Real Asset Acquisition Corp. (RAAQ) reported FY 2025 net income of USD 4.2 million, reflecting earnings and realized gain on cash equivalents held in its Trust Account of USD 4.6 million and investment earnings on marketable securities held in its Operating Account of USD 0.02 million, partly offset by general and administrative expenses of USD 0.4 million. RAAQ said it has not generated any revenues to date and remains focused on organizational activities, IPO-related work and identifying a business combination target. RAAQ also reported FY 2025 net cash used in operating activities of USD 0.01 million, net cash used in investing activities of USD 172.5 million related to cash deposited in the Trust Account, and net cash provided by financing activities of USD 173.6 million, driven by proceeds from the sale of Units and Private Placement Warrants. The company noted its IPO closed on April 30, 2025, raising gross proceeds of USD 172.5 million from 17.25 million Units, alongside USD 5.5 million from the sale of 5.45 million Private Placement Warrants, and said USD 172.5 million was placed into its Trust Account. In its going-concern assessment, RAAQ 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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