Global Partner Acquisition Corp II (GPACW) Financials

$0.28 0.00 (0.00%)

As of 07/16/2026

Annual Income Statements for Global Partner Acquisition Corp II

This table shows Global Partner Acquisition Corp II'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	4.71	15	0.14	-24	-16
Consolidated Net Income / (Loss)	4.71	15	0.14	-24	-16
Net Income / (Loss) Continuing Operations	4.71	15	0.14	-24	-16
Total Pre-Tax Income	4.71	15	0.14	-24	-16
Total Operating Income	-3.60	-1.98	-2.27	-18	-16
Total Gross Profit	0.00	0.00	0.00	0.00	0.00
Total Revenue	0.00	0.00	0.00	0.00	0.00
Operating Revenue	-	0.00	0.00	0.00	0.00
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	3.60	1.98	5.23	18	16
Selling, General & Admin Expense	3.60	1.98	5.23	18	16
Total Other Income / (Expense), net	8.30	17	5.37	-5.78	0.36
Interest Expense	-	-	-	0.05	-0.20
Interest & Investment Income	0.08	4.60	2.28	0.01	0.01
Other Income / (Expense), net	8.23	12	3.09	-5.74	0.15
Basic Earnings per Share	$0.26	$0.00	$0.02	($5.55)	($2.13)
Weighted Average Basic Shares Outstanding	35.89M	37.50M	12.22M	4.28M	7.39M
Diluted Earnings per Share	-	$0.80	-	($5.55)	($2.13)
Weighted Average Diluted Shares Outstanding	7.50M	11.43M	9.29M	4.28M	7.39M
Weighted Average Basic & Diluted Shares Outstanding	7.50M	11.43M	9.29M	57.89M	9.97M

This table shows Global Partner Acquisition Corp II's income and expenses over time, based on quarterly financial data. 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 Income / (Loss) Attributable to Common Shareholders	-0.84	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Consolidated Net Income / (Loss)	-0.84	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Net Income / (Loss) Continuing Operations	-0.84	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Total Pre-Tax Income	-0.84	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Total Operating Income	-0.78	-3.54	-1.24	-1.27	-8.98	-6.49	-5.75	-3.04	-3.83	-3.47	-3.98
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	0.00	0.00	-	0.00	0.00	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	0.78	3.54	1.24	1.27	8.98	6.49	5.75	3.04	3.83	3.47	3.98
Selling, General & Admin Expense	0.78	3.54	1.24	1.27	8.98	6.49	5.75	3.04	3.83	3.47	3.98
Total Other Income / (Expense), net	-0.07	0.26	-0.16	-1.43	-1.11	-3.08	1.94	-0.67	-0.63	-0.28	-1.25
Interest Expense	0.00	-	0.00	0.00	0.01	0.04	0.11	0.06	0.01	-0.37	0.37
Interest & Investment Income	0.00	0.48	0.00	0.00	0.00	0.01	0.01	-0.09	0.00	0.10	0.00
Other Income / (Expense), net	-0.07	-0.23	-0.16	-1.43	-1.11	-3.05	2.04	-0.52	-0.62	-0.75	-0.88
Basic Earnings per Share	($0.02)	($0.10)	($0.04)	($0.07)	($2.23)	($2.23)	($0.72)	($0.06)	($0.53)	($0.51)	($0.53)
Weighted Average Basic Shares Outstanding	40.45M	12.22M	39.90M	39.98M	4.52M	4.28M	5.30M	63.20M	8.37M	7.39M	9.91M
Diluted Earnings per Share	($0.02)	-	($0.04)	($0.07)	($2.23)	($2.23)	($0.72)	($0.06)	($0.53)	($0.51)	($0.53)
Weighted Average Diluted Shares Outstanding	40.45M	9.29M	39.90M	39.98M	4.52M	4.28M	5.30M	63.20M	8.37M	7.39M	9.91M
Weighted Average Basic & Diluted Shares Outstanding	11.43M	9.29M	9.29M	47.70M	47.94M	57.89M	60.16M	84.59M	9.82M	9.97M	10.58M

This table details how cash moves in and out of Global Partner Acquisition Corp II'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	1.64	-0.74	-0.08	-0.36	2.57
Net Cash From Operating Activities	-1.04	-1.53	-0.98	-9.72	-8.28
Net Cash From Continuing Operating Activities	-0.22	-1.53	-0.98	-9.72	-8.28
Net Income / (Loss) Continuing Operations	4.71	15	0.14	-24	-16
Consolidated Net Income / (Loss)	4.71	15	0.14	-24	-16
Depreciation Expense	-	-	-	0.00	0.00
Amortization Expense	-	-	-	0.00	0.03
Non-Cash Adjustments To Reconcile Net Income	0.73	-17	-2.41	16	7.12
Changes in Operating Assets and Liabilities, net	-5.65	0.46	1.29	-1.48	0.29
Net Cash From Investing Activities	-300	0.00	263	-4.79	-3.40
Net Cash From Continuing Investing Activities	-300	0.00	263	-4.79	-3.40
Purchase of Property, Plant & Equipment	-300	-	-	-0.02	-0.00
Acquisitions	-	-	-	-1.62	-0.02
Purchase of Investments	-	0.00	-1.80	-1.65	0.00
Sale and/or Maturity of Investments	-	-	-	0.00	0.57
Other Investing Activities, net	-	0.00	265	-1.50	-3.95
Net Cash From Financing Activities	302	0.79	-262	14	14
Net Cash From Continuing Financing Activities	302	0.79	-262	14	14
Repayment of Debt	-0.29	0.79	-0.03	0.11	-4.19
Repurchase of Preferred Equity	-	-	-	-0.01	-0.00
Repurchase of Common Equity	-	0.00	-265	-0.03	-0.08
Issuance of Debt	-0.20	0.00	2.73	4.36	4.38
Issuance of Common Equity	308	-	-	0.26	12
Other Financing Activities, net	-6.00	-	-	9.46	1.73
Cash Interest Paid	-	-	-	0.02	0.15
Cash Income Taxes Paid	-	-	-	0.00	0.01

This table details how cash moves in and out of Global Partner Acquisition Corp II'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	-0.01	0.02	-0.88	0.25	0.95	-0.67	0.68	1.02	-1.02	1.90	-2.24
Net Cash From Operating Activities	-0.06	-0.30	-0.93	-1.17	-6.41	-1.21	-2.88	-1.62	-2.06	-1.73	-2.07
Net Cash From Continuing Operating Activities	-0.06	-0.30	-0.93	-1.17	-6.41	-1.21	-2.88	-1.62	-2.06	-1.73	-2.09
Net Income / (Loss) Continuing Operations	0.39	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Consolidated Net Income / (Loss)	0.39	-3.29	-1.40	-2.69	-10	-9.57	-3.81	-3.70	-4.46	-3.75	-5.23
Depreciation Expense	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Amortization Expense	-	-	-	-	-	-	0.00	-	-	-	0.36
Non-Cash Adjustments To Reconcile Net Income	-0.69	-0.26	0.22	1.48	8.02	5.78	0.91	2.07	2.26	1.88	2.27
Changes in Operating Assets and Liabilities, net	0.24	3.25	0.24	0.04	-4.34	2.58	0.02	0.02	0.14	0.11	0.51
Net Cash From Investing Activities	-0.30	-0.60	-0.00	-0.50	-0.78	-3.51	-0.96	-1.26	-0.78	-0.40	-0.17
Net Cash From Continuing Investing Activities	-0.30	-0.60	-0.00	-0.50	-0.78	-3.51	-0.96	-1.26	-0.78	-0.40	-0.17
Purchase of Property, Plant & Equipment	-	-	-0.00	-0.00	-0.00	-0.00	0.00	-	-	-0.00	-0.00
Other Investing Activities, net	0.90	-	0.00	-0.44	-0.78	-0.28	-0.96	-1.34	-1.28	-0.38	-0.17
Net Cash From Financing Activities	0.36	0.92	0.05	1.92	8.13	4.04	4.51	3.89	1.82	4.02	-0.00
Net Cash From Continuing Financing Activities	0.36	0.92	0.05	1.92	8.13	4.04	4.51	3.89	1.82	4.02	-0.00
Repayment of Debt	-	-	-0.02	-0.02	-1.71	1.87	-3.68	-0.38	-0.03	-0.10	-0.10
Repurchase of Common Equity	-	-	-	-	-3.79	4.10	-0.65	-	-	-0.05	0.00
Issuance of Common Equity	-	-	0.00	-	-	0.26	5.77	4.63	1.52	0.49	0.10
Other Financing Activities, net	-	-	-0.12	0.19	13	-3.74	3.07	-0.58	-0.01	-0.11	0.00
Cash Interest Paid	-	-	0.00	0.00	0.01	0.01	0.14	0.00	0.00	0.01	0.04

This table presents Global Partner Acquisition Corp II'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	0.23	301	305	3.02	9.02	12
Total Current Assets	0.23	1.03	0.11	2.70	2.14	4.08
Cash & Equivalents	0.02	0.84	0.10	1.27	0.91	3.48
Prepaid Expenses	0.00	0.18	0.01	0.43	0.61	0.57
Other Current Assets	0.21	-	-	1.01	0.12	0.03
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	1.76	1.76
Total Noncurrent Assets	0.00	300	305	0.32	5.13	5.94
Long-Term Investments	-	-	305	0.22	1.81	0.58
Other Noncurrent Operating Assets	0.00	300	0.00	0.10	3.32	5.35
Total Liabilities & Shareholders' Equity	0.23	301	305	3.02	9.02	12
Total Liabilities	0.21	26	15	6.76	28	18
Total Current Liabilities	0.21	2.81	3.88	1.54	25	14
Short-Term Debt	0.20	0.00	0.79	0.07	10	1.14
Accounts Payable	0.01	0.14	0.08	1.46	15	13
Other Current Liabilities	-	-	-	0.00	0.00	0.00
Total Noncurrent Liabilities	0.00	23	11	5.22	3.41	3.31
Long-Term Debt	-	-	-	5.21	0.00	2.26
Noncurrent Employee Benefit Liabilities	0.00	11	11	0.01	0.00	0.00
Other Noncurrent Operating Liabilities	0.00	13	0.47	0.00	3.41	1.05
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.02	-25	-15	-3.73	-19	-5.81
Total Preferred & Common Equity	0.02	-25	-15	-3.73	-19	-5.81
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	-25	-15	-3.73	-19	-5.81
Common Stock	0.03	0.00	0.00	0.06	33	63
Retained Earnings	-0.01	-25	-15	-3.79	-53	-68

This table presents Global Partner Acquisition Corp II'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
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
Total Assets	43	20	1.94	5.38	11	11	10	9.44
Total Current Assets	0.08	0.12	0.41	3.31	2.44	3.69	2.40	1.71
Cash & Equivalents	0.00	0.00	0.00	1.59	1.59	2.61	1.59	1.24
Prepaid Expenses	0.08	0.12	0.41	1.02	0.32	0.15	0.46	0.48
Other Current Assets	-	-	-	0.20	0.03	0.03	0.03	0.00
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.01	1.76	1.75	1.75	1.76
Total Noncurrent Assets	43	20	1.53	2.06	7.25	5.86	5.89	5.96
Long-Term Investments	-	-	-	0.12	2.15	0.59	0.61	0.59
Other Noncurrent Operating Assets	43	20	1.53	1.94	5.10	5.27	5.28	5.37
Total Liabilities & Shareholders' Equity	43	20	1.94	5.38	11	11	10	9.44
Total Liabilities	14	22	24	19	24	15	15	17
Total Current Liabilities	3.78	10	12	11	23	15	14	14
Short-Term Debt	2.56	3.94	4.13	0.38	6.33	0.00	0.30	1.93
Accounts Payable	0.00	0.00	1.94	11	16	15	14	12
Other Current Liabilities	0.11	-	-	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	11	11	12	7.67	1.65	0.29	0.80	3.44
Long-Term Debt	-	-	-	0.00	0.34	-	-	1.73
Noncurrent Employee Benefit Liabilities	11	11	11	0.00	0.00	0.00	0.00	0.00
Other Noncurrent Operating Liabilities	-	0.98	1.91	7.67	1.31	0.28	0.80	1.71
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-14	-21	-24	-13	-13	-3.89	-5.12	-7.87
Total Preferred & Common Equity	-14	-21	-24	-13	-13	-3.89	-5.12	-7.87
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-14	-21	-24	-13	-13	-3.89	-5.12	-7.87
Common Stock	0.00	0.00	0.00	30	44	56	59	66
Retained Earnings	-14	-21	-24	-43	-56	-60	-65	-74

This table displays calculated financial ratios and metrics derived from Global Partner Acquisition Corp II'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	37,500,000.00	37,500,000.00	11,431,719.00	47,936,140.00	9,817,809.00
DEI Adjusted Shares Outstanding	3,750,000.00	3,750,000.00	1,143,172.00	4,793,614.00	9,817,809.00
DEI Earnings Per Adjusted Shares Outstanding	1.25	4.02	0.12	-4.96	-1.60
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	0.00%	126.11%	-92.15%	-2,984.72%	32.96%
EBIT Growth	0.00%	126.11%	-92.15%	-2,984.94%	32.81%
NOPAT Growth	0.00%	44.87%	-14.36%	-454.47%	10.51%
Net Income Growth	0.00%	220.28%	-99.08%	-17,189.11%	33.81%
EPS Growth	0.00%	0.00%	0.00%	0.00%	61.62%
Operating Cash Flow Growth	0.00%	-46.17%	36.11%	-896.89%	14.86%
Free Cash Flow Firm Growth	0.00%	0.00%	-115.66%	162.50%	-160.26%
Invested Capital Growth	0.00%	-105.13%	302.78%	-142.47%	46.44%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	0.00%	-4.26%	-82.88%	-38.52%	25.18%
EBIT Q/Q Growth	0.00%	-4.26%	-82.88%	-38.54%	25.02%
NOPAT Q/Q Growth	0.00%	0.10%	-322.67%	-23.58%	15.80%
Net Income Q/Q Growth	0.00%	18.36%	-97.79%	-46.28%	27.01%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-46.28%	17.12%
Operating Cash Flow Q/Q Growth	0.00%	-36.01%	19.42%	-10.32%	-6.72%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-117.41%	-20.71%	19.59%
Invested Capital Q/Q Growth	0.00%	-104.89%	-7.74%	17.28%	7.54%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	101.62%	143.94%	16.91%	100.17%	98.69%
Effective Tax Rate	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%
ROIC Less NNEP Spread (ROIC-NNEP)	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%
Return on Equity (ROE)	3.42%	5.34%	0.09%	205.48%	124.79%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-157.28%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Common Equity (ROCE)	-0.31%	-0.38%	-0.01%	205.48%	124.79%
Return on Equity Simple (ROE_SIMPLE)	-18.72%	-102.27%	-0.74%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.60	-1.98	-2.27	-13	-11
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Net Nonoperating Expense Percent (NNEP)	986.22%	11.19%	1.60%	207.94%	134.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	134.17%	466.13%
Cost of Revenue to Revenue	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%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings before Interest and Taxes (EBIT)	4.63	10	0.82	-24	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4.63	10	0.82	-24	-16
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	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
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	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
Enterprise Value to EBIT (EV/EBIT)	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
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	6.39	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.00	0.14	-0.52	-0.58
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	-0.39
Financial Leverage	0.00	-0.54	-0.95	-0.46	-0.26
Leverage Ratio	1.10	1.07	1.11	-0.52	-0.83
Compound Leverage Factor	1.11	1.54	0.19	-0.52	-0.81
Debt to Total Capital	0.00%	0.27%	12.21%	-106.73%	-140.70%
Short-Term Debt to Total Capital	0.00%	0.27%	12.21%	-106.73%	-47.13%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	-93.57%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	109.14%	104.80%	153.28%	0.00%	0.00%
Common Equity to Total Capital	-9.14%	-5.07%	-65.49%	206.73%	240.70%
Debt to EBITDA	0.00	0.08	4.23	-0.42	-0.21
Net Debt to EBITDA	0.00	-29.04	4.21	-0.31	0.04
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-0.14
Debt to NOPAT	0.00	-0.40	-1.53	-0.80	-0.30
Net Debt to NOPAT	0.00	153.22	-1.52	-0.58	0.06
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.20
Altman Z-Score	0.00	0.00	0.00	-16.25	-12.61
Noncontrolling Interest Sharing Ratio	109.13%	107.06%	110.61%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.37	0.03	0.00	0.09	0.29
Quick Ratio	0.30	0.03	0.00	0.06	0.24
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	286	-45	28	-17
Operating Cash Flow to CapEx	-0.35%	0.00%	0.00%	-63,790.21%	-184,313.56%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	555.11	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	-192.65	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-192.95	0.00
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00
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)	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	274	-14	28	-12	-6.48
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00
Increase / (Decrease) in Invested Capital	0.00	-288	43	-41	5.62
Enterprise Value (EV)	0.00	0.00	0.00	179	29
Market Capitalization	0.00	0.00	0.00	172	30
Book Value per Share	($0.67)	($0.39)	($1.63)	($0.40)	($0.59)
Tangible Book Value per Share	($0.67)	($0.39)	($1.63)	($0.40)	($0.59)
Total Capital	275	291	29	-9.38	-2.42
Total Debt	0.00	0.79	3.48	10	3.40
Total Long-Term Debt	0.00	0.00	0.00	0.00	2.26
Net Debt	-0.84	-304	3.46	7.29	-0.67
Capital Expenditures (CapEx)	300	0.00	0.00	0.02	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.63	-3.08	-4.38	-14	-13
Debt-free Net Working Capital (DFNWC)	-1.78	-2.98	-4.36	-13	-9.06
Net Working Capital (NWC)	-1.78	-3.77	-7.84	-23	-10
Net Nonoperating Expense (NNE)	-8.30	-17	-2.41	11	4.47
Net Nonoperating Obligations (NNO)	-0.84	-304	3.46	7.29	-0.67
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.00	0.04
Debt-free, Cash-free Net Working Capital to Revenue	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%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.13	$0.00	$0.02	($5.50)	($2.13)
Adjusted Weighted Average Basic Shares Outstanding	37.50M	37.50M	12.22M	4.28M	7.39M
Adjusted Diluted Earnings per Share	$0.13	$0.80	$0.00	($5.50)	($2.13)
Adjusted Weighted Average Diluted Shares Outstanding	37.50M	11.43M	9.29M	4.28M	7.39M
Adjusted Basic & Diluted Earnings per Share	$0.13	$0.80	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.43M	11.43M	9.29M	5.79M	9.97M
Normalized Net Operating Profit after Tax (NOPAT)	-2.52	-1.39	-1.59	-13	-11
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	-470.02	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	-249.36	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-470.32	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-249.66	0.00
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	190,683.45%	-0.14%	-0.48%

This table displays calculated financial ratios and metrics derived from Global Partner Acquisition Corp II's official financial filings.

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
DEI Shares Outstanding	11,431,719.00	11,431,719.00	11,431,719.00	11,431,719.00	47,699,608.00	47,936,140.00	57,894,974.00	60,160,824.00	84,589,754.00	9,817,809.00	9,966,473.00
DEI Adjusted Shares Outstanding	1,143,172.00	1,143,172.00	1,143,172.00	1,143,172.00	4,769,961.00	4,793,614.00	5,789,497.00	6,016,082.00	8,458,975.00	9,817,809.00	9,966,473.00
DEI Earnings Per Adjusted Shares Outstanding	-0.74	-2.88	-1.22	-2.36	-2.12	-2.00	-0.66	-0.62	-0.53	-0.38	-0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Growth	-228.24%	-1,868.54%	-147.32%	-263.13%	-1,095.38%	-153.12%	-165.31%	-32.00%	55.90%	55.76%	-21.51%
EBIT Growth	-228.24%	-1,868.54%	-147.32%	-263.15%	-1,095.44%	-153.14%	-165.33%	-32.01%	55.90%	55.75%	-31.27%
NOPAT Growth	54.97%	-876.14%	-145.92%	-183.37%	-1,053.69%	-83.21%	-365.34%	-139.64%	57.40%	46.49%	30.68%
Net Income Growth	-139.73%	-214.61%	-253.09%	-226.97%	-1,096.06%	-191.09%	-172.27%	-37.49%	55.81%	60.81%	-37.40%
EPS Growth	0.00%	0.00%	0.00%	0.00%	-1,096.06%	0.00%	-172.27%	14.29%	76.23%	77.13%	26.39%
Operating Cash Flow Growth	88.93%	44.26%	-64.85%	-2,148.55%	-10,583.73%	-307.28%	-207.61%	-38.15%	67.89%	-43.25%	28.17%
Free Cash Flow Firm Growth	1,798.21%	-115.64%	-90.90%	-82.03%	-84.67%	180.07%	-63.00%	-127.43%	-126.25%	-122.33%	-177.16%
Invested Capital Growth	-89.25%	302.78%	-89.80%	-163.25%	-147.36%	-142.47%	-460.71%	57.74%	52.08%	46.44%	39.00%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	-151.11%	-23,443.75%	62.90%	-92.69%	-274.51%	5.47%	61.11%	4.13%	-25.11%	5.16%	-6.82%
EBIT Q/Q Growth	-151.11%	-23,443.75%	62.89%	-92.68%	-274.49%	5.47%	61.10%	4.13%	-25.10%	5.15%	-15.40%
NOPAT Q/Q Growth	-74.10%	-734.81%	65.12%	-2.57%	-608.80%	27.74%	11.42%	47.18%	-26.00%	9.23%	-14.75%
Net Income Q/Q Growth	-139.76%	-942.82%	57.43%	-92.56%	-274.57%	5.20%	60.18%	2.76%	-20.39%	15.92%	-39.60%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-75.00%	-274.57%	5.20%	60.18%	14.29%	-783.33%	3.77%	-3.92%
Operating Cash Flow Q/Q Growth	-15.38%	-393.33%	-215.77%	-25.10%	-448.24%	81.19%	-138.50%	43.82%	-27.43%	16.10%	-19.59%
Free Cash Flow Firm Q/Q Growth	0.09%	-117.58%	151.74%	97.16%	-14.61%	-8.09%	-76.09%	-246.18%	18.27%	21.81%	17.39%
Invested Capital Q/Q Growth	7.68%	-7.74%	-90.37%	-760.97%	19.36%	17.28%	18.19%	22.55%	8.57%	7.54%	6.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	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%	0.00%
Operating Margin	0.00%	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%	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%	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%	100.00%
Interest Burden Percent	100.00%	87.26%	100.09%	100.03%	100.05%	100.34%	102.71%	104.18%	100.25%	88.87%	107.51%
Effective Tax Rate	0.00%	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%	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%	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%	0.00%
Return on Equity (ROE)	3.21%	0.09%	-17.43%	-246.89%	-216.36%	205.48%	372.95%	207.82%	233.84%	124.79%	165.66%
Cash Return on Invested Capital (CROIC)	161.51%	-157.28%	137.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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%	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%	0.00%
Return on Common Equity (ROCE)	-0.30%	-0.01%	25.31%	1,647.29%	397.96%	205.48%	910.10%	219.99%	233.84%	124.79%	165.66%
Return on Equity Simple (ROE_SIMPLE)	-35.37%	0.00%	10.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.54	-2.48	-0.86	-0.89	-6.29	-4.54	-4.02	-2.13	-2.68	-2.43	-2.79
NOPAT Margin	0.00%	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)	22.01%	-0.54%	22.78%	74.14%	612.75%	93.53%	-6.23%	904.57%	-111.06%	39.84%	102.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-	4.95%	4.51%	48.66%	48.44%	65.31%	54.67%	55.61%	100.64%	66.28%
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	0.00%	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%	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%	0.00%
Earnings before Interest and Taxes (EBIT)	-0.84	-3.77	-1.40	-2.69	-10	-9.54	-3.71	-3.56	-4.45	-4.22	-4.87
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.84	-3.77	-1.40	-2.69	-10	-9.53	-3.71	-3.56	-4.45	-4.22	-4.51
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	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	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	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	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%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	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 Revenue (EV/Rev)	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 EBITDA (EV/EBITDA)	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 EBIT (EV/EBIT)	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 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	0.00	0.00	10.95	6.39	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.09	0.14	-3.30	-0.19	-0.03	-0.52	-0.52	0.00	-0.06	-0.58	-0.47
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	-0.03	0.00	0.00	-0.39	-0.22
Financial Leverage	0.01	-0.95	0.19	0.86	0.08	-0.46	-0.49	-0.01	0.17	-0.26	-0.23
Leverage Ratio	1.09	1.11	2.47	7.77	3.20	-0.52	-2.26	-0.51	-0.84	-0.83	-1.01
Compound Leverage Factor	1.09	0.97	2.47	7.77	3.20	-0.52	-2.33	-0.53	-0.84	-0.73	-1.08
Debt to Total Capital	8.30%	12.21%	143.55%	-22.75%	-2.97%	-106.73%	-108.31%	0.00%	-6.33%	-140.70%	-86.93%
Short-Term Debt to Total Capital	8.30%	12.21%	143.55%	-22.75%	-2.97%	-106.73%	-102.74%	0.00%	-6.33%	-47.13%	-45.87%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-5.57%	0.00%	0.00%	-93.57%	-41.06%
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	138.03%	153.28%	735.94%	-8.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-46.33%	-65.49%	-779.50%	131.20%	102.97%	206.73%	208.31%	100.00%	106.33%	240.70%	186.93%
Debt to EBITDA	0.65	4.23	-1.12	-0.52	-0.02	-0.42	-0.26	0.00	-0.01	-0.21	-0.22
Net Debt to EBITDA	0.64	4.21	-1.12	-0.52	0.08	-0.31	-0.11	0.00	0.09	0.04	-0.11
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	-0.01	0.00	0.00	-0.14	-0.10
Debt to NOPAT	4.77	-1.53	-1.05	-0.93	-0.04	-0.80	-0.42	0.00	-0.02	-0.30	-0.37
Net Debt to NOPAT	4.77	-1.52	-1.04	-0.93	0.13	-0.58	-0.19	0.00	0.14	0.06	-0.18
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	-0.02	0.00	0.00	-0.20	-0.17
Altman Z-Score	0.00	0.00	0.00	0.00	-6.65	-11.07	-9.41	-9.21	-10.86	-9.32	-13.35
Noncontrolling Interest Sharing Ratio	109.28%	110.61%	245.27%	767.23%	283.94%	0.00%	-144.03%	-5.85%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.02	0.00	0.01	0.03	0.30	0.09	0.11	0.25	0.17	0.29	0.12
Quick Ratio	0.00	0.00	0.00	0.00	0.19	0.06	0.09	0.24	0.13	0.24	0.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	256	-45	23	46	39	36	8.62	-13	-10	-8.05	-6.65
Operating Cash Flow to CapEx	0.00%	0.00%	-29,852.44%	-27,255.15%	-171,672.07%	-29,533.39%	0.00%	0.00%	0.00%	-38,461.45%	-179,435.45%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	18,070.79	58,207.93	4,582.59	905.27	79.91	-216.85	-911.90	0.00	-18.19
Operating Cash Flow to Interest Expense	0.00	0.00	-725.12	-1,481.93	-749.03	-30.28	-26.66	-27.81	-182.31	0.00	-5.65
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-727.55	-1,487.37	-749.47	-30.38	-26.66	-27.81	-182.31	0.00	-5.65
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	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	0.00
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	0.00	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	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	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	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)	0.00	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	31	28	2.74	-18	-15	-12	-9.90	-7.67	-7.01	-6.48	-6.04
Invested Capital Turnover	0.00	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	-256	43	-24	-47	-46	-41	-13	10	7.62	5.62	3.86
Enterprise Value (EV)	0.00	0.00	0.00	0.00	387	179	30	8.07	24	29	25
Market Capitalization	0.00	0.00	0.00	0.00	388	172	27	12	26	30	24
Book Value per Share	($1.25)	($1.63)	($0.54)	($0.60)	($0.28)	($0.40)	($0.22)	($0.06)	($0.06)	($0.59)	($0.79)
Tangible Book Value per Share	($1.25)	($1.63)	($0.54)	($0.60)	($0.28)	($0.40)	($0.22)	($0.06)	($0.06)	($0.59)	($0.79)
Total Capital	31	29	2.75	-18	-13	-9.38	-6.16	-3.89	-4.82	-2.42	-4.21
Total Debt	2.56	3.48	3.94	4.13	0.38	10	6.67	0.00	0.30	3.40	3.66
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.34	0.00	0.00	2.26	1.73
Net Debt	2.56	3.46	3.94	4.13	-1.32	7.29	2.94	-3.78	-1.89	-0.67	1.83
Capital Expenditures (CapEx)	0.00	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)	-1.13	-4.38	-5.99	-7.26	-8.91	-14	-15	-14	-13	-13	-11
Debt-free Net Working Capital (DFNWC)	-1.13	-4.36	-5.99	-7.26	-7.32	-13	-14	-11	-12	-9.06	-10
Net Working Capital (NWC)	-3.70	-7.84	-9.93	-11	-7.70	-23	-20	-11	-12	-10	-12
Net Nonoperating Expense (NNE)	0.30	0.81	0.53	1.81	3.81	5.03	-0.21	1.58	1.78	1.32	2.45
Net Nonoperating Obligations (NNO)	2.56	3.46	3.94	4.13	-1.32	7.29	2.94	-3.78	-1.89	-0.67	1.83
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	0.36
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%	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%	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%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.10)	$0.00	$0.00	($2.20)	($22.30)	($0.70)	($0.06)	($0.53)	($0.51)	($0.53)
Adjusted Weighted Average Basic Shares Outstanding	11.43M	12.22M	9.51M	9.22M	4.52M	428.22K	5.30M	63.20M	8.37M	7.39M	9.91M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.52)	$0.00	($2.20)	($22.30)	($0.70)	($0.06)	($0.53)	($0.51)	($0.53)
Adjusted Weighted Average Diluted Shares Outstanding	11.43M	9.29M	9.29M	0.00	4.52M	428.22K	5.30M	63.20M	8.37M	7.39M	9.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($0.52)	($0.48)	$0.00	($22.30)	$0.00	$0.00	$0.00	($0.51)	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.43M	9.29M	9.29M	47.70M	4.79M	5.79M	6.02M	84.59M	9.82M	9.97M	10.58M
Normalized Net Operating Profit after Tax (NOPAT)	-0.54	-2.48	-0.86	-0.89	-6.29	-4.54	-4.02	-2.13	-2.68	-2.43	-2.79
Normalized NOPAT Margin	0.00%	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%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-1,084.50	-3,413.91	-1,178.68	-239.48	-34.39	-61.21	-394.02	0.00	-13.32
NOPAT to Interest Expense	0.00	0.00	-670.87	-1,124.13	-734.60	-114.08	-37.31	-36.59	-237.20	0.00	-7.63
EBIT Less CapEx to Interest Expense	0.00	0.00	-1,086.93	-3,419.34	-1,179.12	-239.58	-34.39	-61.21	-394.02	0.00	-13.32
NOPAT Less CapEx to Interest Expense	0.00	0.00	-673.30	-1,129.57	-735.03	-114.19	-37.31	-36.59	-237.20	0.00	-7.63
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	5,237.94%	190,683.45%	0.00%	-4.96%	-25.46%	-0.14%	0.00%	1.06%	18.92%	-0.48%	3.35%

Financials Breakdown Chart

Key Financial Trends

Global Partner Acquisition Corp II (NASDAQ:GPAC) — financial trend review based on the provided statements for Stardust Power Inc. (SDST)

There appears to be a ticker mismatch in the dataset: the financial statements are labeled for Stardust Power Inc. (SDST), not GPAC. The analysis below is based on the company name shown in the filings.

Overall, the business is still in a development-stage, pre-revenue profile. Revenue remains at zero across all periods shown, while losses continue to be large and cash burn remains significant. At the same time, the company has relied heavily on outside financing and equity issuance to stay liquid. The most recent quarter shows some improvement in cash generation from financing, but operating cash burn remains substantial.

Cash balance improved in Q1 2026, ending at about $1.24 million, up from $1.59 million in Q3 2025 and above the very low levels seen in early 2024.
Recent quarters show continued access to external funding, including common equity issuance and debt financing, which has helped support operations.
Investing cash outflows have generally been modest relative to operating losses, suggesting the company is not yet in a heavy capital-spending phase.
Q1 2026 financing activity was net negative only slightly, indicating limited new financing was needed relative to prior periods.
No revenue has been recorded in any of the periods provided, so there is still no sign of commercial-scale operations.
Losses remain consistent and material, with Q1 2026 net loss of about $5.23 million, similar to prior quarters in the dataset.
Non-cash charges help offset part of the losses, but not enough to bring operating cash flow close to breakeven.
Shares outstanding have risen sharply over time, pointing to meaningful dilution as the company raises capital.
Operating cash flow is persistently negative, with Q1 2026 operating cash outflow of about $2.07 million and similar burn in prior quarters.
Balance sheet leverage remains elevated, with total liabilities of $17.30 million versus negative shareholders’ equity of $7.87 million in Q1 2026.
Accounts payable is very large at about $11.93 million in Q1 2026, which may indicate working-capital pressure.
Retained losses continue to deepen, with retained earnings at approximately negative $73.6 million in Q1 2026.

Looking at the trend over the last four years, the story is clear: SDST has not yet reached operating scale. Losses have persisted, and while financing has kept the company alive, it has also introduced dilution and balance sheet strain. The company’s financial position is still dependent on continued access to capital.

For retail investors, the key takeaway is that this is still a high-risk, speculative story. The company may have long-term upside if it can transition from development to commercialization, but the current financials show no revenue, ongoing losses, and dependence on external funding.

07/18/26 06:05 AM ETAI Generated. May Contain Errors.

Global Partner Acquisition Corp II Financials - Frequently Asked Questions

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

Global Partner Acquisition Corp II's net income appears to be on an upward trend, with a most recent value of -$15.72 million in 2025, falling from $4.71 million in 2021. The previous period was -$23.75 million in 2024.

Global Partner Acquisition Corp II's total operating income in 2025 was -$16.08 million, based on the following breakdown:

Total Gross Profit: $0.00
Total Operating Expenses: $16.08 million

Over the last 4 years, Global Partner Acquisition Corp II's total revenue changed from $0.00 in 2021 to $0.00 in 2025, a change of 0.0%.

Global Partner Acquisition Corp II's total liabilities were at $17.59 million at the end of 2025, a 38.1% decrease from 2024, and a 8,480.0% increase since 2020.

In the past 5 years, Global Partner Acquisition Corp II's cash and equivalents has ranged from $20 thousand in 2020 to $3.48 million in 2025, and is currently $3.48 million as of their latest financial filing in 2025.

Over the last 4 years, Global Partner Acquisition Corp II's book value per share changed from -0.67 in 2021 to -0.59 in 2025, a change of -11.6%.

Related Companies

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

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Global Partner Acquisition Corp II (GPACW) Financials

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Global Partner Acquisition Corp II (GPACW) Financials

Annual Income Statements for Global Partner Acquisition Corp II

Quarterly Income Statements for Global Partner Acquisition Corp II

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Quarterly Metrics And Ratios for Global Partner Acquisition Corp II

Financials Breakdown Chart

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Global Partner Acquisition Corp II Financials - Frequently Asked Questions

When does Global Partner Acquisition Corp II's financial year end?

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