Operating cash flow remains negative at -$208.7K for 2026Q1, highlighting a persistent cash burn that is decoupled from the reported $1.7M net income.
| Cash from Operations | -693.73K | -739.05K | 0 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 17.84% | - | - |
| Net Income | 8.53M | 7.99M | -79 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 4 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -9.53M | -8.64M | 52 |
| Working Capital Changes | 99.86K | -83.02K | 23 |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | 0 | -231.15M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 242M | 239.86M | 0 |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | -91.6K | 233.25M | 0 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | -358.75K | 233.52M | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 267.14K | -15.36K | 0 |
| Net Change in Cash | -785.33K | 1.36M | 0 |
| Free Cash Flow | -693.73K | -739.05K | 0 |
| FCF Margin % | - | - | - |
| FCF Growth % | -173.11% | - | - |
| FCF per Share | -0.03 | -0.04 | - |
| FCF Conversion (FCF/Net Income) | -0.08x | -0.09x | - |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Imminent liquidation and dilution
As reported in recent financial statements, ATII exhibits a complete disconnect between net income and operating cash flow, with the company reporting a $1.7M net profit in 2026Q1 while simultaneously suffering a $208.7K cash outflow from core operating activities during the same period.
The persistent negative OCF/NI ratio suggests that the reported net income is driven by non-cash accounting adjustments rather than operational success. Investors should monitor this divergence as it indicates that the entity is consuming its limited cash reserves to maintain its public listing status.
Based on the company's reported figures, ATII has maintained a consistent negative free cash flow trajectory, with quarterly outflows reaching $344.6K in 2025Q3, highlighting the ongoing cash burn required to sustain the shell entity in the absence of any revenue-generating business combination.
The lack of positive FCF margins underscores the structural inability of the current vehicle to self-fund its operations. This trend appears to be accelerating as the liquidation deadline approaches, necessitating a closer look at the sustainability of the remaining cash balance.
According to quarterly filings, ATII's working capital movements have been erratic, shifting from a $224.2K inflow in 2026Q1 to a $203.2K outflow in 2025Q3, which suggests that management is struggling to manage administrative liabilities effectively as the entity nears its potential liquidation date.
These fluctuations in working capital appear to reflect the timing of professional service payments and compliance costs rather than operational efficiency. The volatility may indicate that the company is managing its cash outflows reactively to preserve liquidity for as long as possible.
Data from recent SEC filings indicates that the cash flow statement masks the severity of the company's position, as the $1.36M cash balance is insufficient to cover the ongoing administrative burn rate, potentially forcing the entity into a highly dilutive financing scenario to survive.
The absence of meaningful capital expenditure or investment activity confirms that the entity is purely a vehicle for administrative survival. This warrants further investigation into whether the sponsors will provide additional capital or if the entity will be forced to liquidate prematurely.
Quick answers to the most common questions about buying ATII stock.
Archimedes Tech SPAC Partners II Co. Ordinary Shares (ATII) generated $-0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Archimedes Tech SPAC Partners II Co. Ordinary Shares (ATII) reported negative free cash flow of $0.7M in 2025, indicating capital requirements exceeded cash from operations.
Archimedes Tech SPAC Partners II Co. Ordinary Shares (ATII) 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.