AltEnergy Acquisition p(AEAE) - 2025 Q2 - Quarterly Report

Shareholder Information - As of April 10, 2023, there were 28,750,000 issued and outstanding shares of common stock, including 23,000,000 Class A shares and 5,750,000 Class B shares [147]. - Stockholders redeemed 21,422,522 Class A shares for approximately $222,484,624, resulting in a redemption price of about $10.38 per share [147]. - As of December 31, 2023, there was $17,591,536 (approximately $11.15 per share) held in the Trust Account, subject to redemption [147]. - At the April 2024 Special Meeting, stockholders approved an extension of the business combination deadline from May 2, 2024, to November 2, 2024 [149]. - Stockholders redeemed 839,332 Class A shares for approximately $9,513,007, resulting in a redemption price of about $11.33 per share [152]. - As of April 30, 2024, there was $8,344,700 (approximately $11.30 per share) held in the Trust Account, subject to redemption [152]. Financial Performance - The Company reported a net loss of $634,525 for the three months ended June 30, 2025, compared to a net loss of $169,187 for the same period in 2024 [157]. - For the six months ended June 30, 2025, the company reported a net loss of $1,778,017 compared to a net loss of $1,429,067 for the same period in 2024, representing an increase in net loss of approximately 24.4% [158]. - Operating expenses for the six months ended June 30, 2025 totaled $1,321,100, while for the same period in 2024, they were $2,188,666, indicating a decrease of approximately 39.5% [158]. Trust Account and Cash Position - As of June 30, 2025, the company held $6,095,270 in the Trust Account, equating to approximately $11.81 per share [159]. - The company had cash of $116,392 held outside the Trust Account as of June 30, 2025, with $99,567 in a restricted account reserved for taxes and dissolution costs [164]. - The company’s Class A common stock subject to possible redemption was valued at $6,183,737 as of June 30, 2025, down from $8,646,368 at December 31, 2024 [174]. Debt and Financing - The company has outstanding loans from the Sponsor totaling $2,790,000 as of June 30, 2025, with accrued interest of $147,195 [166]. - The company has a commitment from the Sponsor to provide up to $1,500,000 in working capital loans, which may be convertible into private placement units at $1.00 per warrant [165]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025 [167]. Going Concern and Financial Resources - The company may lack the financial resources to sustain operations for at least one year from the issuance date of the financial statements, raising substantial doubt about its ability to continue as a going concern [161]. - The company does not expect any funds held in the Trust Account if an initial business combination is completed, indicating a need for third-party financing to meet cash requirements [162]. Risk Management - As of June 30, 2025, the company was not subject to any market or interest rate risk [181]. - The company has not engaged in any hedging activities since its inception [181]. - The company does not expect to engage in any hedging activities regarding the market risk to which it is exposed [181].