The company remains pre-revenue with no gross profit, while administrative costs have escalated to $1.1 million in 2026Q1 to support ongoing search activities.
NewHold Investment Corp III (NHIC) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'22 | Dec'21 |
|---|
| Net Interest Income | 6.54M | 7.01M | 2.59M | -842K |
| NII Growth % | 180.91% | - | 407.13% | - |
| Net Interest Margin % | 3.07% | 3.33% | 1.29% | -0.42% |
| Interest Income | 6.54M | 7.01M | 2.59M | 0 |
| Interest Expense | 0 | 0 | 0 | 842K |
| Loan Loss Provision | 0 | 0 | 0 | -842K |
| Non-Interest Income | -6.54M | -7.01M | -2.59M | 0 |
| Non-Interest Income % | - | - | - | 0% |
| Total Net Revenue | 0 | 0 | 0 | -842K |
| Revenue Growth % | - | - | 100% | - |
| Non-Interest Expense | 6.89M | 2.09M | 1.72M | 429K |
| Efficiency Ratio | - | - | - | -50.95% |
| Operating Income | -6.89M | -2.09M | -1.72M | 429K |
| Operating Margin % | - | - | - | -50.95% |
| Operating Income Growth % | - | - | -500.7% | - |
| Pretax Income | -337K | 4.92M | 314K | -413K |
| Pretax Margin % | - | - | - | 49.05% |
| Income Tax | 0 | 0 | 475K | 842K |
| Effective Tax Rate % | 0% | 0% | 151.27% | -203.87% |
| Net Income | -337K | 4.92M | 392K | -1.25M |
| Net Margin % | - | - | - | 149.05% |
| Net Income Growth % | - | - | 131.24% | - |
| Net Income (Continuing) | -337K | 4.92M | 392K | -1.25M |
| EPS (Diluted) | -0.02 | 0.20 | 0.02 | -0.06 |
| EPS Growth % | - | - | 131.21% | - |
| EPS (Basic) | - | 0.20 | 0.02 | -0.06 |
| Diluted Shares Outstanding | 20.91M | 17.35M | 19.49M | 19.49M |
Quick answers to the most common questions about buying NHIC stock.
For fiscal year 2025, NewHold Investment Corp III (NHIC) reported total revenue of $0.0M.
NewHold Investment Corp III (NHIC) is profitable, generating $4.9M in net income for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Liquidation and deal execution
Metrics are mathematically derived from official filings.
Administrative Burn Rate Escalation
As indicated by the most recent quarterly filings, NHIC's SG&A expenses reached $1.1 million in 2026Q1, reflecting a notable increase in the operational costs required to sustain the search for a viable business combination target within the current regulatory and compliance environment.
The rise in administrative spending suggests that the company is intensifying its due diligence efforts or facing higher professional fees associated with regulatory filings. Investors should monitor whether this elevated burn rate necessitates additional sponsor capital injections to maintain the search process until a definitive agreement is reached.
Non-Operating Distortions in Income
Based on historical income statements, NHIC's reported net income figures, such as the $704,000 gain in 2026Q1, appear largely decoupled from operational performance due to the impact of non-cash adjustments related to derivative warrant liabilities and other non-operating financial items.
These fluctuations in net income are characteristic of SPAC accounting and do not reflect the underlying economic health of the entity. Analysts should focus on the cash-based administrative expenses rather than the bottom-line profit, which may be artificially inflated or deflated by mark-to-market accounting requirements.
Operational Leverage Remains Mathematically Undefined
As reported in financial statements, NHIC maintains a pre-revenue status, resulting in an absence of gross profit and operating income, which renders traditional metrics of operating leverage inapplicable to the current shell structure of the investment vehicle.
The lack of revenue means that all SG&A costs directly reduce the company's cash position without the offset of operational scaling. This structure implies that the company's financial profile will remain static until a business combination is successfully executed and the entity transitions into an operating business.
Risks of Prolonged Search Cycles
According to the provided financial data, the company's reliance on sponsor-funded administrative costs creates a structural vulnerability, as the absence of revenue growth forces a continuous reliance on external capital to cover the rising costs of maintaining a public listing.
Short-term investors should consider the risk that the current search period may extend beyond the sponsor's initial expectations, potentially leading to dilutive financing or a less favorable merger valuation. The lack of an active revenue stream makes the company highly sensitive to the timing and quality of the eventual target acquisition.