NOMAD Power Solutions, Inc.

What they do

The company, formerly Lixte Biotechnology Holdings, Inc., develops LB-100, a protein phosphatase 2A inhibitor in clinical trials for Ovarian Clear Cell Carcinoma, Metastatic Micro Satellite Stable Colon Cancer, and Advanced Soft Tissue Sarcoma. It is also the majority shareholder of Liora Technologies Europe Ltd., which is developing the LiGHT System, an electronically controlled proton therapy system. On July 1, 2026, it acquired NOMAD Transportable Power Systems, Inc., a provider of deployable, utility-grade battery energy storage systems, and was renamed Nomad Power Solutions, Inc. effective July 3, 2026, beginning Nasdaq trading under a new ticker on July 6, 2026.

Revenue drivers

• Legacy biopharmaceutical operations — No revenue has been generated to date; the company states it has not commenced revenue-generating operations and has not generated any revenue since inception.
• Liora Technologies Europe Ltd. (proton therapy) — Liora currently has no revenue, and the company expects to incur approximately $2.0 million over the next 24 months to recommission and update the LiGHT system equipment.
• NOMAD Transportable Power Systems, Inc. (BESS) — Acquired on July 1, 2026; no financial contribution is reported in the excerpts, and the merger agreement required the company to have at least $16.5 million of unrestricted cash at closing.

Recent performance

For the six months ended June 30, 2026, the company incurred a net loss of $4,331,947 and used $3,468,083 of cash in operating activities. As of June 30, 2026, it had cash of $12,670,143 and total assets of $26.6 million against total liabilities of $1.7 million, leaving shareholder equity of $23.9 million. Annual net losses have been recurring, ranging from $3.6 million in 2024 to $6.1 million in 2025, with operating cash outflows of $3.1 million to $4.6 million per year from 2021 through 2025. The company reports it has not generated any revenue since inception.

Strategy

The company announced a strategic transformation to expand beyond biopharmaceutical and proton-therapy operations into AI energy infrastructure equipment and services. It completed the acquisition of NOMAD on July 1, 2026, and renamed itself Nomad Power Solutions, Inc. on July 3, 2026. The merger agreement required at least $16.5 million of unrestricted cash at closing, and on June 16, 2026, the company advanced $6.5 million to NOMAD under a secured promissory note. It continues to fund clinical development of LB-100 and expects to spend approximately $2.0 million over 24 months on the LiGHT system equipment.

Risks

• No revenue history — The company has not generated any revenue since inception and does not expect to generate sustainable operating revenue for several years, if ever.
• Need for additional capital — The company has recurring losses and negative operating cash flows and is dependent on access to equity or debt financing to fund its operating requirements and clinical-development programs.
• Early-stage clinical and technology risk — LB-100 remains in clinical trials for Ovarian Clear Cell Carcinoma, Metastatic MSS Colon Cancer, and Advanced Soft Tissue Sarcoma, and Liora's LiGHT system is not yet commercialized, with Liora currently reporting no revenue.
• Integration and transformation risk — The company is integrating a newly acquired battery energy storage business while continuing to operate legacy pharmaceutical and proton-therapy activities, and the merger agreement required a minimum cash balance of $16.5 million at closing.

Outlook

Management expects to incur approximately $2.0 million over the next 24 months to recommission and update the LiGHT system equipment. Remaining contractual commitments under clinical trial and clinical trial monitoring agreements totaled approximately $170,520 as of June 30, 2026, expected through December 31, 2027. The company states it does not expect to generate sustainable operating revenue for several years, if ever, and will require additional capital.