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FSHPR

Flag Ship Acquisition Corporation

FSHPR

Flag Ship Acquisition Corporation • NASDAQ
$0.19 ▲ 0.00% (+0.00)
Market Cap $147.02 M
52w High $0.19
52w Low $0.11
Dividend Yield 0%
P/E 0
Volume 656
Outstanding Shares 773.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $236.596K ▲ $453.501K ▼ 0% $0.086 ▲ $453.501K ▲
Q2-2025 $0 $152.648K ▼ $589.626K ▲ 0% $0.086 ▲ $0
Q1-2025 $0 $162.071K $577.698K 0% $0.084 $0

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.751K ▼ $32.639M ▼ $2.931M ▲ $-2.876M ▼
Q2-2025 $19.769K ▼ $72.366M ▲ $2.664M ▲ $-2.579M ▼
Q1-2025 $35.705K $71.696M $2.584M $-2.427M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $353.178K ▼ $-211.229K ▼ $40.387M ▲ $-40.059M ▼ $-1.018K ▲ $-211.229K ▼
Q2-2025 $689.949K ▲ $-5.725K ▲ $0 $-127.785K ▼ $-56.978K ▼ $-5.725K ▲
Q1-2025 $577.698K $-183.542K $0 $142.5K $-41.042K $-183.542K

Five-Year Company Overview

Income Statement

Income Statement Flag Ship Acquisition is essentially a blank-check company, so its income statement is not informative in the usual way. It shows no meaningful revenue or operating activity, which is typical for a SPAC before it completes a merger. The small, positive earnings per share likely reflect accounting adjustments, interest on trust cash, or changes in warrant and redemption features, rather than an underlying operating business. Overall, there is no real operating performance to judge yet; the story will only become meaningful once the merger with Great Future Technology Inc. closes and that business’s financials are disclosed.

Balance Sheet

Balance Sheet The balance sheet is very light and mostly reflects a shell structure. Recorded assets are minimal and appear largely financial in nature, with no clear operating assets. There is no reported debt, which reduces financial risk but also underlines that this is not an operating company. Equity is effectively flat at this snapshot, again highlighting that the economic value is tied to the merger agreement and any cash held in trust rather than to tangible or productive assets on the balance sheet. In short, this is a capital-raising vehicle waiting to be filled with a real business.

Cash Flow

Cash Flow Cash flow data shows no real operating, investing, or financing activity beyond the bare minimum, which is consistent with a SPAC holding pattern. There is no visible cash generation from a business, no capital spending, and no free cash flow profile to analyze. Future cash flows will depend entirely on the merged entity’s ability to generate revenue, control costs, and invest effectively, none of which can be assessed yet from these figures. For now, cash dynamics are dominated by trust arrangements, transaction costs, and eventual redemption activity, which are not detailed here.

Competitive Edge

Competitive Edge As it stands, Flag Ship Acquisition has no independent competitive position in the sense of products, customers, or market share. Its “competitive edge” is tied to the quality of the merger target it brings public and the terms on which it does so. The new pivot from a prior target to Great Future Technology Inc. shows that management is actively searching for an attractive deal but also introduces uncertainty. Competition is not from other operating firms, but from other SPACs and listing routes trying to win the same promising private companies. Until the target’s business is clearly defined and disclosed, it is impossible to judge long-term competitive strength.

Innovation and R&D

Innovation and R&D Flag Ship itself is not an operating innovator; the innovation story belongs to the target, Great Future Technology Inc. At this stage, public information on that entity is fragmented and even its precise identity and business mix are unclear, with references to possible IT services, AI platforms, and advanced hardware patents, and apparent links to Chinese regulatory approval. Because the formal SEC filings are not yet available, any view on its research depth, product roadmap, or true technological edge is speculative. The key R&D and innovation assessment will only be possible once the registration documents and detailed business descriptions are filed and reviewed.

Summary

Flag Ship Acquisition is in a transitional phase typical of SPACs: no real revenue, no operating cash flow, and a thin balance sheet, with value resting almost entirely on its pending merger. The recent decision to cancel an earlier deal and sign a new agreement with Great Future Technology Inc. is a major strategic change and introduces both opportunity and uncertainty. The upside case depends on the eventual quality, growth prospects, and competitive moat of the technology business it brings public, but the information available today is incomplete and somewhat confusing. Until the official filings for Great Future Technology Inc. are released, analysis is mainly about structure and process rather than fundamentals—this remains a shell waiting for its operating story to be revealed.