0001213900-26-034194
SEC filingLionheart Holdings Unit (CUB), a blank check company, reported net income of $9.0M for FY 2025 ended December 31, 2025, driven entirely by $9.8M in interest earned on cash and marketable securities held in the Trust Account, offsetting a $875K operating and formation loss. Total assets stood at $246.5M, primarily comprising $246.2M in the Trust Account, with minimal current assets of $301K including $231K cash. Liabilities totaled $10.1M, including $9.8M deferred fee payable and $250K deferred legal fees, resulting in a $9.8M shareholders' deficit. Cash flows showed $585K used in operating activities, $230.0M used in investing for Trust Account deposits, and $75K net used in financing. Compared to the prior period (inception to December 31, 2024), net income increased from approximately $5.8M (per MD&A), reflecting higher interest income of $9.8M versus $6.3M, amid ongoing search for a business combination by June 20, 2026. Low cash outside Trust ($231K) raises going concern doubts, dependent on completing a merger.
Lionheart Holdings Unit, a Cayman Islands SPAC (ticker CUB), generated $9.0M net income for FY 2025 (ended 12/31/2025), up from $5.8M in the prior partial year (per MD&A). This reflects $9.8M other income from Trust Account interest, exceeding $875K operating loss. No operating revenues as pre-business combination. Balance sheet shows $246.5M total assets (99% Trust), $10.1M liabilities, and -$9.8M shareholders' deficit. Cash flows: -$585K operating, -$230.0M investing (Trust deposit), -$75K financing, net change -$660K. Going concern noted due to low liquidity ($231K cash outside Trust) and reliance on merger by June 2026.
No operating revenues disclosed; company is a blank check entity with no business operations. All income from non-operating Trust interest ($9.8M). Prior partial year interest was $6.3M (MD&A). Focus remains on identifying acquisition target meeting 80% fair value test of Trust assets (excluding deferred fees/taxes).
Not applicable; no revenue or gross profit. Operating loss -$875K on formation costs. Net profitability solely from Trust interest yield, supporting $9.0M income. Accumulated deficit -$9.8M reflects pre-IPO setup costs.
Operating cash use -$585K, adjusted for $9.0M net income, $9.8M interest accretion, and working capital changes (prepaids -$110K, payables +$179K). Investing outflow -$230.0M to Trust. Financing net -$75K after IPO proceeds offset by costs. Ending cash $231K (down $660K). Strong liquidity in Trust ($246.2M); current liabilities $59K, total $10.1M (mostly deferred $9.8M fee, $250K legal).
Management seeks business combination by June 20, 2026 (extendable via shareholder vote/redemptions). Targets: established scale businesses with growth, unit economics; any industry. $246.2M available (pre-fees/taxes). Risks include failure to find target, redemptions reducing Trust, Nasdaq 36-month rule, competition, going concern if no deal. No specific guidance; ongoing due diligence costs from low outside-Trust cash.