---
title: "Quartzsea Acquisition 10-Q: $0.76M revenue, $0.05 EPS on trust interest"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283873725.md"
description: "Quartzsea Acquisition reported $0.76 million in revenue for the quarter, primarily from interest income on investments in its trust account, with a net income of $0.53 million and earnings per share of $0.05. The company, operating as a blank-check vehicle, recorded a $(0.23) million loss from operations due to public-company expenses. It previously attempted a $520 million merger with Broadway Tech, which was terminated without fees. The IPO proceeds remain in trust, and management expresses concerns about continuing operations without a business combination."
datetime: "2026-04-23T17:31:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283873725.md)
  - [en](https://longbridge.com/en/news/283873725.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283873725.md)
---

# Quartzsea Acquisition 10-Q: $0.76M revenue, $0.05 EPS on trust interest

Quartzsea Acquisition reported $0.76 million of revenue for the quarter, driven by interest income on investments held in its trust account, and delivered basic and diluted net income per share of $0.05. The company recorded a net income of $0.53 million despite a $(0.23) million loss from operations attributable to public-company and diligence expenses. As a blank-check vehicle, Quartzsea Acquisition has no operating revenues beyond trust interest and continues to evaluate business combination opportunities.

**Financial Highlights**

-   **Revenue**: $0.76 million (interest income earned on investments held in Trust Account).
-   **Gross Profit**: $0.00 (not applicable for blank‑check company with no operating revenues).
-   **Operating Income**: $(0.23) million (loss from operations reflecting general and administrative expenses).
-   **Net Income**: $0.53 million (driven by trust interest of $759,908 offset by G&A of $230,861).
-   **Net Income Per Share**: $0.05 basic and diluted net income per ordinary share.

**Business Highlights**

-   **Business model**: Operates as a blank‑check (SPAC) vehicle seeking an initial business combination; no operating revenues to date beyond trust interest.
-   **Transaction activity**: Previously entered and later terminated a proposed $520 million merger with Broadway Tech due to PRC regulatory delays; the termination did not trigger any termination fees.
-   **Capital deployment**: IPO proceeds remain held in a trust account and are earmarked for an initial business combination and related transaction expenses.
-   **Operational status and outlook**: Incurring public‑company and diligence costs while pursuing new targets; management indicates substantial doubt about continuing without completing a business combination.

Original SEC Filing: Quartzsea Acquisition Corp \[ QSEA \] - 10-Q - Apr. 23, 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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