Horizon Space Acquisition I Corp. SEC 10-Q Report

Horizon Space Acquisition I Corp., a blank check company focused on effecting a merger or similar business combination, has released its Form 10-Q report for the quarter ended June 30, 2025. The report provides a detailed overview of the company's financial performance and operational status, highlighting key metrics and recent developments.

Financial Highlights

For the three months ended June 30, 2025, Horizon Space Acquisition I Corp. reported a net income of $75,887. This figure reflects interest and dividend income of $229,876 on investments held in the Trust Account, offset by operating costs of $153,989. Comparatively, for the same period in 2024, the company reported a net income of $629,211, with interest and dividend income of $784,220 and operating costs of $155,009.

For the six months ended June 30, 2025, the company reported a net income of $147,341, with interest and dividend income of $454,628 and operating costs of $307,287. In contrast, for the same period in 2024, the net income was $1,362,675, with interest and dividend income of $1,665,343 and operating costs of $302,668.

Basic and diluted net income per redeemable ordinary share was $0.19 for the three months ended June 30, 2025, compared to $0.13 for the same period in 2024. For the six months ended June 30, 2025, basic and diluted net income per redeemable ordinary share was $0.39, compared to $0.26 for the same period in 2024.

Basic and diluted net loss per non-redeemable ordinary share was $(0.12) for the three months ended June 30, 2025, compared to $(0.04) for the same period in 2024. For the six months ended June 30, 2025, basic and diluted net loss per non-redeemable ordinary share was $(0.25), compared to $(0.08) for the same period in 2024.

Business Highlights

Business Overview: Horizon Space Acquisition I Corp. is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or other similar business combination with one or more businesses. The company has not commenced any operations and is focused on identifying a target company for an initial business combination. It will not generate any operating revenues until after the completion of a business combination.

Recent Developments: The company has extended its deadline to complete a business combination to August 27, 2025, through monthly extensions funded by Squirrel Enlivened (Hong Kong) Technology Limited and Shenzhen Squirrel Enlivened Media Group Co., Ltd.

Segment Information: Horizon Space Acquisition I Corp. operates as a single segment, with the Chief Executive Officer reviewing the operating results for the company as a whole to make decisions about resource allocation and financial performance.

Future Outlook: The company plans to use the funds from its IPO and private placement to acquire a target business and pay related expenses. It is focused on completing a business combination within the extended timeframe.

Management's Discussion: The company has incurred increased expenses as a result of being a public company and expects to continue incurring significant costs in pursuit of its acquisition plans. It is reliant on funds from its sponsor and affiliates to address liquidity needs.

Going Concern Consideration: Management has determined that there is substantial doubt about the company's ability to continue as a going concern due to insufficient cash and working capital to complete its planned activities for the upcoming year.

SEC Filing: Horizon Space Acquisition I Corp. [ HSPO ] - 10-Q - Aug. 11, 2025