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PELI

Pelican Acquisition Corporation Ordinary Shares

PELI

Pelican Acquisition Corporation Ordinary Shares • NASDAQ
$10.12 ▼ -0.10% (-0.01)
Market Cap $121.43 M
52w High $10.19
52w Low $8.98
Dividend Yield 0%
P/E 0
Volume 270
Outstanding Shares 12.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $331.247K ▲ $307.41K ▲ 0% $0.03 ▲ $-331.247K ▼
Q1-2025 $0 $19.937K $-19.553K 0% $-0.01 $-19.937K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $252.24K ▼ $87.313M ▲ $83.976K ▼ $342.916K ▲
Q1-2025 $499.606K $670.572K $703.341K $-32.769K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $307.41K ▲ $-420.429K ▼ $-86.25M ▼ $86.423M ▲ $-247.366K ▼ $-420.429K ▼
Q1-2025 $-19.553K $-39.664K $0 $480.197K $440.533K $-39.664K

Five-Year Company Overview

Income Statement

Income Statement Pelican today is essentially a shell company, so its income statement tells very little about long‑term earning power. There is no real revenue or operating profit yet, just the typical structure of a SPAC that exists to close a merger. Any future revenue, margins, and profitability will come from the planned Greenland Energy business after the deal closes and drilling actually begins. Until then, the income statement is more of a formality than a guide to underlying performance, and future results are likely to be volatile and highly dependent on exploration outcomes and commodity prices.

Balance Sheet

Balance Sheet As a SPAC, Pelican’s balance sheet is mainly about cash raised in the IPO and the obligation to either complete a deal or return that cash to shareholders. There are no meaningful operating assets, no production facilities, and no proven reserves yet. After the merger, the balance sheet will flip from being cash‑heavy with minimal operating items to holding exploration licenses, capitalized exploration spending, and potentially new debt or equity. The strength and flexibility of that post‑merger balance sheet will be critical, because large, long‑dated energy projects can consume a lot of capital before generating cash back.

Cash Flow

Cash Flow Current cash flows reflect a holding vehicle: modest outflows for operating and deal costs, funded by IPO proceeds, and no cash coming in from operations. There is no free cash flow in a business sense yet. Looking ahead, cash flow will likely be negative for a number of years as Greenland Energy invests in seismic work, drilling, and infrastructure. The project will depend heavily on ongoing access to external funding—equity, possible future debt, and partnerships—to bridge the long gap between early spending and any potential production cash inflows.

Competitive Edge

Competitive Edge The competitive story sits entirely in the future Greenland Energy platform. Its potential strengths include control over a large, under‑developed basin in Greenland, a first‑mover position as a dedicated public vehicle for this resource, and the benefit of legacy work and infrastructure from earlier operators. Partnerships with experienced oilfield service firms add operational depth. On the other hand, this is frontier exploration: there are no producing assets yet, the operating environment is harsh, regulatory and environmental scrutiny will be intense, and global energy markets are shifting. The company’s competitive position will ultimately hinge on whether it can turn promising geology into commercially viable, responsibly developed production faster and more effectively than any would‑be rivals.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional research labs and more about smarter exploration. The key differentiator is the use of modern seismic reprocessing techniques applied to extensive historical data, which has helped identify many potential drilling targets in an area that has seen study but little actual drilling. Building on prior infrastructure reduces development hurdles, and the strategy leans on technical partners for advanced drilling and project management. There is also an emphasis on responsible development and alignment with environmental and local‑community expectations, which can be seen as a form of strategic and social innovation in a sensitive Arctic setting.

Summary

Pelican is at the “blank check” stage: clean but largely uninformative financials, no operating business, and a future defined by whether its merger with Greenland Energy is completed and successfully executed. The core of the story is a high‑risk, high‑uncertainty energy exploration project in a geologically promising, strategically important region. Potential strengths include a large prospective resource base, first‑mover positioning, use of modern exploration technology, and strong technical partners. Key risks include the early‑stage, pre‑revenue nature of the venture, heavy future capital needs, execution and environmental challenges in Greenland, and exposure to shifts in energy policy and prices. At this point, Pelican’s numbers matter less than these strategic and operational questions, and outcomes are likely to be binary over the long term: either successful resource development or disappointing exploration results.

NEWS

September 10, 2025 · 8:30 AM UTC

Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company

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