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FORL

Four Leaf Acquisition Corporation

FORL

Four Leaf Acquisition Corporation • NASDAQ
$11.50 ▲ 0.00% (+0.00)
Market Cap $46.90 M
52w High $12.79
52w Low $11.03
Dividend Yield 0%
P/E 230
Volume 3
Outstanding Shares 4.08M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $0 ▼ $-88.824K ▼ 0% $-0.02 ▼ $-343.812K ▼
Q1-2025 $0 ▼ $314.815K ▲ $-59.229K ▼ 0% ▲ $-0.015 ▼ $-315K ▼
Q4-2024 $1.753M ▲ $311.995K ▲ $-25.451K ▼ -1.452% ▼ $-0.006 ▼ $-11.698K ▲
Q3-2024 $0 $174.608K ▼ $131.457K ▼ 0% $0.02 ▼ $-175K ▲
Q2-2024 $0 $424.028K $166.656K 0% $0.026 $-424K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $9.804K ▲ $31.347M ▲ $26.886M ▲ $4.461M ▼
Q1-2025 $1.264K ▼ $30.715M ▲ $6.11M ▲ $24.605M ▼
Q4-2024 $28.407K ▼ $30.188M ▲ $5.524M ▲ $24.664M ▼
Q3-2024 $125.986K ▲ $29.735M ▲ $5.045M ▲ $24.69M ▲
Q2-2024 $862 $29.471M $4.913M $24.558M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-88.825K ▼ $-331.46K ▼ $-225K $565K ▲ $8.54K ▲ $-331.46K ▼
Q1-2025 $-59.229K ▼ $-158.143K ▲ $-225K $356K ▼ $-27.143K ▲ $-158.143K ▲
Q4-2024 $-25.451K ▼ $-267.579K ▲ $-225K ▼ $395K ▼ $-97.579K ▼ $-267.579K ▲
Q3-2024 $131.457K ▼ $-535.106K ▲ $239.23K ▼ $421K ▲ $125.124K ▲ $-535.107K ▲
Q2-2024 $166.656K $-741.181K $30.686M $-29.949M $-4.382K $-741.18K

Five-Year Company Overview

Income Statement

Income Statement FORL’s income statement looks like a typical SPAC: no real operating revenue and no underlying business of its own yet. The small reported profit per share mainly reflects financial and accounting effects around the SPAC structure, not a proven, ongoing business. In practical terms, there is no track record of sales, margins, or operating profitability to assess. The real economic story will only begin if and when the merger with Xiaoyu Dida is completed and the operating business is consolidated into FORL’s results.

Balance Sheet

Balance Sheet The balance sheet is very light, with only a small pool of assets and equity and no reported debt. That is consistent with a shell company waiting to close a deal. Equity has already been drawn down somewhat, likely by operating and transaction expenses. On the positive side, the absence of debt reduces immediate financial pressure. On the other hand, the company has very limited standalone resources; its long‑term financial strength will depend almost entirely on the combined entity after the merger and how much cash remains available for growth rather than redemptions and deal costs.

Cash Flow

Cash Flow Reported cash flow is essentially a blank page: no meaningful operating, investing, or free cash flow history. This means there is no evidence yet of the business’s ability to generate cash from operations, fund growth internally, or withstand downturns. As a SPAC, that is expected, but it also means future cash generation will be an open question until Xiaoyu Dida’s operations are folded in and start reporting as part of FORL.

Competitive Edge

Competitive Edge On its own, FORL has no products, customers, or competitive position; it is purely a deal vehicle. The competitive story shifts to Xiaoyu Dida, which focuses on intelligent, self-service car wash systems. There, the advantage seems to come from combining automation, user-friendly design, and data-driven management tools in a niche that is still modernizing. The model promises lower labor needs, better efficiency, and a more convenient experience. However, the market is competitive and still evolving, with potential rivals in traditional car wash equipment, new tech-enabled entrants, and regional players. Execution, brand building, and geographic expansion—particularly beyond its current base—will be critical to sustaining any edge.

Innovation and R&D

Innovation and R&D The real innovation sits with Xiaoyu Dida. Its systems aim to blend hardware and software: smarter water treatment, improved station layout and safety, cashless payments, remote monitoring, and data analytics. These features can make life easier for both drivers and station owners and, over time, support a more scalable network. The presence of related big-data and patent-holding entities suggests a deliberate focus on technology rather than just hardware. The main uncertainties are how advanced and defensible this technology really is versus competitors, and whether the company will consistently invest enough in research, software, and product updates to stay ahead as the “intelligent car wash” space matures.

Summary

FORL today is essentially a financial shell with a narrow balance sheet, no operating revenues, and no meaningful cash flow track record. Its future rests almost entirely on the successful completion and integration of the Xiaoyu Dida merger. If the deal closes, the story transforms into one about a tech-enabled, self-service car wash operator trying to scale a differentiated model in a competitive and evolving market. Key things to watch will be: completion terms of the merger, how much cash remains for growth, the pace at which new stations are deployed, the durability of Xiaoyu Dida’s technology edge, and the combined company’s ability to convert its innovation into steady revenue and cash generation. Until then, the available financial data mainly confirms that this is a blank-check vehicle rather than an operating business.