0001493152-26-022745
SEC filingSoulpower Acquisition Corp. reported net income of $1.6M in Q1 FY2026, swinging from a $179.7K loss YoY due to Trust Account interest exceeding operating expenses, though operating cash use intensified to $1.4M from non-cash adjustments amid sponsor-supported liquidity.
Soulpower Acquisition Corp., a pre-business combination SPAC, generated net income of $1.6M for Q1 FY2026 ending March 31, 2026, a marked turnaround from the $179.7K net loss in the prior year quarter. This swing to profitability stems from interest earned on cash held in the Trust Account outpacing operating expenses, as the Company has not yet generated operating revenues. Operating income reflected a $685.6K loss, underscoring the ongoing costs of maintaining public company status, including compliance and administrative overhead, in the absence of revenue-generating activities.
Looking forward, management notes expectations of continued significant costs in pursuit of acquisition plans, with no assurance of successfully completing a business combination. The financial statements acknowledge it is at least reasonably possible that estimates related to existing conditions could change in the near term due to future events, reflecting inherent uncertainties in the SPAC timeline.