2026-02-09T12:30:55-06:00 2025-03-31 135565207 KPMG LLP 8350 BROAD STREET SUITE 900 MCLEAN VA 22102 990 2024-04-01 522149962 IN-Q-TEL INC IN-Q 7032483000 1800 TYSONS BLVD 1200 TYSONS VA 22102 MATTHEW STROTTMAN EVP, CHIEF OPERATING OFFICER 7032483000 2026-02-06 1 1 BRIAN KEARNS P02061479 7032868000 2025-12-18 2024 2025-03-06 01:10:19Z MATTHEW STROTTMAN 1800 TYSONS BLVD 1200 TYSONS VA 22102 132130603 0 X WWW.IQT.ORG X 1999 DE IQT IDENTIFIES, EVALUATES, AND LEVERAGES EMERGING COMMERCIAL TECHNOLOGIES FOR (SEE SCHEDULE O)THE NATIONAL SECURITY COMMUNITY AND ITS ALLIES. IQT ACHIEVES ITS MISSION BY DELIVERING BEST-IN-CLASS CAPABILITIES, INSIGHTS, AND OTHER SERVICES TO OUR PARTNERS THROUGH A UNIQUE GLOBAL INVESTMENT PLATFORM. 11 9 206 0 0 0 103330066 114227920 -9177136 2127894 13810116 15465649 297347 309140 108260393 132130603 1699303 105000 0 0 67108736 69193778 0 0 0 72806949 64808517 141614988 134107295 -33354595 -1976692 997532478 980596953 102265208 100178887 895267270 880418066 X IQT SERVES AND POWERS THE U.S. NATIONAL SECURITY AND ITS ALLIES THROUGH CUTTING-EDGE TECHNOLOGY, STRATEGIC INVESTMENTS, EXPLORATION AND APPLIED RESEARCH, AND ACCELERATION OF CAPABILITIES WITH THE GENERAL PUBLIC ULTIMATELY BENEFITTING FROM IQT'S WORK. 0 0 104689504 105000 2437034 SEE SCHEDULE O 104689504 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 0 1 X 0 0 206 1 0 1 AS GM SN UK 0 0 0 0 0 0 0 0 1 0 X 11 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA MA X MATTHEW STROTTMAN 7032483000 1800 TYSONS BLVD 1200 TYSONS VA 22102 S BOWSHER PRESIDENT/CEO & TRUSTEE 40.00 0.00 X X 2436535 0 1520309 C DARBY END 9824 TRUSTEE 5.00 0.00 X 0 0 0 M CROW CHAIRMAN & COMMITTEE CHAIR 5.00 0.00 X 42500 0 0 H COX END 123124 TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 37500 0 0 P BARRIS TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 37500 0 0 T SCHLEIN TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 35000 0 0 M MULLEN TRUSTEE 5.00 0.00 X 35000 0 0 G TENET TRUSTEE 5.00 0.00 X 17500 0 0 S CATZ TRUSTEE 5.00 0.00 X 0 0 0 S O'SULLIVAN TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 35000 0 0 B SASSE TRUSTEE 5.00 0.00 X 35000 0 0 S PRESTON EFF 1125 TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 0 0 0 A CHANDNA EFF 1125 TRUSTEE 5.00 0.00 X 0 0 0 J SMITH END 123124 TRUSTEE & COMMITTEE CHAIR 5.00 0.00 X 37500 0 0 M STROTTMAN EVP, CHIEF OPERATING OFFICER 40.00 5.00 X 1170398 0 448485 M DICKEN EVP, CAPABILITIES 40.00 0.00 X 789043 0 145564 B ADAMS EVP, GENERAL COUNSEL 40.00 0.00 X 852809 0 152975 G HOYEM EVP, INVESTMENTS 40.00 0.00 X 1177013 0 155139 E FOX EVP, PRODUCT MKT & COMM 40.00 0.00 X 666179 0 146053 Y ZHENG EVP, CHIEF OF STAFF 40.00 0.00 X 658894 0 118698 S SEWALL EVP, STRATEGIC ISSUES 40.00 0.00 X 648908 0 158110 J NELSON EVP, INTERNATIONAL 40.00 5.00 X 774358 0 142737 B JADEJA SENIOR PARTNER 40.00 0.00 X 742728 0 122943 J SOBRAL CHIEF PEOPLE OFFICER 40.00 0.00 X 764026 0 191833 A BERTONE MNG PTNR, CALIFORNIA 40.00 0.00 X 804106 0 181265 T GILLESPIE MNG PTNR, WASHINGTON DC 40.00 0.00 X 746229 0 100565 E CHIU SENIOR PARTNER 40.00 0.00 X 700589 0 118635 13244315 0 3703311 176 0 1 0 WORKERA CORP 195 PAGE MILL ROAD SUITE 115 PALO ALTO CA 94306 TECHNOLOGY DEVELOPMENT 1343539 ARLINGTON CONSULTANTS GROUP LLC 4601 N FAIRFAX DR STE 1200 ARLINGTON VA 22203 CONSULTING SERVICES 1009414 ASTRANIS SPACE TECHNOLOGIES CORP 525 20TH STREET SAN FRANCISCO CA 94107 TECHNOLOGY DEVELOPMENT 1000000 PURELIFI 51 TIMBERBUSH LEITH EDINBURGH UK EH6 6QH TECHNOLOGY DEVELOPMENT 874999 NEXT SILICON LTD HAHASHMONAIM 91 - 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ROU ASSET-NON-CURRENT 41817892 LEASE LIABILITY - ROU ASSET-CURRENT 3935216 NET CASH BALANCE PLAN LIABILITY 15368 45768476 X PART X, LINE 2: ON JULY 30, 2003, THE COMPANY RECEIVED A FINAL DETERMINATION FROM THE INTERNAL REVENUE SERVICE THAT THE COMPANY IS A PUBLIC CHARITY EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE COMPANY IS NOT AWARE OF ANY TAX POSITIONS THAT REQUIRES DISCLOSURE BASED ON CURRENT FACTS AND CIRCUMSTANCES. NORTH AMERICA 0 0 PROGRAM SERVICES TECHNOLOGY DEVELOPMENT 1610195 EUROPE 0 0 PROGRAM SERVICES TECHNOLOGY DEVELOPMENT 5597548 EAST ASIA AND THE PACIFIC 0 0 PROGRAM SERVICES TECHNOLOGY DEVELOPMENT 3968181 MIDDLE EAST AND NORTH AFRICA 0 0 PROGRAM SERVICES TECHNOLOGY DEVELOPMENT 750000 SOUTH ASIA 0 0 PROGRAM SERVICES TECHNOLOGY DEVELOPMENT 27500 NORTH AMERICA 0 0 INVESTMENTS 12776400 EUROPE 0 0 INVESTMENTS 30934841 EAST ASIA AND THE PACIFIC 0 0 INVESTMENTS 12610190 MIDDLE EAST AND NORTH AFRICA 0 0 INVESTMENTS 2402580 0 0 0 0 0 0 68274855 2402580 70677435 1 0 1 0 0 0 PART I, LINE 3: IQT SECONDED EMPLOYEES TO WORK FULL TIME FOR IQT INTERNATIONAL UK LTD (IQT UK), IQT INTERNATIONAL SINGAPORE PTE. LTD. (IQT SG) AND IQTI GMBH (IQTI DE). THESE INDIVIDUALS PERFORM SERVICES FOR THE BENEFIT OF THOSE ENTITIES AND ARE COMPENSATED BY THOSE ENTITIES RESPECTIVELY. IQT CONTRACTS WITH IQT UK, IQT SG, AND IQTI DE FOR SERVICES PROVIDED. IN ADDITION, IQT UK AND IQT INTERNATIONAL AUSTRALIA PTY. LTD. EMPLOY LOCALLY HIRED INDIVIDUALS THAT PERFORM SERVICES FOR THE BENEFIT OF THESE ENTITIES. 1 THE OSS SOCIETY 7700 LEESBURG PIKE SUITE 324 FALLS CHURCH VA 22043 550810619 501(C)(3) 65000 0 SEE SUPPLEMENTAL SECTION FOR GRANT PURPOSE. THE UNITARY FUND 340 S LEMON AVE 7770 WALNUT CA 91789 831592799 501(C)(3) 37500 0 SEE SUPPLEMENTAL SECTION FOR GRANT PURPOSE. 2 0 SCHEDULE I, PART II - THE OSS SOCIETY IQT MADE A GRANT TO THE OSS SOCIETY IN THE AMOUNT OF $65,000. THE OSS SOCIETY IS A 501(C)(3) PUBLIC CHARITY THAT PUBLISHES THE OSS SOCIETY JOURNAL, PROVIDES SPEAKERS TO EDUCATIONAL AND MILITARY ORGANIZATIONS, PRESENTS THE WILLIAM J. DONOVAN AWARD ANNUALLY, ESTABLISHES OSS MEMORIALS IN THE UNITED STATES AND EUROPE, OFFERS RESEARCH ASSISTANCE, AND IS BUILDING AN OSS MUSEUM. SCHEDULE I, PART II - UNITARY FUND IQT LABS LLC, A DISREGARDED ENTITY OF IN-Q-TEL, INC. HAS AGREED TO PROVIDE UP TO THREE YEARS OF FUNDING TO UNITARY FUND TO ESTABLISH A NEW QUANTUM TECHNOLOGY BENCHMARKING STANDARD. DURING THE REPORTING PERIOD, IQT MADE A $37,500 GRANT TO SUPPORT THE EFFORT. UNITARY FUND IS A 501(C)(3) NON-PROFIT WHOSE MISSION IS TO ACCELERATE THE DEVELOPMENT OF A QUANTUM TECHNOLOGY INDUSTRY THAT BENEFITS THE MOST PEOPLE. X X 1 1 X X X X X 0 1 0 0 0 0 0 0 0 S BOWSHER PRESIDENT/CEO & TRUSTEE 988725 0 1250000 0 197810 0 1506094 0 14215 0 3956844 0 0 0 M STROTTMAN EVP, CHIEF OPERATING OFFICER 622226 0 520000 0 28172 0 434550 0 13935 0 1618883 0 0 0 G HOYEM EVP, INVESTMENTS 475310 0 651000 0 50703 0 140050 0 15089 0 1332152 0 300000 0 B ADAMS EVP, GENERAL COUNSEL 475080 0 347550 0 30179 0 140050 0 12925 0 1005784 0 0 0 A BERTONE MNG PTNR, CALIFORNIA 406938 0 394500 0 2668 0 159550 0 21715 0 985371 0 0 0 J SOBRAL CHIEF PEOPLE OFFICER 302386 0 435000 0 26640 0 181254 0 10579 0 955859 0 0 0 M DICKEN EVP, CAPABILITIES 443753 0 318750 0 26540 0 132550 0 13014 0 934607 0 0 0 J NELSON EVP, INTERNATIONAL 428138 0 318750 0 27470 0 130925 0 11812 0 917095 0 0 0 B JADEJA SENIOR PARTNER 447376 0 267180 0 28172 0 115050 0 7893 0 865671 0 0 0 T GILLESPIE MNG PTNR, WASHINGTON DC 449797 0 267180 0 29252 0 84550 0 16015 0 846794 0 0 0 E CHIU SENIOR PARTNER 422859 0 252720 0 25010 0 107550 0 11085 0 819224 0 0 0 E FOX EVP, PRODUCT MKT & COMM 365064 0 273375 0 27740 0 132550 0 13503 0 812232 0 0 0 S SEWALL EVP, STRATEGIC ISSUES 350739 0 268605 0 29564 0 140050 0 18060 0 807018 0 0 0 Y ZHENG EVP, CHIEF OF STAFF 303309 0 352045 0 3540 0 105897 0 12801 0 777592 0 150000 0 PART I, LINE 1A IQT'S CORPORATE TRAVEL POLICY STATES, FOR DOMESTIC TRAVEL, "ALL IQT EMPLOYEES, OTHER THAN THE CEO, PRESIDENT, COO, GC OR EXECUTIVE VICE PRESIDENTS, ARE REQUIRED TO TRAVEL IN COACH OR ECONOMY CLASS." FOR FLIGHTS OVER APPROXIMATELY FIVE HOURS EMPLOYEES MAY BOOK ECONOMY PLUS AIRFARE. ON INTERNATIONAL FLIGHTS, IF AN EMPLOYEE IS EXPECTED TO WORK ON THE DAY OF ARRIVAL OR HAS WORKED THE FULL DAY OF DEPARTURE, THE EMPLOYEE MAY UPGRADE TO BUSINESS CLASS AIRFARE. WHILE THE CORPORATE TRAVEL POLICY SPECIFICALLY ADDRESSES IQT EMPLOYEE TRAVEL, IQT BOARD OF TRUSTEES ARE PROVIDED THE OPTION TO TRAVEL TO QUARTERLY BOARD MEETINGS IN BUSINESS CLASS AND RECEIVE REIMBURSEMENT. IQT GROSSES UP THE AMOUNT ADDED TO WAGES FOR THE CEO TO COMPENSATE FOR THE INCOME TAX LIABILITY ASSOCIATED WITH PAYING A LIFE INSURANCE PREMIUM ON HIS BEHALF. PART I, LINE 4B THE COMPENSATION OF THE PRESIDENT/CEO AND COO IS NOT PAID FOR WITH GOVERNMENT FUNDING. IN ADDITION, ALL INDIVIDUAL EMPLOYEE COMPENSATION IN EXCESS OF $646,000 FOR CALENDAR YEAR 2024 IS ALSO NOT PAID FOR WITH GOVERNMENT FUNDING. FOR CALENDAR YEAR 2024, MR. BOWSHER'S EMPLOYMENT ARRANGEMENT IS AS FOLLOWS: - BASE SALARY OF $1,000,000 - AN ANNUAL PERFORMANCE BASED BONUS DECIDED BY THE BOARD BASED ON PRESET CRITERIA; - SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION AS A RETENTION MECHANISM, PAYABLE UPON COMPLETION OF THE CONTRACT TERM. FOR CALENDAR YEAR 2024, MR. STROTTMAN'S EMPLOYMENT ARRANGEMENT IS AS FOLLOWS: - BASE SALARY OF $590,000 THROUGH 3/31/24; $650,000 EFFECTIVE 4/01/24 - AN ANNUAL PERFORMANCE BASED BONUS DECIDED BY THE BOARD BASED ON PRESET CRITERIA; - SUPPLEMENTAL NON-QUALIFIED DEFERRED COMPENSATION AS A RETENTION MECHANISM, PAYABLE UPON COMPLETION OF THE CONTRACT TERM. PART VII & SCHEDULE J, PART II IN ADDITION TO MR. BOWSHER'S RESPONSIBILITIES AS PRESIDENT AND CEO, HE IS ALSO A TRUSTEE ON THE COMPANY'S BOARD. MR. BOWSHER HAS WAIVED ANY COMPENSATION RELATED TO HIS TRUSTEE DUTIES AND HIS INCOME AS REPORTED IN THIS FOR IS ENTIRELY ATTRIBUTABLE TO HIS DUTIES AS PRESIDENT AND CEO. T SCHLEIN IQT TRUSTEE 593748 SEE BELOW 0 SCHEDULE L, PART IV, LINE 1 DURING THE TAX YEAR, THE ORGANIZATION ENTERED INTO A BUSINESS TRANSACTION WITH GETREAL LABS, INC. (NOW GETREAL SECURITY, INC.), AN IQT PORTFOLIO COMPANY. MR. SCHLEIN, AN IQT TRUSTEE, IS A BOARD DIRECTOR OF GETREAL SECURITY, INC. AND THE GENERAL PARTNER OF BALLISTIC VENTURES I, LP, WHICH HAS AN OWNERSHIP INTEREST IN GETREAL SECURITY, INC. DURING THE ORGANIZATION'S TAX YEAR, IQT MADE $593,748 IN PAYMENTS TO GETREAL SECURITY, INC. UNDER A DEVELOPMENT AGREEMENT AND AN EQUITY INVESTMENT. MR. SCHLEIN IS RECUSED FROM DECISION MAKING AS AN IQT TRUSTEE RELATED TO THE BUSINESS TRANSACTIONS WITH GETREAL SECURITY, INC. FORM 990, PART III, LINE 4A IQT WAS ESTABLISHED IN 1999 AS AN INDEPENDENT, NOT-FOR-PROFIT CORPORATION TO HELP THE CIA AND BROADER U.S. INTELLIGENCE COMMUNITY TO IDENTIFY INNOVATIVE TECHNOLOGIES ARISING FROM THE VENTURE-BACKED STARTUP COMMUNITY AND HARNESS THEM FOR NATIONAL SECURITY. IT IS A ONE-OF-A-KIND ORGANIZATION THAT CONSISTENTLY DELIVERS SOPHISTICATED INSIGHTS AND INVESTMENTS, AND UNPARALLELED ACCESS TO DEEP TECHNOLOGICAL EXPERTISE, ULTIMATELY PROVIDING MISSION-IMPACTFUL TECHNOLOGY CAPABILITIES WHILE SIMULTANEOUSLY INNOVATING TO SERVE IQT'S PARTNERS IN NEW WAYS. APPROACH IQT'S APPROACH SHOULD BE CONSIDERED "GLOBAL SECURITY INVESTING" (GSI). THIS ENCOMPASSES TRADITIONAL TERMS SUCH AS DEFENSE TECH AND MISSION TECH, YET PLACES GREATER EMPHASIS ON LEVERAGING EXISTING AND OVER-THE-HORIZON COMMERCIAL TECHNOLOGY TO SUSTAIN MILITARY AND INTELLIGENCE OVERMATCH AGAINST ADVERSARIES. THIS APPROACH RECOGNIZES THAT IF THE U.S. IS TO WIN THE INNOVATION WARS, WE NEED NEW WAYS TO CATALYZE INVESTMENT IN UNDERFUNDED AREAS CRITICAL TO NATIONAL SECURITY AND PROMOTING ECONOMIC PROSPERITY. AS A STRATEGIC INVESTOR IN GSI, THE COMPANY FUNDS STARTUP COMPANIES TO HELP MATURE NASCENT, DUAL-USE COMMERCIAL TECHNOLOGIES INTO MISSION-READY PRODUCTS AT A LOWER COST THAN BUILDING FROM THE GROUND UP AND OTHER ALTERNATIVE APPROACHES. IQT'S STRATEGIC AND GLOBAL INVESTMENT MODEL ENABLES AGILITY OFTEN LACKING WITHIN TRADITIONAL GOVERNMENT CONTRACTING MECHANISMS. IQT FINDS AND NURTURES ENTREPRENEURS AND STARTUP COMPANIES THAT CAN PROVIDE A SUPPLY CHAIN OF INNOVATION WHICH ENABLES THE U.S. INTELLIGENCE AND DEFENSE COMMUNITIES AND ITS ALLIES TO BENEFIT FROM ADVANCES IN COMMERCIAL TECHNOLOGIES. UNLIKE TRADITIONAL GOVERNMENT CONTRACTORS THAT ADDRESS LIMITED AND DIRECT GOVERNMENT NEEDS, IQT HELPS THE U.S. INTELLIGENCE AND DEFENSE COMMUNITIES, AND ITS ALLIES UNDERSTAND THE TECHNOLOGY LANDSCAPE WHICH FURTHERS THE OVERALL NATIONAL SECURITY EFFORTS OF THE GOVERNMENT AND PROVIDES A BROAD-BASED BENEFIT TO THE PUBLIC. IQT ALSO OPERATES AS A TECHNOLOGY ACCELERATOR, FOSTERING DEVELOPMENT AND INTRODUCTION OF TECHNOLOGIES TO IMPROVE THE NATIONAL SECURITY CAPABILITIES OF THE U.S. GOVERNMENT. IQT'S GLOBAL SOURCING, RIGOROUS AND THOROUGH MARKET RESEARCH, AND BUSINESS ACUMEN ENABLE IT TO PROVIDE MEANINGFUL INSIGHTS TO U.S. GOVERNMENT PARTNERS AND TAKE CALCULATED INVESTMENT RISKS NECESSARY TO ADAPT AND MATURE NASCENT, LEADING-EDGE TECHNOLOGIES TO OPERATIONAL READINESS TO HELP THE U.S. GOVERNMENT ACHIEVE ITS MISSIONS. IDENTIFYING INNOVATIVE TECHNOLOGIES AS A STRATEGIC INVESTOR, IQT SCOURS THE GLOBE FOR STARTUP TECHNOLOGIES WITH DUAL-USE CAPABILITIES - TECHNOLOGIES AND SERVICES APPLICABLE TO THE NEEDS OF THE COMMERCIAL MARKETS AND NATIONAL SECURITY MISSION - DELIVERING INSIGHTS, TECHNOLOGY COMPONENTS, AND SOLUTIONS. THESE OFF-THE-SHELF PRODUCTS DO NOT REQUIRE LONG-TERM DEVELOPMENT FROM THE GROUND UP. RATHER THEY CAN BE ADAPTED FOR "READY-SOON" TESTING AND MISSION USE CASES. BY FOCUSING ON DUAL-USE TECHNOLOGY, IQT IDENTIFIES AND DELIVERS CRITICAL, INNOVATIVE TECHNOLOGY MORE QUICKLY AND COST-EFFECTIVELY. THE FOUNDATIONAL ELEMENTS OF IQT'S STRATEGIC APPROACH ARE ITS RIGOROUS DILIGENCE, TECHNOLOGY AND BUSINESS ACUMEN, AND THE AGILITY OF TECHNOLOGY DEVELOPMENT EFFORTS WHERE IQT COLLABORATES WITH THE STARTUP TO TAILOR A COMPANY'S TECHNOLOGY TO THE CAPABILITIES NEEDED BY ITS GOVERNMENT PARTNERS AND INVESTS TOWARDS THAT WORK PROGRAM. IQT DESIGNS ITS STRATEGIC INVESTMENTS TO ACCELERATE PRODUCT DEVELOPMENT AND DELIVERY AND TO HELP COMPANIES ADD CAPABILITIES THAT WILL HELP OUR GOVERNMENT PARTNERS FUNCTION MORE EFFECTIVELY AND EFFICIENTLY. IQT ALSO MAKES MODEST, EQUITY-ONLY INVESTMENTS. THESE INVESTMENTS DO NOT INCLUDE A TECHNOLOGY DEVELOPMENT AGREEMENT WHERE THE TECHNOLOGY IS MODIFIED, YET IQT BELIEVES THE TECHNOLOGICAL CAPABILITIES HOLD POTENTIAL TO SUPPORT THE NATIONAL SECURITY MISSION, AND ULTIMATELY THE GENERAL PUBLIC. IQT ALSO SERVES AS A TECHNOLOGY CONSULTANT AND ADVISOR THAT PROVIDES MARKET, TECHNOLOGY, AND VENTURE CAPITAL INSIGHTS TO THE U.S. INTELLIGENCE AND DEFENSE COMMUNITIES AND ITS ALLIES. IQT EFFECTIVELY LEVERAGES A SIGNIFICANT AMOUNT OF PRIVATE SECTOR FUNDS, OFTEN FROM TOP-TIER VENTURE CAPITAL FIRMS, TO CO-INVEST IN OUR PORTFOLIO COMPANIES. ON AVERAGE, FOR EVERY DOLLAR THAT IQT INVESTS IN A COMPANY, THE VENTURE CAPITAL COMMUNITY HAS INVESTED $62 WHICH HELPS ENSURE THE COMPANY HAS FINANCIAL BACKING TO MAINTAIN SUPPORT TO THE GOVERNMENT WITHOUT THE GOVERNMENT BEING THE SOLE OR PRIMARY FUNDER. AS OF MARCH 31, 2025, IQT TECHNOLOGY KEY FOCUS AREAS ARE ARTIFICIAL INTELLIGENCE, CYBER, ENERGY, ENTERPRISE, ADVANCED HARDWARE SYSTEMS, LIFE SCIENCES AND BIOTECHNOLOGY, QUANTUM, MICROELECTRONICS, AND SPACE. BUILDING STRONG COMPANIES FOR STRONG TECHNOLOGIES USING PRODUCT DEVELOPMENT FUNDING AND EQUITY INVESTING, IQT INCENTIVIZES COMPANIES TO PUT THEIR BEST TALENT INTO SOLVING THE TOUGHEST TECHNOLOGY PROBLEMS FACING THE U.S. NATIONAL SECURITY COMMUNITY AND ITS ALLIES. THROUGH ITS STRATEGIC INVESTMENTS PARTNERSHIPS (THOSE WITH A TECHNOLOGY DEVELOPMENT AGREEMENT), IQT WORKS WITH THE COMPANY AND ITS GOVERNMENT PARTNERS TO ADAPT THE TECHNOLOGY TO HELP THE GOVERNMENT OPERATE MORE EFFECTIVELY AND EFFICIENTLY. THROUGH COLLABORATION AND COORDINATION, IQT WORKS WITH THE COMPANY AND GOVERNMENT PARTNER TO TEST THE TAILORED TECHNOLOGY, PROVIDE ASSESSMENT ABOUT FUNCTIONALITY, AND FACILITATE SOLUTION DELIVERY. THE ADVANTAGES OF THIS HANDS-ON, COLLABORATIVE APPROACH ARE SIGNIFICANT: LOWER INITIAL AND LONG-TERM COSTS, RAPID DEVELOPMENT, TESTING AND EVALUATION TO DETERMINE EFFECTIVENESS, AND ONGOING PRODUCT ENHANCEMENTS TO ENSURE UTILITY FOR THE NATIONAL SECURITY MISSION. SUPPORTING AND ESTABLISHING NEW PARTNERS IQT IS A PARTNER TO MULTIPLE AGENCIES COMMITTED TO NATIONAL SECURITY INCLUDING CIA (CENTRAL INTELLIGENCE AGENCY), FBI (FEDERAL BUREAU OF INVESTIGATION), NSA (NATIONAL SECURITY AGENCY), NGA (NATIONAL GEOSPATIAL-INTELLIGENCE AGENCY), NRO (NATIONAL RECONNAISSANCE OFFICE), CBP (CUSTOMS AND BORDER PROTECTION), DHS (DEPARTMENT OF HOMELAND SECURITY) AND OTHER DHS COMPONENTS, DIA (DEFENSE INTELLIGENCE AGENCY), AND U.S. CYBER COMMAND. IQT WELCOMED NEW U.S. GOVERNMENT PARTNERS IN FY24: U.S. SPACE FORCE, U.S. CENTRAL COMMAND, AND NAVALX THROUGH THE OFFICE OF NAVAL RESEARCH. PROGRAM SERVICE ACCOMPLISHMENTS IQT MAKES APPROXIMATELY 70 INVESTMENTS EACH YEAR. AS OF MARCH 31, 2025, IQT HAS MADE APPROXIMATELY MORE THAN 800 INVESTMENTS AND HAS TRANSITIONED MORE THAN 500 PORTFOLIO TECHNOLOGIES TO DELIVER ON THE NEEDS OF OUR GOVERNMENT PARTNERS. IQT IS A CHAMPION OF INNOVATION, COUNTING INVESTMENTS IN 35+ STATES AND 20 COUNTRIES. THESE TECHNOLOGIES HAVE CONTRIBUTED DIRECTLY TO SITUATIONAL AWARENESS AND MISSION CAPABILITIES OF THE U.S. INTELLIGENCE AND NATIONAL SECURITY COMMUNITY AND ITS ALLIES. TECHNOLOGY DELIVERED BY IQT, FOR EXAMPLE, MAKES IT POSSIBLE TO FUSE DATA FROM MAPS, IMAGES, TEXT, AND OTHER SOURCES; VISUALIZE PHYSICAL SPACES AND INFORMATION IN WAYS NOT PREVIOUSLY POSSIBLE; RAPIDLY PROCESS VAST AMOUNTS OF INFORMATION IN MULTIPLE LANGUAGES; MAKE SENSE OF SEEMINGLY UNCONNECTED INFORMATION; AND IDENTIFY CRITICAL INTELLIGENCE FASTER AND MORE EFFECTIVELY. SINCE ITS INCEPTION, IQT HAS CULTIVATED A NETWORK CO-INVESTING ALONGSIDE 3,000+ VENTURE CAPITAL FIRMS AND MORE THAN 100 LABS AND RESEARCH ORGANIZATIONS, FURTHER BROADENING THE U.S. GOVERNMENT ACCESS TO INNOVATIVE TECHNOLOGIES. THIS NETWORK HAS ALLOWED IQT TO LEVERAGE MORE THAN $81 BILLION IN PRIVATE-SECTOR FUNDS TO SUPPORT TECHNOLOGY FOR THE NATIONAL SECURITY COMMUNITY. FORM 990, PART III, LINE 4A GLOBAL INVESTMENT PLATFORM AS A GLOBAL INVESTMENT PLATFORM, IQT MAINTAINED ITS WORK SUPPORTING THE TRILATERAL PARTNERSHIP BETWEEN THE U.S., AUSTRALIAN, AND U.K. INTELLIGENCE AND NATIONAL SECURITY COMMUNITIES. IQT DIRECTS IQT'S INTERNATIONAL EFFORTS VIA IQTI, LLC (IQTI), A WHOLLY OWNED U.S. SUBSIDIARY OF IQT. IQT INTERNATIONAL AUSTRALIA PTY. LTD., IQT INTERNATIONAL SINGAPORE PTE. LTD., AND IQT INTERNATIONAL U.K. LTD. ARE WHOLLY OWNED SUBSIDIARIES OF IQTI. IQT ESTABLISHED ITS PRESENCE IN SINGAPORE AND MUNICH AND OPERATES AS IQT INTERNATIONAL SINGAPORE PTE. LTD., AND IQTI GMBH, RESPECTIVELY, WHICH ARE WHOLLY OWNED SUBSIDIARIES OF SINGAPORE AND IQTI. THESE OFFICES HAVE ENABLED IQT TO STRENGTHEN ITS ABILITY TO REACH STARTUPS AND THE VENTURE CAPITAL COMMUNITY OUTSIDE THE UNITED STATES AND BETTER CONTRIBUTE TO THE NATIONAL SECURITY OF THE U.S. INTELLIGENCE AND NATIONAL SECURITY COMMUNITY AND ITS ALLIES. DURING THE YEAR ENDING ON MARCH 31, 2025, THESE OFFICES ENGAGED WITH THE TECHNOLOGY, VENTURE, ACADEMIC, AND STARTUP ECOSYSTEMS IN THEIR RESPECTIVE GEOGRAPHIES AND RECOMMENDED STRATEGIC INVESTMENTS THAT FURTHER ENABLED IQT'S NATIONAL SECURITY MISSION FOR THE U.S. INTELLIGENCE AND DEFENSE COMMUNITIES AND ITS ALLIES. RESOURCE TO CONGRESS AND POLICY COMMUNITY IQT CONTINUES TO BE A RESOURCE TO CONGRESS AND THE BROADER POLICY COMMUNITY; THE ORGANIZATION SUPPORTS REQUESTS FOR DISCUSSION ABOUT THE INNOVATION ECOSYSTEM FROM THE STARTUP AND VENTURE COMMUNITY AND THE INTERSECTION WITH NATIONAL SECURITY; CONSIDERATIONS ABOUT ENGINEERED BIOLOGY AND NEXT-GENERATION POWER AND ENERGY; MICROELECTRONICS AND INNOVATIVE APPROACHES THE U.S. GOVERNMENT COULD TAKE TO ENSURE STABILITY IN THIS SUPPLY CHAIN. THESE ACTIVITIES INCLUDE NONPARTISAN RESEARCH AND ANALYSIS BRIEFINGS TO MEMBERS AND STAFF OF THE EXECUTIVE AND LEGISLATIVE BRANCHES AND WRITTEN AND PERSONAL TESTIMONY TO CONGRESS. THEY INCLUDE SUFFICIENTLY FULL AND FAIR EXPOSITION OF THE PERTINENT FACTS TO ENABLE THE AUDIENCE TO FORM AN INDEPENDENT OPINION OR CONCLUSION. GOVERNANCE IQT IS GOVERNED BY AN INDEPENDENT BOARD OF TRUSTEES COMPRISED OF FORMER OFFICIALS FROM THE DEFENSE AND INTELLIGENCE COMMUNITIES, AS WELL AS CURRENT OR FORMER CEOS OF MAJOR COMPANIES, AND UNIVERSITY AND INVESTMENT INDUSTRY LEADERS. IQT IS AN INDEPENDENT, NOT-FOR-PROFIT CORPORATION. IQT IS NEITHER PART OF THE CIA NOR IS IT A GOVERNMENT AGENCY. HOWEVER, IQT IS PARTY TO AND BOUND BY A CHARTER AGREEMENT AND ANNUAL CONTRACTS WITH THE CIA. FORM 990, PART VI, SECTION B, LINE 11B REVIEW OF FORM 990 THE FORM 990 WAS PREPARED BY THE COMPANY'S EXTERNAL TAX ADVISORY FIRM WITH THE ASSISTANCE OF IQT'S FINANCE TEAM. THE FORM 990 WAS ALSO REVIEWED BY CERTAIN MEMBERS OF THE COMPANY'S EXECUTIVE TEAM, INCLUDING THE COO AND GENERAL COUNSEL. ADDITIONALLY, THE AUDIT AND ETHICS COMMITTEE OF THE BOARD OF TRUSTEES REVIEWED THE FORM 990 DURING ONE OF ITS QUARTERLY MEETINGS. AFTER REVIEW BY THE AUDIT AND ETHICS COMMITTEE, THE FORM 990 WAS DISTRIBUTED TO ALL MEMBERS OF THE BOARD OF TRUSTEES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST POLICY DISCLOSURE AND RECUSAL ARE REQUIRED FOR ALL CONFLICTS OF INTEREST UNDER THE CONFLICTS OF INTEREST POLICIES FOR TRUSTEES, OFFICERS AND EMPLOYEES. FOR EVERY TRANSACTION SUBJECT TO BOARD/COMMITTEE APPROVAL, THE MEMBERS OF THE BOARD AND COMMITTEE ARE ASKED TO DISCLOSE ANY CONFLICTS UNDER THE POLICIES. FOR EACH TRANSACTION, IQT ALSO IDENTIFIES AND DISCLOSES ANY CONFLICTS INVOLVING IQT TRUSTEES, OFFICERS AND EMPLOYEES. EACH TRUSTEE, OFFICER AND EMPLOYEE WHO HAS A CONFLICT IS RECUSED FROM PARTICIPATING IN IQT'S DELIBERATIONS OF, OR VOTES TO AUTHORIZE, RATIFY OR CONFIRM THE TRANSACTION THAT IS THE SUBJECT OF THE CONFLICT UNLESS A WAIVER IS GIVEN BY A MAJORITY OF THE DISINTERESTED MEMBERS OF THE BOARD (IN THE EVENT OF A TRUSTEE OR OFFICER), THE BOARD, OR THE CORPORATION'S ETHICS OFFICER (IN THE EVENT OF AN EMPLOYEE WHO IS NOT A TRUSTEE OR OFFICER.) ADDITIONALLY, EACH YEAR, ALL IQT TRUSTEES AND OFFICERS ARE REQUIRED TO COMPLETE A QUESTIONNAIRE AS TO WHETHER THE TRUSTEES ARE INDEPENDENT AND WHETHER THE OFFICERS OR TRUSTEES HAVE A FAMILY RELATIONSHIP OR A BUSINESS RELATIONSHIP WITH ANY OTHER OFFICER, DIRECTOR, TRUSTEE, OR KEY EMPLOYEE OF IQT. IN ADDITION, THROUGHOUT THE YEAR, EMPLOYEES ARE REQUIRED TO DISCLOSE OUTSIDE ACTIVITIES AS THEY ARISE. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION EXPLANATION IN FORMULATING IQT'S COMPENSATION SYSTEM, THE BOARD OF TRUSTEES COMPLIES WITH ITS RESPONSIBILITIES UNDER THE INTERNAL REVENUE CODE OF 1986, AS AMENDED ("CODE"), TO PAY REASONABLE COMPENSATION TO IQT'S EMPLOYEES AND TO AVOID ANY "EXCESS BENEFIT TRANSACTIONS" UNDER SECTION 4958 OF THE CODE. IN OVERSEEING IQT'S COMPENSATION SYSTEM, THE BOARD ADHERES TO THE FOLLOWING PRINCIPLES: - THE COMPENSATION SYSTEM IS APPROVED BY THE BOARD OR A COMMITTEE OF THE BOARD COMPOSED ENTIRELY OF INDEPENDENT TRUSTEES WHO ARE NOT EMPLOYEES OF, OR INDEPENDENT CONTRACTORS TO, IQT. - THE BOARD, OR COMMITTEE THEREOF, OBTAINS AND RELIES UPON APPROPRIATE COMPENSATION DATA FOR COMPARABLE ENTITIES PRIOR TO MAKING COMPENSATION DETERMINATIONS; AND - THE BASIS FOR ITS DETERMINATION IS DOCUMENTED CONCURRENTLY WITH THE BOARD OR COMMITTEE MAKING THAT DETERMINATION. IQT'S HUMAN RESOURCES AND COMPENSATION COMMITTEE (THE "HR AND COMPENSATION COMMITTEE OR "COMMITTEE") HAS BEEN CHARGED BY THE BOARD OF TRUSTEES TO ASSIST THE BOARD IN OVERSEEING IQT'S COMPENSATION SYSTEM. SPECIFICALLY, THE COMMITTEE PERFORMS THE FOLLOWING DUTIES: - ENSURES THAT IQT'S COMPENSATION PROGRAM AND OTHER EMPLOYEE BENEFITS ARE COMPARABLE TO APPROPRIATE MARKETS. - CONDUCTS AN ANNUAL REVIEW OF THE CHIEF EXECUTIVE OFFICER'S ("CEO'S") PERFORMANCE AND MAKES RECOMMENDATIONS TO THE BOARD OF TRUSTEES ON THE CEO'S COMPENSATION AND BENEFITS FOR THE NEXT YEAR. - ON AN ANNUAL BASIS, REVIEWS THE CEO'S RECOMMENDATIONS REGARDING THE COMPENSATION AND BENEFITS OF THE OTHER DISQUALIFIED PERSONS, AS DEFINED IN SECTION 4958 OF THE INTERNAL REVENUE CODE, AND DETERMINES THEIR COMPENSATION AND BENEFITS FOR THE NEXT YEAR. - ON AN ANNUAL BASIS, REVIEWS THE DETERMINATION OF COMPENSATION AND BENEFITS OF THE OTHER EMPLOYEES MADE BY THE CEO OR THE CEO'S DESIGNEE. - ENGAGES AN INDEPENDENT COMPENSATION CONSULTING FIRM TO PERFORM A PERIODIC STUDY OF IQT'S COMPENSATION PROGRAM AND ADMINISTRATION, OR PARTS THEREOF. (THIS STUDY INCLUDES, BUT IS NOT LIMITED TO, A REVIEW OF DATA THE COMPANY USED TO BENCHMARK POSITIONS, DOCUMENTATION OF BASE SALARY ADJUSTMENTS, AND ANNUAL INCENTIVE PLAN AWARDS.) FOLLOWING COMPLETION OF SUCH STUDY, THE COMPENSATION CONSULTING FIRM DELIVERS A REPORT TO THE HUMAN RESOURCES AND COMPENSATION COMMITTEE DISCUSSING IQT'S ADHERENCE TO ITS COMPENSATION POLICIES. - WORKS WITH IQT'S IN-HOUSE AND OUTSIDE COUNSEL TO ENSURE THAT IQT'S COMPENSATION STRUCTURE AND PLANS COMPLY WITH INTERNAL REVENUE CODE AND OTHER LEGAL REQUIREMENTS. - KEEPS THE BOARD OF TRUSTEES INFORMED OF KEY COMPENSATION AND HUMAN RESOURCE ISSUES AFFECTING IQT. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS AVAILABLE TO THE PUBLIC IQT DOES NOT MAKE THIS INFORMATION AVAILABLE TO THE PUBLIC. FORM 990, PART IX, LINE 11G CONSULTING - GENERAL: PROGRAM SERVICE EXPENSES 1,107,908. MANAGEMENT AND GENERAL EXPENSES 2,388,555. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,496,463. TECHNOLOGY CONTRACTORS: PROGRAM SERVICE EXPENSES 947,580. MANAGEMENT AND GENERAL EXPENSES 10,618. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 958,198. INTERCOMPANY SERVICE EXPENSE: PROGRAM SERVICE EXPENSES 10,627,105. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,627,105. RECRUITING FEES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 157,793. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 157,793. FORM 990, PART XI, LINE 9: GAIN/LOSS ON CASH BALANCE PLAN 128,404. 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