The company remains a non-operating shell with zero revenue in nine of the last ten quarters, while administrative expenses drove an operating loss of $232.8K in 2026Q1.
| Sales/Revenue | 0 | - | - | - | - |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -479K | 0 |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - |
| Operating Expenses | 805.02K | 743.51K | 1.46M | 4 | 697 |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 0 | 0 | 1.46M | 4 | 697 |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 0 | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - |
| Operating Income | -805.02K | -743.51K | -1.46M | -479K | -697 |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | 49.1% | -204.96% | -68623.1% | - |
| EBITDA | -805.02K | -743.51K | 7.41M | -311.11K | 227.79K |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -110.73% | -110.04% | 2481.51% | -236.58% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 167.9K | 228.49K |
| EBIT | -805.02K | -743.51K | 7.41M | 0 | 0 |
| Net Interest Income | 0 | 0 | 2.04M | 1.93M | 4 |
| Interest Income | 0 | 0 | 2.04M | 1.93M | 4 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - |
| Pretax Income | 1.43M | 1.91M | 7.41M | 1.46M | -693 |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | 1.43M | 1.91M | 7.41M | 1.46M | -693 |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -69.56% | -74.22% | 409.21% | 210056.71% | - |
| Net Income (Continuing) | 1.43M | 1.91M | 7.41M | 1.46M | -693 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.45 | 0.19 | 0.55 | 0.08 | 0.00 |
| EPS Growth % | -48.35% | -65.45% | 632.36% | - | - |
| EPS (Basic) | - | 0.19 | 0.55 | 0.08 | 0.00 |
| Diluted Shares Outstanding | 3.16M | 5.7M | 13.5M | 19.37M | 19.37M |
| Basic Shares Outstanding | 3.16M | 5.7M | 13.5M | 19.37M | 19.37M |
| Dividend Payout Ratio | - | - | 92.13% | - | - |
Liquidation and deal failure
As indicated by the historical income statement data, KVAC has generated zero revenue in nine of the last ten quarters, with the exception of 2024Q4, confirming its status as a non-operating shell entity awaiting a definitive business combination to establish a sustainable revenue trajectory.
The singular revenue event in 2024Q4 appears to be an anomaly rather than a trend, as the company lacks any underlying operational business model. Investors should interpret the lack of consistent top-line growth as a structural feature of the SPAC vehicle rather than a failure of execution.
Based on reported financial statements, KVAC's net income has remained positive despite consistent operating losses, suggesting that earnings are driven by non-operating items such as interest income or warrant valuation adjustments rather than core business performance, which warrants significant caution for fundamental valuation models.
The disconnect between persistent operating losses and positive net income suggests that the bottom line is highly sensitive to accounting treatments of financial instruments. Analysts should strip out these non-cash gains to understand the true burn rate of the entity during its search phase.
According to recent SEC filings, KVAC's cost structure is dominated by administrative and legal expenses required to maintain the shell, with operating losses reaching $232.8K in 2026Q1, highlighting the ongoing capital drain inherent in the search for a suitable acquisition target.
The consistent operating losses reflect the fixed costs of maintaining a public listing and the search process for a biotech or ag-tech target. The lack of expense discipline is not necessarily a management failure but a structural requirement of the SPAC lifecycle that continues to erode the trust account.
As reported in financial statements, the company's cash and equivalents have dwindled to $11,206, which suggests that the entity may be approaching a critical liquidity inflection point that could force a suboptimal merger or necessitate dilutive working capital loans from the sponsor.
The extremely low cash balance relative to historical operating expenses suggests that the company's runway is effectively exhausted. This precarious position may force management to prioritize any deal over a high-quality deal, potentially impacting the long-term value proposition for shareholders.
Quick answers to the most common questions about buying KVAC stock.
Keen Vision Acquisition Corporation Ordinary Shares (KVAC) is profitable, generating $1.9M in net income for the fiscal year ending 2025.