SILVERBOX CORP IV_September 30, 2025

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number: 001-42214

SILVERBOX CORP IV

(Exact Name of Registrant as Specified in Its Charter)

Cayman Islands		N/A
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)


8701 Bee Cave Road East Building, Suite 310 Austin, TX		78746
(Address of principal executive offices)		(Zip Code)

(512) 575-3637

(Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant	SBXDU	New York Stock Exchange
Class A ordinary shares, par value $0.0001 per share	SBXD	New York Stock Exchange
Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50	SBXD WS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of November 12, 2025, there were 20,455,000 Class A ordinary shares, $0.0001 par value and 5,000,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.

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SILVERBOX CORP IV

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1. Interim Financial Statements
Condensed Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024		1
Condensed Statements of Operations for the Three and Nine Months Ended September 30, 2025 and for the Three Months Ended September 30, 2024 and for the Period from April 16, 2024 (Inception) Through September 30, 2024 (Unaudited)		2
Condensed Statements of Changes in Shareholders’ Deficit for the Three and Nine Months Ended September 30, 2025 and for the Three Months Ended September 30, 2024 and for the Period from April 16, 2024 (Inception) Through September 30, 2024 (Unaudited)		3
Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2025 and for the Period from April 16, 2024 (Inception) Through September 30, 2024 (Unaudited)		4
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
Item 3. Quantitative and Qualitative Disclosures About Market Risk		23
Item 4. Controls and Procedures		24
Part II. Other Information
Item 1. Legal Proceedings		25
Item 1A. Risk Factors		25
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		25
Item 3. Defaults Upon Senior Securities		25
Item 4. Mine Safety Disclosures		25
Item 5. Other Information		25
Item 6. Exhibits		26
Part III. Signatures		27

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PART I - FINANCIAL INFORMATION

Item 1. Interim Financial Statements.

SILVERBOX CORP IV

CONDENSED BALANCE SHEETS


	September 30,
	2025		December 31,
	(Unaudited)		2024
Assets
Current assets
Cash	$	55,669	$	819,362
Short-term prepaid insurance		91,196		104,890
Prepaid expenses		78,800		12,902
Total current assets		225,665		937,154
Long-term prepaid insurance		―		64,974
Investments held in Trust Account		211,208,265		204,654,638
Total Assets	$	211,433,930	$	205,656,766
Liabilities and Shareholders’ Deficit
Current liabilities
Accrued expenses	$	19,556	$	40,355
Advance from related party		175,000		—
Accrued offering costs		—		85,000
Total current liabilities		194,556		125,355
Deferred legal fees		2,104,055		480,178
Deferred underwriting fee		10,300,000		10,300,000
Total Liabilities		12,598,611		10,905,533
Commitments and Contingencies (Note 5)
Class A ordinary shares subject to possible redemption; 20,000,000 shares at redemption value of $10.56 and $10.23 per share as of September 30, 2025 and December 31, 2024, respectively		211,208,265		204,654,638
Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding as of September 30, 2025 and December 31, 2024		—		—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 455,000 issued and outstanding (excluding 20,000,000 subject to possible redemption) as of September 30, 2025 and December 31, 2024		46		46
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,000,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024		500		500
Additional paid-in capital		—		—
Accumulated deficit		(12,373,492)		(9,903,951)
Total Shareholders’ Deficit		(12,372,946)		(9,903,405)
Total Liabilities and Shareholders’ Deficit	$	211,433,930	$	205,656,766

The accompanying notes are an integral part of the unaudited condensed financial statements.

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SILVERBOX CORP IV

CONDENSED STATEMENTS OF OPERATIONS

(UNAUDITED)


							For the Period from
	For the		For the		For the		April 16, 2024
	Three Months		Nine Months		Three Months		(Inception)
	Ended		Ended		Ended		Through
	September 30, 2025		September 30, 2025		September 30, 2024		September 30, 2024
General and administrative expenses	$	1,564,598	$	2,469,541	$	190,669	$	214,329
Loss from operations		(1,564,598)		(2,469,541)		(190,669)		(214,329)
Other income (expense):
Compensation expense		(53,000)		(53,000)		—		—
Change in fair value of over-allotment option liability		—		—		306,504		306,504
Interest earned on marketable securities held in Trust Account		2,255,300		6,553,627		1,266,313		1,266,313
Total other income (expense), net		2,202,300		6,500,627		1,572,817		1,572,817
Net income	$	637,702	$	4,031,086	$	1,382,148	$	1,358,488

Basic and diluted weighted average shares outstanding, redeemable and non-redeemable Class A ordinary shares		20,455,000		20,455,000		9,440,769		5,144,371
Basic and diluted net income per share, redeemable and non-redeemable Class A ordinary shares	$	0.03	$	0.16	$	0.10	$	0.13

Basic and diluted weighted average shares outstanding, Class B ordinary shares		5,000,000		5,000,000		5,000,000		4,940,120
Basic and diluted net income per share, Class B ordinary shares	$	0.03	$	0.16	$	0.10	$	0.13

The accompanying notes are an integral part of the unaudited condensed financial statements.

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SILVERBOX CORP IV

CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT

(UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025


								Additional				Total
		Class A Ordinary Shares			Class B Ordinary Shares			Paid-in		Accumulated		Shareholders’
		Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance – January 1, 2025		455,000	$	46	5,000,000	$	500	$	—	$	(9,903,951)	$	(9,903,405)
Accretion of Class A ordinary shares to redemption amount		—		—	—		—		—		(2,115,427)		(2,115,427)
Net income		—		—	—		—		—		1,930,794		1,930,794
Balance – March 31, 2025		455,000		46	5,000,000		500		—		(10,088,584)		(10,088,038)
Accretion of Class A ordinary shares to redemption amount		—		—	—		—		—		(2,182,900)		(2,182,900)
Net income		—		—	—		—		—		1,462,590		1,462,590
Balance – June 30, 2025		455,000		46	5,000,000		500		—		(10,808,894)		(10,808,348)
Fair value of Founder Shares transferred to director		—		—	—		—		53,000		—		53,000
Accretion of Class A ordinary shares to redemption amount		—		—	—		—		(53,000)		(2,202,300)		(2,255,300)
Net income		—		—	—		—		—		637,702		637,702
Balance – September 30, 2025		455,000	$	46	5,000,000	$	500	$	—	$	(12,373,492)	$	(12,372,946)

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2024 AND FOR THE PERIOD FROM APRIL 16, 2024 (INCEPTION)
	THROUGH SEPTEMBER 30, 2024

								Additional				Total
		Class A Ordinary Shares			Class B Ordinary Shares			Paid-in		Accumulated		Shareholders’
		Shares	Amount		Shares	Amount		Capital		Deficit		Deficit
Balance – April 16, 2024 (inception)		—	$	—	—	$	—	$	—	$	—	$	—
Issuance of Class B ordinary shares to Sponsor		—		—	5,750,000		575		24,425		—		25,000
Net loss		—		—	—		—		—		(23,660)		(23,660)
Balance – June 30, 2024		—		—	5,750,000		575		24,425		(23,660)		1,340
Sale of 455,000 private placement units		455,000		46	—		—		4,549,954		—		4,550,000
Fair value of public warrants at issuance		—		—	—		—		286,667		—		286,667
Allocated value of transaction costs to Class A shares		—		—	—		—		(64,515)		—		(64,515)
Forfeiture of Founder Shares		—		—	(750,000)		(75)		75		—		—
Accretion for Class A ordinary shares to redemption amount		—		—	—		—		(4,796,606)		(10,998,797)		(15,795,403)
Net income		—		—	—		—		—		1,382,148		1,382,148
Balance – September 30, 2024		455,000	$	46	5,000,000	$	500	$	—	$	(9,640,309)	$	(9,639,763)

The accompanying notes are an integral part of the unaudited condensed financial statements.

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SILVERBOX CORP IV

CONDENSED STATEMENTS OF CASH FLOWS

(UNAUDITED)


					For the Period from

SEC Form 10-Q filed by SilverBox Corp IV