Executive Summary
Pelican Acquisition Corporation Right (PELIR) reported QQ1 2026 results with no revenue and a minimal net loss of $19,553. The quarter highlights a cost-efficient operating structure (operating expenses of $19,937 and EBITDA of -$19,937) but no revenue recognition, consistent with a SPAC/blank-check vehicle in the asset management space prior to completing a business combination. Liquidity is highly dependent on external financing: cash on hand rose to $499,606 at quarter-end, aided by net financing cash flows of $480,197 and a positive foreign exchange impact of $59,073, offsetting negative operating cash flow of $39,664. The balance sheet shows liabilities of $703,341 against cash of $499,606 and negative stockholders’ equity of -$32,769, implying leverage and a fragile equity position. The company carries short-term debt of $700,000 and a current ratio of approximately 0.71, signaling liquidity risk absent a near-term deal close. Management commentary is not included in the supplied data, limiting forward-looking insights beyond the lack of revenue and the reliance on capital-market financing to sustain operations. The investment thesis hinges on identifying and closing a compelling technology-focused business combination within the SPAC lifecycle; absent a target, the risk profile remains elevated.
Key Performance Indicators
Key Insights
Revenue and gross profit: Not recognized in QQ1 2026 (revenue=null).
Profitability: EBITDA = -$19,937; Operating income = -$19,937; Net income = -$19,553; Earnings per share (EPS) = -$0.01; Weighted average shares outstanding = 2,700,000.
Cash flow: Operating activities cash burn = -$39,664; Net cash from financing activities = $480,197; Effect of foreign exchange on cash = $59,073; Net change in cash = $440,533; Cash at end of period = $499,606; Cash at beginning = $59,073; Capital expenditur...
Financial Highlights
Revenue and gross profit: Not recognized in QQ1 2026 (revenue=null).
Profitability: EBITDA = -$19,937; Operating income = -$19,937; Net income = -$19,553; Earnings per share (EPS) = -$0.01; Weighted average shares outstanding = 2,700,000.
Cash flow: Operating activities cash burn = -$39,664; Net cash from financing activities = $480,197; Effect of foreign exchange on cash = $59,073; Net change in cash = $440,533; Cash at end of period = $499,606; Cash at beginning = $59,073; Capital expenditures = $4; Free cash flow = -$39,664.
Balance sheet: Cash and cash equivalents = $499,606; Total current assets = $501,456; Total assets = $670,572; Total current liabilities = $703,341; Short-term debt = $700,000; Total liabilities = $703,341; Net debt = $200,394; Total stockholders’ equity = -$32,769; Retained earnings = -$62,117. Current ratio ≈ 0.71; Working capital = -$201,885.
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Management Commentary
No earnings call transcript provided in the data set. Unable to extract thematic highlights or quotes. If the transcript is supplied, I will generate management themes (strategy, operations, market conditions) with context and significance.
Transcript not provided
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Forward Guidance
No formal forward guidance is included in the provided data. In a typical SPAC/blank-check vehicle, investors should monitor for management commentary on: (1) target deal pipeline and expected closing timeline, (2) potential equity raises or debt facilities to bolster liquidity, (3) any changes to strategic objectives or target sectors within technology, and (4) regulatory or governance updates related to the planned business combination. Given the lack of revenue and negative equity, management guidance on deal cadence and liquidity runway will be key to assessing achievability of a successful close within the SPAC’s intended lifecycle.