Stellar V Capital Corp. (Cayman Islands)
For the period ended Jun 30, 2026. Filed Aug 12, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 12, 2026
SVCC$11.21+5.1%Stored close · as of Nov 5, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-14.
0001213900-26-056702
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-12.
0001213900-26-088398
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 32 previous paragraphs and 35 current paragraphs.
24 unchanged; 7 reworded; 4 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
For the three months ended June 30, 2026, we had a net income of $823,386, which consisted of interest earned on marketable securities held in Trust Account of $1,400,446, offset by general and administrative costs of $577,060.
Current report
For the three months ended June 30, 2025, we had a net income of $1,437,118, which consisted of interest earned on marketable securities held in Trust Account of $1,589,800, offset by general and administrative costs of $152,682.
Current report
For the six months ended June 30, 2026, we had a net income of $2,024,410, which consisted of interest earned on marketable securities held in Trust Account of $2,784,666, offset by general and administrative costs of $760,256.
Current report
In addition, on June 17, 2026, the Company issued an unsecured, non-interest-bearing convertible promissory note (the “Note”) with a maximum stated principal amount of $200,000 to Nautilus Energy Management Corp. (“Nautilus”), an entity controlled by the Company’s Co-Chief Executive Officers. As of June 30, 2026, the outstanding principal balance was $50,000, and $150,000 remained available for future borrowings under the Note. The outstanding principal balance is payable upon the consummation of the Company’s initial Business Combination. At Nautilus’s option, all or a portion of the outstanding principal balance may be converted unit into units at a conversion price of $10.00 per unit, with each unit consisting of the same securities issued in the Company’s Private Placement conducted in connection with its initial public offering. If the Company does not complete an initial Business Combination, the Note may be repaid only from funds held outside the Trust Account. No amounts held in the Trust Account may be used to repay the Note.
Removed paragraphs (1)
Previous report
For the three months ended March 31, 2026, we had a net income of $1,201,024, which consisted of interest earned on marketable securities held in Trust Account of $1,384,220, offset by general and administrative costs of $183,196.
Reworded paragraphs (7)
Previous wording
For the three months ended March 31, 2025, we had a net income of $981,026, which consisted of interest earned on marketable securities held in Trust Account of $964,025 and change on overallotment liability of $221,454, offset by general and administrative costs of $204,453.
Current wording
For the six months ended June 30, 2025, we had a net income of $2,418,144, which consisted of interest earned on marketable securities held in Trust Account of $2,553,825 and change on overallotment liability of $221,454, offset by general and administrative costs of $357,135.
Previous wording
For the three months ended March 31, 2026, cash used in operating activities was $172,722. Net income of $1,201,024 was affected by interest earned on marketable securities held in Trust Account of $1,384,220. Changes in operating assets and liabilities provided $10,474 of cash for operating activities.
Current wording
For the six months ended June 30, 2026, cash used in operating activities was $343,057. Net income of $2,024,410 was affected by interest earned on marketable securities held in Trust Account of $2,784,666. Changes in operating assets and liabilities provided $417,199 of cash for operating activities.
Previous wording
For the three months ended March 31, 2025, cash used in operating activities was $313,305. Net income of $981,026 was affected interest earned on marketable securities held in Trust Account of $964,025, change on overallotment liability of $221,454, and payment of operation costs through promissory note of $833. Changes in operating assets and liabilities used $93,019 of cash for operating activities.
Current wording
For the six months ended June 30, 2025, cash used in operating activities was $448,021. Net income of $2,418,144 was affected interest earned on marketable securities held in Trust Account of $2,553,825, change on overallotment liability of $221,454, and payment of operation costs through promissory note of $1,750. Changes in operating assets and liabilities used $92,636 of cash for operating activities.
Previous wording
As of March 31, 2026, we had marketable securities held in the Trust Account of $158,108,861 (including $7,058,861 of interest income) consisting of U.S. Treasury Bills with a maturity of 185 days or less. 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 taxes payable and excluding deferred underwriting commissions, to complete our Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete a 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 June 30, 2026, we had marketable securities held in the Trust Account of $159,509,307 (including $8,459,307 of interest income) consisting of money market funds which are invested primarily in U.S. treasury securities. 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 taxes payable and excluding deferred underwriting commissions, to complete our Business Combination. We may withdraw interest from the Trust Account to pay taxes, if any. To the extent that our share capital or debt is used, in whole or in part, as consideration to complete a 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 March 31, 2026, we had cash of $181,386. 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 a Business Combination.
Current wording
As of June 30, 2026, we had cash of $61,051. 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 a Business Combination.
Previous wording
We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support services. We began incurring these fees on January 30, 2025 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and our liquidation.
Current wording
We do not have any capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an aggregate of $10,000 per month for office space, utilities, and secretarial and administrative support services. We began incurring these fees on January 30, 2025 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination and our liquidation.
Previous wording
The preparation of 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 unaudited condensed financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. We have identified the following critical accounting estimates.
Current wording
The preparation of 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 unaudited condensed financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. As of June 30, 2026, we have not identified any critical accounting estimates and we have identified the following critical accounting policies.