Haymaker Acquisition Corp. 4 Reports Q3 2025 Financial Results, Net Income Declines

Haymaker Acquisition Corp. 4 reported its financial results for the third quarter of 2025, revealing a net income of $1.59 million for the three months ending September 30, 2025, compared to $2.88 million for the same period in 2024. The decrease in net income is attributed to a rise in general and administrative expenses, which increased to $946,561 from $217,491 year-over-year. For the nine months ended September 30, 2025, the company recorded a net income of $6.23 million, down from $8.69 million in the prior year, with total interest income from cash and marketable securities held in the Trust Account amounting to $7.90 million, down from $9.40 million.

The company’s total assets as of September 30, 2025, were approximately $254.71 million, a slight increase from $250.04 million at the end of 2024. The Trust Account held $254.64 million, primarily in money market funds, reflecting a modest increase from $249.76 million at the end of the previous fiscal year. However, the company reported a working capital deficit of $3.31 million, raising concerns about its liquidity and ability to continue as a going concern without completing a business combination by the end of the Combination Period on July 28, 2026.

In terms of operational developments, Haymaker Acquisition Corp. 4 has made significant strides towards its initial business combination. On October 9, 2025, the company entered into a Business Combination Agreement with Suncrete, Inc., marking a pivotal step in its strategic direction. This agreement outlines a multi-step merger process, including a change of jurisdiction from the Cayman Islands to Delaware. The company also held its annual general meeting on July 24, 2025, where shareholders approved an extension of the Combination Period, allowing for additional time to finalize the business combination.

As of the end of the reporting period, Haymaker had 23,425,499 Class A Ordinary Shares and 5,750,000 Class B Ordinary Shares outstanding. Following the approval of the Extension Amendment, 372,101 Class A Ordinary Shares were redeemed at a price of approximately $11.12 per share, resulting in a reduction of shares subject to possible redemption. The company’s management continues to focus on identifying suitable targets for business combinations, with the aim of leveraging its capital resources effectively.

Looking ahead, Haymaker Acquisition Corp. 4 faces challenges related to its liquidity and the need to complete a business combination within the stipulated timeframe. The company has indicated that it intends to utilize the funds in its Trust Account to finance the operations of the target business post-combination. However, there is no assurance that the company will successfully consummate a business combination, which could lead to mandatory liquidation and dissolution if not achieved by the end of the Combination Period.