Breeze Holdings Acquisition Corp. reported significant financial changes in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $2.2 million for the quarter, a stark contrast to a net income of $17.1 million during the same period in 2024. This shift was primarily driven by a loss of $1.9 million in the fair value of warrant liabilities, alongside operating costs of $389,191. For the first half of 2025, the net loss totaled $5.6 million, compared to a loss of $4.9 million in the first half of 2024.
The company’s total assets decreased significantly from $10.8 million at the end of 2024 to $2.9 million by June 30, 2025. This decline was largely attributed to a reduction in cash held in the trust account, which fell from $10.5 million to $2.8 million. Breeze's current liabilities also saw a decrease, from $17.8 million to $11.2 million, reflecting ongoing efforts to manage its financial obligations. The company’s accumulated deficit increased to $18.7 million, up from $13 million at the end of the previous fiscal year.
Strategically, Breeze Holdings is in the process of completing a business combination with YD Biopharma, which is expected to close by September 26, 2025. The company has secured commitments of $13.2 million in connection with a private investment in public equity (PIPE) financing to support this transaction. As of June 30, 2025, Breeze had 3,314,698 shares of common stock outstanding, with 224,413 shares subject to possible redemption.
Operationally, Breeze has faced challenges, including a significant working capital deficit of $10.8 million as of June 30, 2025, compared to $17.4 million at the end of 2024. The company has indicated that it may need to raise additional funds to meet its operational needs and complete the business combination. Management has expressed concerns about the company's ability to continue as a going concern, emphasizing the need for successful completion of the business combination to address liquidity issues.
Looking ahead, Breeze Holdings remains focused on finalizing its merger with YD Biopharma and addressing its financial challenges. The company has until September 26, 2025, to complete this business combination, and it plans to utilize the funds held in the trust account for this purpose. However, uncertainties surrounding market conditions and the completion of the merger could impact the company's future operations and financial stability.
About Breeze Holdings Acquisition Corp.
Breeze Holdings Acquisition Corp. is a blank check company formed to effect mergers, acquisitions, or similar business combinations, primarily targeting the defense technology sector. It raises capital through public offerings and seeks to acquire companies with strong cash flow potential and growth opportunities. Leveraging its management team's operational expertise and extensive networks, Breeze aims to create value by improving financial performance and capital structures of acquired businesses.
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