Logo

FGMC

FG Merger Corp.

FGMC

FG Merger Corp. • NASDAQ
$10.02 ▼ -0.02% (-0.00)
Market Cap $103.16 M
52w High $10.10
52w Low $9.53
Dividend Yield 0%
P/E 100.2
Volume 1.56K
Outstanding Shares 10.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $592.593K ▲ $77.269K ▼ 0% $-0.01 ▼ $255.334K ▲
Q2-2025 $0 $83.539K ▼ $582.035K ▲ 0% $0.057 ▲ $-83.539K ▲
Q1-2025 $0 $126.856K ▲ $315.35K ▲ 0% $0.029 ▲ $-126.856K ▼
Q4-2024 $0 ▼ $266 ▼ $-266 ▲ 0% ▲ $-0 ▲ $-266 ▼
Q3-2024 $2.788M $3.355M $-6.66M -238.893% $-0.61 $783.106K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $578.786K ▲ $82.549M ▲ $475.267K ▲ $223.91K ▼
Q2-2025 $517.813K ▼ $82.295M ▲ $298.486K ▼ $81.997M ▲
Q1-2025 $550.056K ▲ $81.825M ▲ $409.745K ▲ $81.415M ▲
Q4-2024 $46.285K ▼ $169.035K ▼ $171.667K ▼ $-2.632K ▼
Q3-2024 $2.019M $170.854K $173.22K $-2.366K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $582.035K ▲ $785.256K ▲ $-530.763K ▲ $-286.736K ▼ $-32.243K ▼ $785.256K ▲
Q1-2025 $315.35K ▲ $221.707K ▲ $-81.098M ▼ $81.38M ▲ $503.771K ▲ $221.707K ▲
Q4-2024 $-266 ▲ $-6.818K ▲ $0 ▲ $0 ▼ $-6.818K ▼ $-6.818K ▲
Q3-2024 $-16.438M ▼ $-268.911K ▲ $-696.566K ▲ $1.04M ▼ $157.601K ▲ $-268.911K ▲
Q1-2024 $-5.171M $-990.03K $-1.204M $1.113M $-1.081M $-990.03K

Five-Year Company Overview

Income Statement

Income Statement FGMC’s income statement looks like a typical SPAC: almost no real operating revenue and small administrative costs that create minor losses. Any recent movement toward break-even is more about accounting and timing than an underlying business. There is no established revenue engine, no history of margins, and no meaningful profitability record yet, because the company has not been running a true operating business of its own.

Balance Sheet

Balance Sheet The balance sheet has largely wound down from holding a modest pool of assets and equity, as you would expect for a SPAC, to showing almost nothing. That points to a shell-like structure where the real economic value sits in merger agreements and trust arrangements rather than in on-balance-sheet assets. There is effectively no traditional leverage, but also no operating asset base to analyze, so balance sheet strength can’t be judged in the usual way.

Cash Flow

Cash Flow Cash flows are minimal and mainly reflect small corporate and deal-related costs. Operating cash flow has been slightly negative, with no meaningful investment in property, equipment, or long-term projects. This is consistent with a SPAC whose primary activity is pursuing and executing mergers, rather than running a cash-generating business. Future cash dynamics will depend almost entirely on the merged operating company rather than FGMC’s current shell.

Competitive Edge

Competitive Edge As a SPAC, FGMC itself does not have a classic competitive position; its role is to find, finance, and merge with an attractive target. Historically, it combined with iCoreConnect, a niche healthcare software provider with a sticky, integrated platform and strong association endorsements—offering a reasonable service-based moat but still needing to prove long-term profitability. The current focus, via FG Merger II, is BOXABL, which aims to disrupt housing with factory-built, foldable homes. BOXABL’s edge could come from patented technology, brand buzz, and scale manufacturing, but it operates in a heavily regulated, competitive housing and prefab market where execution, approvals, and delivery at scale are all significant risks.

Innovation and R&D

Innovation and R&D FGMC does not conduct meaningful R&D itself; its innovation story sits entirely in the companies it brings public. iCoreConnect’s innovation is in cloud-based, integrated software that automates administrative workflows for medical and dental practices, potentially creating a durable ecosystem if it can maintain product quality and customer growth. BOXABL’s innovation is more physical and industrial: patented foldable modular units, factory production methods, and energy-efficient, durable materials. Both targets are clearly innovation-heavy, but they are also early-stage in terms of fully proving out their business models, scaling, and delivering consistent financial performance.

Summary

FGMC is best viewed as a financial vehicle rather than an operating company, so its own historical financials provide limited insight into long-term prospects. The real story is the transition between two very different innovation-focused businesses: healthcare workflow software (iCoreConnect) and modular housing technology (BOXABL). Each offers clear conceptual strengths—a sticky SaaS platform on one side and a potentially disruptive building system on the other—but both involve meaningful execution, scaling, and profitability risks. Going forward, the profile of FGMC will be dominated by whether the BOXABL merger completes, how much capital is ultimately available, and how effectively BOXABL can convert its ideas, patents, and brand interest into stable operations and durable earnings over time.

NEWS

November 4, 2025 · 12:01 PM UTC

BOXABL and FG Merger II Corp. Extend Outside Date for Completion of Proposed Merger

Read more

November 4, 2025 · 7:45 AM UTC

BOXABL and FG Merger II Corp. Extend Outside Date for Completion of Proposed Merger

Read more

October 14, 2025 · 12:31 PM UTC

BOXABL Announces New Contracts: 51-Unit Deal With Grace Bible Church-Rialto and 20-Unit Contract With Gateway Christian via Innovate ADU, Strengthening Its Market Penetration With Faith-Based Organizations Amid Growing YIGBY Movement

Read more

October 8, 2025 · 2:40 PM UTC

BOXABL Co-Founder Galiano Tiramani Donates $5 Million in Stock to Catholic Charities USA

Read more

September 30, 2025 · 9:35 AM UTC

BOXABL Releases CEO Video Speaking to IPO Event, Merger with FG Merger II Corp.

Read more