Persistent negative free cash flow, evidenced by a $306.1K outflow in 2026Q1, highlights the firm's reliance on limited trust capital to sustain its ongoing acquisition search.
| Cash from Operations | -658.12K | -770.1K | 0 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 0% | - | - |
| Net Income | 1.37M | 1.85M | -55 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 559K | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -1.97M | -3.18M | 27 |
| Working Capital Changes | -64.72K | 0 | 27 |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 15.76K | 104.04K | 0 |
| Cash from Investing | -230M | -230M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 0 | 0 | 0 |
| Other Investing | -230M | -230M | 0 |
| Cash from Financing | 233.85M | 233.88M | 0 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 233.87M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 0 | 233.88M | 0 |
| Net Change in Cash | 3.2M | 0 | 0 |
| Free Cash Flow | -658.11K | -770.1K | 0 |
| FCF Margin % | - | - | - |
| FCF Growth % | - | - | - |
| FCF per Share | -0.03 | -0.10 | - |
| FCF Conversion (FCF/Net Income) | -0.48x | -0.42x | - |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Binary merger execution risk
As reported in recent financial statements, KOYN's 2026Q1 net income of $1.3 million stands in stark contrast to an operating cash outflow of $306.1K, illustrating a significant divergence between accounting profit and the actual cash resources available to fund the firm's ongoing acquisition search activities.
The positive net income figure appears to be a byproduct of non-cash warrant liability adjustments rather than operational success. Investors should interpret this gap as a signal that the company's reported profitability is entirely decoupled from its underlying cash-burning operational reality.
Based on the company's quarterly filings, KOYN has maintained a consistent negative free cash flow trajectory, with outflows reaching $306.1K in 2026Q1, which underscores the firm's reliance on its limited trust capital to sustain administrative operations while searching for a viable business combination target.
The lack of positive free cash flow is expected for a pre-revenue SPAC, yet the trend of increasing outflows warrants close monitoring. This trajectory suggests that the company's runway is shortening, potentially forcing management to seek external financing or accelerate merger timelines.
According to the provided financial data, working capital changes have remained negligible, with a minor outflow of $49.1K in 2025Q3, reflecting the company's lack of traditional inventory or trade receivables typical of an operating business during its current blank-check phase of development.
The absence of meaningful working capital movement confirms that the firm is not yet engaged in commercial activity. Any future shifts in these metrics should be viewed as a primary indicator that the company has successfully transitioned into an active operational entity.
As indicated by recent SEC filings, the company's cash flow statement is heavily influenced by non-cash items, which obscures the true liquidity position of the firm and complicates the assessment of how much capital remains for the critical due diligence and deal-sourcing phases of operations.
The reliance on non-cash accounting entries to drive net income may mislead stakeholders regarding the company's actual financial health. Analysts should focus exclusively on the cash burn rate to determine the viability of the firm's search mandate before the trust expiration date.
Quick answers to the most common questions about buying KOYN stock.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) generated $-0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) reported negative free cash flow of $0.8M in 2025, indicating capital requirements exceeded cash from operations.
CSLM Digital Asset Acquisition Corp III Class A Ordinary Shares (KOYN) 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.