The income statement reflects a complete operational halt, with net interest income falling to zero in the most recent two quarters after a brief period of minimal generation, and net income turning negative with an EPS of -$0.06 in Q2 2026.
Gores Holdings X, Inc. (GTEN) annual income statement — 2-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'23 |
|---|
| Net Interest Income | 6.73M | 9.51M | 0 |
| NII Growth % | 40.15% | - | - |
| Net Interest Margin % | 1.8% | 2.58% | 0% |
| Interest Income | 6.73M | 9.51M | 0 |
| Interest Expense | 0 | 0 | 0 |
| Loan Loss Provision | 0 | 0 | 0 |
| Non-Interest Income | -6.73M | -9.51M | 0 |
| Non-Interest Income % | - | - | - |
| Total Net Revenue | 0 | 0 | 0 |
| Revenue Growth % | - | - | - |
| Non-Interest Expense | 2.64M | 1.85M | 65K |
| Efficiency Ratio | - | - | - |
| Operating Income | -2.64M | -1.85M | -65K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -2746.39% | - |
| Pretax Income | 1.13M | 920.66K | -65K |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 1.13M | 920.66K | -65K |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 1516.4% | - |
| Net Income (Continuing) | 1.13M | 920.66K | -65K |
| EPS (Diluted) | 0.03 | 0.02 | -0.00 |
| EPS Growth % | - | - | - |
| EPS (Basic) | - | 0.02 | -0.00 |
| Diluted Shares Outstanding | 45.08M | 45.08M | 39.23M |
Quick answers to the most common questions about buying GTEN stock.
For fiscal year 2025, Gores Holdings X, Inc. (GTEN) reported total revenue of $0.0M.
Gores Holdings X, Inc. (GTEN) is profitable, generating $0.9M in net income for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Operational viability and earnings sustainability
Metrics are mathematically derived from official filings.
Net Interest Income Collapses to Zero
Net interest income has fallen to zero in the most recent two quarters, following a brief period of positive generation in 2025, suggesting a complete cessation of core banking operations or a fundamental shift in the balance sheet structure.
The trajectory from $3.5M in 2025Q4 to $0 in both 2026Q1 and 2026Q2 indicates a severe contraction in the bank's primary earnings engine. This pattern is inconsistent with a functioning depository institution and may indicate the company is operating as a shell with minimal or no earning assets. Investors should monitor whether this represents a temporary state or a permanent wind-down of banking activities.
Net Interest Margin Unmeasurable After Collapse
With net interest income at zero, the net interest margin is no longer calculable, a stark deterioration from the already thin 0.9% reported in 2025Q4, which itself was well below typical banking industry standards.
The inability to calculate NIM in recent periods is a direct consequence of the NII collapse and signals a complete breakdown in the bank's traditional spread-based earnings model. The prior NIM of 0.9% was already indicative of a low-margin or transitional balance sheet. The current state suggests the company's asset base is either negligible, non-earning, or being liquidated.
Provisioning Ceases Amidst Operational Halt
Loan loss provision expense has been zero for all reported periods, which, combined with the absence of net interest income, suggests the company may not hold a meaningful loan portfolio requiring credit loss reserves.
The consistent $0 provision is not a sign of pristine credit quality but rather an indicator that the core lending function is inactive. For a bank, the absence of provisioning alongside zero NII implies the balance sheet is not being used for traditional credit intermediation. This warrants investigation into the nature of the company's remaining assets and liabilities.
2025Q4 Marked the Last Operational Quarter
The fourth quarter of 2025 appears to be the final period of any meaningful operational activity, as it was the last quarter to report positive net interest income and a positive, albeit minimal, net income of $869,000.
This quarter represents a clear inflection point where the company's financial profile shifted from marginal banking operations to apparent dormancy. The subsequent quarters show a complete drop-off in all revenue metrics, indicating a strategic decision or operational event that halted core activities. The sustainability of the business model post this inflection is the primary concern.
Earnings Quality Questioned by Shell Company Status
The most significant challenge to earnings quality is the company's classification as a shell company with zero revenue and negative EPS in recent quarters, indicating it is not generating sustainable earnings from any identifiable business operations.
The financial data presents a picture of a non-operating entity. The negative EPS of -$0.06 in 2026Q2, despite zero revenue, suggests ongoing corporate expenses are being funded by a dwindling asset base or trust. The brief periods of positive NII in 2025 appear anomalous rather than indicative of a viable business, raising fundamental questions about the company's purpose and future.