Overview of QQ2 2025 metrics and QoQ deltas (USD unless stated otherwise):
- Revenue: None reported in QQ2 2025 (typical for a SPAC shell focused on finding a target).
- Operating expenses: $219,584 (G&A) and total operating expenses $219,584 for QQ2 2025; EBITDA -$219,584; Operating income -$219,584.
- Total Other Income/Expenses: $2,326,596 in QQ2 2025; significant positive driver versus prior period.
- Income before tax: $2,107,012; Net income: $2,107,012; EPS: $0.08; Weighted average shares outstanding: 27,675,000.
- Balance sheet highlights: Cash and cash equivalents $240,391; Short-term investments $223,400,035; Total cash and short-term investments $223,640,426; OtherCurrentAssets negative $223,180,633; Total current assets $459,793; Total non-current assets $223,488,969; Total assets $223,948,762.
- Liabilities and equity: Total current liabilities $157,333; Total non-current liabilities $12,600,000; Total liabilities $12,757,333; Total stockholders’ equity -$12,208,606; Total liabilities and stockholders’ equity $223,? (balancing shows $548,727 in provided data).
- Liquidity ratios: Current ratio 2.92; Quick ratio 2.92; Cash ratio 1.528.
- Profitability and efficiency: Net income margin not meaningful given SPAC structure; ROA 0.94%; ROE -17.3%; Price-to-book around -22.94; Cash per share $8.08; Price-to-earnings ratio 33.23 (reflecting non-operating income skew). Portfolio and leverage in SPAC context render traditional equity multiples less informative.
- Four-quarters snapshot (Q1 and Q2 2025): Q1 shows EBITDA -$6.1419 million, net loss -$5.068 million, driven by non-operating items; there is a pronounced QoQ swing into QQ2 where operating loss narrowed sharply and net income turned positive due to higher non-operating income.
Key takeaway: The QQ2 2025 quarter is characterized by a meaningful non-operating income contribution and negligible operating activity, yielding a positive net income while underlying operating economics remain negative—typical of a SPAC awaiting a business combination. Liquidity remains abundant, but balance sheet dynamics (negative equity) reflect the SPAC structure and potential dilution risks ahead of any merger.