DHC Acquisition Corp.

Q2 revenue was $5,000, compared with none in Q2 2024. Operating expenses were $2.8 million, down 55.6% from $6.3 million in the prior-year quarter. Other income was $3.7 million, primarily from a $4 million gain on debt extinguishment, partly offset by warrant fair-value changes. Net income was about $900,000 versus a net loss of $3 million in Q2 2024. Stockholders’ equity increased 126% to $5.9 million from $2.6 million at year-end 2024. Management did not provide formal next-quarter or full-year financial guidance, but said it is shifting toward revenue growth and expects the Armenia pilot revenue to be recurring.

Tyler Luck framed the quarter as a reset focused on execution, discipline, and product leadership. He said the delayed filing reflected deliberate efforts to reduce expenses, rework vendor relationships, and strengthen accounting processes, not negative financial performance. Strategically, he highlighted Swiss Life, Mexico, pharmacy, automotive, and trusted-data positioning as examples of momentum, while stressing that pilots must now show measurable ROI and convert into recurring commercial relationships.

Walid Khiari said BEN reduced expenses by over 55% and used that to stabilize operations and improve financial flexibility. He cited $5,000 of revenue, $2.8 million of operating expenses, $3.7 million of other income driven by a $4 million gain on debt extinguishment, and about $900,000 of net income. He also said stockholders’ equity rose to $5.9 million from $2.6 million at year-end 2024, and described the company as shifting its focus from stabilization to revenue growth across target verticals.

Analysts pressed on the CEO transition, the terminated Cataneo acquisition, the role of media, and whether the small revenue figure was a one-time event. Management said it remains in a strong partnership with Cataneo and sees media advertising as a key pillar alongside automotive, healthcare, and financials, using a buy-build-partner approach. On the $5,000 revenue, Tyler Luck said it came from a pilot with a client in Armenia in hospitality and customer service and expects it to be recurring. He also said pilots are moving forward, but the company is increasingly focused on converting them into scalable recurring relationships with measurable impact.