The company remains entirely devoid of revenue, with quarterly operating losses reaching $87.4K in 2025Q3 while administrative costs continue to drain the entity's resources.
| Sales/Revenue | 0 | - | - | - |
| Revenue Growth % | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - |
| COGS % of Revenue | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - |
| Gross Profit Growth % | - | - | - | - |
| Operating Expenses | 651.9K | 1.06M | 560.15K | 137.31K |
| OpEx % of Revenue | - | - | - | - |
| Selling, General & Admin | 455.97K | 1.06M | 560.15K | 137.31K |
| SG&A % of Revenue | - | - | - | - |
| Research & Development | 0 | - | - | - |
| R&D % of Revenue | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - |
| Operating Income | -651.43K | -1.06M | -560K | -137K |
| Operating Margin % | - | - | - | - |
| Operating Income Growth % | - | -89.14% | -308.76% | - |
| EBITDA | 2.76M | 2.11M | 155 | 98.39K |
| EBITDA Margin % | - | - | - | - |
| EBITDA Growth % | 651.85% | 1362480.65% | -99.84% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 560.15K | 235.39K |
| EBIT | 2.76M | 2.11M | -560K | -235K |
| Net Interest Income | 1.4M | 3.17M | 3.47M | 0 |
| Interest Income | 1.4M | 3.17M | 3.47M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - |
| Pretax Income | 749.65K | 2.11M | 2.91M | -124K |
| Pretax Margin % | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% |
| Net Income | 749.65K | 2.65M | 2.91M | -124K |
| Net Margin % | - | - | - | - |
| Net Income Growth % | -67.69% | -8.86% | 2447.58% | - |
| Net Income (Continuing) | 749.65K | 2.11M | 2.91M | -124K |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.40 | 0.34 | 0.43 | -0.07 |
| EPS Growth % | -54.24% | -20.93% | 674.1% | - |
| EPS (Basic) | - | 0.34 | 0.43 | -0.07 |
| Diluted Shares Outstanding | 1.86M | 7.83M | 6.76M | 1.65M |
| Basic Shares Outstanding | 1.86M | 7.83M | 6.76M | 1.65M |
| Dividend Payout Ratio | - | 119.55% | - | - |
Imminent liquidation and insolvency
As indicated by the company's historical financial filings, HSPO continues to incur recurring administrative costs despite generating zero revenue, with quarterly SG&A expenses peaking at $499.3K in 2024Q3, which highlights the significant capital drain inherent in maintaining a shell entity without a finalized business combination.
The persistent accrual of professional and compliance fees suggests that the entity is consuming its limited capital base to sustain its public listing status. Investors should monitor whether these ongoing costs will necessitate further sponsor-led capital injections, as the current expense trajectory appears unsustainable for a pre-revenue vehicle.
Based on the reported income statements, HSPO's net income figures, such as the $149.0K reported in 2025Q3, are entirely decoupled from core operations and appear to be driven by non-operating items like interest income, which obscures the underlying reality of a business that has yet to generate revenue.
The reliance on non-operating gains to report positive net income warrants caution, as these items do not reflect the company's ability to create value through its primary mandate of deal-sourcing. Analysts should focus on the operating loss trend, which consistently shows a negative cash burn, rather than the headline net income figures.
According to the provided financial data, HSPO exhibits no operating leverage, as the company has failed to scale any revenue-generating activities, resulting in a consistent operating loss that reached $87.4K in 2025Q3 while maintaining a structure that lacks any meaningful gross profit contribution.
The absence of revenue means that every dollar spent on administrative overhead directly increases the operating deficit, leaving no room for efficiency gains. This structural reality implies that the company's financial health is entirely dependent on the successful execution of a merger rather than internal operational improvements.
As reported in recent financial statements, the company's cash and equivalents have dwindled to a precarious $7,815, a figure that suggests the entity may be approaching a critical liquidity threshold that could force a sub-optimal merger or an early liquidation of the trust account.
The extremely low cash balance raises significant questions regarding the sponsor's ability to fund the remaining due diligence and legal costs required to close a transaction. This liquidity crunch may force management into a 'desperation deal' to avoid the costs associated with a full liquidation, which would be detrimental to shareholder value.
Quick answers to the most common questions about buying HSPO stock.
Horizon Space Acquisition I Corp. Ordinary Shares (HSPO) is profitable, generating $2.7M in net income for the fiscal year ending 2024.