Detailed financial statements for Andretti Acquisition Corp. II (POLE): 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.
Andretti Acquisition Corp. II operates as a Special Purpose Acquisition Company (SPAC), formally established as an exempted company in the Cayman Islands on May 21, 2024. Its core objective is to execute a business combination, which may take the form of a merger, amalgamation, share exchange, acquisition of assets or shares, or a 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 $10.72, POLE trades at a P/E of 41.31 and an ROE of 3.26%. Market capitalisation stands at $316M.
Balance sheet quality for POLE: current ratio of 0.8, net debt of $401531. 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 -$1.2M represents -14% 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 | $303225 | $1.4M |
| Operating Expenses | $303225 | $1.4M |
| Operating Income | -$303225 | -$1.4M |
| EBITDA | $3.0M | -$1.4M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | $3.0M | $8.4M |
| Income Tax | 0 | 0 |
| Net Income | $3.0M | $8.4M |
| EPS | $0.18 | $0.28 |
| EPS (Diluted) | $0.18 | $0.28 |
| Shares Outstanding (Diluted) | $11.6M | $23.0M |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | $798454 | $48469 |
| Short-term Investments | $234.5M | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $234.5M | $162053 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $235.5M | $244.4M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | 0 | 0 |
| Total Current Liabilities | $75556 | $191059 |
| Long-term Debt | 0 | $450000 |
| Total Liabilities | $9.9M | $10.4M |
| Retained Earnings | -$8.8M | -$10.3M |
| Total Equity | $225.7M | $234.0M |
| Total Debt | 0 | $450000 |
| Net Debt | -$234.5M | $401531 |
| Working Capital | $234.4M | -$29006 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | $3.0M | $8.4M |
| Depreciation & Amortization | 0 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | -$133417 | 0 |
| Operating Cash Flow | -$391548 | -$1.2M |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$391550 | -$1.2M |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +174.1% | |
| EPS Growth (YoY) | +55.6% | |
| Shares Change (YoY) | +98.2% | |
| FCF Growth (YoY) | -206.5% | |
| Effective Tax Rate | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $-0.03 | $-0.05 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $11.6M | $23.0M |
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 | 3.26% |
| Return on Invested Capital | -0.61% |
| Return on Assets | 3.07% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.01 |
| Current Ratio | 43.94 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 13.85 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | 55.50 | 37.54 |
| P/B | 0.51 | 1.03 |
| 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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