CEPF · Cantor Equity Partners IV, Inc. Class A Ordinary Shares

Performance Summary

For the fiscal year ended December 31, 2025, Cantor Equity Partners IV, Inc. reported a net income of $6.1 million. This result was entirely attributable to non-operating income, specifically $6.4 million in interest earned on investments held in the company's Trust Account. The company's core operations resulted in a loss from operations of $294,000, stemming from $250,000 in general and administrative costs and $44,000 in administrative expenses paid to a related party. As a blank check company with no operating history or revenue, these financial results reflect the pre-business combination phase, where the primary activity is the management of IPO proceeds held in trust.

Revenue Analysis

The company has not generated any operating revenue. Its entire activity from inception through the reporting period related to its formation, the Initial Public Offering, and efforts toward locating and completing a suitable business combination. The only income recognized is non-operating interest income of $6.4 million from the Trust Account investments. The company's business model does not involve revenue generation until after the successful completion of a business combination with a target company.

Margins & Profitability

Given the absence of revenue, traditional margin analysis (gross margin, operating margin) is not applicable. The company's profitability for the period, as measured by net income of $6.1 million, was solely a function of interest income exceeding operating expenses. The cost structure is minimal, consisting primarily of public company compliance costs (legal, financial reporting, auditing) and due diligence expenses, as detailed in the $294,000 operating loss.

Cash Flow & Balance Sheet

The company's balance sheet is characterized by a large Trust Account. As of December 31, 2025, total assets were $456.9 million, comprising $456.7 million in available-for-sale debt securities held in the Trust Account (at fair value), $155,000 in current assets (cash and prepaid expenses), and minor other assets. Total liabilities were minimal at $95,000. Shareholders' equity was $142,000. Cash flow activity for the year was dominated by financing and investing activities related to the IPO. Net cash used in operating activities was -$63,000. Net cash used in investing activities was -$450.0 million for the purchase of Trust Account securities. Net cash provided by financing activities was $450.1 million, primarily from the $450.0 million IPO proceeds and $9.0 million from a private placement, net of offering costs. The net change in cash was an increase of $25,000, resulting in a cash balance of $25,000 at period end.

Outlook

The company's primary forward-looking activity is the identification and consummation of a Business Combination. It has until August 22, 2027 (24 months from the IPO closing), to complete this transaction. Management's discussion highlights several risk factors that could impact this goal, including the inability to find a suitable target, intense competition from other SPACs, potential conflicts of interest with its sponsor and affiliates, and the need for additional financing to complete a transaction if the target's value exceeds the funds in the Trust Account. The company believes it has sufficient working capital and access to a sponsor loan of up to $1.75 million to meet its needs through the earlier of the Business Combination or one year from the report date. If a Business Combination is not completed by the deadline, the company will liquidate and dissolve, redeeming public shares at a per-share price based on the Trust Account balance.