QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Not applicable(Former name, former address and former fiscal year, if changed since last report)________________________________________ Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging 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 financialaccounting 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). YesNo As of May11, 2026, there were 41,669,673 shares of the registrant’s Class A common stock, par value $0.01, outstanding.As of May11, 2026, there were 4,499,529 shares of the registrant’s Class B common stock, par value $0.01, outstanding. TABLE OF CONTENTS Part IFinancial InformationItem 1.Financial Statements7Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)7Condensed Consolidated Statements of Operations for the three months endedMarch 31, 2026 and 2025(Unaudited)8Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and2025 (Unaudited)9Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and2025 (Unaudited)10Condensed Consolidated Statements of Cash Flows for the three months endedMarch 31, 2026 and 2025(Unaudited)11Notes to Condensed Consolidated Financial Statements (Unaudited)13Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations34Item 3.Quantitative and Qualitative Disclosures about Market Risk46Item 4.Controls and Procedures46Part IIOther InformationItem 1.Legal Proceedings48Item 1A.Risk Factors49Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities82Item 3.Defaults Upon Senior Securities82Item 4.Mine Safety Disclosures82Item 5.Other Information82Item 6.Exhibits84Exhibit Index84Signatures85 FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered bythe safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21Eof the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained inthis Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by termssuch as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,”“estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-lookingstatements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding: •our business strategy for our Growth Direct platform and systems;•our future results of operations and financial position, including our expectations regarding revenue, gross margin, gross marginpercentage, operating expenses and our ability to achieve positive cash flow;•our goal to achieve positive cash flow, our efforts to reduce our use of cash for operating and investing activities, our efforts toincrease productivity and efficiency and to pursue growth opportunities and the assumptions underlying such goal;•the expected impact of our debt facility with Trinity Capital Inc., including with respect to our financial position, cash forecastand use of proceeds;•our expectations and assumptions related to our future funding requirements and available capital resources, which may beimpacted by market uptake of our Growth Direct platform and systems, our management of inventory and supply chain, ourcapital expenditures, our research and development activities and our sales, marketing, manufacturing and distribution activities;•our ability to maintain and expand our customer base for our Growth Direct platform and systems,