Armada Acquisition Corp. III(AACI)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$10.05
09/25/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for AACI

09/25/2026: AACI (1-star) is currently NOT-A-BUY. Pass it for now.

Armada Acquisition Corp. II is a SPAC designed to raise capital to acquire a private company, effectively serving as a financial vehicle for potential growth. Its main strength lies in its management team's experience in identifying private firms for public transition. The primary investment story rests on the successful selection and completion of a business combination, which could lead to significant share appreciation. Key risks include the intense competition for targets, regulatory hurdles, and the possibility of liquidation if no deal is found. This stock is best suited for risk-tolerant investors who understand SPAC mechanics and should monitor announcements regarding potential target candidates closely.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorWeak fitThe company currently lacks operations and does not provide traditional growth metrics.
Momentum investorStrong fit while signal remains positiveMomentum traders may engage with the stock if news of a potential merger creates significant price movement.
Value investorMixed fitValuation is essentially the cash per share in the trust, making it a play on the management team's ability to find value.
Dividend investorWeak fitThe company does not pay dividends.
Low-risk investorWeak fitSPACs carry significant risk regarding the ultimate success and timing of a business combination.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityHighSpeculation surrounding potential merger targets often drives erratic share price movements.
Valuation riskHighInvestors risk overpaying if the combined entity does not meet performance expectations after the merger.
Competition riskMedium / highNumerous SPACs compete for a limited number of viable private acquisition targets.
Business qualityLowThe entity has no underlying business operations until a combination is successfully completed.
Dividend incomeLow / noneThere is no income generation for shareholders.
Execution riskHighThe failure to find a target within the mandated timeframe results in liquidation.

Price Behavior

Flat / Range-Bound
PRICE PATH

Flat / Range-Bound

The stock price has been trading within a narrow range with minimal directional movement.

Very Smooth
PRICE STABILITY

Very Smooth

The stock has followed a highly orderly price path with minimal short-term disruption.

Analysis of Past Performance

Type Stock
Historic Profit 0%
Avg. Invested days 0
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 1.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
AACI receives a 2-star rating, supported by available scored pillars. The rating is constrained by weak unit economics, soft analyst coverage, and weak price momentum.

Company Fundamentals

★★★★★
AACI has moderate overall fundamentals (3 stars), with moderate financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2023, strong earnings growth (+41.9%) is partially offset by soft cash generation (FCF margin 0.0%), slightly negative revenue growth (+0.0%), soft profitability (net margin 0.0%).

Financial Health Rating

★★★★★
AACI's financial health is supported by strong efficiency, including operating-expense and cost-of-revenue discipline (opex 0.0% of revenue). Profitability is weak (1 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is AACI's strongest growth driver at +98.9% FY2025 versus FY2023 (strong, 5 stars). By comparison, earnings growth (+41.9%, strong) is also strong, while revenue growth (+0.0%, slightly negative) holds the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 77.7% and approximately 90.5% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership is only 0.00%, which materially reduces the ownership score.

Top 5 Institutional Investors

Adage Capital Partners Gp LLC 5.95%
Linden Advisors LLC 4.11%
Magnetar Financial LLC 2.94%
Hudson Bay Capital Management LP 2.64%
Alberta Investment Management Corp 2.06%

Unit Economics (Per $1K Revenue)

★★★★★
AACI generates approximately $0 of gross profit, $-0 of operating income, and $-0 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: 0.00%

Quantitative Style Profile

★★★★★
AACI has a liquid, relatively low-volatility profile. Weak momentum is the primary drawback.

Style Classification

Quality Focused

Low VolatilitySmall / Mid Cap RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Small-Cap Stock
Market Capitalization 342.00M USD
Price to earnings Ratio -
1Y Target Price -
Price to earnings Ratio -
1Y Target Price -
Volume (30-day avg) 23.4K shares
Beta -
52 Weeks Range 9.74 - 10.09
Updated Date 09/27/2026
52 Weeks Range 9.74 - 10.09
Updated Date 09/27/2026
Dividends yield (FY) -
Basic EPS (TTM) -

How Company Makes Money

Business areaWhat it includesRetail investor read
Financial VehicleInterest income from the trust account and the potential capital appreciation post-merger.The company is a shell; you are investing in management's ability to buy a successful business.
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Valuation

Trailing PE -
Forward PE -
Enterprise Value 339.82M
Price to Sales(TTM) -
Enterprise Value 339.82M
Price to Sales(TTM) -
Enterprise Value to Revenue -
Enterprise Value to EBITDA -
Shares Outstanding 25.52M
Shares Floating 23.10M
Shares Outstanding 25.52M
Shares Floating 23.10M
Percent Insiders -
Percent Institutions 77.68

Icon representing Upturn AI-generated SWOT analysis summary Upturn AI Summary

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Armada Acquisition Corp. III

Exchange NASDAQ
Headquarters Philadelphia, PA, United States
IPO Launch date 2025-06-24
Chairman & CEO Mr. Stephen P. Herbert
Sector Financial Services
Industry Shell Companies
Full time employees -
Full time employees -

Armada Acquisition Corp. III focuses on effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses. The company was incorporated in 2025 and is based in Philadelphia, Pennsylvania.