DAAQ reported FY 2025 net income of USD 4.2 million, driven by USD 4.6 million of earnings and realized gain on marketable securities held in its Trust Account and USD 16,940 of investment earnings on cash equivalents, partly offset by USD 379,159 in general and administrative expenses. The company said it has not generated any revenues to date and expects to generate operating revenues only after completing its initial business combination. For liquidity, DAAQ reported FY 2025 net cash used in operating activities of USD 2,183, net cash used in investing activities of USD 172.5 million due to cash deposited in the Trust Account, and net cash provided by financing activities of USD 173.6 million from proceeds of its IPO and private placement warrants. DAAQ completed its IPO on April 30, 2025, selling 17.3 million units for gross proceeds of USD 172.5 million, and sold 5.5 million private placement warrants for gross proceeds of USD 5.5 million; USD 172.5 million was placed in the Trust Account. Management said mandatory liquidation raises substantial doubt about its ability to continue as a going concern if it does not complete a business combination by October 30, 2026 (or January 30, 2027).

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