Energy Transition Special Opportunities (NYSE:ETSS) filed its Form 10-Q for the quarter ended September 30, 2026, disclosing financial results and balance sheet data for the SPAC as of that date, submitted November 10, 2026.

Key Highlights

  • Trust Account: Investments held in the Trust Account totaled $152,761,728 as of September 30, 2026, up from $0 at December 31, 2025.
  • Class A shares at redemption value: 15,000,000 Class A ordinary shares were subject to possible redemption at $10.18 per share as of September 30, 2026.
  • Net income, Q3 2026: The company reported net income of $1,080,025 for the three months ended September 30, 2026, driven by $1,383,203 in interest earned on Trust Account investments.
  • Nine-month net income: Net income for the nine months ended September 30, 2026 was $1,524,698, against general and administrative expenses of $487,030.
  • Shareholders' deficit: Total shareholders' deficit stood at $(5,480,524) as of September 30, 2026, with accumulated deficit of $(5,481,024).
  • Founder share forfeiture: On May 18, 2026, underwriters forfeited their over-allotment option, resulting in 750,000 Class B ordinary shares being forfeited; the Sponsor then held 4,925,000 Class B shares and three independent directors held 25,000 Class B shares each.
  • Deferred underwriting fee: A deferred underwriting fee of $6,000,000 was recorded as a liability as of September 30, 2026.

Energy Transition Special Opportunities: Trust Account Growth and Operating Results for Q3 2026

According to the filing, Energy Transition Special Opportunities, a Cayman Islands-incorporated special purpose acquisition company listed on NYSE:ETSS, reported total assets of $153,657,432 as of September 30, 2026, compared to $326,110 at December 31, 2025. The increase was primarily attributable to the company's IPO proceeds placed into the Trust Account, which held $152,761,728 by quarter-end. Cash on hand was reported as $647,771, and prepaid expenses and insurance accounted for the remaining current assets.

The company disclosed that for the three months ended September 30, 2026, general and administrative expenses were $303,178, while interest earned on investments held in the Trust Account totaled $1,383,203, producing net income of $1,080,025. For the nine months ended September 30, 2026, net income was $1,524,698, supported by $2,011,728 in trust interest income against $487,030 in operating expenses. Basic and diluted net income per share for Class A redeemable ordinary shares was $0.05 for the quarter and $0.12 for the nine-month period, according to the filing.

The filing also noted that as of September 30, 2026, total liabilities were $6,376,228, including the $6,000,000 deferred underwriting fee. The company's Class B ordinary share count decreased from 5,750,000 at December 31, 2025 to 5,000,000 at September 30, 2026, following the May 18, 2026 forfeiture of 750,000 founder shares after underwriters did not exercise their over-allotment option. The company confirmed it is classified as a shell company, a smaller reporting company, and an emerging growth company. As of November 10, 2026, there were 15,000,000 Class A ordinary shares and 5,000,000 Class B ordinary shares issued and outstanding.

What Was Disclosed

Energy Transition Special Opportunities filed its quarterly report covering the period ended September 30, 2026, disclosing trust account balances, net income driven by trust interest, a deferred underwriting fee of $6,000,000, founder share forfeiture, and a total shareholders' deficit of $(5,480,524).