Alchemy Investments Acquisition Corp 1, a blank check company incorporated on October 27, 2021, reported its financial performance for the quarter ending September 30, 2024. The company, which went public on May 9, 2023, through an Initial Public Offering (IPO) that raised gross proceeds of $115 million, continues to operate without having completed a business combination.

As of September 30, 2024, Alchemy Investments held total assets of $125.9 million, an increase from $121.2 million at the end of the previous fiscal year. This growth was primarily driven by an increase in investments held in the Trust Account, which rose to $125.4 million from $120.7 million. Current liabilities also increased to $1.34 million from $837,000, reflecting a growing operational footprint.

The company reported a net income of $1.46 million for the third quarter of 2024, up from $1.36 million in the same period of 2023. For the nine months ended September 30, 2024, net income surged to $4.18 million, compared to $1.93 million for the same period in the prior year. This increase in profitability was attributed to higher gains on investments held in the Trust Account, which amounted to $1.61 million for Q3 2024, compared to $1.53 million in Q3 2023.

Operating costs for the third quarter decreased to $158,000 from $175,000 year-over-year, contributing to improved profitability. The basic and diluted net income per share for Class A ordinary shares (both redeemable and non-redeemable) was $0.10 for Q3 2024, up from $0.09 in Q3 2023.

Cash and cash equivalents outside the Trust Account stood at $339,638, a slight increase from $309,742 at the end of 2023. However, the company reported a working capital deficit of $877,569, raising concerns about its ability to sustain operations without completing a business combination. The company has until November 9, 2024, to finalize a business combination, with potential extensions available.

In terms of shareholder activity, an annual meeting held on October 31, 2024, resulted in the approval of an extension for the business combination deadline to February 9, 2025. During this meeting, 10.4 million Class A shares were tendered for redemption, leaving 4.5 million shares outstanding post-redemption.

Overall, Alchemy Investments Acquisition Corp 1 continues to navigate its operational phase while preparing for a future business combination, with a focus on maintaining liquidity and managing its financial obligations.