真实资产收购公司-a 2025年季度报告

FORM10-Q (Mark One)☒QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30,2025 For the transition period from ______________ to ______________ Commission File Number:001-42613 REAL ASSET ACQUISITION CORP.(Exact name of registrant as specified in its charter) Cayman IslandsN/A(State or other jurisdiction ofincorporation or organization)(IRS EmployerIdentification No.) 174 Nassau Street,Suite 2100,Princeton,New Jersey08542Telephone:(609)924-0759(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 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 Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period thatthe registrant was required to submit 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 definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Accelerated filer☐Smaller reporting company☒Emerging growth company☒ Large accelerated filer☐Non-accelerated filer☒ 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 Section 13(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 13, 2025, there were17,250,000Class A ordinary shares, par value $0.0001 per share, issued and outstanding, and5,750,000shares of the registrant’s Class B ordinary share, par value $0.0001 per share, issued and outstanding. REAL ASSET ACQUISITION CORP.TABLE OF CONTENTS PagePART 1 - FINANCIAL INFORMATIONItem 1.UNAUDITED CONDENSED FINANCIAL STATEMENTSCondensed Balance Sheets as of September 30, 2025 (unaudited) and December 31, 20241Unaudited Condensed Statements of Operations for the Three and Nine Months Ended September 30, 20252Unaudited Condensed Statements of Changes in Shareholders’ Deficit for the Three and Nine MonthsEnded September 30, 20253Unaudited Condensed Statement of Cash Flows for the Nine Months Ended September 30, 20254Notes to Unaudited Condensed Financial Statements5Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS21Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK25Item 4.CONTROLS AND PROCEDURES25PART II - OTHER INFORMATIONItem 1.LEGAL PROCEEDINGS26Item 1A.RISK FACTORS26Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS26Item 3.DEFAULTS UPON SENIOR SECURITIES26Item 4.MINE SAFETY DISCLOSURES26Item 5.OTHER INFORMATION26Item 6.EXHIBITS26SIGNATURES26 Item 1. UNAUDITED CONDENSED FINANCIAL STATEMENTS REAL ASSET ACQUISITION CORP.CONDENSED BALANCE SHEETS (1)At December 31, 2024, included 750,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option wasnot exercised in full or in part by the Underwriters (see Note 6). On April 30, 2025, the Underwriters’ over-allotment option wasexercised in full simultaneously with the Initial Public Offering, and the 750,000 Class B ordinary shares were no longer subjectto forfeiture. The accompanying notes are an integral part of these unaudited condensed financial statements. REAL ASSET ACQUISITION CORP.CONDENSED STATEMENTS OF OPERATIONSFOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025(UNAUDITED) (1)The calculation of basic and diluted net income per ordinary share for the nine months ended September 30, 2025 excluded up to750,000 Class B ordinary shares that were subject to forfeiture if the over-allotment option was not exercised in full or in part bythe Underwriters (see Note 6). On April 30, 2025, the Underwriters’ over-allotment option was exercised in full simultaneouslywith the Initial Public Offering, and the 750,000 Class B ordinary shares were no longer subject to forfeiture. The accompanying notes are an integral part of these unaudited condensed financial statements. REAL ASSET ACQUISITION CORP.CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIT)FOR T