Detailed financial statements for Inflection Point Acquisition Corp. III (IPCX): 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.
Inflection Point Acquisition Corp. III is structured as a Special Purpose Acquisition Company (SPAC), an entity created to facilitate a significant business combination. Its primary objective is to finalize a transaction, which might encompass a merger, a comprehensive share exchange, the acquisition of assets or shares, a corporate reorganization, or a similar strategic consolidation 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 $3.95, IPCX trades at a P/E of 21.10 and an ROE of 2.16%. Market capitalisation stands at $136M.
Balance sheet quality for IPCX: current ratio of 2.8, net cash position of $260.1M. 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 -$1.4M represents -289% 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 | $94 | $6.5M |
| Operating Expenses | $94 | $6.5M |
| Operating Income | -$94 | -$6.5M |
| EBITDA | 0 | -$6.5M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$94 | $498416 |
| Income Tax | 0 | 0 |
| Net Income | -$94 | $498416 |
| EPS | $-0.01 | $0.02 |
| EPS (Diluted) | $-0.01 | $0.02 |
| Shares Outstanding (Diluted) | $7333 | $17.2M |
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 | -$2.8M | -$3.2M | -$626738 | -$473523 |
| EBITDA | -$2.8M | -$3.2M | -$626738 | -$473523 |
| Net Income | -$90821 | $1.9M | $1.7M | $1.9M |
| EPS | $-0.00 | $0.07 | $0.07 | $0.05 |
| EPS (Diluted) | $-0.00 | $0.07 | $0.07 | $0.05 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $1.1M |
| Short-term Investments | 0 | $259.0M |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $5532 | $1.3M |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $326027 | $261.1M |
| Accounts Payable | 0 | $302149 |
| Short-term Debt | $126884 | $187 |
| Total Current Liabilities | $386823 | $457974 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $386823 | $15.0M |
| Retained Earnings | -$85796 | -$13.7M |
| Total Equity | -$60796 | $246.1M |
| Total Debt | $126884 | $187 |
| Net Debt | $126884 | -$260.1M |
| Working Capital | -$381291 | $842164 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.3M | $1.1M | $834598 | $761627 |
| Total Assets | $259.1M | $261.1M | $263.2M | $265.1M |
| Total Liabilities | $14.9M | $15.0M | $15.4M | $15.5M |
| Total Equity | $244.2M | $246.1M | $247.8M | $249.7M |
| Total Debt | $187 | $187 | $187 | $187 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | -$94 | $498416 |
| Depreciation & Amortization | $6 | 0 |
| Stock-based Compensation | $6 | $2.6M |
| Change in Working Capital | $50 | $2.5M |
| Operating Cash Flow | 0 | -$1.4M |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | -$7.0M |
| Free Cash Flow | 0 | -$1.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$299327 | -$414766 | -$224696 | -$235129 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$299327 | -$414766 | -$224696 | -$235129 |
| Dividends Paid | -$2.7M | -$2.5M | -$2.3M | -$2.3M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +532618.5% | |
| EPS Growth (YoY) | +249.2% | |
| Shares Change (YoY) | +234321.6% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $0.00 | $-0.08 |
| Dividends Per Share | $0.00 | $0.41 |
| Shares Outstanding (Basic) | $7333 | $17.2M |
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 | 2.16% |
| Return on Invested Capital | -2.67% |
| Return on Assets | 2.01% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 5.36 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 6.81 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -805.47 | 530.89 |
| P/B | -1.24 | 0.71 |
| 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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