VWAVHIGH SIGNALMANAGEMENT10-Q

VisionWave Holdings completed its business combination with Bannix Acquisition Corp, transitioning from reporting historical SPAC operations to consolidated operations of the combined entity.

This represents a fundamental transformation from a blank check company structure to an operating business, marking the completion of the SPAC merger process. The filing now reflects the actual business operations rather than pre-combination financial statements, indicating investors should expect materially different operational metrics going forward.

Comparing 2026-02-17 vs 2025-10-03View on EDGAR →
FINANCIAL ANALYSIS

Current assets grew meaningfully from $2.7M to $4.0M, reflecting the initial capital structure of the newly combined entity. The balance sheet transformation accompanies the corporate restructuring, with the financial position showing the foundation for the merged company's operations. This baseline financial position will serve as the starting point for evaluating the combined entity's future performance.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+48.6%
$2.7M→$4.0M

Current assets grew 48.6% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-10-03
ADDED
Signatures 75 2 PART I FINANCIAL INFORMATION VISIONWAVE HOLDINGS, INC.
165,166 145,211 Additional paid-in capital 24,941,494 3,168,248 Accumulated deficit ( 22,044,821 ) ( 15,108,906 ) Total Stockholders Equity (Deficit) 3,061,839 ( 11,795,447 ) Total Liabilities and Stockholders Equity (Deficit) $ 18,370,058 $ 2,693,013 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
AND SUBSIDIARIES NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 Organization and Business Operations VisionWave Holdings, Inc.
( VW Holdings or the Company ) is a Delaware company incorporated in 2024.
VW Holdings is the successor to Bannix Acquisition Corp., ( Bannix ) a blank check company incorporated in the state of Delaware on January 21, 2021 for the purpose of effecting mergers, capital stock exchange, asset acquisitions, stock purchases, reorganization or similar business combinations with one or more businesses ( Business Combination ).
+7 more — sign up free →
REMOVED
Explanatory Note: On July 14, 2025, VisionWave Technologies Inc.
( VW Tech ) completed its business combination with Bannix Acquisition Corp.
As part of the transaction, both VW Tech and Bannix became wholly owned subsidiaries of a newly formed parent company, VisionWave Holdings Inc.
This Quarterly Report on Form 10-Q is filed by VisionWave Holdings Inc.
However, because the business combination closed after the period covered by this report (March 31, 2025), the financial statements and related disclosures presented herein reflect the historical operations of Bannix Acquisition Corp.
+7 more — sign up free →
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →