OBA · Oxley Bridge Acquisition Limited Unit

Management's Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

For the fiscal year ended December 31, 2025, the Company reported a net income of $4.8 million. This profitability is not derived from core operating activities, as the Company is a pre-revenue special purpose acquisition company (SPAC) in the post-IPO phase. The operating loss of $463.5 thousand reflects the ongoing costs associated with being a public company and the active search for a suitable Business Combination target. These costs include professional fees, administrative services, and other corporate overhead necessary to maintain operations and evaluate potential acquisition candidates. The positive net income figure is primarily attributable to interest income earned on the substantial funds held in the Company's Trust Account, which offsets the operational expenses. This dynamic highlights the Company's current stage: it is funded to execute its acquisition mandate but is not yet an operating business generating revenue from products or services.

Liquidity and Capital Resources

Business Combination Plan and Outlook

The Company's sole business objective is to effect a merger, capital stock exchange, asset acquisition, or similar business combination with one or more businesses. Management commentary indicates relevant experience in merger arbitrage and private equity among its team. The pursuit of this plan involves significant costs for due diligence, legal, and advisory services. The Company explicitly states it expects to continue to incur these significant costs and cautions that there is no assurance its plans to complete a Business Combination will be successful. The operational signals and financial results for the period are directly tied to this phase of the corporate lifecycle, where financial performance is measured by the preservation of capital, the management of search costs, and the generation of interest income on held funds, rather than by revenue growth or operating profitability from a consolidated business.