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RAAQ

Real Asset Acquisition Corp.

RAAQ

Real Asset Acquisition Corp. • NASDAQ
$10.32 ▲ 0.78% (+0.08)
Market Cap $237.36 M
52w High $10.82
52w Low $9.62
Dividend Yield 0%
P/E 0
Volume 3.45K
Outstanding Shares 23.00M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $121.746K ▲ $1.686M ▲ 0% $0.098 ▲ $1.686M ▲
Q2-2025 $0 $96.036K ▲ $1.051M ▲ 0% $0.046 ▲ $-96.036K ▼
Q1-2025 $0 $52.849K $-52.849K 0% $-0.003 $-52.849K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.18M ▲ $176.77M ▲ $7.043M ▲ $169.727M ▲
Q2-2025 $0 $175.068M ▲ $7.027M ▲ $168.041M ▲
Q1-2025 $0 $201.17K $230.106K $-28.936K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow

Five-Year Company Overview

Income Statement

Income Statement RAAQ is a newly formed SPAC with no operating business, so there is effectively no revenue, no margins, and no traditional profits to analyze yet. Any small expenses are mainly related to being a public company and searching for a merger target, not running a real business. From an income statement perspective, the real story will only start once RAAQ announces and completes a business combination. Until then, its financial profile is closer to an investment vehicle than an operating company, so past “earnings” say almost nothing about its future economics.

Balance Sheet

Balance Sheet As a blank-check company, RAAQ’s balance sheet is expected to be dominated by cash raised in its IPO, generally held in a trust until a deal is completed or the vehicle is wound down. There is no operating asset base, no real inventory, and no traditional working capital cycle. The main balance-sheet questions are: how much cash ultimately remains after any shareholder redemptions, how much dilution is attached to the SPAC structure (sponsor shares, warrants), and what the target company’s balance sheet will look like once merged. That future combined balance sheet will matter far more than RAAQ’s current one.

Cash Flow

Cash Flow Current cash flows are not from a business but from the capital raised in the IPO and how that cash is managed. Operating cash outflows mainly reflect search, legal, and administrative costs, rather than investments in products or customers. The key cash-flow moment will be at the time of a merger vote: how much cash stays in the trust versus being redeemed by shareholders, and whether additional financing is needed. Future, recurring cash flow will depend entirely on the quality and economics of the company RAAQ eventually acquires.

Competitive Edge

Competitive Edge RAAQ’s present competitive position is not about products or market share, but about its ability to source and close an attractive deal in a crowded and more cautious SPAC market. Its edge rests largely on its management team’s background in advanced computing and asset management, and its clear focus on “real asset–backed” sectors. The thematic focus on quantum computing, metals and mining, rare earths, and infrastructure may help differentiate it from generalist SPACs, but it also puts RAAQ in competition with specialized private equity, strategic buyers, and other funds seeking similar assets. Ultimately, its competitive standing will be judged by the quality of the target it secures and the terms of that transaction.

Innovation and R&D

Innovation and R&D RAAQ itself conducts no research and development and has no proprietary technology or products; it is purely a capital-raising and deal-making vehicle at this stage. Any innovation story will come from the company it merges with, not from RAAQ on a standalone basis. The stated intention to focus on quantum computing, critical minerals, rare earths, and infrastructure suggests a tilt toward technologically advanced, asset-heavy businesses. When a target is announced, factors such as the target’s protected technology, operational know-how, and ability to scale will determine how strong the eventual innovation and moat profile really is.

Summary

RAAQ is an early-stage SPAC with no operating history, no real revenue, and no intrinsic business performance to evaluate yet. Its current financials mainly reflect a pool of cash, minimal operations, and a finite window to find and close a suitable merger. The strengths lie in an experienced management team with investing and advanced-computing backgrounds, and in a clear strategy focused on real-asset-linked and critical technology sectors. The main risks are deal risk (no guarantee of finding a high-quality target), timeline pressure, potential dilution from the SPAC structure, and the possibility of significant shareholder redemptions. Until a specific target is announced and detailed disclosures are filed, RAAQ is best understood as a structured shell with a particular thesis, rather than as a business with measurable fundamentals. The real analysis will begin once the future partner company—and its economics, balance sheet, and innovation profile—are visible.