Eqv Ventures Acquisition Corp.(EQV) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Interim Financial Statements Presents unaudited condensed financial statements, including balance sheets, statements of operations, changes in shareholders' deficit, cash flows, and explanatory notes Condensed Balance Sheets Presents the company's financial position at June 30, 2025, and December 31, 2024, detailing assets, liabilities, and shareholders' deficit changes | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :------------------ | | Total Assets | $364,483,698 | $357,563,391 | | Investments held in trust account | $363,384,147 | $356,361,121 | | Total Liabilities | $14,685,386 | $13,748,632 | | Accrued expenses | $1,480,683 | $223,512 | | Total Shareholders' Deficit | $(13,455,530) | $(12,408,196) | Condensed Statements of Operations Details financial performance, showing net income for three and six months ended June 30, 2025, primarily from interest income, contrasting with a net loss in the 2024 inception period Net Income (Loss) and Key Income/Expense Items | Metric | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | Period from April 15, 2024 (inception) through June 30, 2024 | | :--------------------------------------- | :------------------------------- | :----------------------------- | :---------------------------------------------------------------- | | General and administrative costs | $1,224,547 | $1,844,374 | $46,916 | | Interest earned on investments held in trust account | $3,941,972 | $7,812,097 | — | | Net Income (Loss) | $2,725,375 | $5,983,553 | $(46,916) | | Basic and diluted net income (loss) per share (Class A redeemable shares) | $0.06 | $0.13 | $(0.01) | Condensed Statements of Changes in Shareholders' Deficit Outlines changes in shareholders' deficit, primarily reflecting accretion for Class A ordinary shares to redemption amount and net income/loss Shareholders' Deficit and Accretion | Item | December 31, 2024 | March 31, 2025 | June 30, 2025 | | :--------------------------------------- | :---------------- | :------------- | :------------ | | Total Shareholders' Deficit | $(12,408,196) | $(12,633,227) | $(13,455,530) | | Accretion for Class A ordinary shares to redemption amount (Q1 2025) | N/A | $(3,483,209) | N/A | | Accretion for Class A ordinary shares to redemption amount (Q2 2025) | N/A | N/A | $(3,547,678) | | Net income (Q1 2025) | N/A | $3,258,178 | N/A | | Net income (Q2 2025) | N/A | N/A | $2,725,375 | - For the period from April 15, 2024 (inception) through June 30, 2024, the net loss was $(46,916), contributing to a shareholders' deficit of $(21,518) as of June 30, 2024[18] Condensed Statements of Cash Flows Details cash flows from operating, investing, and financing activities, showing a net decrease in cash and cash equivalents for the six months ended June 30, 2025 Cash Flow Summary | Cash Flow Activity | Six Months Ended June 30, 2025 | Period from April 15, 2024 (inception) through June 30, 2024 | | :----------------------------------- | :------------------------------- | :---------------------------------------------------------------- | | Net cash used in operating activities | $(516,415) | $(40,861) | | Net cash provided by investing activities | $789,071 | — | | Net cash (used in) provided by financing activities | $(320,417) | $43,620 | | Net change in cash and cash equivalents | $(47,761) | $2,759 | | Cash and cash equivalents – End of period | $925,722 | $2,759 | Notes to Condensed Financial Statements Provides detailed explanations and disclosures supporting the condensed financial statements, covering organization, accounting policies, IPO, related party transactions, commitments, and subsequent events NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS EQV Ventures Acquisition Corp. was formed on April 15, 2024, as a blank check company to effect a business combination, completing its IPO on August 8, 2024 - Company was incorporated on April 15, 2024, as a Cayman Islands exempted company for the purpose of effecting a business combination[23] - Initial Public Offering (IPO) of 35,000,000 units at $10.00 per unit was consummated on August 8, 2024, generating gross proceeds of $350,000,000[26] - Simultaneously with the IPO, private placements generated $4,000,000 from Sponsor Private Placement Units and $2,625,000 from Underwriter Private Placement Units[27] - Transaction costs amounted to $19,093,523, including $5,250,000 cash underwriting fees, $12,250,000 deferred underwriting fees, and $1,593,523 other offering costs[28] - As of June 30, 2025, the company had operating cash of $925,722 and a working capital deficit of $599,255[46] - Management has determined that the company's mandatory liquidation date and potential subsequent dissolution raise substantial doubt about its ability to continue as a going concern[39] NOTE 2. SIGNIFICANT ACCOUNTING POLICIES Outlines accounting principles, including GAAP for interim financial information, emerging growth company status, and policies for estimates, cash, trust account investments, and Class A ordinary shares - The company is an 'emerging growth company' and has elected not to opt out of the extended transition period for complying with new or revised financial accounting standards[50][51] - Assets held in the trust account were approximately $363.4 million as of June 30, 2025, and $356.4 million as of December 31, 2024, held in an interest-bearing deposit account[56] - Class A ordinary shares subject to possible redemption are classified as temporary equity, with changes in redemption value recognized immediately and adjusted to equal the redemption value at each reporting period end[66] Class A Ordinary Shares Subject to Possible Redemption Reconciliation | Item | December 31, 2024 | June 30, 2025 | | :------------------------------------------------ | :------------------ | :------------------ | | Class A ordinary shares subject to possible redemption