The capital structure is increasingly reliant on sponsor-provided debt, which has risen to $515,000 as of 2026Q1, while retained earnings have eroded to a $15.0 million deficit.
| Total Current Assets | 206.51K | 188.11K | 675.36K | 3.31K | 3.76K | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 311.9M | 309.18M | 296.8M | 526.93K | 1.06M | 287.93K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 1.23B | 309.18M | 296.74M | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 312.11M | 309.37M | 297.47M | 530.24K | 1.06M | 287.93K |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 16.55% | 4% | 56001.91% | -50.1% | 269.07% | - |
| Total Current Liabilities | 1.22M | 634.61K | 631.61K | 628.18K | 1.15M | 266.91K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 515K | 400K | 400K | 628.18K | 464.59K | 113.1K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 703.29K | 234.61K | 0 | 0 | 681.99K | 149.83K |
| Current Ratio | 0.17x | 0.30x | 1.07x | 0.01x | 0.00x | - |
| Quick Ratio | 0.17x | 0.30x | 1.07x | 0.01x | 0.00x | - |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 14.04M | 14.04M | 14.04M | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 15.26M | 14.67M | 14.67M | 628.18K | 1.15M | 266.91K |
| Total Debt | 515K | 400K | 400K | 628.18K | 464.59K | 113.1K |
| Net Debt | 395.57K | 287.34K | -83.57K | 626.97K | 462.83K | 113.1K |
| Debt / Equity | 0.00x | 0.00x | 0.00x | - | - | 5.38x |
| Debt / EBITDA | -0.56x | - | 0.05x | - | 116147.75x | - |
| Net Debt / EBITDA | -0.43x | - | -0.01x | - | 115708.25x | - |
| Interest Coverage | - | - | - | - | - | - |
| Total Equity | 296.85M | 294.7M | 282.8M | -97.94K | -83.9K | 21.03K |
| Equity Growth % | 17.16% | 4.2% | 288841.07% | -16.73% | -499.03% | - |
| Book Value per Share | 10.33 | 10.25 | 15.45 | -0.00 | -0.00 | 0.00 |
| Total Shareholders' Equity | 296.85M | 294.7M | 282.8M | -97.94K | -83.9K | 21.03K |
| Common Stock | 311.9M | 309.18M | 296.74M | 718 | 718 | 719 |
| Retained Earnings | -15.05M | -14.48M | -13.93M | -122.94K | -108.9K | -3.97K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation and deal-sourcing failure
According to the most recent quarterly filings, GPAT's cash position has contracted to $119,400, resulting in a current ratio of 0.17, which suggests that the entity possesses a severely limited buffer to cover ongoing administrative expenses as it approaches its critical business combination deadline.
The sharp decline in the current ratio from 1.76 in 2024Q2 to 0.17 in 2026Q1 indicates that the company is rapidly exhausting its liquid resources. This trend suggests that management may soon require additional capital infusions from the sponsor to maintain basic corporate functions, potentially increasing pressure to finalize a deal prematurely.
As reported in financial statements, GPAT's debt load has increased to $515,000 in 2026Q1, reflecting a reliance on sponsor-provided working capital loans that are necessary to sustain the entity's administrative overhead in the absence of any operational revenue streams or independent cash-generating activities.
The accumulation of debt in the form of sponsor loans appears to be a necessity-driven strategy rather than a strategic capital allocation choice. Investors should monitor whether these obligations are converted into equity or repaid upon a successful merger, as they represent a direct claim on the trust's assets.
Based on GPAT's reported figures, retained earnings have deteriorated to a deficit of $15.0 million as of 2026Q1, signaling that the entity's capital base is being steadily eroded by the ongoing costs of maintaining the shell structure without any offsetting operational income or commercial success.
The persistent negative trajectory in retained earnings underscores the structural challenge of the SPAC model, where administrative costs continuously deplete shareholder equity. This trend suggests that the value of the equity is increasingly tied to the potential of a future acquisition rather than the current book value of the entity.
As highlighted in recent SEC filings, the reported total assets of $312.1 million are heavily skewed by restricted funds held in trust, which are legally unavailable for general corporate use, thereby obscuring the company's actual operational fragility and its dependence on external sponsor support.
Analysts should distinguish between the restricted trust assets and the meager operating cash, as the headline asset figure provides a misleading sense of financial security. This structural separation implies that the company's ability to survive until a merger is entirely contingent on the sponsor's willingness to continue funding the operating deficit.
Quick answers to the most common questions about buying GPAT stock.
As of 2025, GP-Act III Acquisition Corp. (GPAT) had total assets of $309.4M including $0.2M in current assets.
GP-Act III Acquisition Corp. (GPAT) carries total debt of $0.4M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
GP-Act III Acquisition Corp. (GPAT) has total shareholders' equity (book value) of $294.7M ($10.25 book value per share). Book value represents the net worth of the company belonging to common stock holders.
GP-Act III Acquisition Corp. (GPAT) reported a current ratio of 0.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.