{"url_path":"/sec/itxp/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/2025878/0001477932-26-002992-index.html","accession_number":"0001477932-26-002992","cik":"0002025878","ticker":"ITXP","issuer_name":"Independence Power Holdings, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2025878/0001477932-26-002992-index.html","primary_entity_key":"0002025878","primary_entity_name":"Independence Power Holdings, 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n \n\n**FORM 10-Q**\n\n**(Mark One)**\n\n \n\n**☒**\n\n**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the Fiscal Quarter Ended March 31, 2026**\n\n \n\n**or**\n\n \n\n**☐**\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n \n\n**For the transition period from                        to                        **\n\n \n\n**Commission File Number 333-282541**\n\n \n\n**Independence Power Holdings, Inc.**\n\n(Exact name of Registrant as specified in its charter)\n\n \n\n**Nevada**\n\n \n\n**35-2851106**\n\n(State or other jurisdiction\n\n \n\n(I.R.S. Employer\n\nof incorporation or organization)\n\n \n\nIdentification Number)\n\n \n\n \n\n \n\n**14114 N. Dallas Parkway, Suite 200**\n\n \n\n \n\n**Dallas, Texas**\n\n \n\n**75254**\n\n(Address of Principal Executive Offices)\n\n \n\n(Zip Code)\n\n \n\n**(903) 944-7121**\n\n(Registrant’s telephone number, including area code)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading Symbol(s)\n\nName of each exchange on which registered\n\nN/A\n\nN/A\n\nN/A\n\n \n\nSecurities registered pursuant to Section 12(g) of the Act:\n\n \n\n**None**\n\n(Title of Class)\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐     No ☒\n\n \n\nIndicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”,  “smaller reporting comp any” and “emerging growth company” in Rule 12b -2 of the Exchange Act.\n\n \n\nLarge Accelerated Filer\n\n☐\n\nAccelerated Filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller Reporting Company\n\n☒\n\n \n\n \n\nEmerging Growth Company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b -2 of the Securities Exchange Act of 1934). Yes ☐     No ☒\n\n \n\nThe registrant has two classes of common stock: Class A Common Stock, $0.0001 par value per share, of which 70,450,000 shares were outstanding as of May 12, 2026, and Class B Common Stock, $0.0001 par value per share, of which 195,200,000 shares were outstanding as of May 12, 2026.\n\n \n\n \n\n \n\n \n\n **TABLE OF CONTENTS**\n\n \n\n \n\n \n\n \n\n**Page**\n\n \n\n**PART I – FINANCIAL INFORMATION**\n\n \n\n \n\n \n\n[ITEM 1.](#a2)\n\n[Condensed Consolidated Financial Statements (Unaudited)](#a2)\n\n \n\nF-1\n\n \n\n[Balance Sheets](#a3)\n\n \n\nF-1\n\n \n\n \n\n[Statements of Operations](#a4)\n\n \n\nF-2\n\n \n\n \n\n[Statements of Cash Flows](#a5)\n\n \n\nF-3\n\n \n\n[Statements of Changes in Shareholders’ Equity](#a6)\n\n \n\nF-4\n\n \n\n[Notes to Financial Statements](#a7)\n\n \n\nF-5 - F-9\n\n \n\n[ITEM 2.](#a8)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#a8)\n\n \n\n5\n\n \n\n[ITEM 3.](#a9)\n\n[Quantitative and Qualitative Disclosures about Market Risk](#a9)\n\n \n\n9\n\n \n\n[ITEM 4.](#a10)\n\n[Controls and Procedures](#a10)\n\n \n\n10\n\n \n\n \n\n \n\n \n\n**PART II – OTHER INFORMATION**\n\n \n\n \n\n \n\n[ITEM 1.](#a12)\n\n[Legal Proceedings](#a12)\n\n \n\n11\n\n \n\n[ITEM 1A.](#a13)\n\n[Risk Factors](#a13)\n\n \n\n11\n\n \n\n[ITEM 2.](#a14)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#a14)\n\n \n\n11\n\n \n\n[ITEM 3.](#a15)\n\n[Defaults Upon Senior Securities](#a15)\n\n \n\n11\n\n \n\n[ITEM 4.](#a16)\n\n[Mine Safety Disclosures](#a16)\n\n \n\n11\n\n \n\n[ITEM 5.](#a17)\n\n[Other Information](#a17)\n\n \n\n11\n\n \n\n[ITEM 6.](#a18)\n\n[Exhibits](#a18)\n\n \n\n12\n\n \n\n \n\n \n\n**SIGNATURES**\n\n \n\n13\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Quarterly Report on Form 10-Q (“Quarterly Report”) contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include, among other things, statements about our business strategy, our industry, our expected capital expenditures and the impact of such expenditures on our performance, management changes, current and potential future long-term contracts, and our future business and financial performance. These statements are based on current expectations and beliefs of management and are subject to a number of risks, uncertainties and assumptions that are difficult to predict and many of which are beyond our control.\n\n \n\nForward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “could” and similar expressions. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including, among others, those described in any risk factors we may file from time to time and elsewhere in this Quarterly Report. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include:\n\n \n\n \n\n \n\n \n\n·\n\nthe level of spending and access to capital markets by companies in our target market, namely (i) power generation and (ii) the oil and natural gas industry;\n\n \n\n \n\n \n\n \n\n·\n\nuncertainty regarding the future actions of oil producers, including the members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia and the actions taken to set, maintain or cut production levels;\n\n \n\n \n\n \n\n \n\n·\n\nchanges in tariffs, trade barriers, price and exchange controls and other regulatory requirements, and the impact of such policies on us, our customers and the global economic environment, including access to resources needed for our products and services;\n\n \n\n \n\n \n\n \n\n·\n\ncustomer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry;\n\n \n\n \n\n \n\n \n\n·\n\ndevelopment of alternative power generation technologies or increased grid capacity that could reduce the demand for our products and services; ability to secure customer contracts and such ability’s impact on our revenue and operating results;\n\n \n\n \n\n \n\n \n\n·\n\ndevelopments and uncertainty in the global economy generally, and/or the energy, power and infrastructure sectors specifically, and the resulting impacts to the demand and supply for power generation or crude oil and natural gas or volatility of the prices for such projects, including a potential increase in Venezuelan oil supply and any related impact on global oil prices and domestic oil productions, and therefore the demand for the services we provide and the commercial opportunities available to us;\n\n \n\n \n\n \n\n \n\n·\n\nvolatility in the political, legal and regulatory environments, including the impact of a prolonged federal government shutdown or lapse in federal appropriations that could disrupt our operations and future plans and opportunities;\n\n \n\n \n\n \n\n \n\n·\n\nglobal geopolitical risks, including the war between Russia and Ukraine, the Israel and Hamas conflict, the war between Israel, Iran and the United States, other continued or escalated hostilities in the Middle East and U.S. intervention in Venezuela, which could each affect the stability and continued recovery of oil and gas markets;\n\n \n\n \n\n \n\n \n\n·\n\nuncertainty regarding methods by which the growing demand for power generation will be met in both the short and long term;\n\n \n\n \n\n3\n\n*Table of Contents*\n\n \n\n \n\n·\n\ninflationary risks, increased interest rates, central bank policy, bank failures and associated liquidity risks and supply chain constraints, including changes in market price and availability of materials and labor;\n\n \n\n \n\n \n\n \n\n·\n\nsignificant changes in the transportation industries or fluctuations in transportation costs or the availability or reliability of transportation that service our business;\n\n \n\n \n\n \n\n \n\n·\n\nepidemics or pandemics, including the effects of related public health concerns and the impact of continued actions taken by governmental authorities and other third parties in response to pandemics and their impact on commodity prices, supply and demand considerations and storage capacity;\n\n \n\n \n\n \n\n \n\n·\n\ntechnological advancements in well completion technologies and our ability to expand our product and service offerings;\n\n \n\n \n\n \n\n \n\n·\n\ncompetitive conditions in our industry;\n\n \n\n \n\n \n\n \n\n·\n\ninability to fully protect our intellectual property rights;\n\n \n\n \n\n \n\n \n\n·\n\nactions taken by our customers, competitors and third-party operators;\n\n \n\n \n\n \n\n \n\n·\n\nchanges in the availability and cost of capital;\n\n \n\n \n\n \n\n \n\n·\n\nour ability to successfully implement our business strategy;\n\n \n\n \n\n \n\n \n\n·\n\nincreases in tax rates or the enactment of taxes that specifically impact exploration and production related operations resulting in an increase in the amount of taxes owed by us;\n\n \n\n \n\n \n\n \n\n·\n\nthe effects of existing and future laws, rulings, governmental regulations and accounting standards and statements (or the interpretation thereof) on us and our customers;\n\n \n\n \n\n \n\n \n\n·\n\ncyber-attacks targeting systems and infrastructure used by the power generation and oil and natural gas industries;\n\n \n\n \n\n \n\n \n\n·\n\ncredit markets;\n\n \n\n \n\n \n\n \n\n·\n\nbusiness acquisitions;\n\n \n\n \n\n \n\n \n\n·\n\nnatural or man-made disasters and other external events that may disrupt our manufacturing operations;\n\n \n\n \n\n \n\n \n\n·\n\nenvironmental and climate change regulations and policies, and the impact of such regulations and policies on us and our customers;\n\n \n\n \n\n \n\n \n\n·\n\nthe timing of regulatory proceedings and approvals, and the impact of such proceedings and approvals on us and our customers;\n\n \n\n \n\n \n\n \n\n·\n\nhealth, safety and environmental risks;\n\n \n\n \n\n \n\n \n\n·\n\nuncertainty regarding our future operating results; and\n\n \n\n \n\n \n\n \n\n·\n\nplans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.\n\n \n\nAdditional information concerning these and other factors can be found in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026 (“2025 Form 10-K”). We cannot control such risk factors and other uncertainties, and in many cases, cannot predict the risks and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. These risks and uncertainties should be considered when evaluating us and deciding whether to invest in our securities. Except as otherwise required by law, we undertake no obligation to publicly update or revise our forward-looking statements, whether as a result of new information, future events or otherwise.\n\n \n\n \n\n4\n\n*Table of Contents*\n\n \n\n**PART I: FINANCIAL INFORMATION**"}