Total assets have plummeted by over 90% since 2023Q4 to $13.3M, while the debt-to-equity ratio has risen to 0.48 as the firm exhausts its remaining capital.
| Total Current Assets | 104.32K | 36.76K | 63.79K | 865.62K | 80.31K |
| Cash & Short-Term Investments | - | - | - | - | - |
| Cash Only | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 13.15M | 57M | 70.37M | 154.82M | 114.5K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 199.25M | 57M | 70.37M | 154.82M | 0 |
| Other Non-Current Assets | - | - | - | - | - |
| Total Assets | 13.26M | 57.04M | 70.44M | 155.69M | 194.81K |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | -219.81% | -19.02% | -54.76% | 79819.58% | - |
| Total Current Liabilities | 4.48M | 4.06M | 1.27M | 14K | 173.57K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - |
| Short-Term Debt | 2.79M | 2.67M | 600K | 0 | 173.57K |
| Deferred Revenue (Current) | 0 | - | - | - | - |
| Other Current Liabilities | 1.69M | 1.39M | 0 | 0 | 0 |
| Current Ratio | 0.02x | 0.01x | 0.05x | 61.83x | 0.46x |
| Quick Ratio | 0.02x | 0.01x | 0.05x | 61.83x | 0.46x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 2.99M | 2.99M | 2.99M | 2.99M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 7.47M | 7.05M | 4.26M | 3M | 173.57K |
| Total Debt | 2.79M | 2.67M | 600K | 0 | 173.57K |
| Net Debt | 2.78M | 2.66M | 545.45K | -631.75K | 95.86K |
| Debt / Equity | 0.48x | 0.05x | 0.01x | - | 8.17x |
| Debt / EBITDA | -3.46x | - | 0.08x | - | 0.76x |
| Net Debt / EBITDA | -3.45x | - | 0.07x | - | 0.42x |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 5.79M | 49.99M | 66.17M | 152.68M | 21.23K |
| Equity Growth % | -241.26% | -24.45% | -56.66% | 718958.74% | - |
| Book Value per Share | 1.83 | 8.77 | 4.90 | 7.88 | 0.00 |
| Total Shareholders' Equity | 5.79M | 49.99M | 66.17M | 152.68M | 21.23K |
| Common Stock | 13.15M | 57M | 70.37M | 154.82M | 374 |
| Retained Earnings | -7.36M | -7.01M | -4.2M | -3.66M | -3.77K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 1.52M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Liquidation and deal failure
As reported in financial statements, KVAC's total assets have plummeted from $155.7M in 2023Q4 to just $13.3M by 2026Q1, reflecting a rapid contraction of the entity's capital base as the company struggles to maintain its viability while searching for a suitable acquisition target.
The precipitous decline in total assets suggests that the vehicle is losing its capacity to execute a meaningful business combination. Investors should monitor whether this downward trajectory in asset value forces management to accept increasingly dilutive terms or risk total liquidation.
Based on the reported figures, KVAC's debt-to-equity ratio has climbed to 0.48% in 2026Q1 from near-zero levels in previous periods, indicating that the company is increasingly relying on external financing to cover basic administrative costs as its internal cash reserves are exhausted.
The emergence of debt on the balance sheet, while small in absolute terms, represents a departure from the typical SPAC model of relying on trust capital. This shift suggests that the sponsors may be providing working capital loans, which warrants investigation into the potential for future equity dilution or preferential repayment terms.
According to recent SEC filings, KVAC's cash and equivalents have dwindled to a nominal $9.1K as of 2026Q1, resulting in a current ratio of 0.02 that highlights an extreme lack of operational flexibility and a high risk of insolvency before a deal is finalized.
The current ratio of 0.02 is indicative of a company that has effectively exhausted its liquid resources. This lack of a cash buffer suggests that the entity is entirely dependent on external sponsor support to remain a going concern, leaving little room for error in the deal-sourcing process.
As indicated by the balance sheet data, KVAC's equity has deteriorated significantly to $5.8M in 2026Q1, a sharp decline from the $152.7M reported in 2023Q4, which suggests that the entity's book value is being rapidly consumed by persistent operating losses and capital outflows.
The erosion of equity is a non-obvious risk that may mask the true cost of maintaining the shell entity over an extended period. Investors should be wary that the remaining equity may not accurately reflect the value available to shareholders, given the potential for significant off-balance-sheet liabilities and sponsor-related claims.
Quick answers to the most common questions about buying KVAC stock.
As of 2025, Keen Vision Acquisition Corporation Ordinary Shares (KVAC) had total assets of $57.0M including $0.0M in current assets.
Keen Vision Acquisition Corporation Ordinary Shares (KVAC) carries total debt of $2.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Keen Vision Acquisition Corporation Ordinary Shares (KVAC) has total shareholders' equity (book value) of $50.0M ($8.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Keen Vision Acquisition Corporation Ordinary Shares (KVAC) 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.