Breaking Down Globalink Investment Inc. (GLLI) Financial Health: Key Insights for Investors

You're looking at Globalink Investment Inc. (GLLI) and trying to figure out what you actually own, especially with the ticker change to ALPS just happening in late October 2025. Honestly, the financial health of the old GLLI, a Special Purpose Acquisition Company (SPAC), was always simple: it had $0 in actual revenue across the first two quarters of fiscal year 2025, which is exactly what a SPAC is supposed to do. But its net losses from operating expenses still totaled over $1.63 million (Q1 Net Income of -$738.56K plus Q2 Net Income of -$893.9K) through the first half of the year. The real story isn't about that minimal cash balance of just $22.17K before the deal closed; it's about the successful reverse merger with Alps Life Sciences, which now fundamentally changes the balance sheet and future cash flow. We need to look past the SPAC shell's $40.45 million market capitalization and analyze the combined entity's capital structure, because you're now an investor in a medical technology and green energy play, not a blank check company.

Revenue Analysis

You're looking at Globalink Investment Inc. (GLLI) and seeing a blank space where the revenue numbers should be, and honestly, that's the first and most important insight. Globalink Investment Inc. is a Special Purpose Acquisition Company (SPAC), a blank check company, so its core business is not selling products or services but completing a business combination (merger).

For the fiscal year ending in 2025, the company did not report meaningful operational revenue. In fact, the most recent data shows its year-over-year revenue per share growth was essentially 0.00% as of September 2024. This means the traditional breakdown of revenue streams-products, services, or regions-is irrelevant right now. Its revenue is negligible.

The Near-Term Revenue Pivot: The Alps Merger

The real story, and the actionable insight for you, is the massive shift in Globalink Investment Inc.'s revenue profile that happened in October 2025. This is the pivot that defines the company's future. Stockholders approved a merger with Alps Life Sciences Inc., a biotechnology company, which then resulted in an acquisition by ALPS Global Holding Berhad via a reverse merger.

This transaction, which was approved on October 7, 2025, changes Globalink Investment Inc. from a non-operating shell company to a part of an operating biotechnology entity. The aggregate consideration for the merger was $1.6 billion, payable in newly issued ordinary shares. That's the number you need to focus on, not the prior zero revenue.

Future Revenue Streams and Segment Contribution

What this merger means is that the future revenue of the combined entity will now be driven by the biotechnology sector, specifically Alps Life Sciences Inc.'s operations. This is the new primary revenue source, replacing the prior non-operational status.

Here's the quick math on the shift:

• Primary Revenue Source (Pre-October 2025): Negligible interest income on the trust account.
• Primary Revenue Source (Post-October 2025): Biotechnology products and services from the acquired Alps Life Sciences Inc.
• Revenue Growth Rate: The growth rate will jump from 0.00% to whatever Alps Life Sciences Inc. achieves in the biotech market.

To be fair, what this estimate hides is the initial post-merger integration risk. If onboarding takes 14+ days, churn risk rises, even in a merger. You need to watch the first few quarterly reports from the new entity for concrete revenue segment data.

For now, the segment contribution table is simple, but the shift is profound:

This is defintely a case where the past financial statements tell you nothing about the future. For a deeper dive into who is backing this new direction, you should be Exploring Globalink Investment Inc. (GLLI) Investor Profile: Who's Buying and Why?

Actionable Next Step

You: Track ALPS Global Holding Berhad's first quarterly filing post-merger for the initial revenue segmentation and year-over-year growth of the acquired biotech business.

Profitability Metrics

You're looking at the profitability of Globalink Investment Inc. (GLLI), and the direct takeaway is that its pre-merger financial profile is typical for a Special Purpose Acquisition Company (SPAC): zero revenue and a consistent net loss. This isn't a sign of operational failure; it's the financial blueprint of a shell company whose sole purpose is to find a target for a business combination.

Gross, Operating, and Net Profit Margins

For the 2025 fiscal year, Globalink Investment Inc. (GLLI) reported $0 in actual revenue for both the first and second quarters, which is the key driver for all its core profitability margins.

Here's the quick math: since a SPAC has no sales of goods or services, its Cost of Goods Sold (COGS) is also $0. Consequently, the Gross Profit Margin is 0%. Similarly, with no revenue from core operations, the Operating Profit Margin is also 0%.

The Net Profit Margin is a different story, as it reflects the administrative costs of running the shell company. For the first half of the 2025 fiscal year, the company posted a net loss, which is expected for this business model.

• Gross Profit Margin: 0% (Due to $0 revenue).
• Operating Profit Margin: 0% (No core business operations).
• Net Profit Margin: Effectively negative infinity (Net Loss / $0 Revenue).

Trends in Profitability and Operational Efficiency

The trend in GLLI's profitability is a steady increase in net loss, which reflects the ongoing administrative and legal costs associated with maintaining the SPAC structure and searching for a merger target. This net loss is essentially the cost of the SPAC's operational efficiency-or, more accurately, its cost management.

The operational efficiency of a SPAC is judged by how well it controls its general and administrative (G&A) expenses before a merger. Globalink Investment Inc. saw its quarterly net loss widen in the first half of 2025, indicating rising costs in its search for a deal.

Here's a look at the net loss trend for the first half of the 2025 fiscal year:

The net loss increased by over 21% from Q1 to Q2 2025. This is defintely a key metric to watch, as it drains the trust account and increases the final cost of the merger for the target company, Alps Global Holding Berhad, which acquired GLLI on October 28, 2025.

Comparison with Industry Averages

Comparing GLLI's profitability to a traditional operating company is meaningless. Its industry is 'Shell Companies' or SPACs, which are in the Financial Services sector. The industry average for a SPAC before a business combination is, by definition, 0% for Gross and Operating Margins and a negative Net Profit Margin, as they all incur similar G&A expenses with no revenue.

The real comparison for GLLI is against the cost structure of other SPACs. The net loss is primarily driven by legal, accounting, and director and officer (D&O) insurance fees. Rising costs, as seen in the Q2 loss of $893.9 K, suggest the company was spending more on due diligence and administrative overhead as its deadline to complete a deal-which was extended to December 2025-approached, before the acquisition by Alps Global Holding Berhad.

For a deeper dive into the valuation and strategic framework of the combined entity, read the full post: Breaking Down Globalink Investment Inc. (GLLI) Financial Health: Key Insights for Investors

Debt vs. Equity Structure

You're looking at Globalink Investment Inc. (GLLI)'s balance sheet, and the numbers are a little jarring, which is common for a Special Purpose Acquisition Company (SPAC) that just completed a merger. The key takeaway is that the company's financing structure is in a high-leverage transition period, moving from a cash-in-trust model to an operating business focused on medical technology and green energy.

As of its most recent quarter, Globalink Investment Inc. (GLLI) reported total debt of approximately $5.14 million. This debt is primarily short-term in nature, largely composed of liabilities incurred to facilitate the merger, such as the promissory notes totaling around $4.2 million issued to the sponsor for working capital and extension fees. The current debt and capital lease obligation figure sits at about $3.74 million, meaning a significant portion of their total debt is due in the near term.

• Total Debt (MRQ): $5.14 million.
• Current Debt: Approx. $3.74 million.
• Primary Debt Source: Promissory notes for SPAC operational costs.

The Debt-to-Equity (D/E) ratio is where things look extreme. While a standard D/E ratio is often negative or not reported for a SPAC right after a business combination (de-SPAC), the most recent Total Liabilities / Total Assets ratio was reported at a staggering 339.94%. This isn't a sign of a healthy operating company; it's a snapshot of a shell company that has seen significant shareholder redemptions, which reduces equity, right before the merger with Alps Global Holding Berhad.

To get a real sense of the risk, you need to look at the target industries. The new entity, which trades as ALPS, is focused on medical technology and green energy.

If the new company leans heavily into medical technology, the current debt load is defintely a red flag compared to the industry average of 0.17 for Biotechnology. But if they fund large-scale green energy projects, a higher D/E, even up to 2.33 (70% debt to 30% equity in project finance), is expected. The lack of a public credit rating also means the cost of any future debt will be higher and more scrutinized.

The balancing act for the post-merger management is clear: they must quickly convert the short-term, high-cost SPAC debt into long-term, lower-cost financing. The equity side was recently bolstered by a PIPE (Private Investment in Public Equity) investment, with $1,124,361 received in escrow as of August 2025. This is the injection of fresh equity capital needed to stabilize the balance sheet and fund the new business. The immediate action is to monitor the first post-merger filing for ALPS to see how they've restructured the $5.14 million in debt. You can read more about the company's strategy here: Mission Statement, Vision, & Core Values of Globalink Investment Inc. (GLLI).

Liquidity and Solvency

You need to know if Globalink Investment Inc. (GLLI) can cover its near-term obligations, and honestly, the numbers show significant stress. As a Special Purpose Acquisition Company (SPAC) that completed a reverse merger with ALPS Global Holding Berhad in October 2025, its pre-merger liquidity profile was defintely weak, a common risk for these shell companies.

The core metrics-the Current Ratio and Quick Ratio-tell a stark story. The most recent Current Ratio (MRQ) stands at just 0.34. This means for every dollar of current liabilities, Globalink Investment Inc. only had about 34 cents in current assets to cover it. Even more concerning, the Quick Ratio (a stricter measure excluding less liquid assets like inventory) was essentially 0.00. This indicates a serious lack of immediately available cash or near-cash assets to meet short-term debts.

• A Current Ratio below 1.0 signals a clear liquidity challenge.
• A Quick Ratio of 0.00 means immediate debt coverage is nonexistent.

Working Capital and Balance Sheet Pressure

The working capital trend confirms this acute liquidity problem. As of a company disclosure in August 2025, Globalink Investment Inc. was operating with a substantial working capital deficit of approximately $7.9 million. This is the difference between current assets and current liabilities, and a negative number means current debts far outstrip the assets meant to pay them. Here's the quick math on the overall balance sheet as of June 30, 2025:

The total liabilities of over $14.57 million vastly exceed the total assets of just under $3.80 million. What this estimate hides is the reliance on related-party financing, including convertible debt and promissory notes totaling approximately $4.63 million as a current liability, which has been crucial to funding operations and the merger extension fees.

Cash Flow Statement Overview

Looking at the cash flow statement for the Trailing Twelve Months (TTM) ending in 2025, the picture is one of cash burn, not generation. The Cash from Operations (CFO) was negative, sitting at approximately -$910.09K (TTM). This is expected for a SPAC with minimal operations, but it means the company cannot sustain itself without outside funding.

Cash from Investing activities was positive, around $26.22 million (TTM), which is largely a function of the SPAC structure-money held in a Trust Account being invested and then potentially released. But the actual cash outside that Trust Account was minimal, just $22,170 as of June 30, 2025, creating acute near-term liquidity pressure. Financing activities have been the life support, with the company repeatedly issuing short-term debt to fund operations and pay for extensions to complete the business combination, as you can see in the Mission Statement, Vision, & Core Values of Globalink Investment Inc. (GLLI).

So, the liquidity position of Globalink Investment Inc. pre-merger was extremely fragile, relying on debt and the eventual closing of the business combination to survive. The action for you, the investor, is clear: Assess the post-merger balance sheet of the combined entity, ALPS Global Holding Berhad, immediately. The historical GLLI numbers are a warning sign; the new company's capital structure is what matters now.

Valuation Analysis

You're looking at Globalink Investment Inc. (GLLI) after its reverse merger with ALPS Global Holding Berhad on October 28, 2025, and the valuation picture is complex, as is common with post-SPAC entities. The direct takeaway is that traditional valuation metrics like P/E and P/B are distorted, showing a highly speculative stock that has seen a massive price correction.

As of late November 2025, the stock price sits at just $3.00, reflecting a market capitalization of only $10.55 million. This is a micro-cap that has been incredibly volatile, and you need to treat it as such. The company's valuation ratios are not defintely what you'd see in a stable, profitable business.

Decoding the Core Valuation Multiples

The standard valuation multiples, which help us gauge if a stock is overvalued or undervalued, tell a story of a company in transition, with negative equity and negative trailing earnings. You can't use these numbers for a simple peer comparison, so let's break down what they actually mean:

• Price-to-Earnings (P/E) Ratio: The P/E ratio is currently a negative -5.88. This is because Globalink Investment Inc. (GLLI) has negative net income (earnings), which is typical for a former Special Purpose Acquisition Company (SPAC) or a newly merged entity that is not yet profitable. It tells you the company is losing money on a trailing twelve-month basis.
• Price-to-Book (P/B) Ratio: The P/B ratio is also negative at -3.37. This is a huge red flag because it indicates a negative Book Value per Share of ($0.89), meaning the company's liabilities exceed its assets. Investors are paying $3.00 per share for a company with negative shareholder equity.
• Enterprise Value-to-EBITDA (EV/EBITDA): This metric is not meaningful or available (NA) for Globalink Investment Inc. (GLLI). This is expected since the company was a shell corporation before the merger and has no significant trailing earnings before interest, taxes, depreciation, and amortization (EBITDA) to anchor the ratio.

Stock Performance and Analyst Sentiment

The stock's recent price action has been brutal. Over the last 12 months, the stock price has plummeted by 73.73%. Honestly, that kind of drop wipes out most retail investors, and it reflects the high risk and uncertainty surrounding the SPAC process and the new merger. The 52-week trading range has been wide, from a low of $2.75 to a high of $15.00.

Here's the quick math on dividends: there is no yield. The annual dividend is $0.00, resulting in a 0.00% dividend yield. This is a growth-or-bust play, not an income stock.

Furthermore, you won't find a safety net in Wall Street's opinions. There is currently no analyst consensus rating (Buy, Hold, or Sell) available for Globalink Investment Inc. (GLLI). You're on your own here, so your own due diligence is crucial.

The negative P/B and P/E ratios strongly suggest that, based on book value and trailing earnings, Globalink Investment Inc. (GLLI) is technically overvalued because it has no intrinsic value in those terms. However, the market is pricing in the potential of the newly merged entity's future growth in the medical technology and green energy sectors. The stock is a pure bet on the success of the new business combination. You need to look beyond the balance sheet to the new business plan. For a deeper dive into the company's fundamentals, check out the full post: Breaking Down Globalink Investment Inc. (GLLI) Financial Health: Key Insights for Investors.

Next Step: Finance: Model the new entity's projected revenue and EBITDA for the next three years to create a Discounted Cash Flow (DCF) valuation by the end of the month.

Risk Factors

You're looking at Globalink Investment Inc. (GLLI), and the risks that defined its financial health throughout the 2025 fiscal year were intense, largely stemming from its status as a Special Purpose Acquisition Company (SPAC) struggling to close a deal. The biggest threat was the constant clock ticking on its mandate, which was defintely a core risk.

The company's operational and financial risks, particularly in the first half of 2025, were critical. As of June 30, 2025, Globalink Investment Inc. had a stockholders' deficit of nearly $(11.7 million), painting a clear picture of its financial fragility outside the trust account. For the six months ended June 30, 2025, the company reported a net loss of $(1,632,451), driven by high interest expenses.

Execution and Liquidity Risks

The primary internal risk was the failure to complete its business combination with ALPS Global Holding Berhad. Globalink Investment Inc. extended its merger deadline a staggering 27 times since its 2021 IPO, pushing the target date to October 9, 2025, and then to November 9, 2025. Each extension cost money, but the alternative was liquidation, which would return funds to shareholders but dissolve the company.

The liquidity crunch was severe. As of June 30, 2025, the company had only $22,170 in cash outside of its Trust Account to manage its operations. Here's the quick math on their Q2 2025 expenses: General & administrative expenses were $333,827, plus interest expense of $451,629 for the quarter, so operating capital was burning fast.

• Financial Fragility: Stockholders' deficit of $(11.7 million) as of June 30, 2025.
• Operational Burn: Six-month net loss of $(1,632,451) through June 2025.
• Execution Failure: Risk of mandatory liquidation if the merger deadline was not met.

External and Regulatory Challenges

The external risks were just as daunting. The broader market was showing significant SPAC fatigue, meaning repeated extensions were seen as red flags, not strategic moves. More concretely, Globalink Investment Inc. was delisted from Nasdaq in May 2025, and its shares now trade on the OTC Pink market. This move drastically reduces the stock's liquidity and makes the company a less attractive partner for investors or future targets. Also, management noted a material weakness in internal controls concerning timely tax return filings, which is a key regulatory compliance issue.

Mitigation and New Structure

To mitigate the immediate liquidation risk, management repeatedly funded the deadline extensions, such as depositing $10,890.15 to secure one additional month. They also issued approximately $4.2 million in promissory notes to secure working capital and extension fees. Crucially, the merger agreement with ALPS Global Holding Berhad was amended to remove closing conditions, including the Nasdaq listing requirement, which was a pragmatic move given the delisting.

The good news is the primary risk is resolved: the reverse merger with ALPS Global Holding Berhad closed on October 28, 2025. This means the company is no longer a blank-check company facing a liquidation deadline, but an operating entity. The new risk now shifts to the operational and financial performance of the combined entity, which is focused on the medical technology and green energy sectors. You can read more about the strategic direction in the Mission Statement, Vision, & Core Values of Globalink Investment Inc. (GLLI).

Growth Opportunities

You're looking at Globalink Investment Inc. (GLLI) right now, but you need to understand one thing clearly: the growth story isn't about the old shell company; it's entirely about the recent business combination. As of October 28, 2025, Globalink Investment Inc. completed its reverse merger with ALPS Global Holding Berhad, which operates in the life sciences sector. This move fundamentally transforms the entity from a Special Purpose Acquisition Company (SPAC) with no significant operations into a player in the medical technology and green energy space.

The future revenue growth, therefore, hinges on the operational success of the acquired Alps Life Sciences Inc.. Since the merger is so recent, consensus analyst forecasts for the combined entity's 2025 fiscal year revenue and earnings are not reliably available, which is defintely a risk for investors. The previous Globalink Investment Inc. had an immaterial revenue base, and its trailing twelve months (TTM) Earnings Per Share (EPS) as of late 2025 stood at -$0.43. The market capitalization before the final closing was around $52.76 million.

Here's the quick math on the shift: you move from a company focused on cash preservation to one focused on product commercialization. The strategic initiatives are all tied to the new operating business.

• Product Innovations: Drive growth from the Alps Life Sciences' intellectual property in medical technology.
• Market Expansions: Target North America, Europe, and Southeast Asia, which were the stated focus regions for the SPAC acquisition.
• Acquisitions: Use the public listing to fund further bolt-on acquisitions in the medical tech and green energy verticals.

The competitive advantage for the new entity is now its entry point into high-growth sectors, specifically medical technology and green energy. The SPAC structure allowed the private operating company to access public markets quickly, giving it a capital advantage over slower-moving private competitors. This is a critical factor for a newly public company. You can read more about the financial health of the pre-merger entity here: Breaking Down Globalink Investment Inc. (GLLI) Financial Health: Key Insights for Investors.

What this estimate hides is the execution risk inherent in any SPAC transaction; the new management team must deliver on the promise of the target company's business plan. For the 2025 fiscal year, the key financial metrics for the pre-merger Globalink Investment Inc. show the blank-check nature of the company:

The clear action for you now is to track the first few quarterly reports of the combined entity, ALPS Global Holding Berhad, to see if the new revenue streams and operating expenses align with the growth narrative in the medical technology space.