Mountain Crest Acquisition Corp. V (MCAGR) Financials

Mountain Crest Acquisition Corp. V (NASDAQ: MCAG) continues to exhibit the financial profile of a cash-consuming acquisition company rather than an operating business. The company reported no revenue in each period provided, while its results have primarily reflected administrative costs, investment income and financing activity.

The latest quarter showed a modest improvement in reported profitability. In Q2 2026, MCAG recorded net income of $5,178, or $0.05 per diluted share, compared with a net loss of $113,975, or $0.03 per share, in Q1 2026. However, the improvement was driven by $7,506 of interest and investment income and a reported $100,000 interest expense line, rather than operating revenue. Selling, general and administrative expense also declined to $100,890 from $120,046 in Q1.

Liquidity remains a major concern. Cash and equivalents fell from $97,101 at the end of Q1 2026 to just $18,299 at June 30, 2026. Operating activities used $78,802 during Q2, and the company reported no investing or financing cash inflows during the quarter. At the current asset level, the company has limited flexibility to fund continued operations without additional financing or a successful transaction.

The balance sheet remains highly leveraged relative to its liquid resources. Total liabilities were $3.85 million, including $1.55 million of other current liabilities and $2.07 million of noncurrent employee benefit liabilities. Total common equity was negative $3.80 million, and retained earnings stood at negative $6.01 million. Total assets have also declined substantially, from approximately $6.0 million in Q2 2024 to $889,852 in Q2 2026.

• Q2 2026 produced a small net profit of $5,178 after losses of $113,975 in Q1 2026 and $72,730 in Q4 2025.
• Selling, general and administrative expense decreased approximately 16% sequentially, from $120,046 to $100,890.
• Interest and investment income continues to provide some support, reaching $7,506 in Q2 2026 and helping offset a portion of administrative expenses.
• Reported earnings per share improved to $0.05 in Q2 2026 from negative $0.03 in Q1 2026, although the improvement was not supported by operating revenue.
• The weighted-average basic and diluted share count was approximately 2.87 million in Q1 and Q2 2026, indicating limited recent change in the reported share base.
• The company’s results are influenced by acquisition-related, redeemable and financing accounts, making conventional operating metrics difficult to interpret until a business combination or operating transaction occurs.
• MCAG reported zero revenue and zero gross profit in the latest quarter and throughout the periods provided, so it has not demonstrated an operating revenue base.
• Operating cash flow remained negative at $78,802 in Q2 2026, following uses of $164,808 in Q1 2026, $286,512 in Q4 2025 and $134,149 in Q3 2025.
• Cash declined approximately 81% sequentially to $18,299, while total current liabilities of $1.78 million vastly exceeded total current assets of $34,315.
• Common equity remains deeply negative at $3.80 million, with retained earnings of negative $6.01 million and total liabilities of $3.85 million against assets of only $889,852.

Overall, the latest quarter contains some positive movement in reported earnings and expense control, but the broader four-year trend remains unfavorable. MCAG has consistently generated operating losses and negative operating cash flow, while its asset base has contracted and its equity deficit has persisted. Investors should focus on the company’s ability to secure funding, complete a transaction and establish an operating business, rather than placing significant weight on the isolated Q2 2026 profit.