The capital structure has shifted from debt-free to carrying $3.6M in total debt as of 2026Q1, while the current ratio has plummeted to a precarious 0.13.
| Total Current Assets | 1.02M | 1.3M | 1.07M |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | 0 | 41.25K |
| Total Non-Current Assets | 309.58M | 306.88M | 294.74M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 920.41M | 306.88M | 0 |
| Other Non-Current Assets | - | - | - |
| Total Assets | 310.6M | 308.18M | 295.81M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 41051.3% | 4.18% | - |
| Total Current Liabilities | 8M | 7.3M | 727.71K |
| Accounts Payable | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 3.6M | 2.5M | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 0 | 0 | 378.76K |
| Current Ratio | 0.13x | 0.18x | 1.47x |
| Quick Ratio | 0.13x | 0.18x | 1.47x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 13.4M | 13.4M | 13.4M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 21.4M | 20.7M | 14.13M |
| Total Debt | 3.6M | 2.5M | 0 |
| Net Debt | 2.72M | 1.32M | -821.19K |
| Debt / Equity | 0.01x | 0.01x | - |
| Debt / EBITDA | -0.49x | - | - |
| Net Debt / EBITDA | -0.37x | - | - |
| Interest Coverage | - | - | - |
| Total Equity | 289.2M | 287.49M | 281.68M |
| Equity Growth % | 1171876.09% | 2.06% | - |
| Book Value per Share | 10059.06 | 10.00 | 7.84 |
| Total Shareholders' Equity | 289.2M | 287.49M | 281.68M |
| Common Stock | 309.58M | 306.88M | 294.62M |
| Retained Earnings | -20.38M | -19.4M | -12.94M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidity and Execution Risk
As reported in financial statements, MBAV's current ratio has plummeted from 1.50 in 2024Q3 to a precarious 0.13 by 2026Q1, signaling that the entity's ability to cover its immediate administrative obligations is rapidly diminishing as cash reserves are consumed by ongoing operational and due diligence costs.
The sharp decline in the current ratio suggests that the company is increasingly reliant on external financing or sponsor support to maintain its listing status. Investors should monitor this trend closely, as the current cash balance of $876.1K appears insufficient to sustain prolonged search activities without further capital injections.
Based on the provided financial data, MBAV has transitioned from a debt-free entity in 2024 to carrying $3.6M in total debt as of 2026Q1, which represents a notable shift in the capital structure for a shell company that previously relied solely on equity-based funding.
The introduction of debt, while small in absolute terms, may indicate that the sponsor is utilizing bridge financing to fund the search process. This development warrants further investigation, as it introduces interest expense and repayment pressure that could complicate the eventual de-SPAC transaction and dilute shareholder value.
According to recent SEC filings, the company's retained earnings have deteriorated to a negative $20.4M as of 2026Q1, reflecting the persistent and cumulative impact of administrative expenses that have consistently outpaced any interest income generated by the trust account since the entity's inception.
The erosion of the equity base highlights the high cost of maintaining a public shell vehicle without a successful business combination. This trend suggests that the longer the search phase continues, the more the intrinsic value of the equity is degraded by the ongoing administrative burn.
While total assets appear to have grown to $310.6M by 2026Q1, this figure is heavily distorted by the inclusion of the trust account, which is restricted and not available for general corporate purposes, masking the reality that the company's actual operating liquidity is extremely limited.
Analysts should be cautious not to conflate the total asset base with operational flexibility, as the vast majority of these assets are locked in a trust pending a merger. The true financial health of the entity is better reflected by the dwindling cash and rising debt levels rather than the headline asset figure.
Quick answers to the most common questions about buying MBAV stock.
As of 2025, M3-Brigade Acquisition V Corp. Class A Ordinary shares (MBAV) had total assets of $308.2M including $1.3M in current assets.
M3-Brigade Acquisition V Corp. Class A Ordinary shares (MBAV) carries total debt of $2.5M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
M3-Brigade Acquisition V Corp. Class A Ordinary shares (MBAV) has total shareholders' equity (book value) of $287.5M ($10.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
M3-Brigade Acquisition V Corp. Class A Ordinary shares (MBAV) reported a current ratio of 0.18x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.