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.

Revenue and Income

• Revenue: Constellation Acquisition Corp I has not engaged in any operations or generated any operating revenues to date, as it is a blank check company formed for the purpose of effecting a Business Combination. Non-operating income is generated from interest on the proceeds from the IPO.
• Net Loss: The company reported a net loss of approximately - $686,000 for the three months ended March 31, 2026, compared to a net loss of approximately - $447,000 for the three months ended March 31, 2025.
• Loss from Operations: Loss from operations was approximately - $2,000,000 for the three months ended March 31, 2026, significantly higher than the - $415,000 for the three months ended March 31, 2025.
• Interest Earned on Trust Account: Interest income from cash held in the Trust Account decreased to $4,850 for the three months ended March 31, 2026, from $83,916 for the three months ended March 31, 2025.
• Change in Fair Value of Warrant Liabilities: The company recorded a gain of $1,263,996 from the change in fair value of warrant liabilities for the three months ended March 31, 2026, contrasting with a loss of - $116,129 for the same period in 2025.

Operating Costs

• General and Administrative Costs: These costs increased to $1,955,632 for the three months ended March 31, 2026, from $414,695 for the three months ended March 31, 2025.

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities was - $139,839 for the three months ended March 31, 2026, an improvement from - $181,160 for the three months ended March 31, 2025.
• Net Cash Provided by Investing Activities: Net cash provided by investing activities was $223,039 for the three months ended March 31, 2026, a substantial decrease from $27,413,399 for the three months ended March 31, 2025.
• Net Cash Used in Financing Activities: Net cash used in financing activities was - $83,039 for the three months ended March 31, 2026, significantly less than - $27,228,399 for the three months ended March 31, 2025.
• Cash, End of Period: Cash in the operating bank account was $5,127 as of March 31, 2026, compared to $4,966 as of December 31, 2025.
• Cash Held in Trust Account: Cash held in the Trust Account was $641,254 as of March 31, 2026, down from $859,443 as of December 31, 2025.

Financial Position Metrics

• Working Capital Deficit: The company reported a working capital deficit of - $8,672,879 as of March 31, 2026, net of the convertible promissory note – related party.
• Total Liabilities: Total liabilities were $24,008,276 as of March 31, 2026, increasing from $23,303,004 as of December 31, 2025.
• Warrant Liabilities: Warrant liabilities decreased to $1,263,995 as of March 31, 2026, from $2,527,991 as of December 31, 2025.
• Promissory Notes – Related Party: Promissory notes – related party amounted to $2,277,109 as of March 31, 2026, up from $2,122,109 as of December 31, 2025.
• Convertible Promissory Note – Related Party: This note remained at $3,181,000 as of both March 31, 2026, and December 31, 2025.
• Deferred Underwriting Fee: This fee remained at $10,850,000 as of both March 31, 2026, and December 31, 2025; however, Deutsche Bank Securities Inc. waived its portion on April 13, 2026.

Outlook and Strategy

Constellation Acquisition Corp I entered into a Business Combination Agreement with US Elemental Inc. and HiTech Minerals Inc. on April 9, 2026, with the HiTech Business Combination expected to close in the second half of 2026, pending shareholder approvals and other conditions. The company faces substantial doubt about its ability to continue as a going concern due to its liquidity condition and mandatory liquidation date, which management plans to address by consummating the Business Combination prior to the May 29, 2026, mandatory liquidation date, or no later than January 29, 2027, with further extensions.