安科投资 2025年度报告

The number of shares outstanding of our Common Stock was 16,722,994 as of December 31, 2025 PART I–FINANCIAL INFORMATION Item 1 – Financial Statements: Consolidated Balance Sheets (unaudited) – March 31, 2026 and December 31, 2025Consolidated Statements of Operations (unaudited) – Three Months Ended March 31, 2026Condensed Consolidated Statements of Cash Flows (unaudited) – Three Months Ended March 31, 2026Notes to Consolidated Financial Statements (unaudited) Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations PART II–OTHER INFORMATION Item 1 – Legal ProceedingsItem 2 – Unregistered Sales of Equity Securities and Use of ProceedsItem 3 – Defaults Upon Senior SecuritiesItem 4 – Mine Safety DisclosuresItem 5 – Other Information SAFEGUARD SCIENTIFICS, INC.CONSOLIDATED BALANCE SHEETS SAFEGUARD SCIENTIFICS, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited - In thousands, except share and per share data) SAFEGUARD SCIENTIFICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 1. General The accompanying unaudited interim Consolidated Financial Statements of Safeguard Scientifics, Inc. (“Safeguard” or the “Company”) were prepared inaccordance with accounting principles generally accepted in the United States of America. In the opinion of management, these statements include all adjustments(consisting only of normal recurring adjustments) necessary for a fair presentation of the Consolidated Financial Statements. The interim operating results are notnecessarily indicative of the results for a full year or for any interim period. Certain information and note disclosures normally included in financial statements prepared in Liquidity As ofMarch 31, 2026the Company had$28.6million of cash and cash equivalents. In January 2018, Safeguard ceased deploying capital into new opportunities in order to focus on supporting the existing ownership interests and maximizingmonetization opportunities to enable returning value to shareholders. We have considered and taken action on various initiatives including the sale of our ownershipinterests, the sale of certain or all of our ownership interests in secondary market transactions as well as other opportunities to maximize shareholder value. As we seekto provide additional funding to existing companies where we have an ownership interest, we may be required to expend our cash or incur debt, which will decrease our The Company believes that its cash and cash equivalents atMarch 31, 2026will be sufficient to fund operations past one year from the issuance of theseConsolidated Financial Statements. Principles of Accounting for Ownership Interests in Companies The Company accounts for its ownership interests using one of the following methods: Equity or Other. The accounting method applied is generallydetermined by the degree of the Company's influence over the entity, primarily determined by our voting interest in the entity. In addition to holding voting and non-voting equity and debt securities, the Company also periodically makes advances to its companies in the form ofpromissory notes which are included in Ownership interests and advances on the Consolidated Balance Sheets. Equity Method.The Company accounts for ownership interests whose results are not consolidated, but over which it exercises significant influence, under theequity method of accounting. Whether or not the Company exercises significant influence with respect to an ownership interest depends on an evaluation of severalfactors including, among others, representation on the board of directors and our ownership level, which is generally a 20% to 50% interest in the voting securities ofa company, including voting rights associated with the Company’s holdings in common, preferred and other convertible instruments in the company. The Companyrecords the initial ownership interest at cost. Under the equity method of accounting, the Company does not reflect a company’s financial statements withinour Consolidated Financial Statements; however, our share of the income or loss of such company is reflected in Equity income (loss), net in the Consolidated When the Company’s carrying value in an equity method company is reduced to zero, the Company records no further losses in its Consolidated Statements ofOperations unless the Company has an outstanding guarantee obligation or has committed additional funding to such equity method company. If such equity method Other Method.We account for ownership interests in companies that are not accounted for under the equity method that do not have a readily determinablefair value under the fair value measurement alternative. Under the fair value measurement alternative, these ownership interests are based on our original cost lessimpairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar interests of the same issuer. Comprehensive Income (lo