Revenue volatility remains extreme, with the entity reporting a net loss of $1.7 million in 2025Q3 and a net margin of -106.5%, highlighting the absence of a stable operational business model.
| Sales/Revenue | 5.56M | - | - | - | - |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -6M | 7.4M | 5.43M | 0 | 0 |
| Gross Margin % | -107.89% | 100% | 100% | - | - |
| Gross Profit Growth % | - | - | - | - | - |
| Operating Expenses | 14.39M | 21.43M | 22.98M | 1.39M | -424.88B |
| OpEx % of Revenue | - | 289.5% | 423.15% | - | - |
| Selling, General & Admin | 12.8M | 15.65M | 22.11M | 1.39K | 637 |
| SG&A % of Revenue | - | 211.5% | 407.09% | - | - |
| Research & Development | 0 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - |
| Operating Income | 16.38M | -14.03M | -17.55M | -1.39M | -637 |
| Operating Margin % | 294.37% | -189.5% | -323.15% | - | - |
| Operating Income Growth % | - | - | -1166.02% | -217372.15% | - |
| EBITDA | 36.19M | -14.03M | -22.06M | -1.39M | 10.93B |
| EBITDA Margin % | 650.6% | -189.5% | -406.26% | - | - |
| EBITDA Growth % | - | - | -1491.63% | -100.01% | - |
| D&A (Non-Cash Add-back) | 19.82M | 0 | -4.51M | 0 | 10.93B |
| EBIT | -6.4M | -21.9M | -22M | 0 | 0 |
| Net Interest Income | -20K | -63K | -64K | 1.74M | 0 |
| Interest Income | 0 | 0 | 0 | 1.74M | 0 |
| Interest Expense | 19K | 63K | 64K | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - |
| Pretax Income | -12.53M | -21.96M | -22.06M | 353.57K | -413.95B |
| Pretax Margin % | -225.17% | -296.68% | -406.26% | - | - |
| Income Tax | -106K | -465K | 208K | 316.71K | -10.93B |
| Effective Tax Rate % | 0.85% | 2.12% | -0.94% | 89.57% | 2.64% |
| Net Income | -12.42M | -21.5M | -22.27M | 36.86K | -403.03B |
| Net Margin % | -223.26% | -290.39% | -410.09% | - | - |
| Net Income Growth % | - | - | -60510.73% | 100% | - |
| Net Income (Continuing) | -7.98M | -21.5M | -22.27M | 36.86K | -403.03B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.36 | -0.11 | -0.00 | 0.01 | -65450.11 |
| EPS Growth % | - | - | -134.62% | 100% | - |
| EPS (Basic) | - | -0.11 | -0.00 | 0.01 | -65450.11 |
| Diluted Shares Outstanding | 34.5M | 201.19M | 6.26B | 11.5M | 6.16M |
| Basic Shares Outstanding | 34.5M | 201.19M | 6.26B | 3.55M | 6.16M |
| Dividend Payout Ratio | - | - | - | - | - |
Imminent SPAC Liquidation Risk
As indicated by the quarterly income statements, SMAP's revenue fluctuates between $0 and $5.4 million, a pattern consistent with interest income on trust assets rather than operational growth, suggesting that the entity lacks a sustainable commercial trajectory until a definitive business combination is successfully executed.
The absence of consistent revenue streams highlights the entity's status as a pre-merger vehicle rather than an operating business. Investors should note that these figures are highly sensitive to interest rate environments and trust balances, rendering traditional growth analysis inapplicable to the current structure.
Based on reported financial filings, the entity's SG&A expenses, which peaked at $22.1 million in 2023Q4, consistently dwarf the passive interest income generated, indicating an aggressive cash burn profile necessary to sustain the search for a viable acquisition target within the competitive sports-tech landscape.
The cost structure is dominated by non-recurring professional fees and regulatory compliance costs inherent to the SPAC model. This persistent expenditure suggests that management is prioritizing deal-sourcing activities, though the lack of a completed merger raises questions regarding the efficiency of this capital allocation.
According to the provided income statement data, net income is frequently impacted by significant non-cash adjustments and stock-based compensation, such as the $14.1 million charge in 2023Q4, which obscures the underlying operational reality of the entity's cash-burning search phase.
The volatility in EPS, ranging from positive figures to deep losses, appears driven by accounting treatments of warrant liabilities and equity-based incentives rather than core business performance. Analysts should treat these earnings figures with caution, as they do not reflect the entity's true economic runway.
As reported in financial statements, the entity's cash position of $4.358 million against recurring quarterly losses suggests a precarious liquidity profile, which may force a liquidation if management fails to secure a merger partner or additional sponsor funding in the immediate future.
The persistent negative net margins and the lack of a completed business combination since 2021 suggest that the window for a successful transaction is closing. Investors should monitor the potential for further dilutive capital raises or a total return of capital to shareholders if the search period expires.
Quick answers to the most common questions about buying SMAP stock.
Amplify Small-Mid Cap Equity ETF (SMAP) reported a net loss of $21.5M for the fiscal year ending 2024.
Amplify Small-Mid Cap Equity ETF (SMAP) reported an operating income of $-14.0M, resulting in an operating profit margin of -189.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Amplify Small-Mid Cap Equity ETF (SMAP) generated $7.4M 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.