Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $341,897, with operating costs of $428,114 and a gain on investments held in the Trust Account of $119,784[143]. - For the nine months ended September 30, 2025, the company had a net loss of $863,650, resulting from operating costs of $1,150,604 and a gain on investments held in the Trust Account of $370,226[145]. - The company incurred net cash used in operating activities of $1,041,916 for the nine months ended September 30, 2025, due to the net loss and changes in working capital[147]. Capital and Funding - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 units on May 9, 2023[150]. - As of September 30, 2025, the company had $319,258 in cash and cash equivalents held outside of the Trust Account and a working capital deficit of $3,049,242[152]. - The company has deferred underwriting fees of $5,175,000 and up to $1,710,000 in promissory notes due upon the completion of its business combination[158]. Business Operations - The company has not engaged in any operations or generated revenues to date, focusing solely on financing and organizational activities[142]. - The company has not entered into any off-balance sheet financing arrangements as of September 30, 2025[159]. Future Plans - The company has until September 9, 2026, to complete a business combination, with the possibility of monthly extensions thereafter[155]. - The company plans to address its liquidity concerns through the successful closing of a business combination[153].

Financial Performance - For the three months ended June 30, 2025, the company reported a net loss of $220,257, with operating costs of $321,051, offset by a gain on investments held in the Trust Account of $126,034[114]. - For the six months ended June 30, 2025, the company had a net loss of $521,753, resulting from operating costs of $722,490, offset by a gain on investments held in the Trust Account of $250,442[115]. - The company incurred net cash used in operating activities of $619,969 for the six months ended June 30, 2025, due to the net loss and changes in working capital[116]. Capital and Liquidity - As of June 30, 2025, the company had $161,205 in cash and cash equivalents held outside of the Trust Account and a working capital deficit of $2,505,433[121]. - The company has deferred underwriting fees of $5,175,000 and up to $1,130,000 in promissory notes due upon the completion of its business combination[125]. - The company plans to address its liquidity concerns through the successful closing of a Business Combination[122]. Business Operations - The company has not engaged in any operations or generated any revenues to date, focusing solely on financing and organizational activities[113]. - The company has until February 9, 2025, to consummate a Business Combination, with the possibility of extending on a month-to-month basis until September 9, 2025[122]. - There were no cash flows from investing activities for the six months ended June 30, 2025 and 2024[118]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from the Initial Public Offering of 11,500,000 units on May 9, 2023[119].

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41699 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 ALCHEMY INVESTMENTS ACQUISITION CORP 1 (Exact name of registrant as specified in its charter) | Cayman Islands | N/A | | --- | --- | | (State ...

Financial Performance - The company had a net income of $4,247,564 for the year ended December 31, 2024, despite incurring a loss of approximately $1,192,408 from general and administrative expenses [264]. - The company has not engaged in any operations or generated operating revenues to date, with expectations to generate non-operating income from interest on marketable securities after the initial business combination [263]. Initial Public Offering - The company completed its Initial Public Offering on May 9, 2023, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units [265]. - An additional $5,955,000 was generated from the sale of 595,500 private placement shares at a price of $10.00 per share [266]. Cash Position and Working Capital - As of December 31, 2024, the company had $181,174 in cash and cash equivalents outside of the Trust Account and a working capital deficit of $1,583,237 [267]. - The company anticipates that cash held outside the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern [268]. Business Combination - The company has until November 9, 2024, to consummate a Business Combination, with a proposal to extend this deadline to February 9, 2025, and potentially on a month-to-month basis until September 9, 2025 [268]. - There are $5,175,000 of deferred underwriting fees due upon the completion of the company's business combination [271]. - The company is in the process of identifying a potential target for its initial Business Combination but requires additional time [268]. Going Concern - The financial statements do not include adjustments that might result from the company's inability to continue as a going concern [269].

Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $1,456,069, compared to $1,362,467 for the same period in 2023, reflecting an increase of approximately 6.9%[95] - For the nine months ended September 30, 2024, the company achieved a net income of $4,183,639, up from $1,933,283 in the same period of 2023, representing a growth of approximately 116.5%[96] - The company incurred operating costs of $158,154 for the three months ended September 30, 2024, down from $174,629 in the same period of 2023, indicating a decrease of about 9.4%[95] - The company had net cash used in operating activities of $500,104 for the nine months ended September 30, 2024, compared to $748,752 for the same period in 2023, showing a reduction of approximately 33.2%[97][98] Cash and Liquidity - As of September 30, 2024, the company had $339,638 in cash and cash equivalents held outside of the Trust Account, with a working capital deficit of $877,569[103] - The company anticipates that cash held outside of the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[104] Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering on May 9, 2023, including proceeds from the underwriter's over-allotment option[101] - The company placed $116,725,000 from the net proceeds of the Initial Public Offering into a Trust Account as of September 30, 2024[103] Business Combination Deadline - The company has until November 9, 2024, to consummate a Business Combination, with the possibility of extending this deadline to February 9, 2025, and potentially further until September 9, 2025[104] Debt Obligations - The company has no long-term debt or capital lease obligations as of September 30, 2024[105]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41699 | --- | --- | |----------------------------------------------------------------|-------| | Cayman Islands | | | (State or other jurisdiction o ...

Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $1,413,829, compared to a net loss of $221 for the same period in 2023[90]. - Operating costs for the three months ended March 31, 2024, were $163,825, while the company had a gain on investments held in the Trust Account of $1,573,981[90]. Initial Public Offering - The company generated gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 units on May 9, 2023[93]. - Following the Initial Public Offering, $116,725,000 from the net proceeds was placed in a Trust Account[95]. Cash and Liquidity - As of March 31, 2024, the company had $129,211 in cash and cash equivalents held outside of the Trust Account and a working capital deficit of $461,692[95]. - The company anticipates that cash held outside the Trust Account will not be sufficient to operate for at least one year from the date of the financial statements, raising substantial doubt about its ability to continue as a going concern[96]. Business Combination - The company has until November 9, 2024, to consummate a Business Combination, or it will face mandatory liquidation[96]. - The company incurred $5,175,000 in deferred underwriting fees upon the completion of its business combination[97]. Accounting Estimates - The company has not identified any critical accounting estimates that could materially affect its financial statements[99]. Cash Flows - There were no cash flows from investing or financing activities for the three months ended March 31, 2024, or the same period in 2023[92].

Financial Performance - The company had a net income of $3,296,064 for the year ended December 31, 2023, consisting of a loss of approximately $659,983 from general and administrative expenses, offset by interest earned on marketable securities of approximately $3,939,565[300]. - The company incurred operating and formation costs of $659,983 for the year ended December 31, 2023, with a net income of $3,296,064[414]. - The accumulated deficit increased to $(5,361,185) as of December 31, 2023, compared to $(8,750) in 2022[412]. - The company reported total assets of $121,215,705 as of December 31, 2023, compared to $1,215,951 as of December 31, 2022[410]. - The company reported a gain on investments held in the Trust Account amounting to $3,939,565 for the year ended December 31, 2023[414]. - As of December 31, 2023, the company reported a net income of $3,296,064, with net cash used in operating activities amounting to $(863,183)[421]. Initial Public Offering (IPO) - The company completed its Initial Public Offering on May 9, 2023, raising gross proceeds of $115,000,000 from the sale of 11,500,000 units, including 1,500,000 units from the underwriter's over-allotment option[301]. - The company incurred offering costs of $9,088,588 related to the IPO, including deferred underwriting commissions of $5,175,000[294]. - A total of $116,725,000 from the IPO proceeds was placed in a trust account, which will be invested in U.S. government treasury obligations or money market funds until a business combination is completed[427]. - The Underwriter received a cash underwriting discount of $0.20 per Unit, totaling $2,300,000 upon the closing of the Initial Public Offering[475]. - The Underwriter exercised the over-allotment option in full on May 9, 2023, ensuring that initial shareholders collectively own 20% of the Company's issued and outstanding ordinary shares[479]. Trust Account and Working Capital - Following the IPO, $116,725,000 from the net proceeds was placed in a trust account[303]. - The Trust Account held $120,664,565 in investments as of December 31, 2023, all classified as trading securities[444]. - As of December 31, 2023, the company held $309,742 in cash outside the trust account for working capital purposes[428]. - The company has until November 9, 2024, to complete a Business Combination, failing which a mandatory liquidation will occur[436]. - The Class A ordinary shares subject to possible redemption amounted to $120,564,564 as of December 31, 2023, after accounting for various adjustments[447]. Business Operations and Strategy - The company has not engaged in any operations or generated any operating revenues to date, with activities focused on seeking a target business for a potential merger[299]. - The company has not selected any business combination target as of the report date[298]. - The company must complete a business combination with an aggregate fair market value of at least 80% of the net assets held in the trust account[430]. - If the company fails to complete a business combination within 18 months from the IPO, it will cease operations and redeem public shares at a price equal to the amount in the trust account[433]. - The company has broad discretion regarding the application of net proceeds from the IPO and private placement shares, primarily intended for consummating a business combination[429]. Corporate Governance - The company has six directors on its board[336]. - The board of directors has established three standing committees: an audit committee, a compensation committee, and a nominating committee, all composed entirely of independent directors[339][342][346]. - The audit committee consists of three independent members, ensuring financial literacy and compliance with Nasdaq listing standards[340]. - The company has adopted a Code of Ethics applicable to directors, officers, and employees, with amendments disclosed in a Current Report on Form 8-K[349]. - Directors and officers have fiduciary duties under Cayman Islands law, including acting in good faith and avoiding conflicts of interest[350][351]. Financial Liabilities and Indemnification - The company has entered into indemnification agreements with its directors and officers, providing protection against liabilities incurred in their capacities[356]. - The company has a policy of directors' and officers' liability insurance to cover defense costs and indemnification obligations[356]. - The audit committee is responsible for reviewing and approving related party transactions, requiring a majority vote for approval[384]. - The company has agreed to repay loans from the sponsor or affiliates, which may be convertible into shares at $10.00 per share upon the initial business combination[378]. - The company has agreed to file with the SEC for an effective registration statement covering Class A Ordinary Shares issuable upon exercise of the warrants after the initial Business Combination[480]. Shareholder Information - As of April 16, 2024, there are 14,970,500 Ordinary Shares issued and outstanding, consisting of 12,095,500 Class A Ordinary Shares and 2,875,000 Class B Ordinary Shares[364]. - Alchemy DeepTech Capital LLC holds 538,000 Class A Ordinary Shares, representing approximately 44.5% of Class A and 22.8% of total Ordinary Shares[365]. - Wealthspring Capital LLC owns 1,214,690 Class A Ordinary Shares, accounting for 10.0% of Class A Ordinary Shares[365]. - The sponsor acquired 4,312,500 founder shares for $50,000, equating to approximately $0.0116 per share[372]. - The holders of founder shares and placement shares have registration rights to require the company to register their securities for resale[381].

Financial Position - As of September 30, 2023, total assets amounted to $119,810,571, compared to $1,215,951 as of December 31, 2022[4] - Total current liabilities decreased to $794,625 as of September 30, 2023, from $1,174,701 as of December 31, 2022[4] - The company held investments in a Trust Account valued at $119,080,489 as of September 30, 2023[4] - The company has a total shareholders' deficit of $41,250 as of January 1, 2023, which has slightly decreased to $41,029 by March 31, 2023[7] - As of September 30, 2023, the company had $424,173 in cash held outside of the Trust Account and a working capital deficit of $164,756[14] Income and Expenses - The company reported a net income of $1,362,467 for the three months ended September 30, 2023, compared to a net income of $1,933,283 for the nine months ended September 30, 2022[5] - The company incurred operating and formation costs of $174,629 for the three months ended September 30, 2023[5] - The company reported a net loss of $1,531,301, with accumulated deficit reaching $(5,139,890)[7] - The company reported a gain on investments held in the Trust Account of $1,531,302 for the three months ended September 30, 2023[5] - The company incurred significant costs in pursuit of financing and acquisition plans, with substantial doubt about its ability to continue as a going concern[14] Shareholder Information - The total number of Class A ordinary shares issued and outstanding was 595,500 as of September 30, 2023, excluding 11,500,000 shares subject to possible redemption[4] - As of November 15, 2023, there were 12,095,500 Class A ordinary shares and 2,875,000 Class B ordinary shares issued and outstanding[1] - The company has not issued any preference shares as of September 30, 2023[4] - The company’s Class A ordinary shares are subject to redemption, with a remeasurement amount of $11,052,094 as of September 30, 2023[10] - As of September 30, 2023, Class A ordinary shares subject to possible redemption totaled $118,980,488, reflecting a remeasurement increase of $13,307,582[25] Initial Public Offering (IPO) - The company generated gross proceeds of $115,000,000 from its Initial Public Offering on May 9, 2023, including $5,955,000 from private placement shares[11] - Transaction costs related to the Initial Public Offering amounted to $9,088,588, including $2,300,000 in cash underwriting fees[11] - The company placed $116,725,000 from the net proceeds of the Initial Public Offering into a Trust Account, to be invested in U.S. government treasury obligations[11] - The Initial Public Offering generated gross proceeds of $115,000,000 from the sale of 11,500,000 Units, including 1,500,000 Units from the underwriter's overallotment option[38] - The Company sold 538,000 Private Placement Shares at $10.00 per share, generating gross proceeds of $5,380,000, with an additional 57,500 shares sold to the underwriter for $575,000[40] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[11] - The company has not yet identified a target for a Business Combination, remaining in the early stages of its operations[11] - The company intends to complete the initial Business Combination before the mandatory liquidation date, but there is no assurance it will succeed[15] - The company has until November 9, 2024, to complete a Business Combination, failing which it will face mandatory liquidation[15] - The company has not engaged in any operations or generated revenues to date, focusing solely on organizational activities and searching for a potential business combination target[63] Tax and Legal Matters - The Company has no unrecognized tax benefits or accrued interest and penalties related to tax positions as of September 30, 2023[27] - The Company is not subject to income taxes in the Cayman Islands, Italy, or the United States, resulting in a tax provision of zero for the period presented[27] - The Company does not anticipate any material changes in unrecognized tax benefits over the next twelve months[27] - There have been no legal proceedings reported against the company[77] - The company has not reported any defaults upon senior securities[81] Internal Controls and Reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of September 30, 2023[76] - There were no changes in internal control over financial reporting that materially affected the company's financial reporting during the most recently completed quarter[77] - The company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, with deposits exceeding insured limits[79] - The company has not disclosed any material changes to the risk factors since the Initial Public Offering filed with the SEC on May 5, 2023[79]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-41699 | --- | --- | |----------------------------------------------------------------|-------| | Cayman Islands | | | (State or other jurisdiction o ...