Robo.ai

End‑2025 balance sheet showed US$5.3 million of cash, US$124.6 million of current liabilities, loans from a third party (US$15.9 million), convertible notes (US$11.1 million), related‑party payables, and a shareholders’ deficit.

H1 2026 adds an EPFA of up to US$100 million and additional convertible capacity, but these are dilutive lifelines rather than durable capital. The interim report reiterates substantial doubt about the company’s ability to continue as a going concern. We require strong net cash and self‑funding operations; Robo.ai is far from that standard.