The company has reported zero revenue across all observed periods, while SG&A expenses reached $395.6K in 2025Q4, confirming a complete absence of commercial operations.
| Sales/Revenue | 0 | - | - |
| Revenue Growth % | - | - | - |
| Cost of Goods Sold | 0 | - | - |
| COGS % of Revenue | - | - | - |
| Gross Profit | 0 | 0 | 0 |
| Gross Margin % | - | - | - |
| Gross Profit Growth % | - | - | - |
| Operating Expenses | 2.63M | 2.82M | 480 |
| OpEx % of Revenue | - | - | - |
| Selling, General & Admin | 934.54K | 2.82M | 480 |
| SG&A % of Revenue | - | - | - |
| Research & Development | 0 | - | - |
| R&D % of Revenue | - | - | - |
| Other Operating Expenses | 0 | - | - |
| Operating Income | -2.63M | -2.82M | -479 |
| Operating Margin % | - | - | - |
| Operating Income Growth % | - | -587794.15% | - |
| EBITDA | -2.63M | -2.82M | 1 |
| EBITDA Margin % | - | - | - |
| EBITDA Growth % | -452.35% | -99999900% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 480 |
| EBIT | -2.63M | -2.82M | -479 |
| Net Interest Income | 9.28M | 8.76M | 0 |
| Interest Income | 9.28M | 8.76M | 0 |
| Interest Expense | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - |
| Pretax Income | 6.66M | 5.94M | -479 |
| Pretax Margin % | - | - | - |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | 6.66M | 5.94M | -479 |
| Net Margin % | - | - | - |
| Net Income Growth % | 500.08% | 1240317.75% | - |
| Net Income (Continuing) | 6.66M | 5.94M | -479 |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | 0.29 | 0.19 | -0.06 |
| EPS Growth % | -99.58% | 439.29% | - |
| EPS (Basic) | - | 0.19 | -0.06 |
| Diluted Shares Outstanding | 23M | 21.01M | 8.57M |
| Basic Shares Outstanding | 23M | 21.01M | 8.57M |
| Dividend Payout Ratio | - | - | - |
Liquidation and insolvency risk
As indicated by the company's historical financial statements, DMAA has reported zero revenue across all observed periods, confirming its status as a pre-combination shell entity with no active commercial operations or organic growth trajectory to support its current public listing status or long-term valuation.
The lack of revenue confirms that the entity remains in a dormant state, functioning solely as a vehicle for a potential future business combination. Investors should note that the absence of top-line activity renders traditional growth analysis inapplicable, as the company has yet to demonstrate any ability to monetize its stated focus on domestic pharmaceutical manufacturing.
Based on reported figures, the company's net income exhibits extreme volatility, such as the $2.0 million profit in 2026Q1, which appears disconnected from operational reality and likely stems from non-operating accounting adjustments rather than any underlying business performance or sustainable earnings power.
The erratic swings in net income, including the significant EPS fluctuations observed in early 2025, suggest that reported earnings are heavily influenced by non-cash items or fair value adjustments of financial instruments. This lack of core operational profitability makes the reported net income an unreliable metric for assessing the company's true financial health or future prospects.
According to recent SEC filings, the company's SG&A expenses, which peaked at $395.6K in 2025Q4, highlight a persistent cost structure that continues to erode the entity's limited capital base despite the total absence of any revenue-generating activities or operational output.
The recurring administrative costs, primarily driven by legal and regulatory compliance, represent a continuous drain on the company's dwindling cash reserves. This cost structure appears unsustainable, as the firm lacks the operational income to offset these fixed expenses, necessitating further investigation into how the entity intends to fund its ongoing existence.
As reported in financial statements, the company's cash balance has dwindled to a precarious $6,137, which suggests that the entity may be unable to sustain its current administrative burn rate or successfully execute a business combination without significant external capital or shareholder dilution.
The extreme capital constraint indicates that the company is likely facing a liquidity crisis that could force an involuntary liquidation or delisting. Any potential merger would likely require massive equity dilution to compensate for the lack of trust assets, which may severely impair the value proposition for existing shareholders.
Quick answers to the most common questions about buying DMAA stock.
Drugs Made In America Acquisition Corp. Ordinary Shares (DMAA) is profitable, generating $5.9M in net income for the fiscal year ending 2025.