Fri, Jun 13, 8:08 PM (36 days ago)
**Churchill Capital Corp X (CCCX) Q1 2025 Financial Summary** Churchill Capital Corp X, a Cayman Islands-based blank check company, reported its Q1 2025 financial results, highlighting its ongoing efforts to identify and complete a business combination. Here are the key points: **Financial Health and Performance:** - **Revenue:** No operating revenues were generated, as the company is in the pre-operational phase. - **Net Loss:** The company reported a net loss of $18,200,000 for Q1 2025, primarily due to general and administrative costs. - **Cash Flow:** The company had no cash and a working capital deficit of $215,992,000 as of March 31, 2025. - **Earnings Changes:** The net loss for Q1 2025 was $18,200,000, compared to $44,611,000 for the period from January 4, 2024, through March 31, 2024. **Quarterly Performance Discussion:** - **Initial Public Offering (IPO):** On May 15, 2025, the company completed its IPO, raising $414,000,000 from the sale of 41.4 million units, including the full exercise of the underwriters' over-allotment option. - **Trust Account:** The proceeds from the IPO, along with a portion of the private placement proceeds, were placed in a trust account, which will be used to complete the business combination. - **Liquidity and Capital Resources:** The company's liquidity needs were initially satisfied through loans from the sponsor. Post-IPO, the company has sufficient funds to finance its working capital needs within one year. **Trends and Uncertainties:** - **Geopolitical Risks:** The company faces uncertainties due to geopolitical instability, including the Russia-Ukraine conflict and the Israel-Hamas conflict, which could impact global markets and the company's ability to complete a business combination. - **Market Volatility:** The company's search for a business combination and the target business's performance could be affected by market volatility and economic conditions. **Future Operations Impact:** - **Business Combination:** The company's primary focus is to identify and complete a business combination within the specified timeframe. The success of this endeavor will significantly impact the company's future operations and financial performance. - **Redemption and Liquidation:** If the company fails to complete a business combination within the combination period, it will redeem the public shares and liquidate, subject to applicable laws and the approval of remaining shareholders. **Ticker:** CCCX **Note:** The company is an emerging growth company and has elected to use the extended transition period for complying with new or revised financial accounting standards. This may make comparisons with other public companies difficult.