RYTHM Inc 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30,2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number:001-39946 RYTHM INC.(Exact name of registrant as specified in its charter) Nevada30-0943453(State or other jurisdiction of(I.R.S. Employer 2220 Hicks Road Suite 210Rolling Meadows,IL60008(Address of principal executive offices, including zip code) (855)420-0020(Registrant’s telephone number, including area code) Agrify Corporation(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on whichregistered Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.YES☒NO☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).YES☐NO☒ As of November 7, 2025, the registrant had2,002,568shares of Common Stock, $0.001 par value per share outstanding. TABLE OF CONTENTS PagePART I FINANCIAL INFORMATION1ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)1Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations2Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)3Condensed Consolidated Statements of Cash Flows4Notes to the Condensed Consolidated Financial Statements5ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS31ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK41ITEM 4.CONTROLS AND PROCEDURES41PART II OTHER INFORMATION43ITEM 1.LEGAL PROCEEDINGS43ITEM1A.RISK FACTORS43ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS45ITEM 3.DEFAULTS UPON SENIOR SECURITIES45ITEM 4.MINE SAFETY DISCLOSURES45ITEM 5.OTHER INFORMATION45ITEM 6.EXHIBITS46SIGNATURES47 PART I - FINANCIAL INFORMATION RYTHM, INC. (Formerly known as Agrify Corporation)CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(In thousands, except share and per share data) (1)Include $454thousand andnonefrom related parties as of September 30, 2025 and December 31, 2024, respectively.(2)Include $60thousand andnonedue to a related party as of September 30, 2025 and December 31, 2024, respectively.(3)Include $4.8million and $487thousand due to related parties as of September 30, 2025 and December 31, 2024, respectively. The accompanying notes are an integral part of these condensed consolidated financial statements. RYTHM, INC. (Formerly known as Agrify Corporation)CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(In thousands, except share and per share data) (1)Include $696thousand and $961thousand for the three and nine months ended September 30, 2025, respectively, andnonefor thethree and nine months ended September 30, 2024, in each case from related parties.(2)Include $3.1million and $7.3million for the three and nine months ended September 30, 2025, respectively, andnonefor thethree and nine months ended September 30, 2024, in each case from related parties.(3)Include $1.4million and $2.2million of interest expense for the three and nine months ended September 30, 2025, respectively,and none for the three and nine months ended September 30, 2024, in each case from a related party.(4)Periods presented have been adjusted to retroactively reflect the 1-for-15 reverse stock split on October 8, 2024. Additionalinformation regarding reverse stock splits may be found in Note 1 – Overview, Basis of Presentation, and Significant AccountingPolicies, included in the notes to the condensed consolidated financial statements. The accompanying notes are an integral part of these conde