VWAVWHIGH SIGNALFINANCIAL10-Q

VisionWave Holdings completed a complex business combination structure that transformed from a SPAC into an operating company with significantly expanded operations and balance sheet.

The filing reveals a fundamental corporate transformation where Bannix Acquisition Corp (the original SPAC) has been succeeded by VisionWave Holdings as the parent company following the March 2024 business combination agreement with VisionWave Technologies. This represents a complete change in the business model from a blank check company to an operating technology entity. The removal of explanatory language about pending business combination and addition of detailed consolidated financial statements indicates the transaction has been fully consummated and integrated.

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

The balance sheet shows meaningful expansion with current assets growing from $2.7M to $4.0M, reflecting the company's transition from a cash-holding SPAC structure to an active operating business. The consolidated financial statements now include VisionWave Technologies' operations, marking a fundamental shift in the company's financial profile. The substantial increase in stockholders' equity from a deficit position to $3.1M positive equity demonstrates successful completion of the business combination and injection of operating assets.

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 ).
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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.
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