Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 55

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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Agreement shall be released from the lock-up.

Results of Operations

Our entire activity from
inception up to March 31, 2025 was related to our formation and the IPO. Since the IPO, our activity has been limited to the evaluation
of business combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial
business combination. We expect to generate small amounts of non-operating income in the form of interest income on cash and investments.
We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses. We expect our expenses to increase substantially after this period.

For the three months
ended March 31, 2025, we had a net loss of $3,676,898 which was comprised of operating costs of $351,503. In this period, we incurred
unrealized loss of $3,339,250 related to the change in fair value of warrants, interest income of $65,522 from investments in our Trust
Account and interest expense of $51,667.

 36

For the three months
ended March 31, 2024, we had a net loss of $2,249,261, which was comprised of operating costs of $1,305,094. In this period, we incurred
unrealized loss of $1,757,500 related to the change in fair value of warrants and interest income of $813,333 from investments in our
Trust Account. The operating expenses were primarily due to fees to professionals such as the auditors, legal counsel and consultants,
and insurance expenses.

Factors That May Adversely Affect our
Results of Operations

Our results of operations
and our ability to complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty
and volatility in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things,
downturns in the financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply
chain disruptions, declines in consumer confidence and spending, public health considerations and geopolitical instability, such as the
military conflicts in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events, their
duration or magnitude or the extent to which they may negatively impact our business and our ability to complete an initial