Chain Bridge I filed its Q3 2025 report, showing a net loss of $1.30 million for the quarter and $1.66 million year-to-date. Results were driven mainly by a $1.07 million loss from changes in derivative liabilities, partially offset by $56,719 of trust interest. Cash was $1,001,325 with a working capital deficit of $357,128. Investments held in the trust account totaled $5,494,086.
To fund operations, the company reported a $1,000,000 senior note balance, an Exchange Note balance of $627,096, and a Bridge Financing Note balance of $1,023,235. Management disclosed “substantial doubt” about the company’s ability to continue as a going concern tied to the deadline to complete a business combination by November 15, 2026. The company also noted prior redemptions and that its securities were suspended from Nasdaq trading on November 19, 2024 and transitioned to OTC markets.
Chain Bridge I filed Amendment No. 1 to its Q3 2024 report to restate results after identifying two accounting errors. A $200,000 payment made on the company’s behalf should have been recorded as an increase to the Bridge Financing Note with a corresponding expense, and a $97,500 retainer should have been amortized to expense.
After restatement, Q3 general and administrative expenses rose by $297,500, reducing Q3 net income to $326,476. For the nine months, net loss increased to $(1,359,371). The company states there was no impact on cash or Trust Account balances. As of September 30, 2024, the Bridge Financing Note stood at $1,063,235, cash was $428,625, and working capital showed a deficit of $583,851.
Management concluded disclosure controls and procedures were not effective due to a material weakness in reviewing and reconciling liabilities and prepaid expenses and plans remediation. The filing also reiterates substantial doubt about the company’s ability to continue as a going concern given the November 15, 2025 deadline to complete a business combination.