Horizon Space Acquisition I Corp. reported its financial results for the third quarter of 2025, revealing a net income of $149,028, a decrease from $296,392 in the same period last year. The company generated interest and dividend income of $236,466 from investments held in its Trust Account, which was offset by operating costs of $87,438. For the nine months ended September 30, 2025, net income was $296,369, significantly lower than the $1,659,067 reported for the same period in 2024. The decline in income is attributed to a substantial drop in interest income, which fell to $691,094 from $2,461,081 year-over-year.
The company's total assets increased to $23.1 million as of September 30, 2025, up from $21.3 million at the end of 2024. This growth was primarily driven by an increase in investments held in the Trust Account, which rose to $23.1 million from $21.3 million. However, Horizon Space Acquisition's accumulated deficit also widened to $5.9 million from $4.4 million, reflecting ongoing operational costs without any revenue generation, as the company has yet to complete a business combination.
In terms of operational developments, Horizon Space Acquisition has been actively pursuing a business combination but faced challenges. The company terminated its Business Combination Agreement with Squirrel Enlivened Technology Co., Ltd. on October 3, 2025, by mutual agreement, and has not yet identified a new target for acquisition. The company has extended its deadline to complete a business combination until April 27, 2026, with provisions for further monthly extensions. As of the latest report, the company had cash reserves of $7,679, which raises concerns about its ability to fund ongoing operations and pursue acquisition opportunities.
The company’s financial position remains precarious, with a working capital deficit of $3.4 million as of September 30, 2025. Management has expressed substantial doubt about the company's ability to continue as a going concern, particularly if a business combination is not completed within the extended timeframe. The company has relied on loans from its sponsor and affiliates to cover operational costs, indicating a need for additional financing to support its activities moving forward.
Looking ahead, Horizon Space Acquisition I Corp. aims to utilize the funds from its Trust Account for a potential business combination while managing its operational expenses. However, the company acknowledges the uncertainty surrounding its ability to secure a suitable target and complete a merger, which is critical for its future viability. The management's plans to address these challenges include seeking further financial support and exploring new acquisition opportunities.
About Horizon Space Acquisition I Corp.
Horizon Space Acquisition I Corp. is a Cayman Islands blank check company focused on identifying and completing a merger or acquisition with a target business across industries and geographies. It raises capital through an IPO and private placements, placing proceeds in a trust account. Its core activity involves evaluating potential targets, with no current operations or revenue, aiming to create value through strategic business combinations.
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