Damon Inc. (DMNIF), a British Columbia-based company, reported its financial results for the fiscal year ended June 30, 2025. The company, which operates through its subsidiary Damon Motors, is focused on developing electric motorcycles and personal mobility products. Damon Inc. also distributes data analytics and visualization software through its subsidiary Grafiti Limited. The company's revenue for the year was $222,736, derived from the scientific software products and services segment, while the electric motorcycles segment generated no revenue. The cost of revenue was $107,394, resulting in a gross profit of $115,342.
Operating expenses for the year totaled $31.59 million, including research and development expenses of $3.05 million, general and administrative expenses of $8.55 million, sales and marketing expenses of $667,300, and transaction costs of $4.95 million related to the Business Combination. The company also recorded an impairment charge of $14.12 million on goodwill and intangible assets. Other non-operating income was $26.13 million, primarily due to a $34.33 million gain from the change in fair value of financial liabilities, offset by finance expenses of $8.21 million. The net loss for the year was $5.35 million, compared to a net loss of $33.97 million in the previous year.
Key operational developments included a technical design agreement with Engines Engineering S.p.a. for the development of the HyperSport Race electric motorcycle, valued at $1.86 million. The company also effected a 1-for-125 reverse stock split on July 3, 2025. As of September 29, 2025, Damon had 3,097 reservations for HyperSport and HyperFighter motorcycles. The company's common shares were delisted from the Nasdaq Global Market on May 20, 2025, and are currently quoted on the OTCID Basic Market under the symbol "DMNIF."
As of June 30, 2025, Damon Inc. had cash of $2.48 million and a working capital deficiency of $10.4 million. The company's financial statements include a going concern explanatory paragraph, indicating substantial doubt about its ability to continue as a going concern. Management's plans to address this uncertainty include securing additional debt and equity financing. The company's future success depends on its ability to economically produce its vehicles at scale, create additional revenue sources, and manage its costs effectively.
About Damon Inc.
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