Blue Acquisition Corp. Reports $1.1 Million Net Income for Quarter Ending March 31, 2026

Blue Acquisition Corp., a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, reported its financial results for the quarter ending March 31, 2026, in its latest 10-Q filing. The company generated a net income of $1.1 million, a significant increase from a net loss of $61,786 during the same period in the previous year. This positive shift is attributed to $1.8 million in income earned from cash and marketable securities held in the Trust Account, alongside $4,851 in interest income from its operating account. Operating expenses for the quarter totaled $698,884, which included legal and accounting fees of $636,101, reflecting the costs associated with its ongoing business combination efforts.

Compared to the previous fiscal period, Blue Acquisition Corp. saw a notable increase in total assets, rising to $207.97 million from $206.33 million at the end of 2025. The Trust Account, which holds the proceeds from the company's initial public offering (IPO), contained $207.45 million as of March 31, 2026, up from $205.64 million at the end of the previous year. However, the company reported a working capital deficit of $1.09 million, an increase from $415,809 at the end of 2025, indicating challenges in managing its short-term financial obligations.

Strategically, Blue Acquisition Corp. is in the process of completing a business combination with Blockfusion USA, Inc., which was formalized through a business combination agreement signed on November 19, 2025. The company has made amendments to this agreement, including a second amendment on May 6, 2026, which increased the post-closing incentive plan from 8% to 12% of the aggregate number of shares of Pubco common stock. This business combination is expected to enhance the company's market position and operational capabilities.

Operationally, Blue Acquisition Corp. has not yet commenced any revenue-generating activities, as it remains focused on identifying and evaluating potential acquisition targets. The company has 20,892,250 Class A Ordinary Shares and 7,069,913 Class B Ordinary Shares outstanding. The management team continues to assess potential business combinations while navigating the complexities of the current market environment, which includes geopolitical tensions and economic volatility that could impact its acquisition strategy.

Looking ahead, Blue Acquisition Corp. has until March 16, 2027, to complete its initial business combination. The management has expressed confidence in its ability to finalize the Blockfusion transaction, although it acknowledges the inherent risks associated with the SPAC model and the broader economic landscape. The company is actively working to secure the necessary financing and operational support to ensure a successful merger and to mitigate any potential liquidity challenges in the future.