Pelican Acquisition Corporation Ordinary Shares (PELI) reported QQ2 2026 results with a net income of $307,410 and earnings per share (EPS) of $0.03, despite zero operating revenue. The quarterly performance was driven by a sizable non-operating income line of $638,657 and modest SG&A/operating expenses totaling $331,247, yielding a positive pre-tax result. EBITDA remained negative at $(331,247) due to the lack of revenue and the nature of SPAC operating costs. The period was characterized by a substantial shift in cash flow composition: operating cash flow was negative at $(420,429); investing cash outflows were dominated by purchases of investments totaling $(86,250,000); while financing activities contributed a sizable inflow of $86,423,063, leaving net cash down only modestly by $(247,366) for the quarter and a cash balance of $252,240 at period-end. The balance sheet shows a heavy non-current asset base, led by long-term investments of $86,885,672, with total assets of $87,312,564 and a modest current-liability footprint. Net debt is negative $(252,240), reflecting net cash on hand despite limited operating cash generation. This QQ2 2026 performance underscores the SPAC structure’s reliance on investment activity and financing capacity to fund operations and to position for a potential business combination. Absent a timely value realization event, near-term earnings visibility remains driven by investment outcomes and capital-market conditions rather than recurring operating revenue.
Key Performance Indicators
Operating Income
-331.25K
QoQ: N/A | YoY:N/A
Net Income
307.41K
QoQ: N/A | YoY:N/A
EPS
0.03
QoQ: N/A | YoY:N/A
Revenue Trend
Margin Analysis
Key Insights
Revenue: None reported in QQ2 2026 (no operating revenue indicated).
Operating expenses: General and Administrative Expenses and Selling/General/Admin combined at $331,247 in QQ2 2026, contributing to an operating loss of $(331,247).
EBITDA: $(331,247) in QQ2 2026; reflects absence of revenue and cost structure aligned to SPAC-level operating activities.
Operating income: $(331,247) in QQ2 2026.
Other income/expense: Net other income $(638,657) contributing to pretax income of $307,410.
Financial Highlights
# Key Profitability and Liquidity Metrics (QQ2 2026 vs QQ1 2026)
- Revenue: None reported in QQ2 2026 (no operating revenue indicated).
- Operating expenses: General and Administrative Expenses and Selling/General/Admin combined at $331,247 in QQ2 2026, contributing to an operating loss of $(331,247).
- EBITDA: $(331,247) in QQ2 2026; reflects absence of revenue and cost structure aligned to SPAC-level operating activities.
- Operating income: $(331,247) in QQ2 2026.
- Other income/expense: Net other income $(638,657) contributing to pretax income of $307,410.
- Income before tax: $307,410 in QQ2 2026; tax expense not reported in the period.
- Net income: $307,410 in QQ2 2026; EPS $0.03; weighted average shares outstanding 6,081,522.
- YoY/QoQ trend: QQ1 2026 showed a net loss of $(19,553) and EPS of $(0.01) on similar share count, indicating a substantial QoQ swing to profitability driven by the large non-operating income line in QQ2. The improvement highlights the dependence on non-operating items in this SPAC structure rather than core operating revenue.
- Cash flow (operating): $(420,429) provided by/used in operating activities in QQ2 2026. Investing activities: $(86,250,000) in purchases of investments. Financing activities: $86,423,063, yielding a net cash decrease of $(247,366) for the quarter.
- Balance sheet basics: Cash and cash equivalents $252,240; long-term investments $86,885,672; total assets $87,312,564. Liabilities total $83,976 with stockholders’ equity of $342,916, resulting in net cash position of $(252,240).
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Management Commentary
Transcript data not provided in the input. As a result, management quotes and thematic insights from the earnings call cannot be quoted or cited. If you can supply the earnings call transcript or key quotes, I can synthesize them by themes (strategy, operations, market conditions) and pair them with the financial data here.
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Forward Guidance
No formal forward guidance was provided in the supplied data for QQ2 2026. Given Pelican’s SPAC profile, near-term forward expectations typically hinge on successful identification and execution of a business combination in the technology sector, or strategic asset deployments that unlock value within the long-term investment portfolio. In the absence of explicit targets, the following factors should be monitored:
- Progress toward a targeted business combination (timing, due diligence milestones, and regulatory approvals).
- Dynamics in the trust/capital structure, including any anticipated capital inflows or redemptions that could affect liquidity.
- Realized value from long-term investments and any shifts to more liquid holdings to support potential deals.
- Market conditions for technology-sector transactions and overall SPAC funding environment.
- Changes in operating costs as the company moves from a pure SPAC cash-management phase toward active deal execution.
Overall, the investment thesis rests on the ability to monetize the investment portfolio through a value-unlocking transaction while maintaining liquidity to support the deal process.
Competitive Position
Company
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Investment Outlook
Short-to-medium-term outlook remains contingent on the SPAC’s ability to consummate a value-creating business combination in the technology space. The QQ2 2026 results show a favorable net income figure driven by non-operating items and a robust financing inflow, but operating cash flow remains negative and there is a substantial outlay in investments. If Pelican can successfully identify and close a high-quality target while maintaining access to financing and navigating SPAC-specific risks, the value proposition could hinge on the post-deal earnings potential and the realization of value from the long-term investment portfolio. Absent a completed deal, the investment thesis is predominantly driven by macro market conditions and the ability to manage liquidity and investments effectively.
Key Investment Factors
Growth Potential
Potential upside arises from successfully completing a technology-sector business combination, which would unlock strategic value beyond the current non-operating income-driven results. The sizable long-term investment base (approximately $86.9 million) provides optionality to participate in high-growth tech opportunities and to realize capital gains on exit.
Profitability Risk
Key risks include SPAC-specific uncertainties (redemptions, delay in finding a suitable target, and potential deal failure), market volatility impacting investment performance, and the lack of recurring operating revenue which leaves earnings highly reliant on non-operating items and financing activity. Regulatory and capital-market conditions could constrain deal activity or execution timing.
Financial Position
The company demonstrates a net cash position (-$252,240) on a consolidated basis, supported by a large pool of long-term investments and a significant financing inflow in QQ2 2026. The structure yields limited operating cash flow, so liquidity depends on ongoing financing capacity and the ability to deploy investments toward a successful business combination.
SWOT Analysis
Strengths
Large portfolio of long-term investments providing optionality for value realization
Net cash position enabled by financing activities, supporting potential deal activity
No near-term debt burden reported, contributing to balance sheet flexibility
Weaknesses
Zero operating revenue and reliance on non-operating income for profitability
Cash flow heavily skewed toward investing and financing activities, with negative operating cash flow
Limited public-market comparables; SPAC-specific business model reduces traditional performance metrics
Opportunities
Active pursuit of a high-quality technology-sector target could unlock substantial value
Strategic monetization of non-core investments or rebalancing toward liquidity in anticipation of a deal
Potential to attract additional capital if market conditions favor SPAC transactions
Threats
Market volatility and the risk of unfavorable deal timing or failure
Redemptions and trust-account dynamics could squeeze liquidity or alter capital structure
Regulatory scrutiny of SPACs and technology-sector M&A activity may impact timelines and outcomes