Cartesian Growth Corp II Annual Report - How They Did This Year

I’ve put together this guide to help you understand how Cartesian Growth Corp II performed this year. My goal is to turn complex filings into plain English so you can decide if this company fits your investment goals.

1. What does this company do?

Cartesian Growth Corp II is a "blank check" company. It doesn't make products or provide services. Instead, it raised $230 million in its January 2022 IPO specifically to find and buy a private company, taking that business public.

As of late 2025, the company is still searching. It is essentially a vault for cash, currently invested in U.S. Treasury bonds, while management hunts for a partner.

2. Financial performance

Because this is a blank check company, it has no sales or profit. Its primary financial activity is staying operational. To cover legal, accounting, and administrative costs, the company relies on loans from its sponsor, Cartesian Growth Holdings II, LLC. The sponsor provides working capital to keep the company listed on the Nasdaq while keeping the main trust account untouched for potential investor payouts.

3. Major wins and challenges

• The Challenge: The company faces a "ticking clock." SPACs have a limited window to find a company to buy. The original deadline was July 2023, but the company has extended this multiple times. The current deadline is early 2026.
• The Status: The company has successfully secured shareholder approval for extensions and continued funding from its sponsor, allowing it to avoid liquidating and returning money to investors early.

4. Financial health

The company operates on borrowed capital, using IOUs (promissory notes) from its sponsor to pay daily bills. Its financial health depends entirely on the sponsor’s willingness to keep funding operations until a deal is reached. As of mid-2025, the stock’s market value was roughly $105.5 million, reflecting that many shareholders opted to redeem their shares during previous extension votes. The remaining cash sits in a trust, earning interest to help cover ongoing costs.

5. Key risks

• The "Clock" Risk: If a partner is not identified by February 2026, the company must liquidate. They will pay off debts and return the remaining cash to shareholders. This process often results in a loss of any premium paid over the trust value.
• Dilution: The sponsor owns "founder shares" equal to 20% of the company. If they exercise their private warrants, additional shares will be issued, which reduces your ownership percentage and the value of your existing shares.
• Market Conditions: High interest rates have cooled the IPO market, making it more difficult for SPACs to find and merge with private companies.

6. Future outlook

The company remains in "search mode." Its goal is to identify and close a deal. Until then, it will manage cash carefully and follow Nasdaq rules. Investors should watch for future 8-K filings announcing a "Letter of Intent" or "Definitive Agreement," which would signal that the search is ending.

Note: This is a shell company, not an operating business. Investing here is a bet on the management team’s ability to find a company to buy. Before deciding, consider whether you are comfortable with the uncertainty of the search process and the potential for the company to liquidate if a deal is not reached by the deadline.