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Consolidated Balance Sheets

In millions of USD, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q3 FY2025
As of Sep 30, 2025
Q2 FY2025
As of Jun 30, 2025
Q1 FY2025
As of Mar 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q3 FY2024
As of Sep 30, 2024
Q2 FY2024
As of Jun 30, 2024
Q1 FY2024
As of Mar 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q3 FY2023
As of Sep 30, 2023
Q2 FY2023
As of Jun 30, 2023
Q1 FY2023
As of Mar 31, 2023
Assets
Current assets
Cash
Cash – restricted
Prepaid expenses
Restricted funds – held in Trust Account
Total current assets
Deferred tax asset
Prepaid insurance
Cash and marketable securities in Trust Account
Prepaid insurance
Marketable securities held in Trust Account
Total Assets
Liabilities and Stockholders’ Deficit
Current liabilities
Accounts payable and accrued expenses
Accrued offering costs
Income taxes payable
Promissory note related party
Deferred tax liability
Excise tax payable
Class A common stock pending redemptions (4,520,384 shares)
Stockholders redemption payable
Promissory note - related party
Related Party
Total promissory note - related party
Promissory note - 2nd amended and restated
Convertible promissory note and forward settlement contract - related party
Total current liabilities
Deferred underwriting fee payable
Deferred underwriting fee payable
Deferred underwriting fee payable
Deferred tax liability
Deferred underwriting fee payable
Total Liabilities
Class A common stock subject to possible redemption, 332,816 and 2,379,616 shares at redemption value at $11.76 and $11.19 per share as of December 31, 2025 and December 31, 2024, respectively
Class A Common Stock
Class A common stock subject to possible redemption
Total class A Common Stock
Total class A common stock subject to possible redemption, 332,816 and 2,379,616 shares at redemption value at $11.76 and $11.19 per share as of December 31, 2025 and December 31, 2024, respectively
Stockholders’ Deficit
Common stock value
Common stock, value
Accumulated deficit
Total Stockholders’ Deficit
Total Liabilities and Stockholders’ Deficit

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