The company reports zero operational revenue, with net income of $2.2M in 2026Q1 driven entirely by non-operating items rather than core business activity.
| Sales/Revenue | 0 | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 917.14K | 551.92K | 564.97K | 14.04K | 30.84K | 3.97K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 917.14K | 551.92K | 564.97K | 14.04K | 30.84K | 3.97K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | -917.2K | -551.92K | -565K | -14.04K | -30.84K | -3.97K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | 2.32% | -3923.93% | 54.47% | -676.83% | - |
| EBITDA | -917.2K | -551.92K | 8.67M | -14.04K | 4 | -3.97K |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -30.28% | -106.36% | 61861.98% | -351125% | 100.1% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 30.84K | 0 |
| EBIT | -917.2K | -551.92K | 8.67M | -14.04K | -30.84K | -3.97K |
| Net Interest Income | -388.72K | 12.44M | 9.24M | 0 | 0 | 0 |
| Interest Income | -388.72K | 12.44M | 9.24M | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | 11.14M | 11.89M | 8.67M | -14.04K | -30.84K | -3.97K |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 11.14M | 11.89M | 8.67M | -14.04K | -30.84K | -3.97K |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -4.3% | 37.13% | 61861.98% | 54.48% | -676.34% | - |
| Net Income (Continuing) | 11.14M | 11.89M | 8.67M | -14.04K | -30.84K | -3.97K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.39 | 0.41 | 0.47 | -0.00 | -0.00 | -0.00 |
| EPS Growth % | -11.14% | -12.77% | - | - | - | - |
| EPS (Basic) | - | 0.41 | 0.24 | -0.00 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 28.75M | 28.75M | 18.3M | 31.25M | 31.25M | 31.25M |
| Basic Shares Outstanding | 28.75M | 28.75M | 35.94M | 31.25M | 31.25M | 31.25M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Liquidation and deal-sourcing failure
As indicated by the company's financial statements, GPAT currently reports zero operational revenue, which is consistent with its structural mandate as a blank-check vehicle awaiting a business combination to initiate any meaningful top-line growth or commercial activity within its chosen target sector.
The lack of revenue is not a performance failure but a fundamental characteristic of the entity's pre-merger phase. Investors should monitor the trust account's interest income as the only current inflow, which remains entirely dependent on prevailing short-term interest rate environments.
According to the most recent quarterly filings, SG&A expenses reached $565.3K in 2026Q1, representing a significant uptick in administrative overhead that warrants close scrutiny regarding the company's remaining runway for funding due diligence and professional compliance costs.
The sharp increase in SG&A expenses suggests that management may be intensifying its efforts to secure a target, potentially incurring higher legal and advisory fees. This trend indicates that the company is consuming its limited working capital at an accelerated pace as the liquidation deadline approaches.
Based on reported figures, GPAT's net income of $2.2M in 2026Q1 appears disconnected from its operational reality, as this profit is primarily driven by non-operating items rather than core business performance, which remains non-existent in the current pre-merger state.
The reported net income figures are likely influenced by interest earned on the trust account or accounting adjustments related to financial instruments. Analysts should disregard these bottom-line figures when assessing the company's operational viability, as they do not reflect sustainable earnings power.
As highlighted in recent financial disclosures, the company's limited cash position of $112,660 suggests a precarious liquidity profile that may hinder the sponsor's ability to fund the necessary due diligence or PIPE-related costs required to finalize a high-quality business combination.
The reliance on sponsor-backed working capital creates a risk that the company may be forced into a sub-optimal transaction to avoid liquidation. Investors should remain cautious, as the current cash balance provides little buffer against prolonged negotiations or unexpected regulatory hurdles.
Quick answers to the most common questions about buying GPAT stock.
GP-Act III Acquisition Corp. (GPAT) is profitable, generating $11.9M in net income for the fiscal year ending 2025.