Black Spade Acquisition III | 10-Q: FY2026 Q1 Revenue: USD 0

Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD 0.05.

EBIT: As of FY2026 Q1, the actual value is USD -1.747 M.

Black Spade Acquisition III Co operates as a single reportable segment, with its financial and operational metrics reported as follows :

Financial Performance (Three Months Ended March 31, 2026)

• Net Income: $1,087,209
• Operating Costs: $329,886
• Other Income (Interest Earned on Trust Account): $1,417,095
• Loss from Operations: - $329,886

Cash Flow (Three Months Ended March 31, 2026)

• Net Cash Used in Operating Activities: - $379,787
• Net Cash Used in Investing Activities: - $172,500,000, primarily for the investment of cash in the Trust Account
• Net Cash Provided by Financing Activities: $170,325,996
• Cash at End of Period: $725,467

Assets and Liabilities (As of March 31, 2026)

• Cash Held in Trust Account: $173,917,095
• Total Current Assets: $898,531
• Total Assets: $174,815,626
• Total Current Liabilities: $251,462
• Total Liabilities: $7,127,462
• Shareholders’ Deficit: - $6,228,931

Future Outlook and Strategy

Black Spade Acquisition III Co’s primary objective is to complete a Business Combination, which involves a merger, share exchange, asset acquisition, share purchase, reorganization, or similar transaction with one or more businesses, using proceeds from its Initial Public Offering and private placement warrants, along with shares or debt . This Business Combination must have a fair market value of at least 80% of the net assets in the Trust Account, with the post-transaction entity owning or acquiring 50% or more of the target’s voting securities or a controlling interest . The company anticipates incurring significant costs and may require additional funds, which raises substantial doubt about its ability to continue as a going concern without further capital .