Illumination Acquisition Corp I Posts $87,593 Net Loss in Q1 2026
The special purpose acquisition company reported an $87,593 operating loss for the three months ending February 28, 2026, while raising $3.78 million in financing. Stockholders' equity turned negative.
Illumination Acquisition Corp I, a special purpose acquisition company (SPAC), reported an operating loss of $87,593 for the three months ending February 28, 2026. The company generated no revenue during the quarter. Read more earnings reports.
Net loss for the period matched the operating loss at $87,593. The company's retained deficit widened to $94,840 as of February 28, compared to a deficit of $7,247 at the end of November 2025.
Total stockholders' equity swung negative, falling to a deficit of $69,840 from positive equity of $17,753 three months earlier. The erosion came despite the company raising $3.78 million in financing activities during the quarter.
Cash and cash equivalents stood at $3.74 million as of February 28, up sharply from $32,300 at the end of November. The company burned $41,661 in operating cash flow during the quarter, offset by the financing inflows.
Total assets grew to $3.99 million from $32,300 over the three-month period. Total liabilities surged to $4.06 million from $14,547, contributing to the negative equity position.
Financial Summary
| Metric | Q1 2026 (Feb 28, 2026) | Nov 30, 2025 |
|---|---|---|
| Operating Loss | ($87,593) | — |
| Net Loss | ($87,593) | — |
| Total Assets | $3,990,841 | $32,300 |
| Total Liabilities | $4,060,681 | $14,547 |
| Stockholders' Equity | ($69,840) | $17,753 |
| Cash & Cash Equivalents | $3,741,247 | — |
The company reported 31.29 million shares outstanding as of the period end. Additional paid-in capital remained flat at $24,233.