The company maintains zero revenue while incurring $306.6K in SG&A expenses during 2026Q1, confirming a lack of operational scale.
| 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 failure
As reported in financial statements, POLEW's SG&A expenses reached $306.6K in 2026Q1, reflecting the ongoing administrative burden of maintaining a public shell entity without any offsetting commercial revenue streams to support these fixed costs during the search for a suitable business combination target.
The company's cost structure is entirely comprised of administrative maintenance, which appears to be scaling upward as the search duration extends. Investors should monitor whether these rising expenses necessitate additional sponsor loans, as the current cash position of $48,469 provides limited runway for sustained operational activity.
Based on the company's reported figures, net income has remained positive despite zero revenue, with 2026Q1 net income of $1.8M driven by non-operating items rather than core business performance, which warrants further investigation into the underlying accounting treatment of warrant liabilities and trust account interest.
The disconnect between operating losses and positive net income suggests that reported earnings are highly sensitive to mark-to-market adjustments on financial instruments. Analysts should treat these net income figures as non-representative of the company's actual economic health or its ability to generate sustainable value for shareholders.
According to recent SEC filings, POLEW continues to report operating losses, with 2026Q1 operating income at -$306.6K, confirming that the entity lacks the operational scale or revenue-generating activities required to achieve positive operating leverage prior to the completion of a definitive merger agreement.
The absence of operating income is a structural feature of the shell company model rather than a failure of management execution. However, the persistent negative operating margin highlights the entity's total dependence on external capital or trust interest to cover the costs of its search mandate.
As indicated by the income statement history, the company has incurred consistent operating losses since 2024Q3, and with only $48,469 in cash, the risk of dilution or liquidation appears to be increasing as the entity approaches its mandatory deadline for completing a business combination.
Short-term observers may focus on the potential for the sponsor to exhaust available working capital, which could force a dilutive financing event. The reliance on non-operating income to mask operating deficits suggests that the company's financial stability is fragile and contingent upon market conditions outside of management's control.
Quick answers to the most common questions about buying POLEW stock.
Andretti Acquisition Corp. II (POLEW) is profitable, generating $8.4M in net income for the fiscal year ending 2025.