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CAPN

Cayson Acquisition Corp Ordinary shares

CAPN

Cayson Acquisition Corp Ordinary shares • NASDAQ
$10.55 ▲ 0.00% (+0.00)
Market Cap $82.61 M
52w High $10.76
52w Low $9.97
Dividend Yield 0%
P/E 0
Volume 8.62K
Outstanding Shares 7.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $0 ▼ $415.606K ▲ 0% $0.05 ▲ $0 ▲
Q2-2025 $0 $259.113K ▲ $383.558K ▼ 0% $0.049 ▼ $-259.113K ▼
Q1-2025 $0 $235.799K ▲ $404.677K ▼ 0% $0.052 ▼ $-236K ▼
Q4-2024 $0 $133.748K ▲ $566.686K ▲ 0% $0.22 ▲ $700.434K ▲
Q3-2024 $0 $87.519K $-31.278K 0% $-0.017 $-87.519K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $87.898K ▼ $63.493M ▲ $2.798M ▲ $-2.582M ▼
Q2-2025 $183.418K ▼ $62.363M ▲ $2.211M ▼ $60.153M ▲
Q1-2025 $315.185K ▼ $61.878M ▲ $2.263M ▲ $59.615M ▲
Q4-2024 $465.254K ▼ $61.413M ▲ $2.203M ▲ $59.21M ▲
Q3-2024 $575.87K $60.838M $2.194M $58.643M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $415.606K ▲ $0 $-600K ▼ $600K ▲ $-95.52K ▲ $0
Q2-2025 $383.558K ▼ $0 $0 $0 $-131.767K ▲ $0
Q1-2025 $404.677K ▲ $0 ▲ $0 ▲ $0 ▼ $-150.069K ▼ $0 ▲
Q4-2024 $566.686 ▲ $-110 ▲ $-42.857K ▲ $43.453K ▼ $465.254 ▼ $-110 ▲
Q3-2024 $-31.278 $-258.602K $-60M $60.834M $575.87K $-258.6K

Five-Year Company Overview

Income Statement

Income Statement CAPN is a newly listed SPAC, so its income statement is essentially empty in the usual business sense. It has no real revenue, no operating business, and any reported earnings per share are driven by accounting around the IPO structure, not by underlying performance. Until the merger with Mango Financial closes and the combined company starts reporting, the income line items for CAPN alone do not say much about ongoing profitability or business quality.

Balance Sheet

Balance Sheet The balance sheet mainly reflects a pool of cash raised in the IPO and held for a future acquisition, rather than factories, technology, or operating assets. Debt appears minimal, and equity is mostly the capital contributed by SPAC investors. For now, this is a “cash shell” with financial resources waiting to be deployed into Mango Financial. The real test of the balance sheet will come after the merger, when Mango’s loans, investments, regulatory capital and any digital-asset-related exposures are consolidated in.

Cash Flow

Cash Flow Current cash flows are largely mechanical: money coming in from the IPO and flowing into a trust account, with small outflows for SPAC operating expenses. There is no recurring customer-driven cash inflow yet. Meaningful cash flow analysis only becomes useful once Mango Financial is part of the listed entity and begins contributing cash from its investment banking, wealth management, and trading activities, as well as any new digital-asset services.

Competitive Edge

Competitive Edge As a SPAC, CAPN itself has no competitive position in the traditional sense; its role is simply to bring Mango Financial to the public markets. The competitive story really sits with Mango: a long-established Hong Kong financial firm with broad regulatory licenses, decades of relationships, and a full-service investment banking and asset management lineup. Its emerging focus on digital assets and tokenization could give it an edge in bridging traditional finance with new blockchain-based markets, but it will also face intense competition from both global banks and nimble fintechs pursuing similar themes.

Innovation and R&D

Innovation and R&D Innovation is centered on Mango Financial’s strategy, not CAPN’s. Mango is trying to blend classic investment banking and wealth management with newer digital-asset capabilities, such as tokenized securities, fractionalized real-world assets, and potentially stablecoin-based cross-border payments. It is building out trading and mobile platforms to support this shift. The opportunity lies in being an early mover in regulated digital finance in Asia, but execution risks are significant: technology development, regulatory changes, client adoption of tokenized products, and competition from other firms pursuing similar digital strategies all introduce uncertainty.

Summary

CAPN is essentially a financing vehicle: a blank-check company with cash and a proposed merger, but no standalone operations, products, or customers. The real substance for long-term analysis is Mango Financial, a mature, fully licensed Asian financial institution now aiming to modernize through digital-asset services and technology-driven trading platforms. If the merger closes, investors will be evaluating Mango’s ability to turn its long history and strong regulatory footing into growth in newer digital markets, while managing the regulatory, technology, and competitive risks that come with this strategic pivot. Until then, CAPN’s reported financials mainly reflect its SPAC structure rather than an operating business.