The company has maintained zero operational revenue across all ten observed quarters, with recent net income of $1.7M in 2026Q1 appearing driven by non-operating warrant liability adjustments rather than core business performance.
| Sales/Revenue | 0 | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -1.76M | -1.44M | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | -22.07% | - | - |
| Operating Expenses | 985.32K | 1.3M | 50.74K | 1.76M | 0 | 311.1K |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 789.74K | 1.3M | 50.74K | 0 | 0 | 311.1K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - |
| Operating Income | -985.32K | -1.3M | -50.74K | -1.76M | -1.44M | -311K |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -2471.69% | 97.12% | -22.07% | -363.34% | - |
| EBITDA | -985.32K | -1.3M | 443.12K | -6.26M | -8.9M | -311K |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -37.24% | -394.45% | 107.08% | 29.7% | -2761.41% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | -4.5M | -7.46M | 0 |
| EBIT | -985.32K | -1.3M | 443.12K | -1.76M | -1.44M | 0 |
| Net Interest Income | 7.53M | 9.59M | 493.85K | 270.51K | 33.58K | 65.75K |
| Interest Income | 7.53M | 9.59M | 493.85K | 270.51K | 33.58K | 65.75K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - |
| Pretax Income | 6.54M | 8.28M | 443.12K | 3.01M | 6.05M | -245K |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | -4.77M | 0 | -65.75K |
| Effective Tax Rate % | 0% | 0% | 0% | -158.51% | 0% | 26.84% |
| Net Income | 6.54M | 8.28M | 443.12K | 7.78M | 6.05M | -180K |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | 426.8% | 1769.02% | -94.3% | 28.53% | 3461.11% | - |
| Net Income (Continuing) | 6.54M | 8.28M | 443.12K | 7.78M | 6.05M | -180K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.27 | 0.27 | 0.01 | 0.42 | 0.34 | -0.01 |
| EPS Growth % | 309.07% | 1788.11% | -96.6% | 23.53% | 3500% | - |
| EPS (Basic) | - | 0.27 | 0.01 | 0.42 | 0.34 | -0.01 |
| Diluted Shares Outstanding | 23.8M | 23.8M | 30.99M | 18.63M | 17.97M | 14.33M |
| Basic Shares Outstanding | 23.8M | 23.8M | 30.99M | 18.63M | 17.97M | 14.33M |
| Dividend Payout Ratio | - | - | - | 0.43% | - | - |
Liquidation and capital exhaustion
As a pre-combination special purpose acquisition company, MLAC has reported zero revenue across all ten observed quarters, confirming that the entity remains entirely dependent on interest income from its trust account rather than any underlying business operations or organic growth drivers within its current corporate structure.
The lack of revenue is a structural feature of the shell company model, where the primary objective is the identification and acquisition of a private target. Investors should note that the absence of top-line growth is expected, yet it underscores the high-stakes nature of the pending business combination.
According to recent financial statements, MLAC's SG&A expenses have trended upward to $389.6K in 2026Q1, reflecting the mounting costs of maintaining public listing status and conducting due diligence as the company approaches its critical deal-making deadline in a cooling market for blank-check vehicles.
The shift from minimal SG&A in 2024 to nearly $400K per quarter suggests that the company is incurring significant professional service fees. This rising cost burden, coupled with limited cash reserves, may indicate that management is under increasing pressure to finalize a transaction before liquidity is fully exhausted.
Based on reported figures, MLAC's net income volatility, including the $1.7M profit in 2026Q1, appears driven by non-operating items such as warrant liability adjustments rather than core operational performance, which warrants caution for investors attempting to gauge the company's true financial health through traditional earnings metrics.
These accounting fluctuations are common in SPAC structures but can obscure the underlying cash burn. Analysts should focus on the cash position rather than net income, as the latter does not reflect the company's ability to sustain its administrative operations without external capital injections.
With reported cash and equivalents at a nominal $452,680, the company faces a precarious liquidity position that may limit its ability to fund the due diligence required for a successful merger, potentially forcing management into unfavorable deal terms or an eventual liquidation of the trust account.
The current cash level appears insufficient for an extended search process, suggesting that the company may be nearing a terminal inflection point. Investors should monitor whether the sponsor provides additional capital, as the current burn rate implies that the window for securing a viable target is rapidly closing.
Quick answers to the most common questions about buying MLAC stock.
Mountain Lake Acquisition Corp. (MLAC) is profitable, generating $8.3M in net income for the fiscal year ending 2025.