Total assets have contracted significantly from $73.5 million in 2025Q2 to $24.8 million in 2026Q1, while the debt-to-equity ratio has risen to 0.10, reflecting increasing financial strain.
| Total Current Assets | 181.35K | 50.79K | 314.07K | 156K |
| Cash & Short-Term Investments | - | - | - | - |
| Cash Only | - | - | - | - |
| Short-Term Investments | - | - | - | - |
| Accounts Receivable | - | - | - | - |
| Days Sales Outstanding | - | - | - | - |
| Inventory | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 24.64M | 23.83M | 71.83M | 107K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Long-Term Investments | 145.13M | 23.83M | 71.83M | 0 |
| Other Non-Current Assets | - | - | - | - |
| Total Assets | 24.82M | 23.88M | 72.14M | 263K |
| Asset Turnover | 0.00x | - | - | - |
| Asset Growth % | -195.8% | -66.9% | 27330.93% | - |
| Total Current Liabilities | 2.29M | 1.48M | 70.98K | 256.85K |
| Accounts Payable | 232.77K | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - |
| Short-Term Debt | 2.02M | 595.37K | 0 | 250K |
| Deferred Revenue (Current) | 0 | - | - | - |
| Other Current Liabilities | 32.91K | 886.86K | 0 | 0 |
| Current Ratio | 0.08x | 0.03x | 4.42x | 0.61x |
| Quick Ratio | 0.08x | 0.03x | 4.42x | 0.61x |
| Cash Conversion Cycle | - | - | - | - |
| Total Non-Current Liabilities | 2.42M | 2.42M | 2.42M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - |
| Other Non-Current Liabilities | - | - | - | - |
| Total Liabilities | 4.7M | 3.9M | 2.49M | 256.85K |
| Total Debt | 2.02M | 595.37K | 0 | 250K |
| Net Debt | 1.84M | 555.85K | -264.84K | 124.9K |
| Debt / Equity | 0.10x | 0.03x | - | 40.67x |
| Debt / EBITDA | -5.53x | - | - | 999999.00x |
| Net Debt / EBITDA | -5.04x | - | - | 999999.00x |
| Interest Coverage | -10.47x | -59.24x | - | - |
| Total Equity | 20.12M | 19.98M | 69.66M | 6.15K |
| Equity Growth % | -209.57% | -71.32% | 1133092.73% | - |
| Book Value per Share | 9.47 | 3.99 | 7.80 | 0.00 |
| Total Shareholders' Equity | 20.12M | 19.98M | 69.66M | 6.15K |
| Common Stock | 24.64M | 23.83M | 71.83M | 172 |
| Retained Earnings | -4.52M | -3.85M | -2.17M | -18.85K |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
Liquidation and liquidity shortfall
As reported in financial statements, BKHA's total assets have declined from a peak of $73.5 million in 2025Q2 to $24.8 million by 2026Q1, reflecting a significant contraction that suggests the company is struggling to maintain the capital base necessary to execute a viable merger transaction.
The sharp reduction in total assets over the last three quarters indicates that the entity is likely experiencing significant capital outflows, potentially due to redemptions or the exhaustion of funds to cover ongoing administrative expenses. This downward trajectory suggests that the company's ability to attract a high-quality target is diminishing as its available resources shrink.
Based on the company's reported figures, the debt-to-equity ratio has climbed to 0.10 in 2026Q1 from a near-zero base in 2025Q2, indicating that BKHA is increasingly relying on debt financing to sustain its operations as its internal cash reserves continue to dwindle toward critical levels.
The emergence of $2.0 million in total debt suggests that management is forced to seek external funding to maintain the shell's listing status. Investors should monitor whether this debt is convertible or carries restrictive covenants that could further complicate a future de-SPAC transaction.
According to recent SEC filings, BKHA's current ratio has plummeted to a precarious 0.08 as of 2026Q1, highlighting a severe liquidity mismatch where current liabilities vastly outweigh the company's reported cash balance of $178.4K, leaving little buffer for operational or legal contingencies.
The inability to maintain a current ratio above 1.0 suggests that the company is effectively insolvent on a short-term basis without further capital injections. This liquidity profile appears to be a major red flag, as it limits the company's capacity to fund the due diligence required to close a deal.
As indicated by the company's balance sheet, retained earnings have deteriorated to a deficit of $4.5 million in 2026Q1, reflecting the persistent erosion of shareholder equity through ongoing administrative costs and the lack of any revenue-generating activities to offset these recurring operational expenditures.
The consistent accumulation of negative retained earnings suggests that the company's equity base is being consumed by the costs of maintaining its public shell status. This trend warrants investigation into whether the current equity structure will remain attractive to potential merger partners or if further dilution is inevitable.
Based on the provided financial data, the absence of any tangible assets like PPE or goodwill underscores that BKHA's entire valuation is tied to its cash-in-trust, which appears to be rapidly depleting, leaving shareholders exposed to the risk of a total loss upon potential liquidation.
The lack of any productive assets means that the company's value is entirely speculative and dependent on the success of a future transaction. The rapid decline in cash reserves suggests that the 'shell premium' is likely being mispriced by the market, as the company's operational runway appears increasingly limited.
Quick answers to the most common questions about buying BKHA stock.
As of 2025, Black Hawk Acquisition Corporation (BKHA) had total assets of $23.9M including $0.1M in current assets.
Black Hawk Acquisition Corporation (BKHA) carries total debt of $0.6M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Black Hawk Acquisition Corporation (BKHA) has total shareholders' equity (book value) of $20.0M ($3.99 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Black Hawk Acquisition Corporation (BKHA) reported a current ratio of 0.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.