The balance sheet shows a deteriorating liquidity profile with a current ratio of 0.19 and a deep retained earnings deficit of $17.2M as of 2026Q1.
| Cash & Short Term Investments | 2.43M | 543.26K | 0 |
| Cash & Due from Banks | 370.08K | 543.26K | 0 |
| Short Term Investments | 0 | 0 | 0 |
| Total Investments | 292.62M | 0 | 0 |
| Investments Growth % | 3.99% | - | - |
| Long-Term Investments | 864.24M | 0 | 0 |
| Accounts Receivables | 0 | 0 | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 |
| Other Assets | 0 | 237.88M | 164.24K |
| Total Current Assets | 707.18K | 702.9K | 0 |
| Total Non-Current Assets | 292.62M | 237.88M | 164.24K |
| Total Assets | 293.32M | 238.58M | 164.24K |
| Asset Growth % | 238605.37% | 145162.81% | - |
| Return on Assets (ROA) | 1.82% | 3.46% | -0.08% |
| Accounts Payable | 3.76M | 3.04M | 6.69K |
| Total Debt | 0 | 0 | 172.92K |
| Net Debt | -370.08K | -543.26K | 172.92K |
| Long-Term Debt | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 172.92K |
| Other Liabilities | 10.95M | 10.95M | 0 |
| Total Current Liabilities | 3.76M | 3.11M | 216.14K |
| Total Non-Current Liabilities | 10.95M | 10.95M | 0 |
| Total Liabilities | 14.71M | 14.06M | 216.14K |
| Total Equity | -14.13M | 224.52M | -51.9K |
| Equity Growth % | 749581.27% | 432710.35% | - |
| Equity / Assets (Capital Ratio) | -4.82% | 94.11% | -31.6% |
| Return on Equity (ROE) | 2.73% | 3.68% | - |
| Book Value per Share | -0.60 | 11.46 | -0.01 |
| Tangible BV per Share | -0.60 | 11.46 | -0.01 |
| Common Stock | 292.62M | 237.86M | 767 |
| Additional Paid-in Capital | 0 | 0 | 24.23K |
| Retained Earnings | -17.24M | -13.34M | -76.9K |
| Accumulated OCI | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 |
Liquidation and capital exhaustion
According to recent financial filings, FERA's cash position has dwindled to $370.1K as of 2026Q1, while the current ratio has plummeted to 0.19, signaling an increasingly precarious ability to cover immediate administrative obligations without securing additional capital or finalizing a business combination in the near term.
The rapid compression of the current ratio from 9.95 in 2025Q1 to 0.19 in 2026Q1 underscores a significant erosion of the company's short-term financial buffer. This trend suggests that the entity is consuming its remaining resources at an unsustainable pace, which may force management to prioritize survival over strategic target selection.
As reported in the company's balance sheet data, total assets have fluctuated while retained earnings have deepened to a deficit of $17.2M by 2026Q1, reflecting a persistent trend of value destruction inherent to the shell company's ongoing search phase and lack of operational revenue generation.
The consistent accumulation of negative retained earnings indicates that the costs of maintaining the public shell status are not being offset by any value-accretive activities. Investors should monitor whether this trajectory forces a premature liquidation or necessitates dilutive financing to sustain the search for a target.
Based on the provided financial statements, FERA's equity base has experienced significant volatility, dropping from a peak of $275.4M in 2026Q1, which highlights the sensitivity of the company's net asset value to the ongoing administrative burn and the absence of any operational income streams.
The erratic movement in equity suggests that the company's capital structure is highly susceptible to non-operating adjustments and the ongoing depletion of cash. This instability may complicate future negotiations with potential merger targets, as the underlying equity value provides little cushion against further operational losses.
Analysis of the balance sheet reveals that the reported total assets of $293.3M in 2026Q1 are likely dominated by restricted trust funds rather than liquid working capital, a distinction that masks the company's actual inability to fund day-to-day operations without external support or sponsor intervention.
The discrepancy between total assets and available cash suggests that the headline asset figure is largely inaccessible for the company's immediate search and due diligence expenses. This structural limitation implies that the company's operational flexibility is far more constrained than the total asset figure might initially suggest to an outside observer.
Quick answers to the most common questions about buying FERA stock.
As of 2025, Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) had total assets of $238.6M including $0.7M in current assets.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) has total shareholders' equity (book value) of $224.5M ($11.46 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) reported a current ratio of 0.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.