Blue Water Acquisition Corp. III filed its Form 10-Q with the SEC on August 12, 2026, reporting unaudited financial results for the quarterly period ended June 30, 2026, for NASDAQ:BLUW.

Key Highlights

  • Trust Account: Cash and marketable securities held in the Trust Account totaled $263,371,187 as of June 30, 2026, up from $258,796,563 at December 31, 2025.
  • Net Income: The company reported net income of $2,098,158 for the three months ended June 30, 2026, and $4,023,115 for the six months ended June 30, 2026.
  • Trust Income: Income earned on cash and marketable securities held in the Trust Account was $2,296,107 for the three months ended June 30, 2026, and $4,574,624 for the six months ended June 30, 2026.
  • Shares Outstanding: As of August 12, 2026, there were 25,983,000 Class A ordinary shares and 6,325,000 Class B ordinary shares issued and outstanding.
  • Shareholders' Deficit: Total shareholders' deficit was $(9,482,254) as of June 30, 2026, compared to $(8,930,745) at December 31, 2025.
  • Working Capital Note: A working capital note payable to a related party of $500,000 appeared on the balance sheet as of June 30, 2026, with no such balance at December 31, 2025.
  • Operating Expenses: Total operating expenses for the six months ended June 30, 2026 were $551,509, driven primarily by legal and accounting expenses of $381,762.

Blue Water Acquisition Corp. III: Financial Position and Operations for the Period Ended June 30, 2026

Blue Water Acquisition Corp. III, a Cayman Islands-incorporated blank check company listed on the Nasdaq Stock Market LLC under the symbols BLUW (Class A ordinary shares), BLUWU (Units), and BLUWW (Warrants), filed its quarterly report covering the period ended June 30, 2026. According to the filing, total assets stood at $263,492,566 as of June 30, 2026, compared to $258,910,967 at December 31, 2025, with the Trust Account representing the vast majority of that figure at $263,371,187.

The filing disclosed that the company's operating expenses for the six months ended June 30, 2026 were $551,509, resulting in a loss from operations of $(551,509). Legal and accounting expenses of $381,762 accounted for the largest single component of that total. Other operating costs included formation, general and administrative expenses of $90,324, listing fees of $42,033, and insurance expense of $37,390. The company reported no administrative services fee to a related party in the six months ended June 30, 2026, whereas $6,333 was recorded in the comparable prior-year period.

Net income for the six months ended June 30, 2026 was $4,023,115, with income earned on Trust Account holdings of $4,574,624 more than offsetting operating losses. Class A ordinary shares subject to possible redemption remained at 25,300,000 shares as of June 30, 2026, at a redemption value of $263,371,187. The accumulated deficit widened to $(9,482,955) as of June 30, 2026 from $(8,931,446) at December 31, 2025, reflecting remeasurement adjustments to Class A ordinary shares subject to possible redemption. The filing also noted a deferred underwriter fee liability of $8,855,000, unchanged from December 31, 2025. The company is classified as a smaller reporting company, non-accelerated filer, and emerging growth company, and indicated it is a shell company under Rule 12b-2 of the Exchange Act.

What Was Disclosed

Blue Water Acquisition Corp. III disclosed unaudited condensed financial statements for the quarter and six months ended June 30, 2026, showing net income of $4,023,115 for the half-year period, total assets of $263,492,566, and a shareholders' deficit of $(9,482,254), with Trust Account holdings of $263,371,187.