安科投资 2025年度报告

The number of shares outstanding of our Common Stock was 16,722,994 as of December 31, 2025 Indicate by check mark whether the company’s shell status has changed since the previous reporting period:Yes:No: X Indicate by check mark whether a change in control of the company has occurred over this reporting period:Yes:No: X SAFEGUARD SCIENTIFICS, INC.QUARTERLY REPORTTABLE OF CONTENTS PART I–FINANCIAL INFORMATION Item 1 – Financial Statements:Consolidated Balance Sheets (unaudited) – March 31, 2026 and December 31, 2025Consolidated Statements of Operations (unaudited) – Three Months Ended March 31, 2026Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2026Notes to Consolidated Financial Statements (unaudited)Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations PART II–OTHER INFORMATION Item 1 – Legal ProceedingsItem 2 – Unregistered Sales of Equity Securities and Use of ProceedsItem 3 – Defaults Upon Senior SecuritiesItem 4 – Mine Safety DisclosuresItem 5 – Other Information SAFEGUARD SCIENTIFICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited – In thousands) SAFEGUARD SCIENTIFICS, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(unaudited) 1. General The accompanying unaudited interim Consolidated Financial Statements of Safeguard Scientifics, Inc. (“Safeguard” or the “Company”) were prepared inaccordance with accounting principles generally accepted in the United States of America. In the opinion of management, these statements include all adjustments(consisting only of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements. The interim operating results are notnecessarily indicative of the results for a full year or for any interim period. Certain information and note disclosures normally included in financial statements prepared inaccordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulationsrelating to interim financial statements. The Consolidated Financial Statements included in this Quarterly Report should be read in conjunction with Management’sDiscussion and Analysis of Financial Condition and Results of Operations included elsewhere in this Report. Liquidity As ofMarch 31, 2026the Company had$28.6million of cash and cash equivalents. In January 2018, Safeguard ceased deploying capital into new opportunities in order to focus on supporting the existing ownership interests and maximizingmonetization opportunities to enable returning value to shareholders. We have considered and taken action on various initiatives including the sale of our ownershipinterests, the sale of certain or all of our ownership interests in secondary market transactions as well as other opportunities to maximize shareholder value. As we seekto provide additional funding to existing companies where we have an ownership interest, we may be required to expend our cash or incur debt, which will decrease ourliquidity. From time to time, we are engaged in discussions concerning acquisitions and dispositions which, if consummated, could impact our liquidity, perhapssignificantly. Accordingly, the Company could also pursue other sources of capital in order to maintain its liquidity. The Company believes that its cash and cash equivalents atMarch 31, 2026will be sufficient to fund operations past one year from the issuance of theseConsolidated Financial Statements. Principles of Accounting for Ownership Interests in Companies The Company accounts for its ownership interests using one of the following methods: Equity or Other. The accounting method applied is generallydetermined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity. In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its companies in the form ofpromissory notes which are included in Ownership interests and advances on the Consolidated Balance Sheets. Equity Method.The Company accounts for ownership interests whose results are not consolidated, but over which it exercises significant influence, under theequity method of accounting. Whether or not the Company exercises significant influence with respect to an ownership interest depends on an evaluation of severalfactors including, among others, representation on the board of directors and our ownership level, which is generally a 20% to 50% interest in the voting securities ofa company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. The Companyrecords the initial ownership interest at cost. Under the equity method of accounting, the Company does not reflect a company’s financial statements withinour Consolidated Financial Statements; however, our share