The company has maintained zero revenue across all ten reported quarters while incurring consistent administrative expenses, such as the $130.6K in SG&A recorded in 2026Q1.
| Net Interest Income | 742.27K | 0 | 0 | 0 | 0 | 0 | 5 |
| NII Growth % | 557.85% | - | - | - | - | -100% | - |
| Net Interest Margin % | 2.22% | 0% | 0% | 0% | 0% | 0% | 0.19% |
| Interest Income | 742.27K | 0 | 0 | 0 | 0 | 0 | 5 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Loan Loss Provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Non-Interest Income | -742.27K | 0 | 0 | 0 | 0 | 0 | -5 |
| Non-Interest Income % | - | - | - | - | - | - | - |
| Total Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 0% | - | - | - | - | - | - |
| Non-Interest Expense | 627.63K | 659.06K | 889.3K | 62.4K | 107.19K | 86.68K | 6.34K |
| Efficiency Ratio | - | - | - | - | - | - | - |
| Operating Income | -627.63K | -659.06K | -889.3K | -62.4K | -107.19K | -86.68K | -6.34K |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 25.89% | -1325.18% | 41.79% | -23.67% | -1266.5% | - |
| Pretax Income | 1.41M | 1.83M | 909.84K | -62.4K | -107.19K | -86.68K | -6.34K |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 1.41M | 1.83M | 909.84K | -62.4K | -107.19K | -86.68K | -6.34K |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -9.74% | 101.01% | 1558.1% | 41.79% | -23.67% | -1267.58% | - |
| Net Income (Continuing) | 1.41M | 1.83M | 909.84K | -62.4K | -107.19K | -86.68K | -6.34K |
| EPS (Diluted) | 0.46 | 0.33 | 0.10 | -0.03 | -0.05 | -0.04 | -0.00 |
| EPS Growth % | 27.7% | 230% | 438.98% | 41.7% | -23.72% | - | - |
| EPS (Basic) | - | 0.33 | 0.10 | -0.03 | -0.05 | -0.04 | -0.00 |
| Diluted Shares Outstanding | 3.06M | 5.52M | 8.86M | 2.12M | 2.12M | 2.12M | 7.81M |
Insolvency and delisting risk
As indicated by the company's historical financial filings, Flag Ship Acquisition Corporation has maintained zero revenue across all ten reported quarters, confirming its status as a non-operational shell vehicle that remains entirely dependent on a future, yet-to-be-identified business combination to generate any commercial activity.
The lack of revenue growth is a structural feature rather than a performance failure, reflecting the company's singular purpose as a blank-check entity. Investors should note that the absence of top-line movement implies that the company's valuation is disconnected from traditional growth metrics and remains purely speculative.
Based on the provided income statement data, the company's SG&A expenses have fluctuated significantly, peaking at $403.0K in 2024Q3, which highlights the ongoing financial burden of maintaining public reporting compliance despite the complete absence of any underlying business operations or revenue-generating assets.
The volatility in administrative outflows suggests that management faces unpredictable costs related to regulatory filings and legal maintenance. This expense profile, when paired with minimal cash reserves, indicates that the company is operating under extreme fiscal pressure to remain a viable public entity.
According to the reported financial statements, the company has periodically recorded positive net income despite consistent operating losses, suggesting that these earnings are derived from non-operating items rather than core business performance, which warrants significant caution for any investor evaluating the company's true profitability.
The disconnect between operating losses and reported net income implies that the company may be relying on accounting adjustments or non-recurring gains to maintain a positive bottom line. Such earnings quality is inherently low, as it does not reflect sustainable operational success or a viable business model.
As reported in recent filings, the company's cash position of $6,551 against ongoing quarterly administrative outflows suggests a high probability of insolvency, challenging the narrative that the shell retains sufficient value to attract a high-quality merger partner in the current regulatory environment.
The extreme depletion of liquidity raises questions about the company's ability to survive long enough to execute a definitive agreement. Investors should monitor for potential dilutive capital raises, as the current financial state appears insufficient to cover the costs of a complex reverse merger process.
Quick answers to the most common questions about buying FSHP stock.
Flag Ship Acquisition Corporation (FSHP) is profitable, generating $1.8M in net income for the fiscal year ending 2025.