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ACAC Nasdaq· Acri Capital Acquisition Corp
Earnings report Q3 2023

ACRI CAPITAL ACQUISITION CORPORATION Reports Strong Revenue Growth in Latest Quarter

Segments of Revenue

ACRI CAPITAL ACQUISITION CORPORATION reported its revenue for the three months ended September 30, 2023. The company generated revenue from two main segments: Formation and operating costs and Franchise tax expenses. The Formation and operating costs segment contributed $537,970, while the Franchise tax expenses segment contributed $38,224 to the company's total revenue for the quarter.

Strengths

ACRI CAPITAL ACQUISITION CORPORATION demonstrated strong revenue growth in the latest quarter. The company's Formation and operating costs segment saw a significant increase in revenue compared to the same period last year, with a growth of $129,335. This increase can be attributed to the successful execution of the company's business strategy and the growth of its operations. Additionally, the management team highlighted the positive impact of their cost management initiatives on the company's financial performance.

Challenges

Despite the overall positive performance, ACRI CAPITAL ACQUISITION CORPORATION faced challenges in the form of loss from operations. The company reported a loss of $576,194 for the three months ended September 30, 2023. This loss can be attributed to various factors, including higher operating expenses and the impact of market conditions on the company's investment portfolio.

Noteworthy

ACRI CAPITAL ACQUISITION CORPORATION reported other income in the form of interest earned on investments held in the Trust Account. The company earned $1,640,038 in interest income for the three months ended September 30, 2023. This significant income contributed to the company's overall positive financial performance.

Summary

ACRI CAPITAL ACQUISITION CORPORATION reported strong revenue growth in the latest quarter, driven by the success of its Formation and operating costs segment. Despite facing challenges in the form of a loss from operations, the company's management team highlighted the positive impact of their cost management initiatives. ACRI CAPITAL ACQUISITION CORPORATION also reported significant interest income from investments held in the Trust Account. Overall, the company's financial performance in the latest quarter reflects its ability to generate revenue and manage costs effectively.

Source documents

Form 10-Q  filed on Nov 09, 2023
6 pages scanned

Reference data

Company financials Q3 revenue 0
Analyst estimates Q3 EPS missed by NaN%
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