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SPKL

Spark I Acquisition Corp. Class A Ordinary Share

SPKL

Spark I Acquisition Corp. Class A Ordinary Share • NASDAQ
$11.15 ▼ -0.89% (-0.10)
Market Cap $96.55 M
52w High $12.01
52w Low $10.54
Dividend Yield 0%
P/E 159.29
Volume 90.35K
Outstanding Shares 8.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $595.005K ▼ $-475.225K ▼ 0% $-0.05 ▼ $0 ▲
Q2-2025 $0 $763.867K ▲ $362.583K ▼ 0% $0.022 ▼ $-763.867K ▼
Q1-2025 $0 $577.365K ▼ $542.329K ▼ 0% $0.054 ▲ $542.329K ▲
Q4-2024 $0 $617.451K ▲ $607.264K ▼ 0% $0.037 ▼ $-617.451K ▼
Q3-2024 $0 $454.621K $901.986K 0% $0.055 $-454.621K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $614.005K ▼ $25.463M ▼ $7.317M ▲ $-6.677M ▼
Q2-2025 $1.102M ▲ $110.349M ▲ $6.887M ▲ $103.462M ▲
Q1-2025 $487.194K ▲ $108.65M ▲ $5.55M ▲ $103.1M ▲
Q4-2024 $375.403K ▲ $107.406M ▲ $4.849M ▲ $102.557M ▲
Q3-2024 $82.76K $105.909M $3.959M $101.95M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $362.583K ▼ $-485.366K ▲ $0 $1.1M ▲ $614.634K ▲ $-485.366K ▲
Q1-2025 $542.329K ▼ $-488.209K ▲ $0 ▼ $600K ▼ $111.791K ▼ $-488.209K ▲
Q4-2024 $607.264K ▼ $-547.357K ▼ $840K ▲ $840K ▲ $292.643K ▲ $-547.357K ▼
Q3-2024 $901.986K ▲ $-388.45K ▲ $0 $0 $-388.45K ▲ $-388.45K ▲
Q2-2024 $870.843K $-461.504K $0 $0 $-461.504K $-461.504K

Five-Year Company Overview

Income Statement

Income Statement Spark I Acquisition is still a blank‑check company, so its income statement is not built around a real operating business yet. It has no meaningful revenue, and past profit or loss has mainly come from interest on the cash it raised and the costs of running the SPAC structure. The recent move into positive per‑share earnings likely reflects accounting and financing effects rather than an underlying, repeatable business model. The key point: today’s income statement tells you almost nothing about how a future combined company with Kneron might perform.

Balance Sheet

Balance Sheet The balance sheet is simple and relatively clean, as is typical for a young SPAC. It mainly consists of financial assets raised from investors and matching equity, with little or no traditional operating debt or tangible business assets. This makes the current entity financially uncomplicated but also very limited in scale. The real transformation of the balance sheet would come only if the Kneron merger closes, when operating assets, liabilities, and a much more complex capital structure would appear.

Cash Flow

Cash Flow Current cash flows come from financing activities, not from selling products or services. Operating cash use is largely tied to administrative costs of keeping the SPAC alive, while most of the money raised is held in trust and can be constrained in how it’s used. There is effectively no history yet of cash generation from a real business. Future cash flow quality will depend entirely on Kneron’s ability, if the merger completes, to turn its technology and partnerships into steady, repeatable cash earnings.

Competitive Edge

Competitive Edge As a SPAC on its own, Spark I has almost no competitive position; it is one of many similar vehicles competing to strike a good deal before its deadline. The more interesting competitive story comes from Kneron, the proposed merger partner, which operates in edge AI chips and software. Kneron appears to have some strengths: energy‑efficient chips, a specialized AI platform, and partnerships with known technology and industrial players. At the same time, it competes against much larger semiconductor and AI companies with deep pockets, so maintaining a strong niche and continuing to win design wins will be critical and uncertain.

Innovation and R&D

Innovation and R&D Spark I itself has no real R&D or products; it is purely a financial shell. The innovation story is entirely about Kneron, which focuses on low‑power AI chips that run directly on devices and a supporting software ecosystem. Its reconfigurable AI processor designs, development tools, and privacy‑focused platform suggest a research‑heavy, technology‑driven business model. Sustaining this edge will require ongoing, sizable investment in R&D and successful translation of that research into commercially adopted products in markets like smart devices, industrial systems, and vehicles.

Summary

Spark I Acquisition is currently a financing vehicle with minimal operating history, simple financial statements, and no standalone business operations. The main driver of its future profile is the proposed merger with Kneron, an edge AI company with meaningful technology, a patent base, and industry partnerships, but also exposure to intense competition and fast‑moving innovation cycles. Until a definitive merger agreement is signed, approved, and closed, there is significant uncertainty: the deal can change, be delayed, or fall through. If it does close, the combined entity’s risk, growth potential, and financial characteristics will look completely different from today’s small, cash‑holding SPAC, and will instead hinge on Kneron’s ability to scale its technology into a durable, profitable business. Investors reviewing SPKL are effectively analyzing a transition story rather than a mature operating company.