Liquidity has deteriorated significantly, evidenced by a current ratio that plummeted to 0.43 in 2026Q1, while the accumulated deficit has widened to $8.1 million.
NewHold Investment Corp III (NHIC) balance sheet — 3-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'22 | Dec'21 |
|---|
| Cash & Short Term Investments | 4.14M | 1.2M | 986K | 393.73K |
| Cash & Due from Banks | 364K | 1.2M | 986K | 196.87K |
| Short Term Investments | 0 | 0 | 0 | 196.87K |
| Total Investments | 212.93M | 209.22M | 0 | 393.73K |
| Investments Growth % | 0% | - | -100% | - |
| Long-Term Investments | 424M | 209.22M | 0 | 196.87K |
| Accounts Receivables | 0 | 0 | 102K | 0 |
| Goodwill & Intangibles | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| PP&E (Net) | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 198.37M | 196.67M |
| Total Current Assets | 540K | 1.33M | 1.4M | 2.68M |
| Total Non-Current Assets | 212.93M | 209.22M | 198.37M | 196.87M |
| Total Assets | 213.47M | 210.55M | 199.77M | 199.54M |
| Asset Growth % | 3.37% | - | 0.11% | - |
| Return on Assets (ROA) | -0.16% | 2.34% | 0.2% | -0.63% |
| Accounts Payable | 0 | 104K | 41K | 108 |
| Total Debt | 0 | 0 | 0 | 0 |
| Net Debt | -364K | -1.2M | -986K | -1.97M |
| Long-Term Debt | 0 | 0 | 0 | 0 |
| Short-Term Debt | 0 | 0 | 0 | 0 |
| Other Liabilities | 7.04M | 7.04M | 6.82M | 6.82M |
| Total Current Liabilities | 6.81M | 1.25M | 144K | 311K |
| Total Non-Current Liabilities | 7.04M | 7.04M | 6.82M | 6.82M |
| Total Liabilities | 13.86M | 8.29M | 6.97M | 7.13M |
| Total Equity | 199.62M | 202.26M | 192.8M | 192.41M |
| Equity Growth % | 2.64% | - | 0.2% | - |
| Equity / Assets (Capital Ratio) | 93.51% | 96.06% | 96.51% | 96.43% |
| Return on Equity (ROE) | -0.17% | 2.43% | 0.2% | -0.65% |
| Book Value per Share | 9.55 | 11.65 | 9.89 | 9.87 |
| Tangible BV per Share | 9.55 | 11.65 | 9.89 | 9.87 |
| Common Stock | 212.94M | 209.22M | 198.44M | 196.85M |
| Additional Paid-in Capital | 0 | 0 | 0 | 0 |
| Retained Earnings | -13.32M | -6.96M | -5.64M | -4.44M |
| Accumulated OCI | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NHIC stock.
As of 2025, NewHold Investment Corp III (NHIC) had total assets of $210.6M including $1.3M in current assets.
NewHold Investment Corp III (NHIC) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NewHold Investment Corp III (NHIC) has total shareholders' equity (book value) of $202.3M ($11.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NewHold Investment Corp III (NHIC) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Liquidation and deal execution
Metrics are mathematically derived from official filings.
Liquidity Compression Threatens Search Runway
As reported in 2026Q1 financial statements, NHIC's current ratio plummeted to 0.43, signaling a significant deterioration in the company's ability to cover short-term liabilities with available cash, which has dwindled to $624,000 from a peak of $1.8 million in 2025Q1, necessitating careful monitoring of operational burn.
The sharp decline in the current ratio suggests that the company's liquid assets are no longer sufficient to comfortably meet its immediate administrative and regulatory obligations. This liquidity crunch implies that the sponsor may soon need to provide additional capital to sustain the search process, as the current cash balance appears insufficient for an extended search period.
Accumulated Deficit Erodes Equity Base
Based on the company's historical balance sheet data, the retained earnings deficit has widened to $8.1 million as of 2026Q1, reflecting the persistent, non-recoverable administrative costs incurred during the search phase that continue to erode the total equity base of the investment vehicle.
The consistent growth in the accumulated deficit highlights the structural reality that every quarter of inactivity consumes shareholder capital without generating any offsetting operational value. Investors should interpret this trend as a direct reduction in the net asset value available for a potential business combination, effectively lowering the capital pool available for a target acquisition.
Asset Composition Lacks Operational Utility
According to recent SEC filings, NHIC's asset base is almost entirely comprised of financial instruments and cash, with zero investment in PPE or intangible assets, confirming that the company remains a pure-play capital shell devoid of any productive industrial capacity or long-term operational assets.
The absence of tangible assets underscores the speculative nature of the balance sheet, where the primary asset is the trust account rather than any revenue-generating infrastructure. This asset mix implies that the company's valuation is tethered strictly to its cash-per-share value, leaving no room for operational upside until a merger is successfully executed.
Warrant Liabilities Distort Financial Reality
As indicated by the company's reported liabilities, the presence of derivative warrant obligations creates significant volatility in the balance sheet, as these non-cash items fluctuate based on market pricing rather than the underlying fundamental health of the shell company's search operations.
These derivative liabilities may mask the true cash-based liability profile of the firm, potentially misleading investors regarding the actual financial obligations of the sponsor. Analysts should monitor these items closely, as they represent a potential source of future dilution or accounting volatility that does not reflect the company's actual progress toward a business combination.