Pelican Acquisition Corp (PELIU) Q1 2026 Earnings Report

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.

Transcript highlights-not-provided: The input did not include an earnings call transcript. Consequently, management quotes or theme-based insights from management commentary could not be extracted. If available, we would group quotes by themes (strategy, deal progression, market conditions) and provide context and significance for investors.

Pelican remains a high-risk, high-plex opportunity tied to successful de-SPAC execution. The current quarter shows a robust cash cushion and a burn profile typical for SPACs awaiting a merger, but the absence of revenue and negative equity frame an uncertain path to value realization. The investment thesis centers on timely identification and closing of a technology-oriented target at favorable terms, supported by a sizeable cash runway and controlled burn. Key catalysts include a confirmed deal announcement, regulatory clearance, and updated financing terms. Investors should monitor for de-SPAC press releases, strategic disclosures, and 8-K filings that outline the deal structure, expected closing timeline, and potential impacts on equity structure and liquidity.