What is Flag Ship Acquisition's operating income?

Flag Ship Acquisition's total operating income in 2025 was -$659.06 thousand, based on the following breakdown: Total Gross Profit: $0.00 Total Operating Expenses: $659.06 thousand

Flag Ship Acquisition (FSHP) Financials

$11.18 +0.01 (+0.04%)

Closing price 03:58 PM Eastern

Extended Trading

$11.18 0.00 (0.00%)

As of 04:04 PM Eastern

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Annual Income Statements for Flag Ship Acquisition

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

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-0.06	0.91	1.83
Consolidated Net Income / (Loss)	-0.06	0.91	1.83
Net Income / (Loss) Continuing Operations	-0.06	0.91	1.83
Total Pre-Tax Income	-0.06	0.91	1.83
Total Operating Income	-0.06	-0.89	-0.66
Total Gross Profit	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00
Operating Revenue	-	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	0.06	0.89	0.66
Selling, General & Admin Expense	0.06	0.89	0.66
Total Other Income / (Expense), net	0.00	1.80	2.49
Interest & Investment Income	0.00	1.80	2.49
Income Tax Expense	0.00	0.00	0.00
Basic Earnings per Share	-	$0.17	$0.24
Weighted Average Basic Shares Outstanding	0.00	1.85M	1.96M
Diluted Earnings per Share	-	$0.17	$0.24
Weighted Average Diluted Shares Outstanding	0.00	1.85M	1.96M

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

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-0.05	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Consolidated Net Income / (Loss)	-0.05	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Net Income / (Loss) Continuing Operations	-0.05	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Total Pre-Tax Income	-0.05	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Total Operating Income	-0.05	-0.08	-0.08	-0.40	-0.33	-0.16	-0.15	-0.24	-0.11	-0.13
Total Gross Profit	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Revenue	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Operating Revenue	-	-	-	-	-	0.00	-	-	-	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	0.05	0.08	0.08	0.40	0.33	0.16	0.15	0.24	0.11	0.13
Selling, General & Admin Expense	0.05	0.08	0.08	0.40	0.33	0.16	0.15	0.24	0.11	0.13
Total Other Income / (Expense), net	0.00	0.00	0.10	0.89	0.81	0.74	0.74	0.69	0.32	0.29
Interest & Investment Income	0.00	-	0.10	0.89	-	0.74	0.74	0.69	-	0.29
Income Tax Expense	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	-	-	-	-	-	$0.07	-	-	-	$0.03
Weighted Average Basic Shares Outstanding	0.00	0.00	758.24K	1.96M	1.85M	1.96M	8.86M	5.03M	1.96M	1.96M
Diluted Earnings per Share	-	-	-	-	-	$0.07	-	-	-	$0.03
Weighted Average Diluted Shares Outstanding	0.00	0.00	758.24K	1.96M	1.85M	1.96M	8.86M	5.03M	1.96M	1.96M
Weighted Average Basic & Diluted Shares Outstanding	1.50M	1.50M	2.51M	8.86M	1.85M	1.96M	8.86M	7.24M	0.00	5.03M

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

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.07	-0.04	-0.07
Net Cash From Operating Activities	-0.07	-0.88	-0.48
Net Cash From Continuing Operating Activities	-0.07	-0.88	-0.48
Net Income / (Loss) Continuing Operations	-0.06	0.91	1.83
Consolidated Net Income / (Loss)	-0.06	0.91	1.83
Non-Cash Adjustments To Reconcile Net Income	0.00	-1.85	-2.29
Changes in Operating Assets and Liabilities, net	-0.00	0.06	-0.02
Net Cash From Investing Activities	0.00	-69	40
Net Cash From Continuing Investing Activities	0.00	-69	40
Other Investing Activities, net	0.00	-69	40
Net Cash From Financing Activities	0.00	70	-40
Net Cash From Continuing Financing Activities	0.00	70	-40
Repayment of Debt	0.00	-0.43	0.00
Payment of Dividends	-	0.00	-40
Issuance of Debt	-	0.64	0.65
Issuance of Common Equity	0.00	70	0.00

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-0.05	-0.01	-0.08	0.06	-0.11	0.08	-0.04	-0.02	-0.00	-0.01	-0.00
Net Cash From Operating Activities	-0.05	-0.02	-0.07	-0.15	-0.41	-0.24	-0.18	-0.07	-0.15	-0.08	-0.03
Net Cash From Continuing Operating Activities	-0.05	-0.02	-0.07	-0.15	-0.41	-0.24	-0.18	-0.07	-0.15	-0.08	-0.03
Net Income / (Loss) Continuing Operations	-0.05	-0.02	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Consolidated Net Income / (Loss)	-0.05	-0.02	-0.08	0.02	0.49	0.48	0.58	0.59	0.45	0.21	0.16
Non-Cash Adjustments To Reconcile Net Income	-	-0.00	0.00	-0.23	-0.76	-0.86	-0.71	-0.66	-0.69	-0.21	-0.29
Changes in Operating Assets and Liabilities, net	-	-	0.00	0.06	-0.14	0.14	-0.05	0.00	0.09	-0.08	0.10
Net Cash From Investing Activities	-	-	0.00	-69	-	-	0.00	-	40	-0.18	-0.06
Net Cash From Continuing Investing Activities	-	-	0.00	-69	-	-	0.00	-	40	-0.18	-0.06
Other Investing Activities, net	-	-	-	-	-	-	0.00	-	40	-0.18	-0.06
Net Cash From Financing Activities	-0.00	0.00	-0.01	69	0.31	0.32	0.14	0.05	-40	0.25	0.09
Net Cash From Continuing Financing Activities	-0.00	0.00	-0.01	69	0.31	0.32	0.14	0.05	-40	0.25	0.09
Repayment of Debt	-0.00	0.00	0.00	-0.43	-	-	0.14	-0.14	-	-	0.03
Issuance of Debt	-	-	-	-	0.31	0.32	0.00	-	0.21	0.25	0.06

This table presents Flag Ship 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	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.15	71	33
Total Current Assets	0.12	0.17	0.03
Cash & Equivalents	0.12	0.08	0.01
Prepaid Expenses	-	-	0.02
Plant, Property, & Equipment, net	0.00	0.00	0.00
Total Noncurrent Assets	0.03	71	33
Other Noncurrent Operating Assets	0.03	71	33
Total Liabilities & Shareholders' Equity	0.15	71	33
Total Liabilities	0.43	2.44	3.19
Total Current Liabilities	0.43	0.71	1.46
Accrued Expenses	0.00	0.03	0.02
Other Current Liabilities	0.43	0.68	1.45
Total Noncurrent Liabilities	0.00	1.73	1.73
Noncurrent Employee Benefit Liabilities	-	-	1.73
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	71	33
Total Equity & Noncontrolling Interests	-0.28	-2.26	-3.16
Total Preferred & Common Equity	-0.28	-2.26	-3.16
Total Common Equity	-0.28	-2.26	-3.16
Common Stock	0.03	0.00	0.00
Retained Earnings	-0.31	-2.27	-3.17

This table presents Flag Ship 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	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	69	70	72	72	33	33
Total Current Assets	0.24	0.12	0.16	0.08	0.05	0.02
Cash & Equivalents	0.11	0.00	0.04	0.02	0.02	0.00
Prepaid Expenses	-	-	-	-	0.04	0.01
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Assets	69	70	72	72	33	33
Other Noncurrent Operating Assets	69	70	72	72	33	33
Total Liabilities & Shareholders' Equity	69	70	72	72	33	33
Total Liabilities	1.77	2.05	2.58	2.66	2.93	3.37
Total Current Liabilities	0.04	0.33	0.86	0.94	1.21	1.65
Accrued Expenses	0.03	0.01	0.01	0.01	0.04	0.10
Other Current Liabilities	0.01	0.32	0.85	0.93	1.17	1.54
Total Noncurrent Liabilities	1.73	1.73	1.73	1.73	1.73	1.73
Noncurrent Employee Benefit Liabilities	-	-	-	-	1.73	1.73
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	69	70	72	72	33	33
Total Equity & Noncontrolling Interests	-1.53	-1.93	-2.43	-2.58	-2.88	-3.35
Total Preferred & Common Equity	-1.53	-1.93	-2.43	-2.58	-2.88	-3.35
Total Common Equity	-1.53	-1.93	-2.43	-2.58	-2.88	-3.35
Common Stock	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-1.53	-1.93	-2.43	-2.58	-2.88	-3.36

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

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	0.00	8,863,000.00	5,025,517.00
DEI Adjusted Shares Outstanding	0.00	8,863,000.00	5,025,517.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.10	0.36
Growth Metrics	-	-	-
Revenue Growth	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	-1,325.18%	25.89%
EBIT Growth	0.00%	-1,325.18%	25.89%
NOPAT Growth	0.00%	-1,935.97%	25.89%
Net Income Growth	0.00%	1,558.10%	101.01%
EPS Growth	0.00%	0.00%	41.18%
Operating Cash Flow Growth	0.00%	-1,212.30%	45.33%
Free Cash Flow Firm Growth	0.00%	0.00%	154.32%
Invested Capital Growth	0.00%	17,248.02%	-56.31%
Revenue Q/Q Growth	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	0.00%	25.43%
EBIT Q/Q Growth	0.00%	0.00%	25.43%
NOPAT Q/Q Growth	0.00%	0.00%	25.43%
Net Income Q/Q Growth	0.00%	0.00%	-12.83%
EPS Q/Q Growth	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	-34.60%	25.64%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	0.00%	0.74%
Profitability Metrics	-	-	-
Gross Margin	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	-102.31%	-277.50%
Effective Tax Rate	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%
Return on Equity (ROE)	22.05%	2.67%	3.72%
Cash Return on Invested Capital (CROIC)	0.00%	-101.88%	77.04%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	22.05%	-0.10%	-0.20%
Return on Equity Simple (ROE_SIMPLE)	22.05%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.04	-0.89	-0.66
NOPAT Margin	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	-16.11%	1,864.81%	5,973.67%
Return On Investment Capital (ROIC_SIMPLE)	15.43%	39.27%	20.83%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-0.06	-0.89	-0.66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.06	-0.89	-0.66
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	20.67	11.54
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	4.84%	8.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.31	1.81
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.43
Leverage & Solvency	-	-	-
Debt to Equity	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00
Financial Leverage	0.41	0.00	0.00
Leverage Ratio	-0.53	1.04	1.06
Compound Leverage Factor	-0.53	-1.07	-2.93
Debt to Total Capital	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	103.30%	110.58%
Common Equity to Total Capital	100.00%	-3.30%	-10.58%
Debt to EBITDA	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00
Altman Z-Score	76.31	4.53	3.72
Noncontrolling Interest Sharing Ratio	0.00%	103.73%	105.51%
Liquidity Ratios	-	-	-
Current Ratio	0.28	0.24	0.02
Quick Ratio	0.27	0.11	0.00
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-70	38
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00
Efficiency Ratios	-	-	-
Asset Turnover	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-
Invested Capital	-0.40	68	30
Invested Capital Turnover	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	69	-39
Enterprise Value (EV)	60	90	54
Market Capitalization	60	19	21
Book Value per Share	($0.19)	($0.26)	($0.63)
Tangible Book Value per Share	($0.19)	($0.26)	($0.63)
Total Capital	-0.28	69	30
Total Debt	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00
Net Debt	-0.12	-0.08	-0.01
Capital Expenditures (CapEx)	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-0.43	-0.62	-1.45
Debt-free Net Working Capital (DFNWC)	-0.31	-0.54	-1.44
Net Working Capital (NWC)	-0.31	-0.54	-1.44
Net Nonoperating Expense (NNE)	0.02	-1.80	-2.49
Net Nonoperating Obligations (NNO)	-0.12	-0.08	-0.01
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.24
Adjusted Weighted Average Basic Shares Outstanding	0.00	8.86M	1.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.24
Adjusted Weighted Average Diluted Shares Outstanding	0.00	8.86M	1.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	5.51M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	-0.04	-0.62	-0.46
Normalized NOPAT Margin	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	2,211.54%
Augmented Payout Ratio	0.00%	0.00%	2,211.54%

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

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	0.00	0.00	0.00	8,863,000.00	8,863,000.00	8,863,000.00	8,863,000.00	8,863,000.00	5,025,517.00	5,025,517.00
DEI Adjusted Shares Outstanding	0.00	0.00	0.00	8,863,000.00	8,863,000.00	8,863,000.00	8,863,000.00	8,863,000.00	5,025,517.00	5,025,517.00
DEI Earnings Per Adjusted Shares Outstanding	0.00	0.00	0.00	0.06	0.05	0.07	0.07	0.05	0.04	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	0.00%	-3,164.45%	-779.68%	0.00%	-113.85%	-95.65%	41.29%	67.60%	19.40%
EBIT Growth	0.00%	0.00%	-3,164.45%	-779.68%	0.00%	-113.85%	-95.65%	41.29%	67.60%	19.40%
NOPAT Growth	0.00%	0.00%	-4,478.70%	-1,156.68%	0.00%	-205.50%	-95.65%	41.29%	67.60%	19.40%
Net Income Growth	0.00%	0.00%	682.56%	1,166.01%	0.00%	862.26%	2,859.38%	-7.13%	-56.41%	-72.33%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-57.14%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	-801.52%	-1,218.58%	-160.32%	55.77%	63.43%	67.75%	81.07%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	96.49%	155.70%	0.00%	156.14%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.29%	-56.38%	-56.31%	-56.46%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-1,899.25%	0.00%	-2.95%	-416.49%	17.48%	51.26%	-126.42%	-54.99%	54.46%	-21.24%
EBIT Q/Q Growth	-1,899.25%	0.00%	-2.95%	-416.49%	17.48%	51.26%	-126.42%	-54.99%	54.46%	-21.24%
NOPAT Q/Q Growth	-1,781.83%	0.00%	-47.07%	-416.49%	17.48%	51.26%	5.81%	-54.99%	54.46%	-21.24%
Net Income Q/Q Growth	-1,899.25%	0.00%	126.29%	2,350.95%	-2.24%	21.02%	2.06%	-23.09%	-54.12%	-23.19%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	-281.40%	-111.46%	-177.00%	40.98%	24.70%	64.08%	-129.04%	47.95%	55.80%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-1.36%	100.00%	0.00%	96.57%	1,707.86%	0.81%	1.12%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.88%	0.59%	0.90%	0.88%	-57.39%	0.74%	0.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	100.00%	100.00%	-25.54%	-121.18%	-143.56%	-356.45%	-386.27%	-191.68%	-193.12%	-122.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	0.00%	0.00%	0.00%	2.67%	2.26%	3.11%	4.29%	3.72%	2.85%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	-101.88%	0.00%	0.00%	0.00%	77.04%	77.41%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	0.00%	0.00%	0.00%	0.00%	-0.10%	-0.08%	-0.09%	-0.21%	-0.20%	-0.17%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.03	-0.05	-0.08	-0.40	-0.33	-0.16	-0.15	-0.24	-0.11	-0.13
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	185.46%	829,114.42%	1,055.28%	4,143.78%	1,183.90%	7,277.20%	758.32%	1,548.47%
Return On Investment Capital (ROIC_SIMPLE)	-	-	5.10%	20.86%	14.68%	6.68%	5.92%	8.23%	3.41%	3.89%
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%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	-0.05	-0.08	-0.08	-0.40	-0.33	-0.16	-0.15	-0.24	-0.11	-0.13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.05	-0.08	-0.08	-0.40	-0.33	-0.16	-0.15	-0.24	-0.11	-0.13
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	20.67	12.97	43.34	25.51	11.54	15.21
Dividend Yield	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%	4.84%	7.71%	2.31%	3.92%	8.67%	6.58%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	1.91	1.32	1.31	1.33	2.36	2.90	1.81	1.83
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	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
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
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.43	1.43
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage Ratio	0.00	0.00	1.03	1.03	1.04	1.04	1.03	1.05	1.06	1.06
Compound Leverage Factor	0.00	0.00	-0.26	-1.25	-1.50	-3.70	-3.99	-2.01	-2.04	-1.30
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%
Noncontrolling Interests to Total Capital	0.00%	0.00%	102.26%	102.84%	103.30%	103.51%	103.70%	109.68%	110.58%	111.15%
Common Equity to Total Capital	0.00%	0.00%	-2.26%	-2.84%	-3.30%	-3.51%	-3.70%	-9.68%	-10.58%	-11.15%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	0.00	4.56	4.64	20.75	10.77	3.77	3.61
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	103.73%	103.51%	102.99%	104.92%	105.51%	105.83%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	5.67	0.37	0.24	0.18	0.09	0.05	0.02	0.01
Quick Ratio	0.00	0.00	2.52	0.00	0.11	0.04	0.02	0.02	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	-68	-68	0.00	-69	-2.37	38	38	39
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	0.00	67	68	68	69	70	30	30	30
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	0.00	67	68	0.00	69	2.22	-38	-39	-39
Enterprise Value (EV)	0.00	0.00	129	90	90	92	165	86	54	55
Market Capitalization	60	60	60	20	19	20	92	54	21	21
Book Value per Share	$0.00	$0.00	($2.02)	($0.22)	($0.26)	($0.27)	($0.29)	($0.32)	($0.63)	($0.67)
Tangible Book Value per Share	$0.00	$0.00	($2.02)	($0.22)	($0.26)	($0.27)	($0.29)	($0.32)	($0.63)	($0.67)
Total Capital	0.00	0.00	68	68	69	69	70	30	30	30
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	0.00	-0.11	-0.00	-0.08	-0.04	-0.02	-0.02	-0.01	-0.00
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	0.00	0.09	-0.21	-0.62	-0.74	-0.87	-1.17	-1.45	-1.63
Debt-free Net Working Capital (DFNWC)	0.00	0.00	0.20	-0.21	-0.54	-0.70	-0.85	-1.15	-1.44	-1.63
Net Working Capital (NWC)	0.00	0.00	0.20	-0.21	-0.54	-0.70	-0.85	-1.15	-1.44	-1.63
Net Nonoperating Expense (NNE)	0.01	0.02	-0.10	-0.89	-0.81	-0.74	-0.74	-0.69	-0.32	-0.29
Net Nonoperating Obligations (NNO)	0.00	0.00	-0.11	-0.00	-0.08	-0.04	-0.02	-0.02	-0.01	-0.00
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.03
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	8.86M	8.86M	1.85M	8.86M	8.86M	5.03M	1.96M	1.96M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	8.86M	8.86M	1.85M	8.86M	8.86M	5.03M	1.96M	1.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	2.51M	8.86M	1.85M	8.86M	8.86M	7.24M	0.00	5.03M
Normalized Net Operating Profit after Tax (NOPAT)	-0.03	-0.05	-0.05	-0.28	-0.23	-0.11	-0.11	-0.17	-0.08	-0.09
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,211.54%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2,211.54%	0.00%

Financials Breakdown Chart

Key Financial Trends

Flag Ship Acquisition (NASDAQ: FSHP) remains in a highly unusual financial position, with no operating revenue and a balance sheet dominated by a large redeemable noncontrolling interest. The company is still generating accounting profits, but those profits are coming primarily from interest and investment income rather than from core business operations.

Over the last several quarters, FSHP has shown a steady pattern of zero revenue, negative operating income, and positive net income driven by non-operating income. That makes the business profile more dependent on its cash/investment structure than on product or service sales.

Net income stayed positive in Q1 2026 at $159.8 thousand, extending a multi-quarter streak of profitability.
Interest and investment income helped offset operating losses, producing pre-tax income despite negative operating income.
Current liabilities are relatively modest at $1.65 million in Q1 2026 compared with total assets of $33.4 million.
Quarterly operating cash burn improved versus Q4 2025, with operating cash flow narrowing from -$78.6 thousand to -$34.7 thousand.
Revenue remains at zero across all reported periods, so the company is not yet operating like a traditional revenue-generating business.
Share count has been stable at 1.963 million basic shares in recent quarters, limiting dilution concerns in the reported data.
SG&A expense remains the main operating cost, coming in at $130.6 thousand in Q1 2026 versus $107.7 thousand in Q4 2025.
Core operations are still loss-making, with operating income of -$130.6 thousand in Q1 2026.
Cash and equivalents are very low at just $1.8 thousand in Q1 2026, leaving little immediate liquidity on the reported cash line.
Retained earnings remain deeply negative at -$3.36 million, reflecting cumulative losses over time.

Key trend: FSHP’s earnings profile improved meaningfully from the larger losses seen in 2024 and early 2025, but the company still does not show evidence of an operating business generating revenue. For retail investors, this is best viewed as a balance-sheet and capital-structure story rather than a traditional growth or turnaround story.

Bottom line: The latest quarter shows continued profitability and manageable liabilities, but the lack of revenue and ongoing operating losses suggest FSHP remains dependent on investment income and financial structure rather than business fundamentals.

07/20/26 08:58 PM ETAI Generated. May Contain Errors.

Flag Ship Acquisition Financials - Frequently Asked Questions

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

Flag Ship Acquisition's net income appears to be on an upward trend, with a most recent value of $1.83 million in 2025, falling from -$62.40 thousand in 2023. The previous period was $909.84 thousand in 2024. See Flag Ship Acquisition's forecast for analyst expectations on what's next for the company.

Flag Ship Acquisition's total operating income in 2025 was -$659.06 thousand, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $659.06 thousand

Over the last 2 years, Flag Ship Acquisition's total revenue changed from $0.00 in 2023 to $0.00 in 2025, a change of 0.0%.

Flag Ship Acquisition's total liabilities were at $3.19 million at the end of 2025, a 30.8% increase from 2024, and a 635.5% increase since 2023.

In the past 2 years, Flag Ship Acquisition's cash and equivalents has ranged from $6.55 thousand in 2025 to $116.21 thousand in 2023, and is currently $6.55 thousand as of their latest financial filing in 2025.

Over the last 2 years, Flag Ship Acquisition's book value per share changed from -0.19 in 2023 to -0.63 in 2025, a change of 233.6%.

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Financial statements for NASDAQ:FSHP last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Flag Ship Acquisition (FSHP) Financials

Financials Breakdown Chart

Key Financial Trends

Flag Ship Acquisition Financials - Frequently Asked Questions

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Flag Ship Acquisition (FSHP) Financials

Annual Income Statements for Flag Ship Acquisition

Quarterly Income Statements for Flag Ship Acquisition

Annual Cash Flow Statements for Flag Ship Acquisition

Quarterly Cash Flow Statements for Flag Ship Acquisition

Annual Balance Sheets for Flag Ship Acquisition

Quarterly Balance Sheets for Flag Ship Acquisition

Annual Metrics And Ratios for Flag Ship Acquisition

Quarterly Metrics And Ratios for Flag Ship Acquisition

Financials Breakdown Chart

Key Financial Trends

Flag Ship Acquisition Financials - Frequently Asked Questions

When does Flag Ship Acquisition's financial year end?

How has Flag Ship Acquisition's net income changed over the last 2 years?

What is Flag Ship Acquisition's operating income?

How has Flag Ship Acquisition's revenue changed over the last 2 years?

How much debt does Flag Ship Acquisition have?

How much cash does Flag Ship Acquisition have?

How has Flag Ship Acquisition's book value per share changed over the last 2 years?

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