dMY Squared Technology Group, Inc., a blank check company focused on mergers and acquisitions, has released its Form 10-Q report for the quarter ending June 30, 2025. The report highlights significant financial and operational developments as the company continues its search for a suitable business combination.
Financial Highlights
Net Loss: The company reported a net loss of $(6.37) million for the three months ended June 30, 2025, compared to $(0.32) million for the same period in 2024. For the six months ended June 30, 2025, the net loss was $(10.93) million, compared to $(0.49) million for the same period in 2024. The increased losses are attributed to higher general and administrative expenses and significant changes in the fair value of derivative warrant liabilities.
Basic and Diluted Net Loss Per Share, Class A Common Stock: $(1.63) for the three months ended June 30, 2025, compared to $(0.08) for the same period in 2024. For the six months ended June 30, 2025, the net loss per share was $(2.79), compared to $(0.12) for the same period in 2024.
Basic and Diluted Net Loss Per Share, Class B Common Stock: $(1.63) for the three months ended June 30, 2025, compared to $(0.08) for the same period in 2024. For the six months ended June 30, 2025, the net loss per share was $(2.79), compared to $(0.12) for the same period in 2024.
General and Administrative Expenses: $749,559 for the three months ended June 30, 2025, compared to $230,197 for the same period in 2024. For the six months ended June 30, 2025, the expenses were $1,270,961, compared to $607,780 for the same period in 2024, indicating increased operational costs.
Investment Income from Cash and Investments Held in Trust Account: $268,385 for the three months ended June 30, 2025, compared to $323,704 for the same period in 2024. For the six months ended June 30, 2025, the investment income was $532,812, compared to $669,921 for the same period in 2024.
Business Highlights
Company Overview: dMY Squared Technology Group, Inc. is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As of June 30, 2025, the company had not commenced any operations and was focused on identifying a prospective initial business combination.
Initial Public Offering: The company completed its Initial Public Offering on October 4, 2022, raising gross proceeds of $60 million through the sale of 6,000,000 units at $10.00 per unit. An additional 319,000 units were sold through the partial exercise of the over-allotment option, generating approximately $3.2 million.
Private Placement and Overfunding Loans: Simultaneously with the IPO, the company conducted a private placement of 2,840,000 warrants, raising approximately $2.8 million. The sponsor also extended overfunding loans totaling $947,850 to be deposited in the Trust Account.
Trust Account Management: The net proceeds from the IPO, private placement, and overfunding loans were placed in a Trust Account, initially invested in U.S. government securities. The funds are intended to be used for a business combination, with the company having the discretion to hold funds in an interest-bearing bank deposit account to mitigate investment company risk.
Shareholder Meeting and Amendments: On January 2, 2024, shareholders approved amendments to extend the period for completing a business combination and to allow for monthly extensions, subject to sponsor contributions. This extension period now runs until December 29, 2025.
Convertible Note Issuance: In January 2024, the company issued a convertible promissory note to its Chairman and CFO, with a principal amount up to $1.75 million, to finance transaction costs and provide contributions for extending the business combination period.
Excise Tax Consideration: The company recorded an excise tax expense related to the redemption of public shares in January 2024, following guidance from the U.S. Department of Treasury and IRS on the application of the new excise tax under the Inflation Reduction Act of 2022.
Going Concern Consideration: As of June 30, 2025, the company had minimal cash and a working capital deficit, raising substantial doubt about its ability to continue as a going concern through the earlier of the liquidation date or the completion of the initial business combination.
Future Outlook: The company is focused on completing a business combination within the extended combination period, leveraging its cash resources and sponsor support to identify and consummate a suitable transaction.
SEC Filing: dMY Squared Technology Group, Inc. [ DMYY ] – 10-Q – Aug. 27, 2025
