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

Chunk 44 of 51
Word Count: 1463
Character Count: 8906

Document Content:

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 Page CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: Unaudited Condensed Consolidated Interim Balance sheets as of September 30, 2025, and December 31,

Unaudited Condensed Consolidated Interim Statements of Comprehensive loss for nine and three months ended September 30, 2025 and 2024	F-29

Unaudited Condensed Consolidated Interim
Statements of Stockholders’ Equity for the period of nine and three months ended September 30, 2025 and 2024	F-30

Unaudited Condensed Consolidated Interim Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	F-32

Notes to unaudited condensed consolidated financial statements	F-33 - F-41

DUKE ROBOTICS CORP.

UNAUDITED CONDENSED
CONSOLIDATED INTERIM BALANCE SHEETS

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

September 30, December 31,

Current Assets

Cash and cash equivalents 361 1,256

Restricted Cash 35 31

Trade receivables 236 37

Other current assets 31 31

Total Current assets 663 1,355

Operating lease right-of-use asset and lease deposit 144 184

Property and equipment, net 181 88

Total assets 988 1,627

Liabilities and Shareholders’ Equity

Current Liabilities

Accounts payable 109 92

Operating lease liability 68 60

Other liabilities 185 193

Total current liabilities 362 345

Related parties loans 328 322

Operating lease liability 76 109

Total liabilities 766 776

Stockholders’ Equity

Common stock of US$ 0.0001 par value each (“Common Stock”): 100,000,000 shares authorized as of September 30, 2025 and December 31, 2024; issued and outstanding 54,218,813 shares as of September 30, 2025 and December 31, 2024. 5 5

Additional paid-in capital 12,158 12,008

Foreign currency translation adjustments (1	) -

Accumulated deficit (11,940	) (11,162	)

Total stockholders’ equity 222 851

Total liabilities and stockholders’ equity 988 1,627

The accompanying notes are an integral part
of the condensed consolidated interim financial statements.

DUKE ROBOTICS CORP.

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF COMPREHENSIVE LOSS

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

Nine months ended Three months ended

September 30 September 30

Revenues 359 72 216 72

Cost of revenues (156	) (41	) (93	) (41	)

Gross profit 203 31 123 31

Research and development expenses (79	) (137	) (34	) (20	)

General and administrative expenses (875	) (636	) (302	) (229	)

Operating loss (751	) (742	) (213	) (218	)

Financing income (expenses), net (17	) 44 (17	) 7

Other loss (10	) - - -

Net loss (778	) (698	) (230	) (211	)

Other comprehensive  gain (loss) - Foreign currency translation adjustments (1	) - 1 -

Comprehensive loss (779	) (698	) (229	) (211	)

Loss per share (basic and diluted) (0.01	) (0.01	) (0.00	) (0.00	)

Basic and diluted weighted average number of shares of common stock outstanding 54,668,813 54,645,820 54,668,813 54,668,813

The
accompanying notes are an integral part of the condensed consolidated interim financial
statements.

DUKE ROBOTICS CORP.

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY

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

Number of Shares Amount Additional
paid-in
capital Foreign currency translation adjustments Accumulated deficit Total stockholders’ equity

BALANCE AT DECEMBER 31, 2024 54,218,813 5 12,008 - (11,162	) 851

Share based compensation for services - - 10 - - 10

Foreign currency translation adjustments - - - (*)- - (*)-

Net loss for the period - - (279	) (279	)

BALANCE AT MARCH 31, 2025 54,218,813 5 12,018 - (11,441	) 582

Share based compensation for services - - 67 - - 67

Foreign currency translation adjustments - - - (2	) - (2	)

Net loss for the period - - - - (269	) (269	)

BALANCE AT JUNE 30, 2025 54,218,813 5 12,085 (2	) (11,710	) 378

Share based compensation for services - - 73 - - 73

Foreign currency translation adjustments - - - 1 - 1

Net loss for the period - - - - (230	) (230	)

BALANCE AT SEPTEMBER 30, 2025 54,218,813 5 12,158 (1	) (11,940	) 222

(*)	represents amount less than $1 thousand.

DUKE ROBOTICS CORP.

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY

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

Number of Shares Amount Additional
paid-in
capital Foreign currency translation adjustments Accumulated deficit Total stockholders’ equity

BALANCE AT DECEMBER 31, 2023 54,218,813 5 11,750 - (9,947	) 1,808

Share based compensation for services - - 15 - - 15

Net loss for the period - - - - (209	) (209	)

BALANCE AT MARCH 31, 2024 54,218,813 5 11,765 - (10,156	) 1,614

Share based compensation for services - - 12 - - 12

Warrants modification - - 230 - (230	) -

Net loss for the period - - - - (278	) (278	)

BALANCE AT JUNE 30, 2024 54,218,813 5 12,007 - (10,664	) 1,348

Share based compensation for services - - 1 - - 1

Net loss for the period - - - - (211	) (211	)

BALANCE AT SEPTEMBER 30, 2024 54,218,813 5 12,008 - (10,875	) 1,138

The
accompanying notes are an integral part of the condensed consolidated interim financial
statements.

DUKE ROBOTICS CORP.

UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CASH FLOWS

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

Nine months ended

September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

Loss for the period (778	) (698	)

Adjustments required to reconcile net loss for the period to net cash used in operating activities:

Depreciation 52 17

Stock based compensation 150 28

Interest on loans from related parties 6 6

Reduction in the carrying amount of right-of-use assets 36 39

Change in operating lease liabilities (20	) (38	)

Loss from sale of property and equipment 10 -

Increase in trade receivable (199	) (72	)

Decrease (increase) in other current assets (4	) 1

Increase in accounts payable 14 17

Decrease in other liabilities (8	) (39	)

Net cash used in operating activities (741	) (739	)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment (152	) (76	)

Net cash used in investing activities (152	) (76	)

Effect of exchange rate changes on cash and cash equivalents 2 -

DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (891	) (815	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 1,287 2,281

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD 396 1,466

Supplemental disclosure of cash flow information:

Non cash transactions:

Acquisition of vehicle via non-cash trade-in. 14 -

The accompanying notes are an integral part
of the condensed consolidated interim financial statements.

DUKE ROBOTICS CORP.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS

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

NOTE 1 –
GENERAL

A.	DUKE ROBOTICS CORP. (formerly UAS Drone Corp.) (“the Company”) was incorporated under the
laws of the State of Nevada on February 4, 2015.

On March 9, 2020, the Company closed on the Share Exchange
Agreement (as defined hereunder), pursuant to which, Duke Robotics, Inc. (“Duke Inc.”) a corporation incorporated under the
laws of the state of Delaware, became a majority-owned subsidiary of the Company. Duke Inc. has a wholly-owned subsidiary, Duke Airborne
Systems Ltd. (“Duke Israel,” and collectively with Duke Inc., “Duke”), which was formed under the laws of the
State of Israel in March 2014 and became the sole subsidiary of Duke after its incorporation.

On April 29, 2020, the Company, Duke Inc., and UAS Acquisition
Corp., a Delaware corporation and a wholly-owned subsidiary of the Company (“UAS Sub”), executed an Agreement and Plan of
Merger (the “Merger Agreement”), pursuant to which UAS Sub merged with and into Duke Inc., with Duke Inc. surviving as our
wholly-owned subsidiary (the “Short-Form Merger”). Upon closing of the Short-Form Merger, each outstanding share of UAS Sub’s
common stock, par value $0.0001 per share, was converted into and became one share of common stock of Duke Inc., with Duke Inc. surviving
as a wholly-owned subsidiary of the Company.

Following the above transactions, Duke Israel became a wholly-owned
subsidiary of Duke Inc., which is a wholly-owned subsidiary of the Company.