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Armada Acquisition Corp Ii Financials

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

This page shows Armada Acquisition Corp Ii (XRPN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI XRPN FY2025

Reported earnings were shaped more by balance-sheet financing flows than by any operating engine in FY2025.

Net income of $1.8M sat alongside an operating loss of -$1.7M and negative operating cash flow of -$349K, which means the year’s profit did not reflect cash-generating operations. At the same time, -$231.2M of investing outflow was almost fully offset by $231.9M of financing inflow, showing that FY2025 was driven primarily by capital moving across the balance sheet rather than by an underlying business producing cash.

Liquidity was tight despite a large asset base: current assets of $549K covered only a 37.1% current ratio, while total equity was -$10.1M. That combination says the company’s resources were substantial on paper at $235.2M of assets, but the cushion available to common equity and near-term obligations was thin.

Some figures from recent filings were inconsistent and were omitted from this summary.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Armada Acquisition Corp Ii'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 Low Quality
-0.20x

For every $1 of reported earnings, Armada Acquisition Corp Ii generates $-0.20 in operating cash flow (-$349K 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
N/A
EBITDA
N/A
Net Income
$1.8M

Armada Acquisition Corp Ii reported $1.8M in net income in fiscal year 2025.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$361K

Armada Acquisition Corp Ii held $361K 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
N/A

Capital Allocation

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

XRPN Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue 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
Gross Profit 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
SG&A Expenses $974K-66.5% $2.9M N/A $96K+13469.3% $706-98.5% $46K
Operating Income -$974K+66.5% -$2.9M N/A -$96K-13469.3% -$706+98.5% -$46K
Interest Expense 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
Net Income $1.1M+287.4% -$604K N/A $887K+125758.1% -$706+98.5% -$46K
EPS (Diluted) N/A N/A N/A N/A N/A N/A

XRPN Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $239.3M+0.8% $237.4M+0.9% $235.2M+1.0% $232.9M N/A N/A
Current Assets $272K-39.0% $446K-18.8% $549K-23.4% $716K N/A N/A
Cash & Equivalents $89K-69.1% $287K-20.5% $361K-24.7% $480K+127773.6% $375 $0
Inventory 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
Goodwill N/A N/A N/A N/A N/A N/A
Total Liabilities $253.3M+1.2% $250.4M+2.1% $245.3M+1.6% $241.5M N/A N/A
Current Liabilities $5.1M+18.8% $4.3M+188.0% $1.5M+862.6% $154K N/A N/A
Long-Term Debt N/A N/A N/A N/A N/A N/A
Total Equity -$14.0M-7.5% -$13.1M-28.6% -$10.1M-18.2% -$8.6M-39828.7% -$21K-3.4% -$21K
Retained Earnings -$14.0M-7.5% -$13.1M-28.6% -$10.1M-18.2% -$8.6M N/A N/A

XRPN Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow -$198K-168.0% -$74K-11.2% -$67K+74.1% -$257K-904.8% -$26K $0
Capital Expenditures 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
Investing Cash Flow N/A N/A $0 N/A N/A N/A
Financing Cash Flow N/A N/A -$52K-100.0% $231.9M N/A N/A
Dividends Paid 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

XRPN Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 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
Net Margin 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
Return on Assets 0.5%+0.7pp -0.3% N/A 0.4% N/A N/A
Current Ratio 0.05-0.1 0.10-0.3 0.37-4.3 4.66 N/A N/A
Debt-to-Equity -18.06+1.1 -19.19+5.0 -24.18+4.0 -28.14 N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A

Note: Shareholder equity is negative (-$10.1M), 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 (0.37), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Yes, Armada Acquisition Corp Ii (XRPN) reported a net income of $1.8M in fiscal year 2025.

Armada Acquisition Corp Ii (XRPN) generated -$349K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Armada Acquisition Corp Ii (XRPN) had $235.2M in total assets as of fiscal year 2025, including both current and long-term assets.

Armada Acquisition Corp Ii (XRPN) had a current ratio of 0.37 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Armada Acquisition Corp Ii (XRPN) had a debt-to-equity ratio of -24.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Armada Acquisition Corp Ii (XRPN) had a return on assets of 0.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Armada Acquisition Corp Ii (XRPN) had $361K in cash against an annual operating cash burn of $349K. This gives an estimated cash runway of approximately 12 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.

Armada Acquisition Corp Ii (XRPN) has negative shareholder equity of -$10.1M 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.

Armada Acquisition Corp Ii (XRPN) has an earnings quality ratio of -0.20x, 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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