Dynamix (ETHM) Q3 2025 earnings summary

Executive summary

• Blank check company focused on completing a business combination; no operating revenues to date, only interest/dividends from trust account investments.

• Entered into a Business Combination Agreement with The Ether Machine, Inc. and related parties on July 21, 2025.

• Ticker symbols for shares, units, and warrants changed in August 2025.

Financial highlights

• Net loss of $15.4M for Q3 2025, driven by a $14.3M loss from change in fair value of warrant liabilities and $2.9M in general/admin expenses, offset by $1.8M in trust account dividends.

• Net loss of $14.6M for the nine months ended September 30, 2025.

• $171.9M in trust account investments and $482K in cash as of September 30, 2025.

• $1.6M net cash used in operating activities for the nine months ended September 30, 2025.

Outlook and guidance

• Substantial doubt exists about ability to continue as a going concern within one year due to working capital deficit and expected future costs; management plans to seek debt or equity financing.

• Completion of the business combination is required within 24 months of IPO closing.