WarpSpeed Taxi Inc. Reports $20.3 Million Net Loss for Nine Months Ending April 30, 2025

WarpSpeed Taxi Inc. reported a net loss of $20.3 million for the nine months ending April 30, 2025, compared to a loss of $13 million during the same period in the previous fiscal year. The company's financial performance reflects a significant increase in general and administrative expenses, which rose from $13 million to $20.3 million year-over-year. For the third quarter alone, the net loss was $4.1 million, up from $2.9 million in the prior year. The company has not generated any revenue to date, and its accumulated deficit has reached $636,322.

In terms of operational metrics, WarpSpeed Taxi's current assets slightly decreased to $15,008 as of April 30, 2025, from $15,039 at the end of the previous fiscal year. Current liabilities increased to $121,802, primarily due to accounts payable and accrued liabilities. The company has not engaged in any stock issuance during the nine-month period, maintaining a total of 139.9 million shares outstanding. The company’s cash position at the end of the reporting period was $8, down from $39 at the beginning of the period.

Strategically, WarpSpeed Taxi has undergone significant changes, including a recent acquisition by Ulixe One Corp., which acquired approximately 89% of the company's voting securities. This transaction, finalized on June 13, 2025, resulted in a complete overhaul of the company's leadership, with new directors and officers appointed, including Vito Di Somma as President. The acquisition is part of Ulixe's broader strategy to expand its IT consulting and services business into the U.S. market.

The company has acknowledged the need for additional capital to sustain its operations, as it continues to incur losses while developing its ride-hailing and food delivery application. Management has indicated that it plans to finance operations through existing cash reserves and potential public offerings. However, there are no current commitments from stakeholders to provide additional funding. The company’s ability to continue as a going concern is contingent upon generating profitable operations or securing necessary financing.

Looking ahead, WarpSpeed Taxi is evaluating its business plan and considering strategic alternatives to enhance its market position. The company remains focused on the development of its application, which aims to facilitate ride-hailing and food delivery services. However, the lack of revenue generation and ongoing losses raise concerns about its long-term viability without significant changes or additional funding.