BurTech Acquisition Corp. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company, classified as a shell entity and an emerging growth company, saw a substantial decrease in total current assets, which fell to $192.8 thousand from $25.7 million at the end of 2023. Total assets also declined from $72.6 million to $50.1 million during the same period. Conversely, total current liabilities decreased from $31.4 million to $10.4 million.

The company’s accumulated deficit increased from $(15.8 million) to $(19.8 million), reflecting ongoing operational challenges. For the three months ended September 30, 2024, BurTech reported an operating loss of $(1.3 million), up from $(727.7 thousand) in the same period of 2023. The net loss for the quarter was $(876.0 thousand), a stark contrast to a net income of $3.4 thousand in the prior year. For the nine-month period, the net loss was $(1.5 million), compared to a net income of $1.7 million in 2023.

Interest income from the trust account also saw a decline, with $638.3 thousand earned in Q3 2024 compared to $910.4 thousand in Q3 2023. Total other income for the three months ended September 30, 2024, was $548.4 thousand, down from $910.4 thousand in the previous year.

Strategically, BurTech has been active in pursuing a business combination, entering into a merger agreement with Blaize, Inc. on December 22, 2023. This merger will result in Blaize becoming a wholly owned subsidiary of BurTech, which will be renamed Blaize Holdings, Inc. The merger agreement includes provisions for a backstop subscription agreement, ensuring that if the trust amount falls below $30 million, the sponsor will purchase shares to cover the difference.

The company has extended its combination period to December 15, 2024, allowing more time to finalize the merger. However, management has expressed substantial doubt about the company's ability to continue as a going concern due to insufficient working capital and mandatory liquidation requirements. As of September 30, 2024, BurTech had $66.6 thousand in restricted cash and $49.9 million in investments held in trust, with $4.6 million of that amount representing interest income.

Overall, BurTech Acquisition Corp. is navigating a challenging financial landscape while actively pursuing strategic developments to enhance its operational viability.