---
title: "Black Hawk 10-K: Net income $1.33M in 2025, $1.92M in 2024 — SPAC financials"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/278175075.md"
description: "Black Hawk reported net income of $1.33 million for 2025 and $1.92 million for 2024, primarily from interest income, as it has no operating revenues. The company, structured as a SPAC, is pursuing a merger with Vesicor Therapeutics. Financial highlights include interest income of $2.245 million in 2025 and $2.492 million in 2024, offset by general and administrative expenses. The company faces increased compliance costs and has substantial doubt about its ability to continue without additional funding. Completion of the business combination is subject to customary conditions."
datetime: "2026-03-06T22:15:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/278175075.md)
  - [en](https://longbridge.com/en/news/278175075.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/278175075.md)
---

# Black Hawk 10-K: Net income $1.33M in 2025, $1.92M in 2024 — SPAC financials

Black Hawk reported net income of $1.33 million for the year ended November 30, 2025, and $1.92 million for the year ended November 30, 2024; these results reflect interest income recorded as non‑operating income while the company has no operating revenues. The 2025 and 2024 net income amounts primarily arise from interest income of $2.245 million and $2.492 million, respectively, offset by general and administrative expenses and related‑party fees. As a special purpose acquisition company, Black Hawk’s financials are driven by trust investments and transaction-related costs rather than operating revenue or gross profit.

**Financial Highlights**

-   **Net Income (year ended Nov 30, 2025):** $1.33 million (interest income $2.245M offset by G&A $795.5K and related party fees $120K).
-   **Net Income (year ended Nov 30, 2024):** $1.92 million (interest income $2.492M offset by G&A $492.1K and related party fees $83.9K).
-   **Revenue / Gross Profit / Operating Income:** Not disclosed; the filing reports interest income as non‑operating income and indicates no operating revenues to date.
-   **Net Income Per Share:** Not disclosed in Part II Item 7/Item 8 for operating results.

**Business Highlights**

-   **Business model:** Structured as a SPAC formed to complete an initial business combination; currently pursuing a signed merger agreement with Vesicor Therapeutics.
-   **Operational activity:** No operating revenues to date; principal activities have consisted of the IPO, identifying targets, conducting due diligence, and preparing the proposed transaction.
-   **Capital deployment:** IPO proceeds are held in trust to be used principally to consummate the business combination and provide post‑combination working capital.
-   **Public company readiness and costs:** Incurring increased public‑company compliance and due‑diligence costs; management reports substantial doubt about the ability to continue as a going concern without additional funding.
-   **Forward outlook:** Intends to use cash, equity, or debt to complete the business combination; completion is subject to customary closing conditions and is not assured.

Original SEC Filing: Black Hawk Acquisition Corp \[ BKHA \] - 10-K - Mar. 06, 2026

**Disclaimer**

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.

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