Spark I Acquisition Corporation filed its Form 10-Q for the quarter ended September 30, 2026, with the SEC on November 13, 2026, reporting a net loss of $3,366,062 for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $3,366,062 for the nine months ended September 30, 2026, compared to net income of $429,687 in the same period of 2025.
  • Q3 net loss: For the three months ended September 30, 2026, the net loss was $1,620,979, versus a net loss of $475,225 in Q3 2025.
  • Trust account balance: Investments held in trust stood at $26,117,081 as of September 30, 2026, up from $25,164,437 at December 31, 2025.
  • Shareholders' deficit deepened: Total shareholders' deficit reached $(11,472,891) at September 30, 2026, compared to $(7,154,185) at December 31, 2025.
  • Shares outstanding: As of November 13, 2026, there were 5,627,045 Class A ordinary shares and 2,422,078 Class B ordinary shares issued and outstanding.
  • Redemption value: Class A ordinary shares subject to possible redemption totaled 2,236,713 shares at a redemption value of $11.68 per share as of September 30, 2026.
  • Total liabilities grew: Total liabilities increased to $12,035,218 at September 30, 2026, from $7,347,552 at December 31, 2025.

Spark I Acquisition's Financial Position and Q3 2026 Operating Results

According to the filing, Spark I Acquisition Corporation (OTC:SPKLF) reported a significant increase in expenses for the nine months ended September 30, 2026. Total expenses reached $4,050,304, consisting of an administrative fee to a related party of $519,820 and formation and operating expenses of $3,530,484. This compares to total expenses of $2,209,067 for the same nine-month period in 2025. The company attributed other income primarily to an unrealized gain on investments held in the Trust Account of $684,239 for the nine months ended September 30, 2026, down from $2,637,524 in the comparable prior-year period.

The balance sheet reflects a growing debt load. As of September 30, 2026, the company carried a note payable to its Sponsor of $2,500,000 (up from $1,700,000 at year-end 2025), a convertible note payable to the Sponsor of $1,900,000 (up from $1,540,000), an extension note payable to the Sponsor of $400,000, a due-to-related-party balance of $200,000, and accrued expenses and offering costs of $3,211,718, compared to $604,052 at December 31, 2025. The deferred underwriting fee payable remained at $3,500,000. The related party payable to the Sponsor rose to $323,500 from $3,500.

The company's basic and diluted net loss per share for both redeemable Class A and non-redeemable Class A and Class B ordinary shares was $(0.39) for the nine months ended September 30, 2026, compared to earnings of $0.03 per share in the nine months ended September 30, 2025. The filing indicates the registrant is a shell company, an emerging growth company, and a smaller reporting company.

What Was Disclosed

Spark I Acquisition Corporation disclosed its unaudited condensed consolidated financial statements for the quarter ended September 30, 2026, showing a deepening net loss, rising liabilities driven by sponsor-related borrowings, and a trust account balance of $26,117,081 against a total shareholders' deficit of $(11,472,891).