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NETDW

Nabors Energy Transition Corp. II Warrant

NETDW

Nabors Energy Transition Corp. II Warrant • NASDAQ
$0.00 ▼ -13.33% (-0.00)
Market Cap $49941
52w High $0.03
52w Low $0.00
Dividend Yield 0%
P/E 0
Volume 547.56K
Outstanding Shares 38.42M

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 The income statement is essentially empty because this is a SPAC-related warrant tied to a shell entity, not an operating business. There is effectively no revenue, no real operating activity, and the small reported profit looks more like an accounting or valuation adjustment than true earnings power. Per‑share figures are heavily distorted by the SPAC and warrant structure and do not reflect an underlying business yet. Any future income profile will depend almost entirely on whether the merger with e2Companies closes and how that combined business performs afterward.

Balance Sheet

Balance Sheet The balance sheet is small and simple, with modest assets and equity and no meaningful debt. It looks clean but also reflects that there is no active operating company here yet, just a vehicle preparing for a business combination. There is no sizable cash or hard asset base to fall back on; the real economic substance will only appear if and when the merger completes and the acquired business is consolidated.

Cash Flow

Cash Flow Cash flow data show no meaningful inflows or outflows from operations or investment, highlighting that the entity has not been running a real business. There is no history of generating cash from customers, investing in facilities, or funding growth. Future cash flow characteristics will be entirely driven by the post‑merger operating company, so today’s figures are not useful for judging ongoing cash generation or capital needs.

Competitive Edge

Competitive Edge Right now, the warrant is tied to a SPAC, so there is no standalone competitive position. Looking through to the planned merger target, e2Companies aims to compete in distributed energy and microgrids with its Virtual Utility platform. Its advantages include patented on‑site power hardware, an AI‑driven software layer, a vertically integrated service model, and notable partnerships in oil and gas, data centers, and public infrastructure. However, this market is competitive and evolving, with many players in on‑site generation, storage, and smart‑grid software. The company’s future standing will hinge on its ability to execute projects at scale, maintain technology leads, and navigate utility and regulatory hurdles.

Innovation and R&D

Innovation and R&D Innovation is the main story behind the planned post‑merger business. The R3Di system offers on‑site, fuel‑flexible power that can eventually work with hydrogen and other cleaner fuels, while Grove365 software uses AI to optimize energy usage and reliability. The combination targets customers that need highly reliable, high‑quality power, such as data centers, healthcare, industrial sites, and public facilities. The technology is protected by patents and is designed to integrate renewables and advanced fuels over time. Key watch points are whether the company can keep advancing its AI capabilities, successfully integrate more renewable and future fuels into live projects, and prove that the technology works reliably and economically at larger scale and in more regions.

Summary

NETDW is not a traditional operating company but a warrant linked to a SPAC that plans to merge with e2Companies, an early‑stage but technology‑rich energy platform. Current financial statements are mostly formalities, with no real revenue, no operating cash flow, and a small, clean balance sheet. The real story lies in the future: if the merger closes, the warrant’s value will be driven by e2Companies’ ability to commercialize its Virtual Utility concept, win and deliver long‑term contracts, and stand out in a crowded distributed energy market. This creates a profile that is heavily dependent on execution, regulatory and project risk, and overall market adoption of its innovative but still scaling technology. As with any SPAC warrant, outcomes can range from strong upside if the business plan succeeds to complete loss if the deal fails or the post‑merger company underperforms.