DMAAR · Drugs Made In America Acquisition Corp. Ordinary Shares

Drugs Made In America Acquisition Corp. (DMAA) reported Q1 2026 net income of $2.0 million, up 57.1% from $1.3 million in the prior year quarter. This improvement stems from non-operating income generated from interest earned on cash and investments held in the trust account, which more than offset operating expenses. The company generates this interest income because its funds are held in government treasury obligations and/or as cash items, including demand deposit accounts, providing a key source of profitability during the pre-business combination phase.

Operating income loss narrowed significantly to -$143.3 thousand from -$330.9 thousand year-over-year, a 56.7% reduction. This reflects disciplined management of general and administrative costs as the company pursues its initial business combination without generating operating revenues. As a special purpose acquisition company, DMAA does not expect any operating revenues until after completing its initial business combination, making cost control essential to preserving liquidity.

Liquidity remains a focal point in management discussion. The company has incurred significant costs in pursuit of its financing and acquisition plans and expects to continue doing so. This going concern disclosure underscores the reliance on sponsor support and trust interest to bridge cash constraints until a merger closes. The sponsor also holds demand and piggyback registration rights tied to Private Placement Units, aligning interests in the path to a business combination.

Overall, these results demonstrate effective cost management and interest income generation amid pre-merger operations, but persistent cash usage signals dependency on external funding sources.