CONX Corp operates as a shell company with no meaningful operating businesses as of QQ1 2024. Reported results show no revenue or cost of revenue, but a net income of $2.374 million driven by total other income of $3.436 million and offset by operating expenses of $1.072 million. EBITDA and operating income are negative at $1.072 million, reflecting the lack of core operations. The company generated negative cash flow from operations (-$0.405 million) and reports a very tight liquidity position with cash and cash equivalents of $0.103 million and current liabilities far exceeding current assets, resulting in an extremely weak current ratio (~0.06). The balance sheet shows total liabilities of $38.23 million versus total assets of $22.54 million and negative stockholders’ equity of $-15.69 million, signaling substantial leverage and balance sheet fragility. Financing activity contributed $0.50 million, lifting the net change in cash to about $0.095 million for the period. Given the absence of operating revenue and persistent balance sheet stress, any investment thesis hinges entirely on a successful, value-creating business combination rather than current operating performance. Management commentary is not provided in the data available for QQ1 2024, so the outlook rests on potential transaction catalysts rather than near-term earnings trajectory.