Thayer Ventures Acquisition Corp IITVAI

Thayer Ventures Acquisition Corp II reported a net income of $993,698 for the quarter ending 31 March 2026, a figure that stands out against an operating loss of $329,669 and a cash balance of exactly zero dollars. The company, a special purpose acquisition vehicle, holds $208.5 million in total assets against $9.3 million in liabilities, leaving stockholders’ equity at a negative $8.5 million. The numbers come straight from the 10-Q filed on 14 May 2026, and they paint a picture of a shell that is still paying its monthly sponsor fee while hunting for a merger target.

The business is a blank-check company formed to acquire an operating business, though it has not yet announced a target. Its sole activity is maintaining a corporate existence and searching for a suitable partner. The sponsor, Thayer Ventures Acquisition Holdings II LLC, provides office space, secretarial, and administrative services from a suite in Valencia, California, at a cost of $30,000 per month, a commitment that began in May 2025 and continues until a deal is struck or the company liquidates.

Operating cash flow for the quarter was a negative $126,879, and the weighted average diluted share count stood at 875,000 for the period ending 31 March 2025. The sponsor has amended the subscription agreement twice, first receiving an additional 2,156,250 founder shares for no consideration in September 2024, then adjusting the total to 5,031,250 shares in January 2025. These equity moves show up in multiple 13G filings, the most recent dated 15 May 2026.

The SEC EDGAR index confirms a steady stream of filings, from 10-Qs to 13Gs and a 10-K dated 30 March 2026, but the company has no product, no revenue, and no customers. The chart context is limited to the filing trail itself, because the vehicle trades on the promise of a future deal rather than any operating performance. The asset class is equity, but the investment case rests entirely on the sponsor’s ability to identify and close a combination.

What changed this quarter is the net income print, driven by interest and other non-operating items, while the operating loss and zero cash position remain unchanged. The evidence does not supply any merger announcement, letter of intent, or target name, so the primary tension is whether the sponsor can deliver a deal before the cash burn and monthly fees eat further into the trust. A signed business combination agreement would transform the file; without it, the company remains a set of contracts and a monthly bill.