SEC Filing Document

Company: DUKE Robotics Corp.
Ticker: DUKR
CIK: 1638911
Filing Type: DRS
Document Type: DRS
Date Filed: 2025-12-22
Accession Number: 0001213900-25-124553
Exchange: OTC
SIC Code: 3721
SIC Description: Aircraft
URL: https://www.sec.gov/Archives/edgar/data/1638911/000121390025124553/filename1.htm

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13 – LOSS PER SHARE Basic loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the year. The weighted average number of shares of common stock used in computing basic and diluted loss per share for the years ended December 31, 2024 and 2023, are as follows: Year ended December 31, Number of shares Weighted average number of shares of common stock outstanding attributable to shareholders 54,651,600 54,530,423 Total weighted average number of shares of common stock related to outstanding options and warrants, excluded from the calculations of diluted loss per share 17,476,812 17,589,312 NOTE 14 – RELATED PARTIES A. Transactions and balances with related parties Year ended December 31, General and administrative expenses: Directors and Officers compensation (*) 445 425 (*) Share base compensation 11 47 Financing: Financing expense 8 9 B. Balances with related parties: As of December 31,

Other accounts liabilities 43 38

Loans 322 314

DUKE ROBOTICS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(USD in thousands, except share and per share data)

NOTE 14 –
RELATED PARTIES (continue)

C.	On March 25, 2021, the Board of Directors appointed Yossi Balucka to serve as its Chief Executive Officer. Mr. Balucka is entitled to a monthly fee of NIS30,000 (approximately $8,200), reimbursement of expenses and discretionary performance bonus. In conjunction with the appointment of Mr. Balucka, the Company issued to Mr. Balucka options to purchase 450,000 shares of the Company’s commons stock at an exercise price of $0.0001 per share, subject to and in accordance with the terms and conditions of an Option Plan. The options shall vest over a three year period, with 50% of the options to vest on the first anniversary of the grant date, and the balance of 50% of the options to vest in equal parts on the second and third anniversary of the grant date, respectively, subject to Mr. Balucka providing continued services to the Company. The fair value of the options was determined using the Black-Scholes pricing model, assuming a risk free rate of 0.07%, a volatility factor of 193.47%, dividend yields of 0% and an expected life of 5 years. Total value of stock- based compensation were estimated to an amount of $189. Total stock-based compensation expenses during the Year ended December 31, 2024 and 2023 amounted to $3 and $21, respectively.

On August 4, 2024, the Company entered
into a First Amendment to Service Agreement with Mr. Balucka pursuant to which his monthly fee was increased, from NIS 30,000 (approximately
$8,200) to NIS 40,000 (approximately $11,000) effective August 1, 2024. In addition, on August 4, 2024, the Company’s board of directors
approved an annual bonus of NIS 120,000 (approximately $32,900) for Mr. Balucka pursuant to the terms of his existing Services Agreement.

D.	In addition, in July 2021, the Board of Directors of the Company approved the issuance of options to purchase
490,000 shares of the Company’s Common Stock to its Vice Chairman, directors and CFO for exercise price of $0.38. The options shall
vest over a three year period, with 50% of the options to vest on the first anniversary of the grant date, and the balance of 50% of the
options to vest in equal parts on the second and third anniversary of the grant date.

The fair value of the options was determined
using the Black-Scholes pricing model, assuming a risk free rate of 0.07%, a volatility factor of 156.12%, dividend yields of 0% and an
expected life of 6 years. Total value of stock-based compensation were estimated to an amounted of $176. Total stock-based compensation
expenses during the year ended December 31, 2024 and 2023 amounted to $8 and $26, respectively.

NOTE 15 –
SEGMENT INFORMATION

This segment structure reflects the financial information and reports
used by the Company’s management, specifically its Chief Operating Decision Maker (“CODM”), to make decisions regarding
the Company’s business, including resource allocations and performance assessments, as well as the current operating focus in compliance
with ASC 280, Segment Reporting.

The Company reports segment information based on the management approach,
which designates the internal reporting used by the CODM, the Company’s Chief Executive Officer and the Vice Chairman of the Board,
for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM allocate resources and
assesses the performance of each operating segment based on potential business opportunities, historical and potential future sales and
operating expenses.

The Company has one operating
and reportable segment, Drones isolators washing activity.

The Drones isolators washing activity
segment generates revenue by providing isolators washing services for electricity companies.

The Company’s method for measuring
profitability on a reportable segment basis is operating loss. The Company adopted ASU 2023-07 in December 2024. The most significant provision
was for the Company to disclose significant segment expenses that are regularly provided to the CODM. The Company’s CODM periodically
reviews cost of revenues by segment and treats it as a significant segment expense.

DUKE ROBOTICS CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

((USD in thousands, except share and per share
data))

NOTE 15 –
SEGMENT INFORMATION (continue)

The following table presents information
about the Company’s reportable segment for the year ended December 31, 2024 and 2023:

Revenue related to the Company’s reportable
segments is as follows:

Year ended

December 31,

Revenue from drones isolators washing 108 300

Cost of revenues from drones isolators washing (71	) (273	)

Gross profit 37 27

Research and development expenses (157	) (3	)

Depreciation (18	) (20	)

Professional services (686	) (575	)

Share base compensation (28	) (108	)

Other general and administrative expenses (see note 10) (173	) (123	)

Operating loss (1,025	) (802	)

Interest expenses (15	) (11	)

Interest income 55 87

Net loss (985	) (726	)

For the year ended December 31,
2024 and 2023, The Company’s operations were mostly confined to Israel.

As of December 31, 2024 and 2023, all of the fixed assets
of the Company were located in Israel.

NOTE 16 –
SUBSEQUENT EVENTS

1.	On February 18, 2025, the Company established Duke Robotics Hellas M I.K.E
(“ Duke Greece”), our wholly owned subsidiary, formed under the laws of Greece, to support the ongoing global commercialization
efforts of our IC Drone.

2.	On February 24, 2025, the Company executed a consulting agreement
with Mrs. Alexandra Papaconstantinou to provide management services as the Managing Director of Duke
Greece.

3.	On March 18, 2025, the board of directors of the Company approved an
increase in the amount of shares of Common Stock available under the 2021 Equity Incentive Plan (the “2021 Plan”) from 4,800,000

4.	On March 18, 2025, the board of directors of the Company approved the following grants pursuant to the
2021 Plan:

options to purchase shares of Common Stock to Mr. Yossef Balucka, CEO, at an exercise price of $0.21 per share, and vest in three equal
installments of 33% at the end of each year. The options expire after six (6) years from the date of grant, and such other terms and conditions
set forth in our 2021 Plan.

(ii) 500,000 options
to our Common Stock to Mr. Vadim Maor, Company's CTO nominated at March 18, 205, at an exercise price of $0.21 per share. The options
have the following vesting schedule: 33% of the options will vest after 12 months and the remaining portion will vest in eight equal installments
over eight quarters. The options expire after six (6) years from the date of grant, and such other terms and conditions set forth in our
2021 Plan.

(iii) 120,000
options to purchase shares of Common Stock to Ms. Keren Gousman Golan, director at an exercise price of $0.21 per share and vest in three
equal installments of 33% at the end of each year. The options expire after six (6) years from the date of grant, and such other terms
and conditions set forth in our 2021 Plan.

(iv) 400,000 options
to purchase shares of Common Stock to Mrs. Alexandra Papaconstantinou, Managing Director of Duke Greece. The options were granted at an
exercise price of $0.21 per share and vest in three equal installments of 33% at the end of each year. The options expire after six (6)
years from the date of grant, and such other terms and conditions set forth in our 2021 Plan.

(v) 50,000 options
to purchase shares of Common Stock to Mr. Shlomo Zakai, CFO, at an exercise price of $0.21 per share, and vest in three equal installments
of 33% at the end of each year. The options expire after six (6) years from the date of grant, and such other terms and conditions set
forth in our 2021 Plan.

DUKE ROBOTICS CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)

AS OF SEPTEMBER 30, 2025

DUKE ROBOTICS CORP.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
(UNAUDITED)

AS OF SEPTEMBER 30, 2025

TABLE OF CONTENTS

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CONDENSED CONSOLIDATED FINANCIAL STATEMENTS:

Unaudited Condensed Consolidated Interim Balance sheets as of September 30, 2025, and December 31,