Nabors Energy Transition Corp. II SEC 10-Q Report

Nabors Energy Transition Corp. II (NETD), a company focused on identifying and executing business combinations in the energy transition sector, has released its Form 10-Q report for the third quarter of 2025. The report provides a detailed overview of the company's financial performance and business activities, reflecting significant changes in net income, operating expenses, and strategic business initiatives. Financial Highlights Net (loss) income: The company reported a net loss of $(2.29) million for the three months ended September 30, 2025, compared to a net income of $3.97 million for the same period in 2024. This significant decrease is primarily attributed to increased general and administrative expenses.For the nine months ended September 30, 2025, NETD reported a net income of $0.94 million, a substantial decline from $11.34 million for the same period in 2024, mainly due to higher operating expenses.Basic and diluted net (loss) income per share, Class A ordinary shares: The net loss per share was $(0.09) for the three months ended September 30, 2025, compared to a net income per share of $0.10 for the same period in 2024. For the nine months ended September 30, 2025, the net income per share was $0.03, down from $0.30 for the same period in 2024.General and administrative expenses: The company incurred $3.83 million in general and administrative expenses for the three months ended September 30, 2025, a significant increase from $0.48 million for the same period in 2024. For the nine months ended September 30, 2025, these expenses rose to $7.34 million from $1.00 million for the same period in 2024, impacting the net income. Business Highlights Business Combination Efforts: NETD has been actively pursuing a business combination. However, the previously announced agreement with e2Companies, LLC was terminated. The company is now expected to receive settlement payments from e2 as part of a Settlement Agreement.Trust Account Management: As of September 30, 2025, the company managed a Trust Account holding $154,158,677 in U.S. Treasury bills. This account is crucial for funding the business combination and ensuring shareholder redemptions.Extension of Business Combination Deadline: The Board has extended the deadline for completing a business combination multiple times, with the current extension allowing until November 18, 2025. This extension is supported by additional deposits into the Trust Account.Operational Focus: NETD has not yet commenced operations and is focused on identifying a target for a business combination. The company generates non-operating income through interest on investments.Segment Information: The Chief Executive Officer, as the Chief Operating Decision Maker, reviews the company's performance as a single segment, focusing on net income and total assets to allocate resources effectively.Administrative Support Agreement: NETD has an agreement to reimburse the Sponsor for office space and administrative support, incurring $135,000 in fees for the nine months ended September 30, 2025.Future Outlook: The company faces a going concern consideration due to the need to complete a business combination by November 18, 2025, or face liquidation. Management is exploring additional capital raising options to support operations.SEC Filing: Nabors Energy Transition Corp. II [ NETD ] - 10-Q - Nov. 13, 2025