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Flag Ship Acquisition Corp Financials

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

This page shows Flag Ship Acquisition Corp (FSHP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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 FSHP FY2025

Reported profit improved, but cash stayed negative as the company’s balance sheet contracted faster than its liabilities.

From FY2024 to FY2025, net income climbed from $910K to $1.83M, even as operating cash flow stayed negative in both years, which means reported earnings were not arriving as operating cash. That gap matters more because total assets halved from $71.0M to $33.1M, so the company looked more profitable while the balance sheet itself was getting materially smaller.

FY2025 liquidity was exceptionally thin, with current assets of only $25K against $1.46M of current liabilities, leaving very little immediately available coverage for near-term obligations. Because equity was already negative, the balance sheet had little capital cushion if those obligations had to be met from on-hand resources.

The largest cash movements came outside operations: FY2025 recorded $40.2M from investing activities and -$39.8M from financing, dwarfing the scale of the reported operating footprint. That pattern makes balance-sheet reshuffling, rather than a self-funding operating engine, the clearest business mechanic visible in these filings.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Flag Ship Acquisition 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.

Piotroski F-Score Partial
4/7

Flag Ship Acquisition Corp passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
-0.26x

For every $1 of reported earnings, Flag Ship Acquisition Corp generates $-0.26 in operating cash flow (-$479K OCF vs $1.8M 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

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Earnings & Revenue

Revenue
$2.5M
YoY+38.3%

Flag Ship Acquisition Corp generated $2.5M in revenue in fiscal year 2025. This represents an increase of 38.3% from the prior year.

EBITDA
N/A
Net Income
$1.8M
YoY+101.0%

Flag Ship Acquisition Corp reported $1.8M in net income in fiscal year 2025. This represents an increase of 101.0% from the prior year.

EPS (Diluted)
$0.24
YoY+41.2%

Flag Ship Acquisition Corp earned $0.24 per diluted share (EPS) in fiscal year 2025. This represents an increase of 41.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$7K
YoY-91.5%

Flag Ship Acquisition Corp held $7K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
2M
YoY+0.0%

Flag Ship Acquisition Corp had 2M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
73.5%
YoY+22.9pp

Flag Ship Acquisition Corp's net profit margin was 73.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 22.9 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

FSHP Income Statement

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 $131K N/A $237K+55.0% $153K-5.8% $162K N/A $403K+416.5% $78K
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 $160K N/A $454K-23.1% $590K+2.1% $578K N/A $488K+2350.9% $20K
EPS (Diluted) $0.03 N/A N/A N/A $0.07 N/A N/A N/A

FSHP Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $33.4M+1.0% $33.1M+1.4% $32.6M-54.9% $72.4M+0.9% $71.7M+1.0% $71.0M+1.2% $70.1M+1.1% $69.3M
Current Assets $16K-37.1% $25K-54.2% $55K-35.4% $85K-46.0% $157K-9.1% $172K+42.8% $121K-49.2% $238K
Cash & Equivalents $2K-72.4% $7K-65.1% $19K-5.1% $20K-44.6% $36K-53.5% $77K+35596.3% $215-99.8% $106K
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 $36.8M+1.5% $36.3M+2.1% $35.5M-52.6% $74.9M+1.1% $74.1M+1.2% $73.2M+1.7% $72.0M+1.7% $70.9M
Current Liabilities $1.6M+12.4% $1.5M+21.4% $1.2M+28.4% $939K+9.4% $859K+20.5% $712K+117.2% $328K+682.6% $42K
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity -$3.4M-6.0% -$3.2M-10.0% -$2.9M-11.5% -$2.6M-6.3% -$2.4M-7.2% -$2.3M-17.2% -$1.9M-26.4% -$1.5M
Retained Earnings -$3.4M-6.0% -$3.2M-10.0% -$2.9M-11.5% -$2.6M-6.3% -$2.4M-7.2% -$2.3M-17.2% -$1.9M-26.3% -$1.5M

FSHP Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$35K+55.8% -$79K+48.0% -$151K-129.0% -$66K+64.1% -$184K+24.7% -$244K+41.0% -$413K-177.0% -$149K
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 -$60K+66.7% -$180K N/A N/A N/A $0 $0 N/A
Financing Cash Flow $90K-63.5% $246K+100.6% -$40.2M-80574.1% $50K-64.9% $143K-55.5% $320K+4.1% $308K-99.6% $69.2M
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 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 N/A N/A N/A N/A N/A N/A
Return on Assets 0.5% N/A 1.4%+0.6pp 0.8%0.0pp 0.8% N/A 0.7%+0.7pp 0.0%
Current Ratio 0.010.0 0.02-0.0 0.05-0.0 0.09-0.1 0.18-0.1 0.24-0.1 0.37-5.3 5.67
Debt-to-Equity -10.97+0.5 -11.46+0.9 -12.35+16.7 -29.05+1.5 -30.54+1.8 -32.34+4.9 -37.28+9.1 -46.34
FCF Margin N/A N/A N/A N/A N/A N/A N/A N/A

Note: Shareholder equity is negative (-$3.2M), 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 (0.02), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Flag Ship Acquisition Corp (FSHP) reported $2.5M in total revenue for fiscal year 2025. This represents a 38.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Flag Ship Acquisition Corp (FSHP) revenue grew by 38.3% year-over-year, from $1.8M to $2.5M in fiscal year 2025.

Yes, Flag Ship Acquisition Corp (FSHP) reported a net income of $1.8M in fiscal year 2025, with a net profit margin of 73.5%.

Flag Ship Acquisition Corp (FSHP) reported diluted earnings per share of $0.24 for fiscal year 2025. This represents a 41.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Flag Ship Acquisition Corp (FSHP) had a net profit margin of 73.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Flag Ship Acquisition Corp (FSHP) generated -$479K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Flag Ship Acquisition Corp (FSHP) had $33.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Flag Ship Acquisition Corp (FSHP) had 2M shares outstanding as of fiscal year 2025.

Flag Ship Acquisition Corp (FSHP) had a current ratio of 0.02 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Flag Ship Acquisition Corp (FSHP) had a debt-to-equity ratio of -11.46 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Flag Ship Acquisition Corp (FSHP) had a return on assets of 5.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Flag Ship Acquisition Corp (FSHP) had $7K in cash against an annual operating cash burn of $479K. This gives an estimated cash runway of approximately 0 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.

Flag Ship Acquisition Corp (FSHP) has negative shareholder equity of -$3.2M as of fiscal year 2025, 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.

Flag Ship Acquisition Corp (FSHP) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Flag Ship Acquisition Corp (FSHP) has an earnings quality ratio of -0.26x, 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.

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