FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
Indigo Acquisition Corp. (the “Company”) filed its Form 10-Q for the quarter ended June 30, 2026. The Company reported a net loss of $1.4 million for the three months ended June 30, 2026, compared to a net loss of $1.1 million for the same period in 2025. As of June 30, 2026, the Company had cash and cash equivalents of $14.4 million, compared to $15.4 million as of December 31, 2025. The Company’s condensed balance sheet as of June 30, 2026, showed total assets of $15.4 million and total liabilities of $1.4 million. The Company’s management’s discussion and analysis of financial condition and results of operations highlights the Company’s efforts to identify and evaluate potential business combination targets, as well as its ongoing efforts to reduce expenses and conserve cash.
Overview
The report provides an overview of a blank check company, formed in June 2024 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company has not engaged in any operations or generated any revenues to date, and its only activities have been organizational and preparing for its initial public offering (IPO).
Results of Operations
The company has not generated any operating revenues to date. Its income and expenses are as follows:
| Period | Net Income/(Loss) | Interest Income | Formation and Operating Costs |
|---|---|---|---|
| 3 months ended June 30, 2026 | $927,520 | $1,048,125 | $120,605 |
| 6 months ended June 30, 2026 | $1,801,126 | $2,084,106 | $282,980 |
| 3 months ended June 30, 2025 | $(62,889) | $6 | $62,895 |
| 6 months ended June 30, 2025 | $(197,509) | $6 | $88,765, plus $108,750 in share-based compensation |
The company’s net income is primarily driven by interest income earned on the proceeds from its IPO and private placement, offset by formation and operating costs.
Liquidity and Going Concern
The company completed its IPO on July 2, 2025, raising $100 million, and a subsequent over-allotment option on July 11, 2025, raising an additional $15 million. It also raised $3.8 million from private placements.
As of June 30, 2026, the company had $119.4 million in the trust account and $379,862 in cash outside the trust account. The company plans to use the funds in the trust account to complete a business combination.
The company has determined that the uncertainty around completing a business combination by the end of the combination period (April 2, 2027) raises substantial doubt about its ability to continue as a going concern. However, the company intends to complete a business combination before the end of the combination period.
Off-Balance Sheet Arrangements and Contractual Obligations
The company has no off-balance sheet arrangements. Its only significant contractual obligation is an agreement to pay $10,000 per month for office space, administrative and support services until the earlier of the completion of a business combination or the company’s liquidation. The company also owes a deferred underwriting discount of $4,025,000 to the IPO underwriters.
Critical Accounting Estimates
The company did not have any critical accounting estimates as of June 30, 2026.
In summary, this blank check company has completed its IPO and is now focused on identifying and completing a business combination. Its financial performance to date has been driven by interest income on its IPO proceeds, offset by formation and operating costs. The company faces uncertainty around completing a deal before its combination period expires, which raises substantial doubt about its ability to continue as a going concern. However, the company remains committed to finding a suitable target and completing a transaction.