Cartica Acquisition Corp Reports $3.5 Million Net Loss in Q3 2025, Focuses on Nidar Business Combination

Cartica Acquisition Corp has reported its financial results for the third quarter of 2025, revealing a net loss of $3.5 million for the three months ending September 30, 2025, compared to a net income of $60,908 for the same period in 2024. The loss for the nine months ending September 30, 2025, was $2.7 million, a significant improvement from a loss of $7.8 million in the prior year. The company attributed the current quarter's loss primarily to a change in the fair value of warrant liabilities, which amounted to a loss of $3.3 million, alongside operating costs of $399,677. Interest income from cash held in the Trust Account contributed $173,896 during the quarter.

The company’s total assets decreased to approximately $16.8 million as of September 30, 2025, down from $26.4 million at the end of 2024. This decline was largely due to a reduction in cash held in the Trust Account, which fell from $26.4 million to $16.8 million. Current liabilities also increased, rising to $8.8 million from $7.2 million, driven by higher accounts payable and accrued expenses. The company’s shareholders’ deficit improved to $12.9 million from $14.6 million, reflecting a reduction in accumulated losses.

In terms of strategic developments, Cartica Acquisition Corp is in the process of completing a business combination with Nidar Infrastructure Limited, a data center provider in India. The company has until February 7, 2026, to finalize this transaction, having received extensions to its original deadline. Recent shareholder meetings have resulted in the redemption of Class A ordinary shares, with approximately $5.2 million removed from the Trust Account following the Fourth Extension Meeting held on October 3, 2025. This has left 927,559 Class A ordinary shares outstanding.

Operationally, the company has been actively managing its liquidity, with cash on hand of just $1,942 as of the end of September 2025. The company has relied on promissory notes from its Sponsor to fund operations, with $2.4 million outstanding under these notes. The company has also been making monthly contributions to the Trust Account to support public shareholders who did not redeem their shares during the recent extension process. The management has expressed concerns regarding the company's ability to continue as a going concern if the business combination is not completed by the extended deadline.

Looking ahead, Cartica Acquisition Corp is focused on finalizing the Nidar business combination while navigating its financial challenges. The company continues to explore additional financing options to support its operations and ensure compliance with regulatory requirements. The management remains optimistic about the potential for the business combination to enhance shareholder value, although the outcome remains contingent on various market and operational factors.