Metal Sky Star Acquisition Corp reported a decline in net income for the three months ended June 30, 2024, totaling $392,165, down from $466,429 in the same period of 2023. For the six-month period ending June 30, 2024, net income was $689,185, compared to $1,061,931 for the prior year. This decrease in profitability is attributed to reduced interest income from marketable securities, which fell to $311,583 for the second quarter of 2024 from $448,804 in 2023, and to $770,422 for the first half of 2024, down from $1,307,724 in 2023.

The company’s total current assets saw a significant increase, reaching $45,600 as of June 30, 2024, compared to just $1,875 at the end of 2023. Total assets also rose to $36,729,840 from $35,360,963 over the same period. However, total current liabilities increased to $3,526,209 from $2,846,517, contributing to a rise in total liabilities to $6,401,209 from $5,721,517.

The accumulated deficit widened to $(6,308,814) as of June 30, 2024, compared to $(5,772,847) at the end of 2023. Similarly, total shareholders’ deficit increased to $(6,305,609) from $(5,769,642).

In terms of cash flow, the company reported a net cash used in investing activities of $(400,000) for the first half of 2024, a stark contrast to the net cash provided by investing activities of $58,770,016 in the same period of 2023. Conversely, net cash provided by financing activities was $400,000 for the first half of 2024, compared to net cash used in financing activities of $(58,603,163) in the previous year.

As of September 16, 2024, Metal Sky Star Acquisition Corp had 6,407,416 ordinary shares issued and outstanding. The company remains classified as a non-accelerated filer, smaller reporting company, and emerging growth company, and continues to operate as a shell company.