Integral Acquisition Corporation 1 Reports Increased Net Loss and Financial Challenges Amid Business Combination Efforts

Integral Acquisition Corporation 1 reported a net loss of $563,289 for the three months ending March 31, 2025, compared to a net loss of $260,035 for the same period in 2024. The increase in loss was primarily driven by higher operating costs, which rose to $588,285 from $385,411 year-over-year. Interest income also decreased significantly, falling to $36,338 from $169,451, contributing to the overall decline in profitability. The company has not generated any operating revenue since its inception and continues to rely on interest income from its Trust Account.

The company's financial position has seen notable changes since the previous fiscal period. As of March 31, 2025, total assets were reported at $4,248,922, a decrease from $4,672,824 at the end of 2024. This decline is attributed to a reduction in cash held in the Trust Account, which slightly increased to $4,091,931 from $4,078,045. Current liabilities surged to $9,090,436, up from $4,967,683, largely due to the recognition of redemptions payable amounting to $3,942,531, which did not exist at the end of 2024.

Integral Acquisition Corporation 1 is actively pursuing a business combination, specifically with Flybondi, as outlined in the Flybondi Business Combination Agreement signed on October 19, 2023. The agreement has undergone several amendments, with the latest extending the agreement end date to April 30, 2025. The company has also engaged in multiple extension proposals, allowing it to extend the deadline for completing its initial business combination to November 5, 2025. These extensions have been accompanied by significant redemptions from public stockholders, with approximately $9.5 million redeemed in connection with the third extension.

Operationally, the company has faced challenges, including a working capital deficit of $8,933,445 as of March 31, 2025. The company has issued several promissory notes to its sponsor to meet liquidity needs, including a $1,500,000 note issued in July 2023 and a $3,000,000 note issued in September 2024. The company’s stock has been delisted from Nasdaq and is now traded on the OTC Pink Market, which may impact its visibility and market perception.

Looking ahead, the company acknowledges substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by the extended deadline. The management has indicated that while they are actively working towards finalizing the Flybondi transaction, the outcome remains uncertain, and they are preparing for potential liquidation if the business combination does not materialize.