Twelve Seas Investment Company III Reports $1.4 Million Net Income for Quarter Ending June 30, 2026

Twelve Seas Investment Company III has reported its financial results for the quarter ending June 30, 2026, revealing a net income of $1.4 million, a significant increase from a net loss of $31,113 in the same period last year. For the first half of 2026, the company recorded a net income of $2.77 million, compared to a loss of $81,873 in the first half of 2025. The positive performance is attributed primarily to dividends earned on marketable securities held in the Trust Account, which amounted to $1.54 million for the quarter and $3.07 million for the six-month period.

The company’s total assets as of June 30, 2026, stood at $176.42 million, up from $173.64 million at the end of 2025. This increase is largely due to the growth in marketable securities held in the Trust Account, which rose to $175.84 million from $172.77 million. However, the company’s cash reserves decreased to $391,972 from $693,507, reflecting cash used in operating activities of $301,535 during the first half of 2026.

In terms of operational developments, Twelve Seas Investment Company III has not yet identified a specific target for its initial business combination, which is a key focus of its strategy. The company has until December 15, 2027, to complete this business combination, or it will be required to liquidate and redeem its public shares. As of the reporting date, the company had 17,745,000 Class A Ordinary Shares and 5,692,500 Class B Ordinary Shares outstanding, with the Class A shares subject to possible redemption at a value of approximately $10.19 per share.

The company continues to operate as a special purpose acquisition company (SPAC) and has incurred general and administrative costs of $135,736 for the quarter, significantly higher than the $31,113 reported in the same quarter of the previous year. This increase reflects the costs associated with being a public company and the ongoing efforts to identify and evaluate potential acquisition targets. Twelve Seas Investment Company III remains focused on global companies, particularly in the oil and gas sector, and is actively seeking opportunities to complete its business combination.

Looking ahead, the company acknowledges substantial doubt about its ability to continue as a going concern due to insufficient liquidity to sustain operations for the next year. Management plans to address this uncertainty through the completion of a business combination and potential additional financing. However, there is no assurance that these plans will be successful, and the company has not yet generated any operating revenue.