Harvard Ave Acquisition Corporation Reports Net Income of $1.1M for Quarter Ending March 31, 2026

Harvard Ave Acquisition Corporation reported its financial results for the quarter ending March 31, 2026, revealing a net income of $1,135,236, a significant increase from a net loss of $21,822 during the same period in 2025. The company attributed this positive shift primarily to interest earned on investments held in its Trust Account, which amounted to $1,297,183. However, formation and operating costs also rose to $161,947, compared to $21,822 in the previous year, reflecting the company's ongoing expenses as it prepares for a potential business combination.

As of March 31, 2026, Harvard Ave Acquisition Corporation reported total assets of $148,293,632, up from $147,112,206 at the end of the previous fiscal year. The increase was largely driven by the growth in investments held in the Trust Account, which rose to $147,300,237 from $146,003,054. The company’s liabilities also increased slightly, totaling $4,870,132, compared to $4,823,942 at the end of 2025. The shareholders' deficit widened to $(3,876,737) from $(3,714,790), primarily due to the accretion of Class A ordinary shares subject to possible redemption.

In terms of operational metrics, the company maintained 15,859,856 Class A ordinary shares and 4,833,333 Class B ordinary shares outstanding as of the reporting date. The company has not yet commenced any operations, as its activities have been focused on organizational efforts and preparing for its initial public offering (IPO), which was completed on October 24, 2025. The IPO raised gross proceeds of $145 million, with an additional $3.4 million generated from a private placement to sponsors.

Looking ahead, Harvard Ave Acquisition Corporation faces challenges in executing a successful business combination within the stipulated timeframe of 18 months from the IPO, which can be extended to 24 months under certain conditions. The company has indicated that it will continue to incur significant costs in pursuit of its acquisition plans, raising concerns about its ability to continue as a going concern. As of the end of the reporting period, the company had a related party receivable of $867,711, which it plans to utilize for identifying and evaluating potential target businesses. The management remains optimistic but acknowledges the uncertainties surrounding the completion of a business combination.