Renatus Tactical Acquisition Corp I

Previous wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Renatus Tactical Acquisition Corp I. References to our “management” or our “management team” refer to our officers and directors and references to the “Sponsor” refer to International SPAC Management Group I. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Current wording

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Renatus Tactical Acquisition Corp I. References to our “management” or our “management team” refer to our officers and directors and references to the “Sponsor” refer to International SPAC Management Group I. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Previous wording

For the three and six months ended June 30, 2025, we had net income of $794,834, which consisted of investment income earned on the cash in Trust of $1,240,806 partially offset by formation and operating expenses of $445,972.

Current wording

For the three months ended September 30, 2025, we had net income of $2,176,664, which consisted primarily of investment income earned on the cash held in the Trust Account of $2,512,269 partially offset by formation and operating expenses of $337,479.

Previous wording

For the six months ended June 30, 2025, cash used in operating activities was $411,890. Net income of $794,834 was affected by interest earned on investments held in the Trust Account of $1,240,806, and net change in operating assets and liabilities of $34,082.

Current wording

For the nine months ended September 30, 2025, cash used in operating activities was $1,133,595. Net income of $2,971,498 was affected by interest earned on cash held in the Trust Account of $3,753,075, and net change in operating assets and liabilities of $352,018.

Previous wording

For the six months ended June 30, 2025, cash used in investing activities was $242,103,750, which is the amount required to be deposited into the Trust from the Initial Public Offering and Private Placement.

Current wording

For the nine months ended September 30, 2025, cash used in investing activities was $242,103,750, which is the amount required to be deposited into the Trust from the Initial Public Offering and Private Placement.

Previous wording

For the six months ended June 30, 2025, cash provided by financing activities was $243,084,706, which is the proceeds from the Initial Public Offering and the Private Placement, net of offering costs.

Current wording

For the nine months ended September 30, 2025, cash provided by financing activities was $243,334,707, which is the proceeds from the Initial Public Offering and the Private Placement, net of offering costs and $250,000 in proceeds from the issuance of a convertible note.

Previous wording

As of June 30, 2025, we had cash held in the Trust Account of $243,344,556. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (which interest shall be net of any franchise and income taxes payable and excluding deferred underwriting commissions), to complete our initial business combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **

Current wording

As of September 30, 2025, we had cash held in the Trust Account of $245,856,825. We intend to use substantially all of the funds held in the trust account, including any amounts representing interest earned on the trust account (which interest shall be net of any franchise and income taxes payable and excluding deferred underwriting commissions), to complete our initial business combination. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds held in the trust account will be used as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.** **

Previous wording

As of June 30, 2025, we had cash of $569,066 in our operating bank account. We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete our initial business combination.

Current wording

As of September 30, 2025, we had cash of $97,362 in our operating bank account. We intend to use the funds held outside the trust account primarily to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective target businesses, and structure, negotiate and complete our initial business combination.

Previous wording

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

Current wording

Except for the Investor Convertible Note, we do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities.

Previous wording

The preparation of the unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. As of June 30, 2025, we did not have any critical accounting estimates to be disclosed.

Current wording

The preparation of the unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. As of September 30, 2025, we had the following critical accounting estimates: fair value of public and private warrants and fair value of shares transferred to directors.