Agencia Comercial Spirits Ltd - Class A Ordinary Share

As of December 31, 2025, cash was 15.82 million dollars against total liabilities of 18.35 million dollars, including 12.47 million dollars of borrowings and 4.81 million dollars due to related parties. Operating cash flow was negative 7.50 million dollars in 2025, reflecting working capital expansion and prepayments.

Subsequent events include a 14.55 million dollar PIPE and short‑term loans of 3.5 million dollars and 6.5 million dollars in April 2026, along with deposits and commitments related to the AI project, indicating reliance on external financing and near‑term liquidity management.