0001185185-26-001860
SEC filingIris Acquisition Corp II reported net income of $774K in Q1 2026, driven by interest income, though operating losses persist as a pre-revenue SPAC.
As of March 31, 2026, the Company's cash position from operations was minimal, with net cash used in operating activities of $9,800 during the quarter. The Company's primary source of liquidity is the funds held in the Trust Account, which were established through its initial public offering and private placement. Management has determined that the Company has sufficient funds to finance its working capital needs for at least one year from the date of issuance of the financial statements. The Company does not believe it will need to raise additional funds to meet operating expenditures, and a going concern assessment under ASC 205-40 concluded that no such risk exists. However, the Company may require additional funding to finance transaction costs in connection with a business combination. To address potential working capital deficiencies, the Sponsor, officers, directors, or their affiliates may, but are not obligated to, loan funds to the Company. As of March 31, 2026, no working capital loans were outstanding.
The Company expects to continue incurring significant costs in the pursuit of its acquisition plans. There is no assurance that the Company will successfully complete a business combination within the required timeframe. The Company's financial health is entirely dependent on its ability to identify and close a target. Management remains focused on evaluating potential targets and executing a transaction that will deliver value to shareholders.