Renatus Tactical Acquisition Corp I

Previous wording

The forward-looking statements contained in this Quarterly Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our final prospectus for our Initial Public Offering filed (as defined below) with the SEC on May 16, 2025. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Current wording

The forward-looking statements contained in this Quarterly Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our Form 10-K for the year ended December 31, 2025 filed with the SEC on March 13, 2026. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Previous 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.

Current wording

For the three months ended March 31, 2026, we had net income of $1,808,560, which consisted primarily of investment income earned on the cash held in the Trust Account of $2,091,474 partially offset by formation and operating expenses of $282,914.

Previous wording

On July 24, 2025, we were loaned $250,000 by an investor pursuant to a non-interest bearing convertible promissory note (the “Investor Convertible Note”). The maturity date of the Investor Convertible Note is the earlier of (i) the date on which we consummate an Initial Business Combination and (ii) the date that the Company’s winding up becomes effective. Any principal amounts outstanding under the Investor Convertible Note may be converted into a number of units, each unit consisting of one of our Class A ordinary shares and one-half of one redeemable warrant of one Class A ordinary share, equal to (A) the outstanding principal amount to be converted, divided by (B) $5.00; provided, however, that the Investor Convertible Note shall only be convertible upon, and subject to, the closing of an Initial Business Combination. The units issuable upon conversion of the Investor Convertible Note will be identical to the Public Units that were sold in the Initial Public Offering.

Current wording

On July 24, 2025 and January 26, 2026, we were loaned $250,000 and $80,000, respectively, by certain investors pursuant to non-interest bearing convertible promissory notes (the “Investor Convertible Notes”). The maturity date of the Investor Convertible Notes is the earlier of (i) the date on which we consummate an Initial Business Combination and (ii) the date that the Company’s winding up becomes effective. Any principal amounts outstanding under the Investor Convertible Notes may be converted into a number of units, each unit consisting of one of our Class A ordinary shares and one-half of one redeemable warrant of one Class A ordinary share, equal to (A) the outstanding principal amount to be converted, divided by (B) $5.00; provided, however, that the Investor Convertible Notes shall only be convertible upon, and subject to, the closing of an Initial Business Combination. The units issuable upon conversion of the Investor Convertible Notes will be identical to the Public Units that were sold in the Initial Public Offering.

Previous wording

As of September 30, 2025, the Company has cash of $97,362 and working capital of $601,011. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company anticipates that the cash held outside of the Trust Account of $97,362 will not be sufficient to allow the Company to operate in the next twelve months. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Current wording

As of March 31, 2026, the Company has cash of $10,977 and working capital of $236,274. The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company anticipates that the cash held outside of the Trust Account of $10,977 will not be sufficient to allow the Company to operate in the next twelve months. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

Previous wording

Simultaneously with the closing of the Initial Public Offering, we completed the private sale of 3,821,951 warrants (the “Private Placement Warrants”) to the Sponsor and the underwriters at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $3,821,591 (the “Private Placement”). The Private Placement Warrants are identical to the Public Warrants sold in the Initial Public Offering.

Current wording

Simultaneously with the closing of the Initial Public Offering, we completed the private sale of 3,821,591 warrants (the “Private Placement Warrants”) to the Sponsor and the underwriters at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $3,821,591 (the “Private Placement”). The Private Placement Warrants are identical to the Public Warrants sold in the Initial Public Offering.

Previous 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.

Current wording

For the three months ended March 31, 2026, cash used in operating activities was $(77,594). Net income of $1,808,460 was affected by interest earned on cash held in the Trust Account of $(2,091,474), and net change in operating assets and liabilities of $205,420.

Previous 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.

Current wording

For the three months ended March 31, 2026, cash provided by investing activities was $4,540, which is the amount required to be deposited into the Trust from the Initial Public Offering and Private Placement.

Previous 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.

Current wording

For the three months ended March 31, 2026, cash provided by financing activities was $80,000, which is the proceeds from the issuance of a convertible note.

Previous 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.** **

Current wording

As of March 31, 2026, we had cash held in the Trust Account of $250,274,966. 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 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.

Current wording

As of March 31, 2026, we had cash of $10,977 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

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