Boxabl Inc., formerly known as FG Merger II Corp., filed a Quarterly Report on Form 10-Q with the SEC on August 21, 2026, covering the fiscal quarter ended June 30, 2026, and disclosing financial results for the pre-merger SPAC entity alongside details of its subsequent business combination with Legacy BOXABL Inc.

Key Highlights

  • Business combination closed July 17, 2026: FG Merger II Corp. consummated its merger with BOXABL Inc. (a Nevada corporation) and was renamed "BOXABL Inc.," with Class A Common Stock beginning trading under ticker symbol "BXBL" on the Nasdaq Stock Market on July 20, 2026.
  • Net loss of $13,558,223 for the six months ended June 30, 2026: The company reported a net loss compared to net income of $897,385 in the same period of 2025, according to the filing.
  • Forward purchase agreement liability recognized: The company recorded a loss on initial recognition of a forward purchase agreement liability of $8,603,256 and a further change in fair value loss of $1,074,131 during the six months ended June 30, 2026.
  • General and administrative expenses rose sharply: G&A expenses totaled $4,829,127 for the six months ended June 30, 2026, compared to $210,395 in the same period of 2025.
  • Total assets of $83,341,541 as of June 30, 2026: This included $83,202,034 held in a trust account and cash and cash equivalents of $86,887.
  • Shares outstanding as of July 17, 2026: Approximately 9,409,633 shares of Class A Common Stock and 232,083,710 shares of Class B Common Stock were outstanding following the merger close.
  • Accumulated deficit of $14,234,098: Total stockholders' equity (deficit) stood at $(14,233,839) as of June 30, 2026, compared to positive equity of $389,529 at December 31, 2025.

FGMC's Pre-Merger Financials and the BOXABL Business Combination

According to the filing, this Quarterly Report covers FG Merger II Corp. before the consummation of the mergers on July 17, 2026. The company notes that "unless stated otherwise, this Quarterly Report contains information about the Company before the Mergers," and that unaudited condensed financial statements for Legacy BOXABL are included separately as Exhibits 99.1 and 99.2. The Class A Common Stock is listed on NASDAQ:BXBL.

For the six months ended June 30, 2026, the filing reports a net loss of $13,558,223, driven primarily by a loss on initial recognition of a forward purchase agreement liability of $8,603,256, a change in fair value of that liability of $1,074,131, and general and administrative expenses of $4,829,127. Investment income on the trust account was $1,212,390 for the same period, partially offsetting these charges. Income tax expense for the six-month period was $264,099.

As of June 30, 2026, the company reported total assets of $83,341,541, with $83,202,034 held in the trust account. Current liabilities totaled $14,373,346, of which accounts payable represented $4,441,357 and the forward purchase agreement liability at fair value represented $9,677,387. Common stock subject to possible redemption was carried at its redemption value of $83,202,034, representing 8,000,000 shares. The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company, according to the filing.

What Was Disclosed

The filing discloses pre-merger financial statements of FG Merger II Corp. for the quarter and six months ended June 30, 2026, along with details of the July 17, 2026 closing of its business combination with Legacy BOXABL Inc. and the subsequent Nasdaq listing under BXBL.