SIDDHI ACQUISITION CORP FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
SIDDHI ACQUISITION CORP FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2026
Siddhi Acquisition Corp. filed its Form 10-Q for the quarter ended June 30, 2026, reporting 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 acquisition targets, as well as its ongoing efforts to reduce expenses and conserve cash.
Overview
This report provides an overview of the financial performance and operations of a blank check company incorporated in the Cayman Islands on July 5, 2024. The company was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.
Results of Operations
The company has not engaged in any operations or generated any revenues to date. Its activities have been limited to organizational tasks, preparing for the Initial Public Offering, and identifying a target company for a business combination. The company does not expect to generate any operating revenues until after the completion of its business combination.
The key financial results are as follows:
| Metric | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---|---|---|---|
| Net Income (Loss) | $2,499,699 | $(5,605,852) | $4,739,167 | $(5,649,702) |
| Interest Income | $2,680,967 | $2,867,491 | $5,138,821 | $2,867,491 |
| General & Administrative Costs | $181,268 | $8,473,343 | $399,654 | $8,517,193 |
The net income in Q2 2026 and H1 2026 was driven by interest earned on investments held in the Trust Account, which offset the company’s general and administrative costs. In contrast, the net losses in Q2 2025 and H1 2025 were due to higher advisory and general administrative expenses.
Financial Position and Liquidity
As of June 30, 2026, the company had $291,120,263 in investments held in the Trust Account, including $13,740,263 of interest income. The company intends to use these funds to complete its business combination.
The company had $168,230 in cash outside the Trust Account as of June 30, 2026, which it plans to use for identifying and evaluating target businesses, due diligence, and transaction costs.
The company may need to secure additional financing, such as through working capital loans from the sponsor or its affiliates, to fund its operations and complete a business combination. There is no certainty that the company will be successful in securing adequate financing.
Risks and Outlook
The report highlights several risks and uncertainties facing the company, including:
- The conditions of the proposed business combination may not be satisfied.
- The company may be unable to complete a business combination by January 2, 2027 (unless extended), at which point it would be required to cease operations and liquidate.
- The potential liquidity shortfall and mandatory liquidation requirement raise substantial doubt about the company’s ability to continue as a going concern.
Overall, the company’s financial performance has been mixed, with net income in the most recent quarter but significant losses in the prior year. The company faces significant challenges in securing financing and completing a successful business combination within the required timeframe. Investors should carefully consider these risks and uncertainties when evaluating the company’s prospects.