Soulpower Acquisition Corporation Reports $1.58 Million Net Income in Q1 2026

Soulpower Acquisition Corporation has reported its financial results for the first quarter of 2026, revealing a net income of $1.58 million, a significant turnaround from a net loss of $179,718 in the same period last year. The company attributed this improvement primarily to interest income of $2.27 million earned on cash held in its Trust Account, which was not present in the previous year. Operating expenses for the quarter totaled $685,558, a substantial increase from $179,908 in the prior year, reflecting the company's ongoing costs associated with its status as a public entity and its search for potential business combinations.

As of March 31, 2026, Soulpower Acquisition Corporation reported total assets of $262.41 million, up from $259.13 million at the end of 2025. The increase was driven by cash held in the Trust Account, which rose to $259.89 million from $257.62 million. However, the company also reported a significant increase in current liabilities, which rose to $3.39 million from $1.68 million, largely due to an increase in loans payable to its sponsor, which reached $2.26 million compared to $988,480 at the end of 2025.

In terms of strategic developments, the company is in the process of completing a business combination with SWB LLC, which was announced on November 24, 2025. This merger is expected to create a new entity focused on digital banking services, with the combined company operating under the name Soul World Bank. The completion of this transaction is subject to customary closing conditions, including shareholder and regulatory approvals. As of the latest report, the business combination had not yet closed, and the company continues to evaluate potential targets for acquisition.

Operationally, Soulpower Acquisition Corporation has not yet commenced any revenue-generating activities, as it remains focused on its merger plans. The company has a total of 25.62 million Class A ordinary shares outstanding, with a redemption value of $10.40 per share. The company’s cash position outside the Trust Account was reported at $56,403, which is intended to support ongoing operational costs and the pursuit of the business combination. The company has also entered into unsecured promissory notes to bolster its working capital, with a total outstanding balance of $2.26 million as of March 31, 2026.

Looking ahead, the company faces substantial uncertainty regarding its ability to complete the proposed business combination by the deadline of April 3, 2027. Management has expressed concerns about the company's liquidity and ability to continue as a going concern, given the need for additional financing to cover operational costs and potential redemptions of public shares. The company is actively seeking additional funding sources to ensure it can meet its obligations and successfully execute its business strategy.