AltEnergy Acquisition Corp, classified as a shell company, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company had 6,238,146 shares of Class A common stock and 250,000 shares of Class B common stock outstanding as of November 12, 2024.

As of September 30, 2024, total assets decreased to $8.76 million from $17.95 million at the end of 2023, primarily due to a reduction in investments held in the Trust Account, which fell from $17.59 million to $8.49 million. Current assets also declined from $360.61 thousand to $264.51 thousand, while cash increased slightly from $79.97 thousand to $86.32 thousand. Total current liabilities rose significantly from $4.13 million to $7.37 million, contributing to a total stockholders’ deficit of $(15.49 million), up from $(12.86 million) at the end of 2023.

For the three months ended September 30, 2024, total expenses surged to $999.37 thousand, compared to $359.68 thousand in the same period of 2023. This increase reflects higher operational costs as the company continues to prepare for its planned business combination. Conversely, total other income improved to $324.75 thousand from a loss of $(476.92) thousand year-over-year. Despite this, the company reported a net loss of $(691.84) thousand for Q3 2024, a slight improvement from a net loss of $(749.75) thousand in Q3 2023. For the nine-month period, the net loss deepened to $(2.12 million) from a net income of $2.03 million in the prior year.

The company’s cash flow from operating activities showed a reduction in cash used, totaling $(1.38 million) for the nine months ended September 30, 2024, compared to $(1.95 million) in the same period of 2023. However, cash provided by investing activities was significantly lower at $9.59 million, down from $223.64 million, largely due to redemptions of Class A common stock.

Strategically, AltEnergy has extended its deadline for completing a business combination multiple times, with the latest extension to December 2, 2024. The company entered into a merger agreement with Car Tech, LLC, which is expected to be a significant step towards its operational launch. However, the company faces challenges, including a notice from Nasdaq regarding non-compliance with listing rules and impending delisting due to failure to complete the initial business combination by the specified deadline. Trading of its securities has been suspended, and they are now traded in the over-the-counter market.

Management has expressed concerns about the company's ability to sustain operations for at least one year from the issuance date of the financial statements, emphasizing the urgency of completing the business combination to avoid liquidation.