Wed, May 15, 8:39 PM (304 days ago)
dMY Squared Technology Group, Inc. (the “Company”), a blank check company, reported its financial results for the quarter ended March 31, 2024. The Company has not commenced operations and is focused on completing a business combination. Key financial highlights include: 1. **Financial Position**: As of March 31, 2024, the Company had $626,136 in cash and investments of $25.2 million held in a trust account. Total assets were $25.9 million, down from $67.7 million as of December 31, 2023, mainly due to redemptions of Class A shares. 2. **Liabilities**: Total liabilities were $6.6 million, including accounts payable, accrued expenses, and derivative warrant liabilities. 3. **Shareholders’ Deficit**: The Company reported a shareholders' deficit of $4.8 million, an improvement from $5.1 million at the end of 2023. 4. **Revenue and Expenses**: The Company recorded no operating revenues. General and administrative expenses were $377,583, and tax expenses were $84,308. Interest income was $346,217. 5. **Net Loss**: The net loss for the quarter was $168,454, compared to a net income of $526,992 in Q1 2023, primarily due to lower investment income and changes in the fair value of derivative warrant liabilities. 6. **Cash Flow**: Net cash used in operating activities was $59,968. Cash provided by investing activities was $42.7 million, while cash used in financing activities was $42 million, primarily due to share redemptions. 7. **Going Concern**: The Company highlighted substantial doubt about its ability to continue as a going concern due to liquidity conditions and the need to complete a business combination within the specified period. Overall, the Company's financials reflect its ongoing efforts to secure a business combination while managing its cash resources and liabilities.