The entity's financial position has weakened significantly, with total assets declining by over 54% to $154.8 million in 2025Q3 due to shareholder redemptions.
| Total Current Assets | 669.05K | 1.74M | 2.23M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 248.19K |
| Total Non-Current Assets | 154.16M | 331.78M | 315.8M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 0 | 331.78M | 315.67M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 154.83M | 333.52M | 318.03M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | -39.28% | 4.87% | - |
| Total Current Liabilities | 2.97M | 313.72K | 195.9K |
| Accounts Payable | 2.97M | 296.37K | 120.9K |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 0 | 0 | 0 |
| Current Ratio | 0.23x | 5.53x | 11.40x |
| Quick Ratio | 0.23x | 5.53x | 11.40x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 11.18M | 17.48M | 14.07M |
| Long-Term Debt | 3.8M | 3.05M | 3.05M |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 14.15M | 17.8M | 14.26M |
| Total Debt | 3.8M | 3.05M | 3.05M |
| Net Debt | 3.17M | 1.45M | 1.07M |
| Debt / Equity | 0.03x | 0.01x | 0.01x |
| Debt / EBITDA | -2.04x | - | 0.40x |
| Net Debt / EBITDA | -1.70x | - | 0.14x |
| Interest Coverage | - | - | - |
| Total Equity | 140.68M | 315.72M | 303.77M |
| Equity Growth % | -44.25% | 3.93% | - |
| Book Value per Share | 8.53 | 8.28 | 7.97 |
| Total Shareholders' Equity | 140.68M | 315.72M | 303.77M |
| Common Stock | 154.16M | 331.78M | 315.67M |
| Retained Earnings | -13.48M | -16.06M | -11.9M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
SPAC charter expiration risk
As reported in recent financial filings, NETD's total assets plummeted from $339.8 million in 2025Q2 to $154.8 million in 2025Q3, a sharp decline that reflects significant shareholder redemptions and underscores the mounting pressure to finalize a business combination before the entity's charter expires.
The rapid reduction in total assets suggests that the market's confidence in the sponsor's ability to secure a viable target is waning. This contraction limits the company's future deal-making capacity and may force management to accept less favorable terms to ensure a transaction closes.
Based on the 2025Q3 balance sheet, the company's current ratio has deteriorated to 0.23, a stark decline from the 2.86 observed in the prior quarter, indicating that liquid assets are no longer sufficient to cover short-term liabilities as the search for a target intensifies.
The collapse in the current ratio suggests that the company is consuming its remaining working capital at an unsustainable pace. Investors should monitor whether the sponsor will be required to provide additional capital injections to maintain the entity's operational viability through the remainder of the search period.
According to the latest quarterly data, equity value fell to $140.7 million in 2025Q3 from $321.6 million in 2025Q2, a significant drop that reflects the impact of capital outflows and persistent losses on the company's net book value.
The erosion of equity highlights the binary nature of the SPAC model, where shareholder redemptions directly reduce the capital available for a potential merger. This trend suggests that the company's pro-forma value is becoming increasingly sensitive to the sponsor's ability to retain institutional support.
As indicated by the financial statements, the company's reported liabilities are heavily influenced by non-cash warrant liability revaluations, which may obscure the underlying solvency risks associated with the company's limited cash reserves and high administrative burn rate.
The volatility in liabilities warrants further investigation, as these non-cash items can create a misleading picture of the company's financial health. Analysts should focus on the cash-based liabilities to better understand the true runway available to management before a liquidity event becomes necessary.
Quick answers to the most common questions about buying NETD stock.
As of 2024, Nabors Energy Transition Corp. II Class A Ordinary Shares (NETD) had total assets of $333.5M including $1.7M in current assets.
Nabors Energy Transition Corp. II Class A Ordinary Shares (NETD) carries total debt of $3.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Nabors Energy Transition Corp. II Class A Ordinary Shares (NETD) has total shareholders' equity (book value) of $315.7M ($8.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Nabors Energy Transition Corp. II Class A Ordinary Shares (NETD) reported a current ratio of 5.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.