dMY Squared Technology Group 2025 10-K: Zero Revenue, $17.8M Net Loss dMY Squared Technology Group disclosed no operating revenue for the fiscal year ending December 31, 2025, and recorded a net loss of $17.8 million. The loss was primarily attributed to a $14.3 million fair value loss on derivative warrant liabilities. The company continues to operate as a blank-check sponsor, with its primary focus on finalizing a previously announced business combination with Horizon. The merger is expected to close in March 2026 after meeting remaining conditions. The filing highlights that the company did not present earnings per share or typical operating metrics in Item 7. Its financials for the year show no revenue, with operating-related expenses including general and administrative costs of $4.4 million. The net loss of $17.8 million reflects the significant impact of the derivative warrant liabilities. The business combination with Horizon has progressed to a definitive share purchase agreement, with shareholder approval already secured. The company remains committed to completing the merger and has initiated integration planning. However, it has not yet commenced any operating activities as of December 31, 2025, with all efforts centered on the transaction. To manage capital, the company transferred trust account funds previously held for the merger and potential redemptions into an interest-bearing bank account. This move aims to reduce investment company risk. Additionally, the company has entered intoPIPE commitments totaling approximately $111.9 million and a strategic side-letter with IonQ to support post-merger liquidity and governance. The company’s securities were delisted from the NYSE American and now trade on OTC markets, which may affect liquidity and investor access.#horizon #dmy_squared_technology_group #nyse_americam #ionq #pipe_commitments
