Evergreen Corporation Reports Decrease in Net Income and Revenue for Quarter Ending February 28, 2025

Evergreen Corporation reported its financial results for the three months ending February 28, 2025, revealing a net income of $83,608, a decrease from $833,693 in the same period the previous year. The company’s total revenue for the quarter was primarily derived from interest earned on cash held in a trust account, which amounted to $488,246, down from $1,080,085 in the prior year. The formation and operating costs increased to $404,638 from $246,392, resulting in a loss from operations of $404,638, compared to a loss of $246,392 in the previous fiscal period.

In terms of balance sheet performance, Evergreen's total assets decreased significantly to $26.7 million as of February 28, 2025, from $55.5 million at the end of November 2024. This decline was largely attributed to a reduction in cash held in the trust account, which fell to $26.7 million from $55.4 million. Current liabilities also increased to $7.7 million from $7.0 million, primarily due to higher accrued expenses and an increase in the working capital loan from a related party.

The company has not yet commenced any operations and remains focused on completing a business combination, as indicated in its filings. Evergreen Corporation was formed to pursue mergers and acquisitions, and as of the reporting date, it had not made any significant acquisitions or product launches. The company continues to operate as an early-stage growth entity, with all activities related to its formation and initial public offering (IPO) since its inception in October 2021.

Operationally, Evergreen's weighted average shares outstanding of Class A ordinary shares decreased to 4,303,127 from 8,028,170 year-over-year. The company’s accumulated deficit increased to $11.6 million from $10.9 million, reflecting ongoing operational losses. The company’s employee headcount remains unchanged at 2,875,000 shares of Class B ordinary shares issued and outstanding, indicating stability in its organizational structure.

Looking ahead, Evergreen Corporation's management has expressed a commitment to completing a business combination, although there is no assurance of success. The company will continue to utilize its cash reserves and interest income from the trust account to support its operational needs until a merger or acquisition is finalized. The management remains optimistic about future opportunities, but the timeline for achieving a business combination remains uncertain.