The capital structure has collapsed from a positive $9.0 million equity position in 2021Q4 to a $13.8 million deficit by 2026Q1, reflecting significant erosion of the net asset base.
| Total Current Assets | 54.53K | 160.88K | 798.85K | 5.32M | 1.84M | 42.54K |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 25.7K | -308.11M | 0 | 926.17K | 793 | 3.65K |
| Total Non-Current Assets | 310.9M | 308.17M | 295.86M | 6.05M | 5.61M | 3.31M |
| Property, Plant & Equipment | 0 | 0 | 0 | 4.13M | 117.47K | 107.74K |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 712.25K | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 310.95M | 308.34M | 296.66M | 11.37M | 7.45M | 3.36M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 6109.07% | 3.94% | 2508.43% | 52.6% | 122.05% | - |
| Total Current Liabilities | 155.87K | 60.48K | 125K | 2.36M | 6.42M | 32.32K |
| Accounts Payable | 0 | 0 | 110K | 2.26M | 516.71K | 23.84K |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 98.17K | 5.56M | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 155.87K | 60.48K | 10K | 2.26T | 346.31K | 8.48K |
| Current Ratio | 0.35x | 2.66x | 6.39x | 2.25x | 0.29x | 1.32x |
| Quick Ratio | 0.35x | 2.66x | 6.39x | 2.25x | 0.29x | 1.32x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 13.69M | 13.69M | 13.69M | 2.36M | 0 | 759.09K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 759.09K |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 13.84M | 13.75M | 13.81M | 2.36M | 6.42M | 791.41K |
| Total Debt | 0 | 0 | 0 | 98.17K | 5.56M | 759.09K |
| Net Debt | -28.83K | -100.98K | -665.43K | -4.29M | 5.55M | 720.2K |
| Debt / Equity | -0.00x | - | - | 0.01x | 5.39x | 0.30x |
| Debt / EBITDA | -0.00x | - | - | 0.00x | - | - |
| Net Debt / EBITDA | 0.50x | - | - | -0.00x | - | - |
| Interest Coverage | - | - | - | -0.00x | -31.92x | 8.87x |
| Total Equity | -13.79M | -13.59M | 282.84M | 9.01M | 1.03M | 2.56M |
| Equity Growth % | -380.17% | -104.8% | 3039.14% | 774.01% | -59.81% | - |
| Book Value per Share | -0.48 | -0.47 | 12.03 | 0.76 | 0.09 | 0.22 |
| Total Shareholders' Equity | -13.79M | -13.59M | 282.84M | 9.01M | 1.03M | 2.56M |
| Common Stock | 310.9M | 308.17M | 295.81M | 0 | 444 | 315 |
| Retained Earnings | -13.79M | -13.59M | -12.96M | -26.96M | -3.49M | 64.55K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | -46.08K | -22.17K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidation and insolvency
As reported in financial statements, Centurion Acquisition Corp.'s equity position has shifted from a positive $9.0 million in 2021Q4 to a deficit of $13.8 million by 2026Q1, signaling a rapid erosion of the vehicle's net worth as administrative costs continue to outpace any potential interest income.
The consistent decline in equity suggests that the company is consuming its capital base to fund ongoing public listing expenses. Investors should monitor this trend as it indicates a weakening financial foundation that may limit the sponsor's flexibility in negotiating a viable business combination.
Based on the company's reported figures, the current ratio plummeted from 38.28 in 2024Q3 to a precarious 0.35 in 2026Q1, reflecting a severe depletion of liquid assets relative to the short-term liabilities required to maintain the entity's regulatory and operational compliance as a public shell.
This sharp contraction in liquidity suggests that the company may be nearing a point where it cannot meet its immediate obligations without external capital injections. The reliance on dwindling cash reserves warrants further investigation into whether the sponsor intends to provide additional funding to prevent a forced liquidation.
According to recent SEC filings, the transition of equity from a positive balance to a deficit of $13.8 million highlights the impact of persistent net losses on the company's capital structure, which may complicate future efforts to attract PIPE investors or finalize a merger agreement.
The negative equity position appears to be a direct consequence of accumulated losses that have not been offset by any operational revenue. This structural weakness may necessitate significant recapitalization or restructuring, which could lead to substantial dilution for existing shareholders if a deal is eventually reached.
As indicated by historical data, the dramatic drop in total assets from $308.3 million in 2025Q4 to $311.0 million in 2026Q1, while cash reserves simultaneously evaporated, suggests that the reported asset figures may mask significant volatility in the underlying trust account value and potential redemption pressures.
The discrepancy between total asset stability and the collapse of cash on hand implies that the company's purchasing power is far more fragile than the headline asset figure suggests. Analysts should be wary of the potential for further asset impairment or redemption-driven outflows that could render the vehicle incapable of closing a transaction.
Quick answers to the most common questions about buying ALF stock.
As of 2025, Centurion Acquisition Corp. (ALF) had total assets of $308.3M including $0.2M in current assets.
Centurion Acquisition Corp. (ALF) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Centurion Acquisition Corp. (ALF) has total shareholders' equity (book value) of $-13.6M ($-0.47 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Centurion Acquisition Corp. (ALF) reported a current ratio of 2.66x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.