Armada Acquisition Corp. II Reports $1.6 Million Net Income for Quarter Ending June 30, 2026

Armada Acquisition Corp. II has reported its financial results for the quarter ending June 30, 2026, revealing a net income of $1.6 million, a significant increase from $887,146 in the same period last year. The company generated $2.1 million in interest income from cash and marketable securities held in its Trust Account, which was offset by general and administrative costs of $503,862, up from $95,799 in the prior year. For the nine months ending June 30, 2026, the company reported a net income of $2.15 million, compared to $840,656 for the same period in 2025.

The company’s total assets as of June 30, 2026, amounted to $241.3 million, an increase from $235.2 million as of September 30, 2025. This growth is primarily attributed to the increase in cash and marketable securities held in the Trust Account, which rose to $241.2 million from $234.6 million. However, the company also reported a working capital deficit of $5.3 million, with cash on hand decreasing to $54,503 from $361,105 in the previous fiscal period.

In terms of strategic developments, Armada Acquisition Corp. II is in the process of completing a business combination with Evernorth Holdings Inc. and Ripple Labs Inc. The company has amended its Business Combination Agreement to include changes to the economic terms, particularly concerning share issuance and forfeiture calculations based on XRP valuation metrics. The company has also entered into various subscription agreements, including advance funding agreements totaling $214.05 million in cash and XRP tokens, which are expected to support the business combination.

Operationally, the company has maintained its focus on identifying potential target businesses, particularly in the FinTech, SaaS, and AI sectors. As of June 30, 2026, Armada Acquisition Corp. II had 23.7 million Class A ordinary shares issued and outstanding, alongside 7.88 million Class B ordinary shares. The company has not yet commenced any operations and does not expect to generate operating revenues until after the completion of its business combination.

Looking ahead, Armada Acquisition Corp. II has until November 22, 2026, to complete its initial business combination. The company has expressed uncertainty regarding its ability to meet this deadline, which raises concerns about its liquidity and going concern status. If the business combination is not completed by the deadline, the company will be required to liquidate and dissolve, which could significantly impact its shareholders.