10-Q - AI Transportation Acquisition Corp (0001966734) (Filer)

Wed, Nov 13, 11:11 AM (61 days ago)

For the quarter ending September 30, 2024, AI Transportation Acquisition Corp (AITR) reported a net income of $664,018, a significant turnaround from a net loss of $151 in the same quarter of 2023. The revenue primarily stemmed from $803,730 in investment income from its Trust Account, offset by operating costs of $139,712. For the nine months ended September 30, 2024, net income reached $1,719,783 compared to a loss of $151 in 2023. As of September 30, 2024, the company held $50,470 in cash and $63,105,079 in marketable securities within its Trust Account, reflecting a stable asset position. However, it reported a working capital deficit of $146,362. The company is in the early stages of seeking business combinations in the transportation sector. It faces uncertainties regarding the successful completion of its initial business combination within 12 months of its IPO. The management’s plans are focused on utilizing proceeds from its IPO, which raised $60,000,000, to pursue acquisition opportunities while managing significant operational costs. Overall, the company’s financial health shows positive trends but remains contingent on future operational developments.