No management transcript or public quote provided in the Q1 2024 filing.
03Detailed Report
FSHP
Flag Ship Acquisition Corporation
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 26, 2026
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Executive Summary
Flag Ship Acquisition Corporation (NASDAQ: FSHP) reported Q1 2024 results consistent with a public shell / acquisition vehicle: no operating revenue, a recurring operating loss driven by G&A, and materially constrained liquidity. Key figures: net loss of $75,788 (EPS -$0.0098), cash and cash equivalents of $40,704, operating cash outflow of $70,506 and short-term debt of $433,554. The company's balance sheet shows negative shareholders' equity with total liabilities of $437,464. No transcript or management commentary was provided with the filings; as a SPAC-like vehicle, value to investors depends on successful and timely completion of a qualifying business combination, the structure of any transaction and the ability to address short-term funding needs.
Key Performance Indicators
Operating Income
Decreasing
-75.79K
QoQ: -513.92% | YoY: -2,882.61%
Net Income
Decreasing
-75.79K
QoQ: -356.69% | YoY: -2,882.61%
EPS
Decreasing
-0.01
QoQ: -48.48% | YoY: -880.00%
Revenue Trend
Margin Analysis
Financial Highlights
Selected Q1 2024 metrics (USD): Net income: -$75,788; EPS (basic/diluted): -$0.0098; Operating cash flow: -$70,506; Net change in cash: -$75,506; Cash and cash equivalents (end of period): $40,704; Total assets: $78,670; Total liabilities: $437,464; Total stockholders' equity: -$358,794; Short-term debt: $433,554; Net debt: $392,850; Current ratio: 0.10; Cash per share: $0.00527; Operating cash flow per share: -$0.00913. Notes: the company reported no operating revenue for the quarter. Weighted average shares outstanding (Q1): 7,720,000.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-75.79K
-2,882.61%
-513.92%
Net Income
-75.79K
-2,882.61%
-356.69%
EPS
-0.01
-880.00%
-48.48%
Key Financial Ratios
Gross Profit Margin
Weak
0.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
0.00%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
0.00%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.96%
Return on assets suggests inefficient capital allocation
Return on Equity
Strong
21.10%
Return on equity demonstrates excellent capital efficiency and value creation
Current Ratio
Concern
0.10
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
-1.21
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-254.40x
Negative earnings make P/E ratio not meaningful
Price to Book
Undervalued
-214.95x
Trading below book value, potential value opportunity or distressed
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