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~~March 3031, ~~2025~~2026

☐ 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: 001-42940

Tailwind 2.0 Acquisition Corp.

(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.)

15 E. Putnam Avenue #291 Greenwich, CT		06830
(Address of principal executive offices)		(Zip Code)

(917) 882-3724

(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 and one Right	TDWDU	The Nasdaq Stock Market LLC
Class A Ordinary Shares, par value $0.0001 per share	TDWD	The Nasdaq Stock Market LLC
Rights, each Right to acquire one-tenth (1/10) of one Class A Ordinary Share	TDWDR	The Nasdaq Stock Market LLC

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 ~~December~~May 2215, ~~2025~~2026, there were 17,795,000 Class A ordinary shares, $0.0001 par value and 5,750,000 Class B ordinary shares, $0.0001 par value, issued and outstanding.

TAILWIND 2.0 ACQUISITION CORP.

FORM 10-Q FOR THE QUARTER ENDED ~~SEPTEMBER~~MARCH 3031, ~~2025~~ 2026

TABLE OF CONTENTS

		Page
Part I. Financial Information
Item 1. Interim Financial Statements		1
Condensed Balance Sheet as of September 30, 2025 (Unaudited)		1
Condensed Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025 (Audited)		1
Condensed Statements of Operations for the Three Months Ended September 30, 2025 and for the Period from May 29, 2025 (Inception) Through September 30, 2025 (Unaudited)		2
Condensed Statement of Operations for the three months ended March 31, 2026 (Unaudited)		2
Condensed Statements of Changes in Shareholders’ Equity (Deficit) for the Three Months Ended September 30, 2025 and for the Period from May 29, 2025 (Inception) Through September 30, 2025 (Unaudited)		3
Condensed Statement of Changes in Shareholders’ Deficit for the three months ended March 31, 2026 (Unaudited)		3
Condensed Statement of Cash Flows for the Period from May 29, 2025 (Inception) Through September 30, 2025 (Unaudited)		4
Condensed Statement of Cash Flows for the three months ended March 31, 2026 (Unaudited)		4
Notes to Condensed Financial Statements (Unaudited)		5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		1416
Item 3. Quantitative and Qualitative Disclosures About Market Risk		1618
Item 4. Controls and Procedures		1618
Part II. Other Information
Item 1. Legal Proceedings		1719
Item 1A. Risk Factors		1719
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		1719
Item 3. Defaults Upon Senior Securities		1719
Item 4. Mine Safety Disclosures		1719
Item 5. Other Information		1719
Item 6. Exhibits		1820
Part III. Signatures		1921

PART I - FINANCIAL INFORMATION

Item 1. Interim Financial Statements.

TAILWIND 2.0 ACQUISITION CORP.

CONDENSED BALANCE ~~SHEET~~SHEETS

SEPTEMBER 30, 2025

	March 31,			December 31,
	2026			2025
	(Unaudited)			(Audited)

Assets:
Current assets
Cash	$	991,524		$	1,106,825
Prepaid expenses		71,955			93,675
Prepaid insurance		61,845			61,845
Total current assets		1,125,324			1,262,345
Long-term prepaid insurance		160,732			195,876
Cash and marketable securities held in Trust Account		174,944,663			173,442,299
Total Assets	$	176,230,719		$	174,900,520

Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
Current liabilities
Accounts payable and accrued expenses	$	129,720		$	262,587
Accrued offering costs		110,000			110,000
Due to related party		4,994			4,994
Total Current Liabilities		244,714			377,581
Deferred underwriting fee payable		6,900,000			6,900,000
Total Liabilities		7,144,714			7,277,581

Commitments and Contingencies (Note 6)
Class A ordinary shares subject to possible redemption, 17,250,000 shares at a redemption value of $10.14 and $10.05 per share as of March 31, 2026 and December 31, 2025, respectively		174,944,663			173,442,299

Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—			—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; 545,000 shares issued or outstanding, excluding 17,250,000 shares subject to possible redemption as of March 31, 2026 and December 31, 2025		55			55
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025		575			575
Additional paid-in capital		—			—
Accumulated deficit		(5,859,288	)		(5,819,990	)
Total Shareholders’ Deficit		(5,858,658	)		(5,819,360	)
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit	$	176,230,719		$	174,900,520

(UNAUDITED)

Assets
Current assets
Prepaid expenses	$	9,533
Total current assets		9,533
Deferred offering costs		269,880
Total Assets	$	279,413
Liabilities and Shareholders’ Deficit
Current Liabilities
Accrued offering costs	$	146,245
Accrued expenses		12,286
Promissory note - related party		147,055
Total Current Liabilities		305,586
Commitments and Contingencies (Note 6)
Shareholders’ Deficit
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding		—
Class A ordinary shares, $0.0001 par value; 200,000,000 shares authorized; none issued or outstanding		—
Class B ordinary shares, $0.0001 par value; 20,000,000 shares authorized; 5,750,000 shares issued and outstanding (1)		575
Additional paid-in capital		24,947
Accumulated deficit		(51,695	)
Total Shareholders’ Deficit		(26,173	)
Total Liabilities and Shareholders’ Deficit	$	279,413

(1) Includes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option was exercised (Note 5). On November 10, 2025, the Company consummated the Initial Public Offering of 17,250,000 units at $10.00 per unit, which includes the full exercise of the underwriters’ over-allotment option of 2,250,000 units, generating gross proceeds of $172,500,000. As such, the 750,000 Class B ordinary shares are no longer subject to forfeiture.

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

TAILWIND 2.0 ACQUISITION CORP.

CONDENSED ~~STATEMENTS~~STATEMENT OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2026

(UNAUDITED)

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025			FOR THE PERIOD FROM MAY 29, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025
General and administrative expenses	$	39,298
General and administrative costs	$	29,278		$	51,173
Loss from operations		(39,298	)
Loss from operations		(29,278	)		(51,173	)
Other income (expense):
Other expense:
Interest earned on cash and marketable securities held in Trust Account		1,524,811
Share-based compensation expense		522			522
Unrealized loss on marketable securities held in Trust Account		(22,447	)
Net loss	$	(29,800	)	$	(51,695	)
Total other income, net		1,502,364
Weighted average shares outstanding, Class B ordinary shares (1)		5,000,000			5,000,000
Net income	$	1,463,066
Basic and diluted net loss per share, Class B ordinary shares	$	(0.01	)	$	(0.01	)
Weighted average shares outstanding of Class A ordinary shares		17,795,000
Basic and Diluted net income per ordinary share, Class A ordinary shares	$	0.06
Weighted average shares outstanding of Class B ordinary shares		5,750,000
Basic and Diluted net income per ordinary share, Class B ordinary shares	$	0.06

(1) Excludes an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the holders thereof depending on the extent to which the underwriters’ over-allotment option was exercised (Note 5). On November 10, 2025, the Company consummated the Initial Public Offering of 17,250,000 units at $10.00 per unit, which includes the full exercise of the underwriters’ over-allotment option of 2,250,000 units, generating gross proceeds of $172,500,000. As such, the 750,000 Class B ordinary shares are no longer subject to forfeiture.

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

TAILWIND 2.0 ACQUISITION CORP.

CONDENSED ~~STATEMENTS~~STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

(UNAUDITED)

FOR THE THREE MONTHS ENDED ~~SEPTEMBER~~MARCH 3031, ~~2025 AND~~2026

FOR THE PERIOD FROM MAY 29, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025

	Class A				Class B				Additional					Total
	Ordinary Shares				Ordinary Shares				Paid-in		Accumulated			Shareholders’
	Shares		Amount		Shares		Amount		Capital		Deficit			Deficit
Balance – December 31, 2025		545,000	$	55		5,750,000	$	575	$	—	$	(5,819,990	)	$	(5,819,360	)

Accretion for Class A ordinary shares to redemption amount		—		—		—		—		—		(1,502,364	)		(1,502,364	)

Net income		—		—		—		—		—		1,463,066			1,463,066
Balance – March 31, 2026		545,000	$	55		5,750,000	$	575	$	—	$	(5,859,288	)	$	(5,858,658	)

	Class A Ordinary Shares				Class B Ordinary Shares				Additional Paid-in		Accumulated			Total Shareholders’ Equity
	Shares		Amount		Shares		Amount		Capital		Deficit			(Deficit)
Balance — May 29, 2025 (inception)		—	$	—		—	$	—	$	—	$	—		$	—
Issuance of Class B ordinary shares to initial shareholders (1)		—		—		5,750,000		575		24,425		—			25,000
Net loss		—		—		—		—		—		(21,895	)		(21,895	)
Balance – June 30, 2025		—		—		5,750,000		575		24,425		(21,895	)		3,105
Share-based compensation expense		—		—		—		—		522		—			522
Net loss		—		—		—		—		—		(29,800	)		(29,800	)
Balance – September 30, 2025 (unaudited)		—	$	—		5,750,000	$	575	$	24,947	$	(51,695	)	$	(26,173	)

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

TAILWIND 2.0 ACQUISITION CORP.

CONDENSED STATEMENT OF CASH FLOWS

FOR THE ~~PERIOD~~THREE ~~FROM~~MONTHS ~~MAY~~ENDED ~~29,~~MARCH ~~2025 (INCEPTION) THROUGH SEPTEMBER 30~~31, ~~2025~~2026

(UNAUDITED)

Cash Flows from Operating Activities:
Net loss	$	(51,695	)
Net income	$	1,463,066
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net income to net cash used in operating activities:
Payment of general and administrative costs through issuance of Class B ordinary shares to initial shareholders		25,000
Interest earned and unrealized loss on marketable securities held in trust		(1,502,364	)
Payment of general and administrative costs through promissory note – related party		13,887
Share-based compensation expense		522
Changes in operating assets and liabilities:
Accrued expenses		12,286
Prepaid expenses		21,720
Net cash used in operating activities		—
Prepaid insurance		35,144
Net Change in Cash		—
Accounts payable and accrued expenses		(132,867	)
Cash – Beginning of period		—
Net cash used in operating activities		(115,301	)
Cash – End of period	$	—
Cash Flows from Investing Activities:
Non-cash investing and financing activities:
Net Change in Cash		(115,301	)
Deferred offering costs included in accrued offering costs	$	146,245
Cash - Beginning of period		1,106,825
Deferred offering costs paid through promissory note – related party	$	123,635
Cash - End of period	$	991,524
Prepaid expenses paid through promissory note – related party	$	9,533

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

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~NOTE~~ Note 1. — Organization ~~DESCRIPTION~~and OFBusiness ~~ORGANIZATION AND BUSINESS OPERATIONS~~Operations

Tailwind 2.0 Acquisition Corp. (the “Company”) is a blank check company incorporated as a Cayman Islands exempted corporation on May 29, 2025. The Company was incorporated for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company has not selected any specific Business Combination target and the Company has not, nor has anyone on its behalf, engaged in any substantive discussions, directly or indirectly, with any Business Combination target with respect to an initial Business Combination with the Company.

As of ~~September~~March 3031, ~~2025~~2026, the Company had not commenced any operations. All activity for the period from May 29, 2025 (inception) through ~~September~~March 3031, ~~2025~~2026 relates to the Company’s formation and the initial public offering (the “~~Initial Public Offering~~IPO”) and, after the IPO, identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company ~~will~~generates ~~generate~~ non-operating income in the form of interest income from the proceeds derived from the ~~Initial Public Offering~~IPO. The Company has selected December 31 as its fiscal year end.

The Company’s sponsor is Tailwind 2.0 Sponsor LLC (the “Sponsor”). The registration statement for the Company’s ~~Initial~~IPO ~~Public Offering~~ became effective on November 5, 2025. On November 10, 2025, the Company consummated the ~~Initial~~initial ~~Public~~public ~~Offering~~offering of 17,250,000 units ~~(the “Units”)~~ at $10.00 per ~~Unit~~unit (the “units”), which is discussed in Note 3, which includes the full exercise of the underwriters’ over-allotment option of 2,250,000 ~~Units~~units, generating gross proceeds of $172,500,000. ~~Each Unit consists of one Class A ordinary share (the “Public Share”) and one-tenth of one right (the “Public Right”).~~

Simultaneously with the closing of the ~~Initial Public Offering~~IPO, the Company consummated the sale of an aggregate of 545,000 ~~private~~Private ~~placement~~Placement ~~units~~Units (the “Private Placement Units”) to the Sponsor and the underwriters at a price of $10.00 per ~~Private Placement Unit~~unit, or $5,450,000 in the aggregate. Each ~~Private Placement~~ Unit consists of one Class A ordinary share ~~(the “Private Placement Share”)~~ and one-tenth of one right ~~(the “Private Placement Right”)~~.

Transaction costs amounted to $10,862,543, consisting of $3,450,000 of cash underwriting fee, $6,900,000 of deferred underwriting fee, and $512,543 of other offering costs.

The Company’s Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the net balance in the ~~trust~~Trust ~~account~~Account (~~the~~as ~~“Trust~~defined ~~Account”~~below) (excluding the amount of deferred underwriting discounts held and taxes payable on the income earned on the Trust Account) at the time of the signing an agreement to enter into a Business Combination. However, the Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”). There is no assurance that the Company will be able to successfully effect a Business Combination.

Upon the closing of the ~~Initial~~IPO ~~Public Offering~~ on November 10, 2025, an amount of $172,500,000 ($10.00 per Unit) from the net proceeds of the sale of the Units, and a portion of the proceeds of the sale of the Private Placement Units, isare held in a trust account (the “Trust Account”) and will initially be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations; the holding of these assets in this form is intended to be temporary and for the sole purpose of facilitating the intended Business Combination. To mitigate the risk that the Company might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer that the Company holds investments in the Trust Account, the Company may, at any time (based on the management team’s ongoing assessment of all factors related to the Company’s potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust Account and instead to hold the funds in the Trust Account in cash or in an interest bearing demand deposit account at a bank. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its taxes, the proceeds from the ~~Initial~~IPO ~~Public Offering~~ and the sale of the Private Placement Units will not be released from the Trust Account until the earliest of (i) the completion of the Company’s initial Business Combination, (ii) the redemption of the Company’s public shares if the Company is unable to complete the initial Business Combination within 24 months from the closing of the ~~Initial~~IPO ~~Public Offering~~ or by such earlier liquidation date as the Company’s board of directors may approve (the “Completion Window”), subject to applicable law, or (iii) the redemption of the Company’s public shares properly submitted in connection with a shareholder vote to amend the Company’s amended and restated memorandum and articles of association to (A) modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public shareholders.

The Company will provide the Company’s public shareholders with the opportunity to redeem all or a portion of their Public Shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (less taxes payable), divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be $10.00 per Public Share.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~The~~Note 1 — Organization ~~ordinary shares subject to redemption are recorded at a redemption value~~ and ~~classified~~Business asOperations ~~temporary equity upon the completion of the Initial Public Offering, in accordance with Financial Accounting Standards Board~~ (~~“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity~~cont.”)

The Company will provide the Company’s public shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the initial Business Combination or (ii) without a shareholder vote by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed initial Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account calculated as of two business days prior to the consummation of the initial Business Combination, including interest earned on the funds held in the Trust Account (less taxes payable), divided by the number of then outstanding public shares, subject to the limitations. The amount in the Trust Account is initially anticipated to be $10.00 per public share.

The ordinary shares subject to redemption are recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480, “Distinguishing Liabilities from Equity.”

The Company will have only the duration of the Completion Window to complete the initial Business Combination. However, if the Company is unable to complete its initial Business Combination within the Completion Window, the Company will as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less the amount of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will constitute full and complete payment for the public shares and completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation or other distributions, if any), subject to the Company’s obligations under Cayman Islands law to provide for claims of creditors and subject to the other requirements of applicable law.

The Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares, ~~Private~~private ~~Placement~~placement ~~Shares~~shares and ~~Public~~public ~~Shares~~shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares, ~~Private~~private ~~Placement~~placement ~~Shares~~shares and ~~Public~~public ~~Shares~~shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and ~~Private~~private ~~Placement~~placement ~~Shares~~shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any founder shares or private placement shares held by them and any public shares purchased during or after the ~~Initial~~IPO ~~Public Offering~~ (including in open market and privately -negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business Combination.

The Company’s Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per public share and (ii) the actual amount per public share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the ~~Initial~~IPO ~~Public Offering~~ against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure that the Sponsor would be able to satisfy those obligations.

Liquidity and Capital Resources

The Company’s liquidity needs up to September 30, 2025 had been satisfied through the loan under an unsecured promissory note from the Sponsor of up to $500,000 (see Note 5). At September 30, 2025, the Company had no cash and working capital deficit of $296,053.

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $2,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit at the option of the lender. As of September 30, 2025, no such Working Capital Loans were outstanding.

In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40, “Presentation of Financial Statements – Going Concern,” the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the initial Business Combination. Management has determined that upon the consummation of the Initial Public Offering and the sale of the Private Placement Units, the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the unaudited condensed financial statements.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~NOTE~~ Note 2. — Summary ~~SIGNIFICANT~~of ~~ACCOUNTING~~Significant ~~POLICIES~~Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s ~~prospectus~~Annual ~~for its Initial Public Offering as filed with the SEC on November 12, 2025, as well as the Company’s Current~~ Report on Form 810-K, as filed with the SEC on ~~November~~March 1731, ~~2025~~2026. The interim results for the three months ended ~~September~~March 3031, ~~2025 and for the period from May 29~~2026, ~~2025 (inception) through September 30, 2025,~~ are not necessarily indicative of the results to be expected for the period ending December 31, ~~2025~~2026 or for any future periods.

Liquidity and Capital Resources

The Company’s liquidity needs through March 31, 2026 had been satisfied through the proceeds from the Initial Public Offering, the sale of the private placement securities and loan from the Sponsor of up to $500,000 (see Note 5). At March 31, 2026, the Company had cash of $991,524, and working capital of $880,610.

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $2,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit at the option of the lender. As of March 31, 2026, no such Working Capital Loans were outstanding.

In connection with the Company’s assessment of going concern considerations in accordance with ASC 205-40, “Presentation of Financial Statements – Going Concern,” the Company does not believe it will need to raise additional funds in order to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a Business Combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the initial Business Combination. Management has determined that the Company has sufficient funds to finance the working capital needs of the Company within one year from the date of issuance of the financial statements.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

The preparation of ~~the~~ unaudited condensed financial statements in conformity with U.S. GAAP requires ~~the Company’s~~ management to make estimates and assumptions that affect the reported amounts of assets and liabilities and ~~the~~ disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements. ~~and~~Actual ~~the~~results ~~reported~~could ~~amounts~~differ offrom ~~expenses~~those ~~during the reporting periods~~estimates.

Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates.7

~~Fair~~TAILWIND ~~Value~~2.0 ofACQUISITION ~~Financial Instruments~~CORP.

~~The~~NOTES ~~fair~~TO ~~value~~CONDENSED ofFINANCIAL the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the unaudited condensed balance sheet, primarily due to their short-term nature.STATEMENTS

MARCH 31, 2026

(UNAUDITED)

Note 2 — Summary of Significant Accounting Policies (cont.)

Cash and Cash Equivalents

The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash orof $991,524 and $1,106,825 and did not have any cash equivalents as of ~~September~~March 3031, 2026 and December 31, 2025, respectively.

Cash and Marketable Securities Held in Trust Account

As of March 31, 2026 and December 31, 2025, substantially all of the assets held in the Trust Account were held in U.S. Treasury Bills. The Company’s investments are presented at fair value on the balance sheets. Gains and losses resulting from the change in fair value of marketable securities held in the Trust Account are included in interest earned on cash and marketable securities held in Trust Account in the statement of operations. As of March 31, 2026 and December 31, 2025, the Company did not withdraw any interest earned on the Trust Account.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

7Offering Costs Associated with the IPO

The Company complies with the requirements of ASC 340-10-S99 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees that are related to the IPO. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate IPO proceeds from the Units between Class A ordinary shares and share rights, using the residual method by allocating IPO proceeds first to assigned value of the rights and then to the Class A ordinary shares. Offering costs allocated to the Class A ordinary shares subject to possible redemption were charged to temporary equity and offering costs allocated to the Public Rights (defined in Note 3) and Private Placement Units (defined in Note 4) were charged to shareholders’ deficit as the Public Rights and Private Placement Rights, after management’s evaluation, are accounted for under equity treatment.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.

Income Taxes

The Company accounts for income taxes under ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of March 31, 2026 and December 31, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s tax provision was zero for the period presented.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~Deferred~~Note ~~Offering~~2 ~~Costs~~— Summary of Significant Accounting Policies (cont.)

The Company complies with the requirements of FASB ASC 340-10-S99-1 and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Deferred offering costs consist principally of professional and registration fees that are related to the Initial Public Offering. FASB ASC 470-20, “Debt with Conversion and Other Options,” addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this guidance to allocate Initial Public Offering proceeds from the Units between Class A ~~ordinary shares and Share Rights, prorate, allocating the Initial Public Offering proceeds to the assigned value of the Share Rights and to the Class~~ A ~~ordinary~~Shares ~~shares.~~Subject ~~Offering costs allocated~~ to ~~the~~Possible Class A ordinary shares subject to possible redemption are charged to temporary equity and offering costs allocated to the Share Rights are charged to shareholders’ deficit as Public and Private Placement Rights after management’s evaluation are accounted for under equity treatment. As of September 30, 2025, the Company had $269,880 of deferred offering costs. Redemption

~~Income~~ ~~Taxes~~The Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the completion window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity, or if there is a shareholder vote or tender offer in connection with the Company’s initial Business Combination. In accordance with ASC 480-10-S99, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company. The Company recognizes changes in redemption value immediately as they occur and will adjust the carrying value of redeemable shares to equal the redemption value at the end of each reporting period. Immediately upon the closing of the IPO, the Company recognized the accretion from initial book value to redemption value. The change in the carrying value of redeemable shares will result in charges against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of March 31, 2026 and December 31, 2025, Class A ordinary shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit section of the Company’s condensed balance sheets. As of March 31, 2026 and December 31, 2025, the Class A ordinary shares subject to possible redemption reflected in the condensed balance sheets are reconciled in the following table:

The Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statements and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

Gross proceeds	$	172,500,000
Less:
Proceeds allocated to Public Rights		(3,795,000	)
Class A ordinary shares issuance cost		(10,608,215	)
Plus:
Accretion of carrying value to redemption value		15,345,514
Class A Ordinary Shares subject to possible redemption, December 31, 2025	$	173,442,299
Plus:
Accretion of carrying value to redemption value		1,502,364
Class A Ordinary Shares subject to possible redemption, March 31, 2026	$	174,944,663

~~FASB~~Net ~~ASC~~Income ~~Topic 740~~per ~~prescribes~~Ordinary a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2025, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.Share

The Company iscomplies ~~considered~~with toaccounting beand andisclosure ~~exempted~~requirements ~~Cayman~~of ~~Islands~~FASB ~~company~~ASC ~~with~~Topic no260, ~~connection~~“Earnings toPer ~~any~~Share”. ~~other~~Income ~~taxable jurisdiction~~ and islosses ~~presently~~are ~~not~~shared ~~subject~~pro rata to ~~income~~the ~~taxes~~shares. orNet income ~~tax~~per ~~filing~~ordinary ~~requirements~~share inis computed by dividing net income by the ~~Cayman~~weighted ~~Islands~~average ornumber of ordinary shares outstanding for the ~~United States~~period. AsAccretion ~~such,~~associated with the ~~Company’s~~redeemable ~~tax~~ordinary ~~provision~~shares ~~was~~is ~~zero~~excluded ~~for~~from income per ordinary share as the ~~periods~~redemption ~~presented~~value approximates fair value.

~~Net~~ ~~Loss~~The calculation of diluted income per ~~Class~~ordinary Bshare ~~Ordinary~~does ~~Share~~not consider the effect of the rights issued in connection with the (i) IPO, (ii) the exercise of the over-allotment option and (iii) Private Placement Rights, since the average stock price of the Company’s ordinary shares for the three months ended March 31, 2026 was less than the exercise price and therefore, the inclusion of such rights under the treasury stock method would be anti-dilutive and the exercise is contingent upon the occurrence of future events. The rights are exercisable to purchase 17,250,000 shares of ordinary shares in the aggregate. As of March 31, 2026, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

The ~~Net~~following ~~loss~~table ~~per~~reflects ~~Class B ordinary share is computed by dividing net loss by~~ the ~~weighted~~calculation ~~average number~~ of ~~Class~~basic B ordinary shares outstanding during the period, excluding Class B ordinary shares subject to forfeiture. Weighted average shares were reduced for the effect of an aggregate of 750,000 Class B ordinary shares that would have been subject to forfeiture had the over-allotment option not been exercised by the underwriters (see Note 7). At September 30, 2025, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into ordinary shares and ~~then share in the earnings of the Company. As a result,~~ diluted ~~loss~~net ~~per~~income ~~Class B ordinary share is the same as basic loss~~ per ~~Class B~~ ordinary share ~~for the periods presented.~~ :

Share Rights

	For the Three Months Ended March 31, 2026
	Class A		Class B
Basic and diluted net income per ordinary share:
Numerator:
Allocation of net income	$	1,105,766	$	357,300
Denominator:
Basic and diluted weighted average ordinary shares outstanding		17,795,000		5,750,000
Basic and diluted net income per ordinary share	$	0.06	$	0.06

The Company accounts for the Public and Private Placement Rights to be issued in connection with the Initial Public Offering and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the Share Rights under equity treatment at their assigned values.9

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2026

(UNAUDITED)

Note 2 — Summary of Significant Accounting Policies (cont.)

Rights

The Company accounts for the Public and Private Placement Rights to be issued in connection with the IPO and the private placement in accordance with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and classified the rights under equity treatment at their assigned values.

Share-Based Payment Arrangements

The Company accounts for share awards in accordance with FASB ASC 718, “Compensation—Stock Compensation,” which requires that all equity awards be accounted for at their fair value. Fair value is measured on the grant date and is equal to the underlying value of the share.

Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, in the period of grant for awards that vest immediately and have no future service condition, or in the period the awards vest immediately after meeting a performance condition becomes probable (i.e., the occurrence of a Business Combination). For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied and the award is forfeited.

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statements.

8Note 3 — Initial Public Offering

Pursuant to the IPO on November 10, 2025, the Company sold 17,250,000 Units at a purchase price of $10.00 per Unit for a total of $172,500,000, which includes the full exercise of the underwriters’ over-allotment option in the amount of 2,250,000 Units. Each Unit has a price of $10.00 and consists of one Class A ordinary share and one right (“Public Right”) entitling the holder thereof to receive one-tenth (1/10) of one Class A ordinary share upon the consummation of an initial Business Combination.

Note 4 — Private Placement

Simultaneously with the closing of IPO, the sponsor purchased an aggregate of 372,500 Private Placement Units, each unit consisting of one Class A ordinary share and one right to receive one-tenth (1/10) of a Class A ordinary share upon the consummation of an initial Business Combination (“Private Placement Rights”), at a price of $10.00 per unit, in a private placement for an aggregate purchase price of $3,725,000. The underwriters used a portion of their underwriting discount and commission to purchase an aggregate of 172,500 Private Placement Units, at a price of $10.00 per unit, in a private placement for an aggregate purchase price of $1,725,000.

The Private Placement Units are identical to the Public Units sold in the IPO except that, so long as they are held by the sponsor or their permitted transferees, the Private Placement Units (including their component securities) (i) may not (including the Class A ordinary shares issuable upon conversion of these Private Placement Rights), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination and (ii) will be entitled to registration rights.

The Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares, private placement shares and public shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and private placement shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any founder shares or private placement shares held by them and any public shares purchased during or after the IPO (including in open market and privately negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business Combination.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~NOTE~~Note 5 — Related 3.Party ~~INITIAL PUBLIC OFFERING~~Transactions

Pursuant to the Initial Public Offering on November 10, 2025, the Company sold 17,250,000 Units at a purchase price of $10.00 per Unit for a total of $172,500,000, which includes the full exercise of the underwriters’ over-allotment option in the amount of 2,250,000 Units. Each Unit has a price of $10.00 and consists of one Class A ordinary share and one Public Right entitling the holder thereof to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial Business Combination.

NOTE 4. PRIVATE PLACEMENT

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 372,500 Private Placement Units, at a purchase price of $10.00 per Private Placement Unit, in a private placement for an aggregate purchase price of $3,725,000. The underwriters used a portion of their underwriting discount and commission to purchase an aggregate of 172,500 Private Placement Units, at a price of $10.00 per Private Placement Unit, in a private placement for an aggregate purchase price of $1,725,000. Each Private Placement Unit consists of one Private Placement Share and one Private Placement Right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of an initial business combination.

The Private Placement Units are identical to the Public Units sold in the Initial Public Offering except that, so long as they are held by the Sponsor or their permitted transferees, the Private Placement Units (including their component securities) (i) may not (including the Class A ordinary shares issuable upon conversion of the Private Placement Rights), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the initial Business Combination and (ii) will be entitled to registration rights.

The Sponsor, officers and directors have entered into a letter agreement with the Company, pursuant to which they have agreed to (i) waive their redemption rights with respect to their founder shares, Private Placement Shares and Public Shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to their founder shares, Private Placement Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Company’s amended and restated memorandum and articles of association (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the public shares if the Company has not consummated an initial Business Combination within the Completion Window or (B) with respect to any other material provisions relating to shareholders’ rights or pre-initial Business Combination activity; (iii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares and Private Placement Shares if the Company fails to complete the initial Business Combination within the Completion Window, although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the Completion Window and to liquidating distributions from assets outside the Trust Account; and (iv) vote any founder shares or Private Placement Shares held by them and any Public Shares purchased during or after the Initial Public Offering (including in open market and privately-negotiated transactions, aside from shares they may purchase in compliance with the requirements of Rule 14e-5 under the Exchange Act, which would not be voted in favor of approving the Business Combination) in favor of the initial Business Combination.

NOTE 5. RELATED PARTY TRANSACTIONS

Founder Shares

On June 23, 2025, the Sponsor made a capital contribution of $25,000, or approximately $0.004 per share, for which the Company issued 5,750,000 founder shares to the Sponsor (up to 750,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised), for a purchase price of approximately $0.004 per share. In July 2025, the ~~Sponsor~~sponsor transferred 40,000 founder shares to three of the Company’s independent directors (an aggregate of 120,000 founder shares) at their original purchase price share of $0.004 per share. The founder shares transferred to the independent directors will not be subject to forfeiture in the event the underwriters’ over-allotment option is not exercised. The transfer of the founder shares to the holders is in the scope of FASB ASC 718. Under FASB ASC 718, share-based compensation associated with equity- classified awards is measured at fair value upon the assignment date. Since the issuance of the founder shares to the independent directors occurred within a month from the date of the Company’s incorporation and issuance of the founder shares to the Sponsor, the Company has determined the value of the Sponsor’s founder shares is the nearest and most appropriate value to use for the valuation of the founder shares assigned, since they carry the same terms and restrictions. A total of $522 or $0.0004 per share has been recorded as compensation expense on the grant date. On November 10, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the ~~Initial Public Offering~~IPO. As such, the 750,000 founder shares are no longer subject to forfeiture.

The Company’s initial shareholders have agreed not to transfer, assign or sell any of their founder shares and any Class A ordinary shares issued upon conversion thereof until the earlier to occur of (i) one year after the completion of the initial Business Combination or (ii) the date on which the Company completes a liquidation, merger, share exchange or other similar transaction after the initial Business Combination that results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property. Any permitted transferees will be subject to the same restrictions and other agreements of the Company’s initial shareholders with respect to any founder shares (the “Lock-up”). Notwithstanding the foregoing, if (1) the closing price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination or (2) if the Company consummates a transaction after the initial Business Combination which results in the Company’s shareholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the Lock-up.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER 30, 2025

(UNAUDITED)

Promissory Note — Related Party

The Sponsor had agreed to loan the Company an aggregate of up to $500,000 to be used for a portion of the expenses of the ~~Initial Public Offering~~IPO. The loan was non-interest bearing and unsecured. The promissory note was payable on the earlier of December 31, 2025 and the date the Company consummates the ~~Initial Public Offering~~IPO. AsThe ~~of September 30, 2025, the~~ Company had $147,055 in borrowings under the promissory note which was repaid on ~~November~~December 1031, 2025. Borrowings under the note are no longer available.

Due ~~from~~to ~~Sponsor~~Related Party

AsOn ofNovember ~~September 30~~10, 2025, ~~there~~the ~~was~~Company norepaid ~~amount~~in ~~recorded~~excess ~~under~~of ~~due~~the ~~from~~promissory note – related party of $147,055 to the Sponsor, a total of $26,375. On November 1013, 2025, the ~~Company~~sponsor ~~paid~~returned $26,375 into ~~excess~~the ofCompany, ~~the~~and ~~outstanding~~no ~~borrowings~~amounts ~~under~~remain outstanding. During the ~~promissory~~period ~~note~~May –29, ~~related~~2025 ~~party.~~(inception) Onthrough ~~November~~December 1331, 2025, an affiliate of the Sponsor ~~returned~~had paid expenses on behalf of the Company in the amount of $264,~~375~~994. toAs ~~the~~of ~~Company~~March 31, 2026 and noDecember ~~amounts~~31, ~~remain~~2025, ~~outstanding~~the ~~(see~~$4,994 ~~Note~~of 9)expenses paid by the affiliate of the Sponsor on behalf of the Company is included in due to related party in the accompanying balance sheets.

Working Capital Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required. If the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $2,500,000 of such Working Capital Loans may be convertible into private placement units at a price of $10.00 per unit at the option of the lender. As of ~~September~~March 3031, 2026 and December 31, 2025, no such Working Capital Loans were outstanding.

Administrative Services Agreement

Commencing on November 6, 2025, the Company entered into an agreement with the ~~Sponsor~~sponsor to pay an aggregate of $20,000 per month for office space and general and administrative services until the consummation of the Business Combination. These monthly fees will cease upon the completion of the initial Business Combination or the liquidation of the Company. AsFor ofthe ~~September~~three ~~30,~~months ~~2025,~~ended noMarch ~~amount~~31, ~~has~~2026, ~~been~~the ~~accrued~~Company ~~for~~incurred ~~these~~and ~~services~~paid $60,000 in ~~the~~fees ~~Company’s~~for ~~unaudited~~these ~~condensed balance sheet~~services.

~~NOTE 6. COMMITMENTS AND CONTINGENCIES~~ 11

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2026

(UNAUDITED)

Note 6 — Commitments and Contingencies

Risks and Uncertainties

~~The~~United States ~~Company’s~~and ~~ability~~global markets are experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas conflict. In response to ~~complete~~the anongoing ~~initial~~Russia-Ukraine ~~Business~~conflict, ~~Combination~~the ~~may~~North beAtlantic ~~adversely~~Treaty ~~affected~~Organization by(“NATO”) deployed additional military forces to eastern Europe, and the United States, the United Kingdom, the European Union and other countries have announced various ~~factors~~sanctions and restrictive actions against Russia, ~~many~~Belarus and related individuals and entities, including the removal of ~~which~~certain ~~are~~financial ~~beyond~~institutions from the ~~Company’s~~Society ~~control~~for Worldwide Interbank Financial Telecommunication (SWIFT) payment system. ~~The~~Certain ~~Company’s~~countries, ~~ability~~including the United States, have also provided and may continue to ~~consummate~~provide anmilitary ~~initial~~aid ~~Business~~or ~~Combination~~other ~~could~~assistance beto ~~impacted~~Ukraine byand to Israel, increasing geopolitical tensions among ~~other~~a ~~things,~~number ~~changes~~of innations. ~~laws~~The orinvasion ~~regulations,~~of ~~downturns~~Ukraine inby Russia and the ~~financial~~Israel-Hamas ~~markets~~conflict orand inthe ~~economic~~resulting ~~conditions,~~measures ~~inflation~~that have been taken, ~~fluctuations~~and could be taken in ~~interest~~the ~~rates~~future, ~~increases~~by inNATO, ~~tariffs~~the United States, ~~supply~~the ~~chain~~United ~~disruptions~~Kingdom, ~~declines~~the inEuropean ~~consumer~~Union, ~~confidence~~Israel and ~~spending,~~its ~~public~~neighboring ~~health~~states ~~considerations,~~ and ~~geopolitical~~other ~~instability,~~countries ~~such~~have ascreated ~~the~~global ~~military~~security ~~conflicts~~concerns inthat ~~Ukraine~~could have a lasting impact on regional and global economies. Although the ~~Middle~~length ~~East.~~and ~~The~~impact ~~Company~~of ~~cannot~~the atongoing ~~this~~conflicts ~~time~~are ~~predict~~highly ~~the~~unpredictable, ~~likelihood~~they ofcould ~~one~~lead orto ~~more~~market ofdisruptions, ~~the~~including ~~above~~significant ~~events~~volatility in commodity prices, ~~their~~credit ~~duration~~and orcapital ~~magnitude~~markets, oras ~~the~~well ~~extent~~as tosupply ~~which~~chain ~~they~~interruptions ~~may~~and ~~negatively~~increased ~~impact~~cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the ~~Company’s~~global ~~ability~~economy and financial markets and lead to ~~complete~~instability anand ~~initial~~lack ~~Business~~of ~~Combination~~liquidity in capital markets.

Any of the above mentioned factors, or any other negative impact on the global economy, capital markets or other geopolitical conditions resulting from the Russian invasion of Ukraine, the Israel-Hamas conflict and subsequent sanctions or related actions, could adversely affect the Company’s search for an initial Business Combination and any target business with which the Company may ultimately consummate an initial Business Combination.

Registration Rights

The holders of the founder shares, Private Placement Units and the Class A ordinary shares underlying such Private Placement Units and Private Placement Rights and ~~the~~units ~~Private Placement Units~~ that may be issued upon conversion of the Working Capital Loans will have registration rights to require the Company to register a sale of any of the Company’s securities held by them and any other securities of the Company acquired by them prior to the consummation of the initial Business Combination pursuant to a registration rights agreement signed on November 6, 2025. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain piggyback registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The underwriters and/or their designees may not exercise their demand and piggyback registration rights after five and seven years after the commencement of the ~~Initial~~IPO ~~Public Offering~~ and may not exercise their demand rights on more than one occasion. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

10Underwriters’ Agreement

The underwriters had a 45-day option from the date of the IPO to purchase up to an additional 2,250,000 units to cover over-allotments, if any. On November 10, 2025, simultaneously with the closing of the IPO, the underwriters elected to fully exercise the over-allotment option to purchase the additional 2,250,000 Units at a price of $10.00 per Unit.

The underwriters were entitled to a cash underwriting discount of $0.20 per Unit, or $3,450,000 in the aggregate, which was paid at the closing of the IPO. Of this amount, $0.10 per Unit was paid to the underwriters upon the closing of the IPO in cash and $0.10 per Unit was used by the underwriters to purchase Private Placement Units.

Additionally, the underwriters are entitled to a deferred underwriting discount of $0.40 per Unit, or $6,900,000 in the aggregate payable to the underwriters for deferred underwriting commissions on amounts remaining in the Trust Account after all redemptions by public shareholders have been met. The deferred underwriting discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes its Initial Business Combination.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~Underwriters~~Note 7 — Shareholders’ ~~Agreement~~Deficit

Preference Shares — The ~~underwriters~~Company ~~had~~is aauthorized ~~45-day~~to ~~option~~issue ~~from~~a ~~the~~total ~~date~~ of ~~the Initial Public Offering to purchase up to an additional 2~~1,~~250~~000,000 ~~units~~ topreference ~~cover~~shares ~~over-allotments,~~at ifpar ~~any~~value of $0.0001 Oneach. ~~November~~At ~~10,~~March ~~2025~~31, ~~simultaneously~~2026 ~~with~~and ~~the~~December ~~closing of the Initial Public Offering~~31, ~~the underwriters elected to fully exercise the over-allotment option to purchase the additional 2~~2025,~~250,000~~ ~~Units~~there atwere ano ~~price~~preference ofshares ~~$10.00~~issued ~~per~~or ~~Unit~~outstanding.

Class A Ordinary Shares — The ~~underwriters~~Company ~~were~~is ~~entitled~~authorized to issue a ~~cash~~total ~~underwriting discount~~ of ~~$0.20 per Unit~~200, ~~or $3~~000,~~450,~~000 inClass A ~~the~~ordinary ~~aggregate,~~shares ~~which was paid~~ at ~~the~~par ~~closing~~value of ~~the Initial Public Offering. Of this amount,~~ $0.100001 ~~per~~each. ~~Unit~~At ~~was~~March ~~paid~~31, to2026 ~~the~~and ~~underwriters~~December ~~upon~~31, ~~the~~2025, ~~closing~~there ofwere ~~the~~545,000 ~~Initial~~Class A ~~Public~~ordinary ~~Offering~~shares inissued ~~cash~~or ~~and~~outstanding, ~~$0.10~~excluding ~~per~~17,250,000 ~~Unit~~shares ~~was~~subject ~~used by the underwriters~~ to ~~purchase~~possible ~~Private Placement Units~~redemption.

~~Additionally,~~Class B ~~the~~Ordinary ~~underwriters~~Shares — The ~~are~~Company ~~entitled~~is authorized to issue a ~~deferred~~total ~~underwriting~~of ~~discount~~20,000,000 Class B ordinary shares at par value of $0.400001 ~~per~~each. ~~Unit~~On June 23, or2025, $6the Company issued 5,~~900~~750,000 inClass B ordinary shares to the ~~aggregate~~sponsor for $25,000, ~~payable~~or approximately $0.004 per share (up to 750,000 shares of which are subject to forfeiture depending on the extent to which the underwriters’ ~~for~~over-allotment ~~deferred~~option ~~underwriting~~is ~~commissions~~exercised). onIn ~~amounts~~July ~~remaining~~2025, inthe Sponsor transferred 40,000 founder shares to three of the ~~Trust~~Company’s ~~Account~~independent ~~after~~directors ~~all~~(an ~~redemptions~~aggregate byof ~~public~~120,000 ~~shareholders~~founder ~~have~~shares) ~~been~~at ~~met~~their original purchase price share of $0.004 per share. The ~~deferred~~founder ~~underwriting~~shares ~~discount~~transferred to the independent directors will ~~become~~not ~~payable~~be subject to forfeiture in the event the underwriters’ ~~from~~over-allotment ~~the~~option ~~amounts~~is ~~held~~not inexercised. On November 10, 2025, the ~~Trust~~underwriters ~~Account~~exercised ~~solely~~their over-allotment option in full as part of the ~~event~~closing of the ~~Company~~IPO. ~~completes~~As ~~its~~such, ~~Initial~~the ~~Business~~750,000 ~~Combination~~founder shares are no longer subject to forfeiture.

~~NOTE~~ 7The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. ~~SHAREHOLDERS~~In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, approximately 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the IPO (excluding the Class A ordinary shares underlying the Private Placement Units), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent shares issued to the Sponsor or any of its affiliates or to the Company’s ~~DEFICIT~~officers or directors upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with charter amendments prior to an initial Business Combination or an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Preference Shares — The Company is authorized to issue a total of 1,000,000 preference shares at par value of $0.0001 each. At September 30, 2025, there were no preference shares issued or outstanding.

Class A Ordinary Shares — The Company is authorized to issue a total of 200,000,000 Class A ordinary shares at par value of $0.0001 each. At September 30, 2025, there were no shares of Class A ordinary shares issued or outstanding.

Class B Ordinary Shares — The Company is authorized to issue a total of 20,000,000 Class B ordinary shares at par value of $0.0001 each. At September 30, 2025, there were 5,750,000 Class B ordinary shares issued and outstanding, which includes the 750,000 founder shares subject to forfeiture. On November 10, 2025, the underwriters exercised their over-allotment option in full as part of the closing of the Initial Public Offering. As such, the 750,000 founder shares are no longer subject to forfeiture.

The founder shares will automatically convert into Class A ordinary shares concurrently with or immediately following the consummation of the initial Business Combination or earlier at the option of the holder on a one-for-one basis, subject to adjustment for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional Class A ordinary shares, or any other equity-linked securities, are issued or deemed issued in excess of the amounts sold in the Initial Public Offering and related to or in connection with the closing of the initial Business Combination, the ratio at which Class B ordinary shares convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, approximately 25% of the sum of (i) the total number of all Class A ordinary shares outstanding upon the completion of the Initial Public Offering (excluding the Class A ordinary shares underlying the Private Placement Units), plus (ii) all Class A ordinary shares and equity-linked securities issued or deemed issued, in connection with the closing of the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent shares issued to the Sponsor or any of its affiliates or to the Company’s officers or directors upon conversion of Working Capital Loans) minus (iii) any redemptions of Class A ordinary shares by public shareholders in connection with charter amendments prior to an initial Business Combination or an initial Business Combination; provided that such conversion of founder shares will never occur on a less than one-for-one basis.

Holders of record of the Company’s Class A ordinary shares and Class B ordinary shares are entitled to one vote for each share held on all matters to be voted on by shareholders. Unless specified in the amended and restated memorandum and articles of association or as required by the Companies Act or stock exchange rules, an ordinary resolution under Cayman Islands law and the amended and restated memorandum and articles of association, which requires the affirmative vote of at least a majority of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company is generally required to approve any matter voted on by the Company’s shareholders. Approval of certain actions requires a special resolution under Cayman Islands law, which (except as specified below) requires the affirmative vote of at least two-thirds of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting, and pursuant to the Company’s amended and restated memorandum and articles of association, such actions include amending the amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. There is no cumulative voting with respect to the appointment of directors, meaning, following the Company’s initial Business Combination, the holders of more than 50% of the ordinary shares voted for the appointment of directors can elect all of the directors. Prior to the consummation of the initial Business Combination, only holders of the Class B ordinary shares will (i) have the right to vote on the appointment and removal of directors and (ii) be entitled to vote on continuing the Company in a jurisdiction outside the Cayman Islands (including any special resolution required to amend the constitutional documents or to adopt new constitutional documents, in each case, as a result of approving a transfer by way of continuation in a jurisdiction outside the Cayman Islands). Holders of the Class A ordinary shares will not be entitled to vote on these matters during such time. These provisions of the amended and restated memorandum and articles of association may only be amended if approved by a special resolution passed by the affirmative vote of at least 90% (or, where such amendment is proposed in respect of the consummation of the initial Business Combination, two-thirds) of the votes cast by such shareholders as, being entitled to do so, vote in person or, where proxies are allowed, by proxy at the applicable general meeting of the Company.

11Rights — Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial Business Combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial business combination within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~Rights~~Note 8 — AtFair ~~September~~Value 30, 2025, there were no Public and Private Placement Rights issued or outstanding. Except in cases where the Company is not the surviving company in a Business Combination, each holder of a right will automatically receive one-tenth (1/10) of one ordinary share upon consummation of the initial Business Combination. The Company will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed in accordance with the applicable provisions of Cayman law. In the event the Company is not the surviving company upon completion of the initial business combination, each holder of a right will be required to affirmatively convert his, her or its rights in order to receive the one-tenth (1/10) of one ordinary share underlying each right upon consummation of the Business Combination. If the Company is unable to complete the initial Business Combination within the required time period and the Company will redeem the public shares for the funds held in the Trust Account, holders of rights will not receive any of such funds for their rights and the rights will expire worthless. Measurements

~~NOTE 8~~The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. ~~SEGMENT~~ ~~INFORMATION~~In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities:

FASB ASC Topic 280, “Segment Reporting,” establishes standards for companies to report, in their financial statements, information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

	Level 1:	Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

	Level 2:	Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.

	Level 3:	Unobservable inputs based on assessment of the assumptions that market participants would use in pricing the asset or liability.

In ~~The~~some ~~Company’s~~circumstances, ~~CODM~~the ~~has~~inputs ~~been~~used ~~identified~~to asmeasure ~~the~~fair ~~Chief~~value ~~Executive~~might ~~Officer,~~be ~~who~~categorized ~~reviews~~within ~~the~~different ~~assets,~~levels ~~operating~~of ~~results,~~the ~~and~~fair ~~financial~~value ~~metrics~~hierarchy. ~~for~~In those instances, the ~~Company~~fair asvalue ameasurement ~~whole~~is tocategorized ~~make~~in ~~decisions~~its ~~about~~entirety ~~allocating~~in ~~resources~~the ~~and~~fair ~~assessing~~value ~~financial~~hierarchy ~~performance.~~based ~~Accordingly,~~on ~~management~~the ~~has~~lowest ~~determined~~level input that ~~there~~ is ~~only~~significant ~~one~~to ~~reportable~~the ~~segment.~~fair value measurement.

The ~~CODM~~following ~~assesses~~table ~~performance~~presents ~~for~~information about the ~~single~~Company’s ~~segment~~assets and ~~decides~~liabilities ~~how~~that toare ~~allocate~~measured ~~resources~~at ~~based~~fair value on ~~net~~a ~~income~~recurring orbasis ~~loss~~at ~~that~~March ~~also~~31, is2026 ~~reported~~and onDecember 31, ~~the~~2025, ~~unaudited~~and ~~condensed~~indicates ~~statements~~the offair ~~operations~~value ashierarchy ~~net income or loss. The measure~~ of ~~segment assets is reported on~~ the ~~unaudited~~valuation ~~condensed~~inputs ~~balance sheet as total assets. When evaluating~~ the Company’s ~~performance~~utilized ~~and~~to ~~making~~determine ~~key~~such ~~decisions~~fair ~~regarding resource allocation, the CODM reviews several key metrics below.~~ value:

	SEPTEMBER 30, 2025
Description	Level		March 31, 2026		December 31, 2025
Prepaid expenses	$	9,533
Assets:
Deferred offering costs	$	269,880
Marketable securities held in Trust Account	1		$	174,944,663	$	173,442,299

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2025		FOR THE PERIOD FROM MAY 29, 2025 (INCEPTION) THROUGH SEPTEMBER 30, 2025
General and administrative costs	$	29,278	$	51,173
Share-based compensation expense	$	522	$	522

The fair value of the Public Rights issued in the IPO is $3,795,000, or $0.22 per Public Right. The Public Rights have been classified within shareholders’ deficit and will not require remeasurement after issuance. The Public Rights were classified within Level 3 of the fair value hierarchy at the measurement dates due to the use of unobservable inputs inherent in assumptions related to the market adjustments as noted below. The following table presents the quantitative information regarding market assumptions used in the Level 3 of the Public Rights:

General and administrative costs are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar transaction within the Completion Window. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the unaudited condensed statements of operations, are the significant segment expenses provided to the CODM on a regular basis. All other segment items included in net loss are reported on the unaudited condensed statements of operations and described within their respective disclosures.

	November 10, 2025
Implied Class A share price	$	9.78
Expected term to De-SPAC (years)		2.0
Probability of De-SPAC and market adjustment		23.0	%
Risk-free rate (continuous)		3.55	%

~~The~~Note ~~CODM~~9 ~~reviews~~— ~~the~~Segment position of total assets available with the Company to assess if the Company has sufficient resources available to discharge its liabilities. The CODM is provided with details of cash and liquid resources available with the Company. Additionally, the CODM regularly reviews the status of deferred costs incurred to assess if these are in line with the planned use of proceeds raised from the Initial Public Offering.Information

12ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their unaudited condensed financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance.

The Company’s CODM has been identified as the Chief Executive Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment.

TAILWIND 2.0 ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

~~SEPTEMBER~~MARCH 3031, ~~2025~~2026

(UNAUDITED)

~~NOTE~~ Note 9. ~~SUBSEQUENT~~— ~~EVENTS~~Segment Information (cont.)

The ~~Company~~CODM ~~evaluated~~assesses ~~subsequent~~performance ~~events~~for the single segment and ~~transactions~~decides how to allocate resources based on net income or loss that ~~occurred~~also ~~after~~is reported on the unaudited condensed ~~balance~~statement ~~sheet~~of ~~date~~operations ~~through~~as ~~December~~net ~~22,~~income ~~2025,~~or ~~the~~loss. ~~date~~The ~~that~~measure ~~the~~of ~~unaudited~~segment ~~condensed~~assets ~~financial~~is ~~statements~~reported ~~were~~on ~~issued.~~the ~~Based~~condensed ~~upon~~balance ~~this~~sheets ~~review,~~as ~~other~~total ~~than~~assets. ~~described~~When ~~below,~~evaluating the Company’s ~~did~~performance ~~not~~and ~~identify~~making ~~any~~key ~~subsequent~~decisions ~~events~~regarding ~~that~~resource ~~would~~allocation, ~~have~~the ~~required~~CODM ~~adjustment~~reviews orseveral ~~disclosure~~key metrics included in ~~the~~net ~~unaudited~~income ~~condensed~~or ~~financial~~loss ~~statements.~~and total assets, which include the following:

The registration statement for the Company’s Initial Public Offering became effective on November 5, 2025. On November 10, 2025, the Company consummated the Initial Public Offering of 17,250,000 Units, at a price of $10.00 per Unit, which includes the full exercise of the underwriters’ over-allotment option of 2,250,000 Units, generating gross proceeds of $172,500,000.

March 31,

2026

December 31,
2025

Cash

991,524

1,106,825

Cash and marketable securities held in Trust Account

174,944,663

173,442,299

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 545,000 Private Placement Units to the Sponsor and the underwriters at a price of $10.00 per Private Placement Unit, or $5,450,000 in the aggregate.

For the
Three Months

Ended

March 31,
2026

General and administrative expenses

39,298

Interest earned on cash and marketable securities held in Trust Account

1,524,811

The ~~Upon~~accounting ~~the~~policies ~~closing~~used ofto ~~the~~measure ~~Initial Public Offering on November 10, 2025, an amount of $172,500,000 ($10.00 per Unit) from~~ the net ~~proceeds~~income ofor ~~the~~loss ~~sale~~ of the ~~Units,~~segment ~~and~~are athe ~~portion~~same ofas ~~the~~those ~~proceeds~~described ofin the ~~sale~~summary of ~~the~~significant ~~Private~~accounting ~~Placement Units, is held in the Trust Account~~policies.

General ~~The~~and ~~underwriters~~administrative ~~were~~costs ~~entitled~~are toreviewed aand ~~cash~~monitored ~~underwriting~~by ~~discount~~the ofCODM ~~$0.20~~to ~~per~~manage ~~Unit,~~and orforecast ~~$3,450,000~~cash into ~~the~~ensure ~~aggregate,~~enough ~~which~~capital ~~was~~is ~~paid~~available atto ~~the~~complete ~~closing~~a ofBusiness Combination or similar transaction within the ~~Initial~~Business ~~Public~~Combination ~~Offering~~period. OfThe ~~this~~CODM ~~amount,~~also ~~$0.10~~reviews ~~per~~general ~~Unit~~and ~~was~~administrative ~~paid~~costs to ~~the~~manage, ~~underwriters~~maintain ~~upon~~and ~~the~~enforce ~~closing~~all ofcontractual ~~the~~agreements ~~Initial~~to ~~Public~~ensure ~~Offering~~costs inare ~~cash~~aligned with all agreements and $0budget.10 ~~per~~General ~~Unit~~and ~~was~~administrative ~~used~~expenses, byas reported on the ~~underwriters~~statement of operations, are the significant segment expenses provided to ~~purchase~~the ~~Private~~CODM ~~Placement~~on ~~Units.~~a regular basis.

All Onother ~~November~~segment ~~10,~~items ~~2025,~~included ~~the Company paid $26,375~~ in ~~excess~~net ofincome ~~the~~or ~~outstanding~~loss ~~borrowings~~are ~~under~~reported ~~the~~on ~~promissory note – related party. On November 13, 2025,~~ the ~~Sponsor~~unaudited ~~returned~~condensed ~~the~~statement ~~$26,375~~of tooperations ~~the Company,~~ and nodescribed ~~amounts~~within ~~remain~~their ~~outstanding.~~respective disclosures.

13Note 10 — Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date through May 15, 2026, the date that the unaudited condensed financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References in this report (the “Quarterly Report”) to “we,” “us” or the “Company” refer to Tailwind 2.0 Acquisition Corp. References to our “management” or our “management team” refer to our officers and directors, and references to the “Sponsor” refer to Tailwind 2.0 Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company’s ~~final~~Annual ~~prospectus~~Report ~~for~~on ~~its~~Form ~~initial~~10-K ~~public offering (the “final prospectus”)~~ filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s SEC filings can be accessed on the SEC’s website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Overview

We are a blank check company incorporated in the Cayman Islands on May 29, 2025 formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “~~business~~Business ~~combination~~Combination”). We intend to effectuate our ~~business~~Business ~~combination~~Combination using cash derived from the proceeds of the initial public offering and the sale of the private placement units, our shares, debt or a combination of cash, shares and debt.

We expect to continue to incur significant costs in the pursuit of our acquisition plans. We cannot assure you that our plans to complete a ~~business~~Business ~~combination~~Combination will be successful.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from May 29, 2025 (inception) through ~~September~~March 3031, ~~2025~~2026 were organizational activities, those necessary to prepare for the initial public offering, described below, and, after the initial public offering, identifying a target company for a Business ~~business combination~~Combination. We do not expect to generate any operating revenues until after the completion of our ~~business~~Business ~~combination~~Combination. ~~Subsequent~~We ~~to the initial public offering, we~~ generate non-operating income in the form of interest income on marketable securities held in the trust account. (the “Trust Account”). We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended ~~September~~March 3031, ~~2025~~2026, we we had a net ~~loss~~income of $291,~~800~~463,066, which consisted of interest earned on cash and marketable securities held in the Trust Account of $1,524,811, offset by general and administrative ~~costs~~expense of $2939,~~278~~298 and ~~share-based~~unrealized ~~compensation~~loss ~~expense~~on marketable securities held in Trust Account of $~~522~~22,447.

For the period from May 29, 2025 (inception) through September 30, 2025, we had a net loss of $51,695, which consisted of general and administrative costs of $51,173 and share-based compensation expense of $522.

Liquidity and Capital Resources

~~Until~~On ~~the~~November ~~consummation~~10, of2025, we consummated the initial public offering of 17,250,000 units ~~our~~at ~~only~~$10.00 ~~source~~ per unit, which is discussed in Note 3, which included the full exercise of ~~liquidity~~the ~~was~~underwriters’ over-allotment ~~payment~~option of ~~general~~2,250,000 ~~and~~units, ~~administrative~~generating ~~costs~~gross ~~made~~proceeds byof ~~initial~~$172,500,000. ~~shareholders~~Simultaneously onwith ~~behalf~~the closing of the ~~Company~~Initial inPublic Offering, ~~exchange~~we ~~for~~consummated the ~~issuance~~ sale of ~~Class B~~an ~~ordinary~~aggregate ~~shares~~of 545,000 ~~par~~private ~~value~~placement ~~$0.0001~~units ~~per~~to ~~share,~~the toSponsor and the ~~initial~~underwriters ~~shareholders~~at ~~and~~a ~~loans~~price ~~from~~of $10.00 per unit, or $5,450,000 in the ~~Sponsor~~aggregate.

~~Subsequent~~Following to the ~~quarterly period covered by this Quarterly Report, on November 10, 2025, we consummated the~~ initial public offering ~~of 17~~,~~250,000 units~~ ~~at $10.00 per unit, which includes~~ the full exercise of the ~~underwriters’~~ over-allotment option, and the sale of ~~2,250,000~~private placement units, ~~generating~~a ~~gross~~total ~~proceeds~~ of $172,500,000. ~~Simultaneously with~~was ~~the~~placed ~~closing~~in of the ~~initial~~Trust ~~public~~Account. ~~offering,~~We weincurred ~~consummated~~$10,862,543, ~~the~~consisting of ~~sale~~$3,450,000 of ancash ~~aggregate~~underwriting offee, ~~545~~$6,900,000 ~~private placement units to the Sponsor and the underwriters at a price~~ of ~~$10.00~~deferred ~~per~~underwriting ~~unit~~fee, orand $5512,~~450,000~~543 inof ~~the~~other ~~aggregate~~offering costs.

14For the three months ended March 31, 2026, net cash used in operating activities was $115,301. Net income of $1,463,066 was offset by interest earned on cash and marketable securities held in Trust Account of $1,502,364. Changes in operating assets and liabilities, which used $76,003 of cash from operating activities.

Following the initial public offering, the full exercise of the over-allotment option, and the sale of the units, a total of $172,500,000 was placed in the trust account. We incurred $10,862,543, consisting of $3,450,000 of cash underwriting fee, $6,900,000 of deferred underwriting fee, and $512,543 of other offering costs.16

~~For~~At ~~the~~March ~~period~~31, ~~from~~2026, ~~May~~we ~~29,~~had ~~2025~~cash ~~(inception)~~and ~~through~~marketable ~~September~~securities 30held in the Trust Account of $174,944,663 ~~2025~~(including approximately $1,502,364 of net ~~cash~~investment ~~used~~income in(interest ~~operating~~income net ~~activities~~of ~~was~~unrealized $0loss)). ~~Net~~We ~~loss~~intend to use substantially all of ~~$51~~the funds held in the Trust Account,~~695~~ ~~was~~including ~~affected~~any byamounts ~~payment~~representing interest earned on the Trust Account, which interest shall be net of ~~general~~taxes payable and ~~administrative~~excluding deferred underwriting commissions, to ~~costs~~complete ~~through~~our ~~issuance~~Business ofCombination. ~~founder~~We ~~shares~~may towithdraw ~~initial~~interest ~~shareholders~~from ofthe ~~$25~~Trust Account to pay taxes,~~000,~~ ~~payment~~if ofany. ~~general~~To ~~and~~the ~~administrative~~extent ~~costs~~that ~~through~~our ~~promissory~~share ~~note~~capital –or ~~related~~debt ~~party~~is ofused, ~~$13~~in whole or in part,~~887,~~ ~~and~~as ~~share-based~~consideration ~~compensation~~to ~~expense~~complete ofa ~~$522.~~Business ~~Changes~~Combination, inthe ~~operating~~remaining ~~assets~~proceeds ~~and~~held ~~liabilities~~in ~~provided~~the ~~$12,286~~Trust Account will be used as working capital to finance the operations of ~~cash~~the ~~from~~target ~~operating~~business ~~activities~~or businesses, make other acquisitions and pursue our growth strategies.

WeAt ~~intend~~March to31, ~~use~~2026, ~~substantially~~we ~~all~~had cash of ~~the~~$991,524 ~~funds~~ held ~~in the trust account,~~ ~~including~~outside ~~any~~of ~~amounts representing interest earned on~~ the ~~trust~~Trust ~~account~~Account. ~~(less~~We ~~income~~intend ~~taxes payable),~~ to ~~complete~~use ~~our~~the ~~business~~funds ~~combination. To~~held outside the ~~extent~~Trust ~~that~~Account ~~our~~primarily ~~share~~to ~~capital~~identify orand ~~debt~~evaluate istarget ~~used~~businesses, perform inbusiness ~~whole~~due ordiligence inon ~~part,~~prospective astarget ~~consideration~~businesses, travel to ~~complete~~and ~~our~~from ~~business~~the ~~combination~~offices, ~~the remaining~~plants ~~proceeds~~or ~~held~~similar inlocations ~~the~~of ~~trust~~prospective target ~~account~~businesses ~~will~~or betheir ~~used~~representatives asor ~~working~~owners, ~~capital~~review tocorporate ~~finance~~documents ~~the~~and ~~operations~~material agreements of ~~the~~prospective target ~~business or~~ businesses, ~~make~~structure, ~~other~~negotiate ~~acquisitions~~ and ~~pursue~~complete ~~our~~a ~~growth~~Business ~~strategies~~Combination.

WeIn ~~intend~~order to ~~use~~fund ~~the~~working ~~funds~~capital ~~held~~deficiencies ~~outside~~or ~~the~~finance ~~trust~~transaction costs ~~account~~in ~~primarily to~~connection ~~identify~~with a Business Combination, our Sponsor or an affiliate of our Sponsor or certain of our officers and ~~evaluate~~directors ~~target~~may, but ~~businesses~~are not obligated to, ~~perform~~loan ~~business~~us ~~due~~funds ~~diligence~~as onmay ~~prospective~~be ~~target~~required. ~~businesses~~If we complete a Business Combination, ~~travel~~we may repay such loaned amounts out of the proceeds of the Trust Account released to ~~and~~us. ~~from~~In the ~~offices~~event that a Business Combination does not close, ~~plants~~ orwe ~~similar~~may ~~locations~~use a portion of the ~~prospective~~working ~~target~~capital ~~businesses~~held oroutside ~~their~~the ~~representatives~~Trust orAccount ~~owners~~to repay such loaned amounts, ~~review~~but ~~corporate~~no ~~documents~~proceeds ~~and~~from ~~material~~our Trust Account would be used ~~agreements~~for ofsuch ~~prospective~~repayment. ~~target~~Up ~~businesses~~to $2,500,000 ~~and~~of ~~structure,~~such ~~negotiate~~Working ~~and~~Capital ~~complete~~Loans may be convertible into private placement units at a ~~business~~price ~~combination~~of $10.00 per unit at the option of the lender. The Units would be identical to the private placement units.

InWe ~~order~~do tonot ~~fund~~believe ~~working~~we ~~capital~~will ~~deficiencies~~need orto ~~finance~~raise ~~transaction~~additional ~~costs~~funds in ~~connection~~order ~~with~~to ameet ~~business combination,~~ the ~~Sponsor,~~expenditures orrequired ~~certain~~for ofoperating our ~~officers~~business. ~~and~~However, ~~directors~~if orour ~~their~~estimate ~~affiliates~~of ~~may,~~the ~~but~~costs ~~are not~~of ~~obligated~~identifying toa target business, ~~loan~~undertaking usin-depth ~~funds~~due asdiligence ~~may~~and benegotiating ~~required.~~a IfBusiness weCombination ~~complete~~are aless ~~business~~than ~~combination,~~the weactual ~~would~~amount ~~repay~~necessary ~~such~~to ~~loaned~~do ~~amounts. In the~~so, ~~event~~we ~~that~~may ahave ~~business~~insufficient ~~combination~~funds ~~does~~available ~~not~~to ~~close,~~operate weour ~~may~~business ~~use~~prior ato ~~portion~~our ofinitial ~~the~~Business ~~working~~Combination. ~~capital~~Moreover, ~~held~~we ~~outside~~may ~~the~~need ~~trust account~~ to ~~repay~~ ~~such~~obtain ~~loaned~~additional ~~amounts~~financing ~~but~~either noto ~~proceeds~~complete ~~from~~ our ~~trust~~Business ~~account~~Combination ~~would~~or bebecause ~~used~~we ~~for~~become ~~such~~obligated ~~repayment. Up~~ to ~~$2,500,000~~redeem ofa ~~such~~significant ~~working capital~~number ~~loans~~of ~~may~~our bepublic ~~convertible~~shares ~~into~~upon ~~private~~completion ~~placement~~of ~~units~~our atBusiness aCombination, ~~price~~in ofwhich ~~$10.00~~case ~~per~~we ~~unit~~may atissue ~~the~~additional ~~option~~securities ofor ~~the~~incur ~~lender.~~debt ~~Such~~in ~~units would be identical~~connection towith ~~the~~such ~~private~~Business ~~placement units~~Combination.

We do not believe we will need to raise additional funds in order to meet the expenditures required for operating our business. However, if our estimate of the costs of identifying a target business, undertaking inOff-~~depth~~Balance ~~due~~Sheet ~~diligence~~Financing and negotiating a business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our business combination. Moreover, we may need to obtain additional financing either to complete our business combination or because we become obligated to redeem a significant number of our public shares upon consummation of our business combination, in which case we may issue additional securities or incur debt in connection with such business combination.Arrangements

~~Off~~We have no obligations, assets or liabilities, which would be considered off-~~Balance~~balance ~~Sheet~~sheet ~~Arrangements~~arrangements as of March 31, 2026. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of September 30, 2025. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities, other than an agreement with the Sponsor to pay an aggregate of $20,000 per month for office space and general and administrative services until the consummation of the ~~business~~Business ~~combination~~Combination. These monthly fees will cease upon the completion of the initial ~~business~~Business ~~combination~~Combination or the liquidation of the Company.

The underwriters ~~had~~were aentitled ~~45-day~~to ~~option~~a ~~from~~cash ~~the~~underwriting ~~date~~discount of ~~the initial public~~$0.20 ~~offering~~per toUnit, ~~purchase~~or ~~up to an additional 2~~$3,~~250~~450,000 ~~units~~ toin ~~cover~~the ~~over-allotments~~aggregate, ifwhich ~~any.~~was Onpaid ~~November~~at ~~10, 2025, simultaneously with~~ the closing of the ~~initial~~Initial ~~public~~Public ~~offering,~~Offering. ~~the~~Of ~~underwriters~~this ~~elected~~amount, to$0.10 ~~fully~~per ~~exercise~~Unit was paid to the ~~over-allotment~~underwriters ~~option~~upon tothe ~~purchase~~closing of the ~~additional 2,250,000~~initial ~~units~~public atoffering ain ~~price~~cash ofand $100.0010 per Unit was used by the underwriters to purchase private placement units.

15Critical Accounting Policies

The ~~underwriters~~preparation ~~were~~of ~~entitled~~unaudited tocondensed afinancial statements ~~cash~~and ~~underwriting~~related ~~discount~~disclosures ofin ~~$0.20 per~~conformity ~~Unit,~~with oraccounting ~~$3,450,000~~principles generally accepted in the ~~aggregate,~~United ~~which~~States ~~was~~of ~~paid~~America atrequires management ~~the~~to ~~closing~~make ofestimates and assumptions that affect the ~~initial~~reported ~~public~~amounts ~~offering.~~of Ofassets ~~this~~and ~~amount~~liabilities, ~~$0.10~~disclosure ~~per~~of ~~Unit~~contingent assets ~~was~~and ~~paid~~liabilities toat the ~~underwriters~~date ~~upon~~of the ~~closing~~unaudited ofcondensed ~~the~~financial ~~initial~~statements, ~~public~~and ~~offering~~income inand ~~cash~~expenses ~~and~~during $0the periods reported.10 ~~per~~Actual results ~~Unit~~could ~~was~~materially ~~used~~differ byfrom ~~the~~those ~~underwriters~~estimates. ~~to purchase~~We ~~private~~have ~~placement~~not ~~units~~identified any critical accounting policies.

~~Additionally,~~Ordinary ~~the~~Shares ~~underwriters~~Subject ~~are entitled~~ to aPossible deferred underwriting discount of $0.40 per Unit, or up to $6,900,000 in the aggregate payable to the underwriters for deferred underwriting commissions on amounts remaining in the trust account after all redemptions by public shareholders have been met. The deferred underwriting discount will become payable to the underwriters from the amounts held in the trust account solely in the event we complete our initial business combination.Redemption

~~Critical~~We ~~Accounting~~account ~~Estimates~~for our Ordinary Shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity.” Ordinary Shares subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable Ordinary Shares (including Ordinary Shares that features redemption rights that is either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within our control) is classified as temporary equity. At all other times, Ordinary Shares are classified as shareholders’ equity. Our Ordinary Shares feature certain redemption rights that are considered to be outside of our control and subject to occurrence of uncertain future events. Accordingly, Ordinary Shares subject to possible redemption is presented as temporary equity, outside of the shareholders’ deficit section of our unaudited condensed balance sheets.

The preparation of condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, and income and expenses during the periods reported. Making estimates requires management to exercise significant judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the unaudited condensed financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those estimates. As of September 30, 2025, we did not have any critical accounting estimates to be disclosed.17

Net Income per Ordinary Share

The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared pro rata between the two classes of shares. Net income per Ordinary Share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. Accretion associated with the redeemable Ordinary Shares is excluded from income per Ordinary Share as the redemption value approximates fair value.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. The ASU requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in Topic 280. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company adopted ASU 2023-07 on May 29, 2025, date of incorporation.

Management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited condensed financial statement.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not required for smaller reporting companies.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to Management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of our Management, including our Certifying Officers, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on the foregoing, our Certifying Officers concluded that our disclosure controls and procedures were effective as of the end of the quarterly period ended ~~September~~ 30March 31, ~~2025~~2026.

Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the fiscal quarter of ~~2025~~2026 covered by this Quarterly Report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

1618

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

Factors that could cause our actual results to differ materially from those in this report include the risk factors described in our ~~final~~Annual ~~prospectus~~Report on Form 10-K. As of the date of this Quarterly Report, there have been no material changes to the risk factors disclosed in our ~~final~~Annual ~~prospectus~~Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On November 10, 2025, we consummated the initial public offering of 17,250,000 units, which included the full exercise by the underwriters of their over-allotment option, at $10.00 per unit, generating gross proceeds of $172,500,000. Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC (“CCM”) acted as lead book-running manager of the initial public offering. The securities sold in the initial public offering were registered under the Securities Act on a registration statement on Form S-1 (File No. 333-289546). The registration statement became effective on November 5, 2025.

Simultaneously with the closing of the initial public offering we consummated the sale of an aggregate of 545,000 private placement units to the Sponsor and CCM at a price of $10.00 per unit, or $5,450,000 in the aggregate. Each unit consists of one Class A ordinary share and one-tenth of one right. The foregoing issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

~~The~~Of ~~private~~the ~~placement~~gross ~~units~~proceeds ~~are~~received ~~identical~~from to the ~~units~~ ~~sold~~initial inpublic offering and the ~~initial~~proceeds ~~public~~of ~~offering,~~the ~~except~~sale ~~that~~of the private placement units ~~are not transferable~~, ~~assignable~~an oraggregate ~~salable until after the completion~~ of ~~a business combination~~$172,500,000 ~~subject~~was toplaced ~~certain~~in ~~limited~~the ~~exceptions~~Trust Account.

Of the gross proceeds received from the initial public offering and the proceeds of the sale of the private placement units, an aggregate of $172,500,000 was placed in the trust account.

We paid a total of $10,862,543, consisting of $3,450,000 of cash underwriting fee, $6,900,000 of deferred underwriting fee, (see additional discussion in Note 6 of the financial statements contained elsewhere in this Quarterly Report), and $512,543 of other offering costs.

For a description of the use of the proceeds generated in our initial public offering, see Part I, Item 2 of this Quarterly Report.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

1719

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document.
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

*	Filed herewith.

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

1820

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TAILWIND 2.0 ACQUISITION CORP.
Date: December 22, 2025	By:	/s/ Sharo M. Atmeh
Date: May 15, 2026	By:	/s/ Sharo M. Atmeh
	Name:	Sharo M. Atmeh
	Title:	Chief Executive Officer and Director
		(Principal Executive Officer)
Date: December 22, 2025	By:	/s/ Michael DeLucia
Date: May 15, 2026	By:	/s/ Michael DeLucia
	Name:	Michael DeLucia
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

1921

Filing Compare · Tailwind 2.0 Acquisition Corp.