AltEnergy Acquisition p(AEAE) - 2025 Q4 - Annual Report

Financial Position - As of December 31, 2025, the Trust Account held $6,196,874, approximately $12.00 per share, with an additional $18,708 in cash available for working capital[167]. - As of March 5, 2024, there were 7,327,478 issued and outstanding shares of Common Stock, including 7,077,478 Class A Shares and 250,000 Class B Shares[157]. - The Company has Class A common stock subject to possible redemption amounting to $6,297,899 as of December 31, 2025, classified as temporary equity[182]. - The Company has no off-balance sheet financing arrangements or long-term liabilities, except for a monthly fee of $15,000 for office space and administrative support, which will accrue until a business combination is completed[176][177]. - The Company does not have any long-term debt or capital lease obligations as of December 31, 2025[177]. Revenue and Expenses - The Company has not generated any revenues to date and only incurs expenses related to being a public company and due diligence for business combinations[164]. - The Company incurred operating expenses totaling $2,028,609 for the year ended December 31, 2025[165]. - The net loss for the year ended December 31, 2025, was $2,339,611, which included interest income of $283,899 and a loss of $308,100 on the change in fair value of derivative warrant liabilities[169]. - The net loss for the year ended December 31, 2024, was $3,942,881, offset by interest income and a gain of $858,100 on the change in fair value of derivative warrant liabilities[166]. Business Combination and Funding - The Company intends to use funds held in the Trust Account to complete an initial business combination, with deferred underwriting fees of up to $8,050,000 contingent upon this completion[171]. - Stockholders approved an extension of the deadline for completing an initial business combination from May 2, 2025, to May 1, 2026, with potential further extensions[162]. - The Sponsor provided a total of $1,465,000 in loans for working capital purposes during the year ended December 31, 2025, with outstanding balances of $3,800,000 (plus $210,542 of accrued interest) as of December 31, 2025[175]. - The Company has received multiple Commitment Letters from the Sponsor, totaling up to $3,125,000, to ensure continued operations for at least 12 months[175]. Financial Concerns - The Company may lack sufficient financial resources to sustain operations for a reasonable period, raising substantial doubt about its ability to continue as a going concern[170]. Securities and Valuation - The Public Warrants are valued using publicly available prices and classified as Level 1 on the Fair Value Hierarchy, while Private Placement Warrants are classified as Level 3 due to the use of unobservable inputs[185]. - The Company has no dilutive securities as of December 31, 2025, resulting in diluted net income per common share being the same as basic net income per common share[187]. - The Company is obligated to pay B. Riley Securities, Inc. a cash fee of 3.5% of the gross proceeds of the Public Offering upon the consummation of the initial business combination[178]. Regulatory and Accounting Changes - The Company adopted ASU 2023-09 for the annual period beginning January 1, 2025, enhancing transparency in income tax disclosures[189]. - The Company has not entered into any transactions that create relationships with unconsolidated entities or financial partnerships[176].