Thu, May 16, 9:22 PM (71 days ago)
iLearningEngines, Inc. (formerly Arrowroot Acquisition Corp.) reported its quarterly financial results for the period ending March 31, 2024. The company, a blank check firm, is in the process of merging with Legacy iLearningEngines, a transaction completed on April 16, 2024. Key financial metrics include a net loss of $4.2 million, primarily due to changes in warrant liabilities and general administrative expenses. The company's cash and investments held in the Trust Account decreased significantly from $46.7 million at the end of 2023 to $10.8 million, due to shareholder redemptions. Current liabilities rose to $14.5 million, driven by increased accounts payable and accrued expenses. The firm’s stockholders' deficit remained relatively unchanged at approximately $24.4 million. Post-merger, iLearningEngines will focus on integrating operations and pursuing growth strategies. The report also highlights the company’s liquidity management and the impact of various financing activities, including promissory notes from the sponsor.