ClimateRock, a Cayman Islands-based blank check company focused on climate change and renewable energy, reported its financial results for the third quarter and nine months ended September 30, 2024. The company has not yet commenced operations and is primarily engaged in activities related to its initial public offering (IPO) and business combination efforts.

As of September 30, 2024, ClimateRock's cash balance significantly decreased to $3,708 from $57,290 at the end of 2023. Total current assets also fell to $23,958 from $57,702, while total assets increased slightly to $28.9 million from $28.6 million. However, total current liabilities rose sharply to $5.3 million from $3.2 million, contributing to an accumulated deficit that widened to $(7.6 million) from $(5.6 million) at year-end 2023.

For the three months ended September 30, 2024, ClimateRock reported a net income of $172,722, a notable improvement from a net income of $26,528 in the same period of 2023. This increase was driven by total other income of $368,522, compared to $357,729 in the prior year. Operating expenses for the quarter decreased to $165,800 from $301,201, reflecting cost-cutting measures. However, for the nine months ended September 30, 2024, the company reported a net loss of $(409,112), a stark contrast to a net income of $585,178 for the same period in 2023.

The company has faced challenges in its business combination efforts, having extended the deadline to complete a merger from May 2, 2024, to May 2, 2025. Shareholders redeemed 111,915 Class A ordinary shares for approximately $1.27 million during the recent extraordinary general meeting, further straining the company's liquidity. The total amount held in the Trust Account as of September 30, 2024, was $28.9 million, down from $28.5 million at the end of 2023.

ClimateRock has also incurred significant costs related to financing and acquisition plans, raising doubts about its ability to continue as a going concern for the next year. The company received a deficiency letter from Nasdaq regarding its public holder requirement, which it is currently addressing.

In terms of strategic developments, ClimateRock entered into a merger agreement with GreenRock Corp. on December 30, 2023, which has since been amended to adjust the terms and extend the closing date. The company continues to navigate the complexities of its business combination while managing its financial position amid challenging market conditions.