Cartica Acquisition Corp Reports Q1 2025 Financial Results with Net Income Turnaround

Cartica Acquisition Corp reported its financial results for the first quarter of 2025, revealing a net income of $287,896, a significant turnaround from a net loss of $3,902,244 in the same period of the previous year. The improvement was primarily driven by a change in the fair value of warrant liabilities, which contributed $548,000 to income, and interest income of $170,992 from cash held in the Trust Account. Operating and formation costs decreased to $431,096 from $2,408,551 year-over-year, reflecting a strategic reduction in expenses as the company continues to prepare for its business combination.

As of March 31, 2025, Cartica Acquisition Corp held total assets of $16,091,691, a decline from $26,378,456 at the end of 2024. This decrease was largely attributed to a reduction in cash held in the Trust Account, which fell to $16,086,301 from $26,355,736. The company’s liabilities remained relatively stable, totaling $14,601,694, with current liabilities increasing slightly to $7,751,694 from $7,216,600. The company’s shareholders’ deficit widened slightly to $(14,596,304) from $(14,591,880) as of December 31, 2024.

In terms of operational developments, Cartica Acquisition Corp is actively pursuing a business combination with Nidar Infrastructure Limited, a data center provider focused on artificial intelligence and high-performance computing in India. The company has until October 7, 2025, to complete this transaction, having received extensions to its original deadline. The company’s management has indicated that they are working diligently to finalize the merger, which is expected to enhance their market position and operational capabilities.

The company has also experienced changes in its shareholder structure and board of directors. Following a transfer of interests in the Sponsor, several new directors were appointed, and the company has amended its administrative support agreements to reflect these changes. As of the latest report, Cartica Acquisition Corp has 6,098,096 Class A ordinary shares and 1,000,000 Class B ordinary shares outstanding, with a significant portion of Class A shares subject to redemption.

Looking ahead, Cartica Acquisition Corp faces challenges related to liquidity and the need for additional capital to fund its operations and potential business combination. The company has indicated that it may need to raise further capital through loans or investments from its Sponsor or other parties. Management has expressed concerns regarding the company’s ability to continue as a going concern if a business combination is not completed by the extended deadline. The company remains committed to executing its strategic plan and is focused on finalizing the Nidar business combination to enhance shareholder value.