The company reports zero revenue and consistent operating losses, with 2026Q1 expenses reaching $239.8K, indicating a total reliance on non-operating gains to mask underlying operational deficits.
| Metric | TTM | Dec'25 | Dec'24 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 | Dec'94 | Dec'93 |
|---|
| Sales/Revenue | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 456.59M | 431.42M | 367.51M | 363.72M | 344.76M | 339.72M | 315.82M | 301.4M | 335.26M | 307.24M | 252.19M | 211.14M | 171.65M | 162.33M | 134.17M | 131.83M | 172.84M | 140.68M | 138.3M | 123.15M | 88.65M | 114.8M | 100.1M | 100.2M | 101.8M | 92.2M | 70M | 52.3M |
| Gross Margin % | - | - | - | 30.93% | 28.83% | 30.55% | 24.48% | 23.59% | 23.74% | 22.58% | 22.15% | 24.27% | 23.91% | 21.12% | 20.77% | 19.48% | 18.24% | 16.34% | 16.39% | 23.94% | 22.19% | 24.51% | 24.21% | 16.68% | 22.47% | 24.17% | 25.81% | 24.98% | 24.91% | 26.86% | 23.62% |
| Gross Profit Growth % | - | - | -100% | 5.83% | 17.39% | 1.04% | 5.5% | 1.48% | 7.57% | 4.78% | -10.1% | 9.12% | 21.83% | 19.44% | 23% | 5.74% | 20.99% | 1.78% | -23.73% | 22.86% | 1.72% | 12.3% | 38.92% | -22.78% | 14.69% | -0.1% | -1.57% | 10.41% | 31.71% | 33.84% | -43.46% |
| Operating Expenses | 865.84K | 874.6K | 495.45K | 378.58M | 362.3M | 338.11M | 343.74M | 335.69M | 258.06M | 222.23M | 206M | 207.24M | 194.9M | 146.67M | 126.43M | 112.19M | 100.23M | 103.28M | 118.73M | 118.63M | 92.71M | 93.84M | 88.44M | 92.39M | 93.6M | 101.8M | 85.8M | 87M | 82.2M | 69.4M | 55.3M |
| OpEx % of Revenue | - | - | - | 25.65% | 24.21% | 28.11% | 23.13% | 22.97% | 18.03% | 15.89% | 15.14% | 15% | 15.17% | 12.28% | 12.44% | 12.73% | 11.26% | 12.57% | 14.76% | 16.43% | 14.62% | 16.63% | 17.39% | 17.38% | 18.32% | 24.58% | 22.1% | 21.34% | 22.21% | 26.63% | 24.98% |
| Selling, General & Admin | 0 | 0 | 594.54K | 274.7M | 270.06M | 258.64M | 258.09M | 269.59M | 212.52M | 181.67M | 164.88M | 163.69M | 154.96M | 120.85M | 111.83M | 99.96M | 95.05M | 97.17M | 110.64M | 113.14M | 87.89M | 85.46M | 76.05M | 74.02M | 75.7M | 79.9M | 76.8M | 76.5M | 69.7M | 59.5M | 45.9M |
| SG&A % of Revenue | - | - | - | 18.61% | 18.05% | 21.5% | 17.37% | 18.44% | 14.85% | 12.99% | 12.12% | 11.85% | 12.06% | 10.12% | 11% | 11.34% | 10.68% | 11.83% | 13.76% | 15.67% | 13.86% | 15.14% | 14.95% | 13.93% | 14.82% | 19.29% | 19.78% | 18.77% | 18.83% | 22.83% | 20.73% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | -865.84K | -874.6K | -495.45K | 78M | 69.11M | 29.4M | 19.98M | 9.07M | 81.66M | 93.58M | 95.4M | 128.02M | 112.33M | 105.53M | 84.71M | 59.47M | 62.1M | 30.89M | 13.1M | 54.21M | 47.98M | 44.46M | 34.71M | -3.74M | 21.2M | -1.7M | 14.4M | 14.8M | 10M | 600K | -3M |
| Operating Margin % | - | - | - | 5.28% | 4.62% | 2.44% | 1.34% | 0.62% | 5.71% | 6.69% | 7.01% | 9.27% | 8.74% | 8.84% | 8.33% | 6.75% | 6.98% | 3.76% | 1.63% | 7.51% | 7.57% | 7.88% | 6.82% | -0.7% | 4.15% | -0.41% | 3.71% | 3.63% | 2.7% | 0.23% | -1.35% |
| Operating Income Growth % | - | -76.53% | -100.64% | 12.86% | 135.08% | 47.13% | 120.31% | -88.89% | -12.74% | -1.9% | -25.48% | 13.96% | 6.45% | 24.57% | 42.45% | -4.24% | 101% | 135.77% | -75.83% | 12.99% | 7.91% | 28.09% | 1028.3% | -117.64% | 1347.06% | -111.81% | -2.7% | 48% | 1566.67% | 120% | -136.59% |
| EBITDA | -865.84K | -874.6K | 99.09K | 166.49M | 133.85M | 76M | 71.08M | 54.55M | 119.32M | 124.02M | 120.75M | 150.88M | 134.68M | 119.99M | 100.29M | 69.16M | 70.95M | 39.38M | 21.73M | 61.67M | 54.46M | 51M | 47.5M | 7.64M | 31.4M | 9.4M | 23.4M | 25.3M | 22.5M | 10.5M | 6.4M |
| EBITDA Margin % | - | - | - | 11.28% | 8.94% | 6.32% | 4.78% | 3.73% | 8.34% | 8.87% | 8.87% | 10.92% | 10.48% | 10.05% | 9.87% | 7.85% | 7.97% | 4.79% | 2.7% | 8.54% | 8.59% | 9.04% | 9.34% | 1.44% | 6.15% | 2.27% | 6.03% | 6.21% | 6.08% | 4.03% | 2.89% |
| EBITDA Growth % | -192.19% | -982.64% | -99.94% | 24.38% | 76.13% | 6.92% | 30.31% | -54.28% | -3.79% | 2.71% | -19.97% | 12.03% | 12.24% | 19.64% | 45.03% | -2.53% | 80.15% | 81.21% | -64.76% | 13.25% | 6.78% | 7.36% | 521.86% | -75.67% | 234.04% | -59.83% | -7.51% | 12.44% | 114.29% | 64.06% | -64.64% |
| D&A (Non-Cash Add-back) | 0 | 0 | 594.54K | 88.48M | 64.74M | 46.6M | 51.1M | 45.48M | 37.66M | 30.44M | 25.36M | 22.86M | 22.34M | 14.47M | 15.59M | 9.69M | 8.85M | 8.49M | 8.63M | 7.47M | 6.48M | 6.54M | 12.79M | 11.38M | 10.2M | 11.1M | 9M | 10.5M | 12.5M | 9.9M | 9.4M |
| EBIT | -865.84K | -874.6K | 5.84M | 24.24M | 72.8M | 25.31M | 18.88M | 3.72M | 76.31M | 93.5M | 37.6M | 131.84M | 119.11M | 107.68M | 87.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Interest Income | 9.55M | 0 | 0 | -27.68M | -20.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 27.68M | 20.45M | 10.42M | 15.03M | 11.2M | 4.4M | 4.08M | 3.42M | 1.55M | 1.46M | 1.75M | 2.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 8.69M | 8.95M | 5.84M | -9.6M | 60.73M | 14.89M | 3.85M | -7.48M | 71.91M | 89.41M | 34.19M | 130.29M | 117.65M | 105.92M | 85.24M | 57.24M | 65.25M | 36.33M | 12.08M | 56.3M | 55.03M | 40.92M | 31.11M | 241K | 21.5M | 1.1M | 18.8M | 17.7M | 8.8M | 3.3M | 1.7M |
| Pretax Margin % | - | - | - | -0.65% | 4.06% | 1.24% | 0.26% | -0.51% | 5.03% | 6.39% | 2.51% | 9.43% | 9.15% | 8.87% | 8.38% | 6.5% | 7.33% | 4.42% | 1.5% | 7.8% | 8.68% | 7.25% | 6.11% | 0.05% | 4.21% | 0.27% | 4.84% | 4.34% | 2.38% | 1.27% | 0.77% |
| Income Tax | 0 | 0 | 0 | -6.38M | 11.04M | 7.09M | 15.06M | -9.21M | 49M | 19.83M | 14.21M | 38.18M | 32.57M | 35.28M | 29.55M | 20.39M | 23.66M | 12.2M | 453K | 19.39M | 18.51M | 11.48M | 10.27M | -433K | 7.5M | 200K | 6.6M | 6.6M | 3.4M | 800K | -500K |
| Effective Tax Rate % | 0% | 0% | 0% | 66.45% | 18.18% | 47.65% | 391.14% | 123.2% | 68.14% | 22.18% | 41.55% | 29.31% | 27.68% | 33.31% | 34.67% | 35.61% | 36.26% | 33.57% | 3.75% | 34.44% | 33.64% | 28.06% | 33% | -179.67% | 34.88% | 18.18% | 35.11% | 37.29% | 38.64% | 24.24% | -29.41% |
| Net Income | 8.69M | 8.95M | 5.84M | -3.22M | 49.69M | 12.31M | -11.21M | 1.74M | 22.89M | 69.49M | 19.8M | 91.9M | 84.77M | 70.64M | 55.69M | 36.85M | 41.59M | 24.13M | 11.63M | 36.91M | 36.52M | 29.44M | 20.84M | 674K | 14M | 900K | 12.2M | 11.1M | 5.4M | 3.7M | 22.3M |
| Net Margin % | - | - | - | -0.22% | 3.32% | 1.02% | -0.75% | 0.12% | 1.6% | 4.97% | 1.46% | 6.65% | 6.6% | 5.92% | 5.48% | 4.18% | 4.67% | 2.94% | 1.45% | 5.11% | 5.76% | 5.22% | 4.1% | 0.13% | 2.74% | 0.22% | 3.14% | 2.72% | 1.46% | 1.42% | 10.07% |
| Net Income Growth % | -5.86% | 53.3% | 281.3% | -106.48% | 303.69% | 209.82% | -746.05% | -92.42% | -67.07% | 251% | -78.46% | 8.41% | 20.01% | 26.85% | 51.1% | -11.38% | 72.32% | 107.54% | -68.5% | 1.07% | 24.06% | 41.24% | 2992.28% | -95.19% | 1455.56% | -92.62% | 9.91% | 105.56% | 45.95% | -83.41% | 218.57% |
| Net Income (Continuing) | 8.69M | 8.95M | 5.84M | -3.22M | 49.69M | 12.31M | -11.21M | 1.74M | 22.89M | 69.49M | 19.8M | 91.9M | 84.77M | 70.64M | 55.69M | 36.85M | 41.59M | 24.13M | 11.63M | 36.91M | 36.52M | 29.44M | 20.84M | 674K | 14M | 900K | 12.2M | 11.1M | 5.4M | 3.7M | 22.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.38 | 0.39 | 0.19 | -0.10 | 1.62 | 0.45 | -0.41 | 0.06 | 0.85 | 2.59 | 0.74 | 3.44 | 3.17 | 2.64 | 2.08 | 1.38 | 1.56 | 0.90 | 0.44 | 1.38 | 1.37 | 1.10 | 0.78 | 0.03 | 0.52 | 0.03 | 0.45 | 0.41 | 0.20 | 0.14 | 0.81 |
| EPS Growth % | -14.93% | 105.26% | 290% | -106.17% | 260% | 209.76% | -738.63% | -92.45% | -67.18% | 250% | -78.49% | 8.52% | 20.08% | 26.92% | 50.72% | -11.54% | 73.33% | 104.55% | -68.12% | 0.73% | 24.55% | 41.03% | 2995.24% | -95.15% | 1447.62% | -92.53% | 9.76% | 105% | 42.86% | -82.72% | 224% |
| EPS (Basic) | - | 0.39 | 0.19 | -0.10 | 1.62 | 0.45 | -0.41 | 0.06 | 0.85 | 2.59 | 0.74 | 3.44 | 3.17 | 2.64 | 2.08 | 1.38 | 1.56 | 0.90 | 0.44 | 1.38 | 1.37 | 1.10 | 0.78 | 0.03 | 0.52 | 0.03 | 0.45 | 0.41 | 0.20 | 0.14 | 0.81 |
| Diluted Shares Outstanding | 23M | 23M | 21.49M | 31.3M | 30.61M | 27.35M | 27.11M | 27.04M | 26.94M | 26.84M | 26.76M | 26.74M | 26.74M | 26.73M | 26.73M | 26.73M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.75M | 26.97M | 26.94M | 26.94M | 27.1M | 27.45M |
| Basic Shares Outstanding | 23M | 23M | 21.49M | 31.3M | 30.61M | 27.35M | 27.11M | 26.98M | 26.87M | 26.79M | 26.74M | 26.74M | 26.74M | 26.73M | 26.73M | 26.73M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.72M | 26.75M | 26.93M | 26.94M | 26.94M | 27.1M | 27.45M |
| Dividend Payout Ratio | - | - | - | - | 16.93% | 59.75% | - | 419.88% | 31.71% | 9.25% | 32.41% | 6.98% | 8.83% | 6.81% | 8.64% | 13.05% | 11.57% | 19.93% | 41.36% | 11.58% | 10.24% | 12.11% | 16.24% | 502.08% | 24.29% | 377.78% | 27.87% | 59.46% | 81.48% | 110.81% | 41.7% |
Liquidity and deal failure
As reported in recent financial statements, Lionheart Holdings maintains a consistent quarterly operating loss, with 2026Q1 expenses reaching $239.8K, which highlights the structural pressure on the company's limited $230,540 cash balance and underscores the urgent need for either a merger or additional sponsor funding.
The company's cost structure is entirely comprised of administrative and compliance-related outflows, which are necessary to maintain its public listing status. Given the absence of revenue, these recurring costs represent a direct depletion of working capital that may limit the sponsor's flexibility in conducting thorough due diligence.
Based on the provided income statement data, the company consistently reports positive net income, such as the $1.9M recorded in 2026Q1, despite generating zero revenue, which suggests that these figures are driven by non-operating items like warrant liability adjustments rather than core business performance.
Investors should be cautious when interpreting these net income figures, as they do not reflect the underlying cash-burn reality of the shell entity. The volatility in these non-cash adjustments may create a misleading impression of profitability that obscures the fundamental risk of the company's pre-operational status.
As indicated by the historical data, the company's reliance on sponsor-driven deal flow and the lack of operational revenue suggest that the current business model is highly fragile, with the $230,540 cash position potentially insufficient to sustain operations through a prolonged search for a viable target.
The primary risk remains the potential for a liquidation event if the sponsor fails to secure a definitive agreement before the cash runway is exhausted. This outcome would likely result in a total loss of the sponsor's investment and a return of trust assets to shareholders, rendering the entity's existence as a public vehicle unsuccessful.
Quick answers to the most common questions about buying CUB stock.
Lionheart Holdings (CUB) is profitable, generating $9.0M in net income for the fiscal year ending 2025.