Total assets have contracted significantly from $73.0 million in 2025Q4 to $39.5 million in 2026Q1, while the debt-to-equity ratio surged to 8.83, indicating a deteriorating capital structure.
| Total Current Assets | 81.98K | 29.53K | 720.21K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 39.39M | 72.92M | 69.34M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 183.86M | 72.92M | 69.34M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 39.47M | 72.95M | 70.06M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 37011.78% | 4.12% | - |
| Total Current Liabilities | 39.35M | 1.35M | 269.33K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 1.09M | 990K | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 38.26M | 359.18K | 0 |
| Current Ratio | 0.00x | 0.02x | 2.67x |
| Quick Ratio | 0.00x | 0.02x | 2.67x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 39.35M | 1.35M | 269.33K |
| Total Debt | 1.09M | 990K | 0 |
| Net Debt | 1.08M | 982.08K | -646.72K |
| Debt / Equity | 8.83x | 0.01x | - |
| Debt / EBITDA | -0.91x | - | - |
| Net Debt / EBITDA | -0.91x | - | - |
| Interest Coverage | -4.72x | - | - |
| Total Equity | 123.46K | 71.6M | 69.8M |
| Equity Growth % | 296703.39% | 2.59% | - |
| Book Value per Share | 0.07 | 10.38 | 8.58 |
| Total Shareholders' Equity | 123.46K | 71.6M | 69.8M |
| Common Stock | 1.91M | 72.92M | 69.34M |
| Retained Earnings | -1.78M | -1.32M | 138.62K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Imminent liquidity and insolvency
As reported in recent financial filings, HSPT's total assets plummeted from $73.0 million in 2025Q4 to $39.5 million in 2026Q1, signaling a severe contraction in the vehicle's capacity to maintain its listing and pursue a viable business combination in the current market environment.
The precipitous decline in asset value suggests that the company is rapidly exhausting its trust-related resources, leaving little room for operational flexibility. Investors should monitor whether this trajectory indicates an impending liquidation or a forced, suboptimal merger to preserve remaining capital.
Based on the 2026Q1 balance sheet, the company's debt-to-equity ratio spiked to 8.83, a significant departure from the near-zero leverage observed in previous periods, as reported in the firm's latest quarterly disclosures.
This sudden reliance on debt appears to be a necessity-driven measure to cover administrative costs rather than a strategic capital allocation. The shift suggests that the sponsor is struggling to maintain the shell's viability, which may increase the risk of dilution for existing shareholders.
According to the most recent quarterly data, HSPT's cash position has dwindled to a nominal $7,917, resulting in a current ratio of 0.00, which indicates an extreme lack of liquidity to meet ongoing regulatory and compliance obligations.
The near-total absence of liquid assets implies that the company is effectively insolvent without immediate, external sponsor capital infusions. This lack of a cash buffer severely limits the firm's ability to navigate the complex legal requirements of a business combination.
As indicated by the provided financial data, the company's equity position has been severely compromised, with retained earnings falling to -$1.8 million in 2026Q1, suggesting that the headline asset figures mask a deteriorating underlying financial health.
The persistent negative retained earnings highlight the ongoing cost of maintaining a public shell without any offsetting revenue generation. This structural imbalance warrants further investigation into whether the sponsor can continue to fund these losses or if the vehicle is approaching a mandatory liquidation event.
Quick answers to the most common questions about buying HSPT stock.
As of 2025, Horizon Space Acquisition II Corp. (HSPT) had total assets of $73.0M including $0.0M in current assets.
Horizon Space Acquisition II Corp. (HSPT) carries total debt of $1.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Horizon Space Acquisition II Corp. (HSPT) has total shareholders' equity (book value) of $71.6M ($10.38 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Horizon Space Acquisition II Corp. (HSPT) reported a current ratio of 0.02x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.