Empery Digital Inc.

Listed Company

EMPDCIK 0001829794NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthMotor Vehicles & Passenger Car BodiesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$975.0K

Net Income

$-150.05M

Total Assets

—

Equity

—

Shares Out

28.11M

Op. Cash Flow

$-17.85M

Business

Empery Digital Inc. is an all-electric off-road powersports vehicle company selling Volcon-branded electric two-wheeled E-Bikes and motorcycles, utility terrain vehicles (UTVs), and golf carts. It offers product lines including two-wheeled electric motorcycles and E-Bikes, light and higher-performance UTVs, four-seat golf cart models, and a variety of upgrades and accessories. The company operates through distribution and supply agreements, dealer and importer channels, and third-party manufacturing relationships across product-focused segments for two-wheel, four-wheel/UTV, and golf cart products. Empery Digital distributes products through powersports, bicycle and golf cart dealers, online direct-to-consumer sales, and international importers.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue:	974,977	4	3	5	448,819
Cost of goods sold	1	18	11	13	11
Gross margin	−362,618	−14	−8	−9	−10
Sales and marketing	1	2	7	6	3
Product development	398,605	2	8	8	10
General and administrative expenses	29	8	6	9	16
Unrealized loss on digital assets	123	0	—	—	—
Total operating expenses	153	12	22	23	29
Loss from operations	−153	−26	−30	−32	−39
Other income, net	2	33,981	−40,555	87,765	−854,022
Loss on repayment of credit facility	−125,377	0	—	—	—
Loss on conversion and extinguishment of Convertible Notes	0	−2	—	—	—
Loss on repayment of May 2024 Notes	0	−1	—	—	—
Gain (loss) on change in fair value of financial liabilities	46,672	−15	—	—	—
Interest income	292,623	0	—	—	—
Interest expense	−2	−643,716	−5	—	—
Total other expense	−474,386	−18	−15	−2	−945,260
Loss before provision for income taxes	−154	−44	—	—	—
Provision for income taxes	0	0	—	—	—
Loss from continuing operations before income tax	−154	−44	—	—	—
Income tax benefit	5	0	0	0	0
Loss from continuing operations	−149	−44	—	—	—
Loss from discontinued operations	−1	−1	—	—	—
Net loss	−150	−46	−45	−34	−40
Loss from continuing operations per common share - basic	−8.04	−1,140	—	—	—
Loss from continuing operations per common share - diluted	−8.04	−1,140	—	—	—
Loss from discontinued operations per common share - basic	−0.08	−35.02	—	—	—
Loss from discontinued operations per common share - diluted	−0.08	−35.02	—	—	—
Net loss per common share basic	−8.12	−1,175	−187,797	−325.2	−8.79
Net loss per common share diluted	−8.12	−1,175	−187,797	−325.2	−8.79
Weighted average common stock outstanding basic	18	38,725	240	105,275	5
Weighted average common stock outstanding diluted	18	38,725	240	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	9	—	2	—	—
Restricted cash	105,000	—	105,000	210,000	551,250
Certificate of deposit	2	—	0	—	—
Accounts receivable, net of allowance for doubtful accounts of $71,869 and $99,233 at December 31, 2025 and December 31, 2024, respectively	312,106	—	88,247	203,303	864,957
Inventory	330,619	—	1	9	6
Inventory deposits	15,556	—	191,156	258,316	427,662
Prepaid expenses and other current assets	2	—	1	2	2
Total current assets	14	—	5	20	20
Digital assets	127	—	0	—	—
Digital assets restricted by lenders as collateral for loans	230	—	0	—	—
Property and equipment, net	234,652	—	206,138	—	—
Intangible asset, net	36,908	—	15,698	0	5,813
Other long-term assets	155,056	—	199,281	199,281	285,037
Right-of-use assets - operating leases	778,235	—	739,234	1	2
Total assets	372	—	6	22	23
Accounts payable	745,466	—	385,326	831,184	1
Accrued liabilities	560,761	—	1	3	2
Vendor settlements - short-term	1	—	2	0	—
Term loan	50	—	0	—	—
Current portion of notes payable	8,047	—	7,181	15,278	—
Warrant liabilities	64,985	—	111,658	6	0
Right-of-use operating lease liabilities - short-term	322,103	—	443,950	399,611	391,117
Customer deposits	3,145	—	216,522	417,485	23,471
Total current liabilities	53	—	5	41	21
Long-term loan	50	—	0	—	—
Notes payable, net of current portion	20,485	—	28,533	69,138	50,116
Vendor settlements - long-term	0	—	1	0	—
Right-of-use operating lease liabilities - long-term	471,683	—	331,222	775,170	1
Total liabilities	103	—	6	42	22
COMMITMENTS AND CONTINGENCIES	—	—	—	—	—
Preferred stock: $0.00001 par value, 5,000,000 shares authorized, 25,000 shares designated as Series A, no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	—	0	0	0
Common stock: $0.00001 par value, 250,000,000 shares authorized,33,800,951 shares issued and outstanding as of December 31, 2025 and 78,859 shares issued and outstanding as of December 31, 2024	475	—	0	0	1
Treasury Stock	−96	—	0	—	—
Additional paid-in capital	682	679	166	101	76
Accumulated deficit	−316	−202	−166	−121	−76
Total stockholders equity	269	—	40,761	−20	635,013
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	372	—	6	22	23

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred tax benefit	−5	—	—	—	—
(Gain) loss on change in fair value of financial liabilities	−46,673	15	—	—	—
Noncash interest income on certificate of deposit	−49,413	0	—	—	—
Stock-based compensation	18	310,961	3	3	15
Loss on write down of inventory and inventory deposits	145,124	9	4	—	—
Loss on lease termination	72,544	0	85,756	378,176	0
Loss on sale/write off of property & equipment	76,349	844,945	56,509	—	—
Bad debt expense	40,730	29,560	105,688	0	—
Non-cash interest expense	117,909	553,803	5	2	54,670
Amortization of right-of-use assets	417,330	396,979	369,774	430,644	367,213
Depreciation and amortization	301,537	362,138	—	—	—
Loss on extinguishment of convertible notes	0	1	22	—	—
Loss on conversion of convertible notes to common stock	0	333,544	0	—	—
Gain on exercise of Series B Warrants	0	−165,355	0	—	—
Accounts receivable	−264,589	85,496	555,967	−839,372	−25,585
Inventory	668,921	−933,844	−8	−5	−4
Inventory deposits	175,600	−767,410	169,346	2	−4
Prepaid assets and other current assets	−1	871,498	−53,531	−740,059	−990,071
Accounts payable	360,141	−445,859	−205,444	−417,475	1
Accrued liabilities and vendor settlements	−3	2	1	−204,769	737,715
Right-of-use liabilities - operating leases	−466,036	−399,609	−359,347	−354,340	−240,110
Customer deposits	−213,377	−200,963	394,014	−2	2
Net cash used in operating activities	−18	−16	−30	−34	−24
Purchase of digital assets	−452	0	—	—	—
Proceeds paid for website development	−46,620	0	—	—	—
Purchase of property and equipment	−204,927	−312,090	−949,722	−799,412	−824,905
Proceeds from sale of property and equipment	134,749	23,717	0	—	—
Proceeds from insurance settlement	0	58,060	0	—	—
Purchase of certificate of deposit	−2	0	—	—	—
Net cash used in investing activities	−454	−230,313	−860,722	−799,412	−838,030
Repayment of notes payable	−7,182	−48,702	−80,394	−17,201	−13,158
Proceeds from credit facility, net of issuance costs of $194,551	35	0	—	—	—
Repayment of credit facility	−35	0	—	—	—
Proceeds from term loan, net of issuance costs of $149,913	50	0	—	—	—
Proceeds from Credit facility, net of issuance costs of $62,804	50	0	—	—	—
Proceeds from issuance of common stock units and pre-funded warrant units from February 2025 public offering, net of issuance costs of $1,296,118	11	0	0	—	—
Proceeds from issuance of common stock and pre-funded warrants from July 2025 private placement, net of issuance costs of $21,136,401	452	0	—	—	—
Proceeds from exercise of buy down warrants	2	0	680,978	0	—
Proceeds from the issuance of common stock issued from the At the Market Offering, net of issuance costs of $374,392 in 2025 and $112,814 in 2024	10	184,830	0	—	0
Repurchase of common stock	−96	0	—	—	—
Repurchase of fractional shares	−941	0	—	—	—
Proceeds from issuance of common stock units and pre-funded warrant units from July 2024 public offering, net of issuance costs of $1,210,753	0	11	0	18	—
Repayment of May 2024 Notes	0	−3	0	—	—
Proceeds from issuance of May 2024 Notes and warrants, net of issuance costs of $245,150	0	2	14	0	—
Net cash provided by financing activities	478	10	27	40	30
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	7	−6	−3	6	5
Cash paid for interest	2	88,710	15,935	6,483	23,048
Cash paid for income taxes	0	0	0	0	0
Issuance of common stock for digital assets	28	0	—	—	—
Transfer of inventory to property & equipment	310,813	0	—	—	—
Transfer of digital assets to lender for collateral	230	0	—	—	—
Recognition of right of use asset and liability - operating lease	563,660	0	—	—	—
Conversion of Convertible Notes for common stock	0	7	0	—	—
Exchange of Convertible Notes for Preferred Stock	0	25	0	—	—
Reclassification of warrant liability to equity for cashless exercise of Series A Warrants	0	17	0	—	—
Reclassification of warrant liability to equity for modification of Series B Warrants	0	3	—	—	—
Exchange of property & equipment in lieu of payments due for inventory purchases	0	60,000	0	—	—
Exchange of finished goods inventory with vendor for raw materials inventory	0	417,285	0	—	—
Conversion of preferred stock for common stock	0	3	—	—	—
Issuance of common stock for exercise of pre-funded warrants	25	2	—	—	—

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