10-Q - Nabors Energy Transition Corp. II (0001975218) (Filer)

Tue, Nov 12, 7:11 PM (66 days ago)

Nabors Energy Transition Corp. II (NETD) reported its quarterly results for the period ending September 30, 2024, revealing a net income of $3,971,625 for Q3 and $11,340,536 for the nine months, primarily driven by interest income from marketable securities held in a trust account, totaling $328,013,391. The company has not yet commenced operations or generated revenues, with all activities focused on identifying potential business combinations following its IPO, which raised $305 million. Operating expenses increased to $479,267 for Q3, reflecting the costs associated with being a public entity. Liquidity remains stable with $1,645,094 in cash available for operational activities. The company faces uncertainties regarding its ability to complete a business combination by the July 2025 deadline, raising concerns about its going concern status. The report highlights potential risks from geopolitical tensions affecting market conditions and the company's future operations. Overall, while financial metrics indicate healthy cash flow from interest, the lack of operational revenue and the looming deadline for a business combination present significant challenges.