Change Agents (CHGA) Q4 2025 earnings summary

Executive summary

• Focus shifted to AI-driven platforms and consumer health technology, with the acquisition of RPM Interactive and the launch of Avalon Quantum AI, LLC in December 2025.

• Discontinued laboratory services and wound down China operations to preserve cash and focus on core business segments.

• Commercialization of the KetoAir breathalyzer device continued, targeting diabetes and obesity markets.

Financial highlights

• Net loss from continuing operations was $17.5 million for 2025, up 148.9% from $7.0 million in 2024.

• Net loss attributable to common shareholders was $18.1 million ($5.64/share) in 2025, compared to $7.9 million ($8.44/share) in 2024.

• Cash balance at year-end 2025 was $109,000, down from $2.7 million at year-end 2024.

• Working capital deficit increased to $12.7 million at December 31, 2025.

• No income tax expense due to continued losses; accumulated deficit reached $105.9 million.

Outlook and guidance

• Management expects it will take about one year to generate meaningful revenue from the RPM AI platform.

• Plans to raise additional capital through equity sales; current cash is insufficient for the next 12 months.

• Ongoing evaluation of additional AI acquisitions to supplement operations.