MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
−Removed: References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to D.
−Removed: Boral ARC Acquisition I Corp.
−Removed: References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to MFH 1, LLC.
−Removed: The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the consolidated condensed financial statements and the notes thereto contained elsewhere in this Quarterly Report.
−Removed: Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.
+Added: References in this report
+Added: (the “Quarterly Report”) to “we,” “us” or the “Company” refer to D.
+Added: Boral ARC Acquisition
+Added: References to our “management” or our “management team” refer to our officers and directors, and references
+Added: to the “Sponsor” refer to MFH 1, LLC.
+Added: The following discussion and analysis of the Company’s financial condition and
+Added: results of operations should be read in conjunction with the condensed consolidated financial statements and the notes thereto contained
+Added: elsewhere in this Quarterly Report.
+Added: Certain information contained in the discussion and analysis set forth below includes forward-looking
+Added: statements that involve risks and uncertainties.
Special Note Regarding Forward-Looking Statements
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in any operations nor generated any revenues to date.
−Removed: Our only activities from inception to March 31, 2026 related to the Company’s
+Added: Our only activities from inception to June 30, 2026 related to the Company’s
formation and the Initial Public Offering (“IPO”).
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For the three months ended
−Removed: March 31, 2026, we had a net income of $2,011,318, which comprised of operating costs of $531,741 and interest income on the trust account
+Added: June 30, 2026, we had a net income of $1,890,418, which comprised of operating costs of $673,033 and interest income on the trust account
+Added: For the three months ended
+Added: June 30, 2025, we had a net loss of $36,000 which was operating costs.
+Added: For the six months ended
+Added: June 30, 2026, we had a net income of $3,901,736, which comprised of operating costs of $1,204,774 and interest income on the trust account
For the period from March 20,
−Removed: 2025 (inception) through March 31, 2025, we had a net loss of $5,420, which was formation cost.
+Added: 2025 (inception) through June 30, 2025, we had a net loss of $41,420, which was operating costs.
Liquidity and Capital Resources
−Removed: As of March 31, 2026, we had
−Removed: available to us $243,576 of cash on our balance sheet and a working capital of $54,122.
+Added: As of June 30, 2026, we had
+Added: $41,733 of cash available to us and a working capital deficit of $618,911.
On August 1, 2025, D.
40 unchanged sentences
differ from those estimates.
−Removed: As of March 31, 2026, we did not have any critical accounting estimates to be disclosed.
+Added: As of June 30, 2026, we did not have any critical accounting estimates to be disclosed.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.