Detailed financial statements for Archimedes Tech SPAC Partners II Co. Ordinary Shares (ATII): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Archimedes Tech SPAC Partners II Co. functions as a Special Purpose Acquisition Company (SPAC), a type of blank check entity. Its primary goal is to finalize a business combination, which may involve an acquisition, merger, share exchange, asset purchase, recapitalization, or reorganization, with one or more existing enterprises.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.66, ATII has negative trailing earnings (P/E not meaningful) and an ROE of -65.52%. Market capitalisation stands at $315M.
Balance sheet quality for ATII: current ratio of 10.7. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$739050 represents -9% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Cost of Revenue | 0 | 0 |
| Gross Profit | 0 | 0 |
| Research & Development | 0 | 0 |
| Selling, General & Admin | $79 | $785975 |
| Operating Expenses | $79 | $785975 |
| Operating Income | -$79 | -$785975 |
| EBITDA | -$78700 | -$785975 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$79 | $8.0M |
| Income Tax | 0 | 0 |
| Net Income | -$79 | $8.0M |
| EPS | $-0.02 | $0.30 |
| EPS (Diluted) | $-0.02 | $0.30 |
| Shares Outstanding (Diluted) | $5.0M | $20.3M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$159842 | -$318676 | -$448673 | -$977614 |
| EBITDA | -$159842 | -$318676 | -$448673 | -$977614 |
| Net Income | $2.4M | $2.1M | $1.7M | -$136.8M |
| EPS | $0.08 | $0.07 | $0.06 | $-4.62 |
| EPS (Diluted) | $0.08 | $0.07 | $0.06 | $-4.62 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $1.4M |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | 0 | $1.5M |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $429691 | $241.3M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | $192033 | 0 |
| Total Current Liabilities | $483391 | $137516 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $483391 | $8.2M |
| Retained Earnings | -$78700 | -$6.7M |
| Total Equity | -$53700 | $233.2M |
| Total Debt | $192033 | 0 |
| Net Debt | $192033 | -$1.4M |
| Working Capital | -$483391 | $1.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.4M | $1.4M | $1.1M | $414970 |
| Total Assets | $239.3M | $241.3M | $243.2M | $244.7M |
| Total Liabilities | $8.2M | $8.2M | $8.4M | $146.6M |
| Total Equity | $231.1M | $233.2M | $234.9M | $98.1M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | -$79 | $8.0M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | $4 | 0 |
| Change in Working Capital | $23 | -$83022 |
| Operating Cash Flow | 0 | -$739050 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | 0 | -$739050 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$344583 | -$45072 | -$208688 | -$662869 |
| Capital Expenditure | $3 | 0 | 0 | 0 |
| Free Cash Flow | -$344580 | -$45075 | -$208688 | -$662869 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +10148432.9% | |
| EPS Growth (YoY) | +1600.0% | |
| Shares Change (YoY) | +305.8% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $0.00 | $-0.04 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $5.0M | $20.3M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | -65.52% |
| Return on Invested Capital | -1.79% |
| Return on Assets | -53.37% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.00 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 15.36 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -498.50 | 34.53 |
| P/B | -928.31 | 0.90 |
| P/S | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% |
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