ANDRETTI ACQUISITION CORP. II FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
ANDRETTI ACQUISITION CORP. II FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
Andretti Acquisition Corp. II, a Cayman Islands company, filed its Form 10-Q for the quarterly period 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 unaudited condensed balance sheet as of June 30, 2026, shows total assets of $16.4 million and total liabilities of $1.4 million. The company’s unaudited condensed statements of operations for the three and six months ended June 30, 2026, show a net loss of $1.4 million and $2.7 million, respectively.
Overview
Andretti Acquisition Corp. is a blank check company incorporated in the Cayman Islands on May 21, 2024 for the purpose of effecting a business combination. The company completed its initial public offering (IPO) on September 9, 2024, raising $230 million by selling 23 million units at $10 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
Financial Performance
Andretti Acquisition Corp. has not engaged in any operations or generated any revenue since its inception. The company’s only activities have been organizational, related to the IPO, and identifying and evaluating potential acquisition targets. The company has generated non-operating income in the form of interest earned on the funds held in its trust account.
For the three months ended June 30, 2026, the company reported net income of $2.01 million, consisting of $2.18 million in interest income offset by $0.17 million in general and administrative costs. For the six months ended June 30, 2026, the company reported net income of $3.85 million, with $4.33 million in interest income and $0.47 million in expenses.
The company’s liquidity needs have been satisfied through the $25,000 contribution from the sponsor, loans from the IPO Promissory Note and WCL Promissory Notes, and the net proceeds from the IPO and private placement. As of June 30, 2026, the company had $225,380 in cash outside the trust account and a working capital surplus of $286,599.
Strengths and Weaknesses
A key strength of Andretti Acquisition Corp. is the $231.15 million held in its trust account, which can be used to fund a future business combination. The company also has access to additional financing through the WCL Promissory Notes, which provide up to $3.135 million in available borrowing capacity.
However, the company’s lack of operations and revenue generation to date represents a weakness. Additionally, the company faces the risk of not being able to complete a business combination within the 24-month combination period, which could result in the company being required to liquidate.
Outlook
Andretti Acquisition Corp. is currently seeking to extend the combination period from September 9, 2026 to September 9, 2027 through a shareholder vote. If the extension is approved, the company will have additional time to identify and complete a suitable business combination. Failure to complete a deal within the combination period would require the company to liquidate and return the funds in the trust account to shareholders.
The company’s future success will depend on its ability to identify and execute a value-enhancing business combination. Maintaining the trust account balance and securing additional financing through the WCL Promissory Notes will be critical to the company’s ability to complete a transaction. Investors should closely monitor the company’s progress in finding and closing a deal within the allotted time frame.