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GDSTR

Goldenstone Acquisition Limited

GDSTR

Goldenstone Acquisition Limited • NASDAQ
$0.08 ▼ -31.75% (-0.04)
Market Cap $281799
52w High $0.14
52w Low $0.08
Dividend Yield 0%
P/E -5.85
Volume 380.00K
Outstanding Shares 3.67M

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 is a typical SPAC: it has no operating business and essentially no revenue. The earnings pattern you see is driven by deal-related costs, professional fees, and accounting adjustments rather than normal sales and profits. The recent swing back into loss territory suggests that ongoing expenses and failed deal costs are weighing on results. Since there is no underlying business, the income statement mainly reflects how much is being spent to keep the SPAC alive and to pursue mergers, rather than any sign of commercial traction.

Balance Sheet

Balance Sheet The balance sheet is very small and quite lean, with modest assets and equity and no traditional debt in the data provided. For a SPAC, the real economic heft is usually the cash held in trust; here, that pool has reportedly shrunk sharply after shareholder redemptions, which limits flexibility. The mention of a working capital deficit and a “going concern” warning is important: it signals that resources are tight, the cushion is thin, and continued operation depends on either closing a deal or finding additional support before deadlines hit.

Cash Flow

Cash Flow Reported cash flow figures are essentially flat, which is common in simplified SPAC disclosures, but the narrative around the trust account tells the real story. Cash is being drawn down indirectly through redemptions and ongoing costs, shrinking the amount available to fund a future merger. With little or no meaningful operating cash inflow, the structure is slowly burning through its runway. The quality of future cash flows will depend entirely on whether Goldenstone can merge with a viable operating business; until then, cash dynamics remain fragile and largely one‑directional.

Competitive Edge

Competitive Edge Goldenstone’s core “product” is its ability to execute a merger, not to sell goods or services. Its main competitive asset is its management team and their deal-making network. However, the history of two failed merger attempts, combined with a shrinking trust balance and time pressure, weakens its standing versus other SPACs competing for the same targets. Potential partners may view the track record and tight timeline with caution, which can reduce negotiating leverage and narrow the range of attractive deals available.

Innovation and R&D

Innovation and R&D Goldenstone does not conduct traditional research and development, and it has no proprietary technology or products of its own. Any future innovation story will come entirely from the private company it may eventually merge with. The earlier focus on hydrogen fuel cells through the Infintium transaction is now irrelevant since that deal collapsed. From an innovation standpoint, the key question is not what Goldenstone builds, but whether it can identify and complete a merger with a business that has its own strong technology, differentiation, or growth edge.

Summary

Goldenstone is a shell company in a challenging spot: no operating business, no meaningful revenue base, and a reliance on a shrinking pool of capital and a narrowing window of time to find a merger partner. Financial statements mainly reflect administrative and deal costs, with pressure evident through losses, a thin balance sheet, and a warning about its ability to continue as a going concern. Competitively, its fate depends on management’s ability to source and close a credible transaction despite a history of failed deals and reduced cash in trust. Overall, this is a highly binary, event-driven situation where the eventual merger target—and whether a deal happens at all—will determine almost everything about Goldenstone’s future profile.