nbsp;Dividends distributed |  |  |
| &nbsp;&nbsp;**Net cash flow from financing activities** | **18** | **(865)** |
| &nbsp;&nbsp;**Net change in cash and cash equivalents** | **135** | **(28)** |
| &nbsp;&nbsp;Cash and cash equivalents at the beginning of the period | 282 | 310 |
| &nbsp;&nbsp;Cash and cash equivalents at the end of the period | 418 | 282 |

---

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| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

Notes to the Financial Statements <br>    

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| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**1.** **Nature of Operations** 

RED Technologies SAS is a telecom engineering company specialized in the development and commercialization of solutions for sharing and optimizing the use of the radio frequency spectrum. These solutions are aimed at commercial, civilian, or military telecommunications operators and government agencies in France and internationally. In the face of the scarcity of exclusive frequencies available for mobile telephony and internet, RED Technologies' solutions allow for the shared use of underutilized frequencies between heterogeneous operators. As an innovative young company, RED Technologies is a member of the SYSTEMATIC competitiveness cluster and benefits from financial support from the Île-de-France region, BPI, and the Directorate General of Armament, with which it collaborates on studies related to future frequency sharing in the 2.3 - 2.4 GHz band. As part of this partnership, the company has installed a simulator within the DGA-MI (French Ministry of Armed Forces) to map the radio environment and define the areas that allow for the deployment of a mobile phone network without impacting military aeronautical and terrestrial telemetry activities. RED Technologies works with telecom equipment manufacturers to integrate its platform into the network infrastructure of these manufacturers. In addition, RED is developing military applications of its system with Thales.

**2.** **General Information, Preparation Basis, and IFRS Compliance Statement** 

The financial statements cover the fiscal year ending December 31, 2023, and are presented in monetary units (EURO), which is the company's functional currency. They have been prepared in accordance with IFRS. RED TECHNOLOGIES is (SAS) incorporated and domiciled in France. Its registered office and main establishment are located at 101 rue de Sèvres, 75006 Paris, Paris B 752 992 735, France.

**3.** **Principal Accounting Methods** 

The financial statements have been prepared in accordance with IFRS standards as adopted by the IASB. These financial statements are presented in order of liquidity, and each item in the statement of financial position includes both current and non-current balances, where applicable.

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

**4.** **Estimates and Judgments** 

In preparing the financial statements, management makes a number of judgments, estimates, and assumptions regarding the recognition and measurement of assets, liabilities, revenues, and expenses.

Procedures have been established to ensure that accounting methods are applied consistently and that the processes for modifying accounting estimates are controlled and implemented appropriately and systematically.

**5.** **Fixed assets** 

The assets listed on the company's balance sheet include tangible and intangible operating assets. The rights of use related to leased assets are presented under the asset categories corresponding to similar assets owned. Operating assets are used for service production or administrative purposes.

Operating assets are recorded at their acquisition cost, plus directly attributable expenses, and borrowing costs incurred when the assets' commissioning is preceded by a lengthy construction or adaptation period. Internally developed software, when meeting the criteria for capitalization, is capitalized at its direct development cost, which includes external expenses and personnel costs directly attributable to the project. After initial recognition, assets are measured at cost less the accumulated depreciation and any potential impairment losses. The depreciable amount of an asset is determined after deducting its residual value.

Only assets under operating leases are considered to have a residual value, as the useful life of operating assets is generally equal to the expected economic life of the asset. Assets are depreciated using the straight-line method over the expected useful life of the asset for the company. Depreciation charges are recognized under the heading "Depreciation and impairment of tangible and intangible assets" in the income statement.

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Intangible assets**

These costs are already recorded as assets according to the reference of IFRS standards.

These costs are detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Natures** | **December<br> 31, 2021** | **December<br> 31, 2022** | **December<br> 31, 2023** |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp;&nbsp;Projects | 298 | 5.980 | 5.980 |
| &nbsp;&nbsp;Work in progress on intangible Dynamic assets | &nbsp;&nbsp;&nbsp;platform | 5.682 |  |  |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;DAT 5G |  | 1.108 | 2.212 |
| &nbsp;&nbsp;Work in progress on intangible Dynamic assets | &nbsp;&nbsp;&nbsp;platform |  |  |  |
| &nbsp;&nbsp;Software, Concessions, and similar rights |  |  | 63 | 63 |
| &nbsp;&nbsp;Deposits and guarantees paid |  | 4 | 4 | 4 |
| &nbsp;&nbsp;Amortization of R&D |  | (298) | (1.256) | (2.224) |
| &nbsp;&nbsp;**Total** |  | **5.686** | **5.898** | **6.035** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Property, plant, and equipment**

The other fixed assets consist mainly of equipment and are presented as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation<br> en Euro** | **Variation<br> en %** |
| &nbsp;&nbsp;Property, plant, and equipment | 135 | 134 | 1 | 1% |
| &nbsp;&nbsp;Right of use (IFRS 16) | 526 | 526 |  | 0% |
| &nbsp;&nbsp;Amortization des Property, plant and equipment | (81) | (57) | (24) | 43% |
| &nbsp;&nbsp;Amortization of Right of use (IFRS 16) | (448) | (389) | (58) | 15% |
| &nbsp;&nbsp;**Total** | **131** | **213** | **(82)** | **-38%** |

---

Regarding the lease obligation (the remaining debt related to the financing), it must be re-evaluated annually at amortized cost. The annual installments should be allocated between debt repayment and financial expenses.

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. Finance lease contract**

In a finance lease contract, the lessor transfers to the lessee the majority of the risks and rewards of the asset. It is analyzed as financing granted to the lessee for the purchase of an asset.

The present value of the payments due under the contract, increased, if applicable, by the residual value, is recorded as a receivable. The net income from the transaction for the lessor corresponds to the interest on the loan and is recorded in the income statement under the heading "Interest and similar income." The rents received are allocated over the lease term, with the payments split between principal amortization and interest in such a way that the net income represents a constant rate of return on the residual outstanding balance. The interest rate used is the implicit interest rate of the contract.

Provisions recognized on these receivables follow the same rules as those described for financial assets accounted for at amortized cost.

The contracts are summarized as follows :

---

| | |
|:---|:---|
| Entity | RIVP |
| Contract Nature | Bail |
| Original Value |  |
| Start Date | 01/05/2016 |
| End Date | 29/04/2025 |
| Implicit Rate | 1,17% |
| Monthly Rent in euros | 5.126 |
| Deposit in euros | 5.227 |
| Option Exercise in euros |  |

---

**6.** **Public grants** 

The company receives grants for the financing of a project as well as tax credits. This grant is detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation<br> in Euro** | **Variation<br> in %** |
| &nbsp;&nbsp;Grants that directly impact the<br> income | 483 | 601 | (118) | (25)% |
| &nbsp;&nbsp;tax credit | 280 | 604 | (323) | (115)% |
| &nbsp;&nbsp;**Total** | **763** | **1 204** | **(441)** | **(58)%** |

---

The company benefits from an operating grant. According to IFRS standards, the recognition of grants is only possible when they are clearly awarded by the public

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

institution. Thus, the financing agreement, mentioning the date and the amount granted, will be the essential document justifying the recognition of the public grant.

The company benefits from a research expenditure tax credit, which it accounts for as income under the 'income tax' account. This tax credit should be restated in IFRS as a public grant and should be reclassified under 'Other income' in the income statement.

IAS 20 addresses the accounting treatment of grants under international standards, as well as the information to be disclosed.

It discusses the treatment of grants, distinguishing between the immediate impact on profit and their recognition in equity. The recognition of grants is only possible when they are clearly granted by the public institution. Therefore, the financing agreement, which specifies the date and amount granted, will be the essential document justifying the recognition of the public grant. Furthermore, there are two types of grants, each with different accounting treatments:

---

| |
|:---|
| Grants impacting the profit and loss directly; |
| Grants related to assets. These grants are commonly referred to as investment grants or equipment grants. They are grants provided to a company or association to finance the acquisition of an asset. Under IAS 20, these grants can be recognized in two different ways: |
| Recognition as deferred income; |
| The grant is deducted from the cost of the asset. The company has chosen to account for the grant as deferred income, recognizing the amount in a deferred income account. |

---

**7.** **Convertible Debt "OCA"** 

By virtue of the unanimous decisions made, the shareholders of the Company decided to issue 16,362 convertible bonds into new shares of the Company at a unit price of 36.67 euros, representing a bond loan with a total amount of 599,994.54 euros.

Under IFRS standards, the treatment of bond borrowings requires:

- A more detailed classification of financial liabilities.

- The application of amortized cost and the effective interest rate for the valuation of borrowings.

- A specific treatment of convertible bonds, which may lead to significant adjustments in the balance sheet and income statement, with an impact on equity and the interest to be recognized.

---

| | |
|:---|:---|
| ![](tm2530096d1_ex99-1img003.jpg) | Financial Statements |

---

- A precise evaluation of these elements to ensure that the financial statements accurately reflect the economic reality of transactions related to bond borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Revenue** 

The company's revenue shows an annual balance of KEUR 1,754.00, which is detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December<br> 31, 2023** | **December<br> 31, 2022** | **Variation<br> en Euro** | **Variation en<br> %** |
| Revenue | 487 | 690 | (203) | (29) % |
| Capitalized tangible production | 1.104 | 1.108 | (3) | 0% |
| Operating subsidies | 645 | 801 | (156) | (20) % |
| Restatement of subsidies in<br> accordance with IAS 20 | (483) | (601) | 118 | (20) % |
| &nbsp;&nbsp;**Total** | **1.754** | **1.998** | **(244)** | **-12%** |

---

**9.** **Income Tax** 

The company files these tax returns in France and benefits from all the tax advantages recognized in France. The situation regarding corporate taxes is detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in € thousand) | **December**<br> **31, 2023** | **December**<br> **31, 2022** | **Variation**<br> **in Euro** | **Variation in%** |
| &nbsp;&nbsp;Income tax | 302 | 280 | 22 | 7,86% |
| &nbsp;&nbsp;**Total** | **302** | **280** | 22 | 7,86% |

---

## Exhibit 99.2

**Exhibit 99.2**

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

**RED TECHNOLOGIES SAS**

**INDEPENDENT AUDITOR'S REPORT**

**Financial year ended**

**December 31, 2022**

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

**The Board of Directors of RED TECHNOLOGIES SAS**

**Paris, France**

**INDEPENDENT AUDITOR'S REPORT**

**Opinion**

We have audited the accompanying financial statements of **RED TECHNOLOGIES SAS**, which comprise the statement of financial position as at December 31<sup>st</sup>, 2022, the statement of profit & loss, statement of changes in equity, and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of RED TECHNOLOGIES as at December 31, 2022, and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of RED TECHNOLOGIES SAS and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS as issued by the IASB, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about RED TECHNOLOGIES's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance

**RED TECHNOLOGIES SAS**

**Independent auditor's report**

but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment
and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks
of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive
to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal
control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of RED TECHNOLOGIES's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conclude whether, in our judgment,
there are conditions or events, considered in the aggregate, that raise substantial doubt about RED TECHNOLOGIES's ability to continue
as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Casablanca, March 15<sup>th</sup>, 2025

**CKE Consulting**

**(Member of TGS International)**

![](tm2530096d1_ex99-1img002.jpg)

**Abdelhakim KHORSSANI**

**Partner**

**CPA**

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Period from 01/01/2022 to 31/12/2022<br>![](tm2530096d2_ex99-3img02.jpg)<br>**<u>Financial statement in IFRS standards as of December 31, 2022</u>**<br>

![](tm2530096d1_ex99-3sp1img03.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

Summary of Financial Statements <br>    

---

| | | |
|:---|:---|:---|
| 1. | Statement of financial position | : 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1- Asset | : 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2- Liabilities | : 4 |
| 2. | Statement of profit or loss and other comprehensive income | : 5 |
| 3. | Statement of changes in equity | : 6 |
| 4. | Cash Flow Statement | : 7 |
| 5. | Notes to the Financial Statements | : 8 |

---

![](tm2530096d1_ex99-3sp1img03.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International<br> Financial Reporting Standards (IFRSs) as issued by the International<br> Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **Decembre<br> 31, 2022** | **Decembre<br> 31, 2021** | **Variation** |
| **ASSETS** |  |  |  |  |
| ***Current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 282 | 310 | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 892 | 702 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;taxes receivable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 9 | 13 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable |  | - | - | - |
| ***Non-current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits to suppliers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation assets |  | 5.898 | 5.686 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment |  | 213 | 250 | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax (Asset) |  | 246 | 46 | 200 |
| **TOTAL ASSETS** |  | **7.541** | **7.007** | **534** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-2sp2img007.jpg)

**This Financial statment was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **Decembre<br> 31, 2022** | **Decembre<br> 31, 2021** | **Variation** |
| **LIABILITIES** |  |  |  |  |
| ***Current*** |  |  |  |  |
| Accounts payable and accrued liabilities |  | 56 | 72 | (16) |
| taxes Payable |  | 274 | 271 | 3 |
| Current portion on external loans |  |  |  |  |
| Current portion of lease liabilities |  | 60 | 60 | 1 |
| Others liabilities |  | - | 65 | (65) |
| ***Non-current*** |  |  |  |  |
| Lease liabilities |  | 81 | 142 | (60) |
| Asset retirement obligations |  |  |  |  |
| Long term portion on external loans |  | 352 | 1.156 | (804) |
| Deferred income |  | 984 | 183 | 801 |
| Deferred Tax (Liability) |  | 36 | 8 | 27 |
|  |  |  |  | - |
| **TOTAL LIABILITIES** |  | **1.843** | **1.956** | **(113)** |
| **EQUITY** |  |  |  |  |
| Share capital |  | 138 | 116 | 22 |
| Equity reserves |  | 1.915 | 1.554 | 361 |
| Merger premium |  | 3.769 | 2.973 | 796 |
| Net Income of the year |  | (125) | 407 | (532) |
| **TOTAL EQUITY** |  | **5.698** | **5.050** | **647** |
| **TOTAL LIABILITIES AND EQUITY** |  | **7.541** | **7.007** | **534** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-2sp2img007.jpg)

**This Financial statment was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**From 01/01/2022 To 12/31/2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **Decembre<br> 31, 2022** | **Decembre<br> 31, 2021** | **Variation** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue |  | 1.998 | 1.641 | 357 |
| **Revenues** |  | **1.998** | **1.641** | **357** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel and social costs |  | 1.086 | 1.026 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 287 | 418 | (131) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, duties and similar payments |  | 11 | 11 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 1.038 | 74 | 963 |
| **Expenses** |  | **2.423** | **1.529** | **893** |
| **Operating income for the year** |  | **(425)** | **111** | **(536)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense/income |  | 34 | 61 | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  |  | - | - |
| **Net income before income taxes** |  | **(459)** | **50** | **(509)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax expense |  | (280) | (357) | 77 |
| **Net Income** |  | **(179)** | **407** | **(586)** |
| **Other comprehensive loss** |  | ***54*** |  | 54 |
| ***Items that will subsequently be reclassified to net income :*** |  | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | 54 | - | 54 |
| **Comprehensive income** |  | **(125)** | **407** | **(532)** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International <br> Financial Reporting Standards (IFRSs) as issued by the International <br> Accounting Standards Board (IASB).**

**Statement of changes in equity**

**As of December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Capital** | **Legal<br> reserve** | **Other**<br> **reserves** | **Net**<br> **result** | **share**<br> **premium** | **Total**<br> **shareholders'**<br> **equity** |
| **Equity at 01/01/2021** | **116** | **12** | **1.543** | **407** | **2.973** | **5.050** |
| Increase in share capital | 22 |  |  |  | 796 | 818 |
| Decrease in share capital |  |  |  |  |  |  |
| Dividends paid |  |  | 483 | (483) |  |  |
| Net income for the period |  |  |  | 421 |  | 421 |
| Other comprehensive income |  |  | (122) | (470) |  | (592) |
| **Equity at 31/12/2022** | **138** | **12** | **1.904** | **(125)** | **3.769** | **5.698** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International<br> Financial Reporting Standards (IFRSs) as issued by the International<br> Accounting Standards Board (IASB).**

**Cash Flow Statement**

**As of December 31, 2022**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Decembre**<br> **31, 2022** | **Decembre**<br> **31, 2021** |
| &nbsp;&nbsp;**Cash flow from operating activities** |  |  |
| &nbsp;&nbsp;Net income | 421 | 483 |
| &nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;Depreciation and provisions | 979 | 17 |
| &nbsp;&nbsp;Change in trade receivables | 189 | 177 |
| &nbsp;&nbsp;Change in trade payables | 13 | 22 |
| &nbsp;&nbsp;Other adjustments (e.g., gains/losses on disposals) |  | 210 |
| &nbsp;&nbsp;Income taxes | 280 | 357 |
| &nbsp;&nbsp;**Net cash flow from operating activities** | **944** | **198** |
| &nbsp;&nbsp;**Cash flow from investing activities** |  |  |
| &nbsp;&nbsp;Acquisition of tangible assets |  |  |
| &nbsp;&nbsp;Disposal of tangible assets | 106 | 1.217 |
| &nbsp;&nbsp;Acquisition of financial assets (e.g., securities, investments) |  |  |
| &nbsp;&nbsp;**Net cash used in investing activities** | - | - |
| &nbsp;&nbsp;**Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Capital increase |  |  |
| &nbsp;&nbsp;Borrowings contracted | 22 |  |
| &nbsp;&nbsp;Repayment of borrowings |  |  |
| &nbsp;&nbsp;Bond issuance | 897 | 116 |
| &nbsp;&nbsp;Dividends distributed | (10) | 60 |
| &nbsp;&nbsp;**Net cash flow from financing activities** | - | - |
| &nbsp;&nbsp;**Net change in cash and cash equivalents** | **(28)** | **(1.075)** |
| &nbsp;&nbsp;Cash and cash equivalents at the beginning of the period | 310 | 1.385 |
| &nbsp;&nbsp;Cash and cash equivalents at the end of the period | 282 | 310 |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

Notes to the Financial Statements <br>    

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

**1. Nature of Operations**

RED Technologies SAS is a telecom engineering company specialized in the development and commercialization of solutions for sharing and optimizing the use of the radio frequency spectrum. These solutions are aimed at commercial, civilian, or military telecommunications operators and government agencies in France and internationally. In the face of the scarcity of exclusive frequencies available for mobile telephony and internet, RED Technologies' solutions allow for the shared use of underutilized frequencies between heterogeneous operators. As an innovative young company, RED Technologies is a member of the SYSTEMATIC competitiveness cluster and benefits from financial support from the Île-de-France region, BPI, and the Directorate General of Armament, with which it collaborates on studies related to future frequency sharing in the 2.3 - 2.4 GHz band. As part of this partnership, the company has installed a simulator within the DGA-MI (French Ministry of Armed Forces) to map the radio environment and define the areas that allow for the deployment of a mobile phone network without impacting military aeronautical and terrestrial telemetry activities. RED Technologies works with telecom equipment manufacturers to integrate its platform into the network infrastructure of these manufacturers. In addition, RED is developing military applications of its system with Thales.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **General Information, Preparation Basis, and IFRS Compliance Statement** 

The financial statements cover the fiscal year ending December 31, 2022, and are presented in monetary units (EURO), which is the company's functional currency. They have been prepared in accordance with IFRS. RED TECHNOLOGIES is (SAS) incorporated and domiciled in France. Its registered office and main establishment are located at 101 rue de Sèvres, 75006 Paris, Paris B 752 992 735, France.

**3. Principal Accounting Methods**

The financial statements have been prepared in accordance with IFRS standards as adopted by the IASB. These financial statements are presented in order of liquidity, and each item in the statement of financial position includes both current and non- current balances, where applicable.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

**4. Estimates and Judgments**

In preparing the financial statements, management makes a number of judgments, estimates, and assumptions regarding the recognition and measurement of assets, liabilities, revenues, and expenses. Procedures have been established to ensure that accounting methods are applied consistently and that the processes for modifying accounting estimates are controlled and implemented appropriately and systematically.

**5. Fixed assets**

The assets listed on the company's balance sheet include tangible and intangible operating assets. The rights of use related to leased assets are presented under the asset categories corresponding to similar assets owned. Operating assets are used for service production or administrative purposes.

Operating assets are recorded at their acquisition cost, plus directly attributable expenses, and borrowing costs incurred when the assets' commissioning is preceded by a lengthy construction or adaptation period. Internally developed software, when meeting the criteria for capitalization, is capitalized at its direct development cost, which includes external expenses and personnel costs directly attributable to the project. After initial recognition, assets are measured at cost less the accumulated depreciation and any potential impairment losses. The depreciable amount of an asset is determined after deducting its residual value.

Only assets under operating leases are considered to have a residual value, as the useful life of operating assets is generally equal to the expected economic life of the asset. Assets are depreciated using the straight-line method over the expected useful life of the asset for the company. Depreciation charges are recognized under the heading "Depreciation and impairment of tangible and intangible assets" in the income statement.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Intangible assets**

These costs are already recorded as assets according to the reference of IFRS standards.

These costs are detailed as follows :

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Natures** | **December<br> 31, 2021** | **December<br> 31, 2022** |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp;&nbsp;Projects | 298 | 5.980 |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;Dynamic platform | 5.682 |  |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;DAT 5G | - | 1.108 |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;Dynamic platform | - |  |
| &nbsp;&nbsp;Software, Concessions, and similar rights |  | - | 63 |
| &nbsp;&nbsp;Deposits and guarantees paid |  | 4 | 4 |
| &nbsp;&nbsp;Amortization of R&D |  | (298) | (1.256) |
| &nbsp;&nbsp;**Total** |  | **5.686** | **5.898** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Property, plant, and equipment**

The other fixed assets consist mainly of equipment and are presented as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December <br> 31, 2022** | **December<br> 31, 2021** | **Variation<br> en Euro** | **Variation<br> en %** |
| &nbsp;&nbsp;Property, plant, and equipment | 134 | 90 | 43 | 48% |
| &nbsp;&nbsp;Right of use (IFRS 16) | 526 | 526 | - | 0% |
| &nbsp;&nbsp;Amortization des Property, plant and equipment | (56) | (35) | (21) | 60% |
| &nbsp;&nbsp;Amortization of Right of use (IFRS 16) | (389) | (331) | (58) | 18% |
| &nbsp;&nbsp;**Total** | **213** | **250** | **(36)** | **-15%** |

---

Regarding the lease obligation (the remaining debt related to the financing), it must be re-evaluated annually at amortized cost. The annual installments should be allocated between debt repayment and financial expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. Finance lease contract**

In a finance lease contract, the lessor transfers to the lessee the majority of the risks and rewards of the asset. It is analyzed as financing granted to the lessee for the purchase of an asset.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

The present value of the payments due under the contract, increased, if applicable, by the residual value, is recorded as a receivable. The net income from the transaction for the lessor corresponds to the interest on the loan and is recorded in the income statement under the heading "Interest and similar income." The rents received are allocated over the lease term, with the payments split between principal amortization and interest in such a way that the net income represents a constant rate of return on the residual outstanding balance. The interest rate used is the implicit interest rate of the contract.

Provisions recognized on these receivables follow the same rules as those described for financial assets accounted for at amortized cost.

The contracts are summarized as follows :

---

| | |
|:---|:---|
| Entity | RIVP |
| Contract Nature | Bail |
| Original Value |  |
| Start Date | 01/05/2016 |
| End Date | 29/04/2025 |
| Implicit Rate | 1,17% |
| Monthly Rent in euros | 5.126 |
| Deposit in euros | 5.227 |
| Option Exercise in euros |  |

---

**6. Public grants**

The company receives grants for the financing of a project as well as tax credits. This grant is detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December<br> 31, 2022** | **December<br> 31, 2021** | **Variation<br> in Euro** | **Variation<br> in %** |
| &nbsp;&nbsp;Grants that directly impact the<br> income | 601 | 79 | 522 | 661% |
| &nbsp;&nbsp;tax credit | 280 | 604 | (323) | 115% |
| &nbsp;&nbsp;**Total** | **881** | **682** | **(199**) | **29%** |

---

The company benefits from an operating grant. According to IFRS standards, the recognition of grants is only possible when they are clearly awarded by the public institution. Thus, the financing agreement, mentioning the date and the amount granted, will be the essential document justifying the recognition of the public grant.

The company benefits from a research expenditure tax credit, which it accounts for as income under the 'income tax' account. This tax credit should be restated in IFRS as a public grant and should be reclassified under 'Other income' in the income statement.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

IAS 20 addresses the accounting treatment of grants under international standards, as well as the information to be disclosed.

It discusses the treatment of grants, distinguishing between the immediate impact on profit and their recognition in equity. The recognition of grants is only possible when they are clearly granted by the public institution. Therefore, the financing agreement, which specifies the date and amount granted, will be the essential document justifying the recognition of the public grant. Furthermore, there are two types of grants, each with different accounting treatments:

---

| |
|:---|
| Grants impacting the profit and loss directly; |
| Grants related to assets. These grants are commonly referred to as investment grants or equipment grants. They are grants provided to a company or association to finance the acquisition of an asset. Under IAS 20, these grants can be recognized in two different ways: |
| Recognition as deferred income; |
| The grant is deducted from the cost of the asset. The company has chosen to account for the grant as deferred income, recognizing the amount in a deferred income account. |

---

7. Convertible Debt "OCA"

By virtue of the unanimous decisions made, the shareholders of the Company decided to issue 16,362 convertible bonds into new shares of the Company at a unit price of 36.67 euros, representing a bond loan with a total amount of 599,994.54 euros.

Under IFRS standards, the treatment of bond borrowings requires:

- A more detailed classification of financial liabilities.

- The application of amortized cost and the effective interest rate for the valuation of borrowings.

- A specific treatment of convertible bonds, which may lead to significant adjustments in the balance sheet and income statement, with an impact on equity and the interest to be recognized.

- A precise evaluation of these elements to ensure that the financial statements accurately reflect the economic reality of transactions related to bond borrowings.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

**8. Revenue**

The company's revenue shows an annual balance of KEUR 1.998 which is detailed as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **December <br> 31, 2022** | **December<br> 31, 2021** | **Variation<br> en Euro** | **Variation en<br> %** |
| &nbsp;&nbsp;Revenue | 690 | 420 | 270 | 64% |
| &nbsp;&nbsp;Capitalized tangible production | 1.108 | 1.186 | (79) | -7% |
| &nbsp;&nbsp;Operating subsidies | 801 | 114 | 687 | 602% |
| &nbsp;&nbsp;Restatement of subsidies in accordance with IAS 20 | (601) | (79) | (522) | 661% |
| &nbsp;&nbsp;**Total** | **1.998** | **1.642** | **356** | **22%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Income Tax** 

The company files these tax returns in France and benefits from all the tax advantages recognized in France. The situation regarding corporate taxes is detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in € thousand) | **December <br> 31, 2022** | **December<br> 31, 2021** | **Variation**<br> **in Euro** | **Variation in%** |
| &nbsp;&nbsp;Income tax | 280 | 357 | 77 | 27% |
| &nbsp;&nbsp;**Total** | **280** | **357** | **77** | **27%** |

---

## Exhibit 99.3

**Exhibit 99.3**

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Period from 01/01/2024 to 30/09/2024<br>![](tm2530096d2_ex99-3img02.jpg)<br>**<u>Financial statement in IFRS standards as of September 30, 2024</u>**<br>

![](tm2530096d1_ex99-3sp1img03.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

Summary of Financial Statements <br>    

---

| | | |
|:---|:---|:---|
| 1. | Statement of financial position | : 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1- Asset | : 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2- Liabilities | : 4 |
| 2. | Statement of profit or loss and other comprehensive income | : 5 |
| 3. | Statement of changes in equity | : 6 |
| 4. | Cash Flow Statement | : 7 |
| 5. | Notes to the Financial Statements | : 8 |

---

![](tm2530096d1_ex99-3sp1img03.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International<br> Financial Reporting Standards (IFRSs) as issued by the International<br> Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of Septembre 30, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **Septembre<br> 30, 2024** | **Decembre<br> 31, 2023** | **Variation** |
| **ASSETS** |  |  |  |  |
| ***Current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  | 199 | 176 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  | 437 | 979 | (541) |
| &nbsp;&nbsp;&nbsp;&nbsp;taxes receivable |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses |  | 11 | 10 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable |  | - | - | - |
| ***Non-current*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits to suppliers |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | **<u>5.1</u>** | 6.092 | 6.035 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment | **<u>5.2</u>** | 190 | 131 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred Tax (Asset) |  | 307 | 407 | (100) |
| **TOTAL ASSETS** |  | **7.236** | **7.739** | **(503)** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-2sp2img007.jpg)

**This Financial statment was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF FINANCIAL POSITION**

**As of Septembre 30, 2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **September<br> 30, 2024** | **Decembre<br> 31, 2023** | **Variation** |
| **LIABILITIES** |  |  |  |  |
| ***Current*** |  |  |  |  |
| Accounts payable and accrued liabilities |  | 100 | 112 | - 37 |
| taxes Payable |  | 264 | 309 | - 76 |
| Current portion on external loans |  |  |  |  |
| Current portion of lease liabilities |  | 98 | 61 | 10 |
| Others liabilities |  | 34 | - | - |
| ***Non-current*** |  |  |  |  |
| Lease liabilities |  | 72 | 20 | 52 |
| Asset retirement obligations |  |  |  |  |
| Long term portion on external loans |  | 572 | 413 | 460 |
| Deferred income |  | 1 227 | 1 629 | 202 |
| Deferred Tax (Liability) |  | - | - | - |
|  |  |  |  | - |
| **TOTAL LIABILITIES** |  | **2 367** | **2 544** | **610** |
| **EQUITY** |  |  |  |  |
| Share capital |  | 138 | 138 | 3 |
| Equity reserves |  | 1 741 | 1 754 | - 467 |
| Merger premium |  | 3 769 | 3 769 | 95 |
| Net Income of the year |  | (780) | (467) | - 454 |
| **TOTAL EQUITY** |  | **4 868** | **5 195** | **-** **823** |
| **TOTAL LIABILITIES AND EQUITY** |  | **7 236** | **7 739** | **-** **213** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-2sp2img007.jpg)

**This Financial statment was establish in accordance with International**

**Financial Reporting Standards (IFRSs) as issued by the International**

**Accounting Standards Board (IASB).**

**STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME**

**From 01/01/2024 To 09/30/2024**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Notes** | **Septembre <br> 30, 2024** | **Septembre <br> 30, 2023** | **Variation** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | **<u>8</u>** | 1.050 | 433 | 617 |
| **Revenues** |  | **1.050** | **433** | **617** |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel and social costs |  | 796 | 732 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative |  | 279 | 285 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes, duties and similar payments |  | 8 | (2) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 811 | - | 811 |
| **Expenses** |  | **1.894** | **1.015** | **878** |
| **Operating income for the year** |  | **(843)** | **(583)** | **(261)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Net finance expense/income |  | 16 | 39 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses |  | - | - | - |
| **Net income before income taxes** |  | **(859)** | **(621)** | **(238)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income Tax expense | **<u>9</u>** | (79) | - | (79) |
| **Net Income** |  | **(780)** | **(621)** | **(159)** |
| **Other comprehensive loss** |  | ***-*** |  |  |
| ***Items that will subsequently be reclassified to net income*** |  | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment |  | - | - | - |
| **Comprehensive income** |  | **(780)** | **(467)** | **(313)** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International <br> Financial Reporting Standards (IFRSs) as issued by the International <br> Accounting Standards Board (IASB).**

**Statement of changes in equity**

**As of Septembre 30, 2024**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in € thousand)** | **Capital** | **Legal<br> reserve** | **Other**<br> **reserves** | **Net**<br> **result** | **share**<br> **premium** | **Total**<br> **shareholders'**<br> **equity** |
| **Equity at 01/01/2024** | **138** | **12** | **1.743** | **(466)** | **3.769** | **5.195** |
| Increase in share capital |  |  |  |  |  |  |
| Decrease in share capital |  |  |  |  |  |  |
| Dividends paid |  |  | (621) | 621 |  |  |
| Net income for the period |  |  |  |  |  |  |
| Other comprehensive income |  |  | 608 | (935) |  | (327) |
| **Equity at 30/09/2024** | **138** | **12** | **1.729** | **(780)** | **3.769** | **4.868** |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

**This Financial statment was establish in accordance with International<br> Financial Reporting Standards (IFRSs) as issued by the International<br> Accounting Standards Board (IASB).**

**Cash Flow Statement**

**As of Septembre 30, 2024**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Septembre**<br> **30, 2024** | **Decembre**<br> **31, 2023** |
| &nbsp;&nbsp;**Cash flow from operating activities** |  |  |
| &nbsp;&nbsp;Net income | (630) | (621) |
| &nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;Depreciation and provisions | 746 | 726 |
| &nbsp;&nbsp;Change in trade receivables | 255 | 96 |
| &nbsp;&nbsp;Change in trade payables | 45 | 109 |
| &nbsp;&nbsp;Other adjustments (e.g., gains/losses on disposals) |  |  |
| &nbsp;&nbsp;Income taxes | 79 |  |
| &nbsp;&nbsp;**Net cash flow from operating activities** | **(173)** | **118** |
| &nbsp;&nbsp;**Cash flow from investing activities** |  |  |
| &nbsp;&nbsp;Acquisition of tangible assets |  | 1 |
| &nbsp;&nbsp;Disposal of tangible assets | 36 |  |
| &nbsp;&nbsp;Acquisition of financial assets (e.g., securities, investments) |  |  |
| &nbsp;&nbsp;**Net cash used in investing activities** | **36** | **(1)** |
| &nbsp;&nbsp;**Cash flow from financing activities** |  |  |
| &nbsp;&nbsp;Capital increase |  |  |
| &nbsp;&nbsp;Borrowings contracted | 269 | 105 |
| &nbsp;&nbsp;Repayment of borrowings | 110 | 87 |
| &nbsp;&nbsp;Bond issuance |  |  |
| &nbsp;&nbsp;Dividends distributed |  |  |
| &nbsp;&nbsp;**Net cash flow from financing activities** | **159** | **18** |
| &nbsp;&nbsp;**Net change in cash and cash equivalents** | **23** | **135** |
| &nbsp;&nbsp;Cash and cash equivalents at the beginning of the period | 176 | 282 |
| &nbsp;&nbsp;Cash and cash equivalents at the end of the period | 199 | 418 |

---

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

![](tm2530096d1_ex99-3sp1img03.jpg)

Notes to the Financial Statements <br>    

![](tm2530096d1_ex99-2sp2img007.jpg)

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

**1. Nature of Operations**

RED Technologies SAS is a telecom engineering company specialized in the development and commercialization of solutions for sharing and optimizing the use of the radio frequency spectrum. These solutions are aimed at commercial, civilian, or military telecommunications operators and government agencies in France and internationally. In the face of the scarcity of exclusive frequencies available for mobile telephony and internet, RED Technologies' solutions allow for the shared use of underutilized frequencies between heterogeneous operators. As an innovative young company, RED Technologies is a member of the SYSTEMATIC competitiveness cluster and benefits from financial support from the Île-de-France region, BPI, and the Directorate General of Armament, with which it collaborates on studies related to future frequency sharing in the 2.3 - 2.4 GHz band. As part of this partnership, the company has installed a simulator within the DGA-MI (French Ministry of Armed Forces) to map the radio environment and define the areas that allow for the deployment of a mobile phone network without impacting military aeronautical and terrestrial telemetry activities. RED Technologies works with telecom equipment manufacturers to integrate its platform into the network infrastructure of these manufacturers. In addition, RED is developing military applications of its system with Thales.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **General Information, Preparation Basis, and IFRS Compliance Statement** 

The financial statements cover the fiscal year ending Septembre 30, 2024, and are presented in monetary units (EURO), which is the company's functional currency. They have been prepared in accordance with IFRS. RED TECHNOLOGIES is (SAS) incorporated and domiciled in France. Its registered office and main establishment are located at 101 rue de Sèvres, 75006 Paris, Paris B 752 992 735, France.

**3. Principal Accounting Methods**

The financial statements have been prepared in accordance with IFRS standards as adopted by the IASB. These financial statements are presented in order of liquidity, and each item in the statement of financial position includes both current and non- current balances, where applicable.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

**4. Estimates and Judgments**

In preparing the financial statements, management makes a number of judgments, estimates, and assumptions regarding the recognition and measurement of assets, liabilities, revenues, and expenses. Procedures have been established to ensure that accounting methods are applied consistently and that the processes for modifying accounting estimates are controlled and implemented appropriately and systematically.

**5. Fixed assets**

The assets listed on the company's balance sheet include tangible and intangible operating assets. The rights of use related to leased assets are presented under the asset categories corresponding to similar assets owned. Operating assets are used for service production or administrative purposes.

Operating assets are recorded at their acquisition cost, plus directly attributable expenses, and borrowing costs incurred when the assets' commissioning is preceded by a lengthy construction or adaptation period. Internally developed software, when meeting the criteria for capitalization, is capitalized at its direct development cost, which includes external expenses and personnel costs directly attributable to the project. After initial recognition, assets are measured at cost less the accumulated depreciation and any potential impairment losses. The depreciable amount of an asset is determined after deducting its residual value.

Only assets under operating leases are considered to have a residual value, as the useful life of operating assets is generally equal to the expected economic life of the asset. Assets are depreciated using the straight-line method over the expected useful life of the asset for the company. Depreciation charges are recognized under the heading "Depreciation and impairment of tangible and intangible assets" in the income statement.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1. Intangible assets**

These costs are already recorded as assets according to the reference of IFRS standards.

These costs are detailed as follows :

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Natures** | **December<br> 31, 2021** | **December<br> 31, 2022** | **December<br> 31, 2023** | **Septembre<br> 30, 2024** |
| &nbsp;&nbsp;Research and development costs | &nbsp;&nbsp;&nbsp;Projects | 298 | 5.980 | 5.980 | 5.980 |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;Dynamic platform | 5.682 | - | - | - |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;DAT 5G | - | 1.108 | 2.212 | 2.994 |
| &nbsp;&nbsp;Work in progress on intangible assets | &nbsp;&nbsp;&nbsp;Dynamic platform | - | - | - | - |
| &nbsp;&nbsp;Software, Concessions, and similar rights |  | - | 63 | 63 | 63 |
| &nbsp;&nbsp;Deposits and guarantees paid |  | 4 | 4 | 4 | 5 |
| &nbsp;&nbsp;Amortization of R&D |  | (298) | (1.256) | (2.224) | (2 950) |
| &nbsp;&nbsp;**Total** |  | **5.686** | **5.898** | **6.035** | **6.092** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2. Property, plant, and equipment**

The other fixed assets consist mainly of equipment and are presented as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Septembre 30,<br> 2024** | **December<br> 31, 2023** | **Variation<br> en Euro** | **Variation<br> en %** |
| &nbsp;&nbsp;Property, plant, and equipment | 99 | 13471 | (24) | -18% |
| &nbsp;&nbsp;Right of use (IFRS 16) | 681 | 52579 | 155 | 30% |
| &nbsp;&nbsp;Amortization des Property, plant and equipment | (77) | (8129) | (1) | 1% |
| &nbsp;&nbsp;Amortization of Right of use (IFRS 16) | (513) | (44789) | (92) | 21% |
| &nbsp;&nbsp;**Total** | **190** | **131** | **38** | **100%** |

---

Regarding the lease obligation (the remaining debt related to the financing), it must be re-evaluated annually at amortized cost. The annual installments should be allocated between debt repayment and financial expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3. Finance lease contract**

In a finance lease contract, the lessor transfers to the lessee the majority of the risks and rewards of the asset. It is analyzed as financing granted to the lessee for the purchase of an asset.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

The present value of the payments due under the contract, increased, if applicable, by the residual value, is recorded as a receivable. The net income from the transaction for the lessor corresponds to the interest on the loan and is recorded in the income statement under the heading "Interest and similar income." The rents received are allocated over the lease term, with the payments split between principal amortization and interest in such a way that the net income represents a constant rate of return on the residual outstanding balance. The interest rate used is the implicit interest rate of the contract.

Provisions recognized on these receivables follow the same rules as those described for financial assets accounted for at amortized cost.

The contracts are summarized as follows :

---

| | | |
|:---|:---|:---|
| Entity | RIVP | BMW Finance |
| Contract Nature | Bail | LOA |
| Original Value |  | 21 88500 |
| Start Date | 01/05/2016 | 01/05/2024 |
| End Date | 29/04/2025 | 01/05/2027 |
| Implicit Rate | 1,17% | 1,17% |
| Monthly Rent in euros | 5.126 | 5.451 |
| Deposit in euros | 5.227 |  |
| Option Exercise in euros |  | 16.221 |

---

**6. Public grants**

The company receives grants for the financing of a project as well as tax credits. This grant is detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **Septembre<br> 30, 2024** | **Septembre<br> 30, 2023** | **Variation<br> in Euro** | **Variation<br> in %** |
| &nbsp;&nbsp;Grants that directly impact the<br> income | 152 | 483 | 331 | 218% |
| &nbsp;&nbsp;Grant under IAS 20 |  |  |  |  |
| &nbsp;&nbsp;tax credit | 80 | 302 | 222 | 278% |
| &nbsp;&nbsp;**Total** | **232** | **785** | **553** | **239%** |

---

The company benefits from an operating grant. According to IFRS standards, the recognition of grants is only possible when they are clearly awarded by the public institution. Thus, the financing agreement, mentioning the date and the amount granted, will be the essential document justifying the recognition of the public grant.

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

The company benefits from a research expenditure tax credit, which it accounts for as income under the 'income tax' account. This tax credit should be restated in IFRS as a public grant and should be reclassified under 'Other income' in the income statement.

IAS 20 addresses the accounting treatment of grants under international standards, as well as the information to be disclosed.

It discusses the treatment of grants, distinguishing between the immediate impact on profit and their recognition in equity. The recognition of grants is only possible when they are clearly granted by the public institution. Therefore, the financing agreement, which specifies the date and amount granted, will be the essential document justifying the recognition of the public grant. Furthermore, there are two types of grants, each with different accounting treatments:

---

| |
|:---|
| Grants impacting the profit and loss directly; |
| Grants related to assets. These grants are commonly referred to as investment grants or equipment grants. They are grants provided to a company or association to finance the acquisition of an asset. Under IAS 20, these grants can be recognized in two different ways: |
| Recognition as deferred income; |
| The grant is deducted from the cost of the asset. The company has chosen to account for the grant as deferred income, recognizing the amount in a deferred income account. |

---

**7. Revenue**

The company's revenue shows an annual balance of KEUR 1.050 which is detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**(in € thousand)** | **September<br> 30, 2024** | **September<br> 30, 2023** | **Variation<br> en Euro** | **Variation <br> en %** |
| &nbsp;&nbsp;Revenue | 217 | 392 | (175) | -45% |
| &nbsp;&nbsp;Capitalized tangible production | 782 |  | 782 |  |
| &nbsp;&nbsp;Operating subsidies | 202 | 41 | 161 | 396% |
| &nbsp;&nbsp;ARestatement of subsidies in accordance with IAS 20 | (152) |  | (152) | 0% |
| &nbsp;&nbsp;**Total** | **1.050** | **433** | **617** | **143%** |

---

![](tm2530096d1_ex99-3sp1img01.jpg)

Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Income Tax** 

The company files these tax returns in France and benefits from all the tax advantages recognized in France. The situation regarding corporate taxes is detailed as follows :

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in € thousand) | **September**<br> **30, 2024** | **September**<br> **30, 2023** | **Variation**<br> **in Euro** | **Variation in%** |
| &nbsp;&nbsp;Income tax | 79 | 0 | 79 |  |
| &nbsp;&nbsp;**Total** | **79** | **0** | **79** |  |

---

## Exhibit 99.4

**Exhibit 99.4**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

*Summary of Transaction*

<u>Investors Purchase Agreement</u>

On December 2, 2024, RED Tech US, LLC, a Colorado limited liability company ("Buyer"), a wholly-owned subsidiary of CONX Corp. (the "Company"), entered into a definitive Stock Purchase Agreement (the "Investors Purchase Agreement") among (i) Red Technologies SAS, a société par actions simplifiée organized under the laws of France ("Red Technologies"), and (ii) FPCI CAPDECISF III, Damari, Mr. Bruno Rambaud, Mrs. Joelle Toledano, and Mr. Luc Davit, (collectively, the "Investor Sellers" and each individually, an "Investor Seller").

The Investors Purchase Agreement provides that, among other things and subject to the terms and conditions thereof, Buyer will purchase from the Investor Sellers all of the shares held by them, which amounts to a total of 81,034 shares, representing approximately 57.5% of Red Technologies' outstanding fully-diluted equity capitalization. Pursuant to the terms and conditions of the Investors Purchase Agreement, the total cash consideration for 100% of the Investor Sellers' shares payable by Buyer to the Investor Sellers at closing is €9,000,000, subject to customary adjustments.

Merger Consideration

<u>Founders Purchase Agreement</u>

On December 2, 2024, Buyer and the Company entered into a definitive Stock Purchase Agreement (the "Founders Purchase Agreement") among (i) Red Technologies and (ii) Michael Abitbol and Pierre Jean Muller (collectively, the "Founders" and each individually, a "Founder").

The Founders Purchase Agreement provides that, among other things and subject to the terms and conditions thereof, Buyer will purchase from the Founders all of the shares held by them, which amount to a total of 60,000 shares, representing approximately 42.5% of Red Technologies' outstanding fully-diluted equity capitalization, in multiple installments. Pursuant to the Founders Purchase Agreement, the total consideration for 100% of the Founders' shares payable by Buyer to the Founders is up to €9,600,000 in cash, based on the achievement of certain milestones set forth in the Founders Purchase Agreement.

The acquisition of Red Technologies was determined to constitute a business combination in accordance with Accounting Standards Codification 805, *Business Combinations* ("ASC 805") under generally accepted accounting principles in the United States ("GAAP").

*Pro Forma Information*

The unaudited pro forma condensed combined financial statements have been prepared in accordance with Article 11 of Regulation S-X under the Securities Act of 1933, as amended by the final rule, Release No.33-10786 "*Amendments to Financial Disclosures about Acquired and Disposed Businesses,*" and have been adjusted to include estimated transaction accounting adjustments which give effect to the Red Technologies Acquisition and the application of the acquisition method of accounting under GAAP. Under the acquisition method of accounting, the preliminary purchase price is allocated to the underlying tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date, with any excess purchase price allocated to goodwill. The pro forma adjustments are based on preliminary estimates and currently available information and assumptions that CONX's management believes are reasonable. The notes to the unaudited pro forma condensed combined financial statements provide a discussion of how such adjustments were derived and presented in the unaudited pro forma condensed combined financial statements ("Acquisition Adjustments"). Changes in facts and circumstances or discovery of new information may result in revised estimates. Actual results and valuations may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information.

The accompanying unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2024 and the year ended December 31, 2023 combine the historical consolidated statements of operations for CONX and the historical statements of operations for Red Technologies for the same periods.

The unaudited pro forma condensed combined balance sheet as of September 30, 2024 gives effect to the Red Technologies Acquisition as if it occurred on September 30, 2024. The unaudited pro forma condensed combined statements of operations for the nine months ended September 30, 2024 and the year ended December 31, 2023 give effect to the Acquisition as if it occurred on January 1, 2023.

The unaudited pro forma condensed combined financial statements are for illustrative and informational purposes only and are not intended to represent what CONX's results of operations or financial position would have been had the Acquisition occurred on the dates indicated, or what they will be for any future periods. The unaudited pro forma condensed combined financial statements do not reflect the realization of any expected cost savings, other synergies as a result of the acquisition, or integration costs.

The unaudited pro forma condensed combined financial statements and related notes have been derived from, and should be read in conjunction with:

(i) the historical audited consolidated financial statements of CONX and accompanying notes included in CONX' Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission ("SEC") on March 29, 2024;

(ii) the historical condensed consolidated financial statements and accompanying notes included in CONX's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2024, which was filed with the SEC on March 4, 2025;

(iii) the historical audited financial statements of Red Technologies and accompanying notes for the years ended December 31, 2023 and 2022, appearing within this Current Report on Form 8-K as Exhibit 99.1; and

(iv) the historical unaudited financial statements of Red Technologies and accompanying notes for the nine months ended September 30, 2024 and 2023, appearing within this Current Report on Form 8-K as Exhibit 99.2.

**CONX CORP.**

**Unaudited Pro Forma Condensed Combined Balance Sheet**

**As of September 30, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CONX<br> Historical** | **Adjusted Red<br> Technologies (Note 3)** | **Acquisition<br> Adjustments<br> (Note 5)** | **Note** | **Pro Forma** |
| **ASSETS** |  |  |  |  |  |
| Current assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $175592267 | $221852 | $(10623963) | **5(a)** | $165190156 |
| &nbsp;&nbsp;&nbsp;Accounts receivable |  | 487509 |  |  | 487509 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 28292 | 12072 | - |  | 40364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 175620559 | 721434 | (10623963) |  | 165718030 |
| Deferred rent receivable | 108506 |  |  |  | 108506 |
| Intangible assets, net |  |  | 4500000 | **5(b)** | 4500000 |
| Goodwill |  |  | 13203525 | **5(b)** | 13203525 |
| Property plant and equipment |  | 21772 |  |  | 21772 |
| Investments in real estate, net | 22956481 | - | - |  | 22956481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $198685546 | $743205 | $7079562 |  | $206508314 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)** |  |  |  |  |  |
| Current liabilities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $144916 | $111851 | $- |  | $256767 |
| &nbsp;&nbsp;&nbsp;Deferred rent | 228500 |  |  |  | 228500 |
| &nbsp;&nbsp;&nbsp;Security deposit | 228500 |  |  |  | 228500 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | 3118040 |  | 307480 | **5(c)** | 3425520 |
| &nbsp;&nbsp;&nbsp;Contingent consideration |  |  | 5309130 | **5(d)** | 5309130 |
| &nbsp;&nbsp;&nbsp;Other liabilities |  | 37886 |  |  | 37886 |
| &nbsp;&nbsp;&nbsp;Accrued excise tax payable | 860586 |  |  |  | 860586 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | 318211 | 293856 | - |  | 612067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 4898753 | 443593 | 5616610 |  | 10958956 |
| Long-term portion of external loans |  | 637564 | **-** |  | 637564 |
| Deferred tax liability |  |  | 1125000 | **5(e)** | 1125000 |
| Derivative warrant liabilities | 6317500 | **-** | **-** |  | 6317500 |
| Convertible preferred stock liability | 199999950 | **-** | **-** |  | 199999950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 211216203 | 1081158 | 6741610 |  | 219038971 |
| Commitments and contingencies |  |  |  |  |  |
| Stockholders' equity (deficit): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share capital |  | 154285 | (154285) | **5(f)** |  |
| &nbsp;&nbsp;&nbsp;Class A Common stock | 1893 |  |  |  | 1893 |
| &nbsp;&nbsp;&nbsp;Class B Common stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital |  | 4200396 | (4200396) | **5(f)** |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (12532550) | (4692632) | 4692632 | **5(f)** | (12532550) |
| Total stockholders' equity (deficit) | (12530657) | (337952) | 337952 |  | (12530657) |
| Total liabilities and stockholders' equity (deficit) | $198685546 | $743205 | $7079562 |  | $206508314 |

---

See accompanying notes to the unaudited condensed combined pro forma financial information.

**CONX CORP.**

**Unaudited Pro Forma Condensed Combined Statement of Operations**

**Nine Months Ended September 30, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CONX**<br> **Historical** | **Adjusted Red<br> Technologies<br> Historical**<br> **(Note 3)** | **Acquisition<br> Adjustments<br> (Note 6)** | **Note** | **Pro Forma** |
| **Revenue:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $1251006 | $- | $- |  | $1251006 |
| &nbsp;&nbsp;&nbsp;Sales income | - | 1141612 | - |  | 1141612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income | 1251006 | 1141612 |  |  | 1251006 |
| Depreciation and amortization expense | 386902 | 92131 | 375000 | **6(a)** | 854033 |
| General and administrative expenses | 4586784 | 1176974 | - |  | 5763758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (3722680) | (127494) | 375000 |  | (3475174) |
| **Non-operating income (expense):** |  |  |  |  |  |
| Change in fair value of equity forward | 325000 |  |  |  | 325000 |
| Change in fair value of derivative warrant liabilities | 2888000 |  |  |  | 2888000 |
| Unrealized gain/loss on marketable securities | (667) |  |  |  | (667) |
| Interest expense |  | (17405) |  |  | (17405) |
| Interest income on cash or cash equivalents held in investment account | 4030130 |  |  |  | 4030130 |
| Interest income on cash or cash equivalents held in Trust account | 320104 | - | - |  | 320104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | 7562567 | (17405) | - |  | 7545162 |
| Income (loss) before income tax expense | 3839887 | (144899) | 375000 |  | 4069988 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 349348 | (86219) | - |  | 263129 |
| **Net income** | $**3490539** | $(58680) | $375000 |  | $**3806859** |
| Weighted average shares used in computing net income (loss) per common share |  |  |  |  |  |
| Class A - Common stock (Basic) | 18928585 |  | 18928585 |  | 18928585 |
| Class A - Common stock (Diluted) | 12534530 |  | 12534530 |  | 12534530 |
| Class B - Common stock (Basic) | 21148517 |  | 21148517 |  | 21148517 |
| Class B - Common stock (Diluted) | 12534530 |  | 12534530 |  | 12534530 |
| Basic net income (loss) per common share |  |  |  |  |  |
| Class A - Common stock | 0.01 |  | 0.00 |  | 0.01 |
| Class B - Common stock | 0.27 |  | 0.03 |  | 0.24 |
| Diluted net income (loss) per common share |  |  |  |  |  |
| Class A - Common Stock | 0.01 |  | 0.00 |  | 0.01 |
| Class B - Common Stock | 0.27 |  | 0.03 |  | 0.24 |

---

See accompanying notes to the unaudited condensed combined pro forma financial information.

**CONX CORP.**

**Unaudited Pro Forma Condensed Combined Statement of Operations**

**Year Ended December 31, 2023**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **CONX**<br> **Historical** | **Adjusted Red<br> Technologies<br> Historical**<br> **(Note 3)** | **Acquisition<br> Adjustments<br> (Note 6)** | **Note** | **Pro Forma** |
| **Revenue:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental income | $- | $- | $- |  | $- |
| &nbsp;&nbsp;&nbsp;Sales income | - | 1897148 | - |  | 1897148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total income |  | 1897148 |  |  | 1897148 |
| Depreciation and amortization expense |  | 158474 | 500000 | **6(a)** | 658474 |
| General and administrative expenses | 1178513 | 1459224 | - |  | 2637737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (1178513) | 279450 | (500000) |  | (399063) |
| **Non-operating income (expense):** |  |  |  |  |  |
| Change in fair value of equity forward | (325000) |  |  |  | (325000) |
| Change in fair value of derivative warrant liabilities | (4693000) |  |  |  | (4693000) |
| Interest expense |  | (64326) |  |  | (64326) |
| Interest income on cash or cash equivalents held in Trust account | 267481 | - | - |  | 267481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense), net | (4750519) | (17405) | - |  | (4814845) |
| Income (loss) before income tax expense | (5929032) | (144899) | (500000) |  | (6213908) |
| &nbsp;&nbsp;&nbsp;Income tax expense | 65469 | (86219) | - |  | (261591) |
| **Net loss** | $**(5994501)** | $(58680) | $(500000) |  | $**(5952317)** |
| Weighted average shares used in computing net income (loss) per common share |  |  |  |  |  |
| Class A - Common stock (Basic &Diluted) | 30000 |  | 30000 |  | 30000 |
| Class B - Common stock (Basic & Diluted) | 18750000 |  | 18750000 |  | 18750000 |
| Basic net income (loss) per common share |  |  |  |  |  |
| Class A - Common stock | (0.32) |  | (0.03) |  | (0.32) |
| Class B - Common stock | (0.32) |  | (0.03) |  | (0.32) |

---

See accompanying notes to the unaudited condensed combined pro forma financial information.

**CONX CORP.**

**NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

**Note 1 – Description of the Red Technologies Acquisition**

On December 5, 2025, CONX Corp. ("CONX" or the "Company"), acquired a controlling interest of the net operating assets and liabilities of Red Technologies SAS, a a telecom engineering company specialized in the development and commercialization of solutions for sharing and optimizing the use of the radio frequency spectrum for consideration including: i) a cash payment in the amount of $10.6 million; ii) a holdback cash payment of $0.5 million; and iii) contingent consideration of $5.0 million, subject to customary closing adjustments (the "Red Technologies Acquisition").

**Note 2 – Basis of Presentation**

The Red Technologies Acquisition is being accounted for as a business combination using the acquisition method of accounting under US GAAP, in accordance with the provisions of ASC 805, *Business Combinations*, ("ASC 805") which requires assets acquired and liabilities assumed to be recorded at their acquisition date fair value. ASC 820, *Fair Value Measurements*, defines the term "fair value" as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value measurements can be highly subjective, and it is possible the application of reasonable judgement could develop different assumptions resulting in a range of alternative estimates using the same facts and circumstances.

CONX and Red Technologies' historical financial statements were prepared in accordance with US GAAP. Based on an analysis of CONX and Red Technologies' significant accounting policies, the Company has not identified any material differences in accounting policies that would have an impact on the unaudited pro forma condensed combined financial statements. As a result, the unaudited pro forma condensed combined financial statements do not assume any differences in accounting policies.

The pro forma adjustments presented in this unaudited pro forma condensed combined financial information represent management's estimates based on information available as of the date of this Form 8-K and such estimates are subject to revision as further information is obtained. Accordingly, the pro forma adjustments for the Red Technologies Acquisition are preliminary and subject to further adjustment as additional information becomes available and the various analyses and other valuations are performed. Any adjustments may have a significant effect on total assets, total liabilities, total equity, operating expenses, and depreciation and amortization expenses, and such results may be significant.

The assumptions underlying the pro forma adjustments are described in the accompanying notes to this unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined financial information may not be indicative of CONX's future performance and does not necessarily reflect what CONX's financial position and results of operations would have been had these transactions occurred at the beginning of the period presented.

Further, the unaudited pro forma condensed combined financial information does not purport to project the future operating results or financial position of CONX following the completion of the Red Technologies Acquisition. Additionally, the unaudited pro forma condensed combined financial information does not reflect any revenue enhancements, anticipated synergies, operating efficiencies, or cost savings that may be achieved related to the Red Technologies Acquisition, nor does it reflect any costs or expenditures that may be required to achieve any possible synergies.

CONX will finalize the accounting for the acquisition as soon as practicable within the measurement period, but in no event later than one year from December 5, 2025, in accordance with ASC 805.

**Note 3 – IFRS to US GAAP Adjustments to Red Technologies Historical Reported Financial Data**

In preparing the unaudited pro forma condensed combined financial information, the following adjustments were made to Red Technologies' historical financial statements to convert their financial statements to US GAAP and conform to the presentation of CONX's historical financial statements:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Historical Red<br> Technologies**<br> **IFRS**<br> **(Euro)** | **IFRS to US<br> GAAP<br> Adjustments**<br> **(Euro)** | **Note** | **Historical Red<br> Technologies**<br> **US GAAP**<br> **(Euro)** | **Historical Red<br> Technologies**<br> **US GAAP**<br> **(USD) (d)**  |
| Cash and cash equivalents | 199060 | $- |  | $199060 | $221852 |
| Accounts receivable | 437424 |  |  | 437424 | 487509 |
| Prepaid expenses | 10832 |  |  | 10832 | 12072 |
| Deferred tax asset | 306730 | (306730) | (c) |  |  |
| Exploration and evaluation assets | 6091565 | (6091565) | (a) |  |  |
| Property plant and equipment | 189984 | (170449) | (b) | 189984 | 21772 |
| Accounts Payable | 100360 |  |  | 100360 | 111851 |
| Other liabilities | 33994 |  |  | 33994 | 37886 |
| Current portion of lease liabilities | 98382 | (98382) | (b) |  |  |
| Income tax payable | 263666 |  |  | 263666 | 293856 |
| Long-term portion of external loans | 572063 |  |  | 572063 | 637564 |
| Lease liabilities | 72066 | (72066) | (b) |  |  |
| Deferred income | 1226920 | (1226920) | (c) |  |  |
| Share capital | 138434 |  |  | 138434 | 154285 |
| Additional paid in capital | 3768861 |  |  | 3768861 | 4200396 |
| Accumulated Deficit | 960851 | (5171375) | (a,c) | (4210527) | (4692632) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** | **For the nine months ended September 30, 2024** |
|  | **Historical Red<br> Technologies**<br> **IFRS**<br> **(Euro)** | **IFRS to US<br> GAAP<br> Adjustments**<br> **(Euro)** | **Historical<br> Red<br> Technologies**<br> **US GAAP**<br> **(Euro)** | **Historical<br> Red<br> Technologies**<br> **US GAAP**<br> **(USD) (f)** |
| Sales Income | 1050248 |  | $1050248 | $1141612 |
| Depreciation and amortization expense | 810758 | (726000) (e) | 84758 | 92131 |
| General and administrative expenses | 1082780 |  | 1082780 | 1176974 |
| Interest expense | 16013 |  | 16013 | 17405 |
| Income tax expense | 79319 |  | 79319 | 86219 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | **Historical Red<br> Technologies**<br> **IFRS**<br> **(Euro)** | **IFRS to US<br> GAAP<br> Adjustments**<br> **(Euro)** | **Historical<br> Red<br> Technologies**<br> **US GAAP**<br> **(Euro)** | **Historical<br> Red<br> Technologies**<br> **US GAAP**<br> **(USD) (g)** |
| Sales Income | 1753997 |  | $1753997 | $1897148 |
| Depreciation and amortization expense | 1114406 | (967890) (e) | 146516 | 158474 |
| General and administrative expenses | 1349117 |  | 1349117 | 1459224 |
| Interest expense | 59472 |  | 59472 | 64326 |
| Income tax expense | 302381 |  | 302381 | 327060 |

---

---

| | |
|:---|:---|
| (a) | Write-off of capitalized R&D |
| (b) | Adjustment to ROU assets and lease liabilities in accordance with ASC 842 |
| (c) | Write off of deferred income and related deferred tax asset for a government grant that has been fully realized. |
| (d) | Translation of the balance sheet from Euro to USD at the September 30, 2024 spot rate of 1.1145 |
| (e) | Removal of amortization of R&D |
| (f) | Translation of the statement of profit and loss from Euro to USD for the nine months ended September 30, 2024 using the average rate for the period of 1.086992 |
| (g) | Translation of the statement of profit and loss from Euro to USD for the year ended December 31, 2024 using the average rate for the period of 1.081614 |

---

**Note 4 – Preliminary Purchase Price Allocation**

***Preliminary Purchase Consideration***

The estimated fair value of the consideration transferred is $8.7 million, and is comprised of the following components (in thousands):

---

| | |
|:---|:---|
| Cash consideration | $10623963 |
| Cash due for holdback | 307480 |
| Fair value of contingent consideration | 5309130 |
| &nbsp;&nbsp;&nbsp;**Total fair value of consideration transferred** | $**16240573** |

---

*Cash consideration*: Represents the amount of cash paid to the Investor Sellers and the Founder by the Company on the Closing Date in accordance with the terms of the Purchase Agreement.

*Cash due for holdback*: Represents the amount of cash held back from the Investor Sellers and the Founder by the Company on the Closing Date in accordance with the terms of the Purchase Agreement.

*Fair value of contingent consideration:* Upon the achievement of a financial milestone as defined in the Purchase Agreement, the Company will make additional cash payments of up to €9,600,000. The fair value of the contingent consideration was derived based on the probability of achieving the financial milestones and an appropriate discount rate.

***Preliminary Estimates of Fair Value***

The following table summarizes the tangible and identifiable intangible assets acquired, and liabilities assumed used to prepare pro forma adjustments in the unaudited pro forma condensed combined balance sheet and statements of operations (in thousands).

---

| | |
|:---|:---|
| **Consideration:** | |
| &nbsp;&nbsp;&nbsp;Cash paid | $10623963 |
| &nbsp;&nbsp;&nbsp;Cash due for holdback | 307480 |
| &nbsp;&nbsp;&nbsp;Contingent earn-out payable | 5309130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total fair value of consideration transferred** | $**16240573** |
| **Identifiable assets acquired and liabilities assumed:** |  |
| &nbsp;&nbsp;&nbsp;Cash | $221852 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 487509 |
| &nbsp;&nbsp;&nbsp;Property and equipment | 21772 |
| &nbsp;&nbsp;&nbsp;Intangible assets | 4500000 |
| &nbsp;&nbsp;&nbsp;Other assets | 12072 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other current liabilities | (443593) |
| &nbsp;&nbsp;&nbsp;Deferred tax liability | (1125000) |
| &nbsp;&nbsp;&nbsp;Loans | (637564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net identifiable assets acquired** | $**3037048** |
| &nbsp;&nbsp;&nbsp;Goodwill | 13203525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net assets acquired** | $**16240573** |

---

The final estimates of fair value will be determined when the Company has completed the detailed valuations and necessary calculations. The final allocation could differ materially from the preliminary calculation used in the pro forma adjustments. The final estimates of fair value may include (i) changes in allocations to intangible assets including goodwill, (ii) other changes to assets and liabilities, and (iii) changes to the assessment of tax positions and tax rates.

***Intangible Assets***

Preliminary identifiable intangible assets in the unaudited pro forma condensed combined financial information consist of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
|  | **Approximate Fair Value** | **Estimated Useful Lives** | **Valuation Methodology** |
| Founder non-compete | $2500000 | 5 years | Replacement cost |
| License | 2000000 | Indefinite | Discounted cash flow method |
| &nbsp;&nbsp;&nbsp;**Total intangible assets** | $**4500000** |  |  |

---

The amortization related to the identifiable intangible assets is reflected as an Acquisition Adjustment in the unaudited pro forma condensed combined statements of operations based on the estimated useful lives above as further described in Note 6. The fair values of the identifiable intangible assets are preliminary and are based on Management's estimates as of the Closing Date. The Company applied judgement in estimating the fair value of these intangibles which involved the use of significant assumptions with respect to revenue forecasts, revenue growth, discount rates, and economic lives.

**Note 5 – Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet**

Acquisition Adjustments include the following adjustments, which are based on the Company's preliminary estimates and assumptions, related to the unaudited pro forma condensed combined balance sheet as of September 30, 2024, adjusted for changes in assets acquired and liabilities assumed between September 30, 2024 and the Closing Date.

(a) Represents the cash consideration paid as closing to the Investor Sellers and Founder.

(b) As a result of the acquisition of Red, in addition the working capital accounts, the Company acquired intangibles of $4.5 million and goodwill. Goodwill is calculated as the difference between the fair value of the consideration transferred and the values assigned to the identifiable tangible and intangible assets acquired and liabilities assumed. This adjustment of $13.2 million represents the adjustment to increase goodwill to its preliminary estimated fair value per the purchase price allocation..

(c) Represents the purchase accounting adjustment to record the holdback liability

(d) Represents the purchase accounting adjustment to record the fair value of the contingent consideration.

(e) Represents the recognition of the deferred tax liability for the intangibles acquired using the France statutory rate of 25%.

(f) Represents the elimination of Red Technologies' historical equity.

**Note 6 – Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations**

(a) The following table summarizes the estimated fair values of the Red Technologies' identifiable intangible assets and their estimated useful lives including the incremental amortization for the periods presented calculated on a straight-line basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in thousands,<br> except useful <br> lives)** | **Estimated<br> Fair Value** | **Estimated <br> Useful Life<br> (months)** | **Amortization Expense - Nine<br> Months Ended September<br> 30, 2024** | **Amortization Expense - <br> Year Ended December 31, 2023** |
| Founder non-compete | $2500000 | 60 | $375000 | $500000 |

---

Given the Company's history of net losses and full valuation allowances, CONX's management estimated an annual effective income tax rate of 0.0%. Therefore, the pro forma adjustments to the unaudited pro forma condensed combined statements of operations resulted in no income tax adjustments.