Nabors Energy Transition Corp. II SEC 10-Q Report

Nabors Energy Transition Corp. II, a company focused on advancing the energy transition through innovative solutions and technologies, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and key business activities, highlighting significant developments and future outlook.

Financial Highlights

Net Income: Nabors Energy Transition Corp. II reported a net income of $2.35 million for the three months ended June 30, 2025, reflecting a significant increase from $3.57 million for the same period in 2024, driven by higher interest income. For the six months ended June 30, 2025, net income was $3.23 million, compared to $7.37 million for the same period in 2024, primarily due to increased general and administrative expenses.

Basic and Diluted Net Income Per Share, Class A Ordinary Shares: The company reported $0.06 per share for the three months ended June 30, 2025, compared to $0.09 for the same period in 2024. For the six months ended June 30, 2025, the net income per share was $0.08, compared to $0.19 for the same period in 2024.

General and Administrative Expenses: These expenses increased to $1.06 million for the three months ended June 30, 2025, up from $0.26 million for the same period in 2024. For the six months ended June 30, 2025, general and administrative expenses were $3.52 million, compared to $0.53 million for the same period in 2024, indicating higher operational costs.

Interest Earned on Marketable Securities Held in Trust Account: The company earned $3.41 million in interest for the three months ended June 30, 2025, compared to $3.83 million for the same period in 2024. For the six months ended June 30, 2025, interest earned was $6.74 million, compared to $7.89 million for the same period in 2024.

Business Highlights

Business Combination Agreement: On February 11, 2025, Nabors Energy Transition Corp. II entered into a Business Combination Agreement with e2, involving a merger and the domestication of the company as a Delaware corporation. This agreement is a significant step towards completing a business combination, crucial for the company's operational strategy.

Extension of Business Combination Deadline: At an extraordinary general meeting on July 16, 2025, shareholders approved an extension of the deadline to consummate an initial business combination up to July 18, 2026. This extension provides additional time to identify and finalize a suitable business combination, vital for the company's future operations.

Legal Proceedings: On July 11, 2025, the company filed a complaint against e2 in the Delaware Court of Chancery, alleging breaches of the Business Combination Agreement. This legal action seeks specific performance and other remedies, which could impact the timeline and execution of the business combination.

Operational Focus: The company is focused on identifying solutions and technologies that advance the energy transition, specifically those that reduce carbon or greenhouse gas emissions while meeting global energy consumption needs. This strategic focus is central to the company's operational objectives and future growth.

Trust Account Management: As of June 30, 2025, the company managed $338,525,756 in U.S. Treasury bills and cash within its Trust Account. This management of funds is critical for ensuring the company has the necessary capital to complete a business combination.

Administrative Support Agreement: The company has an agreement to reimburse the Sponsor or an affiliate $15,000 per month for office space and administrative support. This arrangement supports the company's operational needs as it progresses towards a business combination.

Deferred Legal Fees: The company has deferred legal fees totaling $6,654,780 as of June 30, 2025, related to the Initial Public Offering and the anticipated business combination. Managing these fees is part of the company's operational strategy to control costs associated with the business combination process.

Future Outlook: The company plans to consummate an initial business combination prior to the mandatory liquidation date of August 18, 2025. This forward-looking statement underscores the company's commitment to completing a business combination within the specified timeframe.

SEC Filing: Nabors Energy Transition Corp. II [ NETD ] - 10-Q - Aug. 14, 2025