dMY Squared Technology Group, Inc. reported its financial results for the period ending September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had cash of $384,678, a substantial increase from just $9 at the end of December 2023. Total current assets rose to $405,928 from $155,634, while total assets decreased to $25,554,494 from $67,700,900, primarily due to a reduction in investments held in the Trust Account, which fell from $67,545,266 to $25,148,566.

The company reported total current liabilities of $2,613,651, up from $2,153,820, contributing to an accumulated deficit of $(5,131,641) as of September 30, 2024, compared to $(5,079,176) at the end of 2023. The total shareholders’ deficit also increased slightly to $(5,131,483) from $(5,079,018).

In terms of operational performance, dMY Squared experienced a net income of $145,480 for the three months ended September 30, 2024, a recovery from a net loss of $(72,939) in the same period of 2023. However, for the nine months ended September 30, 2024, the company reported a net loss of $(344,035), a stark contrast to a net income of $1,645,381 for the same period in 2023. General and administrative expenses decreased to $184,903 for the three months ended September 30, 2024, from $240,703 in the prior year, while total other income increased to $576,673 from $328,524.

The company’s investment income from the Trust Account also saw a decline, totaling $334,799 for the three months ended September 30, 2024, down from $872,501 in the same period of 2023. The change in fair value of derivative warrant liabilities showed a positive shift, with a gain of $241,770 compared to a loss of $(543,980) in the prior year.

Strategically, dMY Squared has extended its deadline to complete a Business Combination to December 29, 2025, following shareholder approval on January 2, 2024. The company has also issued a convertible promissory note to finance transaction costs related to a Business Combination, with a principal amount of up to $1.75 million. As of September 30, 2024, the company had outstanding advances from its Sponsor and affiliates totaling approximately $228,000, which increased to approximately $345,000 after subsequent borrowings.

Overall, while dMY Squared has made strides in cash management and operational adjustments, it continues to face challenges in achieving profitability and completing a Business Combination within the extended timeline.