The company's financial position has deteriorated significantly, with equity collapsing to a deficit of $48.0M in 2026Q1 and total debt rising to $9.0M.
| Total Current Assets | 36.36M | 39K | 282.49K | 463.79K | 3.13K | 1.01M |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 3.76M | -50.05M | 0 | 0 | 0 | 194.9K |
| Total Non-Current Assets | 52.68M | 258.24M | 249.76M | 237.64M | 206.95K | 404.36M |
| Property, Plant & Equipment | 13.26M | 13.45M | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 19.00x | 14.29x | - | - | - | - |
| Goodwill | 5.83M | 5.83M | 5.83M | 0 | 0 | 0 |
| Intangible Assets | 3.96M | 4.27M | 5.5M | 0 | 0 | 0 |
| Long-Term Investments | 767.94M | 258.24M | 0 | 237.5M | 317.58K | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 89.03M | 258.28M | 250.04M | 238.1M | 210.08K | 405.37M |
| Asset Turnover | 0.88x | 0.74x | 0.79x | - | - | - |
| Asset Growth % | -53.88% | 3.29% | 5.01% | 113238.24% | -99.95% | - |
| Total Current Liabilities | 28.23M | 5.56M | 792.39K | 177.16K | 185.83K | 902.88K |
| Accounts Payable | 8.24M | 6.83M | 0 | 0 | 36.65K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 6.86M | 6.84M | 400K | 0 | 146.94K | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 18.52M | -13.38M | 0 | 0 | 0 | 902.88K |
| Current Ratio | 1.29x | 0.01x | 0.36x | 2.62x | 0.02x | 1.12x |
| Quick Ratio | 1.29x | 0.01x | 0.36x | 2.62x | 0.02x | 1.12x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 108.76M | 17.73M | 8.65M | 8.65M | 20.89K | 15.01M |
| Long-Term Debt | 2.14M | 2.3M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 136.99M | 23.29M | 9.44M | 8.83M | 185.83K | 15.91M |
| Total Debt | 9M | 9.14M | 400K | 0 | 146.94K | 0 |
| Net Debt | 3.68M | -14.98M | 298.87K | -205.97K | 143.8K | -816.93K |
| Debt / Equity | -0.23x | 0.04x | 0.00x | - | 6.06x | - |
| Debt / EBITDA | 5.25x | - | - | - | 0.01x | - |
| Net Debt / EBITDA | 2.14x | - | - | - | 0.01x | -0.10x |
| Interest Coverage | 3.65x | - | - | - | - | 1.87x |
| Total Equity | -39.82M | 234.99M | 240.6M | 229.28M | 24.26K | 389.46M |
| Equity Growth % | -113.17% | -2.33% | 4.94% | 945139.2% | -99.99% | - |
| Book Value per Share | -1.11 | 6.41 | 8.14 | 7.76 | 0.00 | 8.17 |
| Total Shareholders' Equity | -47.95M | 234.99M | 240.6M | 229.28M | 24.26K | 389.46M |
| Common Stock | 3K | 258.24M | 249.76M | 237.5M | 750 | 384.46M |
| Retained Earnings | -46.03M | -23.25M | -9.16M | -8.22M | -744 | 3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -27K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 8.14M | 0 | 0 | 0 | 0 | 0 |
Liquidity and solvency deterioration
According to the latest quarterly filings, HYAC's equity position has collapsed from a positive $235.0M in 2025Q4 to a deficit of $48.0M by 2026Q1, signaling a severe deterioration in the company's net worth as operating losses continue to outpace capital reserves.
The rapid shift into negative equity suggests that the firm's business model is currently failing to generate sufficient returns to offset its accumulated deficit. Investors should monitor whether this trajectory indicates a structural inability to achieve profitability or if it reflects temporary accounting adjustments related to the post-SPAC transition.
As reported in the balance sheet data, cash reserves plummeted from $24.1M in 2025Q4 to just $5.3M in 2026Q1, leaving the company with a precarious liquidity buffer that may be insufficient to support ongoing operational requirements without immediate external financing.
The current ratio of 1.29 in 2026Q1 provides a thin margin of safety, but the rapid depletion of cash suggests that the company is burning through its remaining liquidity at an unsustainable rate. This trend warrants further investigation into the firm's ability to fund its high-touch practitioner network expansion.
Based on the reported figures, total debt increased to $9.0M in 2026Q1, a significant shift from the near-zero debt levels maintained throughout 2024 and early 2025, suggesting that the company is increasingly relying on debt financing to bridge its widening operational funding gap.
While the absolute debt level remains modest, the sudden reliance on credit in the face of negative equity and shrinking cash reserves is a concerning signal of financial stress. This shift may indicate that traditional equity-based funding channels have become more difficult to access for the firm.
Analysis of the balance sheet reveals that $5.8M in goodwill remains on the books as of 2026Q1, which appears increasingly disconnected from the company's negative equity position and suggests a potential risk of future impairment charges that could further erode the firm's financial standing.
The presence of intangible assets during a period of rapid equity erosion suggests that the carrying value of these assets may not be supported by current operational performance. Investors should be wary that these non-cash assets could become a source of volatility if management is forced to write them down.
Quick answers to the most common questions about buying HYAC stock.
As of 2025, Haymaker Acquisition Corp. III (HYAC) had total assets of $258.3M including $0.0M in current assets.
Haymaker Acquisition Corp. III (HYAC) carries total debt of $9.1M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Haymaker Acquisition Corp. III (HYAC) has total shareholders' equity (book value) of $235.0M ($6.41 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Haymaker Acquisition Corp. III (HYAC) reported a current ratio of 0.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.