AMCI

AMCI is a freshly de-SPAC'd microcap (AlphaVest reverse-merger, December 2025) whose actual business is reselling YI-brand security cameras on e-commerce platforms it does not own. The filing makes the core problem explicit: those storefronts belonged to VIEs (Ants, Xiaoyun, Yishijue), the company's authorization to use them is free only until October 20, 2026, and on December 1, 2025 it terminated the Xiaoyun/Yishijue arrangements and deconsolidated the VIEs. In other words, the sales channel is being wound down — which is exactly what the numbers show: FY2025 revenue fell 41% to $5.98M, and management frames the decline as 'deliberate.' Replacing it is a 30% revenue-share with related party Kami Vision, i.e. swapping owned product sales for related-party dependence. The 'Robotics' name and the stated pivot to 'autonomous robotic systems' are aspirational: R&D was just $58.1K (down 77%), so there is no evidence of a real robotics business behind the rebrand.

The income statement is alarming once you look past the headline gross-margin story. Yes, gross margin jumped from 6% to 47.7% and operating loss narrowed to just $505K — but net loss was $24.8M, a 3,094% blow-up. That ~$24.3M gap between a tiny operating loss and an enormous net loss sits entirely in non-operating items (de-SPAC, VIE deconsolidation, warrant/PIPE accounting), inflating accumulated deficit to -$27.2M and producing a -415% net margin and -238% ROE. Operating cash flow was -$5.56M against $7.0M of cash, leaving barely a year of runway absent more dilution — and shares already ballooned 486% in the merger.