Cash flow generation remains highly volatile, evidenced by an OCF/NI ratio that swung from 11.35 in 2024Q4 to -0.98 in 2025Q4, while cash reserves plummeted to $5.3M in 2026Q1.
| Cash from Operations | 32.63M | 35.19M | -419.85K | -805.21K | -1.37M | -646.04K |
| Operating CF Margin % | - | 18.31% | -0.21% | - | - | - |
| Operating CF Growth % | 9812.02% | 8482.54% | 47.86% | 41.26% | -112.18% | - |
| Net Income | -1.47M | 27.05M | 11.32M | 4.7M | 11.11M | 3M |
| Depreciation & Amortization | 3.51M | 3.67M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 8.79M | 8.92M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 8.9M | 3.98M | 0 | 0 | 0 | 10.72K |
| Other Non-Cash Items | -20.34M | -10.42M | -12.26M | -5.2M | -14.43M | -4.36M |
| Working Capital Changes | 1.37M | 2.01M | 520.41K | -309.39K | 1.95M | 707.97K |
| Change in Receivables | -2.5M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.91M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.94M | 0 | 0 | 0 | 281.3K | 116.67K |
| Cash from Investing | -6.18M | -6.86M | -18.8M | -232.3M | -317.5M | -400M |
| Capital Expenditures | 195K | -5.01M | -6.43M | 3 | 0 | 0 |
| CapEx % of Revenue | 0.1% | 2.61% | 3.26% | - | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 0 | 258.24M | 0 | 237.5M | 317.58K | 0 |
| Other Investing | -18.22M | -1.85M | -526K | -3 | -317.5M | -400M |
| Cash from Financing | -62.84M | -43.55M | 315K | 233.31M | 319M | 401.46M |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | -4.14M | -4.14M | -85K | 233.38M | 0 | 0 |
| Dividends Paid | -7.37M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 391.08K | -4.14M | 0 | 0 | 0 | 393.02M |
| Other Financing | -54.24M | -42.33M | 0 | 0 | 319M | 401.46M |
| Net Change in Cash | -36.38M | -15.22M | -104.85K | 202.84K | -686.57K | 816.93K |
| Free Cash Flow | 9.37M | 30.18M | -419.85K | -805.21K | -1.37M | -646.04K |
| FCF Margin % | 4.98% | 15.7% | -0.21% | - | - | - |
| FCF Growth % | -78.62% | 7288.06% | 47.86% | 41.26% | -112.18% | - |
| FCF per Share | 0.26 | 0.82 | -0.01 | -0.03 | -0.03 | -0.01 |
| FCF Conversion (FCF/Net Income) | -6.38x | -23.94x | -0.04x | -0.17x | 1842.44x | -0.22x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and operational volatility
According to the provided financial data, HYAC exhibits significant volatility in its cash conversion, with the OCF/NI ratio fluctuating wildly from a low of -0.98 in 2025Q4 to a high of 11.35 in 2024Q4, indicating that reported net income is a poor proxy for cash generation.
The extreme variance between net income and operating cash flow suggests that non-cash items and working capital swings are heavily distorting the company's bottom line. Investors should monitor this disconnect, as it implies that the firm's profitability is not yet supported by a consistent, cash-generative operational core.
As reported in the financial statements, HYAC's free cash flow trajectory has been highly inconsistent, swinging from a peak of $24.4M in 2024Q4 to a negative $14.2M in 2025Q2, highlighting the difficulty in maintaining stable cash flow generation during the post-merger transition period.
The erratic nature of FCF margins suggests that the business model is currently sensitive to timing differences in revenue recognition and operational expenditures. This instability warrants further investigation into whether the company can achieve a sustainable, positive FCF profile as it matures beyond its initial SPAC-related overhead.
Based on the reported figures, HYAC maintains a low capital intensity, with CapEx/Revenue ratios consistently below 5% across the observed periods, suggesting that the company's proprietary hormone pellet model does not require heavy investment in physical infrastructure to support its current practitioner-led distribution network.
The minimal capital expenditure requirements appear to be a structural advantage, allowing the firm to avoid the heavy asset-replacement cycles typical of traditional manufacturing. However, this low intensity may also imply that the company is under-investing in the technological upgrades necessary to defend its competitive moat against emerging clinical alternatives.
As indicated by the financial data, HYAC has utilized its cash reserves for dividends and share repurchases, including $4.2M in dividends and $5.6M in buybacks during 2024Q4, despite the underlying volatility in its operating cash flow and the recent transition to an operating entity.
The decision to return capital to shareholders while operating margins remain strained suggests a management focus on supporting equity valuation rather than reinvesting in growth or debt reduction. This strategy may be viewed as premature given the lack of consistent, positive free cash flow generation.
Quick answers to the most common questions about buying HYAC stock.
Haymaker Acquisition Corp. III (HYAC) generated $35.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Haymaker Acquisition Corp. III (HYAC) generated $30.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Haymaker Acquisition Corp. III (HYAC) spent $5.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Haymaker Acquisition Corp. III (HYAC) spent $4.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.