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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED****STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n**FORM ****20-F**\n\n​\n\n​\n\n☐\n\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES\n\nEXCHANGE ACT OF 1934\n\n​\n\nOR\n\n​\n\n​\n\n☒\n\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\n\nACT OF 1934\n\n​\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n​\n\n​\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\n\nACT OF 1934\n\n​\n\nOR\n\n​\n\n​\n\n​\n\n☐\n\nSHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\n\nACT OF 1934\n\n​\n\nCommission File Number: 001-987240\n\n**SCHMID Group N.V.**\n\n**(Exact name of Registrant as specified in its charter)**\n\n​\n\n​\n\n​\n\n​\n\n**Not applicable**\n\n  ​ ​ ​\n\n**The****Netherlands**\n\n(Translation of registrant’s name into English)\n\n​\n\n(Jurisdiction of incorporation or organization)\n\n​\n\n**Robert-Bosch-Str.****32-36****,****72250********Freudenstadt****,****Germany**\n\n(*Address of principal executive offices*)\n\n**Arthur Schuetz**\n\n**c/o SCHMID Group N.V.**\n\n**Robert-Bosch-Str.****32-36**\n\n**72250********Freudenstadt**\n\n**Germany**\n\n**Tel:****+49********7441 538 0**\n\n**Email:****schuetz.ar@schmid-group.com**\n\n(*Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person*)\n\nSecurities registered or to be registered pursuant to Section 12(b) of the Act.\n\n**Title of each class:**\n\n \n\n**Trading Symbol(s):**\n\n \n\n**Name of each exchange on which registered:**\n\nOrdinary Shares, par value €0.01 per share\n\n​\n\n​\n\nSHMD\n\n​\n\nNasdaq Global Select Market\n\n​\n\nRedeemable Warrants, each\nexercisable for one Ordinary\nShare at an exercise price of $11.50\nper share\n\n​\n\nSHMDW\n\n​\n\nNasdaq Global Select Market\n\n​\n\n​\n\n**Securities registered or to be registered pursuant to Section 12(g) of the Act.**\n\n**Not Applicable**\n\n(Title of Class)\n\n**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.**\n\n**Not Applicable**\n\n(Title of Class)\n\n​\n\n[Table of Contents](#TOC)\n\nIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: On December 31, 2025, the issuer had 43,062,427 ordinary shares, nominal value €0.01 per share, outstanding. As of the day of the filing of this annual report, the issuer had 57,800,864 ordinary shares outstanding.\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\nYes ☐   No ☑\n\nIf this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐   No ☑\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\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data 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\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\n​\n\n​\n\n​\n\n​\n\nNon-accelerated filer\n\n☑\n\nEmerging growth company\n\n☑\n\n​\n\nIf an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.\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\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\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\nIndicate by check mark which basis for accounting the registrant has used to prepare the financial statements included in this filing:\n\nU.S. GAAP ☐\n\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board ☒\n\nOther ☐\n\n​\n\nIf “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐  Item 18 ☐\n\nIf this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☑\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**TABLE OF CONTENTS**\n\n​\n\n​\n\n​\n\n**Page**\n\n[EXPLANATORY NOTE](#EXPLANATORYNOTE_685329)\n\n1\n\n[CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARDINGFORWARDLOOKI)\n\n3\n\n[PART I.](#PARTI_296346)\n\n​\n\n5\n\n[ITEM 1.](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n[IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#ITEM1IDENTITYOFDIRECTORSSENIORMANAGEMENT)\n\n5\n\n[ITEM 2.](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n[OFFER STATISTICS AND EXPECTED TIMETABLE](#ITEM2OFFERSTATISTICSANDEXPECTEDTIMETABLE)\n\n5\n\n[ITEM 3.](#ITEM3KEYINFORMATION_12822)\n\n[KEY INFORMATION](#ITEM3KEYINFORMATION_12822)\n\n5\n\n[ITEM 4.](#ITEM4INFORMATIONONTHECOMPANY_844202)\n\n[INFORMATION ON THE COMPANY](#ITEM4INFORMATIONONTHECOMPANY_844202)\n\n38\n\n[ITEM 4A.](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_841030)\n\n[UNRESOLVED STAFF COMMENTS](#ITEM4AUNRESOLVEDSTAFFCOMMENTS_841030)\n\n50\n\n[ITEM 5.](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#ITEM5OPERATINGANDFINANCIALREVIEWANDPROSP)\n\n51\n\n[ITEM 6.](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n[DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#ITEM6DIRECTORSSENIORMANAGEMENTANDEMPLOYE)\n\n60\n\n[ITEM 7.](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#ITEM7MAJORSHAREHOLDERSANDRELATEDPARTYTRA)\n\n68\n\n[ITEM 8.](#ITEM8FINANCIALINFORMATION_223023)\n\n[FINANCIAL INFORMATION.](#ITEM8FINANCIALINFORMATION_223023)\n\n70\n\n[ITEM 9.](#ITEM9THEOFFERANDLISTING_943338)\n\n[THE OFFER AND LISTING](#ITEM9THEOFFERANDLISTING_943338)\n\n71\n\n[ITEM 10.](#ITEM10ADDITIONALINFORMATION_871565)\n\n[ADDITIONAL INFORMATION](#ITEM10ADDITIONALINFORMATION_871565)\n\n72\n\n[ITEM 11.](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM11QUANTITATIVEANDQUALITATIVEDISCLOSU)\n\n99\n\n[ITEM 12.](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n[DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#ITEM12DESCRIPTIONOFSECURITIESOTHERTHANEQ)\n\n99\n\n[PART II.](#PARTII_345795)\n\n​\n\n100\n\n[ITEM 13](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n[DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#ITEM13DEFAULTSDIVIDENDARREARAGESANDDELIN)\n\n100\n\n[ITEM 14](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTS_7)\n\n[MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#ITEM14MATERIALMODIFICATIONSTOTHERIGHTS_7)\n\n100\n\n[ITEM 15](#ITEM15CONTROLSANDPROCEDURES_776234)\n\n[CONTROLS AND PROCEDURES](#ITEM15CONTROLSANDPROCEDURES_776234)\n\n101\n\n[ITEM 16A](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_304)\n\n[AUDIT COMMITTEE FINANCIAL EXPERT](#ITEM16AAUDITCOMMITTEEFINANCIALEXPERT_304)\n\n102\n\n[ITEM 16B](#ITEM16BCODEOFETHICS_774955)\n\n[CODE OF ETHICS](#ITEM16BCODEOFETHICS_774955)\n\n102\n\n[ITEM 16C](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#ITEM16CPRINCIPALACCOUNTANTFEESANDSERVICE)\n\n102\n\n[ITEM 16D](#ITEM16DEXEMPTIONSFROMTHELISTING_392603)\n\n[EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#ITEM16DEXEMPTIONSFROMTHELISTING_392603)\n\n102\n\n[ITEM 16E](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n[PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#ITEM16EPURCHASESOFEQUITYSECURITIESBYTHEI)\n\n102\n\n[ITEM 16F](#ITEM16FCHANGEINREGISTRANTS_977698)\n\n[CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT](#ITEM16FCHANGEINREGISTRANTS_977698)\n\n102\n\n[ITEM 16G](#ITEM16GCORPORATEGOVERNANCE_934166)\n\n[CORPORATE GOVERNANCE](#ITEM16GCORPORATEGOVERNANCE_934166)\n\n103\n\n[ITEM 16H](#ITEM16HMINESAFETYDISCLOSURE_630695)\n\n[MINE SAFETY DISCLOSURE](#ITEM16HMINESAFETYDISCLOSURE_630695)\n\n104\n\n[ITEM 16I](#ITEM16IDISCLOSUREREGARDINGFOREIGN_66178)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#ITEM16IDISCLOSUREREGARDINGFOREIGN_66178)\n\n104\n\n[ITEM 16J](#ITEM16JINSIDERTRADINGPOLICIES_621789)\n\n[INSIDER TRADING POLICIES](#ITEM16JINSIDERTRADINGPOLICIES_621789)\n\n104\n\n[ITEM 16K](#ITEM16KCYBERSECURITY_465284)\n\n[CYBERSECURITY](#ITEM16KCYBERSECURITY_465284)\n\n104\n\n[PART III.](#PARTIII_290672)\n\n​\n\n105\n\n[ITEM 17.](#ITEM17FINANCIALSTATEMENTS_714189)\n\n[FINANCIAL STATEMENTS](#ITEM17FINANCIALSTATEMENTS_714189)\n\n105\n\n[ITEM 18.](#ITEM18FINANCIALSTATEMENTS_36336)\n\n[FINANCIAL STATEMENTS](#ITEM18FINANCIALSTATEMENTS_36336)\n\n105\n\n[ITEM 19.](#ITEM19EXHIBITS_847088)\n\n[EXHIBITS](#ITEM19EXHIBITS_847088)\n\n106\n\n​\n\n​\n\n​\n\ni\n\n[Table of Contents](#TOC)\n\n**EXPLANATORY NOTE**\n\nOn April 30, 2024 (the “**Closing Date**”), SCHMID Group N.V. (“**SCHMID**” or the “**Company**”), closed a previously announced business combination (the “**Business Combination**”) pursuant to the Business Combination Agreement, dated as of May 31, 2023, as amended from time to time, by and among Pegasus Digital Mobility Acquisition Corp., a Cayman Islands exempted company (“**Pegasus**”), Gebr. Schmid GmbH, a German limited liability company, Pegasus TopCo B.V., a Dutch private liability company (which was converted into a Dutch public limited liability company, and renamed SCHMID Group N.V., prior to the closing of the Business Combination) (“**TopCo**”), and Pegasus MergerSub Corp., a Cayman Islands limited liability company and wholly-owned subsidiary of SCHMID (“**Merger Sub**”). References made to SCHMID pertaining to occurrences predating the Business Combination closing refer to Gebr. Schmid GmbH, which was the predecessor to SCHMID Group N.V. at the top of the group’s structure.\n\nPrior to the Business Combination, SCHMID Group N.V. did not conduct any material activities other than those incident to its formation and the matters contemplated by the Business Combination Agreement, such as the making of certain required securities law filings, and the establishment of Merger Sub. Upon the closing of the Business Combination, SCHMID Group N.V. became the direct parent of Gebr. Schmid GmbH, a Germany-based technology provider with extensive expertise in high-tech manufacturing processes.\n\nOrdinary Shares and warrants to purchase one Ordinary Share at a price of $11.50, subject to adjustment, Public Warrants (“**Public Warrants**”), began trading on the Nasdaq Global Select Market (“**Nasdaq**”) under the symbols “SHMD” and “SHMDW”, respectively, on May 1, 2024.\n\nUnless otherwise indicated, “SCHMID”, “the Company”, “we”, “us” and “our” refer to SCHMID Group N.V. after conversion into a Dutch public limited liability company and Pegasus TopCo B.V. prior to the conversion into a Dutch public liability company. References to “€” are to the common currency of the European Monetary Union and references to “U.S. dollars”, “$” or “cents” are to the lawful currency of the United States.\n\n​\n\n**FREQUENTLY USED TERMS**\n\nUnless otherwise stated in this Annual Report on Form 20-F or the context otherwise requires, references have the following meaning:\n\n“**Adjusted EBITDA**” is defined by the Company as its net income (or loss) for a given period adjusted to exclude income tax expense or benefit, financial results, depreciation and amortization, and the share of profit or loss from joint ventures.\n\n“**Annual Report**” means this annual report of the Company on Form 20-F.\n\n“**Board**” means the board of directors of the Company.\n\n“**Business Combination**” or “**de-SPAC**” means the transactions contemplated by the Business Combination Agreement. See Note 2 of the Consolidated Financial Statements for the details of the accounting treatment of the de-SPAC.\n\n“**Business Combination Agreement**” means the Business Combination Agreement, dated May 31, 2023, by and among TopCo, Merger Sub, Pegasus and Gebr. SCHMID GmbH, as amended by that First Amendment to Business Combination Agreement dated as of September 26, 2023 and as amended by the Second Amendment to Business Combination Agreement dated as of January 29, 2024, and as it may be further amended from time to time.\n\n“**Ordinary Shares**” or the “**Shares**” means the shares of the Company.\n\n“**Closing Date**” means April 30, 2024, the date of the closing of the Business Combination.\n\n“**Code**” means the Internal Revenue Code of 1986, as amended.\n\n“**Company**” means SCHMID Group N.V.\n\n“**Continental**” means Continental Stock Transfer & Trust Company, the transfer agent and warrant agent of the Company.\n\n“**ET**” means embedded traces, a process which we believe the next level technology for high-end PCBs & Substrates.\n\n“**EU**” means the European Union.\n\n“**Exchange Act**” means the U.S. Securities Exchange Act of 1934, as amended.\n\n1\n\n[Table of Contents](#TOC)\n\n“**FCPA**” means U.S. Foreign Corrupt Practices Act.\n\n“**GDPR**” means the European General Data Protection Regulation.\n\n“**IAS**” means the International Accounting Standard.\n\n“**IASB**” means the International Accounting Standards Board. “IBR” means the incremental borrowing rate.\n\n“**IFRS**” means the International Financial Reporting Standards as issued by the IASB.\n\n“**mSAP**” means modified semi additive processes.\n\n“**MergerSub**” means Pegasus MergerSub Corp., a Cayman Islands exempted company.\n\n“**NASDAQ**” means the Nasdaq Stock Exchange in New York.\n\n“**OEMs**” means original equipment manufacturers.\n\n“**Pegasus**” means Pegasus Digital Mobility Acquisition Corp., a Cayman Islands exempted company.\n\n“**Pegasus Private Placement Warrants**” means the 9,750,000 warrants originally issued in the private placement that occurred concurrently with the closing of Pegasus’s IPO.\n\n“**Pegasus Public Warrants**” means the 11,250,000 public warrants, each of which is a warrant to purchase one Pegasus Class A Ordinary Share at a price of $11.50 per share, subject to adjustment in accordance with the Warrant Agreement.\n\n“**Pegasus Warrants**” means collectively the Pegasus Public Warrants and the Pegasus Private Placement Warrants.\n\n“**PCB**” means printed circuit board.\n\n“**RMB**” means the Chinese Renminbi.\n\n“**SAP**” means semi-additive processes.\n\n“**Sarbanes-Oxley Act**” means the Sarbanes-Oxley Act of 2002.\n\n“**SCHMID**” means SCHMID Group N.V.\n\n“**SEC**” means the United States Securities and Exchange Commission.\n\n“**Securities Act**” means the U.S. Securities Act of 1933, as amended.\n\n“**Sponsor**” means Pegasus Digital Mobility Sponsor LLC., a Cayman Islands limited liability company, which is the sponsor of Pegasus.\n\n“**TopCo**” means Pegasus TopCo B.V., a Dutch private liability company (*besloten vennootschap met beperkte aansprakelijkheid*) which has been converted and renamed to SCHMID Group N.V. on April 30, 2024.\n\n“**XJ Harbour**” means XJ Harbour HK Limited.\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**\n\nThis Annual Report contains or may contain forward-looking statements that involve significant risks and uncertainties. Statements contained in this Annual Report, other than statements of historical fact, including statements about SCHMID’s expectations, beliefs, plans, objectives, intentions, assumptions and other statements that are not historical facts are forward-looking statements. Words or phrases such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will” and “would,” or similar words or phrases, or the negatives of those words or phrases, may identify forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. Examples of forward-looking statements in this Annual Report include, but are not limited to, statements regarding SCHMID’s operations, cash flows, financial position and dividend policy.\n\nForward-looking statements are subject to risks and uncertainties. The risks and uncertainties include, but are not limited to:\n\n(1)our future financial condition and operating results;\n\n(2)changes in general economic conditions in the Federal Republic of Germany (“**Germany**”), the European Union, the United States of America and the People’s Republic of China, including changes in the unemployment rate, the level of energy and consumer prices, wage levels, tariff and trade barrier pricing, etc.;\n\n(3)our ability to remain in compliance with financial covenants under our financing arrangements;\n\n(4)our ability to extend, renew or refinance our existing debt;\n\n(5)our growth, expansion and acquisition prospects and strategies, the success of such strategies, and the benefits we believe can be derived from such strategies;\n\n(6)our liquidity and losses from operations and projected cash flows and related impact on our ability to continue as a going concern;\n\n(7)our ability to effectively manage our inventory and inventory reserves;\n\n(8)impairments of our intangible assets;\n\n(9)changes in customer spending patterns and overall levels of investment;\n\n(10)our ability to further upgrade our information technology systems and infrastructure, including our accounting processes and functions;\n\n(11)our ability to continue to remedy weaknesses in our internal controls;\n\n(12)costs as a result of operating as a public company;\n\n(13)our assumptions regarding interest rates and inflation;\n\n(14)changes affecting currency exchange rates;\n\n(15)continuing business disruptions arising from the on-going war in Ukraine;\n\n(16)impact of war in the Middle East on raw material prices, on our supply pricing, international logistics and customer behaviour\n\n(17)our financial condition and ability to obtain financing in the future to implement our business strategy and fund capital expenditures, acquisitions and other general corporate activities;\n\n(18)estimated future capital expenditures needed to preserve our asset base;\n\n3\n\n[Table of Contents](#TOC)\n\n(19)the market acceptance of our products by our customers and our ability to adapt to technological changes;\n\n(20)the growth in the market for embedded traces, glass substrate technology in our products;\n\n(21)changes in our competitive environment and in our competition level;\n\n(22)the occurrence of accidents, terrorist attacks, natural disasters, fires, environmental damage, or systemic delivery failures;\n\n(23)our inability to attract and retain qualified personnel, consultants and collaborators;\n\n(24)changes in laws and regulations; and\n\n(25)other factors discussed in “*Item 3. Key Information — D. Risk Factors*” in this Annual Report.\n\nForward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors described under the section titled “*Item 3. Key Information — D. Risk Factors*” in this Annual Report. Accordingly, you should not rely on these forward-looking statements, which speak only as of the date of this Annual Report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Annual Report or to reflect the occurrence of unanticipated events. You should, however, review the factors and risks we describe in the reports we will file from time to time with the SEC after the date of this Annual Report.\n\nIn addition, statements that “SCHMID believes” or “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date such statements are made. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and you are cautioned not to unduly rely on these statements.\n\nAlthough we believe the expectations reflected in the forward-looking statements were reasonable at the time made, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither SCHMID nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should carefully consider the cautionary statements contained or referred to in this section in connection with the forward-looking statements contained in this Annual Report and any subsequent written or oral forward-looking statements that may be issued by SCHMID or persons acting on our behalf. Our actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained in this Annual Report as described in “*Item 3. Key Information — D. Risk Factors*”, “*Item 4 —Information on the Company*” and “*Item 5 — Operating and Financial Review and Prospects*”. Given these risks, uncertainties and other important factors, you should not place undue reliance on these forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth in this Annual Report. Also, these forward-looking statements represent our estimates and assumptions only as of the date such forward-looking statements are made. Except as required by law, we assume no obligation to update any forward-looking statements publicly, whether as a result of new information, future events or otherwise.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\n**PART I.**"}