ScanTech AI Systems Inc. (NASDAQ: STAI) filed restated financial statements for the quarter ended March 31 2025 and reviewed statements for the quarter ended June 30 2025 with the U.S. Securities and Exchange Commission on November 28 2025. The filings were completed under the oversight of the company’s new independent auditor, Berkowitz Pollack Brant Advisors + CPAs, and represent a key milestone in the firm’s Nasdaq re‑compliance program.
The restatement of Q1 2025 corrects an accounting error related to the redemption of shares that was discovered during the transition to the new auditor. The review of Q2 2025 includes adjustments for previously unrecognized liabilities and a reclassification of certain operating expenses. Together, the filings bring ScanTech AI’s financial reporting back into alignment with SEC requirements and provide investors with an independently evaluated view of the company’s financial position as of the end of the first half of 2025.
ScanTech AI’s financial health remains fragile. Revenue for Q1 2025 was $1.2 billion, down 12% from $1.35 billion in Q1 2024, while the company posted a net loss of $0.9 billion, a decline from a $0.6 billion loss in the same period last year. The current ratio fell to 0.14, indicating that short‑term obligations exceed liquid assets, and total debt stands at $1.8 billion. Management has disclosed substantial doubt about the company’s ability to continue as a going concern without additional capital.
The Nasdaq compliance effort has been a multi‑year challenge. ScanTech AI regained compliance with the minimum market value of publicly held shares ($15 million) for 16 consecutive trading days from September 30 to November 4, 2025, but received a deficiency notice for failing to file its 2024 Form 10‑K and the June 30, 2025 Form 10‑Q on time. The company now aims to file its Q3 2025 statements by early December and to maintain timely filing of all future reports to avoid a delisting action.
CFO James White emphasized that the filings “reinforce our commitment to accuracy, transparency and timely reporting.” He added that the company is focused on cost discipline, strategic investments in high‑margin AI security solutions, and securing additional equity financing to shore up liquidity. The company has also announced a partnership with Germany’s Unival Group to expand its AI‑powered security screening systems, which could provide a new revenue stream as it seeks to improve its financial footing.
The filing has been viewed by investors as a necessary step toward restoring Nasdaq listing status, but the company’s ongoing liquidity concerns and the need for additional capital raise questions about its near‑term viability. Analysts note that while the restated and reviewed statements bring the company back into compliance, the underlying financial challenges—significant net losses, a low current ratio, and substantial debt—remain a concern for long‑term investors.
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