$MTTN

Matternet, Inc.

CIK:0002075109|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 121,439	$ 130,321	$ 255,564	$ 261,946
Cost of revenues	340,882	212,951	534,496	337,915
Gross profit (loss)	(219,443)	(82,630)	(278,932)	(75,969)
Operating expenses:
Research and development	964,846	666,262	3,135,689	2,297,255
General and administrative	2,607,179	1,127,922	6,860,497	3,440,289
Sales and marketing	100,250	52,473	367,058	161,320
Total operating expenses	3,672,275	1,846,657	10,363,244	5,898,864
Loss from operations	(3,891,718)	(1,929,287)	(10,642,176)	(5,974,833)
Other income (expense):
Interest expense (non-cash)	(4,696,185)		(4,992,876)	(1,610,540)
Interest expense	(125,267)	(339,821)	(802,871)	(847,421)
Change in fair value of derivative liabilities	544,109		544,109	1,306,244
Change in fair value of warrant liabilities		(99)	(725,348)	(84,910)
Other income (expense)	241,864	2,498	1,527,525	351,909
Total other income (expense)	(4,035,479)	(337,422)	(4,449,461)	(884,718)
Net loss before income taxes	(7,927,197)	(2,266,709)	(15,091,637)	(6,859,551)
Income tax provision (benefit)	(3,210)	3,674	380	11,566
Net loss	$ (7,923,987)	$ (2,270,383)	$ (15,092,017)	$ (6,871,117)
Net loss per common share - basic	$ (0.27)	$ (0.2)	$ (0.78)	$ (0.6)
Net loss per common share - diluted	$ (0.27)	$ (0.2)	$ (0.78)	$ (0.6)
Weighted-average shares used in computing basic net loss per share	28,871,884	11,484,551	19,238,777	11,484,475
Weighted-average shares used in computing diluted net loss per share	28,871,884	11,484,551	19,238,777	11,484,475

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (15,092,017)	$ (6,871,117)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	157,561	107,577
Operating lease right-of-use assets expense	427,661	281,136
(Gain) loss on retirement of property, plant, and equipment	(31,670)	216,903
(Gain) loss on remeasurement of warrant liabilities	725,348	84,910
(Gain) loss on remeasurement of derivative liabilities	(544,109)	(1,306,244)
Amortization of debt issuance costs	423,922	24,741
Amortization of debt discount	4,568,954	1,610,540
Shares issued for services	312,500
Stock-based compensation expense	678,317	492,055
Changes in Operating Assets and Liabilities:
Accounts receivable	33,527	(12,059)
Prepaid expenses and other current assets	277,058	171,696
Other non-current assets	(37,586)	(51,194)
Accounts payable	(81,706)	(31,156)
Accrued expenses	322,028	(66,938)
Accrued interest payable		593,362
Deferred revenue	85,911	149,206
Operating lease liabilities	(424,635)	(298,189)
Net cash used in operating activities	(8,198,936)	(4,904,771)
Cash flows from investing activities:
Purchase of property, plant, and equipment	(470,806)	(210,523)
Net cash used in investing activities	(470,806)	(210,523)
Cash flows from financing activities
Repayment of premium financing payable	(189,596)
Proceeds from issuance of common stock pursuant to private placement, net of offering costs	26,216,528
Proceeds from options exercised	2,187	8,912
Proceeds from warrants exercised	61
Proceeds from convertible notes	6,000,000	400,000
Proceeds from promissory notes payable		3,756,986
Proceeds from issuance of Series B-3 preferred stock, net of issuance costs	3,899,698
Repayment of debt upon proceeds from private placement	(4,176,510)
Payment of debt issuance fees	(243,340)	(24,101)
Net cash provided by financing activities	31,509,028	4,141,797
Net change in cash and cash equivalents	22,839,286	(973,497)
Cash and cash equivalents balance, beginning of period	294,411	1,414,866
Cash and cash equivalents balance, end of period	23,133,697	441,369
Supplemental disclosure of cash flow information
Cash paid for interest	669,402	224,932
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:
Conversion of LAVC net assets and liabilities acquired to common stock	42,309
Warrants issued in connection with notes payable		303,946
Conversion of preferred stock to common stock upon merger	66,878,708
Conversion of bridge notes to common stock	7,633,328
Warrants issued to bridge note holders		0
Prepaid financing premium payable	658,104
Forgiveness on convertible preferred stock		5,000,000
Net exercise of finance warrants for common stock		0
Right-of-use assets obtained in exchange for lease liabilities		859,310
Conversion of non voting common to voting common stock		0
Conversion of redeemable convertible preferred stock for non-voting common stock	52,732,400
Debt discount recorded for recognition of derivative liability	2,044,103
Unpaid offering costs related to private placement included in accrued expenses	900,000
Unpaid offering costs related to the bridge notes	$ 175,000

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2026	Sep. 30, 2025
Current assets:
Cash and cash equivalents	$ 23,133,697	$ 294,411
Accounts receivable, net	26,476	60,002
Prepaid expenses and other current assets	981,161	600,114
Total current assets	24,141,334	954,527
Property and equipment, net	965,413	620,497
Right-of-use assets, net	250,766	678,426
Other non-current assets	92,656	55,071
Total assets	25,450,169	2,308,521
Current liabilities:
Accounts payable	458,205	537,445
Accrued expenses	1,686,068	376,553
Deferred revenue	211,763	125,852
Insurance premium financing payable	468,508
Notes payable current, net		4,176,510
Operating lease liability, current	255,810	576,940
Warrant liability		614,680
Total current liabilities	3,080,354	6,407,980
Operating lease liability, non-current		103,504
Total liabilities	3,080,354	6,511,484
Commitments and contingencies (Note 11)
Redeemable convertible preferred stock; 21,987,039 shares authorized; 0 shares issued and outstanding as of June 30, 2026 and 18,994,952 shares issued and outstanding as of September 30, 2025, Liquidation value of $91,397,911 as of September 30, 2025		115,711,805
Stockholders’ equity (deficit):
Preferred stock par value $0.0001; 10,000,000 shares authorized; no shares issued or outstanding as of June 30, 2026 and September 30, 2025
Common stock, par value $0.0001; 500,000,000 shares authorized; 48,312,482 and 13,150,921 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively	4,833	1,315
Additional paid-in capital	168,104,674	10,731,592
Accumulated deficit	(145,739,692)	(130,647,675)
Total Stockholders’ equity (deficit)	22,369,815	(119,914,768)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit	$ 25,450,169	$ 2,308,521