The company continues to report zero revenue while administrative search expenses have surged to $739.2K in 2026Q1, reflecting a lack of scalable business operations.
| Sales/Revenue | 0 | - | - |
| Revenue Growth % | - | - | - |
| Cost of Goods Sold | 0 | - | - |
| COGS % of Revenue | - | - | - |
| Gross Profit | 0 | 0 | 0 |
| Gross Margin % | - | - | - |
| Gross Profit Growth % | - | - | - |
| Operating Expenses | 2.06M | 1.48M | 367.76K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 2.06M | 1.48M | 367.76K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -2.06M | -1.48M | -367.76K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -301.34% | - |
| EBITDA | 3.76M | -1.48M | 4.21M |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | -3% | -135.07% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | 3.76M | -1.48M | 4.21M |
| Net Interest Income | 1.53M | 7.02M | 4.41M |
| Interest Income | 2.23M | 7.56M | 4.41M |
| Interest Expense | 692.56K | 539.93K | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 4.74M | 5.54M | 4.21M |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 4.74M | 5.54M | 4.21M |
| Net Margin % | - | - | - |
| Net Income Growth % | -18.43% | 31.61% | - |
| Net Income (Continuing) | 4.74M | 5.54M | 4.21M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.30 | 0.26 | 0.19 |
| EPS Growth % | -23.46% | 36.84% | - |
| EPS (Basic) | - | 0.26 | 0.19 |
| Diluted Shares Outstanding | 16M | 16M | 21.62M |
| Basic Shares Outstanding | 16M | 16M | 21.62M |
| Dividend Payout Ratio | - | - | - |
Liquidation Deadline Pressure
As reported in recent financial filings, MACI's quarterly SG&A expenses have surged to $739.2K in 2026Q1, reflecting a significant increase from the $19.1K observed in 2024Q1 as the company intensifies its search for a viable business combination target within a cooling SPAC market.
The rapid escalation in administrative overhead suggests that the sponsor is incurring substantial due diligence and compliance costs to meet statutory deadlines. Investors should monitor whether these rising costs are being funded through sponsor promissory notes, which could create future dilution or repayment obligations.
Based on the company's income statements, net income has remained positive despite zero operating revenue, with 2025Q4 showing $1.3M in net income, primarily driven by non-operating items rather than core business activities or sustainable operational profitability.
The disconnect between negative operating income and positive net income indicates that reported earnings are likely influenced by interest income from the trust account or fluctuations in warrant liabilities. Analysts should treat these figures as non-representative of the company's underlying economic health, as they do not reflect operational progress.
According to historical income statement data, MACI has consistently reported zero revenue and negative operating income, with the 2026Q1 operating loss of $739.2K highlighting the lack of any scalable business model prior to the successful completion of a business combination.
The absence of revenue generation means that the company currently possesses no operating leverage, as every dollar spent on SG&A directly increases the net loss from operations. This structure necessitates a successful acquisition to transition from a cash-burning shell to an entity with a viable cost-to-revenue relationship.
Financial statements indicate that MACI's cash and equivalents have dwindled to $32,075, which may suggest that the company is approaching a critical liquidity inflection point that could force management into a suboptimal merger to avoid liquidation, as noted in recent regulatory disclosures.
The limited cash runway warrants further investigation into the sponsor's willingness to provide additional capital to sustain the search process. If the sponsor is unwilling to inject further funds, the risk of a forced, value-destructive transaction or a total liquidation increases significantly for shareholders.
Quick answers to the most common questions about buying MACI stock.
Melar Acquisition Corp. I (MACI) is profitable, generating $5.5M in net income for the fiscal year ending 2025.