Business Context and Reporting Period
Company: Our Bond, Inc. (formerly TG-17, Inc.)
Filing Type: Form 10-K (Annual Report)
Period Ended: December 31, 2025
Business Overview: Our Bond provides preventative personal security powered by AI and human agents. The company operates a cloud-based platform offering 14 distinct services, including video monitoring, route tracking, and emergency response coordination via a mobile app and global Command Centers. The company serves B2B, B2B2C, and DTC markets.
Corporate Status: The company is an Emerging Growth Company and a Smaller Reporting Company. It reincorporated from Delaware to Nevada in September 2025 and completed a direct listing on the Nasdaq Capital Market (Ticker: OBAI) in February 2026.
Key Financial Metrics (Year Ended Dec 31, 2025)
| Metric | 2025 (in thousands) | 2024 (in thousands) |
|---|---|---|
| Net Revenue | $9,972 | $9,736 |
| Cost of Services Sold | $9,406 | $9,027 |
| Gross Profit | $566 | $709 |
| Gross Margin | 5.7% | 7.3% |
| Operating Expenses | $9,818 | $10,292 |
| Net Loss | $(10,549) | $(11,017) |
| Cash and Cash Equivalents (End of Period) | $599 | $726 |
| Working Capital Deficit | $(5,703) | $(3,810) |
| Total Liabilities | $13,775 | $20,011 |
Note: Financial figures are presented in thousands of U.S. dollars as per the source document.
Material Changes vs. Prior Period
- Revenue Growth: Net revenue increased by approximately 2.4% ($236k) year-over-year, driven by customer base expansion. However, the revenue mix shifted slightly, with SaaS revenue representing 15.32% of total revenue in 2025 compared to 14.71% in 2024.
- Profitability: The company narrowed its net loss by approximately 4.25% to $10.55 million. Gross margin declined from 7.3% to 5.7% due to a 4.21% increase in the cost of services sold, attributed to global expansion and outsourced services.
- Liquidity: Cash and cash equivalents decreased by $127k to $599k. The company reported a working capital deficit of approximately $5.7 million, up from $3.8 million in 2024, due to increased current liabilities.
- Capital Structure: Significant financing activities occurred in 2025, including the issuance of Series C, D, E, and F Preferred Stock and crowdfunding rounds (Series CF-1 and CF-2). Approximately $6.8 million of outstanding loan obligations were converted into Series E Preferred Stock.
Guidance, Outlook, Risks, and Contingencies
Outlook and Management Commentary
Management anticipates sustaining operating losses for the foreseeable future as it expands its team, continues R&D, and seeks market share. The company requires substantial additional capital to finance operations. While the company believes existing cash and anticipated cash flows will support near-term requirements, there is no assurance of future profitability.
Key Risks
- Going Concern: The auditor has raised substantial doubt about the company's ability to continue as a going concern due to recurring losses, negative operating cash flows, and a net capital deficiency.
- Liquidity and Capital Needs: The company has a limited operating history and relies on equity financing and debt. Failure to raise capital on acceptable terms could force the company to delay or eliminate operations.
- Customer Concentration: Two customers accounted for 51.20% and 14.34% of total revenue in 2025. Loss of these customers would materially impact financial results.
- Technology and Third-Party Reliance: Operations depend heavily on Amazon Web Services (AWS) and third-party technologies (e.g., Twilio, Bandwidth). Disruptions could severely impact service delivery.
- Regulatory and Privacy: The business is subject to evolving privacy laws (CCPA, GDPR) and security regulations. Data breaches could result in significant liabilities and reputational harm.
- Controlled Company: Founder Doron Kempel and insiders beneficially own over 95% of the voting power, which may limit the ability of other stockholders to influence corporate matters.
Contingencies
The company is subject to a lawsuit filed in February 2025 by a former Israeli lessor for $1,600 regarding a lease dispute. Management intends to litigate, and a decision is not anticipated until 2027.
Important Facts for Investor Verification
- Going Concern Status: Verify the company's ability to secure additional financing given the auditor's "substantial doubt" qualification and the $5.7 million working capital deficit.
- Customer Concentration: Assess the risk associated with two customers generating over 65% of total revenue.
- Capital Structure Complexity: Review the terms of the various Preferred Stock series (B, C, D, E, F, CF) and warrants, particularly the liquidation preferences and conversion rights that may dilute common shareholders.
- Revenue Quality: Note that 84.68% of revenue comes from physical service offerings rather than the core SaaS platform, which may impact scalability and margin expansion.
- Related Party Transactions: The founder/CEO has participated in all funding rounds totaling approximately $44.67 million and holds a significant controlling interest.