Quarterly ResultMay 14, 2026, 04:08 PM
Spark I Acquisition Q1 Net Loss $(94,195); Going Concern Doubt
AI Summary
Spark I Acquisition Corp. reported a net loss of $(94,195) for the three months ended March 31, 2026, a significant decline from a net income of $542,329 in the prior year period. The company's total assets increased to $25.7 million, with $25.5 million held in the trust account, while total liabilities rose to $7.8 million. Management expressed substantial doubt about the company's ability to continue as a going concern, citing its liquidity condition and the September 29, 2026 deadline to complete a business combination.
Key Highlights
- Net loss for Q1 2026 was $(94,195), compared to net income of $542,329 in Q1 2025.
- Total assets increased to $25,729,256 as of March 31, 2026.
- Investments held in trust account totaled $25,486,851 as of March 31, 2026.
- Total liabilities increased to $7,813,199 as of March 31, 2026.
- Working capital deficit was $4,070,794 as of March 31, 2026.
- Sponsor provided $500,000 in proceeds from a note payable during the quarter.
- Business combination deadline is September 29, 2026.
- Management raised substantial doubt about the company's ability to continue as a going concern.