AltEnergy Acquisition Corp. Reports $1.14 Million Net Loss, Pursues Merger with Car Tech

AltEnergy Acquisition Corp. reported a net loss of $1.14 million for the three months ending March 31, 2025, a slight improvement from a net loss of $1.26 million during the same period in 2024. The company's total expenses decreased to $808,853 from $1.20 million year-over-year, primarily due to reduced general and administrative costs. The company earned $89,478 in interest income from investments held in its Trust Account, down from $229,469 in the previous year, reflecting a decline in investment returns. The basic and diluted net loss per share for Class A common stock was $(0.18), compared to $(0.17) in the prior year.

As of March 31, 2025, AltEnergy's total assets amounted to $8.79 million, slightly up from $8.75 million at the end of 2024. The company held $8.63 million in its Trust Account, which is designated for future business combinations. However, total liabilities increased to $17.40 million from $16.22 million, driven by higher accounts payable and accrued expenses, including a significant excise tax payable of $2.32 million. The stockholders' deficit widened to $17.35 million, reflecting an accumulated deficit of $17.35 million, up from $16.12 million at the end of 2024.

In terms of strategic developments, AltEnergy has been actively pursuing a business combination, having entered into an Amended and Restated Merger Agreement with Car Tech, LLC. This agreement outlines a two-step merger process, with Car Tech becoming a wholly-owned subsidiary of AltEnergy. The merger is contingent upon stockholder approval and other customary closing conditions. The company has also extended its deadline to complete a business combination to May 1, 2026, following stockholder approval at its recent special meeting.

Operationally, the company has not yet commenced any revenue-generating activities, as it remains focused on identifying and evaluating potential merger targets. As of the latest filing, AltEnergy had 6,016,197 shares of Class A common stock and 250,000 shares of Class B common stock outstanding. The company has also seen a reduction in its employee headcount, reflecting its current status as a blank check company without operational activities.

Looking ahead, AltEnergy's management has expressed concerns regarding its ability to continue as a going concern, given the need to complete a business combination by the extended deadline. The company has indicated that it may require additional financing to meet its obligations and complete the merger. The financial statements reflect this uncertainty, as they do not include adjustments that might result from the outcome of these conditions.