The entity exhibits a concerning disconnect between accounting profitability and cash reality, evidenced by a 2025Q3 operating cash outflow of $206.5K and an OCF/NI ratio of -2.91.
| Cash from Operations | -437.56K | -233 |
| Operating CF Margin % | - | - |
| Operating CF Growth % | 0% | - |
| Net Income | 1.31M | -13 |
| Depreciation & Amortization | 0 | 0 |
| Stock-Based Compensation | 0 | 0 |
| Deferred Taxes | 0 | 0 |
| Other Non-Cash Items | -1.6M | 5 |
| Working Capital Changes | -151.72K | -225 |
| Change in Receivables | 0 | 0 |
| Change in Inventory | 0 | 0 |
| Change in Payables | 657.6K | 0 |
| Cash from Investing | -86.25M | 0 |
| Capital Expenditures | 0 | 0 |
| CapEx % of Revenue | - | - |
| Acquisitions | 0 | - |
| Investments | 88.49M | 0 |
| Other Investing | 0 | 0 |
| Cash from Financing | 86.98M | 233 |
| Debt Issued (Net) | 0 | - |
| Equity Issued (Net) | 86.48M | 0 |
| Dividends Paid | 0 | 0 |
| Share Repurchases | 0 | 0 |
| Other Financing | 114 | 233 |
| Net Change in Cash | 289.58K | 0 |
| Free Cash Flow | -437.56K | -233 |
| FCF Margin % | - | - |
| FCF Growth % | - | - |
| FCF per Share | -0.05 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.33x | 17.62x |
| Interest Paid | 0 | 0 |
| Taxes Paid | 0 | 0 |
Liquidation and deal failure
As reported in financial statements, MAYA's 2025Q3 net income of $70.9K stands in stark contrast to an operating cash outflow of $206.5K, highlighting a significant OCF/NI ratio of -2.91 that underscores the disconnect between accounting profitability and the reality of ongoing administrative cash depletion.
The divergence between reported net income and operating cash flow suggests that non-operating items, likely related to interest income or warrant liability adjustments, are artificially inflating the bottom line. Investors should monitor this trend, as the inability to generate positive operating cash flow indicates that the company remains entirely dependent on external funding or trust interest to sustain its search operations.
Based on recent quarterly filings, MAYA has consistently reported negative free cash flow, with a $206.5K outflow in 2025Q3, confirming that the entity is currently in a cash-burning phase as it seeks a viable business combination without any offsetting operational revenue streams.
The trajectory of free cash flow remains firmly negative, reflecting the structural costs inherent in maintaining a public shell vehicle. This persistent cash burn warrants further investigation into the sponsor's capacity to continue funding the search process before the company reaches a critical liquidity threshold.
According to the provided data, MAYA experienced a $181.0K working capital outflow in 2025Q1 followed by a $29.4K inflow in 2025Q2, illustrating the erratic nature of cash movements as the company manages its limited liquidity to cover professional service fees and regulatory compliance costs.
The fluctuation in working capital appears to be driven by the timing of administrative payments rather than operational efficiency. Such volatility may indicate that the company is managing its cash position on a reactive basis, which could complicate the search for a target if liquidity becomes constrained.
As indicated by the financial data, the absence of capital expenditures and depreciation suggests that MAYA's cash flow statement primarily reflects administrative burn, which may obscure the true cost of maintaining the shell status as the liquidation deadline approaches for the 2024-vintage vehicle.
The lack of traditional capital investment highlights that all cash outflows are essentially operational expenses required to keep the entity listed and active. Analysts should be wary that these costs are non-recoverable and represent a direct reduction in the trust value available to shareholders in the event of a liquidation.
Quick answers to the most common questions about buying MAYA stock.
Maywood Acquisition Corp. (MAYA) generated $-0.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Maywood Acquisition Corp. (MAYA) reported negative free cash flow of $0.0M in 2024, indicating capital requirements exceeded cash from operations.
Maywood Acquisition Corp. (MAYA) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.