Roth CH Acquisition V Co. (ROCL) reported its financial results for the three and nine months ended September 30, 2024, revealing significant changes in its performance compared to the previous fiscal period. The company, which operates as a blank check company, has not yet commenced any operations and primarily generates non-operating income from interest on marketable securities held in a Trust Account.

For the three months ended September 30, 2024, ROCL recorded a net loss of $195,976, a notable improvement from a net loss of $646,092 in the same period of 2023. Operating costs for this quarter were $368,098, down from $908,357 in the prior year. Interest income from marketable securities also decreased to $229,375 from $343,491. For the nine-month period, the company reported a net loss of $1,036,605, contrasting sharply with a net income of $156,857 for the same period in 2023. This decline was primarily driven by a significant drop in interest income from $2,641,366 to $677,062, alongside increased operating costs.

As of September 30, 2024, ROCL's cash balance had decreased to $6,620 from $112,941 at the end of September 2023. However, cash and marketable securities in the Trust Account increased to $17,928,070 from $16,978,160. The company’s total current liabilities rose to $4,444,599, up from $2,688,207, contributing to a working capital deficit of $4,412,489.

Strategically, ROCL is under pressure to complete a business combination by December 3, 2024, with the possibility of extending this deadline. The company has entered into a merger agreement with New Era Helium Corp. (NEH), which includes provisions for adjustments based on NEH's net debt. Amendments to the merger agreement have extended the outside date for completion multiple times, with the latest extension to November 30, 2024.

The company has also faced challenges, including a notification from Nasdaq regarding non-compliance with the minimum total holders requirement, which it has since addressed. Additionally, stockholder redemptions have significantly impacted the company’s equity, with nearly 10 million shares redeemed in 2023.

Overall, Roth CH Acquisition V Co. continues to navigate a challenging financial landscape while preparing for its proposed merger, with substantial doubt raised about its ability to continue as a going concern if it cannot secure additional capital or complete its business combination by the deadline.