Damon restates Q2 FY2025 financials; $2.3M transaction cost error reduces net income and EPS

Damon Inc.

Non-reliance on unaudited Q2 10-Q (Dec 31, 2024) due to understated $2.3M transaction cost from Nov 2024 business combination.
Restated net income for three months ended Dec 31, 2024: $30.2M (down from $32.5M); diluted EPS $2.33 (was $2.51).
Restated total liabilities increase $2.3M to $19.5M; accumulated deficit rises to $117.8M.
Streeterville SPA: $4.4M received of $10M commitment; outstanding principal $3.16M as of Mar 14, 2025; 31.4M shares outstanding.
Management cites existing material weakness in ICFR as cause; audit committee and independent auditor consulted.

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