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NETD

Nabors Energy Transition Corp. II Class A Ordinary Shares

NETD

Nabors Energy Transition Corp. II Class A Ordinary Shares • NASDAQ
$11.52 ▼ -0.35% (-0.04)
Market Cap $439.20 M
52w High $11.75
52w Low $10.73
Dividend Yield 0%
P/E 288
Volume 77.76K
Outstanding Shares 38.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $3.826M ▲ $-2.288M ▼ 0% $-0.09 ▼ $-2.288M ▼
Q2-2025 $0 $1.061M ▼ $2.353M ▲ 0% $0.062 ▲ $-1.061M ▼
Q1-2025 $0 $2.454M ▼ $876.496K ▲ 0% $0.023 ▲ $876.496K ▲
Q4-2024 $0 $3.156M ▲ $611.245K ▼ 0% $0.016 ▼ $611.245K ▲
Q3-2024 $0 $479.267K $3.972M 0% $0.1 $-479.267K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $629.566K ▼ $154.828M ▼ $14.148M ▼ $140.68M ▼
Q2-2025 $1.178M ▼ $339.757M ▲ $18.141M ▲ $321.616M ▲
Q1-2025 $1.46M ▼ $336.708M ▲ $17.445M ▼ $319.264M ▲
Q4-2024 $1.6M ▼ $333.516M ▲ $17.798M ▲ $315.718M ▲
Q3-2024 $1.645M $329.877M $14.77M $315.107M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.288M ▼ $-548.774K ▼ $185.905M ▲ $-185.905M ▼ $-548.774K ▼ $-548.77K ▼
Q2-2025 $2.353M ▲ $-281.472K ▼ $0 $0 $-281.472K ▼ $-281.472K ▼
Q1-2025 $876.496K ▲ $-139.87K ▼ $0 $0 $-139.87K ▼ $-139.87K ▼
Q4-2024 $611.245K ▼ $-45.411K ▲ $0 $0 $-45.412K ▲ $-45.41K ▲
Q3-2024 $3.972M $-136.835K $0 $0 $-136.835K $-136.83K

Five-Year Company Overview

Income Statement

Income Statement NETD’s income statement looks like a typical SPAC: essentially no revenue and no real operating activity. The small amount of reported profit is mainly an accounting outcome tied to its financial structure, not from running a business or selling products. Earnings per share figures can look misleadingly large because they are spread over a small effective capital base, not because the company is highly profitable. Overall, the income statement does not provide insight into an underlying operating business, since NETD never completed a merger and is now heading into liquidation.

Balance Sheet

Balance Sheet The balance sheet is very simple and reflects a cash-shell structure rather than an operating company. Assets are mostly financial in nature, with equity funded largely by the IPO proceeds and sponsor capital, and effectively no operating assets like plants, equipment, or inventory. There is no meaningful debt reported, so leverage risk at the shell level is low. With the decision to liquidate, the key point is that the remaining assets are intended to be returned to shareholders through redemptions, and the balance sheet will be wound down rather than built up for growth.

Cash Flow

Cash Flow Cash flow statements for NETD are not informative in the usual business sense. There is no evidence of cash being generated from selling goods or services, and no real capital spending, which is consistent with it being a SPAC that never closed a deal. Most historical cash movements would have been related to raising funds, holding them in trust, paying modest operating and advisory costs, and now preparing for redemption. From a cash perspective, the story is about capital being temporarily parked and then returned, not about a company learning to fund itself through operations.

Competitive Edge

Competitive Edge As an operating business, NETD never developed a competitive position; its role was purely as a financial vehicle to take another company public. Any perceived competitive edge was about its sponsor’s credibility and deal pipeline, not about products, customers, or market share. The intended target, e2Companies, operates in a competitive and fast-evolving energy-tech niche, but that competitive story now sits entirely with e2, not with NETD. Once liquidation is complete, NETD will no longer participate in any competitive landscape at all.

Innovation and R&D

Innovation and R&D NETD itself did not conduct research and development or build technology; SPACs are essentially financing shells. The innovation narrative was tied to its chosen target, e2Companies, which offers a vertically integrated “Virtual Utility” model that combines patented on-site power hardware with AI-driven energy management software. This combination aims to deliver more resilient, cleaner, and smarter local power solutions, with intellectual property protections that could create meaningful barriers to entry. However, because the merger collapsed and NETD is liquidating, these innovations remain with e2Companies and are no longer part of NETD’s future.

Summary

NETD is best understood as a SPAC that reached the end of its life without completing a business combination and is now in the process of liquidating. Its financial statements show a clean, low-complexity shell with no operating revenue, no meaningful debt, and cash-like assets that are being returned to shareholders. There is no ongoing business to grow, no future R&D pipeline within NETD itself, and no competitive strategy to evaluate going forward. The real substance for long-term industry watchers lies in the underlying energy-transition technology of e2Companies, which may or may not find another route to the public markets, but that story will unfold outside of NETD, whose role is effectively ending.

NEWS

November 17, 2025 · 5:06 PM UTC

Nabors Energy Transition Corp. II Announces Results of Extraordinary General Meeting and Redemption of Public Shares

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October 17, 2025 · 5:31 PM UTC

Nabors Energy Transition Corp. II Announces Extension of Its Outside Date

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September 17, 2025 · 7:13 PM UTC

Nabors Energy Transition Corp. II Announces Extension of Deadline to Complete Business Combination

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