The company has recorded zero revenue across all historical periods, with recent net income figures of $1.4M in 2026Q1 appearing to be driven by non-operating fair value adjustments rather than core business activity.
| 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 | 752.5K | 688.45K | 175.61K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 907.6K | 688.45K | 0 |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -752.5K | -688.45K | -175.61K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -292.03% | - |
| EBITDA | -752.5K | -688.45K | -175.61K |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | - | -292.03% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | -752.5K | -688.45K | -175.61K |
| Net Interest Income | -234.97K | 7.31M | 1.22M |
| Interest Income | -234.97K | 7.31M | 1.22M |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 6.32M | 6.62M | 1.04M |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 6.32M | 6.62M | 1.04M |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 535.28% | - |
| Net Income (Continuing) | 5.83M | 6.62M | 1.04M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.37 | 0.27 | 0.04 |
| EPS Growth % | - | 525% | - |
| EPS (Basic) | - | 0.27 | 0.04 |
| Diluted Shares Outstanding | 17.25M | 17.25M | 21.81M |
| Basic Shares Outstanding | 17.25M | 17.25M | 21.81M |
| Dividend Payout Ratio | - | - | - |
Liquidation and capital depletion
As indicated by the company's historical financial filings, NTWO has recorded zero revenue across all reported periods, confirming its status as a pre-combination shell entity that remains entirely dependent on identifying a suitable acquisition target to initiate any form of meaningful commercial activity or top-line growth.
The lack of revenue is consistent with the business model of a blank-check company, where the primary objective is capital preservation rather than operational expansion. Investors should recognize that the current trajectory is binary, contingent solely on the successful execution of a business combination rather than organic growth metrics.
Based on the provided income statement data, the company's cost structure is characterized by intermittent SG&A outlays, such as the $219.2K reported in 2026Q1, which reflect the necessary administrative and regulatory expenses required to maintain the entity's public listing while searching for a potential merger candidate.
These costs are non-productive in an operational sense and represent a steady erosion of the sponsor's working capital. The variability in SG&A suggests that management is attempting to control overhead, yet the absence of revenue means these expenses directly exacerbate the entity's net cash burn.
According to recent financial statements, NTWO has reported positive net income figures in several quarters despite having no revenue, which suggests that these results are driven by non-operating items, likely related to the fair value adjustments of derivative warrant liabilities rather than actual underlying business performance.
Analysts should exercise caution when interpreting these net income figures, as they do not represent operational profitability or sustainable earnings power. The volatility in these non-cash items warrants further investigation to isolate the true economic cost of maintaining the shell vehicle.
As reported in recent filings, the company's cash position of $772,506 suggests a highly constrained liquidity profile, which may severely limit management's ability to fund the due diligence and transaction costs necessary to secure a high-quality target before the mandatory liquidation deadline is reached.
This limited capital buffer increases the risk that the company may be forced into a suboptimal merger or face dissolution if additional financing cannot be secured. The current cash level appears insufficient to support a prolonged search, potentially pressuring management to prioritize deal speed over long-term value creation.
Quick answers to the most common questions about buying NTWO stock.
Newbury Street II Acquisition Corp (NTWO) is profitable, generating $6.6M in net income for the fiscal year ending 2025.