Flag Ship Acquisition Corp Financials
This page shows Flag Ship Acquisition Corp (FSHP) 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).
Financial Health Signals
Flag Ship Acquisition Corp passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Flag Ship Acquisition Corp generates $-0.96 in operating cash flow (-$876K OCF vs $910K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Flag Ship Acquisition Corp reported $910K in net income in fiscal year 2024. This represents an increase of 1558.1% from the prior year.
Flag Ship Acquisition Corp held $77K in cash against $0 in long-term debt as of fiscal year 2024.
Flag Ship Acquisition Corp had 2M shares outstanding in fiscal year 2024. This represents an increase of 13.8% from the prior year.
FSHP Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | $237K+55.0% | $153K-5.8% | $162K-59.8% | $403K+416.5% | $78K+2.9% | $76K | N/A | $46K |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $454K-23.1% | $590K+2.1% | $578K+18.3% | $488K+2350.9% | $20K+126.3% | -$76K | N/A | -$46K |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
FSHP Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $32.6M-54.9% | $72.4M+0.9% | $71.7M+1.0% | $71.0M+2.4% | $69.3M | N/A | $151K | N/A |
| Current Assets | $55K-35.4% | $85K-46.0% | $157K-9.1% | $172K-27.4% | $238K | N/A | $121K | N/A |
| Cash & Equivalents | $19K-5.1% | $20K-44.6% | $36K-53.5% | $77K-27.3% | $106K+159.5% | $41K-65.0% | $116K-10.9% | $130K |
| 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 | $35.5M-52.6% | $74.9M+1.1% | $74.1M+1.2% | $73.2M+3.3% | $70.9M | N/A | $434K | N/A |
| Current Liabilities | $1.2M+28.4% | $939K+9.4% | $859K+20.5% | $712K+1599.4% | $42K | N/A | $434K | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$2.9M-11.5% | -$2.6M-6.3% | -$2.4M-7.2% | -$2.3M-48.1% | -$1.5M-326.2% | -$359K-26.8% | -$283K-6.2% | -$266K |
| Retained Earnings | -$2.9M-11.5% | -$2.6M-6.3% | -$2.4M-7.2% | -$2.3M-48.0% | -$1.5M | N/A | -$308K | N/A |
FSHP Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$151K-129.0% | -$66K+64.1% | -$184K+24.7% | -$244K-63.5% | -$149K-111.5% | -$71K-281.4% | -$18K+59.6% | -$46K |
| 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 | N/A | N/A | N/A | $0 | N/A | N/A | N/A | N/A |
| Financing Cash Flow | -$40.2M-80574.1% | $50K-64.9% | $143K-55.5% | $320K-99.5% | $69.2M+1384380.3% | -$5K-217.6% | $4K+425200.0% | -$1 |
| 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 |
FSHP Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| 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 | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 1.4%+0.6pp | 0.8%0.0pp | 0.8%+0.1pp | 0.7%+0.7pp | 0.0% | N/A | N/A | N/A |
| Current Ratio | 0.05-0.0 | 0.09-0.1 | 0.18-0.1 | 0.24-5.4 | 5.67 | N/A | 0.28 | N/A |
| Debt-to-Equity | -12.35+16.7 | -29.05+1.5 | -30.54+1.8 | -32.34+14.0 | -46.34 | N/A | -1.53 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$2.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.24), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
Is Flag Ship Acquisition Corp profitable?
Yes, Flag Ship Acquisition Corp (FSHP) reported a net income of $910K in fiscal year 2024.
What is Flag Ship Acquisition Corp's operating cash flow?
Flag Ship Acquisition Corp (FSHP) generated -$876K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Flag Ship Acquisition Corp's total assets?
Flag Ship Acquisition Corp (FSHP) had $71.0M in total assets as of fiscal year 2024, including both current and long-term assets.
How many shares does Flag Ship Acquisition Corp have outstanding?
Flag Ship Acquisition Corp (FSHP) had 2M shares outstanding as of fiscal year 2024.
What is Flag Ship Acquisition Corp's current ratio?
Flag Ship Acquisition Corp (FSHP) had a current ratio of 0.24 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Flag Ship Acquisition Corp's debt-to-equity ratio?
Flag Ship Acquisition Corp (FSHP) had a debt-to-equity ratio of -32.34 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Flag Ship Acquisition Corp's return on assets (ROA)?
Flag Ship Acquisition Corp (FSHP) had a return on assets of 1.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Flag Ship Acquisition Corp's cash runway?
Based on fiscal year 2024 data, Flag Ship Acquisition Corp (FSHP) had $77K in cash against an annual operating cash burn of $876K. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Flag Ship Acquisition Corp's debt-to-equity ratio negative or unusual?
Flag Ship Acquisition Corp (FSHP) has negative shareholder equity of -$2.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Flag Ship Acquisition Corp's Piotroski F-Score?
Flag Ship Acquisition Corp (FSHP) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Flag Ship Acquisition Corp's earnings high quality?
Flag Ship Acquisition Corp (FSHP) has an earnings quality ratio of -0.96x, considered low quality (accrual-driven). 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.