Metal Sky Star Acquisition reported no operating revenue for the year ended December 31, 2025, and recorded a net loss of $553,581 (basic and diluted loss per non-redeemable ordinary share: $0.31), reflecting costs associated with administrative and professional activities. The company remains a Cayman Islands blank-check vehicle that has not commenced operations and generated no gross profit. Its prior-year results included a net income driven by interest and unrealized gains from Trust investments.

Financial Highlights

• Revenue: $0 — the company has neither engaged in operations nor generated operating revenues to date.
• Operating Income: Loss from operations of $(670,668) for the year ended December 31, 2025, primarily reflecting administrative and professional costs.
• Net Income: Net loss of $(553,581) for the year ended December 31, 2025; prior year reported net income of $923,146 (included interest and unrealized gains).
• Net Income Per Share: Non-redeemable ordinary shares, basic and diluted net loss per share of $(0.31) for the year ended December 31, 2025.

Business Highlights

• Business Model: Operates as a Cayman Islands blank-check (SPAC) formed to complete one or more business combinations and has not generated operating revenue.
• Operational Activity: Primary activities during the period included IPO preparation, sponsor services, due diligence and target identification; interest income from Trust investments provided non-operating income.
• Major Milestones: Completed an IPO and a private unit sale; entered and subsequently terminated a merger agreement; executed letters of intent with Okidoki and Fedilco as potential combination targets.
• Timing & Outlook: Extended deadlines for completing a business combination through January 5, 2027, providing additional time to finalize a target and complete a transaction.

Original SEC Filing: Metal Sky Star Acquisition Corp [ MSSAF ] - 10-K - Mar. 31, 2026