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Spartan Delta Corp. — Financial Statements
5 10 All
Income Statement
Balance Sheet
Cash Flow
Line ItemQ1 2026Mar 31, 2026Q4 2025Dec 31, 2025Q3 2025Sep 30, 2025Q2 2025Jun 30, 2025Q1 2025Mar 31, 2025
+Total Revenue 152.2M 138.5M -- 89.9M 95.1M
Revenue Growth % 9.9% -- -- -5.5% --
Operating Revenue 152.2M 138.5M 90.8M 89.9M 95.1M
Cost Of Revenue 66.1M 64.4M -- 46.1M 46.2M
+Gross Profit 86.1M 74.2M -- 43.7M 48.9M
Gross Margin % 56.6% 53.5% -- 48.7% 51.4%
Selling General And Administration 9.0M 8.3M -- 7.3M 7.1M
General And Administrative Expense 9.0M 8.3M -- 7.3M 7.1M
Other Operating Expenses 37.0M 35.9M -- 27.8M 28.4M
Operating Expense 46.0M 44.2M -- 35.1M 35.5M
+Operating Income 40.1M 29.9M -- 8.7M 13.4M
Operating Margin % 26.3% 21.6% -- 9.6% 14.1%
EBIT -13.8M 51.6M -- 46.3M -4.8M
Interest Expense 3.6M 3.5M -- 1.7M 2.0M
Interest Expense Non Operating 3.6M 3.5M -- 1.7M 2.0M
Interest Income 1.1M 1.1M -- 1.2M 1.4M
Interest Income Non Operating 1.1M 1.1M -- 1.2M 1.4M
Net Interest Income -3.7M -2.4M -- -503,000 -1.3M
Other Income Expense -53.8M 20.6M -- 36.4M -18.8M
Other Non Operating Income Expenses -- 0.00 -- 3.7M --
Special Income Charges 0.00 -10,000 -- 0.00 23,000
Restructuring And Mergern Acquisition -- -- -- -- --
Gain On Sale Of Security -53.8M 20.6M -- 32.7M -18.9M
Pretax Income -17.5M 48.1M -- 44.6M -6.7M
Tax Provision -3.8M 11.8M -- 11.1M -1.6M
Tax Effect Of Unusual Items -11.8M 5.1M -- 8.1M -4.4M
Net Income From Continuing And Discontinued Operation -13.6M 36.3M -- 33.5M -5.2M
Net Income From Continuing Operation Net Minority Interest -13.6M 36.3M -- 33.5M -5.2M
Net Income Including Noncontrolling Interests -13.6M 36.3M -- 33.5M -5.2M
+Net Income Common Stockholders -13.6M 36.3M -- 33.5M -5.2M
Net Margin % -9.0% 26.2% -- 37.3% -5.4%
Net Income -13.6M 36.3M -- 33.5M -5.2M
EBITDA 33.5M 97.9M -- 77.6M 25.7M
Normalized EBITDA 87.4M 77.4M -- 44.9M 44.6M
Reconciled Depreciation 47.4M 46.3M -- 31.3M 30.5M
Basic EPS -0.07 -- -- 0.17 -0.03
Diluted EPS -0.07 -- -- 0.17 -0.03
Basic Average Shares 201.2M -- -- 174.7M 191.2M
Diluted Average Shares 201.2M -- -- 202.1M 191.2M
Total Unusual Items -53.8M 20.6M -- 32.7M -18.8M
Total Unusual Items Excluding Goodwill -53.8M 20.6M -- 32.7M -18.8M
Tax Rate For Calcs 0.22 0.25 -- 0.25 0.23
Normalized Income 28.4M 20.8M -- 8.9M 9.3M
Diluted NI Availto Com Stockholders -13.6M 36.3M -- 33.5M -5.2M
Gain On Sale Of Ppe 0.00 -10,000 -- 0.00 23,000
Net Income Continuous Operations -13.6M 36.3M -- 33.5M -5.2M
Net Non Operating Interest Income Expense -3.7M -2.4M -- -503,000 -1.3M
Other Gand A 5.3M 4.9M -- 3.7M 4.5M
Reconciled Cost Of Revenue 66.1M 64.4M -- 46.1M 46.2M
Salaries And Wages 3.7M 3.4M -- 3.5M 2.5M
Total Expenses 112.1M 108.6M -- 81.2M 81.7M
Total Other Finance Cost 1.1M -- -- -- 654,000
Line ItemQ1 2026Mar 31, 2026Q4 2025Dec 31, 2025Q3 2025Sep 30, 2025Q2 2025Jun 30, 2025Q1 2025Mar 31, 2025
Cash And Cash Equivalents 342,000 307,000 -- 194,000 522,000
Cash Cash Equivalents And Short Term Investments 342,000 307,000 -- 194,000 522,000
Accounts Receivable 55.0M 62.1M -- 24.5M 27.6M
Receivables 64.6M 62.1M -- 52.2M 44.5M
Prepaid Assets 10.5M 10.0M -- 10.0M 6.7M
Current Assets 252.6M 240.6M -- 223.8M 203.5M
Gross PPE 1.6B 1.4B -- 1.2B 1.1B
Accumulated Depreciation -535.5M -488.1M -- -403.7M -372.5M
Net PPE 1.1B 919.6M -- 789.2M 735.3M
Total Non Current Assets 1.1B 932.7M -- 813.7M 769.0M
Total Assets 1.3B 1.2B -- 1.0B 972.6M
Current Debt And Capital Lease Obligation 74.5M 10.0M -- 9.6M 9.6M
Accounts Payable 154.9M 114.7M -- 116.9M 107.8M
Payables 305.7M 265.6M -- 267.8M 258.6M
Payables And Accrued Expenses 305.7M 265.6M -- 267.8M 258.6M
Other Current Liabilities 50.5M -- -- -- 15.1M
Current Liabilities 432.9M 277.2M -- 280.0M 286.1M
Long Term Debt 175.9M 159.9M -- 66.5M 23.2M
Long Term Debt And Capital Lease Obligation 182.5M 169.1M -- 78.2M 36.9M
Long Term Capital Lease Obligation 6.6M 9.2M -- 11.7M 13.8M
Total Non Current Liabilities Net Minority Interest 272.2M 247.4M -- 157.4M 123.3M
Total Liabilities Net Minority Interest 705.2M 524.7M -- 437.4M 409.4M
Common Stock 122.2M 112.3M -- 110.4M 110.5M
Capital Stock 122.2M 112.3M -- 110.4M 110.5M
Additional Paid In Capital 13.6M 15.3M -- 10.3M 6.8M
Retained Earnings 507.4M 521.0M -- 479.3M 445.8M
Common Stock Equity 643.2M 648.6M -- 600.1M 563.2M
Stockholders Equity 643.2M 648.6M -- 600.1M 563.2M
Total Equity Gross Minority Interest 643.2M 648.6M -- 600.1M 563.2M
Total Capitalization 819.0M 808.5M -- 666.6M 586.3M
Net Tangible Assets 643.2M 648.6M -- 600.1M 563.2M
Tangible Book Value 643.2M 648.6M -- 600.1M 563.2M
Working Capital -180.3M -36.6M -- -56.2M -82.5M
Invested Capital 819.0M 808.5M -- 666.6M 586.3M
Total Debt 257.0M 179.1M -- 87.8M 46.6M
Net Debt 175.5M 159.6M -- 66.3M 22.6M
Share Issued 202.6M 200.5M -- 200.1M 200.0M
Ordinary Shares Number 202.6M 200.5M -- 200.1M 200.0M
Accrued Interest Receivable -- -- -- -- 684,000
Capital Lease Obligations 81.1M 19.2M -- 21.3M 23.4M
Current Capital Lease Obligation 74.5M 10.0M -- 9.6M 9.6M
Current Provisions 2.2M 1.7M -- 2.7M 2.7M
Derivative Product Liabilities 7.9M 0.00 -- 2.2M 4.8M
Dividends Payable 150.8M 150.8M -- 150.8M 150.8M
Duefrom Related Parties Current 8.8M -- -- 25.6M 16.2M
Financial Assets 4.0M 4.4M -- 2.1M 219,000
Gross Accounts Receivable -- -- -- -- 27.6M
Hedging Assets Current 26.4M 17.4M -- 10.6M 939,000
Long Term Provisions 81.9M 78.4M -- 77.0M 81.6M
Non Current Deferred Assets 16.5M 8.7M -- 22.5M 33.5M
Non Current Deferred Taxes Assets 16.5M 8.7M -- 22.5M 33.5M
Other Properties 134.6M 70.0M -- 66.7M 65.9M
Restricted Cash 150.8M 150.8M -- 150.8M 150.8M
Taxes Receivable 779,000 -- -- 2.1M --
Line ItemQ1 2026Mar 31, 2026Q4 2025Dec 31, 2025Q3 2025Sep 30, 2025Q2 2025Jun 30, 2025Q1 2025Mar 31, 2025
Operating Cash Flow 89.1M 66.5M -- 43.6M 56.3M
Cash Flow From Continuing Operating Activities 89.1M 66.5M -- 43.6M 56.3M
Depreciation And Amortization -- -- -- -- 2.1M
Depreciation Amortization Depletion 47.4M 46.3M -- 31.3M 30.5M
Stock Based Compensation 3.7M 3.4M -- 3.5M 2.5M
Deferred Tax -3.8M 11.8M -- 11.1M -1.6M
Deferred Income Tax -3.8M 11.8M -- 11.1M -1.6M
Change In Working Capital 5.4M -16.7M -- -6.8M 8.3M
Other Non Cash Items 377,000 833,000 -- 241,000 65,000
Capital Expenditure -122.4M -97.9M -- -83.5M -72.8M
Purchase Of PPE -122.4M -97.9M -- -83.5M -72.8M
Net PPE Purchase And Sale -122.4M -97.9M -- -83.5M -72.8M
Purchase Of Business -12.2M -8.3M -- -6.1M 0.00
Sale Of Business 0.00 46,000 -- 0.00 47,000
Investing Cash Flow -102.9M -116.9M -- -84.4M -50.2M
Cash Flow From Continuing Investing Activities -102.9M -116.9M -- -84.4M -50.2M
Issuance Of Debt 15.7M -- -- 43.3M --
Repayment Of Debt -2.4M 11.4M -- -2.5M -100.2M
Net Issuance Payments Of Debt 13.3M 50.4M -- 40.8M -100.2M
Issuance Of Capital Stock 0.00 0.00 -- -- 93.4M
Repurchase Of Capital Stock -- -- -- -186,000 --
Net Common Stock Issuance 0.00 0.00 -- -186,000 93.4M
Common Stock Dividend Paid -- 0.00 -- 0.00 --
Common Stock Payments -- -- -- -186,000 --
Financing Cash Flow 13.8M 50.4M -- 40.4M -6.5M
Cash Flow From Continuing Financing Activities 13.8M 50.4M -- 40.4M -6.5M
Effect Of Exchange Rate Changes 5,000 -- -- -2,000 2,000
Changes In Cash 30,000 -26,000 -- -326,000 -404,000
Beginning Cash Position 307,000 333,000 -- 522,000 924,000
End Cash Position 342,000 307,000 -- 194,000 522,000
Free Cash Flow -33.3M -31.4M -- -39.9M -16.5M
Interest Paid Supplemental Data 3.0M -- -- -- 1.6M
Cash Dividends Paid -- 0.00 -- 0.00 --
Common Stock Issuance 0.00 0.00 -- -- 93.4M
Depletion 47.4M 46.3M -- 31.3M 30.5M
Depreciation -- -- -- -- 2.1M
Gain Loss On Investment Securities 49.8M -15.4M -- -29.2M 21.7M
Long Term Debt Issuance 15.7M -- -- 43.3M --
Long Term Debt Payments -2.4M 11.4M -- -2.5M -100.2M
Net Business Purchase And Sale -12.2M -8.3M -- -6.1M 47,000
Net Foreign Currency Exchange Gain Loss -5,000 -1,000 -- 2,000 11,000
Net Income From Continuing Operations -13.6M 36.3M -- 33.5M -5.2M
Net Long Term Debt Issuance 13.3M 50.4M -- 40.8M -100.2M
Net Other Financing Charges -- -- -- -198,000 348,000
Net Other Investing Changes 31.8M -10.8M -- 5.2M 22.5M
Operating Gains Losses 49.8M -15.4M -- -29.2M 21.7M
Proceeds From Stock Option Exercised 521,000 -- -- -- 0.00
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