What is Duddell Street Acquisition's operating income?

Duddell Street Acquisition's total operating income in 2025 was -$49.50 million, based on the following breakdown: Total Gross Profit: $95.41 million Total Operating Expenses: $144.91 million

Duddell Street Acquisition (DSACW) Financials

$0.60 -0.05 (-7.05%)

As of 10/23/2026 11:12 AM Eastern

Annual Income Statements for Duddell Street Acquisition

This table shows Duddell Street Acquisition's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-307	-245	-115	9.52	-65
Consolidated Net Income / (Loss)	-109	-218	-115	9.52	-65
Net Income / (Loss) Continuing Operations	-109	-218	-115	9.52	-65
Total Pre-Tax Income	-117	-222	-115	10	-66
Total Operating Income	-56	-88	-98	-32	-50
Total Gross Profit	83	114	133	120	95
Total Revenue	83	114	133	120	95
Operating Revenue	83	114	133	120	95
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	138	202	230	152	145
Selling, General & Admin Expense	32	78	66	50	52
Marketing Expense	30	43	46	35	27
Research & Development Expense	24	21	18	13	9.57
Amortization Expense	9.36	10	12	36	29
Other Operating Expenses / (Income)	43	50	57	19	15
Impairment Charge	-	0.00	32	0.00	12
Total Other Income / (Expense), net	-62	-133	-17	42	-17
Interest Expense	65	141	30	24	24
Other Income / (Expense), net	3.07	7.67	12	66	7.45
Income Tax Expense	-7.89	-3.25	0.22	0.54	-1.25
Basic Earnings per Share	($19.80)	($3.68)	($0.88)	$0.83	($4.65)
Weighted Average Basic Shares Outstanding	15.50M	66.51M	131.40M	11.44M	14.03M
Diluted Earnings per Share	($19.80)	($3.68)	($0.88)	$0.83	($4.65)
Weighted Average Diluted Shares Outstanding	15.50M	66.51M	131.40M	11.44M	14.03M
Weighted Average Basic & Diluted Shares Outstanding	-	133.76M	131.01M	161.42M	19.37M

This table shows Duddell Street Acquisition's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-51	51	-13	-15	-13	-4.25	-13	-25	-23	-44	-28
Consolidated Net Income / (Loss)	-51	51	-13	-15	-13	-4.25	-13	-25	-23	-44	-28
Net Income / (Loss) Continuing Operations	-51	51	-13	-15	-13	-4.25	-13	-25	-23	-44	-28
Total Pre-Tax Income	-51	52	-12	-16	-14	-4.29	-14	-25	-23	-44	-28
Total Operating Income	-40	-11	-7.96	-6.81	-5.73	-14	-7.43	-9.74	-19	-43	-24
Total Gross Profit	34	32	29	29	29	28	23	22	22	20	20
Total Revenue	34	32	29	29	29	28	23	22	22	20	20
Operating Revenue	34	32	29	29	29	28	23	22	22	20	20
Total Cost of Revenue	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	74	44	37	36	35	41	31	32	41	63	44
Selling, General & Admin Expense	17	16	11	11	12	16	11	14	11	9.50	9.23
Marketing Expense	11	9.42	9.00	9.07	7.57	7.76	6.69	6.26	5.91	5.72	4.50
Research & Development Expense	4.02	3.48	3.21	3.25	2.89	3.10	2.27	2.08	2.12	2.04	1.58
Amortization Expense	-17	9.93	9.28	8.67	-11	9.32	6.88	6.68	6.39	6.05	5.87
Other Operating Expenses / (Income)	34	4.66	4.45	4.64	23	4.80	3.47	3.25	3.42	3.62	3.39
Impairment Charge	26	-	-	-	-	0.00	0.00	-	-	36	19
Total Other Income / (Expense), net	-11	63	-4.48	-8.75	-8.25	9.47	-6.64	-15	-4.47	-1.31	-3.83
Interest Expense	8.09	7.36	5.32	5.59	5.32	6.91	4.34	9.87	3.33	3.36	3.90
Other Income / (Expense), net	-2.69	71	0.84	-3.16	-2.92	16	-2.30	-5.48	-1.15	2.05	0.07
Income Tax Expense	0.04	1.43	0.32	-0.62	-0.59	-0.04	-0.80	-0.24	-0.18	-0.20	-0.09
Basic Earnings per Share	($0.40)	$0.39	($0.09)	($1.33)	($0.12)	($0.34)	($1.00)	($1.73)	($1.63)	($2.39)	($1.06)
Weighted Average Basic Shares Outstanding	131.40M	130.71M	134.41M	11.25M	137.28M	12.61M	13.33M	14.38M	14.03M	18.25M	26.15M
Diluted Earnings per Share	($0.40)	$0.37	($0.09)	($1.33)	($0.10)	($0.34)	($1.00)	($1.73)	($1.63)	($2.39)	($1.06)
Weighted Average Diluted Shares Outstanding	131.40M	146.03M	134.41M	11.25M	137.28M	12.61M	13.33M	14.38M	14.03M	18.25M	26.15M
Weighted Average Basic & Diluted Shares Outstanding	131.01M	134.38M	139.48M	141.22M	161.42M	158.22M	172.20M	15.71M	19.37M	26.65M	30.47M

This table details how cash moves in and out of Duddell Street Acquisition's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-12	29	-44	12	-4.57
Net Cash From Operating Activities	-37	-73	-35	-5.30	-11
Net Cash From Continuing Operating Activities	-58	-73	-36	-5.30	-11
Net Income / (Loss) Continuing Operations	-109	-218	-115	9.52	-65
Consolidated Net Income / (Loss)	-109	-218	-115	9.52	-65
Depreciation Expense	1.18	1.24	1.35	1.24	1.04
Amortization Expense	-	22	31	22	20
Non-Cash Adjustments To Reconcile Net Income	57	136	60	-38	34
Changes in Operating Assets and Liabilities, net	-6.84	-13	-12	-0.85	-1.82
Net Cash From Investing Activities	-49	-10	-20	89	40
Net Cash From Continuing Investing Activities	-49	-10	-20	89	40
Purchase of Property, Plant & Equipment	-5.57	-11	-7.94	-8.88	-7.20
Acquisitions	-44	1.13	-5.01	0.00	0.00
Purchase of Investments	-	0.00	-7.37	0.00	0.00
Sale of Property, Plant & Equipment	-	-	0.00	98	47
Net Cash From Financing Activities	74	112	12	-71	-33
Net Cash From Continuing Financing Activities	74	112	12	-71	-33
Repayment of Debt	0.00	-189	-0.11	-78	-134
Repurchase of Common Equity	0.00	-0.09	0.00	0.00	0.00
Issuance of Debt	61	166	12	6.30	101
Issuance of Common Equity	0.00	-45	0.00	0.00	0.00
Other Financing Activities, net	0.52	180	0.68	0.47	0.28
Cash Interest Paid	4.65	35	21	15	9.65
Cash Income Taxes Paid	0.23	0.06	0.06	0.27	1.23

This table details how cash moves in and out of Duddell Street Acquisition's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-0.03	20	-6.00	-5.15	3.45	13	-7.68	-7.26	-2.39	-0.46	-5.67
Net Cash From Operating Activities	-3.55	2.74	-3.73	-2.96	-1.35	3.29	-6.18	-8.27	-0.28	3.02	-2.13
Net Cash From Continuing Operating Activities	-3.74	2.74	-3.73	-2.96	-1.35	3.29	-6.18	-8.27	-0.28	3.02	-2.13
Net Income / (Loss) Continuing Operations	-51	51	-13	-15	-13	-4.25	-13	-25	-23	-44	-28
Consolidated Net Income / (Loss)	-51	51	-13	-15	-13	-4.25	-13	-25	-23	-44	-28
Depreciation Expense	0.34	0.30	0.30	0.30	0.34	0.26	0.25	0.29	0.25	0.24	0.23
Amortization Expense	9.32	6.12	5.80	5.57	4.84	6.75	4.52	4.46	4.47	4.18	4.17
Non-Cash Adjustments To Reconcile Net Income	46	-63	5.93	10	12	-8.32	8.41	16	18	37	21
Changes in Operating Assets and Liabilities, net	-9.09	8.71	-3.00	-3.98	-5.50	8.86	-6.09	-4.65	0.06	5.14	-0.01
Net Cash From Investing Activities	-1.98	89	-2.24	-2.44	4.66	38	-1.49	4.56	-1.64	-1.65	-1.67
Net Cash From Continuing Investing Activities	-1.98	89	-2.24	-2.44	4.66	38	-1.49	4.56	-1.64	-1.65	-1.67
Purchase of Property, Plant & Equipment	-1.98	-1.69	-2.74	-2.44	-2.01	-1.98	-1.49	-2.09	-1.64	-1.65	-1.67
Net Cash From Financing Activities	5.51	-72	-0.03	0.25	0.14	-29	-0.01	-3.55	-0.47	-1.83	-1.88
Net Cash From Continuing Financing Activities	5.51	-72	-0.03	0.25	0.14	-29	-0.01	-3.55	-0.47	-1.83	-1.88
Repayment of Debt	-0.03	-73	-0.03	-0.03	-5.36	-29	-0.01	-105	-0.47	-1.88	-1.88
Cash Interest Paid	5.39	5.30	3.21	3.21	3.01	2.79	2.12	2.45	2.29	2.20	2.40
Cash Income Taxes Paid	0.04	0.00	0.17	0.11	-0.00	0.07	0.77	0.17	0.23	0.10	0.21

This table presents Duddell Street Acquisition's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	176	378	433	371	326	255
Total Current Assets	1.20	54	86	50	57	46
Cash & Equivalents	0.00	32	60	16	29	24
Restricted Cash	-	0.84	0.84	0.85	0.64	0.63
Short-Term Investments	-	-	0.00	7.13	5.80	2.00
Accounts Receivable	0.41	11	15	17	13	12
Prepaid Expenses	0.79	1.80	4.32	2.59	2.55	2.46
Other Current Assets	-	8.31	5.56	5.85	5.92	4.19
Plant, Property, & Equipment, net	0.00	7.51	7.33	6.14	5.05	4.18
Total Noncurrent Assets	175	317	340	315	264	205
Goodwill	-	189	194	188	159	123
Intangible Assets	-	125	120	85	70	51
Other Noncurrent Operating Assets	175	2.71	25	42	35	31
Total Liabilities & Shareholders' Equity	176	378	433	371	326	255
Total Liabilities	27	411	288	327	228	193
Total Current Liabilities	0.36	69	62	66	51	44
Short-Term Debt	0.18	14	0.07	0.11	0.04	2.81
Accounts Payable	0.00	16	14	13	8.46	7.26
Accrued Expenses	0.18	0.00	0.00	0.00	0.00	0.00
Customer Deposits	-	3.57	3.25	3.03	1.85	1.07
Current Deferred Revenue	-	30	36	44	35	30
Current Employee Benefit Liabilities	-	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	-	6.97	9.48	6.07	5.65	3.51
Total Noncurrent Liabilities	27	342	226	261	177	149
Long-Term Debt	-	318	162	222	147	126
Capital Lease Obligations	-	4.44	-	-	-	0.00
Noncurrent Deferred Revenue	-	8.76	0.92	0.88	0.22	0.27
Noncurrent Deferred & Payable Income Tax Liabilities	-	3.48	0.71	2.18	1.93	0.48
Other Noncurrent Operating Liabilities	27	7.56	63	36	28	22
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-26	-482	145	43	98	62
Total Preferred & Common Equity	-26	-482	145	43	98	62
Total Common Equity	-26	-482	145	43	98	62
Common Stock	0.00	0.00	846	860	900	934
Retained Earnings	-26	-481	-701	-816	-807	-872
Accumulated Other Comprehensive Income / (Loss)	-	-0.63	-0.79	-0.62	4.79	0.19

This table presents Duddell Street Acquisition's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	401	358	346	338	300	288	274	213	182
Total Current Assets	48	70	62	54	65	57	49	43	34
Cash & Equivalents	16	36	31	26	42	34	27	24	18
Restricted Cash	0.84	0.85	0.68	0.68	0.64	0.64	0.65	0.63	0.64
Short-Term Investments	7.11	7.13	7.06	7.04	4.53	4.51	4.51	2.00	2.00
Accounts Receivable	14	14	14	11	11	9.36	9.71	9.33	7.27
Prepaid Expenses	3.49	4.00	3.20	3.21	2.42	2.67	2.81	3.04	1.90
Other Current Assets	6.49	6.84	6.82	6.49	5.02	5.49	4.71	4.25	4.13
Plant, Property, & Equipment, net	6.41	5.86	5.61	5.44	4.78	4.58	4.35	3.99	3.78
Total Noncurrent Assets	346	282	279	278	229	227	220	166	145
Goodwill	207	164	164	166	140	140	135	87	68
Intangible Assets	116	77	75	74	72	55	68	64	49
Other Noncurrent Operating Assets	23	41	39	38	18	32	17	15	28
Total Liabilities & Shareholders' Equity	401	358	346	338	300	288	274	213	182
Total Liabilities	317	252	239	239	198	191	198	189	182
Total Current Liabilities	65	64	61	67	51	45	49	156	148
Short-Term Debt	0.07	0.07	0.07	10	0.01	0.00	6.34	112	107
Accounts Payable	13	11	7.81	7.64	9.56	7.64	7.42	5.58	6.83
Accrued Expenses	0.00	-	0.00	0.00	0.00	-	-	0.00	0.00
Customer Deposits	1.13	0.84	1.29	1.14	0.70	1.09	0.58	0.61	0.54
Current Deferred Revenue	46	45	44	40	36	33	31	34	31
Current Employee Benefit Liabilities	0.00	-	0.00	0.00	0.00	-	-	0.00	0.00
Other Current Liabilities	5.51	6.72	8.29	7.74	4.81	3.97	3.39	3.42	3.50
Total Noncurrent Liabilities	252	188	178	173	147	145	150	33	34
Long-Term Debt	213	153	146	142	118	117	125	12	12
Capital Lease Obligations	0.00	-	0.00	0.00	0.00	-	-	0.00	0.00
Noncurrent Deferred Revenue	1.00	0.39	0.21	0.13	0.62	0.45	0.26	0.34	0.21
Noncurrent Deferred & Payable Income Tax Liabilities	2.70	2.06	1.54	1.27	0.86	0.62	0.59	0.26	0.14
Other Noncurrent Operating Liabilities	35	32	30	29	28	27	24	21	21
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	84	106	107	99	99	95	75	25	0.27
Total Preferred & Common Equity	84	106	107	99	99	95	75	25	0.27
Total Common Equity	84	106	107	99	99	95	75	25	0.27
Common Stock	851	867	880	886	905	914	925	940	943
Retained Earnings	-766	-766	-779	-794	-811	-824	-849	-916	-944
Accumulated Other Comprehensive Income / (Loss)	-1.82	4.97	5.02	6.15	5.09	5.14	0.25	0.11	1.08

This table displays calculated financial ratios and metrics derived from Duddell Street Acquisition's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	21,875,000.00	122,893,564.00	129,232,623.00	-	15,709,895.00
DEI Adjusted Shares Outstanding	1,822,917.00	10,241,130.00	10,769,385.00	-	15,709,895.00
DEI Earnings Per Adjusted Shares Outstanding	-168.37	-23.91	-10.72	-	-4.15
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	37.21%	16.60%	-9.33%	-20.67%
EBITDA Growth	0.00%	-10.94%	7.00%	208.03%	-136.39%
EBIT Growth	0.00%	-53.34%	-5.93%	139.44%	-225.00%
NOPAT Growth	0.00%	-58.66%	-10.83%	55.80%	-14.60%
Net Income Growth	0.00%	-99.47%	47.10%	108.24%	-785.58%
EPS Growth	0.00%	81.41%	76.09%	107.95%	-660.24%
Operating Cash Flow Growth	0.00%	-96.04%	51.13%	85.07%	-115.99%
Free Cash Flow Firm Growth	0.00%	0.00%	-71.72%	102.40%	648.26%
Invested Capital Growth	0.00%	-8.99%	-1.66%	-13.16%	-22.04%
Revenue Q/Q Growth	0.00%	-20.70%	2.17%	-3.83%	-7.08%
EBITDA Q/Q Growth	0.00%	40.26%	-23.30%	106.32%	-124.02%
EBIT Q/Q Growth	0.00%	16.58%	-18.63%	10,515.48%	-35.72%
NOPAT Q/Q Growth	0.00%	17.03%	-25.75%	34.69%	-35.04%
Net Income Q/Q Growth	0.00%	16.90%	-7.65%	134.17%	-17.02%
EPS Q/Q Growth	0.00%	80.85%	-180.00%	130.43%	-19.85%
Operating Cash Flow Q/Q Growth	0.00%	-3.21%	24.59%	29.40%	8.54%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.21%	-82.40%	-29.78%
Invested Capital Q/Q Growth	0.00%	-6.39%	-11.35%	-3.51%	-6.69%
Profitability Metrics	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-61.91%	-50.06%	-39.93%	47.58%	-21.82%
Operating Margin	-67.04%	-77.52%	-73.68%	-26.56%	-51.89%
EBIT Margin	-63.33%	-70.78%	-64.31%	27.97%	-44.08%
Profit (Net Income) Margin	-131.97%	-191.85%	-87.05%	7.91%	-68.39%
Tax Burden Percent	93.28%	98.53%	100.19%	94.67%	98.12%
Interest Burden Percent	223.41%	275.10%	135.10%	29.88%	158.13%
Effective Tax Rate	0.00%	0.00%	0.00%	5.33%	0.00%
Return on Invested Capital (ROIC)	-14.42%	-23.96%	-28.10%	-13.41%	-18.58%
ROIC Less NNEP Spread (ROIC-NNEP)	-37.72%	-101.56%	-59.59%	12.26%	-47.26%
Return on Net Nonoperating Assets (RNNOA)	347.68%	-366.29%	-94.63%	26.88%	-63.09%
Return on Equity (ROE)	333.26%	-390.25%	-122.73%	13.47%	-81.67%
Cash Return on Invested Capital (CROIC)	0.00%	-14.54%	-26.43%	0.68%	6.19%
Operating Return on Assets (OROA)	-18.93%	-19.84%	-21.23%	9.66%	-14.47%
Return on Assets (ROA)	-39.45%	-53.78%	-28.73%	2.73%	-22.45%
Return on Common Equity (ROCE)	-1,458.36%	1,176.97%	-122.73%	13.47%	-81.67%
Return on Equity Simple (ROE_SIMPLE)	22.70%	-150.84%	-265.68%	9.73%	0.00%
Net Operating Profit after Tax (NOPAT)	-39	-62	-68	-30	-35
NOPAT Margin	-46.93%	-54.26%	-51.58%	-25.14%	-36.32%
Net Nonoperating Expense Percent (NNEP)	23.30%	77.60%	31.49%	-25.66%	28.68%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-25.73%	-12.35%	-18.20%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	39.19%	68.39%	49.42%	41.77%	54.65%
R&D to Revenue	28.97%	18.23%	13.71%	10.67%	10.03%
Operating Expenses to Revenue	167.04%	177.52%	173.68%	126.56%	151.89%
Earnings before Interest and Taxes (EBIT)	-53	-81	-85	34	-42
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-51	-57	-53	57	-21
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.74	3.39	1.54	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.62	7.30	1.11	1.26	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	15.88	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	6.30%	0.00%
Enterprise Value to Invested Capital (EV/IC)	3.59	3.79	1.43	1.25	0.00
Enterprise Value to Revenue (EV/Rev)	11.68	8.19	2.60	2.19	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	4.60	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	7.82	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	170.29	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	-10.22	1.12	5.12	1.50	2.07
Long-Term Debt to Equity	-9.81	1.12	5.12	1.50	2.03
Financial Leverage	-9.22	3.61	1.59	2.19	1.34
Leverage Ratio	4.78	7.26	4.27	4.93	3.64
Compound Leverage Factor	10.67	19.96	5.77	1.47	5.75
Debt to Total Capital	110.84%	52.83%	83.65%	60.05%	67.46%
Short-Term Debt to Total Capital	4.48%	0.02%	0.04%	0.01%	1.48%
Long-Term Debt to Total Capital	106.36%	52.81%	83.61%	60.04%	65.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	148.36%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-159.20%	47.17%	16.35%	39.95%	32.54%
Debt to EBITDA	-6.54	-2.85	-4.20	2.57	-6.17
Net Debt to EBITDA	-5.90	-1.77	-3.74	1.95	-4.88
Long-Term Debt to EBITDA	-6.27	-2.84	-4.20	2.57	-6.03
Debt to NOPAT	-8.63	-2.63	-3.25	-4.86	-3.71
Net Debt to NOPAT	-7.78	-1.63	-2.89	-3.70	-2.93
Long-Term Debt to NOPAT	-8.28	-2.62	-3.25	-4.86	-3.63
Altman Z-Score	-1.75	-0.82	-3.27	-2.34	0.00
Noncontrolling Interest Sharing Ratio	537.61%	401.60%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.78	1.38	0.76	1.12	1.03
Quick Ratio	0.62	1.21	0.62	0.94	0.86
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-37	-64	1.54	12
Operating Cash Flow to CapEx	-665.10%	-638.91%	-447.14%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-0.27	-2.15	0.07	0.47
Operating Cash Flow to Interest Expense	-0.57	-0.52	-1.19	-0.22	-0.47
Operating Cash Flow Less CapEx to Interest Expense	-0.66	-0.60	-1.45	3.56	1.16
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.30	0.28	0.33	0.35	0.33
Accounts Receivable Turnover	14.31	8.72	8.33	7.91	7.51
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	15.34	19.70	21.49	20.68
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	25.50	41.84	43.81	46.13	48.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	25.50	41.84	43.81	46.13	48.62
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	270	246	241	210	163
Invested Capital Turnover	0.31	0.44	0.54	0.53	0.51
Increase / (Decrease) in Invested Capital	0.00	-24	-4.08	-32	-46
Enterprise Value (EV)	969	931	345	263	0.00
Market Capitalization	217	830	147	151	0.00
Book Value per Share	($22.04)	$1.10	$0.34	$0.69	$3.94
Tangible Book Value per Share	($36.39)	($1.29)	($1.78)	($0.93)	($7.16)
Total Capital	303	307	266	245	190
Total Debt	336	162	222	147	128
Total Long-Term Debt	322	162	222	147	126
Net Debt	303	101	198	112	102
Capital Expenditures (CapEx)	5.57	11	7.94	-89	-40
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-35	-37	-40	-29	-23
Debt-free Net Working Capital (DFNWC)	-1.60	24	-16	5.97	3.94
Net Working Capital (NWC)	-15	24	-16	5.93	1.12
Net Nonoperating Expense (NNE)	71	157	47	-40	31
Net Nonoperating Obligations (NNO)	303	101	198	112	102
Total Depreciation and Amortization (D&A)	1.18	24	32	24	21
Debt-free, Cash-free Net Working Capital to Revenue	-41.75%	-32.75%	-30.29%	-24.35%	-24.12%
Debt-free Net Working Capital to Revenue	-1.93%	21.06%	-11.87%	4.96%	4.13%
Net Working Capital to Revenue	-18.30%	21.00%	-11.95%	4.93%	1.18%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.34)	($3.68)	($0.88)	$0.07	($4.65)
Adjusted Weighted Average Basic Shares Outstanding	21.88M	66.51M	131.40M	137.28M	14.03M
Adjusted Diluted Earnings per Share	($0.34)	($3.68)	($0.88)	$0.07	($4.65)
Adjusted Weighted Average Diluted Shares Outstanding	21.88M	66.51M	131.40M	137.28M	14.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	133.76M	131.01M	161.42M	19.37M
Normalized Net Operating Profit after Tax (NOPAT)	-39	-62	-46	-30	-26
Normalized NOPAT Margin	-46.93%	-54.26%	-34.66%	-25.14%	-27.24%
Pre Tax Income Margin	-141.49%	-194.71%	-86.88%	8.36%	-69.70%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-0.81	-0.57	-2.85	1.43	-1.72
NOPAT to Interest Expense	-0.60	-0.44	-2.29	-1.28	-1.42
EBIT Less CapEx to Interest Expense	-0.90	-0.65	-3.11	5.21	-0.10
NOPAT Less CapEx to Interest Expense	-0.69	-0.52	-2.55	2.50	0.21
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.04%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Duddell Street Acquisition's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	129,232,623.00	131,009,719.00	134,378,449.00	139,475,260.00	-	161,420,267.00	158,216,707.00	172,200,003.00	15,709,895.00	19,372,449.00	26,652,750.00
DEI Adjusted Shares Outstanding	10,769,385.00	10,917,477.00	11,198,204.00	11,622,938.00	-	13,451,689.00	13,184,726.00	14,350,000.00	15,709,895.00	19,372,449.00	26,652,750.00
DEI Earnings Per Adjusted Shares Outstanding	-4.71	4.63	-1.14	-1.29	-	-0.32	-1.01	-1.73	-1.46	-2.25	-1.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.95%	1.85%	-10.95%	-13.44%	-14.00%	-14.33%	-20.45%	-23.81%	-24.66%	-27.21%	-15.83%
EBITDA Growth	-43.61%	1,200.00%	93.83%	-265.72%	89.45%	-85.38%	-387.52%	-155.54%	-331.49%	-474.57%	-295.14%
EBIT Growth	-45.83%	572.75%	69.84%	-53.14%	79.69%	-95.58%	-36.63%	-52.67%	-127.89%	-1,643.02%	-146.90%
NOPAT Growth	-100.51%	41.91%	53.14%	49.40%	85.65%	13.45%	6.65%	-42.99%	-224.19%	-208.87%	-224.36%
Net Income Growth	-19.28%	362.54%	58.79%	-3.23%	73.63%	-108.40%	-3.97%	-66.42%	-70.90%	-926.19%	-109.74%
EPS Growth	-125.32%	364.29%	60.87%	-3.23%	75.00%	-191.89%	11.11%	-30.08%	-39.32%	-602.94%	-6.00%
Operating Cash Flow Growth	76.50%	121.37%	49.47%	74.76%	62.07%	19.88%	-65.75%	-179.17%	79.30%	-8.09%	65.62%
Free Cash Flow Firm Growth	-331.30%	132.30%	138.19%	358.08%	216.32%	-25.77%	-32.95%	-29.84%	19.56%	-34.75%	76.34%
Invested Capital Growth	-1.66%	-20.40%	-20.71%	-20.22%	-13.16%	-19.66%	-18.19%	-19.38%	-22.04%	-29.57%	-43.60%
Revenue Q/Q Growth	0.75%	-6.28%	-8.93%	0.66%	0.10%	-6.64%	-15.44%	-3.59%	-1.01%	-9.81%	-2.22%
EBITDA Q/Q Growth	-1,432.34%	299.66%	-101.55%	-302.75%	15.20%	376.76%	-151.57%	-111.10%	-43.20%	-140.25%	45.59%
EBIT Q/Q Growth	-554.57%	239.34%	-111.99%	-40.04%	13.21%	130.30%	-471.01%	-56.49%	-29.55%	-105.14%	40.63%
NOPAT Q/Q Growth	-196.63%	60.18%	49.96%	14.39%	15.87%	-140.17%	46.03%	-31.13%	-90.74%	-128.82%	43.33%
Net Income Q/Q Growth	-250.78%	199.71%	-125.23%	-17.01%	10.39%	68.24%	-212.26%	-87.29%	7.98%	-90.69%	36.18%
EPS Q/Q Growth	-263.64%	192.50%	-124.32%	-17.01%	9.09%	70.94%	-166.67%	-2,062.50%	5.78%	-46.63%	55.65%
Operating Cash Flow Q/Q Growth	69.71%	177.12%	-236.05%	20.57%	54.49%	343.77%	-288.10%	-33.78%	96.63%	1,182.44%	-170.36%
Free Cash Flow Firm Q/Q Growth	-22.49%	283.75%	14.92%	-0.22%	-44.79%	17.26%	3.80%	4.42%	-5.93%	-36.01%	180.53%
Invested Capital Q/Q Growth	-11.35%	-11.09%	-0.13%	1.34%	-3.51%	-17.73%	1.70%	-0.14%	-6.69%	-25.68%	-18.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-96.20%	204.95%	-3.48%	-13.93%	-11.80%	34.98%	-21.33%	-46.71%	-67.57%	-180.00%	-100.15%
Operating Margin	-116.53%	-35.64%	-27.20%	-23.14%	-19.44%	-50.02%	-31.92%	-43.42%	-83.66%	-212.26%	-123.03%
EBIT Margin	-124.38%	184.94%	-24.35%	-33.87%	-29.37%	9.53%	-41.82%	-67.87%	-88.83%	-202.04%	-122.66%
Profit (Net Income) Margin	-148.10%	157.57%	-43.64%	-50.73%	-45.41%	-15.45%	-57.05%	-110.82%	-103.01%	-217.79%	-142.15%
Tax Burden Percent	100.08%	97.26%	102.60%	96.01%	95.76%	99.09%	94.35%	99.06%	99.22%	99.54%	99.68%
Interest Burden Percent	118.98%	87.60%	174.72%	156.01%	161.50%	-163.58%	144.59%	164.83%	116.87%	108.30%	116.25%
Effective Tax Rate	0.00%	2.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-44.44%	-19.07%	-10.18%	-8.27%	-7.26%	-20.92%	-12.58%	-15.90%	-29.95%	-88.88%	-52.89%
ROIC Less NNEP Spread (ROIC-NNEP)	-59.70%	32.84%	-15.25%	-14.89%	-13.31%	-14.93%	-21.30%	-32.42%	-39.20%	-105.41%	-65.34%
Return on Net Nonoperating Assets (RNNOA)	-94.81%	31.68%	-21.60%	-25.14%	-29.18%	-12.92%	-19.26%	-40.69%	-52.34%	-140.09%	-117.40%
Return on Equity (ROE)	-139.25%	12.62%	-31.78%	-33.41%	-36.44%	-33.85%	-31.83%	-56.60%	-82.29%	-228.98%	-170.29%
Cash Return on Invested Capital (CROIC)	-26.43%	-0.94%	2.08%	3.58%	0.68%	9.41%	7.90%	8.38%	6.19%	-2.57%	7.31%
Operating Return on Assets (OROA)	-41.06%	61.69%	-8.21%	-11.47%	-10.14%	3.35%	-14.45%	-22.78%	-29.16%	-69.24%	-43.91%
Return on Assets (ROA)	-48.89%	52.56%	-14.71%	-17.18%	-15.68%	-5.44%	-19.72%	-37.19%	-33.81%	-74.64%	-50.89%
Return on Common Equity (ROCE)	-139.25%	12.62%	-31.78%	-33.41%	-36.44%	-33.40%	-31.41%	-56.60%	-82.29%	-224.04%	-165.57%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-42.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-28	-11	-5.57	-4.77	-4.01	-9.63	-5.20	-6.82	-13	-30	-17
NOPAT Margin	-81.57%	-34.66%	-19.04%	-16.20%	-13.61%	-35.02%	-22.35%	-30.40%	-58.57%	-148.59%	-86.12%
Net Nonoperating Expense Percent (NNEP)	15.26%	-51.91%	5.06%	6.61%	6.05%	-5.99%	8.72%	16.52%	9.25%	16.52%	12.45%
Return On Investment Capital (ROIC_SIMPLE)	-10.51%	-4.30%	-2.20%	-1.90%	-1.64%	-4.45%	-2.45%	-3.29%	-6.83%	-20.11%	-14.11%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	48.85%	50.06%	38.50%	36.08%	41.66%	59.24%	48.91%	61.97%	47.57%	47.46%	47.14%
R&D to Revenue	11.72%	10.84%	10.96%	11.04%	9.82%	11.28%	9.74%	9.28%	9.55%	10.20%	8.07%
Operating Expenses to Revenue	216.53%	135.64%	127.20%	123.14%	119.44%	150.02%	131.92%	143.42%	183.66%	312.26%	223.03%
Earnings before Interest and Taxes (EBIT)	-43	59	-7.12	-9.97	-8.65	2.62	-9.73	-15	-20	-40	-24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-33	66	-1.02	-4.10	-3.48	9.62	-4.96	-10	-15	-36	-20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.39	1.64	1.84	1.81	1.54	0.00	0.89	0.88	0.00	0.20	11.24
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.11	1.31	1.51	1.43	1.26	0.00	0.77	0.65	0.00	0.06	0.04
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	15.88	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	6.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.43	1.32	1.42	1.37	1.25	0.00	0.94	0.95	0.00	0.84	1.03
Enterprise Value to Revenue (EV/Rev)	2.60	2.12	2.34	2.38	2.19	0.00	1.51	1.62	0.00	1.16	1.21
Enterprise Value to EBITDA (EV/EBITDA)	0.00	15.02	8.85	10.72	4.60	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	96.81	0.00	7.82	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	60.37	33.88	170.29	0.00	10.73	10.10	0.00	0.00	10.14
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.12	1.44	1.36	1.54	1.50	1.16	1.19	1.74	2.07	4.97	435.21
Long-Term Debt to Equity	5.12	1.44	1.36	1.44	1.50	1.16	1.19	1.66	2.03	0.47	45.37
Financial Leverage	1.59	0.96	1.42	1.69	2.19	0.87	0.90	1.26	1.34	1.33	1.80
Leverage Ratio	4.27	3.24	3.83	4.06	4.93	3.17	3.10	3.52	3.64	4.07	4.80
Compound Leverage Factor	5.08	2.84	6.70	6.33	7.96	-5.18	4.48	5.80	4.25	4.40	5.58
Debt to Total Capital	83.65%	59.06%	57.71%	60.70%	60.05%	53.77%	54.41%	63.53%	67.46%	83.24%	99.77%
Short-Term Debt to Total Capital	0.04%	0.03%	0.03%	4.00%	0.01%	0.00%	0.00%	3.06%	1.48%	75.44%	89.37%
Long-Term Debt to Total Capital	83.61%	59.03%	57.69%	56.71%	60.04%	53.77%	54.41%	60.46%	65.99%	7.80%	10.40%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	1.24%	1.27%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	16.35%	40.94%	42.29%	39.30%	39.95%	44.99%	44.32%	36.47%	32.54%	16.76%	0.23%
Debt to EBITDA	-4.20	8.13	4.25	5.49	2.57	114.75	-40.02	-14.15	-6.17	-1.85	-1.47
Net Debt to EBITDA	-3.74	5.77	3.13	4.28	1.95	69.12	-26.60	-10.72	-4.88	-1.45	-1.22
Long-Term Debt to EBITDA	-4.20	8.12	4.25	5.13	2.57	114.74	-40.02	-13.47	-6.03	-0.17	-0.15
Debt to NOPAT	-3.25	-2.67	-2.86	-3.29	-4.86	-4.92	-4.94	-5.12	-3.71	-2.25	-1.79
Net Debt to NOPAT	-2.89	-1.90	-2.11	-2.57	-3.70	-2.96	-3.29	-3.88	-2.93	-1.77	-1.49
Long-Term Debt to NOPAT	-3.25	-2.67	-2.86	-3.07	-4.86	-4.92	-4.94	-4.88	-3.63	-0.21	-0.19
Altman Z-Score	-2.89	-1.64	-2.35	-2.61	-2.76	0.00	-3.42	-3.95	0.00	-6.84	-7.96
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	1.31%	1.33%	0.00%	0.00%	2.15%	2.77%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	1.09	1.01	0.81	1.12	1.28	1.25	1.01	1.03	0.28	0.23
Quick Ratio	0.62	0.91	0.84	0.66	0.94	1.12	1.05	0.84	0.86	0.23	0.18
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-24	44	50	50	28	33	34	35	33	21	60
Operating Cash Flow to CapEx	-179.40%	0.00%	-166.40%	-121.29%	0.00%	0.00%	-414.28%	0.00%	-16.99%	182.81%	-127.17%
Free Cash Flow to Firm to Interest Expense	-2.95	5.96	9.48	9.01	5.22	4.71	7.79	3.58	9.98	6.33	15.27
Operating Cash Flow to Interest Expense	-0.44	0.37	-0.70	-0.53	-0.25	0.48	-1.42	-0.84	-0.08	0.90	-0.54
Operating Cash Flow Less CapEx to Interest Expense	-0.68	12.49	-1.12	-0.97	0.62	6.02	-1.77	-0.38	-0.58	0.41	-0.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.33	0.34	0.34	0.35	0.35	0.35	0.34	0.33	0.34	0.36
Accounts Receivable Turnover	8.33	8.42	9.10	10.00	7.91	9.07	9.58	9.80	7.51	8.60	10.13
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	19.70	20.71	21.03	21.10	21.49	21.74	21.53	20.96	20.68	20.05	20.14
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	43.81	43.37	40.12	36.48	46.13	40.24	38.12	37.26	48.62	42.44	36.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	43.81	43.37	40.12	36.48	46.13	40.24	38.12	37.26	48.62	42.44	36.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	241	215	214	217	210	172	175	175	163	121	99
Invested Capital Turnover	0.54	0.55	0.53	0.51	0.53	0.60	0.56	0.52	0.51	0.60	0.61
Increase / (Decrease) in Invested Capital	-4.08	-55	-56	-55	-32	-42	-39	-42	-46	-51	-76
Enterprise Value (EV)	345	283	304	297	263	0.00	165	166	0.00	102	102
Market Capitalization	147	174	196	179	151	0.00	85	66	0.00	4.94	3.08
Book Value per Share	$0.34	$0.81	$0.80	$0.71	$0.69	$0.70	$0.60	$0.44	$3.94	$1.28	$0.01
Tangible Book Value per Share	($1.78)	($1.03)	($0.99)	($1.01)	($0.93)	($0.80)	($0.63)	($0.74)	($7.16)	($6.51)	($4.38)
Total Capital	266	259	253	251	245	219	215	207	190	148	120
Total Debt	222	153	146	152	147	118	117	132	128	123	119
Total Long-Term Debt	222	153	146	142	147	118	117	125	126	12	12
Net Debt	198	109	108	119	112	71	78	100	102	97	99
Capital Expenditures (CapEx)	1.98	-89	2.24	2.44	-4.66	-38	1.49	-4.56	1.64	1.65	1.67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-40	-38	-38	-36	-29	-32	-28	-25	-23	-27	-28
Debt-free Net Working Capital (DFNWC)	-16	5.97	0.64	-2.41	5.97	14	11	6.87	3.94	-0.90	-7.60
Net Working Capital (NWC)	-16	5.91	0.58	-12	5.93	14	11	0.53	1.12	-113	-114
Net Nonoperating Expense (NNE)	23	-62	7.19	10	9.37	-5.38	8.07	18	9.87	14	11
Net Nonoperating Obligations (NNO)	198	109	108	119	112	71	78	100	102	97	99
Total Depreciation and Amortization (D&A)	9.66	6.43	6.10	5.87	5.18	7.00	4.77	4.75	4.72	4.41	4.41
Debt-free, Cash-free Net Working Capital to Revenue	-30.29%	-28.88%	-29.11%	-28.64%	-24.35%	-28.06%	-25.46%	-24.32%	-24.12%	-31.13%	-33.46%
Debt-free Net Working Capital to Revenue	-11.87%	4.48%	0.50%	-1.92%	4.96%	12.49%	10.25%	6.69%	4.13%	-1.02%	-9.02%
Net Working Capital to Revenue	-11.95%	4.43%	0.45%	-9.93%	4.93%	12.48%	10.25%	0.51%	1.18%	-127.97%	-135.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	$0.39	($0.09)	($1.32)	($0.12)	($0.03)	($0.08)	($1.73)	($1.63)	($2.39)	($1.06)
Adjusted Weighted Average Basic Shares Outstanding	131.40M	130.71M	134.41M	11.25M	137.28M	151.29M	160.00M	14.38M	14.03M	18.25M	26.15M
Adjusted Diluted Earnings per Share	($0.40)	$0.37	($0.09)	($1.32)	($0.10)	($0.03)	($0.08)	($1.73)	($1.63)	($2.39)	($1.06)
Adjusted Weighted Average Diluted Shares Outstanding	131.40M	146.03M	134.41M	11.25M	137.28M	151.29M	160.00M	14.38M	14.03M	18.25M	26.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.63)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.01M	134.38M	139.48M	11.77M	161.42M	158.22M	172.20M	15.71M	19.37M	26.65M	30.47M
Normalized Net Operating Profit after Tax (NOPAT)	-9.59	-11	-5.57	-4.77	-4.01	-9.63	-5.20	-6.82	-13	-4.83	-3.49
Normalized NOPAT Margin	-27.99%	-34.66%	-19.04%	-16.20%	-13.61%	-35.02%	-22.35%	-30.40%	-58.57%	-24.14%	-17.84%
Pre Tax Income Margin	-147.98%	162.01%	-42.54%	-52.84%	-47.43%	-15.59%	-60.46%	-111.87%	-103.81%	-218.80%	-142.60%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.27	8.07	-1.34	-1.79	-1.63	0.38	-2.24	-1.54	-5.93	-12.06	-6.15
NOPAT to Interest Expense	-3.46	-1.51	-1.05	-0.85	-0.75	-1.39	-1.20	-0.69	-3.91	-8.87	-4.32
EBIT Less CapEx to Interest Expense	-5.52	20.18	-1.76	-2.22	-0.75	5.92	-2.59	-1.08	-6.42	-12.55	-6.58
NOPAT Less CapEx to Interest Expense	-3.70	10.60	-1.47	-1.29	0.12	4.15	-1.54	-0.23	-4.40	-9.36	-4.75
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Data note: The supplied statements identify the company as FiscalNote Holdings, Inc. (NASDAQ:NOTE), not Duddell Street Acquisition (NASDAQ:DSAC). The analysis below is therefore based on the FiscalNote data provided.

FiscalNote’s latest results show some improvement in cash generation and debt reduction, but the company remains under significant financial pressure. Revenue has declined across the reported periods, losses remain substantial, and the balance sheet has very limited equity relative to liabilities.

Operating cash flow improved year over year. Net cash used in operating activities was $2.1 million in Q2 2026, compared with $6.2 million in Q2 2025 and $3.7 million in Q2 2024. Q1 2026 generated $3.0 million of operating cash, suggesting some short-term improvement in cash conversion.
Debt has declined from 2024 levels. Total reported debt was approximately $119.2 million at June 30, 2026, down from roughly $145.9 million at June 30, 2024, and $123.2 million at March 31, 2026.
Interest expense has moderated from 2025 levels. Quarterly interest expense was $3.9 million in Q2 2026, compared with $4.3 million in Q2 2025 and $9.9 million in Q3 2025. This may reflect debt reduction or refinancing activity.
Operating expenses were lower excluding impairment charges. Total operating expenses declined to $43.7 million in Q2 2026 from $62.5 million in Q1 2026, primarily because the impairment charge fell from $35.6 million to $19.1 million.

Amortization remains a significant noncash expense. Q2 2026 amortization was $4.2 million on the cash flow statement and $5.9 million on the income statement. This meaningfully depresses reported earnings but also helps explain why operating cash flow is better than net income.
Cash resources remain modest. Cash and equivalents totaled $18.0 million at June 30, 2026, supplemented by $2.0 million of short-term investments and $635,000 of restricted cash. The company also paid $2.4 million of cash interest during the quarter.
Noncurrent assets remain heavily weighted toward goodwill and intangibles. Goodwill and intangible assets totaled approximately $116.9 million, or about 64% of total assets. Future impairments could materially affect reported equity and earnings.

Revenue continues to decline. Quarterly revenue fell to $19.6 million in Q2 2026 from $20.0 million in Q1 2026, $23.3 million in Q2 2025, $29.2 million in Q2 2024 and $34.0 million in Q3 2023. This represents a significant contraction in the reported revenue base.
Net losses remain severe. FiscalNote reported a $27.8 million net loss in Q2 2026, following a $43.6 million loss in Q1 2026 and a $13.3 million loss in Q2 2025. Q2 2026 diluted loss per share was $1.06.
Impairment charges continue to weigh on results. The company recorded $19.1 million of impairment expense in Q2 2026 after a $35.6 million charge in Q1 2026. These charges indicate ongoing deterioration in the value of certain assets.
Liquidity is highly strained. Current assets of $33.9 million were substantially below current liabilities of $148.3 million at June 30, 2026. The resulting current ratio was approximately 0.23, indicating that near-term obligations significantly exceed readily available current assets.
Shareholders’ equity is nearly depleted. Total equity was only $274,000 against $182.0 million of liabilities. Retained earnings were negative $943.6 million, leaving the company with very little balance-sheet cushion to absorb additional losses.
Cash burn remains a major risk. Q2 2026 consumed $5.7 million of cash after operating, investing and financing activities. Capital expenditures totaled $1.7 million, while debt repayments used another $1.9 million, increasing pressure on the company’s limited cash balance.

Overall, the statements present a high-risk financial profile. Lower debt, reduced interest expense and better operating cash flow are constructive developments, but they are outweighed by falling revenue, recurring large net losses, impairment charges, weak liquidity and almost nonexistent equity. Investors should closely monitor cash burn, debt maturities, further asset impairments and whether operating cash flow can remain positive before debt service and capital expenditures.

10/25/26 07:25 PM ETAI Generated. May Contain Errors.

Duddell Street Acquisition Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Duddell Street Acquisition's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Duddell Street Acquisition's net income appears to be on an upward trend, with a most recent value of -$65.25 million in 2025, rising from -$109.42 million in 2021. The previous period was $9.52 million in 2024.

Duddell Street Acquisition's total operating income in 2025 was -$49.50 million, based on the following breakdown:

Total Gross Profit: $95.41 million
Total Operating Expenses: $144.91 million

Over the last 4 years, Duddell Street Acquisition's total revenue changed from $82.91 million in 2021 to $95.41 million in 2025, a change of 15.1%.

In the past 11 quarters, Duddell Street Acquisition's cash and equivalents has ranged from $16.49 million in Q3 2023 to $41.73 million in Q1 2025, and is currently $17.95 million as of their latest financial filing in Q2 2026.

Duddell Street Acquisition had total debt of $128.45 million at the end of 2025, a 12.7% decrease from 2024, and a 61.7% decrease since 2021.

Over the last 4 years, Duddell Street Acquisition's book value per share changed from -22.04 in 2021 to 3.94 in 2025.

Financial statements for NASDAQ:DSACW last updated on 8/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Duddell Street Acquisition (DSACW) Financials

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Duddell Street Acquisition (DSACW) Financials

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