The entity exhibits a persistent negative free cash flow trajectory, evidenced by a $334,700 outflow in 2026Q1 and an OCF/NI ratio of -0.22, indicating a disconnect between accounting profits and actual cash availability.
| Cash from Operations | -3.55M | -3.41M | -1.32M |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | -1094.2% | -158.35% | - |
| Net Income | 7.34M | 8.56M | 8.79M |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -10.8M | -11.97M | -9.58M |
| Working Capital Changes | -90.87K | 0 | -533.18K |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | 1M | 1M | -286.5M |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 310.26M | 307.62M | 296.12M |
| Other Investing | 1M | 1M | -286.5M |
| Cash from Financing | 500K | 0 | 290.23M |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 0 | 0 | 289M |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 500K | 0 | 1.55M |
| Net Change in Cash | -2.05M | -2.41M | 2.41M |
| Free Cash Flow | -3.55M | -3.41M | -1.32M |
| FCF Margin % | - | - | - |
| FCF Growth % | -134.85% | -158.35% | - |
| FCF per Share | -0.12 | -0.12 | -0.05 |
| FCF Conversion (FCF/Net Income) | -0.48x | -0.40x | -0.15x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Liquidation and Dilution Risk
As reported in financial statements, CCIX consistently records positive net income despite operating cash flow remaining negative, with the 2026Q1 OCF/NI ratio of -0.22 highlighting a fundamental disconnect between accounting profitability and the actual cash resources available to the entity for its acquisition search.
The persistent divergence between reported net income and operating cash flow suggests that non-operating items are artificially inflating the bottom line. Investors should monitor this trend, as it obscures the reality that the entity is consuming cash to fund administrative overhead rather than generating value from operations.
Based on the provided cash flow data, CCIX has maintained a negative free cash flow trajectory throughout the observed period, with the 2026Q1 cash outflow of $334.7K underscoring the entity's reliance on external funding to sustain its ongoing search for a viable business combination target.
The absence of positive free cash flow is expected for a pre-merger SPAC, yet the consistent burn rate warrants investigation into how long the current capital structure can support these expenses. The lack of any meaningful FCF margin suggests that the entity remains entirely dependent on future capital injections.
According to recent SEC filings, CCIX's working capital changes have been highly erratic, swinging from a $544.7K inflow in 2025Q2 to a $544.7K outflow in 2025Q4, which suggests significant instability in the timing of administrative payments and the management of short-term liabilities during the search phase.
These fluctuations in working capital appear to reflect the irregular nature of legal and professional fees associated with the SPAC's search process. Such volatility may indicate that the entity lacks a disciplined cash management framework, potentially complicating its ability to maintain liquidity as the liquidation deadline approaches.
As indicated by the reported figures, the nominal cash balance of $2,469 is insufficient to cover the quarterly burn rate, suggesting that the entity's financial statements may be masking a reliance on sponsor-provided capital that is not explicitly detailed in the core cash flow statement.
The reliance on non-operating income to report positive net income while cash balances remain near zero warrants further investigation into the sustainability of the current search model. Analysts should be wary that the reported cash flow statement may not fully capture the extent of the sponsor's financial support.
Quick answers to the most common questions about buying CCIX stock.
Churchill Capital Corp IX Ordinary Shares (CCIX) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Churchill Capital Corp IX Ordinary Shares (CCIX) reported negative free cash flow of $3.4M in 2025, indicating capital requirements exceeded cash from operations.
Churchill Capital Corp IX Ordinary Shares (CCIX) 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.