Reported net interest income rose to $1.3M in 2026Q2 from $873.5K in 2025Q2, yet operating income remained negative at -$960.8K, suggesting trust yields rather than operating earnings drive the reported bottom line.
Collective Acquisition Corp. (CCAQ) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'21 |
|---|
| Sales/Revenue | 0 | 0 | 0 | - |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | - |
| COGS % of Revenue | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - |
| Gross Profit Growth % | - | - | - | - |
| Operating Expenses | 1.84M | 451.92K | 36.7K | 2.59M |
| OpEx % of Revenue | - | - | - | - |
| Selling, General & Admin | 1.84M | 451.92K | 36.7K | 2.59M |
| SG&A % of Revenue | - | - | - | - |
| Research & Development | 0 | 0 | 0 | - |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | - |
| Operating Income | -1.84M | -451.92K | -36.7K | -2.59M |
| Operating Margin % | - | - | - | - |
| Operating Income Growth % | - | -1131.31% | - | - |
| EBITDA | -1.84M | -451.92K | -36.7K | 24.9M |
| EBITDA Margin % | - | - | - | - |
| EBITDA Growth % | -831.91% | -1131.31% | - | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 27.49M |
| EBIT | -1.84M | -451.92K | -36.7K | -2.59M |
| Net Interest Income | 5.55M | 3.8M | 0 | 27.54M |
| Interest Income | 5.55M | 3.8M | 0 | 46.01K |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.55M | 3.8M | 0 | - |
| Pretax Income | 3.71M | 3.35M | -36.7K | 24.9M |
| Pretax Margin % | - | - | - | - |
| Income Tax | 0 | 0 | 0 | -27.49M |
| Effective Tax Rate % | 0% | 0% | 0% | -110.41% |
| Net Income | 3.71M | 3.35M | -36.7K | 52.39M |
| Net Margin % | - | - | - | - |
| Net Income Growth % | 448.8% | 9226.16% | - | - |
| Net Income (Continuing) | 3.71M | 3.35M | -36.7K | 52.39M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.26 | 0.17 | -0.00 | 0.91 |
| EPS Growth % | 450.74% | - | - | - |
| EPS (Basic) | - | 0.17 | -0.00 | 0.91 |
| Diluted Shares Outstanding | 14.38M | 20.23M | 17.59M | 57.5M |
| Basic Shares Outstanding | 14.38M | 20.23M | 17.59M | 57.5M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying CCAQ stock.
For fiscal year 2025, Collective Acquisition Corp. (CCAQ) reported total revenue of $0.0M. This represents a 100.0% decline compared to $27.5M in 2021.
Collective Acquisition Corp. (CCAQ) is profitable, generating $3.3M in net income for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Non-operating income dependence
Metrics are mathematically derived from official filings.
Trust Income Drives Reported Interest Figures
Based on the reported quarterly figures, IPOD's net interest income reached $1.3M in 2026Q2 after a $873.5K base in 2025Q2, a rise of 51.2% quarter over quarter that appears driven by trust account yields rather than lending activity.
As a shell company with no loan book, the interest line reflects returns on cash held in trust rather than a bank-style spread business. The swing from negative NII in 2025Q4 to positive levels in 2026 suggests that interest income is sensitive to short-term rate movements and trust balances, which warrants further investigation. Because the income is not earned from customer lending, it should not be read as evidence of operating franchise growth.
Net Interest Margin Lacks Meaningful Context
The reported NIM of 0.9% in 2026Q1 and 2026Q2 against -1.6% in 2025Q4 reflects a metric that appears to measure trust yield relative to a nominal base, not a traditional bank spread.
A conventional net interest margin depends on earning assets funded by deposits, and IPOD's reported figure does not map onto that structure. The sign reversal in the fourth quarter of 2025 may indicate expense or accounting entries rather than a deterioration in lending economics. Investors should treat the margin series as diagnostic of trust accounting rather than a comparable banking profitability measure.
No Provision Activity in Recent Periods
Reported provision expense is $0 across the recent quarters shown, while a $4.8M provision appeared in 2021Q4, suggesting that credit cost analysis is largely not applicable to this entity.
The absence of a loan portfolio means that provision expense has no meaningful relationship to a credit cycle for this company. The 2021Q4 charge of $4.8M is an outlier that the supplied data does not explain, so no inference about asset quality should be drawn from it. The data for this metric is effectively unavailable for analytical purposes.
Net Income Driven by Non-Operating Items
Despite reported net income of $360.0K in 2026Q2, operating income was negative at -$960.8K, indicating that positive bottom-line results rely on items below the operating line rather than core earnings.
The gap between a negative operating result and positive net income suggests that gains or trust income outside operations are supporting reported earnings. The 2022Q1 net income of $35.8M and 2022Q2 net income of $17.2M, both set against operating losses, reinforce that reported profits have been episodic and not tied to operating performance. Earnings quality should be assessed with caution, and the source of these non-operating gains warrants further review.
Earnings Swung Sharply Across Periods
Net income moved from $35.8M in 2022Q1 to -$9.9M in 2021Q4's neighboring period set and back to $360.0K in 2026Q2, a pattern that suggests reported results are dominated by discrete, non-recurring entries.
The inflection points in the series appear linked to events such as trust distributions or accounting adjustments rather than to any operating turn. Because the swings are large relative to the scale of recurring interest income, they should not be extrapolated as a trend. Further investigation into the drivers of the 2022 and 2025 movements would be needed before drawing conclusions about the entity's earnings path.