Quartzsea Acquisition Corporation Reports Net Income of $573,672 for Quarter Ended May 31, 2026

Quartzsea Acquisition Corporation has reported its financial results for the three and six months ended May 31, 2026, revealing a net income of $573,672 for the quarter and $1,102,757 for the half-year period. This marks a significant turnaround from the same periods in 2025, where the company recorded a net loss of $27,147 and $58,402, respectively. The improvement in profitability is attributed primarily to an increase in interest income from investments held in the Trust Account, which rose to $770,237 for the three months ended May 31, 2026, compared to $692,945 in the prior year. General and administrative expenses also decreased significantly, totaling $196,589 for the latest quarter, down from $727,747 a year earlier.

In terms of balance sheet performance, Quartzsea's total assets increased to $86.8 million as of May 31, 2026, up from $85.3 million at the end of November 2025. The increase is largely due to the remeasurement of ordinary shares subject to possible redemption, which rose to $86.7 million from $85.2 million. However, the company reported a working capital deficit of $1,035,078, with cash reserves dwindling to $5,156 from $12,095 in the previous period. The rise in current liabilities, which increased to $1.15 million from $741,883, was driven by accrued administrative expenses and accounts payable.

Strategically, Quartzsea has made significant moves in its pursuit of a business combination. The company entered into a new merger agreement with Eight Directions Technology Limited on May 13, 2026, which values the target at approximately $515 million. This agreement follows the termination of a previous merger agreement with Broadway Technology due to regulatory delays. The new merger is subject to shareholder approval and other customary closing conditions. Additionally, Quartzsea's shareholders approved an extension of the deadline to complete the business combination from June 19, 2026, to October 19, 2026, allowing for further time to finalize the merger.

Operationally, Quartzsea has not yet commenced any revenue-generating activities, as it remains focused on identifying a suitable target for its business combination. The company has incurred significant costs related to its IPO and ongoing operational expenses, which it expects to continue as it seeks to finalize a merger. As of May 31, 2026, the company had 3,129,900 ordinary shares outstanding, with 8,280,000 shares subject to possible redemption. The company’s management has expressed concerns regarding its liquidity and ability to continue as a going concern, emphasizing the need to complete a business combination within the prescribed timeline to avoid liquidation.

Looking ahead, Quartzsea's management remains optimistic about the potential for the merger with Eight Directions, which they believe will create value for shareholders. However, they acknowledge the inherent risks and uncertainties associated with completing the business combination, particularly in light of market conditions and regulatory approvals. The company plans to utilize the proceeds from its IPO and private placement to fund the merger and cover operational expenses, while also preparing for the possibility of extending the deadline for the business combination if necessary.