Detailed financial statements for New Providence Acquisition Corp. III (NPAC): 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.
New Providence Acquisition Corp. III (NPAC) operates as a Delaware-incorporated Special Purpose Acquisition Company (SPAC). Its primary objective is to complete a business combination, which may involve a merger, asset acquisition, share exchange, stock purchase, reorganization, or a similar corporate transaction, with one or more target entities.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.48, NPAC trades at a P/E of 43.35 and an ROE of 4.23%. Market capitalisation stands at $324M.
Balance sheet quality for NPAC: current ratio of 8.5. 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 -$739616 represents -10% 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 | $222 | $669420 |
| Operating Expenses | $222 | $669420 |
| Operating Income | -$222 | -$669420 |
| EBITDA | -$18530 | -$669420 |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$222 | $7.7M |
| Income Tax | 0 | 0 |
| Net Income | -$222 | $7.7M |
| EPS | $-0.03 | $0.20 |
| EPS (Diluted) | $-0.03 | $0.20 |
| Shares Outstanding (Diluted) | $6525 | $38.4M |
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 | -$180652 | -$272055 | -$1.4M | -$531206 |
| EBITDA | -$180652 | -$272055 | -$1.4M | -$531206 |
| Net Income | $3.0M | $2.7M | $1.4M | $2.2M |
| EPS | $0.08 | $0.07 | $0.04 | $0.06 |
| EPS (Diluted) | $0.08 | $0.07 | $0.04 | $0.06 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | 0 | $701592 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $24 | $810120 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $77 | $310.8M |
| Accounts Payable | 0 | $20684 |
| Short-term Debt | $68 | 0 |
| Total Current Liabilities | $71 | $95684 |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $71 | $12.9M |
| Retained Earnings | -$19 | -$12.1M |
| Total Equity | $6 | $297.9M |
| Total Debt | $68 | 0 |
| Net Debt | $68 | -$701592 |
| Working Capital | -$47 | $714436 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $918036 | $701592 | $324608 | $63822 |
| Total Assets | $308.1M | $310.8M | $313.3M | $315.7M |
| Total Liabilities | $12.9M | $12.9M | $14.0M | $329.7M |
| Total Equity | $295.2M | $297.9M | $299.3M | -$14.0M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | -$222 | $7.7M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | -$211 | -$70196 |
| Operating Cash Flow | -$372 | -$739616 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$372 | -$739616 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$168520 | -$216444 | -$376984 | -$460786 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$168520 | -$216444 | -$376984 | -$460786 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +3457745.5% | |
| EPS Growth (YoY) | +686.5% | |
| Shares Change (YoY) | +588265.1% | |
| FCF Growth (YoY) | -198721.5% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $-0.06 | $-0.02 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6525 | $38.4M |
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 | 4.23% |
| Return on Invested Capital | -0.74% |
| Return on Assets | 2.94% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 0.16 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 18.28 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -295.60 | 51.30 |
| P/B | 10165.69 | 1.32 |
| P/S | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% |
Related companies: ATII · CHAC · JACS · MLAC · OBA · POLE · SIMA
Explore sector: Financial Services · Shell Companies
More sections of NPAC: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks