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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accurate firing of small arms and light weapons as well as other civilian applications with an emphasis on the field of infrastructure maintenance. Although the first product has been designed to be used by a UAS, the robotic solutions are also adaptable to other military platforms, as well as civilian purposes, such as our IC Drone solution. Prior to marketing our systems to potential defense and military customers, for security reasons, governmental approvals are required for each sale. On January 29, 2021, we, through Duke Israel, and Elbit, entered into the Collaboration Agreement for the global marketing and sales, and the production and further development of our developed advanced robotic system mounted on an UAS, armed with lightweight firearms, which we marketed under the commercial name “TIKAD”. Following the Collaboration Agreement, we have expanded our technology beyond military applications and continue to explore additional uses for our technology and know-how.

On July 09, 2025, we announced
that we expect to receive initial revenues from royalties for sales of the “Bird of Prey” stabilized weapons drone systems through
our collaboration with Elbit. The stabilized weapons drone system, which has been marketed and deployed by Elbit under the brand name
“Bird of Prey”, features proprietary technology that enables precise remote operations via an unmanned aerial platform, designed
to enhance military operational capabilities while minimizing risk to personnel with no boots on the ground. According to the Collaboration
Agreement between us and Elbit from February 2021, we will receive royalties from sales of this system in accordance with the terms of
the agreement. Additionally, in April 2025, we announced an expansion of our collaboration with Elbit that allows us to market the stabilized
weapons drone system to military, defense, homeland security, and para-military customers in coordination with Elbit.

Our commercialization efforts
in the civilian market are primarily focused in Europe, with secondary efforts focused on other global markets, including the United States.

On May 11, 2021, we entered into securities purchase agreements with
eight non-U.S. investors (the “Investors”) in a private placement offering in which we agreed to issue and sell an aggregate
of: (i) 12,500,000 shares of common stock at a price of $0.40 per share; and (ii) warrants to purchase 12,500,000 common stock. The warrants
were exercisable immediately and for a term of 18 months and had an exercise price of $0.40 per share. The aggregate gross proceeds from
the offering were approximately $5,000,000 and the offering closed on May 11, 2021. On April 5, 2022, we entered into an agreement with
the Investors pursuant to which we extended the term of the warrants, to expire on November 11, 2023. On November 1, 2023, we and the
Investors executed a second extension agreement, such that the term of the warrants was to expire on November 11, 2024.

On June 20, 2024, we entered into a Warrant Amendment Agreement (the
“Warrant Amendment Agreement”) with the Investors to amend the terms of the warrants issued in connection with the May 11,
2021 securities purchase agreements. Under the Warrant Amendment Agreement, we and the Investors agreed to: (i) extend the warrant exercise
term to May 11, 2026; (ii) amend the warrant exercise price, increasing it from $0.40 per share to $0.65 per share; and (iii) include
a beneficial ownership blocker that limits the exercise of such warrants if the exercise would result in the holder beneficially owning
more than 19.99% of our common stock immediately following the exercise.

On May 27, 2021, our board of directors approved the 2021 Equity Incentive
Plan (the “2021 Plan”) pursuant to which the Company may issue awards, from time to time, consisting of non-qualified stock
options, restricted stock grants and restricted stock units (“RSUs”). In addition, stock option awards that qualify under
Section 102 of the Israeli Tax Ordinance (New Version) 1961 (the “ITO”), and/or under Section 3(i) of the ITO, may be granted.
On March 18, 2025, our board of directors approved an increase in the amount of shares of common stock available under the 2021 Plan from

On June 15, 2021, we announced
that Duke Israel received a notice of allowance from the U.S. Patent and Trademark Office for a patent titled “Stabilization System”
regarding its stabilization technology incorporated in its advanced robotic system.

On August 15, 2022, we announced
that Duke Israel, introduced the IC Drone, a drone technology for conducting routine maintenance of critical infrastructure, and
has signed a collaboration and development agreement with the Israel Electric Corporation (“IEC”), a 99% government-owned company,
to provide drone-enabled systems for cleaning electric utility cable insulators. In October 2023, we successfully fulfilled our obligations
under this agreement, demonstrating the efficiency and safety of its IC Drone in real-world conditions.

On July 8, 2024, we announced
that we are advancing our commercial activity, following the successful completion of the pilot program for our IC Drone with the IEC,
and that we are working to expand our services globally and plan to offer insulation maintenance and washing services to electrical companies
worldwide, either independently or in collaboration with strategic partners.

On November 11, 2024, following
our commercial agreement with IEC from August 2024, we announced the commercial launch of our innovative IC Drone, a first-of-its-kind
system for washing high-voltage electric insulators and the transition to active service of our IC Drone technology. The IC Drone’s
advanced technology provides utility companies with a safer, more efficient, and environmentally sustainable solution for maintaining
high-voltage electric infrastructure than the currently available methods. This drone-enabled system replaces traditional methods that
rely on large, resource-intensive tanker trucks or helicopters, achieving significant water savings and operational cost reductions per
insulator or electric pole.

Key Features and Benefits of the IC Drone:

●	Enhanced Safety and Precision: Enables high-voltage insulator cleaning with minimal personnel risk and
greater precision compared to traditional methods.

●	Environmental Sustainability: Reduces water usage significantly, supporting sustainability initiatives
within utility maintenance.

●	Cost-Effective Operations: Cuts operational costs substantially per insulator and simplifies access to
remote or difficult-to-reach infrastructure.

On November 25, 2024, we announced
initial revenue generation from our August 2024 agreement with the IEC for high-voltage insulator washing services using our innovative
IC Drone. The August 2024 agreement with IEC represents a significant milestone, transitioning us from the development stage to active
service and revenue generation within the civilian sector. The agreement establishes us as a provider of advanced aerial cleaning solutions
designed to enhance the safety, efficiency, and sustainability of utility maintenance operations. The IEC has committed to a minimum utilization
of services, with a guaranteed payment in the low seven figures (in NIS) within the first year of the agreement. With the IC Drone now
fully operational, we aim to expand our offering to other utility providers globally, leveraging the proven success of the IC Drone with
the IEC. IEC satisfied this minimum-utilization commitment during the initial term. On May 27, 2025, IEC extended the agreement for an
additional year,

On June 10, 2025, we
announced the launch of our next-generation Insulator Cleaning Drone System (“ICDS2”), representing a significant technological
advancement in our innovative utility maintenance drone solution. The ICDS2 builds upon our proven IC Drone technology with substantial
performance improvements designed to enhance operational capabilities for utility providers worldwide.

The ICDS2 features several
key technological advancements over its predecessor:

●	Extended Flight and Operational Time.

●	Increased Maximum Takeoff Weight (MTOW).

●	Enhanced Stability and Position Holding.

●	Advanced Radar System enhancing safety and allowing for operations in more complex environments.

●	Superior Cleaning Durability.

On February 18, 2025, we announced
that we established Duke Greece, our wholly owned subsidiary, to support the ongoing global commercialization efforts of our IC Drone,
and on March 3, 2025, we announced the appointment of Alexandra Papaconstantinou as Managing Director of Duke Greece. This initiative
follows our initial revenue generation from the IC Drone technology through a service agreement with the IEC. Duke Greece will serve as
a platform for promoting and deploying our innovative IC Drone technology, as well as other potential applications of the Company’s
technologies and capabilities, in the Greek market, which provides utility companies with a safer, more efficient, and environmentally
sustainable solution for maintaining high-voltage electric infrastructure as well as potential other applications of our technologies
and capabilities.

Market Opportunity

Civilian sector

Insulator Cleaning Drone

Insulators are key components
of every high voltage electrical infrastructure around the world while routine cleaning and maintenance of insulators is crucial in order
to optimize system efficiency, prevent power outages, reducing risks of flashovers and corrosion. Cleaning of high voltage infrastructure
leads to better system performance and efficiency, improves safety by reducing the risk of electricity failure and accidents especially
in urban areas, and extends the life of the insulators.