Key QQ1 2026 metrics and notable observations:
- Revenue: N/A (no revenue reported)
- Operating income: -$19.937 million
- EBITDA: -$19.937 million
- Other income/expenses: +$0.384 million
- Net income: -$19.553 million
- Earnings per share (EPS): -$0.01
- Weighted average shares outstanding: 2,700,000
- Cash from operating activities (CFO): -$39.664 million
- Change in working capital: -$20.111 million
- Net change in cash: +$440.533 million
- Cash at end of period: $499.606 million
- Cash at beginning of period: $59.073 million
- Net cash provided by financing activities: +$480.197 million
- Effect of foreign exchange on cash: +$59.073 million
- Total assets: $670.572 million
- Total liabilities: $703.341 million
- Total stockholders’ equity: -$32.769 million
- Total debt: $700.000 million
- Net debt: $200.394 million
- Current assets: $501.456 million
- Current liabilities: $703.341 million
- Current ratio: ~0.71 (current assets 501.456 / current liabilities 703.341)
- Equity quality: negative stockholders’ equity indicating SPAC structural dynamics rather than operating profitability
Interpretation: The quarter is defined by the SPAC construct—substantial financing inflows to support a potential merger and a cash-rich balance sheet, contrasted by the absence of operating revenue and a negative net income. The financing inflows more than offset the -$39.664 million operating cash burn in the quarter, allowing Pelican to bolster its cash position toward a potential de-SPAC event. Investors should view these metrics through the lens of deal execution risk and the likelihood of a value-creating business combination rather than conventional earnings growth.