Thunder Bridge Capital Partners V, Ltd.

What they do

The company is a blank check company incorporated in the Cayman Islands on June 4, 2024 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It has neither engaged in any operations nor generated any revenues to date; its only activities from inception through June 30, 2026 were organizational activities and preparation for its initial public offering. It intends to use cash from the IPO and private placement proceeds, as well as shares and debt, to fund a business combination.

Revenue drivers

• Interest and dividend income on Trust Account — The company expects to generate non-operating income in the form of interest and/or dividend income on investments held in the Trust Account, but only after the IPO. It has generated no revenues to date.
• Business combination — The company has not completed a business combination and therefore has no operating revenue. Its sole path to revenue is through acquiring or merging with an operating business.

Recent performance

For the three months ended June 30, 2026, the company reported a net loss of $74,576, compared to a net loss of $0 for the three months ended June 30, 2025, consisting of formation, general and administrative costs. For the six months ended June 30, 2026, the net loss was $78,276, versus a net loss of $3,850 for the six months ended June 30, 2025. As of June 30, 2026, the company had total assets of $172,442, total liabilities of $244,236, shareholder equity of negative $71,794, and cash and equivalents of $226. Working capital deficit was $224,010 as of June 30, 2026. Net cash used in operating activities was $4,774 for the six months ended June 30, 2026, and $0 for the same period in 2025.

Strategy

The company's stated strategy is to identify and complete a business combination with one or more businesses, using cash derived from the IPO proceeds, private placement unit sale, shares, debt, or a combination thereof. Until the IPO, its only sources of liquidity were the initial purchase of Class B ordinary shares by the Sponsor and loans from the Sponsor. The company expects to continue to incur significant costs in pursuit of its acquisition plans, including public company expenses for legal, financial reporting, accounting and auditing compliance, as well as due diligence expenses. Subsequent to the quarterly period ended June 30, 2026, on August 14, 2026, it consummated its IPO of 30,015,000 Units at $10.00 per Unit, generating gross proceeds of $300,150,000, and simultaneously sold 747,000 private placement units at $10.00 per unit to the Sponsor.

Risks

• No business combination identified — The company has not identified a target business and may be unable to complete a business combination, which would result in the company liquidating and the warrants expiring worthless.
• Going concern and liquidity — As of June 30, 2026, the company had $226 in cash, a working capital deficit of $224,010, and negative shareholder equity of $71,794, and it continues to incur costs, which may require additional sponsor loans.
• Reliance on Sponsor loans — Prior to the IPO, the company's only sources of liquidity were the Sponsor's initial share purchase and loans from the Sponsor; it may need continued Sponsor support to fund expenses.
• Post-IPO overhang — The company must complete a business combination within a limited time frame following the August 2026 IPO, or it may be forced to liquidate and return the trust proceeds to public shareholders.

Outlook

Management states it expects to continue to incur significant costs in pursuit of acquisition plans and cannot assure that its plans to complete a Business Combination will be successful. Subsequent to quarter end, on August 14, 2026, the company consummated its Initial Public Offering of 30,015,000 Units, generating gross proceeds of $300,150,000, and sold 747,000 private placement units to the Sponsor. The company does not expect to generate operating revenues until after completion of a business combination, and it expects to generate non-operating income from Trust Account investments thereafter. No target business has been identified as of the filing.