---
title: "Haymaker Acquisition Corp 4 | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281082989.md"
datetime: "2026-03-30T22:11:53.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281082989.md)
  - [en](https://longbridge.com/en/news/281082989.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281082989.md)
---

# Haymaker Acquisition Corp 4 | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -0.05.

EBIT: As of FY2025, the actual value is USD -13.13 M.

Haymaker Acquisition Corp. 4 operates as a single reportable segment and has not generated any operating revenues to date, expecting to do so only after completing its initial Business Combination.

#### Net Income (Loss)

-   Haymaker Acquisition Corp. 4 reported a net loss of - $1,469,806 for the year ended December 31, 2025.
-   The company reported net income of $11,323,538 for the year ended December 31, 2024.

#### Operating Costs

-   General and administrative expenses totaled $2,762,011 for the year ended December 31, 2025, which included $2,522,011 in general and administrative expenses and $240,000 in related party expenses.
-   For the year ended December 31, 2024, general and administrative expenses totaled $940,259, comprising $700,259 in general and administrative expenses and $240,000 in related party expenses.

#### Cash Flow

-   Net cash used in operating activities was - $756,680 for the year ended December 31, 2025, an increase from - $419,849 for the year ended December 31, 2024.
-   Net cash provided by investing activities was $1,886,921 for the year ended December 31, 2025, compared to $0 for the year ended December 31, 2024.
-   Net cash used in financing activities was - $1,227,042 for the year ended December 31, 2025, a change from $315,000 provided by financing activities for the year ended December 31, 2024.

#### Unique Financial Indicators

-   Interest earned on investments held in the Trust Account was $10,367,205 for the year ended December 31, 2025, and $12,263,797 for the year ended December 31, 2024.
-   The working capital deficit was - $5,521,906 as of December 31, 2025, significantly higher than - $509,895 as of December 31, 2024.
-   Marketable securities held in the Trust Account amounted to $258,240,938 as of December 31, 2025, up from $249,760,654 as of December 31, 2024.
-   Subscription Agreement liability was $9,075,000 as of December 31, 2025, with no corresponding liability in 2024.
-   An initial loss on Subscription Agreement liability of - $7,177,500 and a change in fair value of Subscription Agreement liability of - $1,897,500 were recorded for the year ended December 31, 2025.
-   WCL Promissory Note (related party) borrowings increased to $1,059,879 as of December 31, 2025, from $400,000 as of December 31, 2024.
-   Extension Promissory Note borrowings were $2,250,000 as of December 31, 2025, with no borrowings in 2024.
-   Cash in the operating account decreased to $4,325 as of December 31, 2025, from $101,126 as of December 31, 2024.

#### Outlook / Guidance

Haymaker Acquisition Corp. 4 expects to continue incurring significant costs as it pursues its acquisition plans and does not anticipate generating operating revenues until after completing its initial Business Combination. The company aims to complete a Business Combination by July 28, 2026, to avoid liquidation and redemption of public shares. Management intends to address liquidity concerns and substantial doubt about its ability to continue as a going concern by consummating an initial Business Combination before the end of the Combination Period.

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