Andretti Acquisition Corp II | 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 0.06.

EBIT: As of FY2026 Q1, the actual value is USD -2.454 M.

Andretti Acquisition Corp. II operates as a single reportable segment, with its Chief Executive Officer reviewing overall assets, operating results, and financial metrics to guide resource allocation and performance assessment.

Financial Performance

Net income for the three months ended March 31, 2026, was $1,841,144, a decrease from $2,263,403 for the same period in 2025. The company reported a loss from operations of - $306,630 for the three months ended March 31, 2026, compared to - $192,199 for the prior year’s comparable period. Interest earned on marketable securities held in the Trust Account, a non-operating income, was $2,147,774 for the three months ended March 31, 2026, down from $2,455,602 in the comparable 2025 period. General and administrative costs increased to $306,630 for the three months ended March 31, 2026, from $192,199 for the three months ended March 31, 2025.

Liquidity and Capital Resources

As of March 31, 2026, cash in the operating account increased to $150,516 from $48,469 as of December 31, 2025. The value of marketable securities held in the Trust Account was $246,409,067 as of March 31, 2026, up from $244,261,293 as of December 31, 2025. The company reported a working capital surplus of $274,364 as of March 31, 2026, a significant improvement from a working capital deficit of - $29,006 as of December 31, 2025.

Cash Flow

Net cash used in operating activities for the three months ended March 31, 2026, was - $507,953, compared to - $185,762 for the same period in 2025. Net cash provided by financing activities amounted to $610,000 for the three months ended March 31, 2026, with no comparable activity in the prior year’s period.

Other Key Financial Indicators

The outstanding convertible note from a related party increased to $1,060,000 as of March 31, 2026, from $450,000 as of December 31, 2025. The deferred underwriting fee payable remained constant at $9,775,000 as of both March 31, 2026, and December 31, 2025. Class A Ordinary Shares subject to possible redemption were valued at $246,409,067 as of March 31, 2026, up from $244,261,293 as of December 31, 2025.

Future Outlook and Strategy

Andretti Acquisition Corp. II aims to complete a Business Combination by September 9, 2026, a deadline that may be extended with shareholder approval. The company plans to utilize funds outside the Trust Account for identifying targets, due diligence, and structuring a Business Combination, while funds within the Trust Account are designated for the Business Combination itself and the target’s subsequent working capital. The company’s liquidity condition and the mandatory liquidation if a Business Combination is not completed by the deadline raise substantial doubt about its ability to continue as a going concern, which management intends to address through a successful Business Combination. On April 30, 2026, an additional $180,000 was drawn from WCL Promissory Notes, with $3,135,000 remaining available for withdrawal.