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Evolution Metals & Technologies Corp.
EMATCIK 0001866226NasdaqEmerging GrowthMiscellaneous Electrical Machinery, Equipment & SuppliesDelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-1.79M
Total Assets
$6.61M
Equity
$-12.01M
Shares Out
593.35M
Op. Cash Flow
$-1.33M
Business
Welsbach Technology Metals Acquisition Corp. is a special purpose acquisition company formed to effectuate a business combination, primarily targeting companies in the technology metals and energy transition metals (ETMs) sectors. It offers acquisition and capital markets services, including sponsor-led mergers, financings, and support for developing supply chains and midstream/downstream processing for ETMs. Key components of its business include its SPAC structure (public units and trust account), sponsor and management investment activities via Welsbach Holdings Pte Ltd, and merger transactions with target entities. The company focuses on global ETM supply chains with emphasis on North American and European markets and excludes targets domiciled in China, Hong Kong and Macau, pursuing transactions through public markets, private placements, joint ventures and negotiated M&A channels.
Summary from filing dated 2025-03-25
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| General and administrative | 2 | 1 | 2 | 3 | |
| Franchise tax | 92,400 | 154,785 | — | — | |
| Loss from operations | −2 | −2 | −2 | −3 | |
| Interest income from restricted cash held in trust account | 276,616 | 808,868 | 2 | 1 | |
| Reversal of prior year interest and penalties on excise tax liability | 13,509 | — | — | — | |
| Other income | 290,125 | 808,868 | 2 | 1 | |
| Loss before provision for income taxes | −2 | −773,977 | −54,322 | −2 | |
| Provision for income taxes | −38,685 | −125,950 | — | −180,688 | |
| Net loss | −2 | −899,927 | −54,322 | −2 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash | 4,022 | 1,185 | 6,760 | 309,881 | — | |
| Prepaid taxes | 141,227 | 14,077 | 833 | 25,000 | 332,633 | |
| Total current assets | 145,249 | 15,262 | 7,593 | 334,881 | — | |
| Restricted cash held in trust account | 6 | 12 | 24 | 80 | — | |
| TOTAL ASSETS | 7 | 12 | 24 | 80 | 77 | |
| Accounts payable and accrued expenses | 4 | 3 | 3 | — | — | |
| Income taxes payable | 186,609 | 125,950 | — | — | — | |
| Excise tax payable and interest and penalties | — | 719,090 | 583,520 | — | — | |
| Working capital loans related party | 3 | 2 | 549,100 | — | — | |
| Total current liabilities | 10 | 8 | 7 | 4 | 140,423 | |
| Deferred underwriting fee payable | 3 | 3 | 3 | 3 | — | |
| TOTAL LIABILITIES | 12 | 11 | 9 | 7 | 3 | |
| COMMITMENTS AND CONTINGENCIES (NOTE 6) | — | — | — | — | — | |
| Common Stock subject to possible redemption, $0.0001 par value, 564,337 shares at redemption value of $11.34 per share at December 31, 2025 and 1,082,789 shares at redemption value of $11.22 per share at December 31, 2024, respectively | 6 | 12 | 24 | 80 | — | |
| Preferred stock, $0.0001 par value; 1,000,000 shares authorized; 0 shares issued and outstanding at December 31, 2025 and 2024 | — | — | — | — | — | |
| Common stock; $0.0001 par value; 100,000,000 shares authorized; 2,283,976 shares issued and outstanding at December 31, 2025 and 2024 (excluding 564,337 shares at December 31, 2025 and 1,082,789 shares at December 31, 2024 subject to redemption) | 228 | 228 | 228 | 228 | 250 | |
| Additional paid-in capital | — | — | — | — | — | |
| Accumulated deficit | −12 | −11 | −9 | −6 | −1 | |
| TOTAL STOCKHOLDERS DEFICIT | −12 | −11 | −9 | −6 | −1 | |
| TOTAL LIABILITIES, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS DEFICIT | 7 | 12 | 24 | 80 | 77 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Interest and penalties on excise tax payable | −13,509 | 13,509 | — | — | |
| Prepaid expenses | −16,500 | −13,244 | — | — | |
| Prepaid taxes | −110,650 | — | 24,167 | 307,633 | |
| Due to affiliates | 120,000 | 120,000 | 88,000 | — | |
| Accounts payable and accrued expenses | 697,770 | 83,317 | 1 | 2 | |
| Franchise tax payable | — | −80,000 | −83,384 | 102,634 | |
| Income taxes payable | 60,659 | 125,950 | −180,688 | 180,688 | |
| NET CASH USED IN OPERATING ACTIVITIES | −1 | −1 | −1 | −976,306 | |
| Cash withdrawn from Trust Account in connection with redemption | 6 | 12 | 58 | — | |
| Cash withdrawn from Trust Account to pay franchise and income taxes | 203,862 | 100,373 | — | — | |
| NET CASH PROVIDED BY INVESTING ACTIVITIES | 6 | 12 | 58 | −4 | |
| Redemption of common stock - due to stockholders | −6 | −12 | — | — | |
| Proceeds from working capital loans - related party | 1 | 1 | — | — | |
| NET CASH USED IN FINANCING ACTIVITIES | −5 | −11 | −57 | 4 | |
| NET CHANGE IN CASH AND RESTRICTED CASH | 2,837 | −167,024 | −354,854 | −677,893 | |
| Income taxes | — | 12,610 | 188,177 | — | |
| Franchise taxes | 203,862 | 249,985 | — | 85,232 | |
| Accretion for redeemable common stock to redemption value | 122,745 | 514,400 | — | — | |
| Reversal of excise tax payable attributable to redemption of common stock | 764,238 | — | — | — | |
| Excise tax on redemption of Class A common stock | 58,657 | 122,061 | 583,520 | — |
Filings
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