Overview of QQ2 2023 metrics with YoY and QoQ context where available:
- Revenue: Not disclosed in the QQ2 2023 filing; no topline revenue reported for the period.
- Operating income: -31,649 USD; QoQ and YoY changes listed in the earnings metrics as significant yet driven by non-operating items (operating income negative, indicating core operations remain dormant as a shell).
- Net income: 210,137 USD; YoY change 45.29%, QoQ change 1,353.65%. The QoQ jump is driven by total other income/expenses (net 241,787 USD) rather than recurring operating performance.
- EPS: 0.0617 USD, matching headline net income per share; YoY EPS change 45.18%, QoQ 1,359.18%.
- EBITDA: -31,649 USD; indicates cash earnings before non-cash adjustments and financing are still negative from the core operations.
- Weighted average shares outstanding: 3,403,075 shares (diluted similar).
- Cash flow from operations: -7,367 USD; free cash flow: -7,367 USD, reflecting minimal operating cash generation in the quarter.
- Financing cash flow: +241,993 USD, contributing to a net decrease in cash of 11,252 USD for the quarter; cash at end of period: 8,086 USD.
- Balance sheet highlights:
• Total assets: 20,793,913 USD
• Cash and cash equivalents: 8,086 USD; cash equivalents total end period.
• Long-term investments: 20,670,271 USD – a material non-current asset class typical of SPACs awaiting a target.
• Total current liabilities: 1,788,483 USD; total liabilities: 5,813,483 USD.
• Total stockholders’ equity: 14,980,430 USD; net debt: 972,511 USD.
• Current ratio: 0.0691; Quick ratio: 0.00452; Cash ratio: 0.00452 – signaling tight near-term liquidity.
Interpreting these figures: The QQ2 2023 results show a fragile liquidity position with a negligible cash cushion, offset by a sizable stockholders’ equity base and a large pool of long-term investments. The apparent net income is largely a result of non-operating items, underscoring that the quarter’s profit is not reflective of ongoing operating performance typical of a legacy business. The value proposition remains anchored in Energem’s ability to consummate a timely energy-sector business combination that would unlock the implied value of its non-current asset base.