0001213900-26-034730
SEC filingHarvard Ave Acquisition Corporation (HAVA) reported a net income of $729K for FY 2025, driven primarily by $1.0M in interest earned on investments held in its Trust Account, which offset formation and operating costs of $274K. The company completed its initial public offering (IPO) on October 24, 2025, raising gross proceeds of $145.0M from the sale of 14,500,000 Units at $10.00 per Unit, with an additional $3.4M from private placements. As of December 31, 2025, total assets were $147.1M, predominantly consisting of $146.0M in investments held in the Trust Account. The company has not generated any operating revenue and remains a blank check company focused on identifying a suitable target for a business combination. Management notes substantial doubt about the company's ability to continue as a going concern due to ongoing costs in pursuit of an acquisition.
For the fiscal year ended December 31, 2025, Harvard Ave Acquisition Corporation reported a net income of $729,121, a significant improvement from a net loss of $84,721 for the period from inception (August 15, 2024) through December 31, 2024. This positive result was primarily attributable to $1,003,054 in interest income earned on investments held in the Trust Account, which offset formation and operating costs of $273,933. The company has not engaged in any operations or generated any operating revenues to date. Its activities have been limited to organizational efforts and preparations for its initial public offering, which was consummated on October 24, 2025.
The company has not generated any operating revenue. Its income statement reflects non-operating income in the form of interest earned on marketable securities held in the Trust Account. For FY 2025, this interest income amounted to $1,003,054. The company does not expect to generate any operating revenues until after the completion of a business combination. No segment or geographic revenue breakdown is provided, as the company is a pre-revenue, blank check entity with no commercial operations.
The company reported a loss from operations of $274,000 for FY 2025, resulting from formation and operating costs. With no revenue, traditional margin calculations (gross margin, operating margin) are not applicable. Profitability for the period was solely due to non-operating interest income, which exceeded operating expenses. The cost structure consists primarily of public company compliance expenses, due diligence costs, and general administrative expenses related to the pursuit of a business combination.
Net cash used in operating activities was $1,311,873 for FY 2025. Net cash used in investing activities was $145,000,000, representing the investment of cash into the Trust Account. Net cash provided by financing activities was $146,311,873, primarily from IPO proceeds. The balance sheet as of December 31, 2025, shows total assets of $147.1 million, with $146.0 million held in the Trust Account as investments. Total liabilities were $4.8 million, including a $4.3 million deferred underwriting fee payable. Shareholders' deficit was $3.7 million. The company reported working capital of $635,210 and holds a related party receivable of $965,240, which represents cash in a bank account owned by a related party.
The company's primary objective is to effect a business combination with one or more target businesses. Management intends to use substantially all funds held in the Trust Account, including interest earned (less taxes), to complete this transaction. The company has not identified a specific target business and acknowledges significant competition in sourcing and executing a combination. Management's discussion highlights substantial doubt about the company's ability to continue as a going concern within one year, due to the costs incurred and expected in pursuit of its acquisition plans. There is no assurance that a business combination will be completed successfully or within the required timeframe. The company may require additional financing to complete a transaction or if obligated to redeem a significant number of public shares upon consummation.