0001213900-26-032983
SEC filingBold Eagle Acquisition Corp. (BEAG), a blank check company, reported net income of $9.8 million for FY 2025 ended December 31, 2025, up from $2.0 million in FY 2024. The YoY increase was driven by $10.8 million in interest earned on investments held in the Trust Account, which offset a $1.0 million loss from operations due to $1.0 million general and administrative expenses. Total other income was $10.8 million, including interest income. Total assets stood at $270.6 million, primarily $269.8 million in Trust Account investments ($10.35 per share for 25.8 million Class A redeemable shares) and $0.3 million current assets (cash $193K, prepaid $120K). Total liabilities were $9.8 million, including $9.0 million deferred underwriting commissions. Shareholders’ deficit was -$7.9 million. Cash flows showed net cash used in operations of -$0.8 million, provided by investing of $1.0 million (Trust withdrawal for working capital), and used in financing of -$0.2 million (insurance loan repayment), yielding a $9K net increase in cash to $193K. As a SPAC post-IPO (October 2024), BEAG has no operating revenues and focuses on an initial business combination within 24 months (by October 2026). Trust growth reflects interest accretion, supporting liquidity for search costs.
Bold Eagle Acquisition Corp., a Cayman Islands blank check company, posted FY2025 net income of $9.8M (precise $9,764,567), up significantly from $2.0M ($2,043,928) in FY2024. This YoY growth stemmed from $10.8M ($10,801,962) interest on Trust Account investments, surpassing $1.0M ($1,037,395) G&A expenses and yielding a $1.0M operating loss. No operating revenues as pre-business combination. Trust Account expanded to $269.8M from $260.0M, reflecting interest accretion. Balance sheet: assets $270.6M, liabilities $9.8M (incl. $9.0M deferred commissions), redeemable shares $268.7M, deficit -$7.9M.
N/A - No operating revenues; SPAC structure generates non-operating interest income only ($10.8M FY2025 vs $2.0M FY2024). Funds from October 2024 IPO ($258.0M placed in Trust) support combination search.
No gross/operating margins applicable (no revenue). Operating loss stable at -$1.0M FY2025 vs -$0.3M FY2024, driven by higher G&A post-IPO. Net profitability reliant on Trust interest; accretion adjusts redeemable shares value.
Operating cash use -$0.8M (-$777K), reflecting net income adjustments and working capital changes (prepaids -$173K). Investing +$1.0M from Trust withdrawal for capital. Financing -$0.2M (insurance loan payoff $214K). Ending cash $193K. Strong liquidity via Trust ($269.8M); low debt (promissory note $0.5M related party); current ratio supported by $0.3M assets vs $0.2M current liabilities.
Management expects sufficient liquidity (Trust interest withdrawals up to $1.0M/year) for combination pursuit by October 2026 deadline. No specific target disclosed; risks include failure to combine (liquidation/rights expire), competition, regulatory hurdles (CFIUS). Plans no additional financing needed pre-combination; post-deal dependent on target. MD&A notes $1.5M estimated search costs.