Core AI Holdings

What they do

Core AI Holdings files as a foreign private issuer on Form 20-F with the SEC. Its filings describe a history under the names Siyata Mobile Inc. and Core Gaming, and its SIC classification is Radiotelephone Communications. The company's registered contact is CEO Aitan Zacharin, and its shares trade on Nasdaq under the symbol CHAI.

Revenue drivers

• Reported annual revenue (segment not disclosed) — The filings report top-line annual revenue of $55.2 million in 2025 and $34.9 million in 2024, but no product-line or segment breakdown is provided in the excerpts.
• Pre-funded warrant issuances — Exhibit 4.4 lists a form of pre-funded warrant to purchase 588,236 shares at an exercise price of $0.00004, indicating financing-related share issuance.
• Equity purchase facility — Agreements with Hudson Global Ventures, LLC dated October 21 and October 28, 2024, point to an equity purchase arrangement as an avenue for capital.
• Other revenue history — Historic annual revenue was $11.0M (2018), $9.8M (2019) and $6.0M (2020), so the 2024-2025 figures represent a sharp scale-up relative to that base.

Recent performance

For 2025 the company reported revenue of $55.2 million, up from $34.9 million in 2024. Net income swung to a loss of $31.6 million in 2025, compared with a loss of $372,320 in 2024. Operating cash flow was negative $6.7 million in 2025 versus negative $52,905 in 2024. At December 31, 2025, total assets were $13.4 million, total liabilities $10.3 million, shareholder equity $3.1 million, and cash and equivalents $1.9 million. Shares outstanding at December 31, 2025 were 19,922,402 common shares.

Strategy

The company is filing a Form 20-F/A Amendment No. 1 solely to add Exhibit 10.24, a May 19, 2026 letter from former auditor Barzily & Co. to the SEC's Office of the Chief Accountant regarding statements in Item 16F about the change in certifying accountant. The filings describe corporate activity rather than a documented operating strategy, including agreements under the prior Siyata Mobile Inc. name and a consulting agreement with IR Agency, LLC. Financing arrangements include pre-funded warrants and securities purchase agreements dating back to January 2024. No segment-level investment or product roadmap is described in the excerpts provided.

Risks

• Large net loss — The company reported a net loss of $31.6 million for 2025 against $55.2 million of revenue, indicating significant expenses relative to scale.
• Negative operating cash flow — Operating cash flow was negative $6.7 million in 2025, so operations consumed cash rather than generating it.
• Thin balance sheet — At December 31, 2025, cash and equivalents of $1.9 million against total liabilities of $10.3 million leaves limited liquidity headroom.
• Auditor change — The Form 20-F/A is being filed solely to add a letter from former auditor Barzily & Co. regarding the change in certifying accountant disclosed in Item 16F.

Outlook

The excerpts provided do not include a management outlook section or forward guidance. The filing was submitted only to include an exhibit related to the change in the company's certifying accountant. No revenue, margin or cash-flow targets are stated in the source material.