FG Merger II Corp Financials

FGMC

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows FG Merger II Corp (FGMC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FGMC FY2025 2026-05-14

FY2025 reflects a transaction-driven balance-sheet expansion where liability financing, not recurring operations, explains the company’s apparent new scale.

The clearest tell is the split between a reported profit of $1.43M and an operating loss of -$972K: the year’s earnings were created below the operating line, so GAAP profit does not describe the underlying cost base. At the same time, operating cash flow of $1.48M coexisted with only $487K of cash, which implies cash was quickly redeployed into the new asset base rather than retained as internally generated liquidity.

The move from a very small FY2024 balance sheet to $82.7M of assets in FY2025 points to a discrete transaction, not a steady build from customer activity. Because year-end cash was only $487K, the added scale sits in assets that are largely committed rather than held as liquidity.

The company is still thinly capitalized: liabilities of $82.3M stand against equity of $390K, so modest asset-value changes can swing reported net worth. Compared with FY2024’s negative equity, that improvement looks more like a financing reset than proof that routine operating costs are now supported by the business itself.

Financial Health Signals

Financial health score pending refresh

We are recalculating FG Merger II Corp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.

Earnings Quality Cash-Backed

1.04x

For every $1 of reported earnings, FG Merger II Corp generates $1.04 in operating cash flow ($1.5M OCF vs $1.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

N/A

Net Income

$1.4M

YoY+5620.2%

FG Merger II Corp reported $1.4M in net income in fiscal year 2025. This represents an increase of 5620.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$487K

YoY+952.0%

FG Merger II Corp held $487K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

366.3%

FG Merger II Corp's ROE was 366.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

FGMC Income Statement

Metric	FY25	FY24
Revenue	N/A	N/A
Cost of Revenue	N/A	N/A
Gross Profit	N/A	N/A
R&D Expenses	N/A	N/A
SG&A Expenses	$972K+3660.8%	$26K
Operating Income	-$972K-3660.8%	-$26K
Interest Expense	N/A	N/A
Income Tax	$638K	$0
Net Income	$1.4M+5620.2%	-$26K
EPS (Diluted)	N/A	$-0.01

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$273K	N/A	$593K+609.4%	$84K-34.1%	$127K	N/A	$23K+2544.4%	$885
Operating Income	-$273K	N/A	-$593K-609.4%	-$84K+34.1%	-$127K	N/A	-$23K-2544.4%	-$885
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$161K	N/A	$178K+0.6%	$177K+50.5%	$118K	N/A	N/A	N/A
Net Income	$288K	N/A	$77K-86.7%	$582K+84.6%	$315K+118652.6%	-$266+98.9%	-$23K-2544.4%	-$885
EPS (Diluted)	$0.04	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FGMC Balance Sheet

Metric	FY25	FY24
Total Assets	$82.7M+48837.4%	$169K
Current Assets	$584K+245.8%	$169K
Cash & Equivalents	$487K+952.0%	$46K
Inventory	N/A	N/A
Accounts Receivable	N/A	N/A
Goodwill	N/A	N/A
Total Liabilities	$82.3M+47860.2%	$172K
Current Liabilities	N/A	N/A
Long-Term Debt	N/A	N/A
Total Equity	$390K+14899.7%	-$3K
Retained Earnings	$389K+1428.3%	-$29K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$83.2M+0.6%	$82.7M+0.2%	$82.5M+0.3%	$82.3M+0.6%	$81.8M+48306.9%	$169K	N/A	N/A
Current Assets	$318K-45.5%	$584K-16.4%	$699K+4.9%	$667K-8.3%	$727K+329.9%	$169K	N/A	N/A
Cash & Equivalents	$243K-50.0%	$487K-15.9%	$579K+11.8%	$518K-5.9%	$550K+1088.4%	$46K-12.8%	$53K-3.0%	$55K
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$83.2M+1.1%	$82.3M0.0%	$82.3M+0.5%	$81.9M+0.5%	$81.5M+47380.0%	$172K	N/A	N/A
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$45K-111.5%	$390K+74.0%	$224K-39.2%	$368K+16.2%	$317K+12142.8%	-$3K-11.2%	-$2K-111.2%	$21K
Retained Earnings	-$45K-111.6%	$389K+74.0%	$224K-39.2%	$368K+28.6%	$286K+1076.4%	-$29K	N/A	N/A

FGMC Cash Flow Statement

Metric	FY25	FY24
Operating Cash Flow	$1.5M+14998.7%	-$10K
Capital Expenditures	N/A	N/A
Free Cash Flow	N/A	N/A
Investing Cash Flow	-$82.1M	N/A
Financing Cash Flow	$81.1M	N/A
Dividends Paid	N/A	N/A
Share Buybacks	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$479K+145.6%	$195K-31.1%	$283K-64.0%	$785K+254.2%	$222K+3352.3%	-$7K-314.9%	-$2K-25.5%	-$1K
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$722K-151.9%	-$287K-29.4%	-$222K+58.2%	-$531K+99.3%	-$81.1M	N/A	N/A	N/A
Financing Cash Flow	$81.4M	$0	$0+100.0%	-$287K-100.4%	$81.4M	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FGMC Financial Ratios

Metric	FY25	FY24
Gross Margin	N/A	N/A
Operating Margin	N/A	N/A
Net Margin	N/A	N/A
Return on Equity	366.3%	N/A
Return on Assets	1.7%+17.0pp	-15.3%
Current Ratio	N/A	N/A
Debt-to-Equity	211.36+276.6	-65.22
FCF Margin	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	34.5%-123.6pp	158.1%+58.6pp	99.5%	N/A	N/A	-4.2%
Return on Assets	0.4%	N/A	0.1%-0.6pp	0.7%+0.3pp	0.4%+0.5pp	-0.2%	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	-1852.15-2063.5	211.36-156.3	367.67+145.2	222.48-34.7	257.15+322.4	-65.22	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is FG Merger II Corp profitable?

Yes, FG Merger II Corp (FGMC) reported a net income of $1.4M in fiscal year 2025.

What is FG Merger II Corp's return on equity (ROE)?

FG Merger II Corp (FGMC) has a return on equity of 366.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is FG Merger II Corp's operating cash flow?

FG Merger II Corp (FGMC) generated $1.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are FG Merger II Corp's total assets?

FG Merger II Corp (FGMC) had $82.7M in total assets as of fiscal year 2025, including both current and long-term assets.

What is FG Merger II Corp's debt-to-equity ratio?

FG Merger II Corp (FGMC) had a debt-to-equity ratio of 211.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is FG Merger II Corp's return on assets (ROA)?

FG Merger II Corp (FGMC) had a return on assets of 1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Are FG Merger II Corp's earnings high quality?

FG Merger II Corp (FGMC) has an earnings quality ratio of 1.04x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.