CF Acquisition Corp. VII reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, total current assets increased to $422.5 million from $160.2 million as of December 31, 2023. However, total assets decreased to $60.0 million from $155.3 million, primarily due to a reduction in cash held in the Trust Account, which fell from $155.2 million to $59.6 million.

The company experienced a net loss of approximately $4.3 million for the three months ended September 30, 2024, compared to a net income of $1.1 million for the same period in 2023. For the nine months ended September 30, 2024, CF Acquisition Corp. VII reported a net loss of approximately $3.9 million, a stark contrast to a net income of $1.7 million for the nine months ended September 30, 2023. The decline in profitability was attributed to increased interest expenses on mandatorily redeemable Class A common stock, which rose to approximately $5.3 million for the nine months ended September 30, 2024, compared to $1.5 million in the prior year.

General and administrative costs for the three months ended September 30, 2024, were $256,000, down from $321,000 in the same period in 2023. Interest income from cash and investments held in the Trust Account also decreased significantly, from $1.8 million in Q3 2023 to $718,000 in Q3 2024. The weighted average number of Class A public shares outstanding decreased from 14.3 million to 5.3 million, reflecting share redemptions.

The company’s accumulated deficit increased to $(12.1 million) as of September 30, 2024, from $(9.2 million) at the end of 2023. Total liabilities rose to $12.7 million from $9.5 million, with outstanding loans payable to the Sponsor increasing to approximately $11.0 million from $8.5 million.

Strategically, CF Acquisition Corp. VII has until March 20, 2025, to complete its Business Combination, having received extensions from stockholders. The company has engaged Cantor Fitzgerald & Co. as an advisor for the Business Combination, agreeing to a cash fee of $6.5 million upon consummation. The Sponsor has provided various loans to support operational needs and transaction costs, with a total of approximately $11.0 million in loans outstanding as of September 30, 2024.