The company maintains zero revenue across all observed periods, with quarterly operating expenses reaching $225.3K in 2025Q3, confirming its status as a dormant shell.
| Sales/Revenue | 0 | - |
| Revenue Growth % | - | - |
| Cost of Goods Sold | 0 | - |
| COGS % of Revenue | - | - |
| Gross Profit | 0 | -53.75K |
| Gross Margin % | - | 100% |
| Gross Profit Growth % | - | - |
| Operating Expenses | 1.23M | 300.44K |
| OpEx % of Revenue | - | -558.91% |
| Selling, General & Admin | 460.65K | 0 |
| SG&A % of Revenue | - | - |
| Research & Development | 0 | - |
| R&D % of Revenue | - | - |
| Other Operating Expenses | 0 | - |
| Operating Income | -1.23M | -354.19K |
| Operating Margin % | - | 658.91% |
| Operating Income Growth % | - | - |
| EBITDA | -765.29K | -354.19K |
| EBITDA Margin % | - | 658.91% |
| EBITDA Growth % | - | - |
| D&A (Non-Cash Add-back) | 460.65K | 0 |
| EBIT | -1.08M | -354.19K |
| Net Interest Income | 2.98M | 268.88K |
| Interest Income | 2.98M | 268.88K |
| Interest Expense | 0 | 0 |
| Other Income/Expense | 0 | - |
| Pretax Income | 2.09M | -85.31K |
| Pretax Margin % | - | 158.71% |
| Income Tax | 0 | 0 |
| Effective Tax Rate % | 0% | 0% |
| Net Income | 2.09M | -85.31K |
| Net Margin % | - | 158.71% |
| Net Income Growth % | - | - |
| Net Income (Continuing) | 2.09M | -85.31K |
| Discontinued Operations | 0 | 0 |
| Minority Interest | 0 | 0 |
| EPS (Diluted) | 0.19 | -0.01 |
| EPS Growth % | - | - |
| EPS (Basic) | - | -0.08 |
| Diluted Shares Outstanding | 11.03M | 1.94M |
| Basic Shares Outstanding | 11.03M | 1.01M |
| Dividend Payout Ratio | - | - |
Liquidation and deal failure
As reported in financial statements, PGAC maintains zero revenue across all observed quarters, confirming its status as a dormant shell entity that relies entirely on non-operating income to offset administrative expenses while it searches for a viable business combination to initiate its commercial lifecycle.
The lack of revenue is consistent with the company's structure as a blank-check vehicle, where financial activity is limited to maintenance costs rather than commercial operations. Investors should recognize that the trajectory of the firm is binary and entirely dependent on the successful identification and execution of a reverse merger.
Based on PGAC's reported figures, the company consistently records operating losses, with quarterly operating expenses reaching as high as $225.3K in 2025Q3, which highlights the persistent pressure of maintaining public listing status without any offsetting revenue generation to preserve the trust account's capital base.
The cost structure is dominated by fixed regulatory and legal expenses, which are unavoidable for a public shell. This persistent burn rate suggests that the company's window for sourcing a target is narrowing, as the depletion of cash reserves may eventually limit the attractiveness of the vehicle to potential merger partners.
According to recent SEC filings, PGAC's net income figures, such as the $686.7K reported in 2025Q3, appear to be driven by non-operating items rather than core business performance, rendering traditional earnings metrics largely irrelevant for assessing the underlying health or operational viability of this shell entity.
The disconnect between operating losses and positive net income suggests that accounting adjustments or interest income are masking the true cash-burn dynamics of the firm. Analysts should focus on the cash balance and the rate of administrative depletion rather than net income, which may be subject to significant volatility from non-cash items.
As indicated by the 2024 incorporation date and the lack of an announced target, the company faces significant execution risk, as the ongoing administrative burn threatens to erode the trust value before a business combination can be finalized, potentially leading to a total loss of shell premium.
The market may be overestimating the value of the 'listing alpha' if the sponsor group fails to secure a target before the regulatory deadline for liquidation. The recent name change to Pantages Capital suggests a potential pivot, but without a concrete deal, the risk of the entity becoming a failed SPAC remains high.
Quick answers to the most common questions about buying PGAC stock.
Pantages Capital Acquisition Corp (PGAC) reported a net loss of $0.1M for the fiscal year ending 2024.
Pantages Capital Acquisition Corp (PGAC) reported an operating income of $-0.4M, resulting in an operating profit margin of 658.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Pantages Capital Acquisition Corp (PGAC) generated $-0.1M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.