Andretti Acquisition Corp. II Reports $2.26 Million Net Income in Q1 2025

Andretti Acquisition Corp. II has reported its financial results for the first quarter of 2025, revealing a net income of $2.26 million, primarily driven by interest income from marketable securities held in its Trust Account. The company earned $2.46 million in interest, while general and administrative expenses amounted to $192,199. This marks a significant increase in net income compared to the previous fiscal period, where the company reported a net loss of approximately $8.84 million as of December 31, 2024.

As of March 31, 2025, Andretti Acquisition Corp. II's total assets stood at $237.81 million, a slight increase from $235.51 million at the end of 2024. The Trust Account, which holds the proceeds from the company's Initial Public Offering (IPO), contained $236.96 million, reflecting a modest increase from $234.50 million at the end of the previous year. The company’s cash reserves decreased to $612,692 from $798,454, indicating a strategic allocation of resources towards operational activities and potential business combinations.

The company has not yet identified a specific target for its business combination, which is a key focus of its operations. Since its inception in May 2024, Andretti Acquisition Corp. II has been engaged in organizational activities and preparing for its IPO, which was completed on September 9, 2024, raising $230 million. The company also sold 760,000 private placement units, generating an additional $7.6 million. The total offering costs related to the IPO were approximately $15 million, which included underwriting fees and other expenses.

Operationally, Andretti Acquisition Corp. II has maintained a consistent structure, with 760,000 Class A ordinary shares and 5.75 million Class B ordinary shares outstanding as of March 31, 2025. The company has not made any significant changes to its employee headcount, which remains stable as it continues to evaluate potential acquisition targets. The management has indicated that it may need to raise additional capital to support its operations and pursue business combinations, which could involve loans or investments from its sponsor or other parties.

Looking ahead, the company faces challenges related to market conditions and geopolitical uncertainties that could impact its ability to complete a business combination within the required timeframe. Andretti Acquisition Corp. II has expressed its intention to utilize the funds in its Trust Account for this purpose, while also preparing for potential operational costs. The management remains optimistic about identifying suitable targets and completing a business combination, although there are no guarantees regarding the timing or success of these efforts.