Mon, May 5, 7:06 PM (6 days ago)
**Pershing Square SPARC Holdings, Ltd. (PSSH) Q1 2025 Financial Summary** **Company Overview:** Pershing Square SPARC Holdings, Ltd. (PSSH) is a Delaware-based SPAC formed to complete a business combination. It is an emerging growth company with no significant revenue-generating operations as of Q1 2025. **Financial Performance (Q1 2025 vs. Q1 2024):** - **Revenue:** PSSH reported no revenue for both periods, as it is in the pre-operational phase. - **Net Loss:** The net loss decreased to $412,167 in Q1 2025 from $763,192 in Q1 2024, primarily due to a non-cash gain related to the change in the fair value of the Sponsor Warrants liability. - **Operating Expenses:** Total operating expenses decreased to $442,762 in Q1 2025 from $458,737 in Q1 2024. The decrease was mainly due to lower legal fees and other expenses. - **Cash Flow:** Net cash used in operating activities was $492,150 in Q1 2025, compared to $358,491 in Q1 2024. The increase was primarily due to changes in operating assets and liabilities. **Liquidity and Capital Resources:** - **Cash Position:** As of March 31, 2025, PSSH had $22,578,346 in cash and cash equivalents in the operating account and $5,001,000 in a segregated account. - **Funding:** PSSH has raised funds through the sale of Sponsor Shares and Sponsor Warrants. The proceeds are used to fund operating expenses and potential business combinations. **Future Operations and Uncertainties:** - **Business Combination:** PSSH is actively seeking a business combination. The success and timing of this combination are uncertain and depend on various factors, including market conditions and regulatory approvals. - **Liquidity Risks:** PSSH may face liquidity risks if it cannot complete a business combination or secure additional financing. In such cases, it may need to cease operations or seek alternative funding sources. - **Market Risks:** PSSH is subject to market risks, including changes in interest rates and economic conditions, which could impact its ability to complete a business combination or raise additional funds. **Conclusion:** PSSH's Q1 2025 financial results reflect its ongoing efforts to identify and complete a business combination. While the company has reduced its net loss and operating expenses compared to the previous year, it continues to face significant uncertainties and risks related to its business combination plans and liquidity. Investors should closely monitor PSSH's progress and financial health as it navigates these challenges.