The company maintains a zero-revenue profile, with recent performance characterized by a 18.6% decline in EPS during 2026Q1 and persistent operating losses, such as the $306.6K loss reported in the same period.
| 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 | 1.53M | 1.41M | 303.23K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 1.53M | 1.41M | 303.23K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -1.53M | -1.41M | -303.23K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -365.29% | - |
| EBITDA | -1.53M | -1.41M | 3.05M |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | - | -146.3% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | -1.53M | -1.41M | 3.05M |
| Net Interest Income | 9.45M | 9.76M | 3.35M |
| Interest Income | 9.45M | 9.76M | 3.35M |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 7.93M | 8.35M | 3.05M |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 7.93M | 8.35M | 3.05M |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 174.07% | - |
| Net Income (Continuing) | 7.93M | 8.35M | 3.05M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.34 | 0.28 | 0.18 |
| EPS Growth % | - | 55.56% | - |
| EPS (Basic) | - | 0.28 | 0.18 |
| Diluted Shares Outstanding | 23M | 23M | 11.6M |
| Basic Shares Outstanding | 23M | 23M | 11.6M |
| Dividend Payout Ratio | - | - | - |
Liquidation and deal execution
As indicated by recent financial filings, POLE's quarterly SG&A expenses rose to $767.1K in 2025Q4, reflecting the mounting costs of maintaining a public shell entity while the search for a suitable business combination target continues to consume available working capital reserves over time.
The steady increase in SG&A expenses suggests that the administrative burden of maintaining the SPAC structure is intensifying as the search period progresses. Investors should monitor whether these rising costs will necessitate additional sponsor capital infusions to sustain operations before a definitive merger agreement is reached.
Based on reported income statements, POLE consistently records positive net income despite generating zero revenue, with 2025Q3 net income reaching $2.2M, which appears to be driven by non-operating interest income rather than any underlying operational performance or core business activity within the shell entity.
The disconnect between negative operating income and positive net income highlights the reliance on interest earned from the trust account. This suggests that the reported EPS figures are not indicative of operational success but rather a function of the prevailing interest rate environment and the timing of trust asset management.
According to historical income data, the entity has failed to generate any revenue since its inception, and the 18.6% decline in EPS during 2026Q1 suggests that the market's valuation may be overly optimistic regarding the sponsor's ability to secure a high-quality target in a competitive environment.
Short-sellers may focus on the lack of operational progress and the potential for value destruction if the sponsor is forced to accept a suboptimal target to avoid liquidation. The reliance on the Andretti brand as a primary differentiator warrants further investigation into whether this provides actual financial leverage or merely speculative sentiment.
As reported in financial statements, POLE's operating income remains consistently negative, with a loss of $306.6K in 2026Q1, confirming that the entity lacks any operational leverage as it functions solely as a vehicle for capital deployment rather than an active business enterprise.
The absence of operating leverage is a structural feature of the SPAC model, but the widening losses suggest that the cost of searching for a target is becoming more expensive. This trend implies that the sponsor must accelerate deal velocity to prevent further erosion of the entity's net asset value.
Quick answers to the most common questions about buying POLE stock.
Andretti Acquisition Corp. II (POLE) is profitable, generating $8.4M in net income for the fiscal year ending 2025.