Welsbach Technology Metals Acquisition Corp. (WTMA), a blank check company formed to pursue business combinations, reported significant financial changes in its latest 10-Q filing for the period ending September 30, 2024. The company continues to operate without any revenue, as it has not yet completed a business combination.

As of September 30, 2024, WTMA's total assets decreased to $12.3 million from $23.9 million at the end of 2023, primarily due to a reduction in cash and investments held in the Trust Account, which fell from $23.8 million to $12.2 million. The company’s cash position also declined sharply, with cash on hand dropping to $1,185 from $6,760 at the end of the previous fiscal year. Total current liabilities increased to $7.6 million from $6.6 million, contributing to an accumulated deficit that widened to $(10.1 million) from $(9.3 million).

For the three months ended September 30, 2024, WTMA reported a net loss of $(80,697), a notable improvement compared to a net loss of $(230,201) for the same period in 2023. This improvement was attributed to a significant reduction in general and administrative expenses, which decreased to $215,108 from $544,383 year-over-year. However, interest income from cash and investments held in the Trust Account also fell sharply, from $507,906 in Q3 2023 to $180,541 in Q3 2024.

For the nine months ended September 30, 2024, the company reported a net loss of $(246,129), compared to a net loss of $(39,380) for the same period in 2023. The decline in interest income from $1.9 million in 2023 to $699,861 in 2024 was a significant factor in this loss.

In terms of strategic developments, WTMA has been actively pursuing a business combination, entering into a merger agreement with Evolution Metals LLC on April 1, 2024. The company plans to rename itself Evolution Metals & Technologies Corp. upon completion of the merger. Additionally, WTMA has engaged in various financing activities, including issuing multiple promissory notes to its Sponsor, totaling $1.3 million as of September 30, 2024, to support operational needs.

The company has faced challenges, including a substantial cash withdrawal from the Trust Account for redemptions, totaling $12.2 million for the nine months ended September 30, 2024, compared to $42.6 million for the same period in 2023. This trend reflects ongoing liquidity concerns and the need for additional capital to sustain operations until a business combination is finalized.