CSLM数字资产收购III有限公司A 2025年季度报告

Form10-Q (Mark One)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR For the transition period fromto Commission file number:001-42818 CSLM DIGITAL ASSET ACQUISITION CORP III, LTD(Exact name of registrant as specified in its charter) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☒ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☒No☐ As of November 12, 2025, there were23,891,250Class A ordinary shares, par value $0.0001, issued and outstanding, and7,666,667Class B ordinary shares, $0.0001 par value, issued and outstanding. TABLE OF CONTENTS PART I – FINANCIAL INFORMATIONItem1.Financial Statements1Condensed Balance Sheets as of September30, 2025 (Unaudited) and December31, 20241Condensed Statements of Operations for the three and nine months ended September30, 2025(Unaudited) and for the period from July26, 2024 (Inception) through September30, 2024(Unaudited)2Condensed Statement of Changes in Shareholders’ Deficit for the three and nine months endedSeptember30, 2025 (Unaudited) and for the period from July26, 2024 (Inception) throughSeptember30, 2024 (Unaudited)3Condensed Statements of Cash Flows for the nine months ended September30, 2025 (Unaudited) andfor the period from July26, 2024 (Inception) through September30, 2024 (Unaudited)4Notes to Unaudited Condensed Financial Statements5Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item3.Quantitative and Qualitative Disclosures About Market Risk27Item4.Controls and Procedures27PART II – OTHER INFORMATIONItem1.Legal Proceedings.29Item1A.Risk Factors.29Item2.Unregistered Sales of Equity Securities and Use of Proceeds.29Item3.Defaults Upon Senior Securities.30Item4.Mine Safety Disclosures.30Item5.Other Information.30Item6.Exhibits.31i CSLM Digital Asset Acquisition Corp III, LtdCONDENSEDBALANCE SHEETS ThreeMonthsEndedSeptember30,2025NineMonthsEndedSeptember30,2025For thePeriodFromJuly26,2024(Inception)ThroughSeptember30,2024Loss from operations:Formation, general and administrative expenses$210,041$302,303$7,543Insurance expense6,9866,986-Listing fees9,5579,557-Net loss from operations(226,584)(318,846)(7,543)Other income (expense):Interest income on Trust Account876,657876,657-Share based compensation expense(559,000)(559,000)-Net other income317,657317,657-Net income (loss)$91,073$(1,189)$(7,543)Basic and diluted weighted average Class A ordinary shares subject to possibleredemption outstanding8,500,0002,864,469-Basic and diluted net income (loss) per Class A ordinary shares subject topossible redemption$0.71$2.10$-Basic and diluted weighted average Class A & Class B ordinary shares not subject topossible redemption outstanding7,996,0427,159,839-Basic and diluted net loss per Class A & Class B ordinary shares not subject topossible redemption$(0.74)$(0.84)$- CSLM Digital Asset Acquisition Corp III, LtdCONDENSED STATEMENTS OFCHANGES IN SHAREHOLDERS’ DEFICIT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 CSLM Digital Asset Acquisition Corp III, LtdNOTES TO CONDENSED FINANCIAL STATEMENTSSEPTEMBER 30, 2025 Note 1 —Organization and Business Operations CSLM Digital Asset Acquisition Corp III, Ltd (formerly known as, CSLM Acquisition Corporation II, Ltd) (the “Company”) is ablank check company incorporated as a Cayman Islands exempted company on July26, 2024. The Company was incorporated for thepurpose of entering into a merge