DT Cloud Star Acquisition Corporation, incorporated on November 29, 2022, underwent significant developments in its financial performance and strategic positioning as of September 30, 2024. The company completed its Initial Public Offering (IPO) on July 26, 2024, raising gross proceeds of $69 million from the sale of 6.9 million units at $10.00 each. This capital was primarily allocated to a trust account for public shareholders, which held $69.6 million in marketable securities as of the reporting date.

As of September 30, 2024, DT Cloud Star reported total assets of $70.1 million, with total current assets amounting to $496.8 thousand. The company had cash and cash equivalents of $444.9 thousand, a notable increase from nil at the end of the previous fiscal year. However, the total liabilities stood at $759.7 thousand, leading to an accumulated deficit of $(263.1) thousand.

In terms of operational performance, DT Cloud Star reported a net income of $526.8 thousand for the three months ended September 30, 2024, a significant turnaround from a net loss of $(666) for the same period in 2023. For the nine months ended September 30, 2024, the company achieved a net income of $474.1 thousand, compared to a net loss of $(1.996) thousand in the prior year. This improvement was attributed to interest and dividends of $654.1 thousand earned from marketable securities, offsetting operating expenses of $(127.4) thousand for the quarter and $(180.0) thousand for the nine-month period.

The company’s share structure evolved with the issuance of 1,724,000 shares in January 2024, bringing the total to 1,725,000 ordinary shares outstanding as of September 30, 2024. Additionally, 225,000 ordinary shares remain subject to forfeiture based on underwriters’ over-allotment options.

Strategically, DT Cloud Star has entered into an Administrative Services Agreement, committing to pay the Sponsor $10,000 per month for general and administrative services. The company has also issued unsecured promissory notes to the Sponsor, allowing for borrowing up to $300,000, payable upon the consummation of an initial business combination.

Despite these advancements, the company faces challenges, including a substantial accumulated deficit and a lack of operational revenue since inception. Management has expressed concerns regarding the company's ability to continue as a going concern if the initial business combination is not completed by the deadline of October 26, 2025.