Cantor Equity Partners (CEP) Q2 2025 earnings summary

Executive summary

• Blank check company focused on effecting a business combination, with IPO completed August 2024 and $100M placed in trust account for future acquisition activities.

• Entered into a business combination agreement in April 2025 with Twenty One Capital, Tether, Bitfinex, and others, with multiple PIPE financings and convertible note subscriptions totaling over $700M committed.

• No operating revenues to date; all income is from interest on trust account investments.

Financial highlights

• Net income of $478,753 for Q2 2025, compared to a net loss of $14,790 in Q2 2024, driven by $1.1M interest income.

• For the six months ended June 30, 2025, net income was $1,196,247, compared to a net loss of $35,345 for the same period in 2024.

• General and administrative expenses were $602,720 for Q2 2025, up from $14,790 in Q2 2024, reflecting increased activity post-IPO.

• As of June 30, 2025, total assets were $104.5M, with $104.2M in U.S. government debt securities held in trust.

• Working capital deficit of $1.15M as of June 30, 2025, compared to $190,000 at December 31, 2024.

Outlook and guidance

• Sufficient working capital and borrowing capacity from the sponsor to meet needs through the earlier of business combination or one year from filing.

• Focus remains on identifying and completing a business combination by August 14, 2026, or earlier if approved.