---
title: "Haymaker Acquisition 2025 10-K: Net Loss of $(1.47) M, Trust Interest Income $10.37M"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281082774.md"
description: "Haymaker Acquisition reported a net loss of $1.47 million for 2025, down from a net income of $11.32 million in 2024. The loss was attributed to fair-value adjustments to PIPE liabilities and general expenses, despite earning $10.37 million in interest from its Trust Account. The company is pursuing a business combination with Suncrete, securing $167.1 million in PIPE commitments to support operations post-transaction. Management changes have been made to facilitate the merger and governance of the new entity."
datetime: "2026-03-30T22:02:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281082774.md)
  - [en](https://longbridge.com/en/news/281082774.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281082774.md)
---

# Haymaker Acquisition 2025 10-K: Net Loss of $(1.47) M, Trust Interest Income $10.37M

Haymaker Acquisition reported a net loss of $1.47 million for the year ended December 31, 2025, compared with net income of $11.32 million in 2024; the 2025 result reflects interest income largely offset by fair‑value adjustments to PIPE liabilities and general and administrative expenses. Interest earned on investments held in the company’s Trust Account was $10.37 million in 2025 (and $12.26 million in 2024), which the filing notes as non‑operating income available to pay taxes. The company is pursuing a multi‑step business combination with Suncrete and has secured incremental PIPE commitments and governance arrangements to support closing and post‑close operations.

**Financial Highlights**

-   **Net Income (Loss), year ended Dec 31, 2025:** $(1.47) million (net loss; interest income offset by PIPE liability fair value adjustments and G&A).
-   **Net Income, year ended Dec 31, 2024:** $11.32 million (primarily interest earned on Trust Account).
-   **Interest earned on Trust Account investments:** $10.37 million (2025) and $12.26 million (2024); characterized as non‑operating income available to pay taxes.

**Business Highlights**

-   **Business combination strategy:** Pursuing a Suncrete business combination involving multi‑step domestication and mergers to transition to an operating public company (PubCo) and the target’s operational structure.
-   **Capital deployment and PIPE support:** Secured incremental PIPE commitments totaling $167.1 million and executed Non‑Redemption Agreements intended to preserve cash available for post‑close operations.
-   **Operational readiness and use of proceeds:** Preparing to use Trust Account proceeds together with PIPE funds to finance target operations, due diligence, integration and growth initiatives after closing.
-   **Management and governance changes:** Filed board and executive updates (including removal of the president) and established sponsor agreements to support consummation of the transaction and governance of the combined entity.

Original SEC Filing: Haymaker Acquisition Corp. 4 \[ HYAC \] - 10-K - Mar. 30, 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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