Blue Water Acquisition Corp. III
For the period ended Sep 30, 2025. Filed Nov 14, 2025.
View on SEC.govAbout this filing
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.
Sep 30, 2025 · Filed Nov 14, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-08-14.
0001641172-25-024010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-14.
0001493152-25-023451
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 36 previous paragraphs and 38 current paragraphs.
31 unchanged; 5 reworded; 2 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 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 (2)
Current report
The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company lacks the financial resources it needs to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statement. Although no formal agreement exists, the Sponsor is committed to extend Working Capital Loans (defined in Note 6) as needed. The Company cannot assure that its plans to consummate an initial Business Combination will be successful.
Current report
These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Reworded paragraphs (5)
Previous wording
For the three months ended June 30, 2025, we had net income of $444,392, which consisted of $556,881 of interest income on the trust account, offset by $89,301 of formation, general and administrative expenses, $12,723 of legal and accounting expenses, $6,333 of administrative support fees, and $4,132 of insurance expense.
Current wording
For the three months ended September 30, 2025, we had net income of $2,292,067, which consisted of $2,715,577 of income earned on cash and marketable securities held in the Trust Account, offset by $137,670 of formation, general and administrative expenses, $236,837 of legal and accounting expenses, $30,000 of administrative support fees, and $19,003 of insurance expense.
Previous wording
For the six months ended June 30, 2025, we had net income of $368,570, which consisted of $556,881 of interest income on the trust account, offset by $165,123 of formation, general and administrative expenses, $12,723 of legal and accounting expenses, $6,333 of administrative support fees, and $4,132 of insurance expense.
Current wording
For the nine months ended September 30, 2025, we had net income of $2,660,637, which consisted of $3,272,459 of income earned on cash and marketable securities held in the Trust Account, offset by $302,793 of formation, general and administrative expenses, $249,560 of legal and accounting expenses, $36,333 of administrative support fees, and $23,136 of insurance expense.
Previous wording
As of June 30, 2025 and December 31, 2024, we had cash of $1,039,666 and $0, respectively, and working capital (deficit) of $1,053,059 and $(48,541), respectively.
Current wording
As of September 30, 2025 and December 31, 2024, we had cash of $759,229 and $0, respectively, and working capital (deficit) of $577,284 and $(48,541), respectively.
Previous wording
For the six months ended June 30, 2025, net cash used in by operating activities was $87,484. Net income of $368,570 was increased by $101,708 of formation, general and administrative costs paid by the Sponsor under the promissory note, and decreased by $556,881 of interest income on the trust account and an $881 decrease in operating assets and liabilities.
Current wording
For the nine months ended September 30, 2025, net cash used in by operating activities was $367,921. Net income of $2,660,637 was increased by $101,708 of formation, general and administrative costs paid by the Sponsor under the promissory note and an $142,193 increase in operating assets and liabilities, offset by $3,272,459 of interest income on the trust account.
Previous wording
As of June 30, 2025, we have $1,039,666 of proceeds outside of the trust account. We will use these funds to primarily 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 September 30, 2025, we have $759,229 of cash held outside of the trust account generated from the proceeds of the initial public offering. We will use these funds to primarily 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.