--- title: "HORIZON SPACE ACQUISITION I CORP | 10-K: FY2025 Revenue: USD 0" type: "News" locale: "en" url: "https://longbridge.com/en/news/282892462.md" datetime: "2026-04-15T20:04:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/282892462.md) - [en](https://longbridge.com/en/news/282892462.md) - [zh-HK](https://longbridge.com/zh-HK/news/282892462.md) --- # HORIZON SPACE ACQUISITION I CORP | 10-K: FY2025 Revenue: USD 0 Revenue: As of FY2025, the actual value is USD 0. EBIT: As of FY2025, the actual value is USD -1.356 M. HORIZON SPACE ACQUISITION I CORP. has not engaged in any operations or generated revenues to date, focusing instead on organizational efforts and identifying a target for a business combination. The company generates non-operating income primarily from interest on cash and cash equivalents held in its Trust Account . #### Operational Metrics - **Net Income**: - For the year ended December 31, 2025, net income was $203,618 . - For the year ended December 31, 2024, net income was $2,112,351 . - **Loss from Operations**: - For the year ended December 31, 2025, loss from operations was - $576,374 . - For the year ended December 31, 2024, loss from operations was - $1,059,194 . - **Interest and Dividend Income on Investments Held in Trust Account**: - For the year ended December 31, 2025, income was $779,992 . - For the year ended December 31, 2024, income was $3,171,545 . - **Formation and Operating Costs**: - Total costs for the year ended December 31, 2025, were $576,374 . - Total costs for the year ended December 31, 2024, were $1,059,194 . - Professional services fees in connection with Business Combination were - $105,000 in 2025 and - $398,163 in 2024 . - Other formation and operating costs were - $471,374 in 2025 and - $661,031 in 2024 . #### Cash Flow - **Net Cash Used in Operating Activities**: - For the year ended December 31, 2025, net cash used was - $585,924 . - For the year ended December 31, 2024, net cash used was - $975,466 . - **Net Cash Provided by Investing Activities**: - For the year ended December 31, 2025, net cash provided was $20,920,092 . - For the year ended December 31, 2024, net cash provided was $49,798,309 . - **Net Cash Used in Financing Activities**: - For the year ended December 31, 2025, net cash used was - $20,306,089 . - For the year ended December 31, 2024, net cash used was - $49,098,309 . - **Cash, End of Year**: - As of December 31, 2025, cash was $35,894 . - As of December 31, 2024, cash was $7,815 . #### Key Financial Indicators - **Trust Account Balance**: - As of December 31, 2025, investments held in the Trust Account totaled $1,179,991 . - As of December 31, 2024, investments held in the Trust Account totaled $21,320,091 . - **Working Capital**: - As of December 31, 2025, the company had a working capital deficiency of - $3,630,378 . - **Share Redemptions**: - In connection with the September 2023 Shareholder Meeting, 562,779 Ordinary Shares were redeemed, and approximately $5.93 million was released from the Trust Account . - In connection with the March 2024 Shareholder Meeting, 815,581 Ordinary Shares were redeemed, and approximately $8.86 million was released from the Trust Account . - In connection with the December 2024 Shareholder Meeting, 3,663,651 Ordinary Shares were redeemed, and approximately $41.73 million was released from the Trust Account . - In connection with the October 2025 Shareholder Meeting, 1,764,505 Ordinary Shares were redeemed, and approximately $22.0 million was released from the Trust Account . - **Extension Fees and Loans**: - An aggregate of $2,160,000 in extension fees had been deposited into the Trust Account, with $190,000 from the Sponsor and $1,970,000 from Shenzhen Squirrel or Squirrel HK . - HORIZON SPACE ACQUISITION I CORP. has issued 25 unsecured promissory notes for extension fees, including two to the Sponsor and 23 to Shenzhen Squirrel or Squirrel HK . - Five Sponsor Working Capital Notes totaling $1,800,000 were issued to the Sponsor for general working capital purposes . - **Deferred Underwriting Commission**: - Network 1 agreed to convert its $2,415,000 deferred underwriting commission into 805,000 Ordinary Shares of the post-combination entity at $3.00 per share . #### Outlook / Guidance HORIZON SPACE ACQUISITION I CORP. must complete a business combination by April 27, 2026, or face liquidation of its Trust Account and distribution of proceeds to public shareholders . Management has identified insufficient current cash and working capital, raising substantial doubt about the company’s ability to continue as a going concern . 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