Thu, May 15, 8:13 PM (39 days ago)
**Haymaker Acquisition Corp. (HYAC) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** HYAC reported no operational revenue, as expected for a SPAC pre-combination. - **Profit Margins:** Net income for Q1 2025 was $2.28 million, down from $2.87 million in Q1 2024, primarily due to lower interest income and higher expenses. - **Cash Flow:** Net cash used in operating activities was $69,974,000 for Q1 2025, compared to $165,545,000 in Q1 2024. The decrease is attributed to changes in operating assets and liabilities. - **Earnings Changes:** Basic and diluted net income per share for redeemable Class A Ordinary Shares was $0.08 for Q1 2025, down from $0.10 in Q1 2024. **Quarterly Performance Discussion:** - **Expenses:** General and administrative expenses increased to $358,970,000 in Q1 2025 from $237,544,000 in Q1 2024. - **Interest Income:** Interest earned on cash held in the Trust Account decreased to $2.63 million in Q1 2025 from $3.10 million in Q1 2024. - **Cash Position:** As of March 31, 2025, HYAC had $31,152,000 in cash outside the Trust Account and a working capital deficit of $868,865,000. **Trends and Uncertainties:** - **Business Combination:** HYAC must complete a business combination by July 28, 2025, to avoid liquidation. The search is focused on the consumer and consumer-related products and services industries. - **Geopolitical Risks:** Global market volatility and geopolitical instability may impact the search for a target company and the post-combination business. - **Regulatory Changes:** New SEC rules for SPACs may affect the timing and cost of completing a business combination. **Future Operations Impact:** - **Liquidity:** HYAC's liquidity condition raises substantial doubt about its ability to continue as a going concern beyond one year from the date of the financial statements. - **Strategic Focus:** HYAC will continue to seek a suitable target for a business combination, with a focus on the consumer sector. The company may also explore extending the combination period or changing its management team if necessary. **Note:** Amounts are usually in thousands, 000s.