Cartesian Growth Corporation II reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, the company achieved a net income of $2,909,414, an increase from $1,866,658 in the same period of 2023. This growth was attributed to a rise in other income, which reached $3,126,436, compared to $2,084,937 in the prior year. The basic and diluted net income per ordinary share also improved to $0.13 from $0.06 year-over-year. However, for the nine months ended September 30, 2024, net income decreased to $7,551,693 from $9,296,631 in 2023, with basic and diluted net income per share rising slightly to $0.35 from $0.32.

The company’s cash position showed a notable increase, with cash as of September 30, 2024, at $199,764, up from $50,932 at the end of 2023. Cash and marketable securities in the Trust Account also grew to $182,526,592 from $174,252,198. However, total current liabilities increased significantly to $2,940,771 from $1,530,978, contributing to a working capital deficit of $2,689,447.

Strategically, Cartesian Growth Corporation II extended its business combination deadline to November 10, 2024, through a Charter Amendment approved on November 6, 2023. This extension followed the redemption of 7,129,439 Class A ordinary shares, totaling approximately $77.4 million. A subsequent extension on November 6, 2024, allowed for an additional extension to November 5, 2025, with shareholders redeeming 8,620,849 shares for about $99.6 million. Following these redemptions, approximately $83.8 million remained in the Trust Account.

The company has also engaged in financing activities, including issuing unsecured promissory notes to the Sponsor, totaling $2,400,000 related to extension payments. The company incurred $1.2 million in legal advisory expenses for potential business combinations, reflecting ongoing efforts to identify suitable acquisition targets.

As of September 30, 2024, Cartesian Growth Corporation II had not commenced any operations since its IPO on May 10, 2022, and continues to assess its ability to operate as a going concern amid liquidity concerns. The company remains focused on completing a business combination with a target of high-growth businesses.