Persistent negative free cash flow remains a primary concern, with the firm recording a $396.1K outflow in 2026Q1, highlighting a significant divergence between accounting earnings and actual cash-based operational sustainability.
| Cash from Operations | -917.14K | -819.73K | 0 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 0% | - | - |
| Net Income | 3.68M | 4.36M | -189 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -4.33M | -5M | 380 |
| Working Capital Changes | -270.03K | -179.48K | -189 |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | -253M | -252.6M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 259.92M | 0 | 0 |
| Other Investing | 0 | -252.6M | 0 |
| Cash from Financing | 255.27M | 255.27M | 0 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 255.41M | 255.8M | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 0 | -390.59K | 0 |
| Net Change in Cash | 1.36M | 1.85M | 0 |
| Free Cash Flow | -917.14K | -819.73K | 0 |
| FCF Margin % | - | - | - |
| FCF Growth % | - | - | - |
| FCF per Share | -0.04 | -0.02 | - |
| FCF Conversion (FCF/Net Income) | -0.22x | -0.19x | - |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Failure to identify target
As reported in recent financial statements, CCII recorded net income of $1.9M in 2026Q1 while simultaneously reporting an operating cash outflow of $396.1K, highlighting a significant divergence between accounting profitability and the actual cash resources available to fund ongoing administrative and deal-sourcing activities.
The reported net income appears to be driven by non-operating fair value adjustments rather than operational cash generation. This disconnect suggests that the company's accounting performance is decoupled from its underlying cash position, which remains in a state of consistent depletion.
Based on CCII's reported figures, the company continues to experience negative free cash flow, with outflows of $396.1K in 2026Q1 and $521.0K in 2025Q3, reflecting the structural reality of a shell entity that consumes capital to maintain its public listing and search for a merger target.
The negative trajectory of free cash flow is expected for a SPAC, yet it underscores the urgency of the sponsor's mandate to secure a transaction. Investors should monitor whether these outflows accelerate as the liquidation deadline approaches, which may indicate increased due diligence spending.
According to recent SEC filings, CCII's working capital dynamics are dominated by the steady consumption of cash to cover professional fees, with a $270.0K working capital change noted in 2025Q3 that highlights the impact of administrative obligations on the company's limited liquid asset base.
The absence of revenue means that working capital movements are essentially a proxy for the company's burn rate. The management of these outflows is critical, as any unnecessary escalation in administrative spending directly reduces the capital available for potential future business combinations.
As indicated by the provided data, the company's cash flow statement obscures the fact that net income is largely a non-cash accounting artifact, leaving the actual cash-based operational viability entirely dependent on the interest-bearing trust account and the sponsor's ability to manage fixed administrative costs.
The reliance on non-cash adjustments to inflate net income may mislead observers regarding the company's true financial health. Analysts should focus exclusively on the cash flow statement to understand the actual depletion of resources, as the income statement provides little insight into the company's operational sustainability.
Quick answers to the most common questions about buying CCII stock.
Cohen Circle Acquisition Corp. II (CCII) generated $-0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cohen Circle Acquisition Corp. II (CCII) reported negative free cash flow of $0.8M in 2025, indicating capital requirements exceeded cash from operations.
Cohen Circle Acquisition Corp. II (CCII) 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.