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GDST

Goldenstone Acquisition Limited

GDST

Goldenstone Acquisition Limited • NASDAQ
$11.04 ▲ 0.00% (+0.00)
Market Cap $25.27 M
52w High $15.00
52w Low $10.74
Dividend Yield 0%
P/E -78.86
Volume 10
Outstanding Shares 2.29M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $0 ▼ $-179.589K ▲ 0% $-0.15 ▲ $-207.284K ▲
Q1-2025 $0 ▼ $392.423K ▲ $-235.827K ▼ 0% ▼ $-0.16 ▼ $-392.423K ▼
Q4-2024 $742.708K ▲ $126.431K ▼ $9.907K ▼ 1.334% ▲ $0.004 ▼ $-126.431K ▲
Q3-2024 $0 $152.162K ▲ $18.24K ▼ 0% $0.01 ▼ $-152.162K ▼
Q2-2024 $0 $13.832K $150.32K 0% $0.094 $-128K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $371.603K ▲ $5.748M ▼ $7.706M ▼ $-1.959M ▼
Q1-2025 $4.224K ▼ $19.345M ▲ $21.124M ▲ $-1.779M ▼
Q4-2024 $14.692K ▲ $19.064M ▲ $6.575M ▲ $12.489M ▲
Q3-2024 $8.434K ▲ $18.746M ▲ $6.267M ▲ $12.479M ▲
Q2-2024 $5.04K $18.398M $5.936M $12.461M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-179.589K ▲ $92.983K ▲ $13.785M ▲ $-13.51M ▼ $367.379K ▲ $92.983K ▲
Q1-2025 $-235.827K ▼ $-185.468K ▲ $-150K ▼ $325K ▲ $-10.468K ▼ $-185.468K ▲
Q4-2024 $9.907K ▼ $-217.785K ▼ $3.077K ▲ $220.966K ▼ $6.258K ▲ $-217.785K ▼
Q3-2024 $18.24K ▼ $-208.334K ▲ $-43.272K ▲ $255K ▼ $3.394K ▲ $-208.334K ▲
Q2-2024 $58.624K $-867.757K $-71.869K $500K $-439.626K $-867.757K

Five-Year Company Overview

Income Statement

Income Statement Goldenstone’s income statement is basically a blank shell. There is no meaningful revenue, no real operating activity, and results are driven mostly by deal-related and administrative costs rather than by a business that sells products or services. The swing in earnings per share over the past few years likely reflects accounting adjustments, transaction expenses, and changes in share count, not underlying business performance. Until Goldenstone completes a merger and has a real operating company inside it, the income statement tells you almost nothing about long‑term earning power.

Balance Sheet

Balance Sheet The balance sheet is very lean and simple. Assets and equity are small, with no reported debt and no significant operating assets like factories, inventory, or receivables. This is consistent with a SPAC structure: the vehicle is designed mainly to hold cash and equity, not to run a business. Over time, equity appears to have edged down, which is typical as the company spends on legal, advisory, and listing costs while generating no revenue. The balance sheet’s health and scale will change dramatically only if and when a merger is closed and an operating business is brought in.

Cash Flow

Cash Flow Cash flow mirrors the income statement: there is effectively no operating cash coming in from a business, no meaningful investment spending, and no real capital expenditure. Cash use is mainly for corporate and deal-related overhead. In this kind of structure, the important cash flow events are usually one‑off: money raised at the IPO, cash held in trust, redemptions by shareholders, and cash used or received at the time of a merger. Until a transaction happens, the cash flow profile will likely remain flat and uneventful, aside from ongoing operating burn.

Competitive Edge

Competitive Edge Goldenstone does not compete as a traditional operating company; it competes as a financial vehicle in a crowded SPAC and private capital market. Its only real “edge” is the judgment, reputation, and relationships of its management team and board. The failed merger with Infintium shows that execution risk is real: finding a target, negotiating terms, satisfying regulators, and keeping shareholders on board is difficult, especially in a cooling SPAC market. Goldenstone faces time pressure from its merger deadline and competition from other SPACs and private equity funds pursuing similar high‑growth targets, which can weaken its bargaining power with potential partners.

Innovation and R&D

Innovation and R&D Goldenstone itself has no products, no research and development, and no technological moat. Any innovation story would belong to whichever operating company it eventually merges with. The terminated Infintium deal suggests the team has an interest in advanced, sustainability‑focused technologies, such as fuel cells, but that transaction did not close, so none of Infintium’s innovation sits inside Goldenstone today. Until a new target is announced and successfully combined, there is no in‑house R&D engine to analyze—only an indication of the types of sectors management might pursue.

Summary

Goldenstone Acquisition Limited is currently a financial shell with no active business, no revenue, and a very light balance sheet, designed purely to execute a merger. Its past attempt to combine with a fuel‑cell company shows the kind of innovative, growth‑oriented profile it might seek, but the cancellation of that deal underlines the high execution risk in this structure. Near‑term value depends almost entirely on whether management can find and close a compelling business combination before its extended deadline. Until that happens, the company remains a speculative, “binary” vehicle: either it completes a deal and transforms into an operating business, or it fails to do so and likely winds down, with little in between. Uncertainty is high, and the key thing to watch is any credible announcement of a new target and the terms attached to that transaction.