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AERG on OTC

APPLIED ENERGETICS, INC.

APPLIED ENERGETICS, INC. is an American search company, incorporated in Delaware, listed on OTC (AERG).1 It is headquartered in Tucson, Arizona.1

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Last updated Oct 21, 2026.

Overview

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  • TickerAERG on OTC1
  • IndustrySearch, Detection, Navigation, Guidance, Aeronautical Sys1
  • HeadquartersTucson, Arizona1
  • Incorporated inDE2
  • Business address9070 S. Rita Road, Suite 1500, Tucson, Az 857472
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

54.0%Gross margin3
-3233.6%Operating margin3
-3221.1%Net margin3
-81.0%Revenue growth, 20253
-196.7%Return on equity3
-$10.5MFree cash flow3

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue11¢$212.6K
  • Research and development89¢$1.7M

Out of $461.7K in revenue.3 The company lost money this year.

Financial statements

Revenue4563$461.7K in 2025+162% since 2020
0$1.0M$2.0M$3.0M2020: $175.9K$175.9K20202022: $1.3M$1.3M2022+643%2023: $2.6M$2.6M2023+101%2024: $2.4M$2.4M2024−8%2025: $461.7K$461.7K2025−81%
Gross profit4563$249.1K in 2025+1018% since 2020
0$500.0K$1.0M$1.5M$2.0M2020: $22.3K$22.3K20202022: $1.0M$1.0M2022+4396%2023: $2.0M$2.0M2023+99%2024: $946.5K$946.5K2024−53%2025: $249.1K$249.1K2025−74%
Operating income748563-$14.9M in 2025+189% since 2019
-$15.0M-$10.0M-$5.0M02019: -$5.2M-$5.2M20192020: -$5.2M-$5.2M2020+1%2021: -$5.5M-$5.5M2021+5%2022: -$5.8M-$5.8M2022+5%2023: -$7.4M-$7.4M2023+28%2024: -$9.2M-$9.2M2024+24%2025: -$14.9M-$14.9M2025+63%
Net income748563-$14.9M in 2025+168% since 2019
-$15.0M-$10.0M-$5.0M02019: -$5.6M-$5.6M20192020: -$3.2M-$3.2M2020−42%2021: -$5.4M-$5.4M2021+68%2022: -$5.8M-$5.8M2022+6%2023: -$7.4M-$7.4M2023+27%2024: -$9.2M-$9.2M2024+25%2025: -$14.9M-$14.9M2025+62%

Every line of the income statement as filed: the last 2 fiscal years, latest first.3

Period ending2025-12-312024-12-31
Revenue$461.7K$2.4M
Cost of revenue$212.6K$1.5M
Gross profit$249.1K$946.5K
General and administrative$12.2M$9.5M
Selling and marketing$1.4M$374.7K
Research and development$1.7M$239.1K
Total operating expenses$15.2M$10.1M
Operating loss-$14.9M-$9.2M
Other income$57.5K$2.2K
Total other income/(expense)$57.5K$2.2K
Loss before provision for income taxes-$14.9M-$9.2M
Net loss-$14.9M-$9.2M
Preferred stock dividends-$34.0K-$34.0K
Net loss attributable to common stockholders-$14.9M-$9.2M
Net loss attributable to common stockholders per common share - basic (in Dollars per share)-$0.07-$0.04
Net loss attributable to common stockholders per common share - diluted (in Dollars per share)-$0.07-$0.04
Weighted average number of common shares outstanding basic including prefunded warrants (in Shares)224.0M shares212.9M shares
Weighted average number of common shares outstanding diluted including prefunded warrants (in Shares)224.0M shares212.9M shares

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Corporate structure

APPLIED ENERGETICS, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of APPLIED ENERGETICS, INC.

  • APPLIED ENERGETICS, INC. Tucson, Arizona

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What APPLIED ENERGETICS, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.5M3 Dec 31, 2025$1.3M3 Dec 31, 2024+97.2%
Accumulated depreciation$1.2M3 Dec 31, 2025$956.3K3 Dec 31, 2024+29.5%
Property and equipment, net$1.3M3 Dec 31, 2025$314.5K3 Dec 31, 2024+302.9%
Operating-lease assets (leased space)$811.2K3 Dec 31, 2025$1.1M3 Dec 31, 2024−24.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.4M3 Dec 31, 2025$164.8K6 Dec 31, 2024+3805.1%

Properties, in its own words

Our Facilities

Our main headquarters are located at the University of Arizona Science and Technology Park at 9070 S Rita Road, Suite 1500, Tucson, AZ 85747. This location consists of approximately 13,000 rentable square feet of offices, conference rooms, and laboratory/production space; and approximately 9,805 usable square feet suite of administrative office space. Having these two separate spaces enables us to separate AE’s public facing facilities from the restricted access space of the science and research laboratory. This location is outfitted with:

The rest of Item 2

● · 4,830 sq ft. Class 1000 cleanroom

● · Multiple integrated laser labs

● · Secure server room with network capability

● · Dedicated inventory, shipping and receiving areas ITAR, DCSA, and NIST compliant

● · Shop assembly area (outside of cleanroom)

We also rent approximately 6,000 square feet of development, testing and manufacturing space, known as the Battle Lab, with capacity and planned critical infrastructure to fulfill both current, and possible future, U.S. military priorities. With this expansion, the company now occupies, in the aggregate, approximately 26,000 sq. ft. of space at the Arizona Tech Park. The Battle Lab supports laser system testing against relevant targets and emerging threats, enables technology maturation, and serves as a venue for customer and partner demonstrations under certain realistic and controlled conditions. The facility also provides the capability to manufacture, integrate, and test advanced lasers as Applied Energetics makes the anticipated transition of its technology to the next stage of its lifecycle.

Our aggregate rent expense, including common area maintenance costs, was approximately $359,000 and $318,000 for 2025 and 2024, respectively. For 2025, this included the cost of an option to lease the Battle Lab space until it was exercised and the rent on the Battle Lab space thereafter. We believe these facilities are adequate for our current and expected level of operations.

See Note 7 to our 2025 Consolidated Financial Statements, which is incorporated herein by reference for information with respect to our lease commitments as of December 31, 2025.

Item 2 of the 10-K filed Mar 30, 2026.12

Leadership

Who has led APPLIED ENERGETICS, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Thomas C. Dearmin2006–2018
  2. Dana A. Marshall2006–2009
  3. George P. Farley2017
  4. Gregory James Quarles2020–2024
  5. Christopher Wayne Donaghey2024–now

Chair

  1. Bradford Thomas Adamczyk2023–now

President

  1. Thomas C. Dearmin2006
  2. Stephen McCommon2006
  3. Dana A. Marshall2006–2009
  4. Gregory James Quarles2023–2024
  5. Christopher Wayne Donaghey2024–now

Chief financial officer

  1. Thomas C. Dearmin2006
  2. Kenneth M. Wallace2006–2009
  3. Christopher Wayne Donaghey2022–2024

Chief operating officer

  1. Kenneth M. Wallace2006–2007
  2. Eric Lau2010–2011
  3. Christopher Wayne Donaghey2022–2024
2010201520202025
Board members and other officers (27)

Former names

  • IONATRON, INC.May 17, 2004 to Feb 20, 20082
  • US HOME & GARDEN INCAug 8, 1996 to Apr 29, 20042

Timeline

  1. Oct 9, 20268-K Other events49
  2. May 14, 20268-K Other events50
  3. Apr 29, 20268-K Other events51
  4. Feb 3, 20268-K Entered a material agreement; Executive or director change52
  5. Oct 9, 20258-K Unregistered sale of shares53
  6. Oct 8, 20258-K Entered a material agreement; Executive or director change54
  7. Sep 29, 20258-K Other events55
  8. Sep 25, 20258-K Other events56
  9. Sep 18, 20258-K Shareholder vote; Other events57
  10. Aug 15, 20258-K Regulation FD disclosure58
  11. Jun 9, 20258-K Executive or director change59
  12. Mar 25, 20258-K Other events60
  13. Dec 5, 2024New chief executive Christopher Wayne Donaghey becomes CEO13
  14. May 20, 2020New chief executive Gregory James Quarles becomes CEO14
  15. Feb 23, 2017New chief executive George P. Farley becomes CEO15
  16. Aug 21, 2006New chief executive Dana A. Marshall becomes CEO17
  17. Feb 14, 2006New chief executive Thomas C. Dearmin becomes CEO16

Filings

162 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 43 major events, 76 insider forms, 6 large holders, 17 other. The latest 20:

  1. Oct 15, 2026S-3/A AMENDMENT NO. 1 TO FORM S-3 EDGAR
  2. Oct 9, 20268-K CURRENT REPORT EDGAR
  3. Oct 6, 20264 EDGAR
  4. Oct 2, 2026S-8 REGISTRATION STATEMENT EDGAR
  5. Aug 26, 20264 EDGAR
  6. Aug 13, 202610-Q QUARTERLY REPORT EDGAR
  7. Jun 10, 20264 EDGAR
  8. Jun 3, 20264 EDGAR
  9. May 14, 20268-K CURRENT REPORT EDGAR
  10. May 14, 20264 EDGAR
  11. May 14, 202610-Q QUARTERLY REPORT EDGAR
  12. May 13, 20264 EDGAR
  13. Apr 29, 20268-K CURRENT REPORT EDGAR
  14. Apr 23, 2026SCHEDULE 13G EDGAR
  15. Mar 30, 202610-K ANNUAL REPORT EDGAR
  16. Feb 18, 20263 PRIMARY DOCUMENT EDGAR
  17. Feb 3, 20268-K CURRENT REPORT EDGAR
  18. Jan 28, 20264 PRIMARY DOCUMENT EDGAR
  19. Jan 23, 20264 PRIMARY DOCUMENT EDGAR
  20. Jan 22, 20264 PRIMARY DOCUMENT EDGAR

The 162 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

70 open-market trades by officers, directors and large owners since October 2021: 0 buys and 70 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 8, 2026Adamczyk Bradford ThomasDirectorSale10,000$1.50$15.0KForm 4
Jun 1, 2026Donaghey Christopher WaynePresident & CEOSale10,000$1.50$15.0KForm 4
May 11, 2026Adamczyk Bradford ThomasDirectorSale10,000$1.50$15.0KForm 4
May 11, 2026Donaghey Christopher WaynePresident & CEOSale10,000$1.50$15.0KForm 4
Jan 26, 2026Donaghey Christopher WaynePresident & CEOSale10,000$1.65$16.5KForm 4
Jan 21, 2026Quarles Gregory JamesCEO EmeritusSale6,600$1.87$12.3KForm 4
Jan 20, 2026MCCAHON STEPHEN WILLIAMChief Science OfficerSale10,000$1.80$18.0KForm 4
Jan 7, 2026Adamczyk Bradford ThomasDirectorSale10,000$1.77$17.7KForm 4
Dec 29, 2025Donaghey Christopher WaynePresident & CEOSale7,700$1.93$14.9KForm 4
Dec 26, 2025Donaghey Christopher WaynePresident & CEOSale2,300$1.92$4.4KForm 4
Dec 22, 2025MCCAHON STEPHEN WILLIAMChief Science OfficerSale10,000$1.86$18.6KForm 4
Dec 22, 2025Quarles Gregory JamesCEO EmeritusSale10,000$1.88$18.8KForm 4
Dec 8, 2025Adamczyk Bradford ThomasDirectorSale10,000$1.86$18.6KForm 4
Dec 4, 2025Quarles Gregory JamesCEO EmeritusSale10,000$1.77$17.7KForm 4
Nov 28, 2025Donaghey Christopher WaynePresident & CEOSale10,000$1.50$15.0KForm 4
Nov 21, 2025MCCAHON STEPHEN WILLIAMChief Science OfficerSale8,900$1.51$13.4KForm 4
Nov 19, 2025MCCAHON STEPHEN WILLIAMChief Science OfficerSale1,100$1.50$1.6KForm 4
Nov 17, 2025Adamczyk Bradford ThomasDirectorSale10,000$1.58$15.8KForm 4
Oct 27, 2025Donaghey Christopher WaynePresident & CEOSale10,000$1.68$16.8KForm 4
Oct 20, 2025MCCAHON STEPHEN WILLIAMChief Science OfficerSale10,000$1.65$16.5KForm 4

All 70 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Christopher Donaghey,53$354.2K$1.0M63
2024Gregory J Quarles,64$400.0K63
2024Stephen McCahon,65$350.0K63
2024Mary P. O’Hara,58$250.0K63
2023Chief Executive Officer Emeritus$400.0K63
2023President and Chief Executive Officer (and Principal Financial Officer)$350.0K63
2023Chief Scientist$300.0K$300.0K63
2023General CounselCLO and Secretary$250.0K63

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Game Plan Financial Advisors, LLC100$1340.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How APPLIED ENERGETICS, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAPPLIED ENERGETICS, INC.1
  • CIK0000879911
  • Employer ID (EIN)77-026290812
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company12
  • Incorporated inDelaware12
  • Fiscal year endsDecember 311
  • Industry code (SIC)3812 Search, Detection, Navigation, Guidance, Aeronautical Sys1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address9070 S. Rita Road, Suite 1500, Tucson, AZ 857471
  • Phone520-628-74151
  • Shares outstanding230,105,003 as of Aug 12, 20269
  • Public float$423.4M as of Jun 30, 202512
  • AuditorRBSM LLP, Houston, TX PCAOB ID 587; no auditor attestation of internal control over financial reporting12
  • On EDGAR sinceJul 25, 19961
  • Filings806 in all: 4 (213), 8-K (170), 10-Q (91), 3 (30), 10-K (29), UPLOAD (24), SC 13G/A (22), DEF 14A (21)1
    All 56 form types

    CORRESP (16), SC 13D/A (14), S-1/A (13), NT 10-K (12), 424B3 (11), EFFECT (11), 5 (10), 8-K/A (10), SC 13G (10), S-3 (8), S-8 (8), NT 10-Q (7), S-1 (6), SC 13D (6), 10-K/A (5), ARS (5), PRE 14A (5), 10-Q/A (4), 4/A (4), 10-C (3), 425 (3), POS AM (3), S-3/A (3), 10KSB/A (2), 8-A12G (2), REGDEX (2), SC TO-I/A (2), 10KSB (1), 25-NSE (1), 424B1 (1), 424B4 (1), D (1), D/A (1), DEFA14A (1), DEFC14A (1), DEFR14A (1), DEFS14A (1), DFAN14A (1), PREC14A (1), PRES14A (1), PRRN14A (1), RW (1), SC 13E4 (1), SC 13E4/A (1), SC 14F1 (1), SC TO-I (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Aug 1, 2025
    Latest 8-K (8-K) Oct 9, 2026

Securities registered for trading

ClassSymbolExchange
AERGNONE

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).12

Risk factors and legal proceedings

The risks APPLIED ENERGETICS, INC. names in Item 1A of its 10-K filed Mar 30, 2026: 26 risks under these headings, as written.12

  • Risk Related to Our Company
  • Our independent registered public accounting firm has expressed substantial doubt about our ability to continue as a going concern, which may hinder our ability to obtain future financing.
  • Our business has generated only limited revenues during the past two fiscal years and had a net operating loss during each period.
  • We may need additional financing to fund our operations going forward. If we are unable to obtain additional financing on acceptable terms, we may need to modify or curtail our development plans and operations.
  • Risk Related to Our Industry and Business Activities
  • Economic, geopolitical and other factors beyond our control can affect our business.
  • Changes in US government spending could negatively affect our business.
  • We face risks relating to performance of our US government contracts and our ability to secure additional contracts and/or grants.
  • We may be unable to protect our intellectual property rights adequately, which could affect our ability to sustain the value of such assets.
  • We may face claims of infringement of proprietary rights.
  • We may face liability for injury to persons within or outside of the company, or damage to property, and incur obligations, liabilities and costs under environmental, health and safety (EHS) laws, if we fail to adhere to laser safety standards or broader EHS requirements.
  • As we progress from primarily conducting research to outdoor demonstration and product development, we could become subject to product liability claims which could be expensive, divert management’s attention and harm our business. If we ultimately undertake to manufacture our own laser products, we could face costly product recalls or warranty claims.
The other 16 risks
  • Security breaches, cyber-attacks, or other disruptions or incidents could expose us to liability and severely damage our operations and business development efforts.
  • Management has broad discretion over the selection of our business and prospective business opportunities.
  • We depend on the recruitment and retention of qualified personnel, and failure to attract and retain such personnel could seriously harm our business.
  • Our future success will depend on our ability to develop and commercialize technologies and applications that address the needs of our markets.
  • We heavily depend on key personnel for the successful execution of our business plan. The loss of one or more key members of our management team could have a material adverse effect on our business prospects.
  • If we are unable to hire additional qualified personnel, our business prospects may suffer.
  • The market for our technology has a limited number of potential customers.
  • Our reliance for our business on a single facility subjects us to concentration risks.
  • We are subject to certain regulations and requirements for our facility and personnel security clearances, which are prerequisites to our ability to perform on classified contracts for the U.S. Government.
  • We currently maintain significant cash balances at a commercial bank which could exceed the FDIC insurance limits and do not always earn a significant return.
  • Risks Related to Our Securities
  • We are subject to the penny stock rules adopted by the Securities and Exchange Commission that require brokers to provide extensive disclosure to their customers prior to executing trades in penny stocks. These disclosure requirements, coupled with our status as a former shell company, may cause a reduction in the trading activity of our common stock, and make it difficult for our stockholders to sell their securities.
  • Because we are a former shell company, our stockholders face restrictions on their reliance on rule 144 to sell their shares.
  • A large number of shares of our common stock could be sold in the market in the near future, which could depress our stock price, particularly in light of the limited trading volume and volatility in the market for our common stock which can make it illiquid.
  • Provisions of our corporate charter documents could delay or prevent change of control.
  • The redemption and dividend provisions of our outstanding preferred stock are onerous due to our current financial condition.
  • Any issuance of additional securities in conjunction with a business or financing opportunity which will result in a dilution of present stockholders’ ownership.

Legal proceedings

On January 15, 2021, the company filed a complaint in the United States District Court, Southern District of New York, against Gusrae, Kaplan & Nusbaum (GKN) and Ryan Whalen for malpractice and breach of New York Rules of Professional Conduct by both parties as former counsel to the company. On May 28, 2021, GKN and Mr. Whalen filed a motion to dismiss the complaint. On June 25, 2021, the company filed an opposition to the motion. On July 13, 2021, GKN and Mr. Whalen filed their reply brief. On March 30, 2022, United States Magistrate Judge Debra Freeman signed an order denying the motion of GKN and Mr. Whalen to dismiss the company’s claim for malpractice and for rescission of the shares-for-fees agreement under which GKN and Whalen received 1,242,710 shares of the company’s common stock. The motion was partially granted as to the separate claim for violation of NYRPC 1.7 and 1.8 because the court found that it was duplicative of the malpractice claim. Motions for summary judgment in the case are fully briefed, and the judge held oral arguments on August 7, 2025. On September 17, 2025, the court issued an Opinion and Order denying both parties’ motions for Summary Judgment. . The parties have scheduled a mediation for April 23, 2026. The pre-trial conference, originally set for October, has been extended to May 20, 2026, to accommodate the mediation. No date has been set for trial.

As with any litigation, the company cannot predict the outcome with certainty, but the company expects to provide further updates on the status of the litigation as circumstances warrant.

The company may, from time to time, be involved in legal proceedings arising from the normal course of business.

The opening of Item 3, Legal Proceedings.12

Sources

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