Executive Summary

Q3 2025 was a non-operational quarter typical of a SPAC; Armada disclosed preliminary cash and marketable securities held in its Trust Account of approximately $234.6M as of September 30, 2025, with no operating revenues reported .
Strategic catalyst: AACI signed a Business Combination Agreement with Evernorth to form a publicly traded institutional XRP treasury vehicle expected to raise over $1B in gross proceeds; the combined company expects to trade on Nasdaq as “XRPN” upon closing (target: Q1 2026) .
Corporate action: AACI changed its ticker to XRPN (units to XRPNU, warrants to XRPNW) effective October 30, 2025, aligning branding with the new XRP-focused strategy .
Street estimates unavailable for AACI given SPAC status; no Q3 earnings call transcript was filed. Consensus comparisons are therefore not possible this quarter (S&P Global data unavailable).

What Went Well and What Went Wrong

What Went Well

Announced a transformational transaction with Evernorth, targeting the largest public XRP treasury and over $1B in gross proceeds from PIPE and strategic investors (SBI, Ripple, Rippleworks, Pantera, Kraken, GSR, Chris Larsen), positioning the platform for institutional XRP exposure and DeFi yield participation .
Trust Account strength: preliminary cash and marketable securities held in Trust Account were approximately $234.6M at quarter-end, supporting transaction readiness and closing conditions .
Management alignment and ecosystem support: “Evernorth is built to provide investors more than just exposure to XRP’s price…designed to generate returns for shareholders while supporting XRP’s utility and adoption” — Asheesh Birla, CEO of Evernorth . Ripple CEO Brad Garlinghouse added confidence in Evernorth’s ability “to take XRP’s presence in capital markets to the next level” .

What Went Wrong

No operating revenues; as a SPAC, AACI reiterated it will not generate operating revenues until the business combination is completed, limiting traditional P&L analysis .
No Q3 earnings call transcript or detailed financial breakdown beyond Trust Account disclosure, constraining segment/KPI insights .
Elevated risk disclosures: management highlighted closing risks (shareholder approvals, listing standards), crypto price volatility (XRP correlation), redemptions, and regulatory uncertainty around digital assets .

Financial Results

Note: AACI is a SPAC; revenue is not applicable until the completion of the business combination. Periods shown oldest → newest.

Metric	Q2 2025	Q3 2025
Revenue ($USD)	N/A – “We do not expect to generate any operating revenues until after completion of our initial Business Combination.”	N/A – no operating revenues; preliminary item 2.02 update only
Net Income ($USD)	$0.887M	N/A (not disclosed; only Trust Account preliminary amount provided)
Diluted EPS ($USD)	$0.05 (Class A redeemable and non-redeemable diluted EPS per share)	N/A (no 10-Q filed yet for Q3)
Trust Account Balance ($USD)	$232.133M	~$234.6M (preliminary, unaudited)
Cash outside Trust ($USD)	$0.480M	N/A
Total Assets ($USD)	$232.906M	N/A

KPIs and balance sheet indicators relevant to transaction readiness:

KPI	Q2 2025	Q3 2025
Class A Ordinary Shares outstanding (as of Aug 8, 2025)	23.710M Class A; 7.880M Class B	N/A
Public Warrants outstanding	11.500M; fair value $3.565M	N/A
Trust Account investment mix	U.S. Treasuries ≤185 days	N/A

Guidance Changes

Guidance is not provided in the traditional sense; management disclosed transaction milestones and expectations. Items below reflect explicit forward-looking disclosures and closing conditions.

Metric	Period	Previous Guidance	Current Guidance	Change
Business Combination closing timeline	Q1 2026	Not previously provided	Expected close in Q1 2026, subject to approvals and conditions	New
Gross proceeds from transaction	Closing	Not previously provided	Expected to raise over $1B gross proceeds	New
Listing/tickers	Oct 30, 2025 (pre-close)	AACI/AACIU/AACIW	Changed to XRPN/XRPNU/XRPNW effective Oct 30, 2025	Implemented
Closing conditions (tangible net assets)	At Closing	N/A	SPAC Tangible Net Assets ≥ $5,000,001	New disclosure
Exchange/listing approval	At Closing	N/A	Pubco Class A shares to be approved for listing on Nasdaq/NYSE or another national exchange	New disclosure

Earnings Call Themes & Trends

No Q3 earnings call transcript was available. The narrative this quarter is driven by transaction disclosures and press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 2025)	Trend
Institutional XRP strategy	N/A in filings; SPAC focused on identifying targets	Evernorth to build largest public XRP treasury; active yield strategies; validator participation	New strategic focus
Regulatory/legal	Standard SPAC risk language	Extensive forward-looking risks incl. listing standards, digital asset regulation, XRP volatility	Heightened disclosure
Capital markets/ticker	N/A	Ticker transition to XRPN/XRPNU/XRPNW effective Oct 30	Implemented
Transaction funding	Trust Account funded post-IPO	Over $1B expected gross proceeds from PIPE and strategic investors	Uptrend in capital commitments
Operating performance	No operating revenue pre-combination	Same; Q3 item 2.02 limited to Trust Account preliminary amount	Steady (pre-combination)

Management Commentary

“Evernorth is built to provide investors more than just exposure to XRP’s price…designed to generate returns for shareholders while supporting XRP’s utility and adoption.” — Asheesh Birla, CEO of Evernorth .
“Having worked alongside Asheesh for many years, I’m fully confident in his and the team’s ability to take XRP’s presence in capital markets to the next level with Evernorth.” — Brad Garlinghouse, CEO of Ripple .
Boards of SPAC and Pubco unanimously approved the transaction; listing of Pubco Class A common stock on a national exchange is a closing condition .

Q&A Highlights

No Q3 earnings call or Q&A transcript was filed; management’s details came via 8-K and press releases .

Estimates Context

Wall Street consensus (S&P Global) for AACI’s quarterly EPS and revenue was unavailable; AACI is a SPAC without operating revenues and has limited sell-side coverage. We attempted to fetch consensus EPS and revenue for the last three quarters but no estimates were returned (S&P Global data unavailable).
As a result, there are no beat/miss comparisons versus Street for Q3 2025.

Key Takeaways for Investors

Transaction-led story: The core catalyst is the Evernorth business combination to create a publicly traded institutional XRP treasury with targeted gross proceeds >$1B; closing targeted for Q1 2026, subject to approvals .
Branding and investor awareness improved via ticker changes (XRPN/XRPNU/XRPNW) effective Oct 30, 2025, signaling strategic alignment with the XRP thesis .
Balance sheet readiness: Preliminary Trust Account of ~$234.6M at quarter-end supports closing conditions; cash remains invested conservatively in Treasuries/money market instruments .
Risk-monitoring imperative: Listing standards, shareholder approvals, redemption dynamics, XRP price volatility, and digital asset regulation can impact timing and valuation outcomes .
Near-term trading: Stock narrative likely anchored to transaction milestones (S-4 filings, shareholder vote, PIPE progress, regulatory updates) rather than earnings fundamentals; watch for updates via 8-Ks and press releases .
Medium-term thesis: If closed, Evernorth’s active treasury/yield strategy may offer XRP exposure plus incremental yield; governance indicates operational independence with strategic ecosystem advisors .
Data constraints: No Q3 call or detailed P&L; investors should rely on Trust Account disclosures and transaction documents until the combined company begins reporting operating results .

Citations

Trust Account and Q3 preliminary amount:
Transaction press release and proceeds/timeline/strategy:
Ticker change details:
Q2 2025 financials and operating revenue status:
Risk disclosures:
Investor presentation/Reg FD:

Armada Acquisition Corp. II (AACI)·Q3 2025 Earnings Summary