The company has failed to generate any revenue since 2024Q2, while SG&A expenses have escalated to $495.4K in 2026Q1, indicating a lack of operational viability.
| Sales/Revenue | 0 | - | - |
| Revenue Growth % | - | - | - |
| Cost of Goods Sold | 0 | - | - |
| COGS % of Revenue | - | - | - |
| Gross Profit | 0 | -53K | 0 |
| Gross Margin % | - | - | - |
| Gross Profit Growth % | - | - | - |
| Operating Expenses | 973.34K | 2.92M | 477.97K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 973.34K | 2.92M | 477.97K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -973.34K | -2.98M | -477.97K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -522.76% | - |
| EBITDA | -973.34K | -2.98M | 3.48M |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | - | -185.46% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | -973.34K | -2.98M | 3.48M |
| Net Interest Income | 5.52M | 8.69M | 3.65M |
| Interest Income | 5.52M | 8.69M | 3.65M |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 4.86M | 5.72M | 3.48M |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 4.86M | 5.72M | 3.48M |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 64.1% | - |
| Net Income (Continuing) | 4.86M | 5.72M | 3.48M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.24 | 0.22 | 0.14 |
| EPS Growth % | - | 57.14% | - |
| EPS (Basic) | - | 0.22 | 0.14 |
| Diluted Shares Outstanding | 20.45M | 20.45M | 25.45M |
| Basic Shares Outstanding | 20.45M | 20.45M | 25.45M |
| Dividend Payout Ratio | - | - | - |
Failed Business Combination Risk
As indicated by the quarterly income statements, SBXD's SG&A expenses have surged from $23.7K in 2024Q2 to $495.4K by 2026Q1, reflecting the mounting costs of maintaining a shell entity without any offsetting revenue streams to mitigate the ongoing operational cash outflow.
The rapid expansion in administrative costs suggests that the company is incurring significant legal and formation-related expenses as the search for a target business persists. Investors should monitor whether this burn rate remains sustainable given the limited working capital available to the sponsor.
Based on the provided financial data, SBXD reported net income of $1.4M in 2026Q1 despite generating zero revenue, a discrepancy that appears to stem from non-operating items rather than core operational performance, warranting caution regarding the sustainability of these reported earnings figures.
The presence of positive net income in the absence of revenue suggests that accounting adjustments, likely related to warrant liability revaluations, are creating significant volatility in the bottom line. Analysts should look past these non-cash fluctuations to focus on the underlying cash burn, which remains the primary indicator of the company's financial health.
According to the historical income statements, SBXD has failed to generate any revenue since its inception, highlighting a fundamental reliance on external capital and sponsor support that leaves the entity highly vulnerable to shifts in market sentiment toward the SPAC asset class.
The lack of operational revenue confirms that the company is currently a pure-play vehicle for capital deployment rather than a functioning business. The risk remains that the entity may be forced to liquidate if it cannot secure a viable target before the exhaustion of its limited working capital.
Quick answers to the most common questions about buying SBXD stock.
SilverBox Corp IV (SBXD) is profitable, generating $5.7M in net income for the fiscal year ending 2025.