The company has reported zero revenue for multiple consecutive quarters, with recent net income figures of $1.0M in 2026Q1 appearing disconnected from the underlying lack of operational activity.
| Net Interest Income | 6.98M | 7.22M | 16.24M | 14.07M | 4.82M | 105.68K |
| NII Growth % | -34.65% | -55.57% | 15.45% | 191.79% | 4462.44% | - |
| Net Interest Margin % | 3.76% | 3.91% | 11.24% | 29.73% | 1.38% | 0.03% |
| Interest Income | 6.98M | 7.22M | 19K | 36K | 4.82M | 105.68K |
| Interest Expense | 0 | 0 | -16.22M | -14.03M | 0 | 0 |
| Loan Loss Provision | 0 | 0 | 85.46M | 83.86M | 4.41M | 3.78M |
| Non-Interest Income | -6.98M | -7.22M | 108.72M | 87.58M | -4.82M | -105.68K |
| Non-Interest Income % | - | - | 99.98% | 99.96% | - | - |
| Total Revenue | 0 | 0 | 108.74M | 87.62M | 0 | 0 |
| Revenue Growth % | -300% | -100% | 24.11% | - | - | - |
| Non-Interest Expense | 2.38M | 2.23M | 83.42M | 39.02M | 4.41M | 3.78M |
| Efficiency Ratio | - | - | 76.71% | 44.53% | - | - |
| Operating Income | -2.38M | -2.23M | -68.51M | -52.36M | -4.41M | -3.78M |
| Operating Margin % | - | - | -63% | -59.76% | - | - |
| Operating Income Growth % | - | 96.75% | -30.85% | -1088.05% | -16.53% | - |
| Pretax Income | 4.6M | 5.02M | -54.44M | -96.22M | 5.98M | 5.13M |
| Pretax Margin % | - | - | -50.07% | -109.82% | - | - |
| Income Tax | 0 | 0 | 2.01M | 20K | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | -3.69% | -0.02% | 0% | 0% |
| Net Income | 4.6M | 5.02M | -56.45M | -269.56M | 5.98M | 5.13M |
| Net Margin % | - | - | -51.91% | -307.65% | - | - |
| Net Income Growth % | 131.71% | 108.89% | 79.06% | -4605.85% | 16.65% | - |
| Net Income (Continuing) | 4.6M | 5.02M | -56.45M | -269.56M | 5.98M | 5.13M |
| EPS (Diluted) | 0.25 | 0.27 | -2.26 | -10.90 | 0.14 | 0.12 |
| EPS Growth % | 137.5% | 111.95% | 79.27% | -7885.71% | 16.67% | - |
| EPS (Basic) | - | 0.27 | -2.26 | -10.90 | 0.14 | 0.20 |
| Diluted Shares Outstanding | 18.49M | 18.49M | 24.96M | 24.72M | 34.5M | 42.56M |
Liquidation and redemption risk
As indicated by the most recent financial filings, FACT has reported zero revenue for multiple consecutive quarters, confirming its status as a shell entity that lacks any operational revenue stream or organic growth trajectory while it continues to search for a viable business combination target for acquisition.
The absence of revenue is consistent with the structural nature of a SPAC, yet the lack of any interest-bearing inflows suggests the entity is currently dormant. Investors should monitor whether the sponsor can source a transaction before the regulatory window closes, as the current trajectory offers no indication of commercial activity.
Based on reported figures, the company maintains a fixed-cost structure primarily composed of administrative and regulatory expenses, with recent quarterly SG&A outlays of $517.6K highlighting the ongoing cash burn required to sustain the entity's listing status while awaiting a potential merger or eventual liquidation.
The persistent operating losses, evidenced by the $517.6K SG&A expense in 2026Q1, underscore the necessity for either a rapid deal closure or additional sponsor capital. This cost profile is entirely non-productive, serving only to maintain the corporate shell rather than drive any underlying business value.
According to historical income statements, the reported net income figures appear disconnected from operational reality, as the entity has recorded positive net income in recent quarters despite generating zero revenue, suggesting these gains are likely driven by non-operating adjustments or mark-to-market accounting of warrant liabilities.
The presence of positive net income in the absence of revenue warrants significant skepticism regarding the quality of earnings. These figures likely reflect accounting artifacts rather than economic profit, and investors should focus on cash balances rather than bottom-line profitability to assess the entity's true financial health.
As reported in financial statements, the company's limited cash position of $544,791 creates a precarious environment where any significant shareholder redemption activity could leave the entity with insufficient capital to finalize a merger, potentially forcing a sub-optimal deal or a total liquidation of the trust.
The reliance on sponsor support to cover administrative costs suggests that the entity's survival is contingent on external capital rather than internal efficiency. This vulnerability may lead to management pursuing a rushed transaction to avoid the costs associated with a failed SPAC process, which poses a substantial risk to shareholders.
Quick answers to the most common questions about buying FACT stock.
FACT II Acquisition Corp (FACT) is profitable, generating $5.0M in net income for the fiscal year ending 2025.