Here are the 10-Q quarterly reports from Welsbach Tech Metals Acq (WTMA) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow WTMA and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full WTMA filings page.
Evolution Metals & Technologies Corp. reported its first post‑merger quarter as a public company, focusing on midstream processing of critical materials. For the three months ended March 31, 2026, the company generated $1.9 million in revenue but recorded a net loss of $440.3 million, driven largely by a $425.2 million loss from changes in fair value of financial instruments.
Cash and cash equivalents were $5.4 million with a net working capital deficit of $81.8 million, and management concluded these conditions raise substantial doubt about the company’s ability to continue as a going concern for at least one year. During the quarter, EMAT completed a reverse recapitalization with a SPAC and acquired four Korean operating companies for total estimated consideration of $71.3 million, recording $63.2 million of goodwill and $6.8 million of intangible assets. Following these transactions, 593,349,852 common shares were outstanding as of May 21, 2026.
Welsbach Technology Metals Acquisition Corp. (WTMA), a SPAC, reported a Q3 2025 net loss of $435,675 and a nine‑month net loss of $1,477,092 as it continues pursuing a merger with Evolution Metals LLC. Operating expenses rose versus 2024 while interest income from the shrinking trust balance partially offset losses.
Restricted cash in the trust account declined to $6,424,722 from $12,257,933 at year‑end 2024, mainly due to multiple shareholder redemptions at about $11.31–$11.38 per share. The company recorded a 1% stock‑repurchase excise tax liability of $879,876 and relies on $2,608,430 of related‑party working capital loans.
WTMA was delisted from Nasdaq in early 2025 after failing to close a business combination within 36 months of its IPO and now trades on OTCQB. With a working capital deficit of $9,778,472 and a mandatory liquidation deadline of December 30, 2025 if no deal closes, management expresses substantial doubt about the company’s ability to continue as a going concern.