Damon Provides Operational Business Update and Reports Fiscal Year 2025 Results

Follows recent announcement of Damon's $30 million Reg A+ offering to advance its personal mobility products and AI-enabled connected vehicle strategy at https://invest.damon.com 

VANCOUVER, BC, Sept. 30, 2025 /CNW/ - Damon Inc. (DMNIF) ("Damon" or the "Company"), a designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector through innovation, announced today an operational business update and overview of its financial results for the year ended June 30, 2025.This update follows Damon's recent announcement of a $30 million Reg A+ offering to advance its personal mobility products and AI-enabled connected vehicle strategy, which is taking place at https://invest.damon.com. 

Fiscal Year 2025 Accomplishments and Recent Highlights

Damon has made substantial progress across its strategic initiatives, strengthening its technology platform and advancing its product development to create new revenue opportunities.

• Launched Damon I/O™ Platform: In June 2025, Damon officially launched Damon I/O, a white-label, AI-enabled rider intelligence and connected services platform. This platform is designed for personal mobility OEMs and fleet operators, offering capabilities like real-time diagnostics, over-the-air updates and predictive maintenance to create recurring software revenue opportunities.
• Advanced HyperSport Race Development: Damon achieved key milestones in its HyperSport Race program, developed with Italian engineering firm Engines Engineering. Damon completed key engineering phases in the program and, in September 2025, finalized the full-scale clay master model, moving the motorcycle from a digital concept to a physical form ready for prototype development.
• Evolved to Asset-Light Business Model: Damon redefined its mission to focus on an asset-light strategy and four core revenue verticals: Data Intelligence, Personal Mobility, Licensing and Engineering Services, and Special Projects. In line with this strategy, Damon is positioning itself as a technology provider, with a focus on licensing its hardware and software stack to other OEMs and commercial fleets.
• Announced $30 Million Reg A+ Offering: In September 2025, Damon announced a Regulation A+ equity offering of up to $30 million to advance its personal mobility products and AI-enabled connected vehicle strategy.
• Strengthened Leadership and Governance: Co-founder Dominique Kwong was appointed CEO, and Shashi Tripathi was named Chairman of the Board to drive operational excellence and execute Damon's asset-light partnership model.
• Began Trading on OTC: Damon's shares commenced trading on the OTC market under the symbol "DMNIF" in May 2025.

Commentary from Dominique Kwong, CEO of Damon

"Fiscal year 2025 marked a pivotal transformation for Damon. Our strategy has evolved from being an electric motorcycle company to becoming a technology leader building a platform to redefine the personal mobility industry. Our commitment is no longer just to produce great vehicles; it is to enhance the digital experience for every rider through our Damon I/O platform. We believe this software-first, asset-light approach allows us to scale globally without the capital constraints of traditional manufacturing.

The launch of our Damon I/O platform is the cornerstone of our new strategy, aimed at turning any personal mobility brand into a data-driven company and creating monetizable value from contextual information. Our HyperSport Race motorcycle will serve as a showcase for this technology, and completing its clay model was a crucial step in demonstrating the seamless integration of our AI platform with advanced hardware. We are not just sculpting a beautiful machine; we are crafting the physical interface for our Damon I/O platform.

By focusing on revenue opportunities like OEM licensing, fleet solutions and data services, we are building a connected ecosystem designed to make every vehicle smarter and safer. We believe this diversified strategy, combined with our strategic partnerships and proprietary technology, positions us strongly for long-term value creation and leadership in the future of mobility."

Financial Results for Fiscal Year 2025 (ended June 30, 2025)

Financial Performance:

• Net loss for the fiscal year was approximately $5.35 million, or $1.15 per diluted share, compared to a net loss of $33.97 million, or $1,656 per diluted share, in the prior fiscal year.

Balance Sheet:

• Total cash was $2.5 million at June 30, 2025, compared to $396 thousand at June 30, 2024.
• Total liabilities were reduced to $14.0 million at June 30, 2025, compared to $52.2 million at June 30, 2024.
• Stockholders' deficit was reduced to $9.9 million at June 30, 2025, compared to $50.4 million at June 30, 2024.

Operating Performance:

• Operating expenses for the fiscal year were approximately $31.5 million, compared to $11.5 million in the prior fiscal year. The increase was largely driven by non-cash impairment charges of $14.1 million, primarily related to goodwill and intangible assets, as well as higher expenses associated with the Company's public listing and business combination.
• General and administrative expenses for the fiscal year were approximately $8.45 million, compared to $4.3 million in the prior fiscal year.

For more information about Damon's vision for a connected mobility future and to learn about its ongoing investment opportunity, please visit https://invest.damon.com.

About Damon

Damon Inc. is a designer and developer of personal mobility products and technology solutions that integrate AI-enabled safety systems, smart electrification, and user-driven design to revolutionize sustainable transportation. Operating across four potential revenue verticals - Data Intelligence & Services, Engineering Services, Personal Mobility Products, and Special Projects – Damon believes it is positioned to capture a significant share of the $200B global two-wheeler market by 2030¹. The company distinguishes itself through its integrated ecosystem approach, combining advanced data analytics and engineering expertise, while seeking to enter into strategic partnerships with OEMs and Tier 1 suppliers. Damon emphasizes accessible mobility solutions while leveraging its proprietary AI-enabled safety systems and intelligent energy management technology to deliver superior performance and operational efficiency in the urban and business mobility space. For more information, please visit damon.com.

1 Source Fortune Business Insights (2025)

IMPORTANT INFORMATION AND RISK DISCLOSURE

The Reg A+ offering will be made only by means of an offering statement. An offering statement on Form 1-A relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and has become qualified. The securities offered by Damon are highly speculative. Investing in such securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. For additional information on Damon, the offering and any other related topics, please review the offering statement, including the final offering circular that forms a part of the offering statement (the "Offering Statement"), that can be found on the Company's EDGAR profile at www.sec.gov/edgar. Additional information concerning Risk Factors related to the offering, including those related to the business, government regulations, intellectual property and the offering in general, can be found in the section of the Offering Statement entitled "Risk Factors."

FORWARD LOOKING STATEMENTS
This press release, including any materials referenced herein, contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") that reflect current expectations and projections of Damon Inc. ("Damon" or the "Company") about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements in this press release include, but are not limited to, statements relating to the anticipated advancement of the HyperSport Race program and its associated benefits, the Company's expectations for the prospects of the evolving Damon IO system and the integration of the Damon IO platform with the Company's hardware design, the Company's asset-light business model and planned revenue verticals and other expected opportunities. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained.

In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, and general market conditions. Many risks, uncertainties, and other factors could cause the actual results of Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, our history of losses, our ability to implement our growth strategy, generate revenue and achieve profitability, our limited operating history with recent acquisitions, our ability to obtain adequate financing as needed, our ability to continue as a going concern, our status as a foreign private issuer, impact of our recent delisting from Nasdaq, our ability to establish and sustain an active trading market on an over-the-counter market maintained by OTC Markets Group Inc., customer demand for or acceptance of our products and services, our ability to enter into strategic partnerships with OEMs and Tier 1 suppliers, the impact of competitive or alternative products, technologies, and pricing, emerging competition and rapidly advancing technology that may outpace our own, our ability to manufacture or distribute products and services and secure strategic supply, manufacturing, licensing and distribution arrangements, our ability to protect our intellectual property, our ability to protect user data and user information, impact of any changes in existing or future regulatory and tax regimes applying to our business, our ability to successfully consummate strategic transactions and integrate companies or technologies we acquire, our ability to attract and retain management and employees with specialized knowledge and technical skills, our ability to develop and maintain effective internal controls, general economic conditions and events and the impact they may have on us and our customers, including but not limited to escalating tariff and non-tariff trade measures imposed by the United States and other countries, increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity threats, and conflicts such as those in Russia/Ukraine, Israel/Hamas and Iran, our success at managing the risks involved in the foregoing items, and other risk factors discussed in our periodic and current reports and registration statements filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law. All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement. 

SOURCE DAMON Motors Inc.