Twelve Seas Investment Co III/Cayman reported first-quarter 2026 results showing a turnaround to net income of $1.36M and diluted EPS of $0.06, compared with a loss of $0.05M and diluted EPS of $(0.01) in the year-ago quarter. The company did not report operating revenue, remaining a blank‑check vehicle prior to a business combination.
Financial Highlights
- Net income was $1.36M for Q1 2026, versus $(0.05)M in Q1 2025 (turnaround from loss to profit).
- Diluted EPS was $0.06 for Q1 2026 (basic & diluted); prior-year Q1 diluted EPS was $(0.01).
- Revenue: Not reported for the period; the company had no operating revenues as a blank‑check SPAC prior to a business combination.
Business Highlights
- Business model: Cayman Islands blank‑check company targeting global acquisitions, with emphasis on profitable oil & gas and established enterprises.
- Capital formation: Completed an IPO and private placement, placing $172.5M in the Trust to fund an initial business combination and post-combination operations.
- Operations: No operating revenues yet; primary activities during the quarter were target identification, due diligence and IPO-related organizational work.
- Liquidity and use of funds: Interest income on Trust investments supports transaction activity; cash outside the Trust is being used for due diligence and transaction costs.
- Timing: The company has a 24-month window to complete a business combination through Dec. 15, 2027, with potential extensions subject to shareholder vote.
Original SEC Filing:
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