No management remarks or earnings call transcript were included in the Q3 2024 SEC filing.
— N/A
03Detailed Report
FSHP
Flag Ship Acquisition Corporation
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 26, 2026
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Executive Summary
Flag Ship Acquisition Corporation (FSHP) is a shell/SPAC entity with no operating revenue in Q3 2024. The quarter produced net income of $488k (EPS $0.06) driven principally by other non-operating income (reported as $891k) while core operating activities produced an operating loss of $403k. The company holds material investment assets ($69.99M) and total assets of $70.11M, but reported cash on hand at quarter-end of only $215. Current liquidity metrics are weak on a cash basis (cash ratio ~0.00066) though leverage is minimal (total debt $318k). Operating cash flow was negative $413k; investing activity shows a ~$69.0M deployment into investments during the quarter. No revenue-producing operations exist; performance and valuation should be interpreted in the context of a SPAC/trust structure and the company’s search for a business combination.
Key Performance Indicators
Operating Income
Decreasing
-402.97K
QoQ: -416.49% | YoY: -779.68%
Net Income
Increasing
488.33K
QoQ: 2,350.95% | YoY: 1,166.01%
EPS
Increasing
0.06
QoQ: 500.00% | YoY: 427.87%
Revenue Trend
Margin Analysis
Financial Highlights
Period end: 2024-09-30 (USD). Revenue: none reported. Operating expenses (G&A): $402,971. Other income (net): $891,298. Operating income: -$402,971. Net income: $488,327. Basic / diluted EPS: $0.06 on 8,863,000 weighted average shares. Cash & equivalents: $215. Total investments: $69,989,243. Total assets: $70,110,003. Total liabilities: $2,052,979. Total stockholders' equity: $68,057,024. Current ratio: 0.37. Net cash provided/(used): Operating -$412,977; Investing -$69,000,000; Financing +$307,566. Net change in cash: -$105,411.
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-402.97K
-779.68%
-416.49%
Net Income
488.33K
1,166.01%
2,350.95%
EPS
0.06
427.87%
500.00%
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
0.70%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.72%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.37
Current ratio below safe levels, potential liquidity risk
Debt to Equity
Conservative
0.00
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
High Growth
45.47x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
Fair Value
1.31x
Price-to-book ratio reasonable for profitable companies
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