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IPOD

Dune Acquisition Corporation II

IPOD

Dune Acquisition Corporation II • NASDAQ
$10.17 ▲ 0.00% (+0.00)
Market Cap $147.29 M
52w High $10.24
52w Low $10.00
Dividend Yield 0%
P/E 18.49
Volume 119
Outstanding Shares 14.48M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $179.282K ▲ $1.335M ▲ 0% $0.07 ▲ $0 ▲
Q2-2025 $0 $112.445K ▲ $761.019K ▲ 0% $0.05 ▲ $-112.445K ▼
Q1-2025 $0 $48.094K ▲ $-48.094K ▼ 0% $-0.003 ▼ $-48.094K ▼
Q4-2024 $0 $36.702K ▼ $-36.702K ▼ 0% $-0.002 ▼ $-36.702K ▼
Q2-2022 $0 $367.819K $17.242M 0% $0.3 $17.826M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $401.902K ▼ $146.976M ▲ $5.826M ▼ $-5.348M ▼
Q2-2025 $589.755K ▲ $145.653M ▲ $5.839M ▲ $-5.169M ▼
Q1-2025 $470 ▼ $136.249K ▼ $196.045K ▼ $-59.796K ▼
Q2-2022 $238.48K ▲ $461.021M ▲ $26.047M ▼ $434.974M ▲
Q1-2022 $164.761K $460.464M $33.636M $426.829M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.335M ▲ $-187.853K ▲ $0 ▲ $0 ▼ $-187.853K ▼ $-187.853K ▲
Q2-2025 $761.019K ▲ $-190.247K ▼ $-144.109M ▼ $144.889M ▲ $589.285K ▲ $-190.247K ▼
Q1-2025 $-48.094K ▼ $-14.862K ▲ $0 $1.514K ▼ $-13.348K ▼ $-14.862K ▲
Q4-2024 $-36.702K ▼ $-30.472K ▲ $0 $44.29K ▼ $13.818K ▼ $-30.472K ▲
Q2-2022 $8.145M $-116.821K $0 $190.54K $73.719K $-116.821K

Five-Year Company Overview

Income Statement

Income Statement IPOD is essentially a shell right now, so its income statement is very simple. It has no real operating revenue or gross profit because it has no active business yet. The small profit that shows up is mainly from interest on the money it raised and kept in trust, after covering basic administrative costs. That means current profitability doesn’t tell you anything about the quality of an underlying business, only that expenses have been kept light while it looks for a deal. Future revenue, margins, and earnings will depend almost entirely on the company it eventually merges with, not on what you see in these early figures.

Balance Sheet

Balance Sheet The balance sheet is typical for a pre-merger SPAC: mostly financial assets, little or no traditional operating assets, and no meaningful debt. Equity is positive and only drifting slightly as costs are recognized over time. The key resource here is not physical assets but cash and trust funds set aside for a future acquisition. This structure is fairly clean and simple, but it also means there is no underlying operating business yet—only a pool of capital and a corporate shell waiting for a target.

Cash Flow

Cash Flow Cash flows are minimal and not very informative at this stage. Operating cash flow is essentially flat, reflecting that the company has no real operations and only light ongoing expenses. There is no meaningful investment in property, equipment, or long-term projects because IPOD is not trying to grow an internal business; it is holding funds for a future transaction. In practice, most of the economic substance sits in the trust account, which will eventually be used to fund the merger or be returned to shareholders if no deal occurs.

Competitive Edge

Competitive Edge As a SPAC, IPOD’s competitive position is defined almost entirely by its management team and its ability to find and close an attractive deal before its deadline. It does not compete with traditional operating companies in the usual sense; instead, it competes with other SPACs and with private equity, traditional IPOs, and direct listings for access to good targets. The current SPAC market is more crowded and more cautious than a few years ago, which can make sourcing and negotiating a strong transaction more challenging. Any real competitive edge will come from the team’s deal-making reputation, networks in sectors like software, AI, medtech, and asset management, and their ability to structure a merger that appeals to both the target and public shareholders.

Innovation and R&D

Innovation and R&D IPOD itself does not develop products, services, or technology, so it has no traditional R&D activity or innovation pipeline. Its stated focus on sectors such as SaaS, artificial intelligence, medical technology, and asset management suggests it wants to ride on the innovation of whichever private company it merges with. In other words, the eventual “innovation story” will be entirely about the target business’s technology, intellectual property, and product roadmap, not the SPAC shell. Until a deal is announced, there is no way to assess the true innovation profile or moat of the future combined company.

Summary

IPOD is a classic early-stage SPAC: clean financials, no operating business, and a small amount of income from its capital base while it searches for a target. Its balance sheet is simple and largely consists of funds earmarked for a future acquisition, with no operating assets or debt. Cash flows are quiet and mostly reflect the holding pattern it is in today. The real risk and opportunity lie ahead: success will depend almost entirely on the management team’s ability to identify a strong company in its chosen sectors, negotiate a balanced deal, and bring that business public on attractive terms. Until a specific merger target is announced and disclosed, analysis is mainly about structure, governance, and team quality rather than business fundamentals, because the true operating story has not begun yet.