Persistent cash burn is evident, as the company has recorded negative free cash flow for ten consecutive quarters, including a $192,400 outflow in 2026Q1.
| Cash from Operations | -1.2M | -1.31M | -658.57K | -863.18K |
| Operating CF Margin % | - | - | - | - |
| Operating CF Growth % | -202.32% | -98.33% | 23.7% | - |
| Net Income | -910.87K | -1.1M | 4.25M | 3.3M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -934.28K | -454.06K | -5.54M | -3.94M |
| Working Capital Changes | 643.67K | 246.15K | 638.83K | -219.68K |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 167.42K | 55.3K | 5.14K | -97.8K |
| Cash from Investing | 118.08M | 3.79M | 114.36M | -116.72M |
| Capital Expenditures | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - |
| Acquisitions | 0 | - | - | - |
| Investments | 8.96M | 8.81M | 11.85M | 120.66M |
| Other Investing | -66.38K | 0 | 0 | 0 |
| Cash from Financing | -116.68M | -2.61M | -113.83M | 117.9M |
| Debt Issued (Net) | 0 | - | - | - |
| Equity Issued (Net) | -118.15M | -3.79M | -114.36M | 118.66M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | -118.15M | -3.79M | -114.36M | 0 |
| Other Financing | 290K | 0 | 0 | -380.58K |
| Net Change in Cash | 201.64K | -126.15K | -128.57K | 309.74K |
| Free Cash Flow | -1.2M | -1.31M | -658.57K | -863.18K |
| FCF Margin % | -99.97% | - | - | - |
| FCF Growth % | -95.59% | -98.33% | 23.7% | - |
| FCF per Share | -1.63 | -1.36 | -0.07 | -0.08 |
| FCF Conversion (FCF/Net Income) | 1.32x | 1.19x | -0.16x | -0.26x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Imminent Liquidation or Dilution
As reported in financial statements, ALCY exhibits a persistent divergence between net income and operating cash flow, with the company recording positive net income in several periods despite consistently negative operating cash flows, suggesting that reported earnings are driven by non-cash accounting adjustments rather than operational performance.
The consistent negative operating cash flow, despite occasional positive net income, indicates that the company's earnings are largely decoupled from actual cash generation. Investors should interpret this as a sign that the income statement provides little utility for assessing the underlying viability of the shell entity.
Based on the provided cash flow data, ALCY has maintained a negative free cash flow trajectory for ten consecutive quarters, with the most recent 2026Q1 period showing a cash outflow of $192.4K, highlighting the ongoing depletion of capital required to sustain the company's public listing status.
The lack of any positive free cash flow trend suggests that the company is entirely reliant on its initial trust capital or sponsor support to cover administrative overhead. This trajectory appears unsustainable without a near-term business combination, as the cash reserves are clearly being eroded by fixed operating costs.
According to recent SEC filings, ALCY's capital deployment has been characterized by significant share repurchases, including a $114.4 million outflow in 2024Q4, which stands in stark contrast to the company's limited operating cash and lack of revenue-generating activities, warranting further investigation into the source of these funds.
The substantial share repurchases appear to be an outlier that may have significantly impacted the company's liquidity position. Such capital deployment in a pre-revenue shell entity suggests a potential misalignment between cash management and the primary objective of securing a viable business combination.
As evidenced by the historical data, the cumulative gap between reported net income and operating cash flow remains wide, with the company reporting millions in net income over the last ten quarters while simultaneously burning cash in every single period, indicating a total lack of cash-based profitability.
This divergence is a critical signal that the reported net income is not representative of the company's economic reality. Analysts should view the cumulative earnings figures as accounting artifacts that obscure the fundamental cash-burning nature of the SPAC structure prior to a successful merger.
Quick answers to the most common questions about buying ALCY stock.
Alchemy Investments Acquisition Corp 1 (ALCY) generated $-1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Alchemy Investments Acquisition Corp 1 (ALCY) reported negative free cash flow of $1.3M in 2025, indicating capital requirements exceeded cash from operations.
Alchemy Investments Acquisition Corp 1 (ALCY) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Alchemy Investments Acquisition Corp 1 (ALCY) spent $3.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.