Gores Holdings X, Inc. / CI reported first-quarter 2026 results showing a return to profit, driven primarily by non‑operating items tied to warrant fair‑value gains and trust interest; net income was $6.15M and diluted EPS was $0.14 for the quarter.
Financial Highlights
- Net income: $6.15M for Q1 2026, versus $(54.0K) in Q1 2025 — swing to profit driven by a $3.14M fair‑value gain on warrant liabilities and $3.20M trust interest.
- Diluted EPS: $0.14 for Q1 2026 (basic and diluted), compared with $(0.01) for Class B shares in Q1 2025.
- Operating revenue: none; the company had no operating revenue during the quarter.
Business Highlights
- Completed IPO on May 5, 2025, raising $358.8M to fund search and acquisition activities.
- Actively soliciting target companies for a business combination, with a two‑year timeline to close potential transactions.
- Primary activity during the quarter was IPO preparation and target diligence; management expects available funds to pursue deals through May 5, 2027 but notes a potential shortfall risk.
Original SEC Filing:
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