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Fitbit, but as a smart ring primarily for women's health.

An Apple Watch for health monitoring, distilled into a smart ring and tailored for women's wellness.

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• Evie Ring: A smart ring specifically designed for women, tracking various health metrics such as heart rate, sleep, activity, temperature, and menstrual health.
• Evie App and Health Platform: The accompanying mobile application and cloud-based platform that processes data from the Evie Ring to provide personalized health insights and trends.

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Movano (MOVE) Major Customers

Movano Inc. (symbol: MOVE) primarily sells its products, such as the Movano Ring, directly to individuals (B2C) rather than to other companies.

The company serves the following categories of individual customers:

• Health-conscious individuals and fitness enthusiasts: This category includes consumers who are actively engaged in monitoring their daily health metrics, such as activity levels, sleep patterns, and heart rate variability, with the goal of improving their general wellness and achieving personal fitness objectives.

• Women proactive about personalized health management: Given the Movano Ring's design and features tailored towards women's health, this segment comprises women who seek deeper, actionable insights into their bodies to manage specific health concerns (e.g., menstrual cycle tracking, menopause symptoms, stress management) or who are proactively involved in the prevention or management of chronic diseases.

• Consumers seeking non-obtrusive, stylish wearable technology: This group consists of individuals who prioritize comfort, discretion, and aesthetics in their wearable devices. They prefer a less conspicuous and more fashion-integrated smart ring over larger devices like smartwatches, while still desiring comprehensive and accurate health tracking capabilities.

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John Mastrototaro, PhD Chief Executive Officer & Director

John Mastrototaro has over 30 years of experience in the medical device industry, bringing innovative products to market. He spent the majority of his career with Medtronic (NYSE: MDT) and MiniMed, where he was instrumental in leading advancements in diabetes care, including the ambulatory continuous glucose monitoring system and the sensor augmented insulin pump. During his tenure at Medtronic, he held roles such as CTO and Global VP of Clinical Research and Health Affairs. Before Movano Health, he served as COO of Orthosensor, Inc., which was acquired by Stryker (NYSE: SYK).

J. Cogan, CFA Chief Financial Officer

J. Cogan brings 24 years of experience on Wall Street to Movano Health. He was a portfolio manager at Ascend Capital, a multi-billion dollar hedge fund, and a senior equity research analyst for Banc of America Securities, specializing in consumer, media, and technology sectors. At Movano Health, he is responsible for corporate strategy, capital raising, and financial planning and analysis.

Michael Leabman Founder, Chief Technology Officer & Director

Michael Leabman is an MIT-educated, serial entrepreneur with expertise in airborne reconnaissance. He has founded four RF-based start-ups and led his previous company to an IPO. He holds over 200 patents in smart antenna array technology.

Emily Wang Fairbairn Chair of the Board

Emily Wang Fairbairn has spent her career in executive leadership and management positions, and as an investor and mentor to startups. She co-founded and served as CEO of Ascend Capital, a multi-billion-dollar hedge fund that managed assets for institutional clients, for nearly two decades before retiring in 2018. Prior to Ascend Capital, she developed a successful practice in equity portfolio construction and financial planning for high-net-worth clients at Merrill Lynch.

Michael Soule Chief Commercial Officer

Michael Soule has a proven track record of scaling small to medium-sized companies. He previously worked for BodyMedia, which was acquired by Jawbone, and Misfit Wearables, which was acquired by Fossil.

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The key risks to Movano (MOVE) are:

1. Nasdaq Delisting Risk: Movano Health faces a significant risk of delisting from the Nasdaq exchange. This stems from two primary issues: the company's stock price has consistently traded below the Nasdaq minimum bid price requirement of $1.00 (at $0.73 as of August 21, 2025, and $0.56 as of May 23, 2025), and it is not eligible for a grace period due to a prior reverse stock split. Additionally, Movano has failed to timely file its required SEC quarterly reports (Form 10-Q for March 31, 2025, and June 30, 2025), which violates Nasdaq listing rules. The outcome of a critical Nasdaq hearing regarding its compliance plan remains pending, and a delisting could severely impact the company's liquidity and investor confidence.
2. Financial Strain and Limited Cash Runway: The company is experiencing significant financial challenges, including consistently negative operating cash flow and decreasing free cash flow, indicating a difficult path to profitability. As of August 23, 2025, Movano reported $11.3 million in cash reserves against a quarterly burn rate of $5.6 million, and it is noted to have less than one year of cash runway. Resource constraints have also been cited as a reason for delays in SEC filings.
3. Execution Risks and Competitive Pressure: Despite developing innovative products like the FDA 510(k)-cleared Evie Ring, Movano faces substantial execution risks in bringing its technology to market. The company operates in a highly competitive wearable healthcare sector, contending with established and well-resourced players such as Apple and Samsung. Movano's weak fundamentals further underscore these challenges.

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The most significant clear emerging threat to Movano (MOVE) is the entry of Samsung into the smart ring market with its Galaxy Ring, expected to launch later in 2024.

Samsung is a global technology giant with immense brand recognition, vast financial resources, established distribution channels, and an extensive existing ecosystem of devices and services. The Galaxy Ring will directly compete with Movano's Evie Ring in the burgeoning smart ring form factor, which tracks various health metrics. Samsung's ability to market, distribute, and integrate the Galaxy Ring with its massive user base poses a substantial challenge to Movano's efforts to gain market share and establish its brand in the health wearable space, particularly for a relatively new and smaller player.

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Evie Ring (Smart Rings and Women's Health Technology)

The Evie Ring, a wearable device designed specifically for women, targets the burgeoning women's health technology market. This market is estimated to reach $60 billion globally by 2027.

More broadly, the global smart rings market, which includes devices like the Evie Ring, has varying projections:

• The global smart rings market size was estimated at USD 348.56 million in 2024 and is projected to reach USD 1,101.60 million by 2030, growing at a compound annual growth rate (CAGR) of 21.1% from 2025 to 2030.
• Another estimate places the global smart ring market size at USD 340.9 million in 2024, projected to grow to USD 2,525.5 million by 2032, with a CAGR of 29.3%. North America held the largest share of 44.18% of this market in 2024.

Continuous Glucose Monitoring (CGM) Devices

Movano is also developing technology for non-invasive continuous glucose monitoring. The market for CGM devices is substantial and growing rapidly:

• The global continuous glucose monitoring devices market size was estimated at USD 13.66 billion in 2024 and is projected to reach USD 49.87 billion by 2033, growing at a CAGR of 15.44% from 2025 to 2033. North America dominated this market, accounting for 56.8% of the revenue share in 2024.
• Other projections indicate the global CGM market at approximately USD 13.28 billion in 2025, expected to reach USD 28.72 billion by 2030, with a CAGR of 16.68%.
• Another report suggests the global continuous glucose monitoring device market is estimated to be valued at USD 12,690.7 million in 2025 and is projected to reach USD 54,553.1 million by 2035, with a CAGR of 15.7%.

Wearable Healthcare Devices (Broader Market)

Movano's products fall under the broader umbrella of wearable healthcare devices. This market also shows significant growth:

• The global wearable healthcare devices market is projected to grow from USD 20.8 billion in 2025 to USD 47.0 billion by 2035, at a CAGR of 8.5%.
• Another source valued the global Wearable Healthcare Devices Market size at USD 24.59 billion in 2023 and projects it to grow to USD 92.93 billion by 2031, exhibiting a CAGR of 18.38%. North America held a considerable share of 34.32% in 2023, valued at USD 8.44 billion.
• The overall global wearable technology market size was estimated at USD 84.2 billion in 2024 and is projected to reach USD 186.14 billion by 2030, growing at a CAGR of 13.6%. North America dominated this market with a 34% share in 2024.

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Movano (MOVE) is positioned for future revenue growth over the next 2-3 years, driven by several key initiatives and market expansions:

1. Commercialization and Market Penetration of the Evie and Evie Med Rings: Movano launched the Evie Ring in November 2023 and is focused on enhancing the product. The Evie Med Ring received FDA 510(k) clearance for its pulse oximetry feature in November 2024, enabling its use in clinical trials and remote patient monitoring. The company anticipates an FDA decision on the Evie Med Ring for cuffless blood pressure monitoring in July 2024. Successful sales and market penetration of these wearable devices, supported by an efficient customer acquisition strategy, are expected to be a significant driver of future revenue.
2. Expansion into Business-to-Business (B2B) and Remote Patient Monitoring (RPM) Markets: Movano is actively pursuing B2B opportunities and has initiated beta programs with an insurer and a remote patient monitoring company. Strategic alliances within the healthcare sector are anticipated to create robust future revenue streams and facilitate market diversification. The FDA clearance for the Evie Med Ring's pulse oximetry also supports its application in remote patient monitoring.
3. Development and Launch of Advanced Health Monitoring Features, including Cuffless Blood Pressure and Non-invasive Glucose Monitoring: Movano is developing a proprietary System-on-a-Chip (SoC) for non-invasive glucose and blood pressure monitoring. The company has conducted clinical trials for blood pressure monitoring on the wrist and plans a new blood pressure study for June 2024. Positive results from blood pressure clinical trials have already sparked additional discussions with interested companies.
4. Strategic Partnerships and Collaborations: The company is exploring financing options, including strategic partnerships, to support its growth and development plans. Collaborations with major medical device companies or other tech giants could lead to synergistic outcomes, opening new market segments and generating additional revenue streams. Movano is actively engaging with interested parties for testing its solutions, especially following recent blood pressure clinical results.

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Share Repurchases

No information available.

Share Issuance

• Movano Health has raised a total of $30 million over three funding rounds.
• In April 2024, Movano Inc. entered into a securities purchase agreement to issue approximately 45.3 million units at $0.533 per unit, generating gross proceeds of about $24.14 million. Each unit included one common share and one warrant to purchase a common share.
• A 1-for-10 reverse stock split was implemented effective October 10, 2025, which reduced the number of outstanding shares from approximately 8.3 million to 0.8 million. This action was intended to increase the bid price to comply with Nasdaq's minimum bid price requirement.

Inbound Investments

• Movano Health has secured a total funding of $30 million across three rounds.
• The largest funding event was a $24.1 million Post-IPO round in April 2024.
• This $24 million private placement included a $3.0 million strategic seed investment from a tier-one multi-billion dollar medical device company. Additionally, members of Movano Health's management team and board of directors invested over $3.6 million in this placement.

Outbound Investments

No information available.

Capital Expenditures

No information available.