ONE Nuclear Energy (ONEN) Q4 2025 earnings summary

Executive summary

• Formed as a SPAC in September 2024, completed IPO in January 2025 raising $190M, with $190M placed in trust for a future business combination.

• Entered into a business combination agreement in October 2025 with ONE Nuclear, a development-stage energy company, for an all-stock transaction valued at $1.0B.

• No operating revenues to date; activities focused on identifying and negotiating a business combination.

Financial highlights

• Net income for 2025 was $3.7M, driven by $7.3M in trust account interest income, offset by $3.7M in general and administrative costs.

• As of December 31, 2025, $196.96M held in trust account, $984K in cash outside trust, and $999K in working capital.

• Transaction costs for IPO totaled $12.7M, including $3.8M cash underwriting fee and $7.6M deferred underwriting fee.

Outlook and guidance

• Must complete a business combination by January 21, 2027, or liquidate and return trust funds to shareholders.

• No minimum cash or financing condition for closing the ONE Nuclear merger; closing subject to customary approvals.

• Management notes substantial doubt about ability to continue as a going concern if no business combination is completed by deadline.