The liquidity buffer has narrowed significantly, with the current ratio plummeting from 14.97 in 2024Q3 to 1.21 by 2026Q1, reflecting a vulnerable capital structure.
| Total Current Assets | 155.05K | 301.17K | 979.8K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 0 |
| Total Non-Current Assets | 248.34M | 246.16M | 236.43M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 733.38M | 0 | 236.34M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 248.49M | 246.46M | 237.41M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 15.91% | 3.81% | - |
| Total Current Liabilities | 127.78K | 59.09K | 80K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 127.78K | 0 | 80K |
| Current Ratio | 1.21x | 5.10x | 12.25x |
| Quick Ratio | 1.21x | 5.10x | 12.25x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 10.07M | 10.05M | 9.93M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 10.2M | 10.11M | 10.01M |
| Total Debt | 0 | 0 | 0 |
| Net Debt | -117.67K | -230.54K | -891.02K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | 0.00x | - | - |
| Net Debt / EBITDA | -0.07x | - | -0.15x |
| Interest Coverage | - | - | - |
| Total Equity | 238.29M | 236.35M | 227.4M |
| Equity Growth % | 16.44% | 3.94% | - |
| Book Value per Share | 10.36 | 10.28 | 9.89 |
| Total Shareholders' Equity | 238.29M | 236.35M | 227.4M |
| Common Stock | 248.34M | 246.16M | 236.34M |
| Retained Earnings | -10.05M | -9.81M | -8.93M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidity and deal execution
As reported in financial statements, CUBWU's cash position has steadily declined from $1.2 million in 2024Q2 to just $117.7 thousand by 2026Q1, signaling a persistent erosion of working capital as the entity struggles to convert its trust-heavy asset base into a finalized business combination.
The trajectory of the balance sheet reflects a classic SPAC lifecycle where administrative burn consistently outpaces the interest income generated by the trust account. This trend suggests that the company is becoming increasingly reliant on external sponsor support to maintain its public listing status as the search for a target continues to drag on.
Based on the company's 2026Q1 filings, total assets of $248.5 million are almost entirely comprised of restricted trust funds, leaving the firm with virtually no operational assets or tangible infrastructure to support its stated goal of identifying and acquiring a viable business entity.
The asset mix highlights the binary nature of the business model, where the value is locked in a trust account rather than deployed in productive, revenue-generating activities. Investors should monitor the potential for asset impairment or dilution if the company is forced to tap into these restricted funds to cover mounting operational liabilities.
According to recent SEC filings, CUBWU's current ratio has plummeted from a peak of 14.97 in 2024Q3 to a precarious 1.21 in 2026Q1, indicating a rapidly narrowing liquidity buffer that leaves the company highly susceptible to unexpected regulatory or legal expenses.
The sharp contraction in the current ratio suggests that the company's ability to meet short-term obligations is becoming increasingly strained. This lack of liquidity may force management to prioritize immediate cash preservation over strategic due diligence, potentially compromising the quality of any future acquisition target.
While the balance sheet shows $238.3 million in equity as of 2026Q1, this figure is potentially misleading as it masks the underlying dependency on sponsor-provided bridge financing to cover the recurring administrative costs that the company's own cash reserves can no longer sustain.
The reliance on sponsor support creates a non-obvious risk where the interests of the sponsor may diverge from those of public shareholders, particularly if the sponsor seeks to recoup costs through a sub-optimal merger. Analysts should investigate the terms of any undisclosed promissory notes or sponsor loans that could dilute equity holders upon a successful transaction.
Quick answers to the most common questions about buying CUBWU stock.
As of 2025, Lionheart Holdings Unit (CUBWU) had total assets of $246.5M including $0.3M in current assets.
Lionheart Holdings Unit (CUBWU) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lionheart Holdings Unit (CUBWU) has total shareholders' equity (book value) of $236.4M ($10.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lionheart Holdings Unit (CUBWU) reported a current ratio of 5.10x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.