Factorial Energy (FAC) Q1 2026 earnings summary

Executive summary

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

• Entered into a Business Combination Agreement with Factorial Inc., expected to close mid-2026, with amendments clarifying redemption and warrant exchange terms.

Financial highlights

• Net income of $1,680,417 for the three months ended March 31, 2026, compared to a net loss of $20,449 for the same period in 2025.

• Interest income from trust account investments was $2,491,718 for Q1 2026.

• General and administrative costs totaled $811,301 for Q1 2026.

• Cash used in operating activities was $227,953 for Q1 2026; cash balance at March 31, 2026 was $396,210.

• Trust account held $285,868,994 as of March 31, 2026, primarily in U.S. Treasury Bills.

Outlook and guidance

• Business Combination with Factorial Inc. expected to close in mid-2026, subject to shareholder and regulatory approvals.

• Company expects to continue incurring significant costs until a business combination is completed.

• Management notes substantial doubt about ability to continue as a going concern without additional funding if a business combination is not completed.