Arogo Capital Reports $1.24 Million Net Loss and Strategic Changes for Fiscal Year 2024

Arogo Capital Acquisition Corp. has reported a net loss of $1.24 million for the fiscal year ending December 31, 2024, a significant decline from a net income of $1.46 million in the previous year. The company’s total assets increased to approximately $20.84 million, up from $19.56 million in 2023, primarily due to cash held in trust, which amounted to $20.26 million. However, the company also faced a substantial increase in liabilities, which rose to $30.20 million from $7.66 million, largely driven by accrued expenses and a redemption payable of $20.01 million.

In terms of operational changes, Arogo Capital has undergone several strategic developments, including the termination of two business combination agreements with Eon Reality, Inc. and Ayurcann Holdings Corp. due to breaches of contract and failure to deliver required financial statements. Following these terminations, the company entered into a new agreement with Bangkok Tellink Co., Ltd. on February 14, 2025, aiming to establish a business combination that would enhance its market position in telecommunications and Internet-of-Things solutions.

The company has also made significant amendments to its charter, extending the deadline for completing its initial business combination from December 29, 2024, to June 29, 2026. This extension was approved by shareholders during a special meeting held on December 28, 2024, where stockholders also exercised their right to redeem shares for cash, resulting in approximately $20.29 million being withdrawn from the trust account. As of June 30, 2025, the company reported approximately $261,326 remaining in the trust account.

Arogo Capital's management has indicated that it will continue to seek additional financing to support its operations and business combination efforts. The company has acknowledged the need to raise funds to meet working capital requirements and to finance transaction costs associated with its initial business combination. The management team remains focused on identifying suitable acquisition targets, particularly in sectors related to electric vehicles and sustainable transportation, leveraging their expertise in these areas.

Looking ahead, Arogo Capital's ability to successfully complete a business combination remains uncertain, as it is contingent upon market conditions and the company's capacity to secure necessary financing. The management has expressed confidence in its strategy but recognizes the inherent risks associated with pursuing business combinations in a competitive landscape. The company’s future performance will largely depend on its ability to navigate these challenges and execute its strategic plans effectively.