CONSTELLATION ACQUISITION CORP I C/WTS 29/01/2028 (TO PUR COM) | 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 -0.09.

EBIT: As of FY2026 Q1, the actual value is USD -1.96 M.

CONSTELLATION ACQUISITION CORP I is a blank check company that has not commenced operations or generated operating revenues through March 31, 2026, with activity focused on its formation and identifying a target for a business combination; non-operating income is generated from interest on IPO proceeds .

Net Loss

• For the three months ended March 31, 2026, the net loss was - $686,786, compared to - $446,908 for the three months ended March 31, 2025 .

Loss from Operations

• The loss from operations was - $1,955,632 for the three months ended March 31, 2026, an increase from - $414,695 for the three months ended March 31, 2025 .

General and Administrative Costs

• General and administrative costs amounted to $1,955,632 for the three months ended March 31, 2026, up from $414,695 for the three months ended March 31, 2025 .

Other Income (Expense), Net

• Other income (expense), net, was $1,268,846 for the three months ended March 31, 2026, primarily due to a $1,263,996 gain from the change in fair value of warrant liabilities, partially offset by $4,850 in interest earned on cash held in the Trust Account .
• For the three months ended March 31, 2025, this figure was - $32,213, resulting from a - $116,129 loss from the change in fair value of warrant liabilities, partially offset by $83,916 in interest earned on cash held in the Trust Account .

Cash Flow from Operating Activities

• Net cash used in operating activities was - $139,839 for the three months ended March 31, 2026, compared to - $181,160 for the three months ended March 31, 2025 .

Cash Flow from Investing Activities

• Net cash provided by investing activities was $223,039 for the three months ended March 31, 2026, a decrease from $27,413,399 for the three months ended March 31, 2025 .

Cash Flow from Financing Activities

• Net cash used in financing activities was - $83,039 for the three months ended March 31, 2026, significantly lower than - $27,228,399 for the three months ended March 31, 2025 .

Key Balance Sheet Metrics

• Cash: $5,127 as of March 31, 2026, compared to $4,966 as of December 31, 2025 .
• Cash held in Trust Account: $641,254 as of March 31, 2026, down from $859,443 as of December 31, 2025 .
• Warrant Liabilities: $1,263,995 as of March 31, 2026, a decrease from $2,527,991 as of December 31, 2025 .
• Working Capital Deficit: - $8,672,879 as of March 31, 2026, net of the convertible promissory note – related party .
• Promissory Notes – related party: $2,277,109 as of March 31, 2026, compared to $2,122,109 as of December 31, 2025 .
• Convertible promissory note – related party: $3,181,000 as of both March 31, 2026, and December 31, 2025 .

Future Outlook and Strategy

CONSTELLATION ACQUISITION CORP I entered a Business Combination Agreement with HiTech Minerals Inc. on April 9, 2026, with an expected closing in the second half of 2026, subject to approvals, and faces a liquidity challenge with a working capital deficit and mandatory liquidation dates, raising substantial doubt about its ability to continue as a going concern without completing the Business Combination . To address this, the Sponsor has provided funds through promissory notes totaling approximately $5,458,109 in borrowings and $390,000 in related administrative fees as of March 31, 2026, and the Company received a waiver for Deferred Underwriting Fees from Deutsche Bank Securities Inc. .