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Sat Oct 24 · markets closed6 signals on Oct 2394 insider buys this week · $48.3MCIRO short report next: Oct 30The week ahead

AZIO

AZIO AI HOLDINGS, INC.
NASDAQ · CONSUMER DISCRETIONARY · MOTOR VEHICLE PARTS & ACCESSORIES
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MKT CAP $15.2MP/E —DIV YIELD —FCF YIELD -822.65%REV TTM —NET INCOME $5.2MNET DEBT $10.6M52W 0.36 – 3.68SEC XBRL · TTM TO Invalid Date

How AZIO rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
44%
of sentences unchanged
Added
219
new sentences
Dropped
168
sentences removed
Length
+2,056
words, now 18,717

New in FY2025

  • Such risks are discussed more fully below and include, but are not limited to, risks related to: ● Our history of losses and our ability to achieve and/or sustain profitability in the future and management’s conclusion that there is substantial doubt about our ability to continue as a going concern; ● Significant fluctuations in our operating results, and the resulting difficulty in predicting our operating results; ● Our future growth being dependent upon demand for our products and services; ● Our ability to compete successfully against current and future competitors; ● Volatility of demand in our industries; ● Our sales cycle, which can be long and unpredictable, which may make it difficult to project when, if at all, we will obtain new customers and generate revenue from those customers; ● Our ability to keep pace with technological advances and dependence on advances in technology by other companies; ● Our ability to predict the size of the markets for our current and future products; ● The continuing emergence of the market for heavy-lift drones and the failure of this market to scale as expected; ● Our ability to reduce and adequately control the costs and expenses associated with operating our business, including our material and production costs; ● Our ability to manage our anticipated growth effectively, which will affect our ability to execute our business plan, maintain high levels of service and adequately address competitive challenges; ● Unfavorable conditions in the global economy, inflation and high interest rates and capital market liquidity issues; ● Our dependence on our Chief Executive Officer and management team, retaining and attracting qualified management, key employees and technical personnel and expanding our sales and marketing capabilities; ● Our management team’s limited experience in operating as a public company; ● Forecasts of market growth that may prove to be inaccurate, and our ability to grow our business at similar rates or at all; ● Our acquisition of complementary business and technologies may disrupt our operations and adversely affect our operating results, and we may not achieve the anticipated benefits of such acquisitions; ● The increased competitive, operational, legal and regulatory risks posed by the expansion of our business strategy into the AI infrastructure market; ● A product safety failure, quality issue or other failure affecting our or our customers’ or suppliers’ products or systems, which could seriously harm our business; ● Our dependence on third parties to deliver raw materials, parts, components and services in adequate quantity in a timely manner and at reasonable prices, quality levels, and volumes acceptable to us; ● The possibility that the facilities or operations of our third-party providers could be damaged or adversely affected as a result of disasters or unpredictable events; ● Our dependence on information technology and the possibility that any breakdown, interruption or breach of our information technology systems could subject us to liability or interrupt the operation of our business; ● Harm to our brand image that could result from the failure of our suppliers to use ethical business practices and comply with applicable laws and regulations; ● The success of our strategic relationships with third parties, our ability to identify and form adequate strategic relationships in the future and the failure to realize or the delayed realization of anticipated benefits from such relationships; ● The ability of our suppliers to scale their zero-emission vehicle manufacturing and assembling processes effectively and quickly from low volume production to high volume production; ● Our exposure to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims; ● The possibility of being compelled to undertake product recalls; ● The adequacy of our warranty reserves to cover future warranty claims; ● The adequacy of our insurance strategy to protect us from all business risks; ● Our ability to design, develop, market and sell other product offerings that address additional market opportunities; ● The availability and amounts of government subsidies and incentives and the application of regulations that encourage conversion to EVs; ● The dependence of our medical supplies segment on a single customer; ● Our exposure to substantial regulations and unfavorable changes in such regulations; ● Vehicle dealer and distribution laws, which could adversely affect our ability to sell our commercial zero-emission EVs; ● Environmental laws and regulations that could impose substantial costs upon us and cause delays in opening our sales, service and assembly facilities; ● Failure to protect our intellectual property rights, which could impair our ability to protect our proprietary technology; ● Our exposure to claims of infringement of another party’s intellectual property rights; ● The availability of additional capital on acceptable terms, if at all, to support business growth; ● Our ability to maintain effective internal control over financial reporting and effective disclosure controls and procedures; ● Our ability to maintain compliance with Nasdaq continued listing requirements and to rectify any deficiencies; ● Our ability to utilize a significant portion of our net operating loss or research and development tax credit carryforwards; ● Volatility in the price of our common stock, which could result in substantial losses for our stockholders; ● Securities or industry analysts not publishing research or publishing inaccurate or unfavorable research about our business; ● Our ability to meet our publicly announced guidance or other expectations about our business; ● Our intent to not pay dividends for the foreseeable future; and ● Provisions in our charter documents and under Delaware law that could discourage a takeover that stockholders may consider favorable.
  • For the years ended December 31, 2025 and 2024, we incurred net losses of $39.1 million and $8.8 million, respectively.
  • The 2025 net loss included approximately $13.4 million of non-cash goodwill impairment charges and impairment of intangibles.
  • As of December 31, 2025, we had negative working capital of approximately $9.8 million and an accumulated deficit of approximately $112.6 million.
  • We may not achieve profitability in the future as we anticipate that our operating expenses will increase significantly in the foreseeable future as we: • make investments required to move our operations to our new corporate headquarters and manufacturing facility in Houston, Texas; • successfully develop and commercially market new products and services; • design, develop and manufacture our light to medium to heavy-duty fleet vehicles and their components; • acquire and maintain market share in our EVs and drones segments; • achieve and manage growth in our operations; • keep pace with technological developments; • timely address the increasingly sophisticated needs of our customers, including as a result of changes in government regulation related to our products and services; • increase our sales and marketing to acquire new customers; and • increase our general and administrative functions to support our growing operations.
  • Revenue growth may be slower than anticipated or revenue may decline for a number of reasons, including continued problems accessing various incentive programs to assist our customers with their purchase of our vehicles, recent elimination of certain federal and state incentive programs, lack of demand for our products and services, increasing competition, lengthening sales cycles, decelerating growth of, or declines in, our overall market, or our failure to capitalize on growth opportunities or to introduce new offerings.
  • Management has concluded that there is substantial doubt about our ability to continue as a going concern.
  • The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business.
  • As of December 31, 2025, we had cash and cash equivalents of $0.4 million and negative working capital of $9.8 million.
  • We believe that our existing cash and cash equivalents may not be sufficient to allow us to operate for the next 12 months due to our current and potential liabilities.
  • We may need to raise additional capital through equity or debt issuances.
  • There can be no assurance that any required future financing can be successfully completed on a timely basis or on terms acceptable to us.
  • Based on these circumstances, management has determined there is substantial doubt about our ability to continue as a going concern.
  • The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations.
  • Additionally we expect our period-to-period operating results to vary based on our operating costs, which we anticipate will increase significantly in future periods as we, among other things, develop and commercially market new products and services, open new design, sales and service facilities, hire additional personnel, increase our travel and operational budgets, increase our facility costs, hire and train service personnel, increase our sales and marketing activities, and increase our general and administrative functions to support our growing operations.
  • We have limited ability to forecast our future revenue, costs and expenses and, as a result, our operating results may from time to time fall below our estimates.
  • In addition, recent changes to our business model as a result of the Maddox Acquisition (as defined under Item 8, Part II of this Annual Report), the addition of our drone segment and the introduction of our initiative to develop high-performance, energy-integrated AI compute infrastructure make it difficult to evaluate our current business and our future prospects.
  • Our future growth is dependent upon demand for our products and services in markets that are rapidly evolving.
  • Our growth is highly dependent upon the market acceptance of, and we are subject to an elevated risk of any reduced demand for, our products and services, including the commercial adoption of zero-emission trucks and other fleet vehicles and heavy lift drones.
  • We are also developing, but have not yet commercialized, our high-performance, energy-integrated AI compute infrastructure.
  • If any of these markets does not develop as we expect or develops slower than expected, our business, prospects, financial condition and operating results will be harmed, and we may need to raise additional capital.
  • Each of these markets is relatively new, rapidly evolving, characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new technological and product announcements and changing consumer demands and behaviors.
  • Factors that may influence the market acceptance of our products include: • perceptions about product quality, safety design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of any product ; • perceptions about the limitations in the technology in our products; • perceptions about product safety in general, in particular safety issues that may be attributed to the use of advanced technology; • for our EVs, the availability of alternative fuel vehicles, including competitive vehicles and improvements in the fuel economy of the internal combustion engine may cause a slow-down in the demand to switch to zero-emission electric vehicles; • the availability of service for our products; • for our EVs, the environmental consciousness of owners of diesel- and gasoline-powered buses, truck and other fleet vehicles; • for our EVs, changes in the cost of oil and gasoline and perceptions about and the actual cost of alternative fuel; • government regulations and the availability of incentives for our EVs and a change in the administration and the legislation and regulations of federal and state governments applicable to our products; • access to charging stations for our EVs, standardization of electric vehicle charging systems and perceptions about convenience and cost to charge an electric vehicle; • the availability of rebates to purchase and operate EVs or future regulation requiring increased use of zero-emission or hybrid vehicles; and • macroeconomic factors such as, among other things, inflation and high interest rates which could diminish our ability to access the capital markets for funding our business.
  • We may also become subject to regulations that require us to alter the design of our products, which could negatively impact consumer interest in our products.
  • The influence of any of the factors described above may cause current or potential customers not to purchase our electric vehicles or heavy lift drones, as applicable, which would materially adversely affect our business, operating results, financial condition and prospects.
  • The market for commercial zero-emission EVs is rapidly evolving and characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements and changing consumer demands and behaviors.
  • Similarly, the UAV and drone industry is highly competitive and rapidly evolving, particularly in the areas of defense, public safety, industrial inspection, and autonomous logistics.
  • Once we begin distributing our heavy-lift, industrial-grade drone platforms designed for agricultural, fire suppression, and forestry applications, we will compete with both legacy agricultural drone companies and newer drone-focused entrants.
  • We expect this competition to intensify as regulatory pathways for UAVs and drones become more defined and commercial drone applications expand globally.
  • Most of our existing and potential competitors have substantially greater financial resources, more extensive engineering, manufacturing, marketing and customer service and support capabilities, longer operating histories and greater name recognition than we do.
  • Particular to our drone segment, our competitors may be able to provide customers with different or greater capabilities or benefits than we can provide in areas such as technical qualifications, past contract performance, geographic presence, price and the availability of key professional personnel, including those with security clearances.
  • As a result, our competitors may be able to compete more aggressively and sustain that competitive advantage over a longer period of time than we can.
  • In order to secure contracts successfully when competing with larger, well-financed companies, we may be forced to agree to contractual terms that provide for lower aggregate payments to us over the life of the contract, which could adversely affect our margins.
  • We expect competition in the EVs industry to intensify in the future in light of anticipated increased demand for alternative fuel vehicles , continued globalization , and consolidation in the worldwide automotive industry as well as recent elimination of certain federal and state incentives for EVs.
  • A disruptive technology advancement in the EV or drone industry by a competitor could adversely affect the sales of our products.
  • Demand in our industries is volatile, which may materially and adversely affect our business, prospects, operating results and financial condition.
  • We have fewer financial resources than more established market participants have to withstand changes in the market and disruptions in demand.
  • Volatility in demand may lead to lower sales of our products and increased inventory, which may result in further downward price pressure and adversely affect our business, prospects, financial condition and operating results.
  • We may not be able to keep pace with technological advances and we depend on advances in technology by other companies Significant developments in alternative technologies, such as advanced diesel, ethanol and other renewable fuels, fuel cells or compressed natural gas, or improvements in the fuel economy of the internal combustion engine, may materially and adversely affect our business and prospects in ways we do not currently anticipate.

and 179 more.

Gone since FY2024

  • Such risks are discussed more fully below and include, but are not limited to, risks related to: ● Our history of losses and our ability to achieve and/or sustain profitability in the future; ● Significant fluctuations in our operating results, and the resulting difficulty in predicting our operating results; ● Our future growth being dependent upon demand for new mid-sized zero-emission trucks and cargo vans, and other fleet vehicles; ● Our ability to compete successfully against current and future competitors; ● Our sales cycle, which can be long and unpredictable and require considerable time and expense before executing a customer agreement, which may make it difficult to project when, if at all, we will obtain new customers and generate revenue from those customers; ● Developments in alternative technologies or improvements in the internal combustion engine, which may materially adversely affect the demand for electric vehicles and our products; ● Our ability to keep up with advances in zero-emission electric vehicles technology, which will impact our ability to obtain or maintain a competitive position in the market; ● The demand for commercial zero-emission electric vehicles depending, in part, on the continuation of current trends resulting from historical dependence on fossil fuels; ● Our ability to reduce and adequately control the costs and expenses associated with operating our business, including our material and production costs; ● Our ability to manage our anticipated growth effectively, which will affect our ability to execute our business plan, maintain high levels of service and adequately address competitive challenges; ● The possible performance of our zero-emission electric vehicles in a manner that is not consistent with our customers’ expectations, which could harm our ability to develop, market and sell our vehicles; ● Our dependence on third parties to deliver raw materials, parts, components and services in adequate quantity in a timely manner and at reasonable prices, quality levels, and volumes acceptable to us; ● The possibility that the facilities or operations of our third-party providers could be damaged or adversely affected as a result of disasters or unpredictable events; ● Our dependence on information technology and the possibility that any breakdown, interruption or breach of our information technology systems could subject us to liability or interrupt the operation of our business; ● Harm to our brand image that could result from a failure of our suppliers to use ethical business practices and comply with applicable laws and regulations; ● The success of our strategic relationships with third parties and our ability to identify and form adequate strategic relationships in the future; ● The ability of our suppliers to scale their zero-emission vehicle manufacturing and assembling processes effectively and quickly from low volume production to high volume production; ● Our exposure to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims; ● The possibility of being compelled to undertake product recalls; ● The adequacy of our warranty reserves to cover future warranty claims; ● The adequacy of our insurance strategy to protect us from all business risks; ● Our ability to design, develop, market and sell zero-emission electric vehicles and other product offerings that address additional market opportunities; ● The availability and amounts of government subsidies and incentives and the application of regulations that encourage conversion to EVs; ● Our service model, which may be costly for us to operate and may not address the service requirements of our prospective customers; ● Our exposure to substantial regulation and unfavorable changes in such regulations; ● Vehicle dealer and distribution laws, which could adversely affect our ability to sell our commercial zero-emission electric vehicles; ● Environmental laws and regulations that could impose substantial costs upon us and cause delays in opening our sales, service and assembly facilities; ● Failure to protect our intellectual property rights, which could impair our ability to protect our proprietary technology; ● Our exposure to claims of infringement of another party’s intellectual property rights; ● Legal and administrative proceedings that could result in substantial liabilities; ● Our use of battery packs composed of lithium-ion battery cells, which, if not appropriately managed and controlled, on rare occasions have been observed to catch fire or vent smoke and flames; ● Unfavorable conditions in the global economy, inflation and high interest rates and capital market liquidity issues; ● Our dependence on our Chief Executive Officer and management team, retaining and attracting qualified management, key employees and technical personnel and expanding our sales and marketing capabilities; ● Our management team’s limited experience in operating a public company; ● Forecasts of market growth that may prove to be inaccurate, and our ability to grow our business at similar rates, or at all; ● The availability of additional capital on acceptable terms, if at all, to support business growth; ● Our ability to maintain effective internal control over financial reporting and effective disclosure controls and procedures; ● Our ability to utilize a significant portion of our net operating loss or research and development tax credit carryforwards; ● Volatility in the price of our common stock, which could result in substantial losses for our stockholders; ● Securities or industry analysts not publishing research or publishing inaccurate or unfavorable research about our business; ● Our ability to meet our publicly announced guidance or other expectations about our business; ● Our intent to not pay dividends for the foreseeable future; and ● Provisions in our charter documents and under Delaware law that could discourage a takeover that stockholders may consider favorable.
  • For the years ended December 31, 2024 and 2023, we incurred net losses of $8.8 million and $12.7 million, respectively.
  • The 2023 net loss included approximately $5.1 million of non-cash goodwill impairment charges.
  • As of December 31, 2024, we had working capital of approximately $5.9 million and accumulated deficit of approximately $73.5 million.
  • We may not achieve profitability in the future as we anticipate that our operating expenses will increase significantly in the foreseeable future as we: • make investments required to move our operations to our new corporate headquarters and manufacturing facility in Houston, Texas; • design, develop and manufacture our light to medium to heavy-duty fleet vehicles and their components; • increase our sales and marketing to acquire new customers; and • increase our general and administrative functions to support our growing operations.
  • Revenue growth may be slower than anticipated or revenue may decline for a number of reasons, including continued problems accessing various incentive programs to assist our customers with their purchase of our vehicles, lack of demand for our zero-emission vehicles and drivetrain systems, increasing competition, lengthening sales cycles, decelerating growth of, or declines in, our overall market, or our failure to capitalize on growth opportunities or to introduce new offerings.
  • While we believe that our existing cash and cash equivalents and our working capital as of December 31, 2024 will be sufficient to fund our operations during the next twelve months, we may not successfully execute our business plan, and if we do not, we may need additional capital to continue our operations.
  • In February 2022, we acquired a US manufacturing facility in Osceola Arkansas that will require additional debt and/or equity capital in order to purchase related equipment and set up production lines which is expected to require significant additional investment through 2027.
  • Recently, we announced that we will be moving our corporate headquarters and certain functions of our manufacturing facility to Houston, Texas.
  • As a result, this transition will incur costs that may be significant.
  • In addition, additional capital expenditures will be required to set up the infrastructure that is necessary to our operations.
  • Our operating results may fluctuate significantly, which makes out future operating results difficult to predict and could cause our operating results to fall below expectations.
  • Additionally we expect our period-to-period operating results to vary based on our operating costs, which we anticipate will increase significantly in future periods as we, among other things, design and develop our zero-emission vehicles and drivetrain systems, open new design, sales and service facilities, hire additional technology staff, increase our travel and operational budgets, increase our facility costs, hire and train service personnel, increase our sales and marketing activities, and increase our general and administrative functions to support our growing operations.
  • We have a limited ability to forecast our future revenue, costs and expenses and, as a result, our operating results may from time to time fall below our estimates.
  • In addition, recent changes to our business model as a result of the Maddox Acquisition make it difficult to evaluate our current business and our future prospects.
  • Our future growth is dependent upon demand for new mid-sized zero-emission trucks and cargo vans, and other fleet vehicles.
  • Our growth is highly dependent upon the market acceptance of, and we are subject to an elevated risk of any reduced demand for, new zero-emission trucks and other fleet vehicles.
  • If this market does not develop as we expect or develops slower than expected, our business, prospects, financial condition and operating results will be harmed, and we may need to raise additional capital.
  • This market is relatively new, rapidly evolving, characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements and changing consumer demands and behaviors.
  • Factors that may influence the market acceptance of new zero-emission vehicles include: • perceptions about zero-emission electric vehicles quality, safety design, performance and cost, especially if adverse events or accidents occur that are linked to the quality or safety of any electric vehicle; • perceptions about the limitations in the technology resulting in a limited range over which zero-emission electric vehicles may be driven on a single battery charge (increases in distance requires additional batteries, which increases weight, and, at some point, too much weight diminishes the additional distance being sought before requiring a charge); • perceptions about vehicle safety in general, in particular safety issues that may be attributed to the use of advanced technology; • the availability of alternative fuel vehicles, including competitive vehicles and improvements in the fuel economy of the internal combustion engine may cause a slow-down in the demand to switch to zero-emission electric vehicles; • the availability of service for zero-emission electric vehicles; • the environmental consciousness of owners of diesel- and gasoline-powered buses, truck and other fleet vehicles; • changes in the cost of oil and gasoline; • government regulations and economic incentives, including a change in the administrations and legislations of federal and state governments, promoting fuel efficiency and alternate forms of energy; • access to charging stations both public and private, standardization of electric vehicle charging systems and perceptions about convenience and cost to charge an electric vehicle; • the availability of tax and other governmental incentives and rebates to purchase and operate electric vehicles or future regulation requiring increased use of zero-emission or hybrid vehicles; • perceptions about and the actual cost of alternative fuel; and • macroeconomic factors such as, among other things, inflation and high interest rates which could diminish our ability to access the capital markets for funding our business.
  • We may also become subject to regulations that require us to alter the design of our vehicles, which could negatively impact consumer interest in our products.
  • The influence of any of the factors described above may cause current or potential customers not to purchase our electric vehicles, which would materially adversely affect our business, operating results, financial condition and prospects.
  • The market for commercial zero-emission electric vehicles is relatively new, rapidly evolving, and characterized by rapidly changing technologies, price competition, additional competitors, evolving government regulation and industry standards, frequent new vehicle announcements and changing consumer demands and behaviors.
  • Most of our existing and potential competitors, including Ford, Nissan, Navistar, Freightliner, Mercedes-Benz, Odyne Systems, Lightning Systems, Nordresa, Workhorse, Mitsubishi/Fuso, BYD, Proterra, TransPower, Lion Electric Company, Rivian, GreenPower Motor Company, General Motors, Blue Bird, Tesla, Volkswagen, Volvo, PeterBilt, Nikola, and Motiv, have substantially greater financial resources, more extensive engineering, manufacturing, marketing and customer service and support capabilities, longer operating histories and greater name recognition than we do.
  • As a result, our competitors may be able to compete more aggressively and sustain that competition over a longer period of time than we can.
  • We expect competition in our industry to intensify in the future in light of anticipated increased demand for alternative fuel vehicles , continued globalization , and consolidation in the worldwide automotive industry.
  • Our ability to successfully compete in our industry will be fundamental to our future success in existing and new markets and to our overall market share.
  • A disruptive technology advancement in the electric vehicle industry by a competitor, such as in energy storage, traction motors or power electronics, could adversely affect the sales of our products.
  • Demand in the zero-emission electric vehicles vehicle industry is volatile, which may materially and adversely affect our business, prospects, operating results and financial condition.
  • As a low volume producer, we have fewer financial resources than more established providers have to withstand changes in the market and disruptions in demand.
  • Volatility in demand may lead to lower vehicle unit sales and increased inventory, which may result in further downward price pressure and adversely affect our business, prospects, financial condition and operating results.
  • Developments in alternative technologies or improvements in the internal combustion engine may materially adversely affect the demand for electric vehicles and our products.
  • Significant developments in alternative technologies, such as advanced diesel, ethanol and other renewable fuels, fuel cells or compressed natural gas, or improvements in the fuel economy of the internal combustion engine, may materially and adversely affect our business and prospects in ways we do not currently anticipate.
  • Any failure by us to develop new or enhanced technologies or processes, or to react to changes in existing technologies or customer preferences, could result in the loss of competitiveness of our products, decreased revenue and a loss of market share to competitors.
  • If we are unable to keep up with advances in zero-emission electric vehicles technology, we may suffer an inability to obtain a competitive position in the market or suffer a decline in our competitive position.
  • There are companies in the zero-emission electric vehicle industry that have developed or are developing vehicles and technologies that compete or will compete with our vehicles.
  • Our competitors may be able to provide products and services similar to ours more efficiently or at greater scale.
  • We may be unable to keep up with changes in zero-emission electric vehicle technology and, as a result, may suffer a decline in our competitive position, which would materially and adversely affect our business, prospects, operating results and financial condition.
  • Our research and development efforts may not be sufficient to adapt to changes in zero-emission electric vehicle technology.
  • As technologies change, we plan to upgrade or adapt our vehicles and introduce new vehicles in order to continue to provide vehicles with the latest technology, in particular battery cell technology.

and 128 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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