Dynamix (ETHM) Q1 2026 earnings summary

Executive summary

• Blank check company focused on completing a business combination; no operating revenues to date, only non-operating income from trust investments.

• Terminated proposed business combination in April 2026, receiving a $50 million termination payment.

• Continues to seek a new business combination, with a deadline of November 22, 2026.

Financial highlights

• Net income for Q1 2026 was $11.1 million, up from $1.0 million in Q1 2025, driven by a $9.9 million gain from change in fair value of warrant liabilities and $1.5 million in dividends from trust investments.

• General and administrative expenses were $314,216 for Q1 2026, down from $584,643 in Q1 2025.

• Cash used in operating activities was $222,975 for Q1 2026; cash balance at March 31, 2026 was $154,849.

• Investments held in trust account totaled $174.8 million at March 31, 2026.

Outlook and guidance

• Substantial doubt exists about the ability to continue as a going concern due to a working capital deficit and the risk of not completing a business combination by the November 2026 deadline.

• Management plans to address liquidity through debt or equity financing and completion of a business combination.