SOUTHWEST STEM LABS

The Company may match, at its discretion, the employee contributions according to the terms of the plan. During the years ended December 31, 2025, 2024 and 2023, the Company made matching contributions of $ 1.6 million, $ 2.2 million and $ 2.2 million to the plan, respectively. 21. SUBSEQUENT EVENTS On January 1, 2026, the Company elected to exercise its option to pay interest in kind of $ 4.6 million on its 2030 Senior Secured Notes. As of December 31, 2025, the accrued interest was recorded within accrued liabilities on the consolidated balance sheets. Interest paid in kind will increase the capitalized principal amount of the 2030 Senior Secured Notes. On January 13, 2026, the Company entered into a new lease for 15,000 square feet of office space in Gurugram, India. The Company will a

December 31, 2023 7,796,644 $ 16 $ 1,198,716 $ ( 42 ) $ ( 772,494 ) $ 485 $ 426,681 Issuance of common stock upon release of restricted stock units 195,168 — — — — — — Issuance of fully vested restricted stock units for employee bonuses (Note 14) 148,072 — 8,114 — — — 8,114 Stock-based compensation — — 21,212 — — — 21,212 Unrealized gain on available-for-sale securities — — — 3 — — 3 Foreign currency translation adjustments — — — 115 — — 115 Contribution from non-controlling interests — — — — — 56 56 Net loss — — — — ( 854,014 ) — ( 854,014 ) Balance as of December 31, 2024 8,139,884 $ 16 $ 1,228,042 $ 76 $ ( 1,626,508 ) $ 541 $ ( 397,833 ) Issuance of common stock upon release of restricted stock units 349,746 1 — — — — 1 Stock-based compensation — — 11,205 — — — 11,205 Foreign currency t

e expenses associated with sales and marketing, research and development, regulatory and related functions. In addition, we expect to continue to manage and reduce our general and administrative expenses associated with scaling our business operations, including legal, audit, additional insurance expenses, investor relations activities and other administrative and professional services. History We were originally known as Star Peak Energy Transition Corp. (“STPK”), which was a special purpose acquisition company that completed its public offering on August 20, 2020. On April 28, 2021 (the “Closing Date”), we consummated a business combination (the “Merger”) pursuant to an Agreement and Plan of Merger by and among STPK, STPK Merger Sub Corp., a Delaware corporation and wholly-owned subsidia