---
title: "HORIZON SPACE ACQUISITION I CORP | 10-Q: FY2026 Q1 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286632780.md"
datetime: "2026-05-16T04:15:29.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286632780.md)
  - [en](https://longbridge.com/en/news/286632780.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286632780.md)
---

# HORIZON SPACE ACQUISITION I CORP | 10-Q: FY2026 Q1 Revenue: USD 0

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

EBIT: As of FY2026 Q1, the actual value is USD -144.31 K.

HORIZON SPACE ACQUISITION I CORP. operates as a single segment, a blank check company focused on effecting a business combination .

#### Operational Metrics

-   **Net Income (Loss):** For the three months ended March 31, 2026, the company reported a net loss of - $123,564, a decrease compared to a net income of $71,454 for the same period in 2025 .
-   **Operating Costs:** Formation and operating costs were - $133,939 for the three months ended March 31, 2026, compared to - $153,298 for the three months ended March 31, 2025 .
-   **Interest and Dividend Income:** Interest and dividend income on investments held in the Trust Account was $10,375 for the three months ended March 31, 2026, a significant decrease from $224,752 for the same period in 2025 .

#### Cash Flow

-   **Net Cash Used in Operating Activities:** For the three months ended March 31, 2026, net cash used in operating activities was - $169,917 .
-   **Cash Balance:** As of March 31, 2026, the company had cash of $25,977, down from $35,894 as of December 31, 2025 .

#### Unique Metrics

-   **Investments Held in Trust Account:** As of March 31, 2026, investments held in the Trust Account totaled $1,190,366, an increase from $1,179,991 as of December 31, 2025 .
-   **Working Capital Deficit:** As of March 31, 2026, the company had a working capital deficit of - $3,764,317 .
-   **Promissory Notes:** The company had $1,970,000 in promissory notes outstanding from Shenzhen Squirrel and/or Squirrel HK as of both March 31, 2026, and December 31, 2025 .
-   **Related Party Loans:** An extension loan from a related party stood at $190,000 as of both March 31, 2026, and December 31, 2025 . Working capital loans from related parties amounted to $1,474,003 as of March 31, 2026, up from $1,314,003 as of December 31, 2025 .
-   **Deferred Underwriters’ Discount:** This remained at $2,415,000 as of both March 31, 2026, and December 31, 2025 .
-   **Ordinary Shares Subject to Possible Redemption:** As of March 31, 2026, 93,484 shares were subject to possible redemption, valued at $1,190,366 .

#### Future Outlook and Strategy

HORIZON SPACE ACQUISITION I CORP. plans to use IPO proceeds, including Trust Account funds, to acquire a target business, with a deadline extended to June 12, 2027, for completion . Failure to complete a business combination by this date will result in voluntary liquidation . Management acknowledges substantial doubt about the company’s ability to continue as a going concern due to insufficient cash and working capital deficit, planning to address this through funds from its Sponsor, officers, directors, or their affiliates .

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