The company exhibits a complete lack of operational viability, evidenced by zero revenue generation and a widening quarterly operating loss that reached $685.6K in 2026Q1.
| 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 | 2.18M | 1.67M | 91.39K |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 2.18M | 1.67M | 91.39K |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -2.18M | -1.67M | -91.39K |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -1732.11% | - |
| EBITDA | -2.18M | -1.67M | -90.83K |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | - | -1743.42% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 |
| EBIT | -2.18M | -1.67M | -90.83K |
| Net Interest Income | 2.27M | 7.62M | 561 |
| Interest Income | 2.27M | 7.62M | 561 |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 7.72M | 5.96M | -90.83K |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 7.72M | 5.96M | -90.83K |
| Net Margin % | - | - | - |
| Net Income Growth % | - | 6663.75% | - |
| Net Income (Continuing) | 7.72M | 5.96M | -90.83K |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.30 | 0.22 | -0.00 |
| EPS Growth % | - | - | - |
| EPS (Basic) | - | 0.22 | -0.00 |
| Diluted Shares Outstanding | 25.62M | 19.09M | 29.95M |
| Basic Shares Outstanding | 25.62M | 19.09M | 29.95M |
| Dividend Payout Ratio | - | - | - |
Imminent liquidation and delisting
As indicated by the most recent quarterly filings, SOUL's SG&A expenses have climbed to $685.6K in 2026Q1, representing a significant increase from the $179.9K reported in 2025Q1, which highlights the mounting pressure of maintaining a public listing without any offsetting operational revenue streams.
The consistent rise in quarterly SG&A suggests that the entity is facing increasing regulatory and professional service costs as it nears its merger deadline. This trend appears unsustainable given the limited cash reserves, implying that management may be forced to rely on external capital injections to avoid a total depletion of assets.
Financial statements reveal that while SOUL reported net income of $1.6M in 2026Q1, this figure is entirely disconnected from operational performance, as the entity generated zero revenue and continues to incur substantial operating losses that are obscured by non-operating accounting adjustments.
Investors should monitor these net income figures with extreme caution, as they likely reflect fluctuations in warrant liabilities rather than genuine economic value creation. The divergence between positive net income and negative operating income suggests that the reported earnings quality is poor and provides no insight into the entity's actual viability.
Based on the reported income statement data, SOUL exhibits a complete lack of operating leverage, as the entity has failed to generate any gross profit to scale against its fixed administrative overhead, resulting in a persistent and widening operating loss over the last five quarters.
The absence of revenue means that every dollar spent on SG&A directly erodes the entity's remaining trust account balance. This structure implies that the vehicle is currently a pure cost center, with no mechanism to achieve profitability until a successful business combination is executed.
The current financial trajectory, characterized by a cash balance of only $207,108, suggests that the entity is approaching a critical liquidity threshold that may render it unable to meet its ongoing regulatory obligations or successfully complete a merger with a viable private target.
Short-sellers would likely focus on the rapid depletion of cash and the lack of a clear path to a business combination as evidence of an impending liquidation event. The entity's reliance on non-operating items to report positive net income warrants further investigation into the sustainability of its current listing status.
Quick answers to the most common questions about buying SOUL stock.
Soulpower Acquisition Corp. (SOUL) is profitable, generating $6.0M in net income for the fiscal year ending 2025.