Nubeva Technologies Ltd. — Interim / Quarterly Report 2026

Apr 1, 2026

Nubeva Technologies Ltd.

Condensed Interim Consolidated Financial Statements

For the Nine Months Ended January 31, 2026 and 2025

UNAUDITED

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, Subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor.

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Nubeva Technologies Ltd.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

As of January 31, 2026 and April 30, 2025

(Expressed in United States dollars)

	Notes	January 31, 2026	April 30, 2025
Assets
Current assets:
Cash and cash equivalents	4	$ 2,727,173	$ 3,089,478
Accounts receivable	5	109,339	95,578
Tax credit receivable	6	202,113	369,284
Prepaid expenses and deposits	7	11,069	78,432
Total current assets		3,049,694	3,632,772
Equipment	8	13,098	9,257
Total Assets		$ 3,062,792	$ 3,642,029
Liabilities
Current liabilities:
Accounts payable and accrued liabilities	9,11	$ 111,626	$ 115,685
Current portion of term loans payable	12	2,508	2,508
Deferred revenue	10	127,171	273,975
Total current liabilities		241,305	392,168
Term loans payable	12	12,036	11,883
Total Liabilities		253,341	404,051
Shareholders’ Equity
Common share capital	13	19,311,030	19,311,030
Reserves	13	2,304,764	2,315,979
Deficit		(18,697,203)	(18,229,332)
Accumulated other comprehensive loss		(109,140)	(159,699)
Total Shareholders’ Equity		2,809,451	3,237,978
Total Liabilities and Shareholders’ Equity		$ 3,062,792	$ 3,642,029

Approved by the directors:

"Randy Chou"

"Francis Chan"

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Nubeva Technologies Ltd.

CONDENSED INTERIM CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME AND LOSS

(Expressed in United States dollars)

	Notes	Three Months Ended January 31,		Nine Months Ended January 31,
		2026	2025	2026	2025
Revenue	15	$ 139,571	$ 62,573	$ 402,197	$ 474,192
Operating expenses:
General and administrative	11,14	119,871	210,576	422,941	670,553
Research and development	11,14	159,337	122,656	591,078	454,504
Sales and marketing	14	1,463	1,769	4,026	13,057
Share-based compensation	11,13	1,434	14,354	6,560	35,841
Total expenses		282,105	349,355	1,024,605	1,173,955
Other Items
Interest and other income	4,16	25,071	34,573	84,093	122,331
Accretion and interest accrued	12	(610)	(558)	(1,825)	(22,702)
Foreign exchange loss		(684)	(1,461)	(3,231)	(4,366)
Government assistance	6	5,680	38,179	60,795	93,239
Bad debt expense	5	(3,301)	-	(3,301)	-
Gain (loss) on investment		(191)	11	231	649
Net loss before income tax		(116,569)	(216,038)	(485,646)	(510,612)
Income tax expense		-	7,264	-	(36,386)
Net loss for the period		(116,569)	(208,774)	(485,646)	(546,998)
Other comprehensive loss, item that may be recycled through profit and loss
Foreign currency translation adjustment		42,767	(23,374)	50,559	(16,348)
Total comprehensive loss for the period		$ (73,802)	$ (232,148)	$ (435,087)	$ (563,346)
Loss per share - basic and diluted		$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Weighted average number of common shares outstanding		70,173,783	70,173,783	70,173,783	70,135,045

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Nubeva Technologies Ltd.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

For the Nine Months Ended January 31, 2026 and 2025

(Expressed in United States dollars)

	Share capital			Reserves
	Note	Common Shares	Amount	Share Based Payment Reserve	Warrants Reserve	Deficit	Accumulated Other Comprehensive Loss	Total
Balance as at April 30, 2024		70,048,993	$ 19,286,071	$ 1,519,513	$ 966,042	$(17,785,035)	$(164,008)	$ 3,822,583
Share-based compensation	13	-	-	35,841	-	-	-	35,841
Options exercised	13	124,790	24,959	(12,576)	-	-	-	12,383
Forfeited/cancelled options	13	-	-	(161,863)	-	161,863	-	-
Foreign currency translation		-	-	-	-	-	(16,348)	(16,348)
Net loss for the period		-	-	-	-	(546,998)	-	(546,998)
Balance as at January 31, 2025		70,173,783	$ 19,311,030	$ 1,380,915	$ 966,042	$(18,170,170)	$(180,356)	$ 3,307,461
Balance as at April 30, 2025		70,173,783	$ 19,311,030	$ 1,349,937	$ 966,042	$(18,229,332)	$(159,699)	$ 3,237,978
Share-based compensation	13	-	-	6,560	-	-	-	6,560
Expired options	13	-	-	(17,775)	-	17,775	-	-
Foreign currency translation		-	-	-	-	-	50,559	50,559
Net loss for the period		-	-	-	-	(485,646)	-	(485,646)
Balance as at January 31, 2026		70,173,783	$ 19,311,030	$ 1,338,722	$ 966,042	$(18,697,203)	$(109,140)	$ 2,809,451

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Nubeva Technologies Ltd.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in United States dollars)

	Nine Months Ended January 31,
	2026	2025
Operating activities
Net loss for the period	$ (485,646)	$ (546,998)
Items not involving cash:
Share-based compensation	6,560	35,841
Accretion and interest accrued	1,825	2,434
Depreciation	2,648	2,223
Changes in non-cash working capital items related to operations:
Accounts receivable	(13,761)	196,699
Prepaid expenses	67,363	69,601
Tax credit receivable (net)	191,819	240,148
Accounts payable and accrued liabilities	(4,058)	10,303
Income tax payable	-	(201,293)
Deferred revenue	(146,804)	(237,332)
Cash used in operating activities	(380,054)	(428,374)
Investing activity:
Equipment	(6,100)	(5,649)
Cash used in investing activity	(6,100)	(5,649)
Financing activities:
Term loans repayment	(1,672)	(24,185)
Options exercised	-	12,383
Cash used in financing activities	(1,672)	(11,802)
Effect of foreign exchange on cash	25,521	(9,062)
Net increase in cash during the period	(362,305)	(454,887)
Cash and money market investments, beginning of the period	3,089,478	3,639,766
Cash and money market investments, end of the period	$ 2,727,173	$ 3,184,879

The accompanying notes are an integral part of these condensed interim consolidated financial statements.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

1. NATURE OF OPERATIONS

Nubeva Technologies Ltd. (“the Company” or “Nubeva”) was incorporated under the provisions of The Business Corporations Act (British Columbia) on February 3, 2017. The Company was a Capital Pool Company and had no business operations prior to February 28, 2018. The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the trading symbol “NBVA” and on the OTCPK Venture Market with the trading symbol “NBVAF.” The Company’s registered and records office are located at Suite 480, 789 West Pender Street, Vancouver, BC, V6C 1H2.

Nubeva is in the business of developing and licensing software-based decryption solutions, including Ransomware Reversal.

These condensed interim consolidated financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company recognized a net loss for the nine months ended January 31, 2026, of $485,646. As at January 31, 2026, the Company’s current assets exceeded its current liabilities by $2,808,389. Since inception, the Company has an accumulated deficit of $18,697,203. Management estimates that its working capital position will provide the Company with sufficient financial resources to carry out planned operations through the next twelve months. Realization values may be substantially different from carrying values as shown and these consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material. The Company is dependent upon making sales or raising debt and equity financing to provide the funding necessary to meet its general operating expenses and will require additional financing to continue to develop and deploy its technology. The Company has primarily incurred losses since inception and expects to incur further losses in the development of its business. These factors indicate a material uncertainty which may cast significant doubt upon the Company’s ability to continue as a going concern and, therefore, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

2. STATEMENT OF COMPLIANCE

Basis of Preparation

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”), and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). These condensed interim consolidated financial statements were approved by the Audit Committee on April 01, 2026.

Basis of Consolidation

The Company’s condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries:

• Nubeva, Inc., registered in Delaware, USA; and
• Nubeva Pty Ltd. registered in New South Wales, Australia

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

2. STATEMENT OF COMPLIANCE (CONTINUED)

Basis of Consolidation (continued)

A subsidiary is an entity (including special purpose entities) controlled by the Company, where control is achieved by the Company having the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. The financial statements are consolidated from the date on which control is obtained by the Company and are deconsolidated from the date that control ceases. All intercompany transactions and balances have been eliminated.

Basis of Measurement

These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for those assets and liabilities that are measured at fair value at the end of each reporting period. Additionally, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

3. ACCOUNTING STANDARDS AND AMENDMENTS ISSUED

Accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company's condensed interim consolidated financial statements.

4. CASH AND CASH EQUIVALENTS

	January 31, 2026	April 30, 2025
Cash	$ 128,474	$ 373,463
Money market funds	2,598,699	2,716,015
	$ 2,727,173	$ 3,089,478

See Note 16.

5. ACCOUNTS RECEIVABLE

	January 31, 2026	April 30, 2025
Trade receivable	$ 16,000	$ 43,800
Taxes receivable	85,293	47,923
GST receivable	8,046	3,855
	$ 109,339	$ 95,578

As of January 31, 2026, 100% (April 30, 2025 - 100%) of the Company's trade receivable is current. There are no allowances for doubtful accounts.

During the nine months ended January 31, 2026, the Company recorded a write-off of accounts receivable totaling $4,800. Of this amount, $1,499 was applied as a reduction to deferred revenue, while the remaining $3,301 was recognized as a reduction to revenue.

One customer accounted for 100%, of the Company's trade receivable on January 31, 2026 (April 30, 2025 – three customers accounted for 62%, 27% and 11%).

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

6. TAX CREDIT RECEIVABLE

The Company is eligible to receive tax credits from its eligible research and development expenditures. The Company records the anticipated tax credits as government assistance at such time that the amount of tax credits is estimable, and their receipt is reasonably assured. As of January 31, 2026, the Company has estimated tax credits receivable of $202,113.

The Company engages in research and development activities. Research costs are expensed as incurred. Product development costs are expensed in the period incurred unless the costs meet the criteria for deferral and amortization.

Balance, April 30, 2025	$ 369,284
Tax credits received	(279,852)
Tax credit accrual	88,033
Foreign exchange	24,648
Balance, January 31, 2026	$ 202,113

7. PREPAID EXPENSES AND DEPOSITS

	January 31, 2026	April 30, 2025
Deposit and prepaid office rent	$ -	$ 3,300
Other	11,069	75,132
	$ 11,069	$ 78,432

8. EQUIPMENT

	Computers
Cost
As at April 30, 2025	$ 16,782
Additions	6,100
As at January 31, 2026	$ 22,882
Accumulated depreciation
As at April 30, 2025	$ 7,525
Amortization	2,648
Foreign exchange	(389)
As at January 31, 2026	$ 9,784
Net book value
As at April 30, 2025	$ 9,257
As at January 31, 2026	$ 13,098

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	January 31, 2026	April 30, 2025
Accounts payable (Note 11)	$ 61,416	$ 28,141
Accrued liabilities	50,210	87,544
	$ 111,626	$ 115,685

10. DEFERRED REVENUE

	January 31, 2026	April 30, 2025
Deferred revenue, beginning	$ 273,975	$ 243,032
Revenue recognized that was included in the contract liabilities	(273,975)	(243,032)
Unearned revenues received	127,171	273,975
	$ 127,171	$ 273,975

All deferred revenue outstanding at January 31, 2026, is expected to be recognized in revenue within one year.

11. RELATED PARTY TRANSACTIONS

Key management personnel include people having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. Key management personnel comprise of the members of the Company's Board of Directors, and corporate officers.

The following amounts, included in accounts payable and accrued liabilities (Note 9), are payable to related parties as of January 31, 2026 and April 30, 2025:

	January 31, 2026	April 30, 2025
Expenses incurred on behalf of Company	$ -	$ 19
Consulting	3,897	4,970
	$ 3,897	$ 4,989

These amounts are unsecured, non-interest bearing, and have no fixed terms of repayment.

Key Management Compensation

The Company incurred the following expenses with directors, officers, and companies controlled by them, during the nine months ended January 31, 2026 and 2025:

	Nine Months ended January 31, 2026	Nine Months ended January 31, 2025
Salary	$ 325,434	$ 348,252
Consulting	86,526	106,118
Board services	81,345	81,216
Share-based compensation	-	9,739
	$ 493,305	$ 545,325

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

12. TERM LOANS PAYABLE

Economic Injury Disaster Loan Program ("EIDL")

During the nine months ended January 31, 2026, accretion and interest of $1,825 (2025 - $22,702) have been recorded on the loans in the condensed interim consolidated statement of comprehensive income and loss. Payments of $1,672 (2025 - $1,881) were made to reduce the loan during the nine months ended January 31, 2026.

Bank of Montreal loan (formerly CEBA loan)

During the nine months ended January 31, 2026, accretion and interest of $Nil (2025 - $90) were recorded on the loan and were included in the condensed interim consolidated statement of comprehensive income and loss. The Company paid $24,185 to extinguish the loan during the nine months ended January 31, 2025.

Transactions for the nine months ended January 31, 2026 are as follows:

Balance, April 30, 2025		$	14,391
Accretion and interest			1,825
Payments			(1,672)
Balance, January 31, 2026		$	14,544
	January 31, 2026		April 30, 2025
Current portion	$	2,508	$ 2,508
Long term portion		12,036	11,883
	$	14,544	$ 14,391

13. SHARE CAPITAL AND RESERVES

(a) Authorized

• Unlimited common shares without par value; and
• Unlimited Restricted Voting Common Shares without par value. Restricted Voting Common Shares may be entitled to receive dividends as and when declared by the Board of Directors, only if the same dividend is declared or paid on the common shares. Restricted Voting Common Shares may be converted into common shares on a one-for-one basis without payment of additional consideration, at the option of the holder with consent of the Board of Directors, and at any time at the option of the Board of Directors.

(b) Issued share capital

At January 31, 2026, there were 70,173,783 (April 30, 2025 – 70,173,783) common shares issued and fully paid. There are no Restricted Voting Common Shares outstanding.

(c) Shares issued during the period

There were no shares issued during the nine months ended January 31, 2026.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

13. SHARE CAPITAL AND RESERVES (CONTINUED)

(d) Share-based compensation

The Company has reserved 13,600,000 (April 30, 2025 - 13,600,000) common shares for issuance under all share compensation arrangements. The amended allocation of common shares reserved for equity compensation was as follows:

(i) 13,500,000 common shares reserved for issuance under the Company’s Fixed Share Option Plan; and
(ii) 100,000 common shares reserved for issuance under the Company’s Restricted Share Unit Plan.

The following table summarizes the Company’s outstanding equity compensation as at January 31, 2026 and April 30, 2025:

(i) Options

	January 31, 2026			April 30, 2025
	Units	Weighted average exercise price (CAD $)	Weighted average remaining life (years)	Units	Weighted average exercise price (CAD $)	Weighted average remaining life (years)
Stock options	4,372,611	0.76	3.05	4,416,159	0.76	3.82

Options to purchase common shares may be granted to directors, consultants, officers and employees of the Company and its subsidiary for terms up to ten years at a price at least equal to the market price prevailing on the date of the grant.

The continuity of stock options for the nine months ended January 31, 2026 is as follows:

	Number of Options	Weighted Average Exercise Price (CAD$)
Balance, April 30, 2025	4,416,159	0.76
Expired	(43,548)	0.57
Balance, January 31, 2026	4,372,611	0.76

Share-based compensation – Black-Scholes Option Pricing Model

Of the options issued under the Black-Scholes Option Pricing Model, no stock options were cancelled or forfeited during the nine months ended January 31, 2026 (2025 – 829,972) options with exercise prices ranging from Nil (2025 - CAD$0.25 to CAD$0.68) per share. On October 1, 2025, 43,548 stock options expired (2024 – Nil) with exercise prices ranging from CAD$0.05 to CAD$0.81 (2024 – Nil) per share. The Company transferred the fair value of the cancelled, forfeited, and expired options from share-based payment reserve to deficit, amounting to $17,775 in the current period and $161,863 in the comparative period.

Share-based compensation of $6,560 (2025 - $35,841) using the Black-Scholes Option Pricing Model (excluding the vested options using the Monte Carlo Method) was recorded on vested options during the nine months ended January 31, 2026.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

13. SHARE CAPITAL AND RESERVES (CONTINUED)

Share-based compensation - Monte Carlo Method

During the nine months ended January 31, 2026, the Company recognized $Nil (2024 - $2,096) of the share-based compensation as calculated using the Monte Carlo method simulation.

Details of options outstanding on January 31, 2026, are as follows:

Number of Options Outstanding	Expiry Date	Weighted Average Exercise Price (CAD$)	Weighted Average Remaining Life (Years)
116,129	24-Nov-26	0.05	0.81
38,710	15-Feb-27	0.05	1.04
30,968	19-Jun-27	0.05	1.38
1,825,000	26-Jul-27	1.15	1.48
100,000	30-Aug-27	0.75	1.58
30,000	19-Oct-27	0.69	1.72
148,000	1-Nov-27	0.37	1.75
95,834	3-Nov-27	0.68	1.76
20,000	18-Sep-29	0.10	3.63
30,000	26-Sep-29	0.27	3.65
72,518	23-Apr-30	0.08	4.23
1,610,452	28-Dec-30	0.45	4.91
100,000	24-Feb-31	0.42	5.07
45,000	18-Nov-31	0.81	5.80
25,000	10-Jan-32	2.07	5.95
75,000	28-Feb-32	1.55	6.08
10,000	6-Apr-32	1.32	6.18
4,372,611		0.76	3.05

At January 31, 2026, there were 2,516,765 (April 30, 2025 – 2,516,234) stock options exercisable.

(i) RSUs

RSUs are equity settled only and may be granted to directors, consultants, officers, and employees of the Company. Compensation expense is recognized based on the share price of the Company's common shares on the grant date multiplied by the number of RSU's expected to vest and recognized ratably over the vesting period, with a corresponding credit to the share-based compensation reserve. Adjustments to the number of RSUs expected to vest are recognized in the current period.

There are no RSUs outstanding at January 31, 2026.

(ii) Warrants

There are no warrants outstanding at January 31, 2026.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

13. SHARE CAPITAL AND RESERVES (CONTINUED)

(e) Reserves

The share-based payment reserve is comprised of items recognized as share-based compensation expense including RSU's and stock options. Upon exercise of options or vesting of RSU's the corresponding amount will be transferred from the reserve to share capital. In the event that share-based compensation is cancelled or expires unexercised, the corresponding amount is removed from the share-based payment reserve and credited to profit and loss.

The warrants reserve is comprised of the value of warrants issued as part of private placements. The value of warrants is transferred to share capital on the date they are exercised. The Company does not adjust the reserve for warrants that expire unexercised.

14. EXPENSES BY NATURE

For the three months ended January 31, 2026:

	General and Administration	Research and Development	Sales and Marketing
Office expense and operations	$ 100,150	$ 24,495	$ 1,463
Personnel	19,721	134,842	-
Totals	$ 119,871	$ 159,337	$ 1,463

For the three months ended January 31, 2025:

	General and Administration	Research and Development	Sales and Marketing
Office expense and operations	$ 119,997	$ 26,307	$ 1,769
Personnel	90,579	96,349	-
Totals	$ 210,576	$ 122,656	$ 1,769

For the nine months ended January 31, 2026:

	General and Administration	Research and Development	Sales and Marketing
Office expense and operations	$ 361,403	$ 71,100	$ 4,026
Personnel	61,537	519,978	-
Totals	$ 422,941	$ 591,078	$ 4,026

For the nine months ended January 31, 2025:

	General and Administration	Research and Development	Sales and Marketing
Office expense and operations	$ 464,771	$ 71,578	$ 13,057
Personnel	205,782	382,926	-
Totals	$ 670,553	$ 454,504	$ 13,057

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

15. REVENUE

	Nine months ended January 31, 2026	Nine months ended January 31, 2025
Software licenses and royalties	$ 185,259	$ 169,219
Support and maintenance	150,234	225,000
Subscriptions	66,704	79,973
Totals	$ 402,197	$ 474,192

The Company recognized revenues from contracts with customers in accordance with the following timing under IFRS 15:

	Nine months ended January 31, 2026	Nine months ended January 31, 2025
Recognized at a point in time	$ -	$ 255,274
Recognized over the duration of contract	402,197	218,918
Totals	$ 402,197	$ 474,192

Revenues are recognized at the point in time the Company has provided services to customers. Subscriptions, royalties, and support and maintenance contracts extending over a period of time are recognized over the contractual period. Revenue from software licenses with no further obligations to the Company are recognized upon transfer of the software.

During the nine months ended January 31, 2026 and 2025, the following revenue percentages represent customers who contributed the most significant revenue to the Company:

	January 31, 2026	April 30, 2025
Customer A	37%	62%
Customer B	46%	23%

Segment reporting

At January 31, 2026, the Company operates in one operating segment, the development and licensing of software-based decryption solutions, including Ransomware Reversal. The Company's equipment is located in Australia and the United States. All revenue recognized during the nine months ended January 31, 2026, and 2025 was earned as follows:

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

15. REVENUE (CONTINUED)

	Nine months ended January 31, 2026	Nine months ended January 31, 2025
United Kingdom	$ 185,260	$ 138,945
United States	200,506	328,349
Canada	16,431	6,898
Totals	$ 402,197	$ 474,192

16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Classification of Financial Instruments

Financial assets included in the condensed interim consolidated statement of financial position are as follows:

	Level in fair value hierarchy	As at January 31, 2026	As at April 30, 2025
Fair value through profit and loss:
Cash and money market instruments	Level 1	$ 2,727,173	$ 3,089,478
Amortized cost:
Accounts receivable		109,339	95,578
Totals		$ 2,836,512	$ 3,185,056

Financial liabilities included in the condensed interim consolidated statement of financial position are as follows:

	As at January 31, 2026	As at April 30, 2025
Amortized cost:
Accounts payable and accrued liabilities	$ 111,626	$ 115,685
Term loan payable	14,544	14,391
Totals	$ 126,170	$ 130,076

Fair Value

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
• Level 3 – Inputs that are not based on observable market data.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)

Fair Value (continued)

The carrying value of the Company’s financial assets and liabilities classified as amortized cost as at January 31, 2026 and 2025 approximate their fair value due to their short terms to maturity.

The following is an analysis of the contractual maturities of the Company’s financial liabilities as at January 31, 2026:

	January 31, 2026	April 30, 2025
Accounts payable (Note 11)	$ 61,416	$ 28,141
Accrued liabilities	50,210	87,544
	$ 111,626	$ 115,685

The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented investment policies, counterparty limits, and controlling and reporting structures.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company attempts to manage liquidity risk by maintaining sufficient cash. Liquidity requirements are managed based on expected cash flows to ensure that there is sufficient capital in order to meet short-term obligations. As at January 31, 2026, the Company had cash and cash equivalents of $2,727,173 (April 30, 2025 - $3,089,478) (Note 4) to settle current liabilities of $241,305 (April 30, 2025 - $392,168).

The Company estimates it has adequate working capital to continue operations for the next fiscal year. There is substantial uncertainty that the Company will be able to continue to meet its financial obligations as they come due if it cannot generate sales or raise additional capital, and there is no assurance that the Company will be able to raise sufficient capital or raise capital on terms advantageous to the Company.

Foreign Exchange Risk

Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The functional currency of Nubeva is Canadian dollars, the functional currency of one operating subsidiary is the Australian dollar, and the functional currency of its other operating subsidiary is the United States dollar. At January 31, 2026, the Company held financial instruments denominated in currencies that differ from their functional currencies in net financial liabilities of $11,562 (April 30, 2025 – net financial assets of $18,080). A 10% change in the value of the United States dollar would result in an $1,156 impact (April 30, 2025 - $1,807) on the Company’s net gain or loss.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)

Capital Management

The Company’s objective in managing capital is to ensure sufficient liquidity to fund research and development and engage in sales and marketing activities while at the same time taking a conservative approach toward financial leverage and management of financial risk. The Company’s capital is composed entirely of equity. The Company uses capital to finance its operating losses. There is substantial uncertainty that the Company will be able to continue to finance its operating losses. The Company currently funds these requirements from cash raised through the issuance of common shares. There is a risk that the Company will not be able to raise funds through the issuance of shares or on terms advantageous to the Company or its shareholders. The Company’s objectives when managing capital are to ensure that the Company will have enough liquidity to continue to develop its software and services and engage in sales and marketing activities in order to obtain returns on investment.

The Company monitors its capital on the basis of the adequacy of its cash resources to fund its business plan. In order to maximize flexibility to finance growth, the Company does not currently pay a dividend to holders of its common shares. There is no external restriction on the Company’s capital. The Company did not initiate any changes to its capital management strategy during the nine months ended January 31, 2026.

Investment Risk

As of January 31, 2026, the Company’s cash and cash equivalents were comprised of cash in the amount of $128,474 (April 30, 2025 - $373,463), and money market funds in the amount of $2,598,699 (April 30, 2025 - $2,716,015).

Money market funds were comprised as follows:

i) 51% of Goldman Financial Square Government Fund is AAA rated and seeks current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing in U.S. Treasury Obligations, which include securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government;
ii) 45% of United States treasury bills is A-1+ rated and guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government;
iii) 3% Morgan Stanley MSBNA Preferred Savings Account insured by the Federal Deposit Insurance Corporation (“FDIC”) up to applicable limits; and
iv) 1% Silicon Valley Bank Money Market Account insured by the FDIC.

Although certain money market fund investments may be guaranteed, the funds themselves are not insured or guaranteed and the Company could lose money. An investment in the Goldman Financial Square Government Fund is guaranteed by the U.S. government. The prices of fixed income securities respond to economic developments, including interest rate changes. Prices may be inversely affected by changes in interest rates. Accordingly, money market funds are subject to interest rate risk, and in a rising interest rate environment, portfolio shares can decline in value.

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Nubeva Technologies Ltd.
Notes to the Condensed Interim Consolidated Financial Statements
For the nine months ended January 31, 2026 and 2025
(Expressed in United States dollars)

16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)

Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Nubeva’s credit risk is primarily attributable to fluctuations in the realizable values of its cash and trade receivable. Cash accounts are maintained with major international financial institutions of reputable credit and therefore bear minimal credit risk. In the normal course of business, the Company is exposed to credit risk from its customers, and the related accounts receivable are subject to normal commercial credit risks. Until the Company’s customer base grows it is anticipated that its accounts receivable will be concentrated with a limited number of large customers all of which Nubeva believes are subject to normal industry credit risks.

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