Hadron Energy (HDRN) Q1 2026 earnings summary

Executive summary

• SPAC had no operating activity or revenue; Q1 income was primarily generated by interest on Trust Account investments while pursuing its announced business combination.

• The business combination was expected to close by the end of May 2026, subject to shareholder approval, listing approval, minimum-cash and other conditions.

Financial highlights

• Q1 2026 net income was $535,601, down from $1,618,274 in Q1 2025; operating expenses rose to $1,675,288 from $371,833.

• Trust Account interest and dividend income was $1,869,218 versus $2,103,979 YoY; fair-value changes in warrant and derivative liabilities also affected results.

• Operating cash used was $182,670 in Q1 2026; cash outside the Trust Account ended at $54,692.

Outlook and guidance

• Management expected to continue incurring acquisition and public-company costs; operating revenue was not expected before completion of a business combination.

• Closing was estimated by the end of May 2026; completion remained conditional on transaction approvals, at least $20 million in available closing SPAC cash and at least $5,000,001 in net tangible assets.

• A 21-month business-combination deadline runs from the August 2024 offering; failure to complete by May 30, 2026 would trigger redemption and liquidation procedures unless extended.