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).
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
The largest cash movements came outside operations: FY2025 recorded
Financial Health Signals
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.
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.
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
Earnings & Revenue
Flag Ship Acquisition Corp generated $2.5M in revenue in fiscal year 2025. This represents an increase of 38.3% from the prior year.
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.
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
Flag Ship Acquisition Corp held $7K in cash against $0 in long-term debt as of fiscal year 2025.
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
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.
Capital Allocation
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
What is Flag Ship Acquisition Corp's annual revenue?
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.
How fast is Flag Ship Acquisition Corp's revenue growing?
Flag Ship Acquisition Corp (FSHP) revenue grew by 38.3% year-over-year, from $1.8M to $2.5M in fiscal year 2025.
Is Flag Ship Acquisition Corp profitable?
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%.
What is Flag Ship Acquisition Corp's net profit margin?
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.
What is Flag Ship Acquisition Corp's operating cash flow?
Flag Ship Acquisition Corp (FSHP) generated -$479K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Flag Ship Acquisition Corp's total assets?
Flag Ship Acquisition Corp (FSHP) had $33.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Flag Ship Acquisition Corp's current ratio?
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.
What is Flag Ship Acquisition Corp's debt-to-equity ratio?
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.
What is Flag Ship Acquisition Corp's return on assets (ROA)?
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.
What is Flag Ship Acquisition Corp's cash runway?
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.
Why is Flag Ship Acquisition Corp's debt-to-equity ratio negative or unusual?
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.
What is Flag Ship Acquisition Corp's Piotroski F-Score?
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.
Are Flag Ship Acquisition Corp's earnings high quality?
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.