byNordic Acquisition Corporation

byNordic Acquisition Corporation (BYNO), a blank check company targeting technology growth firms in Northern Europe, reported a net loss of $732K for FY 2025 ending December 31, 2025, worsening from a $207K net loss in FY 2024 as per MD&A disclosure. The loss stemmed from total operating costs of $1.1M, comprising general and administrative support fees of $120K, insurance of $245K, franchise taxes of $58K, listing and filing fees of $122K, and other operating costs of $513K, partially offset by interest earned on marketable securities held in the Trust Account of $398K. Income before taxes was -$660K, with provision for income taxes of $71K. No revenue was generated, consistent with pre-business combination status. Balance sheet showed total assets of $5.9M, including $5.5M in Trust Account securities and $372K current assets with $338K cash. Total liabilities reached $14.7M, including $8.5M current liabilities, deferred legal fee of $175K, and deferred underwriters’ discount of $6.0M, resulting in stockholders’ deficit of -$14.4M. Net cash used in operating activities was $1.1M, with net change in cash of $65K. The company extended its business combination deadline to April 12, 2026 via monthly Trust deposits of $17,470, amid going concern doubts due to liquidity constraints and target search uncertainty.

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