CRAN — Q2 2026 Financial Report Analysis

Crane Harbor Acquisition Corp. II (Nasdaq: CRAN) is a blank-check company, also called a SPAC (special purpose acquisition company): a shell with no business of its own that raised $345 million in a December 2025 IPO, parked that cash in a trust account, and now has until December 2027 to find a private company to merge with. Its second-quarter 2026 10-Q shows exactly that: net income of $2.90 million, made up entirely of interest on the trust's Treasury holdings ($3.09 million) minus $185,000 of running costs. No merger target has been announced.

At a glance

• $351.6 million in trust, or $10.19 per public share at June 30, 2026, up from $10.01 at year-end. That per-share figure is roughly what a CRAN shareholder can get back in cash if they redeem when a deal is voted on, or if no deal happens.
• $3.09 million of trust interest vs $185,000 of expenses in the quarter. The interest is not revenue from a business; it simply accrues to the trust and raises the redemption value per share.
• No target yet, about 14 months left. The company has until December 17, 2027 (24 months after the IPO) to complete a merger, unless shareholders vote to extend. The 10-Q reports no subsequent events and no merger agreement, and EDGAR shows no merger-related (Form 425) filings as of mid-October 2026.

What this company is

A SPAC sells "units" to the public at $10.00 each, then tries to merge with a private operating company, which takes the SPAC's place on the stock exchange. CRAN's units (ticker CRANU) each hold one Class A ordinary share (CRAN) and one share right (CRANR) that converts into one-fifteenth of a Class A share if a merger closes; if no merger closes, the rights expire worthless.

Key facts from the filing:

• IPO: 34,500,000 units at $10.00 on December 17, 2025, including the underwriters' full over-allotment of 4,500,000 units, for gross proceeds of $345.0 million. All $345.0 million went into the trust.
• Sponsor: Crane Harbor Sponsor II, LLC, which together with the underwriters also bought 900,000 private placement units at $10.00 ($9.0 million) and holds 11,500,000 Class B "founder shares".
• Incorporated: Cayman Islands, June 19, 2025; offices in Philadelphia.
• Target focus: none restricted. The filing says the company "may pursue an acquisition opportunity in any business or industry."
• What the trust holds: money market funds invested mainly in U.S. Treasury securities.

Q2 2026 results

There is no meaningful year-ago comparison: in the same stretch of 2025 the company had existed for only 12 days (incorporated June 19, 2025) and had not yet gone public.

For the first six months of 2026, trust interest was $6.14 million, G&A costs $431,000 and net income $5.71 million ($0.12 per share). Interest rose slightly from Q1 ($3.05 million) to Q2 ($3.09 million) because the trust's balance keeps compounding; Q2's interest works out to roughly a 3.5% annualized return on the trust.

Note on the site's figures: we record trust interest as a separate line, not as revenue, because CRAN has no operating sales. Its revenue and operating margin fields are left blank rather than counted as sales growth.

What the headline numbers hide

• The "profit" doesn't belong to the company to spend. Net income is almost entirely trust interest, and it doesn't stay with the company: each quarter the filing marks up the public shares' redemption value by the same amount ($3.09 million in Q2), so it adds to what public shareholders can redeem for, not to money the company can use. Accumulated deficit actually widened to $12.85 million from $12.42 million at year-end.
• Cash conversion is negative, as expected. Operating cash flow for the six months was an outflow of $399,000 against $5.71 million of net income, because the interest stays in the trust. The company runs on the $1.78 million of cash it holds outside the trust (down from $2.19 million at December 31), giving it about $1.81 million of working capital.
• Cost run-rate is small and stable. Q2 G&A of $185,000 includes $90,000 of the $30,000-a-month administrative fee paid to the sponsor. At the six-month rate (about $430,000 per half-year), the cash outside the trust covers roughly two more years of costs before any big deal-related legal and diligence bills, and management says it does not expect to need extra funding within the next year. The sponsor may also lend up to $2.5 million (convertible into units at $10.00), with nothing borrowed as of June 30.
• Deal costs are waiting in the wings. The underwriters are owed a deferred fee of $14.7 million, payable only if a merger closes. With the $6.0 million paid up front and $0.59 million of other costs, total offering costs were $21.3 million.
• Dilution for public holders at merger time. The sponsor's 11.5 million founder shares, bought for $25,000, are a quarter of the 46.9 million total shares outstanding (34.5 million public, 0.9 million private placement, 11.5 million Class B). This is standard SPAC structure, but it means the merged company starts with fewer than $10.19 of trust cash behind each share it has outstanding.

What to watch

Takeaway: Q2 had no operating results to judge. Until a merger target is named, CRAN's value comes down to its trust: about $10.19 per public share and rising by roughly 9 cents a quarter at current Treasury yields, with the clock running to December 2027.

There is no guidance; a pre-deal SPAC doesn't give any. Our read on what comes next:

• A target announcement (an 8-K and Form 425 filings) is the only event that would change the analysis. At that point, the questions are the target's valuation, how much of the trust survives shareholder redemptions, and whether outside investors commit extra financing.
• Interest income should drift lower if short-term rates fall, since the trust is held in Treasury money market funds. It has no bearing on the eventual business.
• The December 17, 2027 deadline. If no deal closes by then (or within any extension shareholders approve), public shares are redeemed from the trust at the per-share balance (less up to $100,000 of interest kept for dissolution costs) and the rights expire worthless.

The next filing is the Q3 2026 10-Q, expected around mid-November 2026.