The balance sheet has become critically impaired, with equity turning negative at -$31.0M following a $376.4M liability increase in Q2 2026, while total assets stand at $374.6M, primarily composed of investment securities.
Gores Holdings X, Inc. (GTEN) balance sheet — 2-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'23 |
|---|
| Cash & Short Term Investments | 1.45M | 619.58K | 2.77K |
| Cash & Due from Banks | 194.54K | 619.58K | 2.77K |
| Short Term Investments | 0 | 0 | 0 |
| Total Investments | 374.14M | 0 | 0 |
| Investments Growth % | 3.61% | - | - |
| Long-Term Investments | 745.08M | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 |
| Other Assets | 0 | 367.74M | 921.26K |
| Total Current Assets | 462.82K | 975.31K | 2.77K |
| Total Non-Current Assets | 374.14M | 367.74M | 921.26K |
| Total Assets | 374.6M | 368.72M | 924.03K |
| Asset Growth % | 19336.76% | 39803.02% | - |
| Return on Assets (ROA) | 0.31% | 0.5% | -7.03% |
| Accounts Payable | 0 | 0 | 0 |
| Total Debt | 0 | 0 | 120K |
| Net Debt | -194.54K | -619.58K | 117.23K |
| Long-Term Debt | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 120K |
| Other Liabilities | 28.17M | 29.69M | 0 |
| Total Current Liabilities | 3.69M | 2.69M | 964.03K |
| Total Non-Current Liabilities | 28.17M | 29.69M | 0 |
| Total Liabilities | 31.85M | 32.38M | 964.03K |
| Total Equity | 342.75M | 336.34M | -40K |
| Equity Growth % | 2.74% | - | - |
| Equity / Assets (Capital Ratio) | 91.5% | 91.22% | -4.33% |
| Return on Equity (ROE) | 0.33% | 0.55% | - |
| Book Value per Share | 7.60 | 7.46 | -0.00 |
| Tangible BV per Share | 7.60 | 7.46 | -0.00 |
| Common Stock | 373.78M | 367.64M | 748 |
| Additional Paid-in Capital | 0 | 0 | 24.25K |
| Retained Earnings | -31.03M | -31.3M | -65K |
| Accumulated OCI | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 |
Quick answers to the most common questions about buying GTEN stock.
As of 2025, Gores Holdings X, Inc. (GTEN) had total assets of $368.7M including $1.0M in current assets.
Gores Holdings X, Inc. (GTEN) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Gores Holdings X, Inc. (GTEN) has total shareholders' equity (book value) of $336.3M ($7.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Gores Holdings X, Inc. (GTEN) reported a current ratio of 0.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Negative equity and operational cessation
Metrics are mathematically derived from official filings.
Balance Sheet Inversion and Asset Shift
The balance sheet has undergone a dramatic structural shift, with total assets growing to $374.6M while equity turned negative at -$31.0M, as reported in the latest quarterly filings, indicating a fundamental change in the company's financial structure.
The company's equity position collapsed from a healthy $342.5M in Q1 2026 to negative $31.0M in Q2 2026, a swing of over $373M in a single quarter. This inversion appears to be driven by a massive increase in liabilities, which surged from $29.2M to $405.6M, while assets grew modestly. The trajectory suggests a non-operational event, such as a large distribution or liability assumption, rather than organic business growth.
Deposit Base Non-Existent
The company reports zero net interest income and no loan-to-deposit ratio, indicating it does not maintain a traditional deposit franchise or core funding base, as evidenced by the complete absence of banking metrics in recent quarters.
With net interest income at zero for the last two quarters and no reported deposit figures, the company appears to lack the fundamental funding mechanism of a bank. The prior quarter's minimal NII of $3.5M in Q4 2025 was not sustained, suggesting any prior interest-earning activity has ceased. This absence of a deposit franchise means the company cannot generate net interest margin, the core profit engine for a depository institution.
Loan Portfolio Absent
Loan loss provisions have been zero across all reported periods, and no loan-to-deposit ratio is provided, strongly suggesting the company does not hold a material loan portfolio requiring credit risk management.
The consistent $0 loan loss provision expense, combined with the lack of a loan-to-deposit ratio, indicates the company's balance sheet is not engaged in traditional lending activities. The investment securities portfolio, which comprises nearly all assets, does not generate the credit risk typically associated with a bank's loan book. This fundamentally alters the risk profile, shifting it from credit risk to market and liquidity risk on the securities portfolio.
Capital Position Inverted to Deficit
The company's equity-to-assets ratio has deteriorated from a stable 0.92 to -0.08 in the most recent quarter, as per the balance sheet data, indicating a complete erosion of the capital buffer and a technically insolvent position.
The negative equity position of -$31.0M against $374.6M in assets means liabilities now exceed assets. This represents a catastrophic failure of the capital adequacy framework, as there is no equity cushion to absorb potential losses on the securities portfolio. The prior stable capital ratios were completely unwound in a single quarter, suggesting a significant, non-recurring event that has left the balance sheet in a vulnerable state.
Liquidity Tied to Securities Liquidation
The company's liquidity appears dependent on its ability to liquidate its $374.1M investment securities portfolio, as cash and bank balances have dwindled to just $194.5K, representing a fraction of total assets.
The cash position has collapsed from over $600K to under $200K while the securities portfolio grew to encompass virtually all assets. This suggests the company's operational liquidity is minimal and any cash needs would require selling securities. The prior massive securities purchase in Q2 2025 now appears to be the primary asset, creating a potential duration mismatch if liabilities have shorter-term features, though the nature of the new $405.6M in liabilities is unclear.
Liability Surge and Equity Wipeout
The most significant risk is the unexplained $376.4M increase in liabilities in Q2 2026, which wiped out all equity and may represent a contingent obligation, distribution, or off-balance-sheet item now on the books.
The sudden appearance of $405.6M in liabilities, up from $29.2M, is the defining event on the balance sheet. Without disclosure on the nature of this liability, it represents a major unknown risk. It could be a trust obligation, a distribution to shareholders, or a guarantee that has crystallized. This event has rendered the company technically insolvent and warrants immediate investigation into the source and terms of this massive liability increase.