Two SPACs Report Profits for Third Quarter 2026 Filings

what happened

Plutonian Acquisition Corp. II posted net income of $711,573 for the three months ended August 31, 2026, compared with a net loss of $16,366 a year earlier. Diluted earnings per share were $0.05, against $(0.01) in the prior-year quarter. For the six months, net income reached $933,250, versus a loss of $61,790 in the same period of 2025.

The company is a blank-check vehicle, known as a SPAC, formed to complete an initial business combination. It has no operating revenue, and IPO and private placement proceeds are held in trust. It has signed a definitive agreement to acquire NT1, which remains subject to approvals, valuation adjustments and customary closing conditions. Management also flagged substantial doubt about continuing operations past the mandatory liquidation date if no deal is completed.

East West Ave Acquisition Corp. reported net income of $136,744 for the third quarter ended August 31, 2026. Earnings per share were $0.77 for the redeemable class and a loss of $(0.88) per share for the non-redeemable class. The company completed a $100 million IPO, with funds held in trust. It is searching for targets in fintech, compute infrastructure and energy solutions, excluding China-based transactions.

why it matters

For SPAC investors, positive net income in these reports typically reflects interest earned on trust balances rather than operating activity, since neither company generates revenue. The more important factors are progress on pending deals and liquidation deadlines, not the quarterly figures themselves.

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