Quarterly ResultMay 8, 2026, 04:22 PM
HAVA Q1 Net Income $1.14M; Substantial Doubt on Going Concern
AI Summary
Harvard Ave Acquisition Corp (HAVA) reported a net income of $1.14 million for the three months ended March 31, 2026, a significant improvement from a net loss of $21,822 in the prior year, primarily driven by $1.30 million in interest earned on investments in its Trust Account. Despite this positive financial swing, the company's financial statements include a "going concern" warning due to significant costs and the uncertainty of completing a business combination within the required timeframe. The SPAC continues its efforts to identify a target business for its initial combination.
Key Highlights
- Net income for Q1 2026 was $1,135,236, a swing from a $(21,822) loss in Q1 2025.
- Substantial doubt was raised about the company's ability to continue as a going concern.
- Interest income from Trust Account investments totaled $1,297,183 in Q1 2026.
- Total assets reached $148,293,632 as of March 31, 2026, with $147,300,237 in the Trust Account.
- Formation and operating costs increased to $161,947 in Q1 2026 from $21,822 in Q1 2025.
- Shareholders' Deficit grew to $(3,876,737) as of March 31, 2026.
- Basic and diluted net income per redeemable Class A ordinary share was $0.05.
- Net cash provided by operating activities was $8,488 in Q1 2026, up from $(20,493) used in Q1 2025.