The company exhibits a persistent lack of operational revenue, with the sole exception of $1.8M in 2024Q4, while continuing to incur quarterly operating losses such as the $343.8K reported in 2025Q2.
| Net Interest Income | 1.04M | 2.22M | 2.23M | 0 |
| NII Growth % | -261.57% | -0.37% | - | - |
| Net Interest Margin % | 3.32% | 7.35% | 3.83% | 0% |
| Interest Income | 1.04M | 2.22M | 2.23M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 876.45K | 0 | 1.08M | 0 |
| Non-Interest Income | 712.58K | -2.22M | -2.23M | 0 |
| Non-Interest Income % | 40.65% | - | - | - |
| Total Revenue | 1.75M | 0 | 0 | 0 |
| Revenue Growth % | 0% | - | - | - |
| Non-Interest Expense | 801.42K | 1.36M | 0 | 6.31K |
| Efficiency Ratio | 45.72% | - | - | - |
| Operating Income | -1.15M | -1.36M | -1.08M | -6.31K |
| Operating Margin % | -65.37% | - | - | - |
| Operating Income Growth % | - | -25.86% | -17063.23% | - |
| Pretax Income | 215.81K | 856.06K | 1.28M | -6.31K |
| Pretax Margin % | 12.31% | - | - | - |
| Income Tax | 257.85K | 452.79K | 443.99K | 0 |
| Effective Tax Rate % | 119.48% | 52.89% | 34.71% | 0% |
| Net Income | -42.05K | 403.26K | 834.78K | -6.31K |
| Net Margin % | -2.4% | - | - | - |
| Net Income Growth % | -105.83% | -51.69% | 13337.95% | - |
| Net Income (Continuing) | -42.05K | 403.26K | 834.78K | -6.31K |
| EPS (Diluted) | -0.02 | 0.08 | 0.15 | -0.00 |
| EPS Growth % | -118.95% | -49.73% | - | - |
| EPS (Basic) | - | 0.08 | 0.12 | -0.00 |
| Diluted Shares Outstanding | 2.59M | 5.35M | 5.71M | 6.55M |
Imminent Liquidation Deadline
According to the provided financial data, FORL has generated zero revenue in nine of the last ten quarters, with the sole exception of 2024Q4, indicating that the company remains a dormant shell entity without an active business combination or operational revenue stream to support its valuation.
The singular revenue event in 2024Q4 appears to be an anomaly rather than a trend, as the company has returned to zero revenue in subsequent periods. This lack of consistent top-line generation suggests that the firm has yet to identify or close a viable acquisition target within the IoT sector.
As reported in the income statement, FORL consistently incurs quarterly operating losses, such as the $343.8K loss in 2025Q2, which are driven primarily by administrative and compliance expenses rather than any productive investment in the company's stated IoT acquisition mandate.
The persistent operating losses, despite the absence of revenue-generating activities, highlight the structural burden of maintaining a public shell. Investors should monitor whether these ongoing costs will eventually exhaust the remaining cash reserves, forcing a liquidation before a target is secured.
Based on the historical income statements, FORL's net income has fluctuated significantly, including a positive $131.5K in 2024Q3 followed by losses, suggesting that these bottom-line figures are likely driven by non-operating items or accounting adjustments rather than core business performance.
The inconsistency in net income, often swinging between profit and loss without corresponding revenue, implies that the reported earnings are not indicative of operational health. This volatility warrants caution, as it may obscure the underlying reality of a company struggling to manage its limited capital base.
With a reported cash balance of only $28,407, the company's financial position appears precarious, as noted in recent filings, suggesting that FORL lacks the necessary capital to sustain its search for an IoT target without immediate and significant external financial support from its sponsors.
The extremely low cash position relative to the ongoing quarterly burn rate suggests that the company is operating on a very thin margin of safety. This financial constraint may limit management's ability to conduct thorough due diligence or negotiate competitive terms for a potential business combination.
Quick answers to the most common questions about buying FORL stock.
Four Leaf Acquisition Corporation (FORL) is profitable, generating $0.4M in net income for the fiscal year ending 2024.