Armada Acquisition Corp. II Reports $603,760 Net Loss for Quarter Ending December 31, 2025

Armada Acquisition Corp. II has reported its financial results for the quarter ending December 31, 2025, revealing a net loss of $603,760, compared to a loss of $45,784 for the same period in the previous year. The company, which has not yet commenced operations, generated interest income of $2,301,889 from cash and marketable securities held in its Trust Account, offset by general and administrative costs of $2,905,649. The increase in administrative expenses is attributed to costs associated with legal and accounting services related to business combination agreements.

As of December 31, 2025, Armada Acquisition Corp. II held total assets of $237,375,559, which includes $236,930,055 in cash and marketable securities in its Trust Account. This represents a slight increase from $235,199,591 reported at the end of the previous quarter. The company’s current liabilities rose significantly to $4,258,158 from $1,478,430, primarily due to an increase in accounts payable and accrued expenses. The company’s accumulated deficit also widened to $13,051,077, reflecting the ongoing costs associated with its formation and operational activities.

In terms of strategic developments, Armada Acquisition Corp. II is in the process of completing a business combination with Evernorth Holdings Inc. and Pathfinder Digital Assets LLC, as outlined in a Business Combination Agreement signed on October 19, 2025. This agreement is expected to lead to the merger of the company with Pathfinder, with the combined entity becoming publicly traded. The company has also secured commitments for additional funding through various subscription agreements, including a PIPE transaction that anticipates raising approximately $214.05 million in cash and XRP tokens.

Operationally, the company has not yet generated any revenue and continues to focus on identifying potential target businesses for acquisition. As of the end of the reporting period, Armada Acquisition Corp. II had 23,710,000 Class A Ordinary Shares and 7,880,000 Class B Ordinary Shares outstanding. The company is classified as a non-accelerated filer and an emerging growth company, which allows it to take advantage of certain regulatory exemptions.

Looking ahead, Armada Acquisition Corp. II has until November 22, 2026, to complete its initial business combination. The management has expressed uncertainty regarding the ability to consummate this transaction within the specified timeframe, which raises concerns about the company's 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.