NorthStar Earth & Space Enterprises (NSTR) Q1 2026 earnings summary

Executive summary

• Q1 net income was $1.735M, generated by $2.009M of trust-account interest and offset by $274K of general and administrative costs; no operating revenue was generated.

• On April 16, 2026, a business combination agreement was signed with NorthStar Earth and Space Inc.; a concurrent PIPE commitment totals $30M, subject to closing conditions.

Financial highlights

• Q1 2026 net income was $1.735M; operating loss was $274K, and trust-account interest income was $2.009M.

• Basic and diluted EPS were $0.06 for both Class A and Class B shares; diluted EPS equaled basic EPS because warrants were anti-dilutive.

• Total assets were $234.6M at March 31, 2026, including $233.5M in the trust account; cash outside the trust was $998K.

• Q1 operating cash use was $276K; cash declined from $1.277M at year-end 2025 to $998K at March 31, 2026.

Outlook and guidance

• Business combination agreement contemplates continuation to Canada, NorthStar reorganization and amalgamation; completion remains subject to conditions and is not assured.

• The $30M PIPE is to be issued immediately before closing; up to 3M warrants and 3M founder shares are included in related transaction arrangements.

• A business combination must be completed within 24 months of the November 3, 2025 IPO closing; otherwise public shares are to be redeemed and the entity liquidated, subject to applicable requirements.