ClimateRock Reports Decreased Net Loss and Pursues Merger with GreenRock Corp

ClimateRock, a Cayman Islands-based blank check company focused on environmental and renewable energy sectors, reported its financial results for the quarter ending March 31, 2025, revealing a net loss of $185,038, a decrease from a net loss of $327,511 in the same period last year. The company generated $307,887 in dividend income from its Trust Account, but incurred $462,925 in formation and operating costs, alongside $30,000 in administrative service fees. The reduction in net loss reflects a significant decrease in operating expenses, which fell from $670,161 in the prior year.

As of March 31, 2025, ClimateRock's total assets amounted to $29.79 million, slightly up from $29.40 million at the end of 2024. The company reported a working capital deficit of $6.35 million, with cash held outside the Trust Account dropping to $4,480 from $14,384 at the end of the previous year. The Trust Account, which is crucial for financing a future business combination, held approximately $29.79 million, including accrued dividends.

In terms of strategic developments, ClimateRock has been actively pursuing a business combination, having entered into a merger agreement with GreenRock Corp. in December 2023. This agreement was amended in November 2024 to extend the closing date to May 2, 2025, and subsequently to November 2, 2025, allowing the company more time to finalize the merger. During this period, shareholders exercised their right to redeem 2,016,792 public shares, resulting in approximately $24.67 million being withdrawn from the Trust Account.

Operationally, ClimateRock has not yet commenced any revenue-generating activities, as its focus remains on identifying and completing a business combination. The company has faced challenges, including a recent delisting from Nasdaq due to non-compliance with public holder requirements, leading to its securities being quoted on the OTC Markets. The company has also experienced changes in its executive team, with the resignation of its Chief Financial Officer in March 2025 and the appointment of an interim CFO shortly thereafter.

Looking ahead, ClimateRock's management has expressed uncertainty regarding its ability to complete a business combination by the extended deadline of November 2, 2025. The company has indicated that it may seek additional funding from its sponsor or related parties to support its operations and acquisition plans. The ongoing financial and operational challenges underscore the importance of successfully executing its business strategy in the coming months.