Harvard Ave Acquisition Corp reported a first-quarter 2026 net income of $1.14M, a turnaround from a loss of $(21.8K) in the year-ago quarter, driven primarily by $1.3M of interest income earned on funds held in its trust account; diluted earnings per share were $0.05 for 1Q 2026.
Financial Highlights
- Net income was $1.14M for 1Q 2026, versus $(21.8K) in 1Q 2025 (turnaround to profit).
- Diluted EPS was $0.05 for 1Q 2026 (basic & diluted), versus $(0.00) for 1Q 2025.
- Interest income from the Trust Account was $1.30M in 1Q 2026, which largely produced the quarter's net income.
Business Highlights
- The company is a blank-check SPAC formed to identify and complete a Business Combination and had no operating revenues prior to a combination.
- Proceeds from the IPO and related private placement remain held in a trust account to fund a target acquisition and post-combination operations.
- Management completed incubation and IPO organizational activities and continues due diligence and target evaluation, incurring acquisition-focused expenses.
- Trust funds, including interest, are designated for a Business Combination; related-party working capital supports deal sourcing and diligence.
- Management expects continued acquisition-related costs and uncertainty regarding the successful consummation of a Business Combination.
Original SEC Filing:
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