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FSHPU

Flag Ship Acquisition Corp. Unit

FSHPU

Flag Ship Acquisition Corp. Unit • NASDAQ
$10.60 ▲ 0.00% (+0.00)
Market Cap $104.78 M
52w High $11.51
52w Low $10.41
Dividend Yield 0%
P/E 0
Volume 200
Outstanding Shares 9.88M

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 ▲ $-152.648K ▲
Q1-2025 $0 $162.071K ▼ $577.698K ▲ 0% $0.065 ▲ $-162K ▲
Q4-2024 $0 $332.518K ▼ $477.375K ▼ 0% $0.054 ▼ $-333K ▲
Q3-2024 $0 $402.971K $488.327K 0% $0.055 $-403K

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 ▲ $69.702M ▲
Q1-2025 $35.705K ▼ $71.696M ▲ $2.584M ▲ $69.112M ▲
Q4-2024 $76.747K ▲ $70.972M ▲ $2.437M ▲ $68.534M ▲
Q3-2024 $215 $70.11M $2.053M $68.057M

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 ▲ $-95.936K ▲ $0 $80K ▼ $-15.936K ▲ $-5.725K ▲
Q1-2025 $577.698K ▲ $-183.542K ▲ $0 $142.5K ▼ $-41.042K ▼ $-183.542K ▲
Q4-2024 $477.375K ▼ $-243.753K ▲ $0 $320.285K ▲ $76.532K ▲ $-243.753K ▲
Q3-2024 $488.327K $-412.977K $0 $307.566K $-105.411K $-412.977K

Five-Year Company Overview

Income Statement

Income Statement FSHPU’s income statement is essentially that of a blank‑check shell: no meaningful revenue and no operating business behind the numbers yet. The small profits or losses over time mainly reflect administrative costs, SPAC setup and listing expenses, and income from holding cash or securities, not the performance of an operating company. Any future revenue, margins, or earnings profile will come almost entirely from the merger partner, Great Future Technology Inc., once (and if) the deal closes, so past figures for FSHPU tell very little about what the combined company’s ongoing business will look like.

Balance Sheet

Balance Sheet The reported balance sheet is very light, with a small equity base and no debt showing in this dataset. As with most SPACs, its real economic substance is primarily the cash held in trust for a future acquisition and the sponsor’s capital, which are not fully described here. There is no evidence of leverage risk in the numbers provided, but the balance sheet will change completely if the merger is completed, as Great Future Technology’s assets, liabilities, and working capital needs are added. Until detailed merger filings are available, the true post‑deal balance sheet strength and risk profile remain unclear.

Cash Flow

Cash Flow The cash flow data show no meaningful operating, investing, or financing flows, which is consistent with a SPAC that has not yet started an operating business. In practice, a vehicle like FSHPU uses cash primarily for routine corporate expenses and deal‑related costs while most funds sit in a protected trust. Once combined with Great Future Technology, the cash flow story will shift to that company’s ability to win projects, collect from clients, fund staff and development, and potentially invest in new products. Right now there is very limited visibility into future cash generation or cash burn, so cash‑flow quality and sustainability are key open questions.

Competitive Edge

Competitive Edge On its own, FSHPU does not compete in a traditional product market; it competes with other SPACs and listing routes to attract a quality target and investor capital. The more important competitive picture is that of Great Future Technology. That business appears to offer integrated digital services—web and app development, e‑commerce platforms, and tailored business systems—for small and mid‑sized clients. Its strengths seem to be one‑stop solutions, customization, and relatively budget‑friendly pricing, which can create sticky client relationships once systems are embedded. However, this is a very crowded, global market with many software agencies and consulting firms offering similar capabilities, so defending pricing power and winning new clients could be challenging unless the company can clearly differentiate on quality, speed, or specialized sector expertise.

Innovation and R&D

Innovation and R&D FSHPU itself has no products or research function; it is purely a financial vehicle. Innovation and R&D therefore sit almost entirely with Great Future Technology. That company appears to build on widely used modern tools and cloud platforms rather than on proprietary technologies. Its “innovation” seems to be in how it combines these tools into customized, scalable solutions and industry‑specific systems, not in fundamental research. This suggests a service‑driven model with modest formal R&D spending, where know‑how, talent, and process matter more than patents. The big question is whether the team can evolve from bespoke project work toward more standardized platforms or repeatable solutions that scale better and deepen its moat over time.

Summary

FSHPU today is a financial shell whose historical numbers mainly reflect the mechanics of being a SPAC, not the health of a real operating business. The previous merger plan with Great Rich Technologies was cancelled and replaced by a new deal with Great Future Technology Inc., so the story has effectively been reset. From here, almost all of the future upside and risk lie in the quality of Great Future Technology: its client base, growth potential, profitability, and ability to stand out in a very competitive digital‑services market. Key things to watch in upcoming filings are: detailed financials of the target, how the combined balance sheet looks after the transaction, the level of shareholder redemptions from the trust, the company’s plan to scale beyond purely custom projects, and how it intends to maintain an edge against numerous rivals. Until that information is available, FSHPU’s standalone financial history offers limited insight into what the merged entity will ultimately become.