The company reports zero operational revenue, with a 2026Q2 net income of $307.4K appearing to be driven by non-operating accounting adjustments rather than core business performance.
| 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 | 1.06M | 43.06K | 43.06K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 1.04M | 43.06K | 43.06K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -1.06M | -43.06K | -43.06K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | - | - |
| EBITDA | 470.86K | -42.56K | -42.56K |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | - | - | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | 1.11M | -42.56K | -42.56K |
| Net Interest Income | 896.25K | 500 | 500 |
| Interest Income | 896.25K | 500 | 500 |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 1.11M | -42.56K | -42.56K |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 1.11M | -42.56K | -42.56K |
| Net Margin % | - | - | - |
| Net Income Growth % | - | - | - |
| Net Income (Continuing) | 1.11M | -42.56K | -42.56K |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | - | -0.00 | -0.00 |
| EPS Growth % | - | - | - |
| EPS (Basic) | - | -0.00 | -0.00 |
| Diluted Shares Outstanding | 6.08M | 10.48M | 10.48M |
| Basic Shares Outstanding | 6.08M | 10.48M | 10.48M |
| Dividend Payout Ratio | - | - | - |
Imminent liquidation deadline risk
As indicated by the company's financial filings, PELI currently reports zero operational revenue, reflecting its status as a pre-merger blank-check vehicle that relies exclusively on interest income from its trust account rather than any recurring business activities or project-based revenue streams typical of operating companies.
The absence of revenue is a structural feature of the entity's current lifecycle stage rather than an operational failure. Investors should monitor the transition from this dormant state to an active business model, as revenue generation is entirely contingent upon the successful identification and integration of a target company.
Based on the reported figures, the company's SG&A expenses reached $331.2K in 2026Q2, which significantly exceeds the $141,975 in available operating cash, suggesting that the entity is increasingly reliant on external sponsor support to maintain its regulatory and administrative compliance functions during the search process.
The reliance on sponsor-funded liabilities to cover fixed costs indicates a constrained operating environment. This cost structure warrants further investigation into the sustainability of the current burn rate as the entity approaches its liquidation deadline.
As reported in financial statements, the company's net income of $307.4K in 2026Q2 appears to be driven by non-operating accounting adjustments rather than core performance, as the entity lacks an underlying business to generate genuine earnings or sustainable cash flow from its primary operations.
The volatility in net income is likely attributable to the mark-to-market accounting treatment of warrant and right liabilities. Analysts should disregard these non-cash fluctuations when assessing the company's true financial health, as they do not reflect the underlying economic value of the SPAC.
According to recent SEC filings, the company's 15.49% debt-to-equity ratio and the presence of rights in the unit structure suggest that future shareholders may face significant dilution that is not currently being fully priced into the market's valuation of the entity's net asset value.
Short-sellers may focus on the potential for these rights to dilute equity without providing additional capital to the balance sheet. This structural nuance implies that the current market price may overstate the value of the embedded call option on a future merger.
Quick answers to the most common questions about buying PELI stock.
Pelican Acquisition Corporation Ordinary Shares (PELI) reported a net loss of $0.0M for the fiscal year ending 2025.