The entity exhibits a persistent negative free cash flow trajectory, with outflows of $128.3K in 2026Q1 confirming a continuous depletion of capital.
| Cash from Operations | -362.5K | -427.59K | -302.83K |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 112.74% | -41.2% | - |
| Net Income | 8.86M | 9.12M | 381.08K |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -9.21M | -9.54M | -489.91K |
| Working Capital Changes | -12.92K | 0 | -194K |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | -51.71K | -65.23K | 0 |
| Cash from Investing | 0 | 0 | -232.3M |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 244.68M | 242.54M | 232.86M |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | 0 | 0 | 233.55M |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 0 | 0 | 233.55M |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 |
| Net Change in Cash | -362.5K | -427.59K | 949.37K |
| Free Cash Flow | -362.5K | -427.59K | -302.83K |
| FCF Margin % | - | - | - |
| FCF Growth % | - | -41.2% | - |
| FCF per Share | -0.02 | -0.02 | -0.01 |
| FCF Conversion (FCF/Net Income) | -0.04x | -0.05x | -0.79x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Liquidation and deal failure
As reported in recent financial statements, JACS exhibits a persistent divergence between net income and operating cash flow, with the company reporting a $2.0M net profit in 2026Q1 while simultaneously suffering an operating cash outflow of $128.3K, highlighting the non-operational nature of its reported earnings.
The consistent negative OCF/NI ratio suggests that the company's net income is driven by accounting adjustments rather than cash-generative activities. Investors should monitor this gap, as it indicates that the entity is consuming its limited liquidity to sustain operations despite the appearance of profitability on the income statement.
Based on the provided quarterly data, JACS has maintained a consistent negative free cash flow trajectory, with outflows reaching $128.3K in 2026Q1, confirming that the entity remains in a cash-burning phase as it continues its search for a viable business combination target.
The lack of positive FCF is expected for a shell company, yet the trend suggests that administrative costs are eroding the capital base without any offsetting revenue. This trajectory implies that the sponsor may soon need to provide additional capital to prevent a liquidity shortfall before a merger is finalized.
According to the cash flow data, JACS experienced significant working capital fluctuations, including a $107.7K outflow in 2025Q3 followed by a $94.7K inflow in 2025Q2, which suggests that the timing of administrative payments and professional service fees is creating unpredictable pressure on the company's limited cash reserves.
These swings in working capital appear to reflect the irregular nature of legal and audit expenses inherent to the SPAC structure. Such volatility warrants further investigation, as it complicates the company's ability to maintain a stable runway for its ongoing deal-sourcing efforts.
Analysis of the cash flow statement reveals that JACS's reported net income is entirely decoupled from its cash reality, as the company has failed to generate positive operating cash flow in any of the last six quarters, with cumulative outflows totaling hundreds of thousands of dollars.
The absence of capitalized costs or significant asset investment suggests that all cash outflows are being funneled into administrative overhead and search-related expenses. This structure obscures the true cost of the sponsor's deal-sourcing network, which appears to be funded entirely by the erosion of the initial trust capital.
Quick answers to the most common questions about buying JACS stock.
Jackson Acquisition Company II (JACS) generated $-0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jackson Acquisition Company II (JACS) reported negative free cash flow of $0.4M in 2025, indicating capital requirements exceeded cash from operations.
Jackson Acquisition Company II (JACS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.