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CAEP

Cantor Equity Partners III, Inc. Class A Ordinary Shares

CAEP

Cantor Equity Partners III, Inc. Class A Ordinary Shares • NASDAQ
$10.19 ▲ 0.00% (+0.00)
Market Cap $357.47 M
52w High $11.09
52w Low $10.17
Dividend Yield 0%
P/E 127.37
Volume 247.06K
Outstanding Shares 35.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $157.341K ▲ $2.758M ▲ 0% $0.34 ▲ $0 ▲
Q2-2025 $0 $63.451K ▲ $-63.451K ▼ 0% $-0.008 ▼ $-63.451K ▼
Q1-2025 $0 $26.459K ▲ $-26.459K ▼ 0% $-0.001 ▼ $-26.459K ▼
Q4-2024 $0 $18.206K ▼ $-18.206K ▲ 0% $-0.001 ▲ $-18.206K ▲
Q3-2024 $0 $40.04K $-40.04K 0% $-0.002 $-40.04K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $25K ▼ $279.441M ▲ $131.271K ▲ $-3.97M ▼
Q2-2025 $405.036K $276.414M $48.094K $-3.783M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-63.451K $-12.23K $-275.999M $276.416M $405.036K $-12.23K

Five-Year Company Overview

Income Statement

Income Statement CAEP today is essentially an empty shell, so its own income statement shows no real business activity: no revenue, no operating profit, and only modest SPAC-related costs. The financial story only becomes meaningful once you look through to the planned merger target, AIR Limited. AIR appears to be a sizable, profitable business in flavored hookah and vaping, with a track record of steady growth in sales, margins, and operating earnings. That said, these are management-reported figures, not yet supported by a long history of public-company disclosures, so there is some uncertainty until full audited filings are available post‑merger.

Balance Sheet

Balance Sheet The reported balance sheet for CAEP is effectively blank in the data provided, which is typical for a SPAC before it completes a deal: it mainly holds cash raised from investors and has very few operating assets of its own. After the combination, the balance sheet will be driven by AIR’s business: brands, inventories, patents, and global distribution infrastructure. We do not have visibility into AIR’s debt levels, liquidity, or capital structure from this summary, so it is hard to judge leverage or balance‑sheet risk at this stage. The key balance‑sheet question is how much financial flexibility the combined company will have to fund growth while managing any regulatory or market shocks in the nicotine sector.

Cash Flow

Cash Flow There is no meaningful cash‑flow history disclosed for CAEP, which again fits a SPAC: cash flows are mostly limited to formation and deal‑related costs. The more relevant issue is AIR’s ability to convert its profits into cash, but detailed information on working capital, reinvestment needs, or cash conversion is not provided here. Management presents AIR as a mature, cash‑generating hookah business that can help fund expansion into vapes and nicotine pouches, but this remains high‑level until full cash‑flow statements are released. Investors will eventually need to assess how resilient cash flows are in the face of changing regulations, taxes, and consumer trends in nicotine products.

Competitive Edge

Competitive Edge Post‑merger, the competitive position centers on AIR Limited, not CAEP itself. AIR’s main strength is control of the Al Fakher brand, a globally recognized name in flavored hookah products with wide distribution in many countries and direct‑to‑consumer websites. This brand equity and distribution reach create meaningful barriers to entry for smaller rivals and help the company defend shelf space and pricing. At the same time, AIR operates in a space crowded with global tobacco and vaping companies, and it faces heightened regulatory, tax, and reputational pressures tied to nicotine use. Overall, the company appears to have a solid niche leadership position but operates in a structurally high‑risk, heavily scrutinized industry.

Innovation and R&D

Innovation and R&D AIR appears unusually innovation‑focused for a traditional hookah business. It has developed the OOKA device, supported by a large patent portfolio, signaling real investment in proprietary technology. Its partnership with Greentank and use of Quantum Chip technology in premium vapes suggest an effort to differentiate on performance and possibly safety features, not just on flavors or branding. The company is also broadening into newer categories like vapes and nicotine pouches, which are faster‑growing but more competitive and more tightly watched by regulators. Execution risk is meaningful: turning patents and product launches into durable consumer adoption is not guaranteed, especially in rapidly evolving nicotine markets.

Summary

CAEP on its own is simply a financial vehicle; the real business story is the planned combination with AIR Limited, which will create a publicly traded nicotine and smoking‑alternatives company. AIR brings an established global hookah franchise, recognizable brands, and a growing portfolio of next‑generation products, all supported by visible investment in technology and intellectual property. The opportunity lies in leveraging a strong core hookah business to fund and support expansion into vapes, nicotine pouches, and other inhalation products across more markets. The main risks stem from the nature of the industry: regulatory shifts, taxation, public‑health scrutiny, and intense competition from global tobacco and vape leaders. Additional uncertainty comes from the SPAC structure and the fact that public investors have limited historical, audited information on AIR’s detailed financials and cash flows until the merger is completed and the combined company begins reporting as a standalone public entity.