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MACI

Melar Acquisition Corp. I

MACI

Melar Acquisition Corp. I • NASDAQ
$10.58 ▲ 0.00% (+0.00)
Market Cap $228.76 M
52w High $10.97
52w Low $10.04
Dividend Yield 0%
P/E 0
Volume 1.16K
Outstanding Shares 21.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $712.021K ▲ $1.11M ▼ 0% $0.05 ▼ $0 ▼
Q2-2025 $0 $233.288K ▲ $1.556M ▼ 0% $0.072 ▼ $1.556M ▼
Q1-2025 $0 $156.948K ▲ $1.58M ▼ 0% $0.073 ▼ $1.58M ▼
Q4-2024 $0 $129.657K ▼ $1.746M ▼ 0% $0.11 ▼ $1.746M ▼
Q3-2024 $0 $130.378K $2.376M 0% $0.15 $2.376M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $170.03M ▲ $173.788M ▲ $10.662M ▲ $-6.617M ▼
Q2-2025 $555.805K ▼ $168.908M ▲ $6.892M ▲ $162.017M ▲
Q1-2025 $693.112K ▼ $167.093M ▲ $6.633M ▼ $160.46M ▲
Q4-2024 $878.254K ▼ $165.522M ▲ $6.641M ▲ $158.88M ▲
Q3-2024 $934.098K $163.745M $6.611M $157.134M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.556M ▼ $-137.307K ▲ $-228.079K ▼ $228.079K ▲ $-137.307K ▲ $-137.31K ▲
Q1-2025 $1.58M ▼ $-185.142K ▼ $0 $0 $-185.142K ▼ $-185.142K ▼
Q4-2024 $1.746M ▼ $-55.844K ▲ $0 ▲ $0 ▲ $-55.844K ▲ $-55.844K ▲
Q3-2024 $2.376M ▲ $-103.028K ▲ $-160M $-2.447K ▼ $-103.028K ▼ $-103.028K ▲
Q2-2024 $106.303K $-388.809K $-160M $161.426M $161.037M $-388.809K

Five-Year Company Overview

Income Statement

Income Statement MACI’s income statement is very simple because it is a blank-check SPAC with no real operating business yet. There is essentially no revenue, no cost of goods, and no traditional operating profit or loss from running a business. The small reported earnings per share mainly reflect SPAC accounting and interest on cash held in trust, not the performance of an operating company. In practical terms, today’s income statement tells you almost nothing about how the future merged company (Everli) might perform once the deal closes.

Balance Sheet

Balance Sheet The balance sheet is typical of a newly listed SPAC. It mainly consists of financial assets from the IPO proceeds and shareholder equity, with no meaningful operating assets, no real working capital, and no operating debt. Think of it as a financial shell holding cash for a future acquisition rather than a business with factories, inventory, or large loans. The true economic profile of the balance sheet will change completely if and when the Everli merger is completed, as Everli’s assets, liabilities, and any debt will then replace the current simple structure.

Cash Flow

Cash Flow Current cash flows are minimal and mostly reflect the mechanics of a SPAC rather than business activity. There is no cash generated from customers, no spending on operations, and no real investment in physical assets. Cash is largely parked and reserved for the future transaction. Only after the merger with Everli closes will cash flow statements start to show more traditional patterns: cash coming in from grocery marketplace operations, cash going out for marketing, technology, logistics, and potential expansion.

Competitive Edge

Competitive Edge On its own, MACI does not have a competitive position as an operating company; it is essentially a financing vehicle. The competitive story is really about Everli, the planned merger partner. Everli operates an online grocery marketplace with an asset-light model that works through existing supermarkets rather than owning its own dark stores. Its strengths include a broad retailer network in its core country, a focus on personalization via AI, and a more flexible, less capital-intensive setup than many quick-commerce players. At the same time, it operates in a fiercely competitive space with strong global and local rivals, thin margins, and constant pressure on delivery times and customer experience. Execution quality, retailer relationships, and cost control will be key to maintaining any edge.

Innovation and R&D

Innovation and R&D The innovation engine sits with Everli, not MACI itself. Everli’s platform uses machine learning to recommend products through its “Cart Assistant,” tailoring baskets to each shopper and aiming to lift order conversion and repeat use. It also offers a white-label technology solution that lets supermarkets quickly launch branded online grocery services without building everything themselves, deepening B2B relationships. The model relies on personal shoppers and close integration with store inventory systems, enabling a more personalized, flexible service and better data on customer behavior. Future innovation focus areas include refining the AI engine, expanding into more European markets, scaling the white-label platform with new retailers, and continuously improving unit economics. The main risks are technological execution, keeping pace with larger tech and grocery players, and proving that these innovations can lead to sustainable profitability in a tough industry.

Summary

MACI today is a SPAC: financially simple, with no operating business, and designed to merge with a target—in this case, Everli, a European e-grocery marketplace. The current financial statements mostly reflect cash raised and standard SPAC accounting, not a going concern with revenue or operating profit. The real story, risks, and opportunities lie in the future combined company. Everli brings an asset-light, retailer-partnered model, AI-driven personalization, and a white-label tech platform that could support both consumer and B2B growth. However, the e-grocery market is crowded, price-sensitive, and operationally demanding, and the path to durable profitability is still developing. Until the transaction closes and Everli’s own financials are fully visible in public-market form, analysis is necessarily forward-looking and uncertain, with the key questions centered on execution, competition, and scaling profitability rather than MACI’s current standalone figures.