Cartesian Growth Corporation III Reports $6.2 Million Net Income for 2025, Plans Business Combination with Factorial Inc.

Cartesian Growth Corporation III, a blank check company incorporated in the Cayman Islands, reported a net income of $6.2 million for the year ended December 31, 2025, primarily driven by interest income from investments held in its trust account. The company generated $7.4 million in interest income, offset by general and administrative expenses of $1.2 million. This marks a significant improvement compared to a net loss of $42,620 for the period from October 29, 2024, its inception, through December 31, 2024. The increase in income is attributed to the successful completion of its initial public offering (IPO) on May 5, 2025, which raised $276 million.

The company’s IPO involved the sale of 27.6 million units at $10 each, including the full exercise of an over-allotment option. Additionally, Cartesian Growth raised $6.8 million through the sale of private placement warrants. As of December 31, 2025, the trust account held approximately $283.4 million, reflecting the proceeds from the IPO and interest earned. The company incurred total transaction costs of $18.8 million related to the IPO, which included underwriting fees and other offering costs.

In terms of strategic developments, Cartesian Growth entered into a Business Combination Agreement with Factorial Inc. on December 17, 2025. This agreement is expected to close in mid-2026, pending shareholder approvals and other customary closing conditions. The company aims to leverage its management team's experience in identifying high-growth businesses with transnational operations to drive value creation post-combination. As of March 18, 2026, Cartesian Growth had 27.6 million Class A ordinary shares and 6.9 million Class B ordinary shares outstanding.

Operationally, the company has not yet commenced any substantive business activities, focusing instead on identifying potential acquisition targets. As of the end of 2025, Cartesian Growth had a working capital deficit of $94,730, raising concerns about its ability to continue as a going concern. The company plans to address its liquidity needs through potential loans from its sponsor or affiliates, which may be convertible into warrants of the post-business combination entity.

Looking ahead, Cartesian Growth's management expressed confidence in completing its initial business combination within the required timeframe. However, they acknowledged the challenges posed by market conditions and competition for attractive acquisition targets. The company remains committed to identifying a suitable business combination that aligns with its strategic objectives and enhances shareholder value.