Datavault AI Inc. — Form 10-Q

Datavault AI (market cap ~$47.5M) has executed binding agreements: (1) Scilex ($120M upfront for 30%–5% revenue share on quantum-edge network, uncapped long-term; later amended to $50M BTC purchase via Scilex); (2) HELMEX/Caprock ($2B in four $500M tranches of preferred stock at $1.55–$2.00/share, with 5% transaction fees per tranche, totaling up to $100M in fees); (3) AP Cyber/Available Infrastructure Master PO ($360K/site for SanQtum infrastructure across ~100 US cities, up to 1,000 units; $12M deposit alternative to PoC fee); (4) CyberCatch acquisition (49.9M Datavault shares at ~$3.73/share, ~$100M value, 7.52% post-deal dilution). Collectively these commitments total $2.4B+ in gross commitments and represent strategic pivots toward AI/quantum infrastructure and cybersecurity. Major execution risk remains high given capital intensity and unproven revenue.