The capital structure has shifted toward vulnerability, evidenced by the emergence of $1.1M in total debt in 2026Q1 and a significant reduction in cash reserves from $234.5M in 2024Q4 to $150.5K.
| Total Current Assets | 283.4K | 162.05K | 234.5M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | -132.2K |
| Total Non-Current Assets | 246.41M | 244.26M | 234.58M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 972.02M | 244.26M | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 246.69M | 244.42M | 235.51M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 11.52% | 3.79% | - |
| Total Current Liabilities | 9.04K | 191.06K | 75.56K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 9.04K | 191.06K | 75.56K |
| Current Ratio | 31.35x | 0.85x | 3103.66x |
| Quick Ratio | 31.35x | 0.85x | 3103.66x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 10.84M | 10.22M | 9.77M |
| Long-Term Debt | 1.06M | 450K | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 10.84M | 10.42M | 9.85M |
| Total Debt | 1.06M | 450K | 0 |
| Net Debt | 909.48K | 401.53K | -798.45K |
| Debt / Equity | 0.00x | 0.00x | - |
| Debt / EBITDA | -0.69x | - | - |
| Net Debt / EBITDA | -0.60x | - | -0.26x |
| Interest Coverage | - | - | - |
| Total Equity | 235.85M | 234.01M | 225.66M |
| Equity Growth % | 11.34% | 3.7% | - |
| Book Value per Share | 10.25 | 10.17 | 19.45 |
| Total Shareholders' Equity | 235.85M | 234.01M | 225.66M |
| Common Stock | 246.41M | 244.26M | 234.5M |
| Retained Earnings | -10.56M | -10.25M | -8.84M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation and deal execution
As reported in recent financial filings, POLE's cash position has plummeted from $234.5M in 2024Q4 to a mere $150.5K by 2026Q1, signaling that the entity is rapidly exhausting its available working capital while the search for a viable business combination target remains ongoing.
The dramatic contraction in cash reserves suggests that the entity is nearing a critical juncture where sponsor support or additional financing may be required to sustain operations. Investors should monitor this liquidity depletion closely, as the current ratio of 31.35 is heavily distorted by the remaining trust assets and does not reflect the actual cash available for administrative burn.
Based on the provided balance sheet data, POLE's trajectory is characterized by a persistent decline in net equity, which fell from $235.8M in 2026Q1, reflecting the ongoing erosion of capital as administrative expenses continue to outpace the interest income generated by the trust account.
The consistent increase in accumulated deficit, reaching $10.6M by 2026Q1, indicates that the shell entity is structurally losing value over time. This trend suggests that the longer the search for a merger target persists, the more the underlying equity value will be diluted by the necessary costs of maintaining a public listing.
According to the 2026Q1 balance sheet, POLE has recorded $1.1M in total debt, a notable shift from the zero-debt status maintained throughout 2025, which may indicate an increasing reliance on external financing to cover mounting administrative and compliance costs during the extended search period.
The introduction of debt into a previously debt-free shell structure warrants investigation, as it may signal that the sponsor is bridging funding gaps to avoid premature liquidation. This development suggests that the entity's financial flexibility is tightening, potentially increasing the pressure to finalize a merger regardless of the target's quality.
As indicated by the 2026Q1 financial statements, the reported $246.7M in total assets is heavily concentrated in restricted trust holdings, which masks the reality that the company possesses zero productive assets or operational infrastructure to support its long-term business viability.
The headline asset figure provides a false sense of security, as these funds are largely inaccessible for operational use and are subject to redemption by shareholders. Investors should be wary of viewing these assets as a proxy for corporate strength, as they are essentially a temporary holding pool that will either be deployed in a merger or returned to investors.
Quick answers to the most common questions about buying POLE stock.
As of 2025, Andretti Acquisition Corp. II (POLE) had total assets of $244.4M including $0.2M in current assets.
Andretti Acquisition Corp. II (POLE) carries total debt of $0.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Andretti Acquisition Corp. II (POLE) has total shareholders' equity (book value) of $234.0M ($10.17 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Andretti Acquisition Corp. II (POLE) reported a current ratio of 0.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.