Horizon Space Acquisition I Corp. reported its financial results for the second quarter of 2025, revealing a net income of $75,887 for the three months ended June 30, 2025, compared to a significantly higher net income of $629,211 for the same period in 2024. The decline in profitability is attributed to a decrease in interest and dividend income from investments held in the Trust Account, which fell to $229,876 from $784,220 year-over-year. For the first half of 2025, the company recorded a net income of $147,341, down from $1,362,675 in the prior year, reflecting similar trends in income generation.
The company's total assets increased to $22.55 million as of June 30, 2025, up from $21.33 million at the end of 2024. This growth was primarily driven by an increase in cash and investments held in the Trust Account, which rose to $22.49 million from $21.32 million. However, current liabilities also increased significantly, reaching $3.06 million compared to $1.98 million at the end of 2024, largely due to higher promissory notes and working capital loans. The company reported a working capital deficit of $3.00 million, raising concerns about its ability to fund operations and complete a business combination.
Horizon Space Acquisition I Corp. has not yet completed any business combinations since its inception in June 2022. The company is actively pursuing potential targets and has extended its deadline to complete a business combination until August 27, 2025, following the deposit of $840,000 in extension fees into the Trust Account. The company has also issued promissory notes to its sponsor to finance operational costs and extend the business combination period. As of June 30, 2025, the company had $1.73 million in borrowings under these notes.
The company continues to face significant challenges, including a lack of operational revenue and a substantial accumulated deficit of $5.42 million as of June 30, 2025. Management has expressed substantial doubt about the company's ability to continue as a going concern, particularly if it fails to complete a business combination by the extended deadline. The financial statements do not include adjustments that might result from this uncertainty, highlighting the precarious position of the company as it navigates its future.
About Horizon Space Acquisition I Corp.
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