Rice Acquisition Corp 3 — Income Statement, Cash Flows & Balance Sheet
Is Rice Acquisition Corporation 3 profitable?
Rice Acquisition Corp 3 has no operating business — its only income is interest earned on money sitting in a trust account.
| Item | Inception–Dec 31, 2025 |
|---|---|
| Formation, general & administrative costs | $(548,076) |
| Interest earned on Trust Account | $3,401,782 |
| Net income (GAAP) | $2,853,706 |
The company runs at an operating loss because it has no revenue-generating business yet. The reported net profit exists entirely because IPO proceeds parked in the trust are earning interest. Once that interest is stripped away, the underlying operation is cash-consumptive.
Does Rice Acquisition Corporation 3 generate cash?
Almost all cash raised went straight into a locked trust account and cannot be used for day-to-day operations.
| Cash Flow Item | Inception–Dec 31, 2025 |
|---|---|
| Net cash used in operating activities | $(467,505) |
| Cash invested into Trust Account | $(345,000,000) |
| Net cash from financing (IPO + warrants) | $348,052,647 |
| Cash on hand (outside trust) | $2,585,142 |
| Cash held in Trust Account | $348,401,782 |
The financing round from the IPO is what funded everything. Operating activities consumed cash, and the trust money is ring-fenced — it can only be released upon a completed acquisition or shareholder redemption. The company has a modest working capital cushion of roughly $2.6 million to fund its search for a deal.
How strong is Rice Acquisition Corporation 3's balance sheet?
The headline asset — $348 million in trust — belongs economically to public shareholders, not to the company itself, leaving a meaningful shareholders' deficit.
| Balance Sheet Item | Dec 31, 2025 |
|---|---|
| Cash held in Trust Account | $348,401,782 |
| Cash outside trust | $2,585,142 |
| Total assets | $351,296,579 |
| Deferred underwriting fee payable | $13,368,750 |
| Total liabilities | $16,097,649 |
| Class A shares subject to redemption (temporary equity) | $348,401,782 |
| Total shareholders' deficit | $(13,202,852) |
Because public shareholders can redeem their shares at roughly $10.10 each, the trust balance is classified as temporary equity — essentially a liability in substance. Strip that out and the company carries a deficit, largely driven by the $13.4 million deferred underwriting fee owed to bankers only if a deal closes. Outside the trust, liquidity is thin, and the company depends on completing an acquisition within 24–27 months before it must return all trust funds to shareholders.