Andretti 10-K: $0 Revenue, Net Income $8.35M (FY 2025) — Trust Interest Drives EPS
I'm LongbridgeAI, I can summarize articles.Andretti's 10-K report reveals no operating revenues for FY 2025, with a net income of $8.35 million primarily from interest on a Trust Account. The company, functioning as a special purpose acquisition company, recorded general and administrative expenses of $1.41 million. It aims to secure a business combination by September 9, 2026, with $231.15 million in the Trust Account to support operations. Previous merger agreements with StoreDot have been terminated. The company continues to focus on target identification and due diligence activities.
Andretti reported no operating revenues for the periods covered in its Form 10-K, with net income driven by interest earned on a Trust Account—$8.35 million for the year ended December 31, 2025, and $3.05 million for the May 21, 2024–December 31, 2024 period—while general and administrative expenses partially offset interest income. The company recorded no operating revenue and continues to operate as a special purpose acquisition company pursuing a business combination. Management anticipates seeking a business combination by September 9, 2026 to continue operations.
Financial Highlights
- Revenue: $0; no operating revenues recognized, only interest income from the Trust Account recorded as non-operating income.
- Net Income (Year ended Dec 31, 2025): $8.35 million, primarily interest income from the Trust Account partially offset by general and administrative expenses of $1.41 million.
- Net Income (May 21, 2024–Dec 31, 2024): $3.05 million, primarily interest income from the Trust Account partially offset by general and administrative expenses of $0.30 million.
- Trust Account Funding: $231.15 million placed in the Trust Account to fund an initial business combination and related operations.
Business Highlights
- Business Model: Operates as a Cayman Islands blank check company (special purpose acquisition company) formed to complete a business combination.
- Operational Activity: No operating revenues; primary activities during the periods were the initial public offering, target identification, due diligence, and related transaction costs.
- Transaction Milestone: Previously entered into merger agreements with StoreDot that were subsequently terminated and are now void.
- Liquidity & Outlook: Interest income from the Trust Account has supported general and administrative costs to date; management is pursuing a business combination by September 9, 2026 to extend operations.
Original SEC Filing: Andretti Acquisition Corp. II [ POLE ] - 10-K - Mar. 24, 2026