Interest Income – Business Segment

Q1 2025: 2.455 million USD vs. Q4 2024: 2.46 million USD " "

Interest income remained stable with only a slight variance, reflecting consistency in earning yields from marketable securities despite overall market or operational changes. " " "

Net Income

Q1 2025: 2,263,403 USD vs. Q4 2024: 2,509,152 USD (~10% decline) " "

Net income dropped by roughly 10% due to a combination of slightly lower effective interest income and relatively higher general and administrative expenses, which diminished margins compared to the previous period. " "

Cash Position

Q1 2025: 612,692 USD vs. Q4 2024: 798,454 USD (~23% decrease) "

The cash balance declined by about 23% as a result of worsened net cash used in operating activities (from -75,717 USD to -185,762 USD) and the absence of significant financing or investing inflows during Q1 2025. " "

Share Count Dilution – Class A Redeemable Ordinary Shares

Q1 2025: 23,000,000 shares vs. Q4 2024: 7,943,588 shares " "

A dramatic increase in diluted share count is observed, primarily driven by additional issuances or conversions associated with the IPO, causing a significant expansion in outstanding Class A redeemable shares. " "

Share Count – Class A and Class B Non‑Redeemable Ordinary Shares

Q1 2025: 6,510,000 shares vs. Q4 2024: 568,186 shares; basic EPS dropped from 0.11 to 0.08 " "

Non‑redeemable shares increased substantially due to further issuances and conversion events, which diluted earnings per share from 0.11 to 0.08, reflecting the impact of sponsor share conversions and additional fundraising activities. " "

Operating Cash Flow

Q1 2025: (185,762) USD vs. Q4 2024: (75,717) USD " "

Operating cash flow deteriorated significantly, with net cash used in operations more than doubling, indicating increased outflows from operating activities despite similar revenue sources, likely driven by higher operational expenses and changes in working capital. " "