The firm exhibits a persistent disconnect between accounting gains and cash reality, evidenced by a negative OCF/NI ratio of -0.82 and a quarterly free cash flow burn of $574,000.
NewHold Investment Corp III (NHIC) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -617.97K | -1.01M | -2.07M | -907K |
| Operating CF Growth % | -29.86% | - | -128.11% | - |
| Net Income | -337K | 4.92M | 392K | -413K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -875.97K | -7.42M | -2.59M | 0 |
| Working Capital Changes | 460K | 1.04M | 125K | -494K |
| Cash from Investing | -202.26M | -202.26M | 1.08M | -196.85M |
| Purchase of Investments | -202.26M | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 |
| Net Investment Activity | -202.26M | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Other Investing | 0 | -202.26M | 1.08M | -196.85M |
| Cash from Financing | 204.41M | 204.41M | 0 | 199.73M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Stock Issued | 209.05M | 209.05M | 0 | 0 |
| Net Stock Activity | 209.05M | 209.05M | 0 | 0 |
| Debt Issuance (Net) | -240K | -240K | 0 | 0 |
| Other Financing | -4.41M | -4.41M | 0 | 199.73M |
| Net Change in Cash | 695K | 1.14M | -986K | 1.97M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 |
| Cash at Beginning | 624K | 55K | 1.97M | 0 |
| Cash at End | 364K | 1.2M | 986K | 1.97M |
| Interest Paid | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -617.97K | -1.01M | -2.07M | -907K |
| FCF Growth % | - | - | -128.11% | - |
Quick answers to the most common questions about buying NHIC stock.
NewHold Investment Corp III (NHIC) generated $-1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NewHold Investment Corp III (NHIC) reported negative free cash flow of $1.0M in 2025, indicating capital requirements exceeded cash from operations.
NewHold Investment Corp III (NHIC) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidation and deal execution
Metrics are mathematically derived from official filings.
Earnings Decoupled From Cash Reality
As reported in financial statements, NHIC exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently dipping into negative territory, such as the -0.82 observed in 2026Q1, highlighting the non-cash nature of the company's reported accounting gains.
The reported net income figures are heavily influenced by non-operating adjustments, specifically derivative warrant liabilities, which mask the underlying cash burn. Investors should interpret these earnings as accounting artifacts rather than indicators of operational viability or cash-generating potential.
Persistent Negative Free Cash Flow
Based on the provided quarterly data, NHIC's free cash flow trajectory remains consistently negative, with the company recording a cash outflow of $574,000 in 2026Q1, underscoring the structural reliance on external capital to fund the ongoing search for a suitable business combination target.
The absence of positive free cash flow is a structural feature of the shell company model, yet the magnitude of these outflows warrants monitoring as they deplete the limited cash reserves available for operations. This trend suggests that the company's ability to sustain its search is entirely dependent on the sponsor's willingness to continue funding administrative expenses.
Working Capital Volatility Reflects Search
According to recent SEC filings, NHIC's working capital movements, including the $569,000 change in 2026Q1, appear to be driven by the timing of administrative accruals and regulatory compliance costs rather than any underlying operational cycle or inventory management activities typical of an industrial firm.
These fluctuations in working capital are indicative of the company's efforts to manage its limited liquidity while navigating the regulatory requirements of a public shell. The lack of a predictable working capital cycle confirms that the entity remains in a pre-operational state, with cash movements serving only to facilitate the search process.
Cumulative Earnings Mask Cash Burn
As evidenced by the historical data, there is a significant and widening gap between cumulative reported net income and the actual cash consumed by operations, with the company reporting millions in paper gains while simultaneously burning through its available cash reserves to maintain its public listing.
This divergence highlights the danger of relying on net income as a proxy for the company's financial health. The cumulative earnings are largely non-cash in nature, whereas the cash flow statement provides a more accurate, albeit sobering, view of the capital being consumed to keep the shell entity operational.