Company: BAYAU
Filing Date: 2025-05-21
Form Type: 10-Q
Source: 0001641172-25-011820
Chunk: 21

Company: Bayview Acquisition Corp
Filing Date: 2025-05-21
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References to the “Company,”
“Bayview,” “our,” “us” or “we” refer to Bayview Acquisition Corp. The following discussion
and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited interim
financial statements and the notes thereto contained elsewhere in this report. As well as the Company’s 2024 Annual Report on Form
10-K as filed with the SEC on April 1, 2025. Certain information contained in the discussion and analysis set forth below includes forward-looking
statements that involve risks and uncertainties.

Overview

We are a blank check company incorporated on February
16, 2023, as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization, or similar business combination with one or more businesses, which we refer to throughout the Registration Statement as
our initial business combination. We have generated no revenues to date, and we do not expect that we will generate operating revenues
at the earliest until we consummate our initial business combination.

Results of Operations and Known Trends or Future Events

We have neither engaged in any operations nor generated
any revenues to date. Our only activities since February 16, 2023 (inception) to December 31, 2024, have been organizational activities
and those necessary to prepare for the Initial Public Offering (the “IPO”) described below and identifying a target company
and completing the initial Business Combination. Following our IPO, we would not generate any operating revenues until the completion
of our initial business combination. We would generate non-operating income in the form of interest income after the IPO. 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 business combination expenses.

For the three months ended March 31, 2025, we had
net income of $143,915, which primarily consisted of interest earned on marketable securities held in trust account and bank interest
income of $414,374, offset by formation and operating costs of $270,459.

For the three months ended
March 31, 2024, we had a net income of $595,376, which consists of income earned on investment held in Trust Account of $