The company has generated zero revenue across all ten reported quarters, while administrative costs remain a persistent drain, evidenced by $159.9K in SG&A expenses during 2026Q1.
| Sales/Revenue | 0 | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 2.53M | 2.59M | 2.1M | 1.91M | 1.33M | 454.45K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 988.07K | 1.01M | 1.25M | 1.25M | 1.26M | 454.45K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | -2.53M | -2.59M | -2.1M | -1.91M | -1.33M | -454.45K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -23.21% | -9.94% | -43.2% | -193.26% | - |
| EBITDA | -2.53M | -2.59M | -2.1M | -1.91M | -1.33M | -454.45K |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -20.34% | -23.21% | -9.94% | -43.2% | -193.26% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT | -2.53M | -2.59M | -2.1M | -1.91M | -1.33M | -454.45K |
| Net Interest Income | 2.86M | 2.88M | 5.25M | 1.18M | 4 | 0 |
| Interest Income | 2.86M | 2.88M | 5.25M | 1.18M | 4 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | 335.49K | 293.6K | 3.15M | -730.9K | -1.33M | -454.45K |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 335.49K | 293.6K | 3.15M | -730.9K | -1.33M | -454.45K |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -89.35% | -90.68% | 531.04% | 45.16% | -193.26% | - |
| Net Income (Continuing) | 335.49K | 293.6K | 3.15M | -730.9K | -1.33M | -454.45K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.04 | 0.03 | 0.19 | -0.04 | -0.08 | -0.03 |
| EPS Growth % | -103.28% | -82.16% | 526.97% | 45.2% | -193.14% | - |
| EPS (Basic) | - | 0.03 | 0.19 | -0.04 | -0.08 | -0.03 |
| Diluted Shares Outstanding | 8.66M | 8.66M | 16.42M | 16.42M | 16.42M | 16.42M |
| Basic Shares Outstanding | 8.66M | 8.66M | 16.42M | 16.42M | 16.42M | 16.42M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Imminent liquidation deadline risk
As indicated by the historical income statement data, SPKL has maintained zero revenue across all ten reported quarters, confirming its status as a non-operational shell entity awaiting a business combination that has yet to materialize since the company's inception in 2021.
The absence of top-line growth is a structural feature of the SPAC model rather than an operational failure, yet it highlights the binary nature of the investment thesis. Without a target acquisition, the company remains a dormant vehicle with no path to organic revenue expansion.
According to the provided financial filings, SPKL incurred $159.9K in SG&A expenses during 2026Q1, reflecting the ongoing fixed costs required to maintain public listing status despite the company's lack of operational activity or revenue-generating business segments.
The persistence of these administrative costs, even at reduced levels compared to previous quarters, places continuous pressure on the company's limited cash reserves. Investors should monitor whether these expenses are being funded through sponsor loans, which would represent a growing claim on any future merger proceeds.
Based on reported figures, SPKL's net income has exhibited significant volatility, including a $542.3K profit in 2025Q1, which appears disconnected from the company's underlying operational reality and likely stems from non-cash adjustments related to derivative warrant liabilities or other non-operating financial items.
These fluctuations in net income provide little insight into the company's true economic health or its ability to execute a merger. Analysts should focus on cash burn and liquidity metrics rather than bottom-line profitability, as the latter is heavily influenced by accounting treatments of financial instruments.
As reported in financial statements, the company's cash balance has dwindled to $112,295, a figure that appears insufficient to support prolonged search activities as the entity approaches the three-year anniversary of its 2021 incorporation, suggesting a high probability of mandatory liquidation.
While some may argue the sponsor's Palo Alto network provides unique deal-sourcing advantages, the combination of low liquidity and the passage of time suggests the window for a successful de-SPAC transaction is closing rapidly. The market's current valuation likely reflects this heightened risk of failure to secure a target.
Quick answers to the most common questions about buying SPKL stock.
Spark I Acquisition Corp. Class A Ordinary Share (SPKL) is profitable, generating $0.3M in net income for the fiscal year ending 2025.