Shareholders, For the last few weeks we have been building Net Forge, and this week it went from a private project to something any developer, or any AI agent, can pick up and use. Here is what that means and why we think it matters. More and more games start as a sentence typed to an AI coding agent. "Make me a co-op survivors game." "Add multiplayer to my three.js scene." The agent picks the tools, writes the code and runs it. So the engine an agent reaches for decides what a lot of people end up building with. Most game engines were made for people clicking around an editor. Agents can't do that. They work best with code they can read, a typed API they can't misuse, and a way to test what they wrote without a human playing it. Multiplayer makes this harder still, because the server and the browser have to agree on every frame. Net Forge is built for that from the ground up: - One game simulation runs the same in the browser and on the server, so multiplayer works from the first line - A three.js renderer on WebGPU, with a WebGL2 fallback - Each game's rules live in one typed file an agent can read and safely change - Playtest bots play the game for you, so an agent can check its own work - 530 CC0 models and sounds across six art styles, so nothing ships as grey boxes - Ten complete templates to start from: survivors-like co-op, arena shooter, tower defense, dungeon crawler, idle, platformer, card battler, monster collector, kart racer and party game What shipped publicly: - 19 open-source packages on npm published straight from a public repo with npm provenance - npm create netforge@latest, which turns any template into a running game in about a minute - An MCP server and a CLI setup command, so Claude, Cursor and other coding agents can drive the engine directly - Full docs at forge.netnet.capital, written so both people and AI models can read them, with guides for the questions developers actually ask - A GitHub template repo for every game, so you can start one with a single click - Playable demos of the templates on itch.io Everything public runs with play money. No wallet, no chain, no sign-up. Why this matters for NetNet: the next step is the Kit, which connects a game to its own token, an in-game store and player rewards. When it goes live, anyone who builds on Net Forge will be able to launch a game with an economy attached in one flow. Each game token will trade against wsNET, so every game that launches adds a new market built on NetNet. The open engine comes first. The more developers and agents building on it, the more games there are to launch when the Kit arrives. If you build something, show us. Issues and pull requests are open.

$NET cannot go to zero. The immutable core contracts set backing at $173 right now, including the RWA sleeve its over $210. At these levels we are aggressively buying $NET . uncapped upside with a worse case 50% drawdown. The treasury continues to climb, V3 RWBs turn off dilution, we have $1M in stables coming to the credit desk today which we will use to buy more $NET. Overall, we've grown our treasury to nearly $26M in under 3 months, we have basically built all of 2021-22 DeFi in under 3 months, We've delivered brand new on-chain experiences including on no-loss lotteries, no-loss sportsbooks, an advance rebase desk, and more. We have the largest morpho blue market on RH chain, and we have not even released our bluechip (frontier) product yet. We've also done all of this without any public acknowledgement of any kind from RobinHood yet. Worth mentioning. A bet on $NET is a bet that our team will be able to grow the treasury past the pace of emissions. So far that bet has been correct, but it is clear that additional revenue streams outside of bonds are required for the next leg up. I am betting that we can deliver.