Patriot Acquisition Corp./CI reported a consolidated net loss for the first quarter of 2026, with net income of $(64,436) and diluted loss per Class B share of $(0.02). The company remains a blank-check (SPAC) in the incubation stage with no operating revenues prior to a business combination.
Financial Highlights
- Net income was $(64,436) for Q1 2026 (consolidated net loss).
- Diluted earnings per share was $(0.02) for Q1 2026 (basic and diluted net loss per Class B share).
Business Highlights
- Business model: Blank-check (SPAC) formed to identify and complete a business combination; no operating revenues pre-combination.
- Capital formation: Completed an IPO and private placements with proceeds placed in a trust to fund a target acquisition and post-combination operations.
- Operational activity: Incubation-stage work includes target identification, due diligence and preparation for transaction execution; the company incurred ongoing G&A expenses.
- Liquidity use: Trust funds are intended to finance an acquisition, provide working capital and support potential add-on deals; the company holds limited funds outside the trust for transaction sourcing.
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.