Ares Acquisition Corporation II, a shell company incorporated on March 15, 2021, reported its financial results for the period ending September 30, 2024, in its latest 10-Q filing. The company, which completed its Initial Public Offering (IPO) on April 25, 2023, raised gross proceeds of $500 million, with net proceeds of $505 million placed in a Trust Account primarily invested in U.S. government securities.

As of September 30, 2024, Ares Acquisition's total current assets decreased to $1.4 million from $2.4 million at the end of 2023, with cash holdings declining to $1.2 million from $1.9 million. However, investments in the Trust Account increased to $544.3 million, up from $523 million. Total assets rose to $545.7 million, while total liabilities increased slightly to $23.1 million from $22.8 million. The accumulated deficit grew to $(21.5 million) from $(20.3 million) at the end of 2023, reflecting ongoing operational costs.

The company reported net income of $6.96 million for the third quarter of 2024, an increase from $6.4 million in the same period of 2023. For the nine months ended September 30, 2024, net income reached $19.9 million, compared to $10 million in the prior year. This growth was driven by higher other income, which rose to $7.4 million for the quarter and $21.2 million year-to-date, compared to $6.8 million and $10.7 million, respectively, in 2023. Basic and diluted net income per share for the third quarter was $0.11, up from $0.10 in 2023.

The company’s operational expenses included general and administrative costs of $443,007 for the third quarter, up from $383,929 in the previous year. Ares Acquisition has also incurred offering costs of $28.6 million related to its IPO, including deferred underwriting commissions of $17.5 million.

Management has expressed substantial doubt regarding the company's ability to continue as a going concern if a business combination is not completed by the deadline of April 25, 2025. The company has no long-term debt obligations and has not drawn on any working capital loans as of the reporting date. Ares Acquisition plans to secure financing from its Sponsor or affiliates to meet obligations until a business combination is finalized.

As of September 30, 2024, the company had 50 million Class A ordinary shares and 12.5 million Class B ordinary shares outstanding, with the Class A shares subject to possible redemption.