The entity remains in a pre-revenue state, with consistent quarterly operating losses peaking at $283.7K in 2024Q4, indicating a total lack of operational revenue generation.
| 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% |
Sponsor-led deal execution failure
As indicated by recent financial disclosures, Lionheart Holdings maintains a consistent quarterly operating loss, with SG&A expenses peaking at $283.7K in 2024Q4, reflecting the ongoing fixed costs required to sustain the entity's public listing and due diligence activities while searching for a suitable acquisition target.
The company's cost structure is entirely comprised of administrative and professional fees, which are typical for a pre-revenue shell entity. Investors should monitor these expenses closely, as the limited cash reserves suggest that prolonged search periods may necessitate additional sponsor capital infusions to maintain operations.
Based on the provided income statement data, the reported net income of $1.9M in 2026Q1 appears disconnected from the underlying operational reality, as the entity generates zero revenue and continues to incur consistent operating losses, suggesting that non-operating items are driving the bottom-line volatility.
The discrepancy between operating losses and positive net income likely stems from the mark-to-market accounting of warrant liabilities, which creates significant non-cash fluctuations. Analysts should disregard these accounting gains when assessing the entity's true cash burn rate and focus instead on the depletion of the trust account.
According to the latest quarterly filings, Lionheart Holdings exhibits no operating leverage, as the entity remains in a pre-revenue state with operating losses consistently ranging between $177K and $284K per quarter, highlighting the structural absence of revenue-generating activities prior to a successful business combination.
The lack of operational scale is inherent to the SPAC model, but the persistent negative operating income underscores the reliance on external sponsor support. Future scalability will depend entirely on the nature of the target company acquired, rendering current operating metrics irrelevant for long-term performance forecasting.
As reported in historical financial statements, the sponsor's previous deal-making track record, specifically regarding entities like MSP Recovery, warrants caution, as the market may be underestimating the potential for post-merger value attrition despite the current speculative premium assigned to the company's outstanding warrants.
Short-sellers may focus on the sponsor's history of value destruction, which could lead to significant redemption pressure when a target is finally announced. Investors should investigate whether the current valuation reflects a genuine belief in the sponsor's deal-sourcing capabilities or merely a speculative bet on warrant optionality.
Quick answers to the most common questions about buying CUBWW stock.
Lionheart Holdings (CUBWW) is profitable, generating $9.0M in net income for the fiscal year ending 2025.