The company maintains zero operational revenue while incurring $799.7K in SG&A expenses as of 2026Q1, reflecting the inherent cost burden of its shell status.
| Net Interest Income | 2.55M | 7.85M | 0 |
| NII Growth % | 344159.57% | - | - |
| Net Interest Margin % | 0.87% | 3.29% | 0% |
| Interest Income | 2.55M | 7.85M | 0 |
| Interest Expense | 0 | 0 | 0 |
| Loan Loss Provision | 0 | 0 | 0 |
| Non-Interest Income | -2.55M | -7.85M | 0 |
| Non-Interest Income % | - | - | - |
| Total Revenue | 0 | 0 | 0 |
| Revenue Growth % | 0% | - | - |
| Non-Interest Expense | 4.7M | 3.72M | 132 |
| Efficiency Ratio | - | - | - |
| Operating Income | -5.04M | -3.72M | -131 |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -2843171.76% | - |
| Pretax Income | 5.7M | 4.13M | -131 |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 4.8M | 4.13M | -131 |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 3152941.22% | - |
| Net Income (Continuing) | 4.8M | 4.13M | -131 |
| EPS (Diluted) | 0.20 | 0.16 | -0.02 |
| EPS Growth % | - | 908.08% | - |
| EPS (Basic) | - | 0.16 | -0.02 |
| Diluted Shares Outstanding | 23.6M | 19.59M | 6.67M |
Liquidation and capital exhaustion
As reported in recent financial filings, FERA's SG&A expenses have fluctuated significantly, reaching $799.7K in 2026Q1, which highlights the inherent cost pressure of maintaining a public shell entity while actively searching for a viable business combination target within the competitive digital economy and blockchain ecosystem sectors.
The company's cost structure is entirely comprised of administrative and professional fees, which appear to be scaling as the search process intensifies. Investors should monitor whether these rising overhead costs will necessitate additional capital injections or PIPE financing to sustain operations until a merger is finalized.
Based on the provided income statement data, FERA reported net income of $1.3M in 2026Q1 despite generating zero operational revenue, suggesting that reported earnings are driven by non-operating items rather than core business performance, which warrants caution for investors evaluating the company's underlying financial health.
The disconnect between negative operating income and positive net income indicates that valuation adjustments or interest income from the trust account are the primary drivers of the bottom line. This volatility suggests that reported EPS figures may not reflect the true economic reality of the shell's operational progress.
According to the company's historical income statements, FERA continues to operate without any revenue, resulting in a persistent negative operating margin that reflects the structural reality of a pre-merger SPAC where operating expenses are incurred without any corresponding top-line growth to provide leverage.
The absence of revenue means that any increase in SG&A directly impacts the net burn rate, leaving no room for operational efficiency gains. Until a business combination is successfully executed, the company will remain entirely dependent on its initial capital and sponsor support to cover ongoing regulatory and administrative obligations.
As indicated by the reported cash balance of $543,258, FERA faces a precarious liquidity position that may limit its ability to conduct extensive due diligence or secure high-quality targets, potentially forcing management to accept less favorable merger terms or seek immediate external financing to avoid liquidation.
The current cash position appears insufficient for a long-term search process, especially given the recent quarterly burn rates observed in 2025. This suggests that the company's ability to survive without a near-term deal is highly constrained, and investors should be wary of the potential for significant dilution if additional capital is raised.
Quick answers to the most common questions about buying FERA stock.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) is profitable, generating $4.1M in net income for the fiscal year ending 2025.