Free cash flow remains consistently negative, with a $201.0K outflow in 2026Q1 highlighting the ongoing burn rate required to support the shell's existence.
| Cash from Operations | -449.28K | -451.32K | -473.89K | 0 | 0 | -1.48M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | 142.17% | 4.76% | - | - | 100% | - |
| Net Income | 816.74K | 1.34M | -226.38K | -2.65K | -102.73K | -2.1M |
| 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 | -1.27M | -1.8M | -356.96K | 0 | 0 | -197.36K |
| Working Capital Changes | 0 | 0 | 109.45K | 2.65K | 102.73K | 820.96K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 319.96K | 294.84K | 0 | 0 | 0 | 0 |
| Cash from Investing | 59.5M | 59.5M | -60M | 0 | 0 | -230M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 3.01M | 2.98M | 0 | 0 | 0 | 230 |
| Other Investing | 59.5M | 59.5M | 0 | 0 | 0 | -230M |
| Cash from Financing | -59.5M | -59.78M | 62.07M | 0 | 0 | 231.87M |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 62.85M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -59.5M | -59.78M | -927.79K | 0 | 0 | 231.87M |
| Net Change in Cash | -449.28K | -727.54K | 1.6M | 0 | 0 | 392.47K |
| Free Cash Flow | -449.28K | -451.32K | -473.89K | 0 | 0 | -1.48M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 33.63% | 4.76% | - | - | 100% | - |
| FCF per Share | -1.59 | -0.09 | - | - | - | -0.05 |
| FCF Conversion (FCF/Net Income) | -0.55x | -0.34x | 16.33x | - | - | 0.78x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation and regulatory deadline
As reported in financial statements, ASPC's operating cash flow consistently trails net income, with the 2025Q1 period showing a negative OCF/NI ratio of -0.49, illustrating that reported accounting gains are largely non-cash in nature and fail to translate into actual liquidity for the entity.
The persistent divergence between net income and operating cash flow suggests that the company's reported earnings are driven by accounting adjustments rather than cash-generative operations. Investors should interpret this as a signal that the entity lacks the underlying cash-flow quality required to sustain its administrative burn rate without external sponsor support.
Based on the company's historical financial data, free cash flow has remained negative across nearly all reported quarters, including a $201.0K outflow in 2026Q1, confirming that the shell entity is actively consuming its limited capital reserves to maintain its listing and regulatory compliance.
The trajectory of free cash flow confirms a steady erosion of working capital, which is typical for a SPAC in the pre-merger phase. This trend implies that the company's runway is finite and that the pressure to finalize a business combination is likely intensifying as cash reserves dwindle.
According to recent SEC filings, working capital changes have historically introduced significant noise into the cash flow statement, such as the $181.6K inflow observed in 2024Q4, which temporarily obscured the underlying cash burn required to support the company's ongoing administrative and legal obligations.
These fluctuations in working capital appear to be timing-related rather than indicative of operational efficiency. Analysts should monitor these movements closely, as they may mask the true rate at which the company is consuming its liquid assets to fund its search for a target.
As indicated by the cumulative financial data, the gap between reported net income and operating cash flow remains substantial, with the 2022Q2 period showing a massive $26.6M net income figure that failed to generate a corresponding cash inflow, highlighting the disconnect between accounting and reality.
This long-term divergence suggests that the company's reported profitability is not representative of its actual cash-generating capacity. Investors should view this as a warning that the entity's financial statements may not provide a reliable indicator of its ability to survive until a successful merger is achieved.
Quick answers to the most common questions about buying ASPC stock.
ASPAC III Acquisition Corp. (ASPC) generated $-0.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ASPAC III Acquisition Corp. (ASPC) reported negative free cash flow of $0.5M in 2025, indicating capital requirements exceeded cash from operations.
ASPAC III Acquisition Corp. (ASPC) 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.