Fri, May 16, 10:04 AM (31 days ago)
**Southport Acquisition Corporation (PORTU, PORT, PORTW) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** No operating revenue generated; focus on non-operating income. - **Profit Margins:** Net loss of $101,682 for Q1 2025, compared to a net income of $261,607 in Q1 2024. - **Cash Flow:** Net cash used in operating activities was $341,803 for Q1 2025, driven by changes in operating assets and liabilities. - **Earnings Changes:** Significant changes in fair value of warrant liabilities and dividend income from marketable securities held in the Trust Account. **Quarterly Performance Discussion:** - **Operating Costs:** Total expenses for Q1 2025 were $76,749, including legal, accounting, and administrative expenses. - **Other Income:** Gains from changes in fair value of warrant liability and dividend income on marketable securities. - **Taxes:** Provision for income taxes was $88,327 for Q1 2025. **Trends & Uncertainties:** - **Market Conditions:** Delisting from NYSE and trading on OTC Pink Marketplace. - **Business Combination:** Proposed merger with Angel Studios, Inc., subject to stockholder approval and regulatory conditions. - **Liquidity:** Cash of $354,346 and working capital deficit of $4,027,523 as of March 31, 2025. **Future Operations Impact:** - **Going Concern:** Substantial doubt about the ability to continue as a going concern within one year. - **Funding:** Reliance on sponsor loans and capital contributions to meet operational needs. - **Strategic Moves:** Focus on completing the business combination with Angel Studios to secure future operations and liquidity. **Key Metrics:** - **Cash & Equivalents:** $354,346 (Q1 2025) vs. $494,974 (Q1 2024). - **Trust Account:** $433,645 held in marketable securities. - **Share Redemptions:** Significant redemptions impacting the number of shares outstanding and trust account balances. **Conclusion:** Southport Acquisition Corporation faces significant financial challenges and uncertainties as it seeks to complete its business combination with Angel Studios. The company's ability to continue operations depends on successful execution of the merger and securing additional funding. The financial performance for Q1 2025 reflects the ongoing efforts to navigate regulatory and market conditions while pursuing strategic initiatives to ensure long-term viability.