The capital structure is characterized by a precarious 0.37 current ratio, indicating that immediate working capital is insufficient to cover the $14.5M in total liabilities.
| Total Current Assets | 509.35K | 740.14K | 3.2K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 113.14K | 0 | 0 |
| Total Non-Current Assets | 285.88M | 283.41M | 263.68K |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 563.64M | 283.38M | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 286.39M | 284.15M | 266.88K |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 40468.28% | 106373.69% | - |
| Total Current Liabilities | 1.39M | 834.87K | 284.5K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 41.63K |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 1.39M | 834.87K | 0 |
| Current Ratio | 0.37x | 0.89x | 0.01x |
| Quick Ratio | 0.37x | 0.89x | 0.01x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 13.14M | 13.14M | 0 |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 14.53M | 13.97M | 284.5K |
| Total Debt | 0 | 0 | 41.63K |
| Net Debt | -396.21K | -624.16K | 41.63K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | -0.00x | - | 57813.89x |
| Net Debt / EBITDA | 0.31x | - | 57813.89x |
| Interest Coverage | - | - | - |
| Total Equity | 271.86M | 270.18M | -17.62K |
| Equity Growth % | 714225.4% | 1533471.06% | - |
| Book Value per Share | 9.85 | 14.85 | -3.52 |
| Total Shareholders' Equity | 271.86M | 270.18M | -17.62K |
| Common Stock | 285.87M | 283.38M | 575 |
| Retained Earnings | -14.01M | -13.2M | -42.62K |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Target acquisition failure risk
As reported in recent financial statements, CGCT's total assets expanded to $286.4M by 2026Q1, yet this growth is entirely driven by trust-related capital rather than operational expansion, signaling a trajectory that remains tethered to the successful execution of a business combination before the mandatory liquidation deadline.
The significant jump in assets from $705.9K in 2025Q1 to $286.4M in 2026Q1 reflects the completion of the IPO process and the subsequent funding of the trust account. Investors should note that this trajectory is binary; the balance sheet will either be transformed by a merger or liquidated, rendering current asset growth metrics largely irrelevant to long-term business quality.
Based on the 2026Q1 balance sheet, CGCT holds $286.4M in total assets, which are almost exclusively comprised of restricted trust funds, indicating an asset-light model that lacks any productive PPE or intangible assets until a target acquisition is finalized and integrated into the corporate structure.
The absence of operating assets confirms that the company is currently a pure financial vehicle rather than an industrial entity. The concentration of assets in cash and equivalents suggests that the firm's value is highly sensitive to interest rate fluctuations on the trust account, which may impact the net asset value available for potential redemptions.
According to the 2026Q1 data, the current ratio has deteriorated to 0.37, highlighting a precarious liquidity position where the company's immediate working capital is insufficient to cover its liabilities, necessitating careful monitoring of the sponsor's willingness to provide additional funding to sustain the ongoing search process.
The sharp decline in the current ratio from 2.28 in 2025Q2 to 0.37 in 2026Q1 suggests that the entity is consuming its available cash reserves at an accelerating pace. This liquidity profile implies that management may face increasing pressure to finalize a deal, as the current cash buffer appears inadequate for extended due diligence or prolonged regulatory delays.
As indicated by the 2026Q1 financial filings, CGCT reports $271.9M in equity, yet this figure is heavily influenced by the accumulation of a $14.0M deficit in retained earnings, suggesting that the equity base is being eroded by the ongoing administrative costs of maintaining the shell vehicle.
The negative trend in retained earnings underscores the persistent cash burn inherent in the SPAC search phase. Investors should be wary that the reported equity value may not reflect the potential dilutive impact of outstanding warrants, which could significantly alter the per-share value upon the eventual exercise or conversion during a business combination.
Quick answers to the most common questions about buying CGCT stock.
As of 2025, Cartesian Growth Corporation III (CGCT) had total assets of $284.2M including $0.7M in current assets.
Cartesian Growth Corporation III (CGCT) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cartesian Growth Corporation III (CGCT) has total shareholders' equity (book value) of $270.2M ($14.85 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cartesian Growth Corporation III (CGCT) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.