What is Pono Capital Two's operating income?

Pono Capital Two's total operating income in 2025 was $67.49 million, based on the following breakdown: Total Gross Profit: $127.28 million Total Operating Expenses: $59.80 million

Pono Capital Two (PTWOW) Financials

$0.42 0.00 (0.00%)

As of 10/15/2026

Annual Income Statements for Pono Capital Two

This table shows Pono Capital Two'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	39	47	51
Consolidated Net Income / (Loss)	39	47	51
Net Income / (Loss) Continuing Operations	39	47	51
Total Pre-Tax Income	74	73	82
Total Operating Income	71	70	67
Total Gross Profit	137	156	127
Total Revenue	194	205	174
Operating Revenue	194	205	174
Total Cost of Revenue	56	49	46
Operating Cost of Revenue	56	49	46
Total Operating Expenses	67	86	60
Selling, General & Admin Expense	66	58	60
Impairment Charge	0.00	15	0.00
Other Special Charges / (Income)	0.00	13	0.00
Total Other Income / (Expense), net	2.92	3.15	15
Interest Expense	0.05	0.03	0.16
Interest & Investment Income	0.09	0.02	0.20
Other Income / (Expense), net	2.88	3.16	15
Income Tax Expense	35	27	31
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.81	0.08	0.06
Basic Earnings per Share	$0.42	$0.48	$0.50
Weighted Average Basic Shares Outstanding	94.19M	96.56M	103.00M
Diluted Earnings per Share	$0.42	$0.48	$0.50
Weighted Average Diluted Shares Outstanding	94.19M	96.56M	103.00M
Weighted Average Basic & Diluted Shares Outstanding	5.22M	103.61M	102.58M

This table shows Pono Capital Two'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	30	19	18	2.83	44	22	2.46	13	14	11	11
Consolidated Net Income / (Loss)	30	19	19	2.83	44	21	2.44	13	14	11	11
Net Income / (Loss) Continuing Operations	30	19	19	2.83	44	21	2.44	13	14	11	11
Total Pre-Tax Income	51	27	27	13	61	31	14	19	19	19	20
Total Operating Income	51	24	27	14	57	24	15	16	13	18	19
Total Gross Profit	104	40	39	43	113	38	30	31	29	30	36
Total Revenue	146	55	53	53	152	47	43	43	40	43	49
Operating Revenue	-	55	53	53	-	47	43	43	40	43	49
Total Cost of Revenue	42	15	14	9.85	39	9.60	13	13	11	13	13
Operating Cost of Revenue	-	15	14	9.85	-	9.60	13	13	11	13	13
Total Operating Expenses	52	15	12	29	55	14	15	15	16	13	17
Selling, General & Admin Expense	-	15	12	17	-	14	15	15	16	13	17
Total Other Income / (Expense), net	-0.23	2.74	-0.20	-0.73	3.39	7.25	-1.01	2.63	5.72	1.14	0.59
Interest Expense	-	0.00	0.01	0.01	-	0.01	0.05	0.05	0.06	0.11	0.13
Interest & Investment Income	-2.02	0.02	0.01	0.01	-0.48	0.06	0.02	0.12	-0.00	0.12	0.01
Other Income / (Expense), net	-	2.73	-0.21	-0.73	-	7.20	-0.99	2.55	5.77	1.13	0.71
Income Tax Expense	22	8.45	8.53	10	16	9.96	11	5.67	4.29	7.53	7.82
Other Gains / (Losses), net	-	-	-	-	-	-	0.00	-	-	-	-0.57
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-0.01	0.07	0.00	-	-0.01	-0.02	0.01	0.08	0.02	0.47
Basic Earnings per Share	$0.29	$0.20	$0.20	$0.03	$0.57	$0.21	$0.02	$0.12	$0.15	$0.11	$0.10
Weighted Average Basic Shares Outstanding	94.19M	94.19M	94.19M	95.10M	96.56M	103.28M	103.51M	102.64M	103.00M	102.58M	102.58M
Diluted Earnings per Share	$0.29	$0.20	$0.20	$0.03	$0.57	$0.21	$0.02	$0.12	$0.15	$0.11	$0.10
Weighted Average Diluted Shares Outstanding	94.19M	94.19M	94.19M	95.10M	96.56M	103.28M	103.51M	102.64M	103.00M	102.58M	102.58M
Weighted Average Basic & Diluted Shares Outstanding	5.22M	5.22M	5.22M	103.02M	103.61M	103.61M	103.88M	102.58M	102.58M	102.85M	102.85M

This table details how cash moves in and out of Pono Capital Two'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	51	22	39
Net Cash From Operating Activities	51	21	25
Net Cash From Continuing Operating Activities	51	21	25
Net Income / (Loss) Continuing Operations	39	47	51
Consolidated Net Income / (Loss)	39	47	51
Depreciation Expense	12	3.80	2.68
Non-Cash Adjustments To Reconcile Net Income	-0.16	-1.45	-22
Changes in Operating Assets and Liabilities, net	0.03	-28	-7.27
Net Cash From Investing Activities	1.79	-10	-21
Net Cash From Continuing Investing Activities	1.79	-10	-21
Purchase of Property, Plant & Equipment	-8.54	-2.56	-1.40
Acquisitions	-1.68	-0.83	0.00
Purchase of Investments	-4.42	-0.95	-21
Sale of Property, Plant & Equipment	8.05	0.00	7.48
Other Investing Activities, net	4.26	-5.75	-6.00
Net Cash From Financing Activities	6.14	23	38
Net Cash From Continuing Financing Activities	6.14	23	38
Repayment of Debt	-16	-0.86	-1.83
Repurchase of Common Equity	-	0.00	-5.00
Issuance of Debt	12	17	0.02
Other Financing Activities, net	10	6.63	45
Effect of Exchange Rate Changes	-7.31	-11	-3.26
Cash Interest Paid	0.05	0.03	0.16
Cash Income Taxes Paid	18	30	37

This table details how cash moves in and out of Pono Capital Two'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	26	-6.84	-0.27	33	-12	7.01	21	-25	36	3.53	17
Net Cash From Operating Activities	28	3.68	-0.41	29	-7.30	1.93	-8.34	-21	52	9.23	23
Net Cash From Continuing Operating Activities	28	3.68	-0.41	29	-7.30	1.93	-8.34	-21	52	9.23	23
Net Income / (Loss) Continuing Operations	14	19	-0.31	41	6.55	21	2.44	13	14	11	11
Consolidated Net Income / (Loss)	14	19	-0.31	41	6.55	21	2.44	13	14	11	11
Depreciation Expense	2.56	1.02	-	-	0.93	0.63	0.64	0.75	0.67	0.67	1.13
Non-Cash Adjustments To Reconcile Net Income	1.73	-2.64	-0.23	0.54	13	-8.06	-2.78	-7.93	-3.02	1.50	1.93
Changes in Operating Assets and Liabilities, net	9.40	-13	0.13	-15	-28	-12	-8.64	-27	40	-4.27	8.29
Net Cash From Investing Activities	-6.87	-3.39	0.13	-8.81	-4.55	-0.98	16	-12	-24	-0.53	0.57
Net Cash From Continuing Investing Activities	-6.87	-3.39	0.13	-8.81	-4.55	-0.98	16	-12	-24	-0.53	0.57
Purchase of Property, Plant & Equipment	-6.24	-0.70	-	-	-0.59	-0.25	-0.31	-0.04	-0.80	-0.12	-0.08
Other Investing Activities, net	1.37	-1.51	0.13	-5.08	-3.93	-0.41	15	-13	-7.74	-0.40	-0.37
Net Cash From Financing Activities	-0.13	-0.04	-	13	11	-0.28	7.18	12	20	-1.84	-1.96
Net Cash From Continuing Financing Activities	-0.13	-0.04	-	13	11	-0.28	7.18	12	20	-1.84	-1.96
Repayment of Debt	-0.13	-0.04	-	-	-0.70	-0.30	-0.08	14	-16	-1.84	-1.99
Other Financing Activities, net	-	-	-	-	-	0.00	-	-	35	0.00	0.03
Effect of Exchange Rate Changes	4.67	-7.09	-	-	-12	6.34	5.47	-3.84	-11	-3.33	-4.11
Cash Interest Paid	0.01	0.00	-	-	0.01	0.01	0.05	0.05	0.06	0.11	0.13
Cash Income Taxes Paid	5.23	16	-	31	-1.09	21	-0.94	18	-0.37	8.85	-0.19

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

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	120	259	266	380
Total Current Assets	0.72	166	184	231
Cash & Equivalents	0.49	103	125	164
Short-Term Investments	-	-	0.00	0.32
Note & Lease Receivable	-	15	16	22
Accounts Receivable	-	69	59	57
Inventories, net	-	3.09	1.49	2.79
Prepaid Expenses	0.24	10	11	12
Current Deferred & Refundable Income Taxes	-	-	0.00	1.18
Plant, Property, & Equipment, net	0.00	14	8.77	7.54
Total Noncurrent Assets	119	79	91	142
Long-Term Investments	-	21	39	39
Noncurrent Note & Lease Receivables	-	9.86	13	19
Goodwill	-	3.59	4.61	15
Intangible Assets	-	20	1.59	48
Noncurrent Deferred & Refundable Income Taxes	-	0.00	9.80	4.01
Other Noncurrent Operating Assets	119	25	23	16
Total Liabilities & Shareholders' Equity	120	259	266	380
Total Liabilities	4.59	115	71	117
Total Current Liabilities	0.57	92	61	61
Short-Term Debt	0.00	3.53	0.12	9.10
Accounts Payable	0.08	27	15	18
Accrued Expenses	0.08	21	8.10	12
Current Deferred Revenue	-	25	13	6.77
Current Deferred & Payable Income Tax Liabilities	0.25	8.78	19	8.82
Other Current Liabilities	0.16	7.47	16	9.94
Total Noncurrent Liabilities	4.03	23	18	56
Long-Term Debt	-	13	6.51	34
Noncurrent Deferred & Payable Income Tax Liabilities	-	6.01	0.93	16
Other Noncurrent Operating Liabilities	-	3.52	11	5.91
Commitments & Contingencies	0.00	-	0.00	0.00
Total Equity & Noncontrolling Interests	-3.36	144	195	263
Total Preferred & Common Equity	-3.36	142	195	248
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	-3.36	142	195	248
Common Stock	0.00	37	63	73
Retained Earnings	-3.36	143	189	240
Treasury Stock	-	0.00	-2.70	-7.75
Accumulated Other Comprehensive Income / (Loss)	-	-38	-54	-57
Noncontrolling Interest	-	1.65	-0.09	15

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	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	121	22	21	20	20	296	285	315	321	388	407
Total Current Assets	0.47	1.15	0.74	1.77	1.44	202	215	241	227	239	259
Cash & Equivalents	-	0.97	0.57	1.66	1.38	137	132	153	127	167	184
Short-Term Investments	-	-	-	-	-	-	-	-	-	0.31	0.31
Note & Lease Receivable	-	-	-	-	-	-	16	-	-	20	19
Accounts Receivable	-	-	-	-	-	58	63	105	120	71	84
Inventories, net	-	-	-	-	-	1.99	1.69	1.71	1.68	2.32	2.98
Prepaid Expenses	0.25	0.18	0.16	0.11	0.06	8.37	33	14	15	11	7.24
Current Deferred & Refundable Income Taxes	-	-	0.01	-	-	-	-	-	-	1.17	1.03
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	13	8.52	8.06	7.00	7.29	7.41
Total Noncurrent Assets	120	20	21	18	18	41	80	22	42	142	140
Long-Term Investments	-	-	-	-	-	-	41	-	-	39	38
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	16	0.52	0.48	16	15
Goodwill	-	-	-	-	-	3.55	4.78	5.01	4.92	15	15
Intangible Assets	-	-	-	-	-	16	1.54	1.58	23	47	46
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	0.62	2.51	2.34	0.61	4.98	8.10
Other Noncurrent Operating Assets	120	20	21	18	18	21	14	12	12	19	18
Total Liabilities & Shareholders' Equity	121	22	21	20	20	296	285	315	321	388	407
Total Liabilities	4.86	6.51	6.47	8.43	8.51	91	58	71	73	118	127
Total Current Liabilities	0.84	2.49	2.45	4.40	4.48	72	48	61	45	63	78
Short-Term Debt	-	1.00	1.00	2.70	2.70	10	1.49	3.34	4.68	8.99	12
Accounts Payable	0.08	0.08	0.03	0.06	0.08	15	20	20	20	20	25
Accrued Expenses	0.20	0.35	0.35	0.51	0.66	12	8.56	6.23	4.56	12	13
Current Deferred Revenue	-	-	-	-	-	20	11	11	7.99	5.23	4.97
Current Deferred & Payable Income Tax Liabilities	0.51	0.01	0.00	0.06	0.02	8.00	1.62	14	0.77	8.45	19
Other Current Liabilities	0.05	0.04	0.06	0.04	-	7.59	7.11	16	19	11	5.50
Total Noncurrent Liabilities	4.03	4.03	4.03	4.03	4.03	19	9.82	9.97	29	55	48
Long-Term Debt	-	-	-	-	-	12	6.81	7.03	18	31	26
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	3.52	0.35	-	-	16	16
Other Noncurrent Operating Liabilities	-	-	-	-	-	2.68	2.66	16	18	7.40	6.57
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-	0.00	0.00
Total Equity & Noncontrolling Interests	-3.73	-5.21	-5.57	9.02	8.83	206	226	245	248	270	280
Total Preferred & Common Equity	-3.73	-5.21	-5.57	9.02	8.83	205	226	245	248	255	264
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-3.73	-5.21	-5.57	9.02	8.83	205	226	245	248	255	264
Common Stock	0.00	0.00	0.00	15	15	61	63	72	72	73	76
Retained Earnings	-3.73	-5.21	-5.57	-6.29	-6.60	183	211	213	226	252	262
Treasury Stock	-	-	-	-	-	-2.70	-2.70	-5.12	-7.75	-7.75	-7.75
Accumulated Other Comprehensive Income / (Loss)	-	-	-	-	-	-36	-44	-36	-43	-62	-67
Noncontrolling Interest	-	-	-	-	-	0.54	-0.12	0.06	0.07	15	16

This table displays calculated financial ratios and metrics derived from Pono Capital Two's official financial filings.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	102,576,943.00
DEI Adjusted Shares Outstanding	-	-	102,576,943.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	0.50
Growth Metrics	-	-	-
Revenue Growth	0.00%	6.13%	-15.48%
EBITDA Growth	0.00%	-9.93%	9.64%
EBIT Growth	0.00%	-0.10%	11.66%
NOPAT Growth	0.00%	20.67%	-6.06%
Net Income Growth	0.00%	21.08%	9.33%
EPS Growth	0.00%	14.29%	4.17%
Operating Cash Flow Growth	0.00%	-59.38%	19.85%
Free Cash Flow Firm Growth	0.00%	0.00%	-137.41%
Invested Capital Growth	0.00%	19.32%	90.02%
Revenue Q/Q Growth	0.00%	3,437.87%	-2.72%
EBITDA Q/Q Growth	0.00%	1,053.16%	16.95%
EBIT Q/Q Growth	0.00%	1,006.29%	18.04%
NOPAT Q/Q Growth	0.00%	887.53%	13.57%
Net Income Q/Q Growth	0.00%	841.76%	17.85%
EPS Q/Q Growth	0.00%	318.18%	25.00%
Operating Cash Flow Q/Q Growth	0.00%	586.25%	171.30%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	48.55%
Invested Capital Q/Q Growth	0.00%	55.18%	0.47%
Profitability Metrics	-	-	-
Gross Margin	70.94%	75.97%	73.32%
EBITDA Margin	44.32%	37.61%	48.80%
Operating Margin	36.51%	34.23%	38.87%
EBIT Margin	38.00%	35.76%	47.25%
Profit (Net Income) Margin	19.92%	22.73%	29.40%
Tax Burden Percent	52.41%	63.56%	62.20%
Interest Burden Percent	100.06%	99.99%	100.05%
Effective Tax Rate	47.59%	36.44%	37.80%
Return on Invested Capital (ROIC)	52.65%	57.93%	43.39%
ROIC Less NNEP Spread (ROIC-NNEP)	50.56%	55.76%	36.54%
Return on Net Nonoperating Assets (RNNOA)	-25.83%	-30.38%	-21.12%
Return on Equity (ROE)	26.81%	27.56%	22.27%
Cash Return on Invested Capital (CROIC)	0.00%	40.32%	-18.68%
Operating Return on Assets (OROA)	38.83%	27.99%	25.37%
Return on Assets (ROA)	20.36%	17.79%	15.79%
Return on Common Equity (ROCE)	14.36%	27.43%	21.55%
Return on Equity Simple (ROE_SIMPLE)	27.13%	23.93%	0.00%
Net Operating Profit after Tax (NOPAT)	37	45	42
NOPAT Margin	19.13%	21.75%	24.18%
Net Nonoperating Expense Percent (NNEP)	2.08%	2.17%	6.85%
Return On Investment Capital (ROIC_SIMPLE)	23.09%	22.16%	13.71%
Cost of Revenue to Revenue	29.06%	24.03%	26.68%
SG&A Expenses to Revenue	34.22%	28.07%	34.44%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	34.43%	41.74%	34.44%
Earnings before Interest and Taxes (EBIT)	74	73	82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	86	77	85
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.42	2.94	1.78
Price to Tangible Book Value (P/TBV)	0.50	3.03	2.39
Price to Revenue (P/Rev)	0.31	2.79	2.55
Price to Earnings (P/E)	1.50	12.29	8.67
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	66.59%	8.14%	11.53%
Enterprise Value to Invested Capital (EV/IC)	0.00	5.16	2.34
Enterprise Value to Revenue (EV/Rev)	0.00	2.11	1.71
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.61	3.50
Enterprise Value to EBIT (EV/EBIT)	0.00	5.90	3.61
Enterprise Value to NOPAT (EV/NOPAT)	0.00	9.70	7.06
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	21.06	12.02
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	13.94	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.12	0.03	0.16
Long-Term Debt to Equity	0.09	0.03	0.13
Financial Leverage	-0.51	-0.54	-0.58
Leverage Ratio	1.46	1.55	1.41
Compound Leverage Factor	1.46	1.55	1.41
Debt to Total Capital	10.31%	3.29%	13.99%
Short-Term Debt to Total Capital	2.20%	0.06%	2.97%
Long-Term Debt to Total Capital	8.11%	3.23%	11.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.03%	-0.04%	4.91%
Common Equity to Total Capital	88.66%	96.75%	81.10%
Debt to EBITDA	0.19	0.09	0.51
Net Debt to EBITDA	-1.25	-1.80	-1.90
Long-Term Debt to EBITDA	0.15	0.08	0.40
Debt to NOPAT	0.45	0.15	1.02
Net Debt to NOPAT	-2.89	-3.12	-3.83
Long-Term Debt to NOPAT	0.35	0.15	0.80
Altman Z-Score	3.11	8.07	4.85
Noncontrolling Interest Sharing Ratio	46.44%	0.46%	3.26%
Liquidity Ratios	-	-	-
Current Ratio	1.79	3.01	3.78
Quick Ratio	2.02	3.28	3.98
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	31	-18
Operating Cash Flow to CapEx	10,188.18%	802.57%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	1,098.93	-112.56
Operating Cash Flow to Interest Expense	1,118.75	727.31	153.62
Operating Cash Flow Less CapEx to Interest Expense	1,107.77	636.69	191.47
Efficiency Ratios	-	-	-
Asset Turnover	1.02	0.78	0.54
Accounts Receivable Turnover	0.00	3.21	2.98
Inventory Turnover	0.00	21.53	21.61
Fixed Asset Turnover	0.00	18.38	21.29
Accounts Payable Turnover	4.23	2.37	2.77
Days Sales Outstanding (DSO)	0.00	113.63	122.49
Days Inventory Outstanding (DIO)	0.00	16.95	16.89
Days Payable Outstanding (DPO)	86.36	154.26	131.92
Cash Conversion Cycle (CCC)	-86.36	-23.67	7.46
Capital & Investment Metrics	-	-	-
Invested Capital	70	84	127
Invested Capital Turnover	2.75	2.66	1.79
Increase / (Decrease) in Invested Capital	0.00	14	60
Enterprise Value (EV)	-46	433	296
Market Capitalization	59	573	442
Book Value per Share	$25.90	$1.89	$2.42
Tangible Book Value per Share	$21.65	$1.83	$1.80
Total Capital	160	202	306
Total Debt	17	6.63	43
Total Long-Term Debt	13	6.51	34
Net Debt	-107	-139	-161
Capital Expenditures (CapEx)	0.50	2.56	-6.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-1.66	15
Debt-free Net Working Capital (DFNWC)	77	123	179
Net Working Capital (NWC)	73	123	170
Net Nonoperating Expense (NNE)	-1.53	-2.00	-9.07
Net Nonoperating Obligations (NNO)	-73	-111	-137
Total Depreciation and Amortization (D&A)	12	3.80	2.68
Debt-free, Cash-free Net Working Capital to Revenue	-13.46%	-0.81%	8.70%
Debt-free Net Working Capital to Revenue	39.77%	60.06%	103.22%
Net Working Capital to Revenue	37.95%	60.00%	97.98%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.48	$0.50
Adjusted Weighted Average Basic Shares Outstanding	8.85M	96.56M	103.00M
Adjusted Diluted Earnings per Share	$0.00	$0.48	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	8.91M	96.56M	103.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.22M	103.61M	102.58M
Normalized Net Operating Profit after Tax (NOPAT)	37	63	42
Normalized NOPAT Margin	19.13%	30.44%	24.18%
Pre Tax Income Margin	38.02%	35.76%	47.27%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	1,623.64	2,595.91	510.81
NOPAT to Interest Expense	817.60	1,579.02	261.40
EBIT Less CapEx to Interest Expense	1,612.66	2,505.28	548.66
NOPAT Less CapEx to Interest Expense	806.62	1,488.40	299.25
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	9.80%

This table displays calculated financial ratios and metrics derived from Pono Capital Two'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	-	-	-	-	-	103,611,251.00	103,611,251.00	103,881,251.00	102,576,943.00	102,576,943.00	102,846,943.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	103,611,251.00	103,611,251.00	103,881,251.00	102,576,943.00	102,576,943.00	102,846,943.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	0.21	0.02	0.12	0.14	0.11	0.10
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	12.28%	4.15%	-13.65%	-18.35%	-18.33%	-10.93%	-9.02%	13.44%
EBITDA Growth	0.00%	-29.92%	-5.99%	-37.78%	8.05%	13.56%	-49.12%	35.81%	174.86%	-39.06%	46.50%
EBIT Growth	0.00%	-29.92%	-5.99%	-37.78%	11.61%	15.50%	-49.90%	40.67%	205.85%	-39.97%	45.02%
NOPAT Growth	0.00%	-29.89%	-37.05%	-60.93%	40.76%	-1.91%	-85.97%	268.12%	93.84%	-35.63%	333.72%
Net Income Growth	0.00%	-147.70%	-256.65%	-64.82%	49.72%	14.62%	-86.85%	352.76%	118.08%	-47.29%	357.50%
EPS Growth	0.00%	0.00%	-400.00%	-66.67%	96.55%	5.00%	-90.00%	300.00%	200.00%	-47.62%	400.00%
Operating Cash Flow Growth	0.00%	-23.78%	55.73%	19.58%	-126.16%	-47.62%	-143.45%	-516.73%	811.51%	378.68%	369.90%
Free Cash Flow Firm Growth	0.00%	0.00%	115.93%	-133.52%	0.00%	-167.10%	-396.01%	-71.14%	-674.99%	82.03%	32.07%
Invested Capital Growth	0.00%	-89.32%	-18.37%	251.13%	19.32%	786.30%	536.72%	133.29%	90.02%	22.95%	69.48%
Revenue Q/Q Growth	209.37%	0.00%	0.00%	0.00%	186.96%	6.55%	-8.39%	-0.01%	-8.73%	8.83%	14.23%
EBITDA Q/Q Growth	156.63%	14.12%	0.58%	2,712.08%	345.67%	356.23%	-55.66%	35.05%	0.60%	1.16%	6.59%
EBIT Q/Q Growth	144.49%	14.12%	0.58%	2,712.08%	338.56%	415.72%	-56.80%	35.88%	1.02%	1.22%	4.38%
NOPAT Q/Q Growth	289.49%	14.12%	0.58%	951.82%	1,303.31%	224.40%	-84.14%	319.92%	-10.27%	7.73%	6.84%
Net Income Q/Q Growth	268.50%	20.03%	-5.37%	1,019.49%	1,468.42%	228.23%	-88.65%	425.99%	11.27%	-20.66%	-1.47%
EPS Q/Q Growth	222.22%	0.00%	0.00%	125.00%	1,800.00%	320.00%	-90.48%	500.00%	25.00%	-26.67%	-9.09%
Operating Cash Flow Q/Q Growth	15.98%	-16.80%	16.34%	7,157.57%	-125.38%	126.41%	-532.42%	-150.42%	348.82%	-82.23%	143.82%
Free Cash Flow Firm Q/Q Growth	-100.00%	0.00%	-97.65%	-1,572.24%	179.56%	-1,024.73%	21.22%	3.91%	17.86%	71.09%	-197.73%
Invested Capital Q/Q Growth	356.67%	-19.33%	-0.27%	338.59%	55.18%	64.27%	-28.35%	60.70%	0.47%	6.29%	-1.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.01%	0.00%	0.00%	81.45%	74.11%	79.73%	69.21%	70.61%	73.11%	70.47%	73.14%
EBITDA Margin	36.96%	0.00%	0.00%	24.69%	38.34%	67.68%	32.76%	44.24%	48.77%	45.33%	42.30%
Operating Margin	35.21%	0.00%	0.00%	26.06%	37.73%	51.14%	33.57%	36.63%	32.47%	41.15%	38.55%
EBIT Margin	35.21%	0.00%	0.00%	24.69%	37.73%	66.35%	31.29%	42.52%	47.07%	43.78%	40.00%
Profit (Net Income) Margin	20.30%	0.00%	0.00%	5.34%	29.18%	45.41%	5.63%	29.60%	36.09%	26.31%	22.69%
Tax Burden Percent	57.91%	118.28%	115.13%	21.62%	73.04%	68.33%	18.02%	69.34%	76.91%	60.08%	57.08%
Interest Burden Percent	99.56%	49.01%	53.37%	100.02%	105.89%	100.16%	99.80%	100.39%	99.70%	100.03%	99.39%
Effective Tax Rate	42.09%	0.00%	0.00%	78.38%	26.96%	31.67%	81.98%	30.66%	23.09%	39.92%	40.01%
Return on Invested Capital (ROIC)	56.11%	0.00%	0.00%	0.94%	73.40%	113.43%	25.06%	50.30%	44.82%	34.27%	38.29%
ROIC Less NNEP Spread (ROIC-NNEP)	56.29%	0.00%	0.00%	1.15%	70.71%	104.87%	25.28%	48.96%	41.50%	33.73%	38.42%
Return on Net Nonoperating Assets (RNNOA)	-28.76%	0.00%	0.00%	-0.79%	-38.52%	-51.05%	-16.30%	-29.51%	-23.98%	-17.14%	-22.93%
Return on Equity (ROE)	27.35%	-0.89%	-8.21%	0.15%	34.88%	62.38%	8.76%	20.79%	20.84%	17.13%	15.36%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	40.32%	-86.37%	-80.19%	-38.98%	-18.68%	8.80%	-10.47%
Operating Return on Assets (OROA)	35.98%	0.00%	0.00%	0.90%	29.53%	86.30%	35.17%	24.57%	25.28%	22.04%	19.41%
Return on Assets (ROA)	20.75%	0.00%	0.00%	0.20%	22.84%	59.06%	6.33%	17.10%	19.38%	13.25%	11.01%
Return on Common Equity (ROCE)	14.65%	-0.04%	-1.14%	0.14%	34.72%	61.80%	8.68%	20.76%	20.16%	16.62%	14.89%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-6.28%	-12.13%	-3.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	30	-0.35	-0.35	2.99	42	17	2.62	11	9.88	11	11
NOPAT Margin	20.39%	0.00%	0.00%	5.64%	27.56%	34.94%	6.05%	25.40%	24.98%	24.72%	23.12%
Net Nonoperating Expense Percent (NNEP)	-0.18%	-14.76%	-6.41%	-0.21%	2.68%	8.56%	-0.22%	1.33%	3.32%	0.54%	-0.14%
Return On Investment Capital (ROIC_SIMPLE)	18.60%	-	-	-	20.82%	7.05%	1.03%	4.07%	3.23%	3.43%	3.58%
Cost of Revenue to Revenue	28.99%	0.00%	0.00%	18.55%	25.89%	20.27%	30.79%	29.39%	26.89%	29.53%	26.86%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	31.27%	0.00%	28.59%	35.65%	33.98%	40.64%	29.32%	34.60%
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	35.80%	0.00%	0.00%	55.39%	36.38%	28.59%	35.65%	33.98%	40.64%	29.32%	34.60%
Earnings before Interest and Taxes (EBIT)	51	-0.50	-0.50	13	57	31	14	18	19	19	20
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	54	-0.50	-0.50	13	58	32	14	19	19	20	21
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.42	7.35	7.72	0.20	2.94	1.46	1.97	1.82	1.78	1.68	1.20
Price to Tangible Book Value (P/TBV)	0.50	7.35	7.72	0.22	3.03	1.50	2.02	2.05	2.39	2.22	1.56
Price to Revenue (P/Rev)	0.31	0.00	0.00	7.16	2.79	1.67	2.55	2.53	2.55	2.53	1.81
Price to Earnings (P/E)	1.50	0.00	0.00	0.00	12.29	6.70	14.42	10.41	8.67	10.51	6.46
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	66.59%	0.00%	0.00%	0.00%	8.14%	14.93%	6.93%	9.61%	11.53%	9.51%	15.48%
Enterprise Value to Invested Capital (EV/IC)	0.00	5.63	5.81	0.00	5.16	1.51	4.31	2.74	2.34	2.06	1.11
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	2.11	0.84	1.80	1.94	1.71	1.64	0.84
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	5.61	2.04	5.02	4.78	3.50	3.84	1.87
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	5.90	2.13	5.27	4.98	3.61	4.00	1.95
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	9.70	3.72	11.37	9.37	7.06	7.73	3.40
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	21.06	8.79	0.00	0.00	12.02	8.68	2.35
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	13.94	0.00	0.00	0.00	0.00	25.82	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.12	0.24	0.25	0.11	0.03	0.04	0.04	0.09	0.16	0.15	0.13
Long-Term Debt to Equity	0.09	0.00	0.00	0.06	0.03	0.03	0.03	0.07	0.13	0.12	0.09
Financial Leverage	-0.51	0.01	0.05	-0.68	-0.54	-0.49	-0.64	-0.60	-0.58	-0.51	-0.60
Leverage Ratio	1.46	1.10	1.58	1.44	1.55	1.28	1.31	1.36	1.41	1.35	1.38
Compound Leverage Factor	1.45	0.54	0.84	1.44	1.64	1.28	1.31	1.37	1.41	1.35	1.37
Debt to Total Capital	10.31%	19.25%	19.68%	9.94%	3.29%	3.54%	4.07%	8.40%	13.99%	13.01%	11.88%
Short-Term Debt to Total Capital	2.20%	19.25%	19.68%	4.53%	0.06%	0.64%	1.31%	1.73%	2.97%	2.89%	3.72%
Long-Term Debt to Total Capital	8.11%	0.00%	0.00%	5.41%	3.23%	2.90%	2.76%	6.68%	11.02%	10.12%	8.17%
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	1.03%	16.45%	15.93%	0.24%	-0.04%	-0.05%	0.02%	0.03%	4.91%	4.84%	5.06%
Common Equity to Total Capital	88.66%	64.30%	64.38%	89.82%	96.75%	96.52%	95.91%	91.57%	81.10%	82.15%	83.05%
Debt to EBITDA	0.19	-1.43	-1.41	-2.80	0.09	0.10	0.15	0.31	0.51	0.56	0.48
Net Debt to EBITDA	-1.25	-0.55	-0.69	14.15	-1.80	-2.03	-2.11	-1.45	-1.90	-2.30	-2.35
Long-Term Debt to EBITDA	0.15	0.00	0.00	-1.52	0.08	0.08	0.10	0.25	0.40	0.44	0.33
Debt to NOPAT	0.45	-2.04	-2.01	-4.00	0.15	0.19	0.35	0.62	1.02	1.13	0.87
Net Debt to NOPAT	-2.89	-0.79	-0.98	20.22	-3.12	-3.70	-4.78	-2.83	-3.83	-4.63	-4.26
Long-Term Debt to NOPAT	0.35	0.00	0.00	-2.18	0.15	0.15	0.24	0.49	0.80	0.88	0.60
Altman Z-Score	2.83	4.03	4.06	1.83	7.87	6.20	6.46	6.10	4.30	4.24	3.53
Noncontrolling Interest Sharing Ratio	46.44%	95.85%	86.11%	9.56%	0.46%	0.92%	0.88%	0.13%	3.26%	3.00%	3.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	0.40	0.32	2.79	3.01	4.44	3.98	5.10	3.78	3.82	3.31
Quick Ratio	2.02	0.38	0.31	2.69	3.28	4.35	4.25	5.54	3.98	4.13	3.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	103	2.42	-36	28	-81	-64	-61	-50	-15	-43
Operating Cash Flow to CapEx	447.07%	0.00%	0.00%	0.00%	-1,232.98%	0.00%	0.00%	0.00%	0.00%	7,385.85%	26,671.06%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-6,529.44	0.00	-12,999.00	-1,280.17	-1,255.86	-894.44	-126.32	-335.68
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	5,265.55	0.00	310.72	-167.97	-429.41	926.44	80.41	174.99
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	5,265.55	0.00	321.95	-145.85	-409.16	996.42	79.32	174.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.02	0.00	0.00	0.04	0.78	1.30	1.12	0.58	0.54	0.50	0.49
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	3.21	0.00	0.00	2.01	2.98	2.54	1.85
Inventory Turnover	0.00	0.00	0.00	0.00	21.53	0.00	0.00	25.24	21.61	24.61	21.05
Fixed Asset Turnover	0.00	0.00	0.00	0.00	18.38	0.00	0.00	17.68	21.29	21.42	22.64
Accounts Payable Turnover	4.23	2.42	2.09	0.00	2.37	4.32	4.42	2.64	2.77	2.45	2.23
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	113.63	0.00	0.00	181.41	122.49	143.66	196.79
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	16.95	0.00	0.00	14.46	16.89	14.83	17.34
Days Payable Outstanding (DPO)	86.36	150.64	174.54	0.00	154.26	84.40	82.59	138.06	131.92	148.98	163.73
Cash Conversion Cycle (CCC)	-86.36	0.00	0.00	0.00	-23.67	-84.40	-82.59	57.81	7.46	9.51	50.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	70	12	12	54	84	110	79	126	127	135	133
Invested Capital Turnover	2.75	0.00	0.00	0.17	2.66	3.25	4.14	1.98	1.79	1.39	1.66
Increase / (Decrease) in Invested Capital	0.00	-103	-2.78	39	14	97	66	72	60	25	55
Enterprise Value (EV)	-46	70	72	-73	433	166	338	346	296	278	148
Market Capitalization	59	66	68	42	573	331	481	451	442	429	317
Book Value per Share	$25.90	$1.73	$1.69	$2.16	$1.89	$2.19	$2.36	$2.39	$2.42	$2.49	$2.57
Tangible Book Value per Share	$21.65	$1.73	$1.69	$1.95	$1.83	$2.12	$2.30	$2.12	$1.80	$1.88	$1.97
Total Capital	160	14	14	228	202	235	255	271	306	311	318
Total Debt	17	2.70	2.70	23	6.63	8.30	10	23	43	40	38
Total Long-Term Debt	13	0.00	0.00	12	6.51	6.81	7.03	18	34	31	26
Net Debt	-107	1.04	1.32	-115	-139	-165	-142	-105	-161	-166	-185
Capital Expenditures (CapEx)	6.24	0.00	0.00	0.00	0.59	-0.07	-1.10	-0.98	-3.93	0.12	0.08
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-1.59	-1.73	2.63	-1.66	36	31	60	15	18	8.12
Debt-free Net Working Capital (DFNWC)	77	0.07	-0.34	140	123	168	184	187	179	185	193
Net Working Capital (NWC)	73	-2.63	-3.04	130	123	167	181	183	170	176	181
Net Nonoperating Expense (NNE)	0.13	-0.06	-0.04	0.16	-2.47	-4.95	0.18	-1.82	-4.40	-0.68	0.21
Net Nonoperating Obligations (NNO)	-73	1.04	1.32	-151	-111	-117	-166	-122	-137	-136	-147
Total Depreciation and Amortization (D&A)	2.56	0.00	0.00	0.00	0.93	0.63	0.64	0.75	0.67	0.67	1.13
Debt-free, Cash-free Net Working Capital to Revenue	-13.46%	0.00%	0.00%	45.21%	-0.81%	18.22%	16.61%	33.55%	8.70%	10.38%	4.64%
Debt-free Net Working Capital to Revenue	39.77%	0.00%	0.00%	2,411.53%	60.06%	84.94%	97.77%	104.95%	103.22%	109.37%	110.03%
Net Working Capital to Revenue	37.95%	0.00%	0.00%	2,233.46%	60.00%	84.18%	96.00%	102.33%	97.98%	104.06%	103.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.29	$0.00	($0.12)	$0.03	$0.57	$0.21	$0.02	$0.12	$0.15	$0.11	$0.10
Adjusted Weighted Average Basic Shares Outstanding	94.19M	5.32M	5.22M	95.10M	96.56M	103.28M	103.51M	102.64M	103.00M	102.58M	102.58M
Adjusted Diluted Earnings per Share	$0.29	$0.00	($0.12)	$0.03	$0.57	$0.21	$0.02	$0.12	$0.15	$0.11	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	94.19M	5.49M	5.49M	95.10M	96.56M	103.28M	103.51M	102.64M	103.00M	102.58M	102.58M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	5.22M	5.22M	5.22M	103.02M	103.61M	103.61M	103.88M	102.58M	102.58M	102.85M	102.85M
Normalized Net Operating Profit after Tax (NOPAT)	30	-0.35	-0.35	19	42	17	10	11	9.88	11	11
Normalized NOPAT Margin	20.39%	0.00%	0.00%	35.13%	27.56%	34.94%	23.50%	25.40%	24.98%	24.72%	23.12%
Pre Tax Income Margin	35.05%	0.00%	0.00%	24.69%	39.95%	66.45%	31.23%	42.69%	46.93%	43.79%	39.75%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	2,397.62	0.00	5,059.17	273.25	379.05	332.03	164.19	152.96
NOPAT to Interest Expense	0.00	0.00	0.00	547.31	0.00	2,664.44	52.82	226.43	176.18	92.73	88.43
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	2,397.62	0.00	5,070.40	295.37	399.30	402.01	163.10	152.30
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	547.31	0.00	2,675.67	74.94	246.68	246.16	91.64	87.77
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%	-523.69%	9,066.23%	0.00%	0.00%	0.00%	0.00%	0.00%	9.80%	0.00%	5.21%

Financials Breakdown Chart

Key Financial Trends

SBC Medical Group’s latest results show improving year-over-year growth and stronger cash generation, although earnings remain below the company’s 2024 levels and foreign-exchange movements continue to affect equity and cash balances.

In Q2 2026, revenue rose to $49.2 million from $43.4 million in the restated Q2 2025, an increase of approximately 13%. Gross profit increased to $36.0 million, lifting the gross margin to roughly 73.1% from 69.2% a year earlier. Operating income reached $19.0 million, compared with $14.6 million in Q2 2025, while net income attributable to common shareholders was $10.7 million, versus $2.5 million in the prior-year quarter.

Sequentially, revenue increased from $43.1 million in Q1 2026, while gross profit grew nearly 19%. However, operating income and net income attributable to common shareholders declined modestly from Q1 levels, partly because selling, general and administrative expenses increased to $17.0 million from $12.6 million. Q2 2026 diluted earnings per share were $0.10, down from $0.11 in Q1.

Cash flow trends improved substantially from the prior year. Operating cash flow was $22.5 million in Q2 2026, up from $9.2 million in Q1 and a negative $8.3 million in Q2 2025. The improvement was supported by an $8.3 million contribution from changes in operating assets and liabilities, suggesting that working-capital movements were an important part of the quarter’s cash generation.

The balance sheet remains liquid. Cash and equivalents increased to $184.3 million at June 30, 2026, from $167.3 million at the end of Q1 and $152.7 million a year earlier. Total debt declined to approximately $37.8 million after $2.0 million of debt repayments during the quarter. SBC therefore held substantially more cash than debt at quarter-end.

Revenue growth returned: Q2 2026 revenue increased approximately 13% year over year to $49.2 million.
Profitability improved from the prior year: Gross profit, operating income and net income attributable to common shareholders all increased meaningfully compared with Q2 2025.
Gross margin strengthened: The Q2 2026 gross margin was approximately 73%, compared with about 69% in the restated Q2 2025.
Operating cash flow rebounded: Cash generated from operations improved to $22.5 million from negative operating cash flow in Q2 2025.
Strong liquidity position: SBC had $184.3 million of cash and equivalents against approximately $37.8 million of short- and long-term debt.
Debt reduction continued: The company repaid approximately $2.0 million of debt in Q2 and reduced total debt from roughly $40.5 million at the end of Q1 2026.
Accounts receivable increased: Receivables rose to $84.0 million from $70.5 million in Q1, which may reflect business growth but also requires continued collection monitoring.
Cash generation was partly working-capital driven: The $8.3 million operating-capital benefit helped support Q2 cash flow, so future quarters may be less favorable if that benefit reverses.
Quarterly earnings softened sequentially: Q2 operating income and common-shareholder net income were below Q1 2026 as SG&A expenses increased.
Foreign-exchange effects remain a headwind: A $4.1 million unfavorable exchange-rate impact reduced the quarter’s cash increase, while accumulated other comprehensive losses reached $66.6 million.

Investors should also account for the company’s history of restated financial statements, including restatements affecting several 2024 and 2025 periods. In addition, intangible assets and goodwill totaled approximately $61.9 million at June 30, 2026, making potential impairment or acquisition-related charges worth monitoring. Overall, SBC’s latest filings point to healthier year-over-year operating performance and a solid liquidity profile, but expense growth, working-capital volatility, currency effects and financial-statement comparability remain important risks.

10/16/26 07:49 PM ETAI Generated. May Contain Errors.

Pono Capital Two Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Pono Capital Two's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Pono Capital Two's net income appears to be on an upward trend, with a most recent value of $51.05 million in 2025, rising from $38.56 million in 2023. The previous period was $46.69 million in 2024.

Pono Capital Two's total operating income in 2025 was $67.49 million, based on the following breakdown:

Total Gross Profit: $127.28 million
Total Operating Expenses: $59.80 million

Over the last 2 years, Pono Capital Two's total revenue changed from $193.54 million in 2023 to $173.61 million in 2025, a change of -10.3%.

In the past 13 quarters, Pono Capital Two's cash and equivalents has ranged from $0.00 in Q1 2023 to $184.31 million in Q2 2026, and is currently $184.31 million as of their latest financial filing in Q2 2026.

Pono Capital Two had total debt of $42.83 million at the end of 2025, a 545.9% increase from 2024, and a 159.0% increase since 2023.

Over the last 2 years, Pono Capital Two's book value per share changed from 25.90 in 2023 to 2.42 in 2025, a change of -90.7%.

Financial statements for NASDAQ:PTWOW last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Pono Capital Two (PTWOW) Financials

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Pono Capital Two (PTWOW) Financials

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