NorthStar Earth & Space Enterprises (NSTR) Q2 2026 earnings summary

Executive summary

• SPAC remained pre-operational through June 30, 2026; Q2 net income was driven by Trust Account interest, partially offset by general and administrative costs.

• A business combination agreement was signed in April and amended in May; completion remains subject to its conditions and shareholder redemptions.

Financial highlights

• Q2 2026 net income was $837,895, comprising $2.12M of Trust Account interest and $1.28M of general and administrative costs.

• H1 2026 net income was $2.57M, including $4.13M of Trust Account interest and $1.56M of general and administrative costs.

• No operating revenue was generated; net cash used in operating activities was $561,442 in H1 2026.

• June 30 assets totaled $236.41M, including $235.60M in the Trust Account and $711,805 in cash outside the trust.

Outlook and guidance

• Substantially all Trust Account funds, net of taxes and deferred underwriting commissions, are intended to fund a business combination; remaining trust proceeds may support the target’s working capital and growth.

• The initial business combination must be completed within 24 months of the Nov. 3, 2025 IPO closing; otherwise, public shares are subject to redemption and the SPAC must wind down.

• Additional financing may be needed if diligence and transaction costs exceed estimates or significant public-share redemptions occur.