Cash flow remains volatile and disconnected from reported earnings, evidenced by a 2026Q1 OCF/NI ratio of 0.72 and significant historical capital outflows like the $17.4M in 2025Q4 buybacks.
| Cash from Operations | 3.29M | 1.32M | 1 | -1.18M | 0 | 0 |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | 0% | 99999900% | 100% | - | - | - |
| Net Income | 9.21M | 10.47M | 8.36M | 1.31M | -1.23K | -11.19K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.13M | -8.37M | -15.79M | -2.46M | 1.23K | 11.19K |
| Working Capital Changes | -2.78M | -785.26K | 7.42M | -30.33K | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.69M | 0 | 844.68K | 11.49K | 0 | 0 |
| Cash from Investing | 14.09M | 16.06M | 0 | -345M | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 371.31M | 365.97M | 366.06M | 347.46M | 0 | 0 |
| Other Investing | 14.09M | 16.06M | 0 | -345M | 0 | 0 |
| Cash from Financing | -17.38M | -17.38M | -284.78K | 346.45M | 20K | 0 |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | -17.38M | -17.38M | 0 | 345M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -17.38M | -17.38M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -284.78K | 1.75M | 20K | 0 |
| Net Change in Cash | 0 | 0 | -284.78K | 264.78K | 20K | 0 |
| Free Cash Flow | 3.29M | 1.32M | 1 | -1.18M | 0 | 0 |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 1600.38% | 99999900% | 100% | - | - | - |
| FCF per Share | 0.10 | 0.04 | 0.00 | -0.03 | - | - |
| FCF Conversion (FCF/Net Income) | 0.36x | 0.13x | 0.00x | -0.91x | - | - |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation deadline execution risk
As reported in financial statements, ANSC's operating cash flow frequently diverges from net income, with the 2026Q1 OCF/NI ratio of 0.72 highlighting that reported profits are largely non-cash in nature rather than reflective of actual cash generation from the entity's underlying trust-based activities.
The persistent gap between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-operating accounting adjustments, such as fair value changes in financial instruments. Investors should monitor this discrepancy, as it indicates that the entity lacks a sustainable cash-generating engine prior to a business combination.
Based on ANSC's reported figures, free cash flow remains highly volatile and intermittent, with the company recording $2.0M in 2026Q1 following several quarters of zero or negative cash flow, underscoring the lack of a predictable operational trajectory for this pre-combination shell vehicle.
The erratic nature of FCF reflects the absence of core business operations and a reliance on interest income from the trust account. This volatility suggests that the entity's cash position is highly sensitive to external interest rate environments rather than internal operational efficiency.
According to recent SEC filings, ANSC's working capital movements, such as the $5.7M outflow in 2025Q4, appear to be the primary driver of cash fluctuations, suggesting that administrative and transactional timing issues are significantly impacting the company's liquidity profile more than any operational activity.
These swings in working capital are typical for a SPAC but warrant further investigation as they may obscure the underlying cash burn rate required to maintain the entity's listing. The lack of consistent working capital management suggests that cash outflows are driven by external deal-related costs rather than internal efficiency.
As indicated by the $17.4M in share buybacks during 2025Q4, ANSC's capital deployment appears focused on managing shareholder liquidity rather than investing in growth, which may indicate a strategic effort to reduce the float as the entity approaches its mandatory liquidation deadline.
This deployment pattern suggests that management is prioritizing the return of capital or the reduction of redemption risk over the preservation of cash for a future acquisition. Such actions may indicate that the sponsor is struggling to find a viable target, forcing a defensive posture regarding the trust's remaining capital.
Quick answers to the most common questions about buying ANSC stock.
Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares (ANSC) generated $1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares (ANSC) generated $1.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares (ANSC) 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, Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares (ANSC) spent $17.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.