AltEnergy Acquisition p(AEAE) - 2025 Q3 - 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[149] - Stockholders redeemed 21,422,522 Class A shares for a total of $222,484,624, approximately $10.38 per share, from the Trust Account[149] - As of December 31, 2023, there was $17,591,536, or approximately $11.15 per share of Class A common stock, held in the Trust Account[149] - At the April 2024 Special Meeting, stockholders approved an extension of the business combination deadline to November 2, 2024[151] - Stockholders redeemed 839,332 Class A shares for a total of $9,513,007, approximately $11.33 per share, from the Trust Account[154] - As of April 30, 2024, there was $8,344,700, or approximately $11.30 per share of Class A common stock, held in the Trust Account[154] Financial Performance - For the three months ended September 30, 2025, the company reported a net loss of $380,642, compared to a net loss of $691,836 for the same period in 2024[159] - For the nine months ended September 30, 2025, the company reported a net loss of $2,158,659 compared to a net loss of $2,120,903 for the same period in 2024, indicating a slight increase in losses of approximately 1.8%[160] - Operating expenses for the nine months ended September 30, 2025 totaled $1,681,707, a decrease from $3,188,033 in the same period of 2024, representing a reduction of approximately 47.3%[160] Trust Account and Financing - As of September 30, 2025, the company held $6,149,592 in the Trust Account, equating to approximately $11.91 per share[161] - The company has $100,331 in a restricted investment account reserved for potential dissolution costs if a business combination is not completed by May 1, 2026[161] - The company has received a total of $559,000 in loans from the Sponsor for working capital purposes during the nine months ended September 30, 2025, with an outstanding balance of $2,894,000 as of the same date[167] - The company may need to arrange third-party financing to meet cash requirements for a business combination if necessary[164] Operational Concerns - The company has not generated any operating revenues to date and only incurs expenses related to being a public company[158] - The company has determined that it 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[162] Debt and Obligations - The company has no long-term debt or capital lease obligations, with a monthly fee of $15,000 payable to an affiliate of the Sponsor for office space and administrative support[169] Fair Value and Equity - The company’s Public Warrants were valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy as of September 30, 2025[177] - The company’s Class A common stock subject to possible redemption amounted to $6,249,923 as of September 30, 2025, classified as temporary equity[174] Regulatory Updates - The Financial Accounting Standards Board issued ASU 2023-09 to enhance income tax disclosures, effective January 1, 2025, with early adoption permitted[181] - ASU 2023-09 will not materially affect the company's financial condition, results of operation, or cash flows[181] Market Risks - As of September 30, 2025, the company was not subject to any market or interest rate risk[182] - The company has not engaged in any hedging activities since its inception and does not expect to do so in the future[182]