Free cash flow has deteriorated significantly, shifting from a $4.1K outflow in 2023Q4 to a substantial $1.1M cash burn in 2026Q1.
| Cash from Operations | -1.54M | -745.36K | -305.59K | -114.71K | -61.69K | -36 |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -2097.25% | -143.91% | -166.4% | -85.96% | -171250% | - |
| Net Income | 1.56M | 1.65M | 2.63K | -184.37K | -151.79K | -24.19K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.34M | -2.88M | -299.85K | 69.65K | 17.98K | 6.29K |
| Working Capital Changes | -340.97K | 485.17K | -8.37K | 69.65K | 72.13K | 17.9K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -120.33K | -155.51K | 151.53K | 69.65K | 0 | 0 |
| Cash from Investing | 939.2K | 79.89K | -69M | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 71.87M | 72.11M | 69.31M | 0 | 0 | 0 |
| Other Investing | 939.2K | 79.89K | -69M | 0 | 0 | 0 |
| Cash from Financing | 0 | 0 | 70.26M | 116.79K | 61.72K | 0 |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 71.13M | 0 | 25K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -443.75K | -58.71K | -80.88K | 0 |
| Net Change in Cash | -605.3K | -665.47K | 950.96K | 2.08K | 34 | 0 |
| Free Cash Flow | -1.54M | -745.36K | -305.59K | -114.71K | -61.69K | -40 |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -165.43% | -143.91% | -166.4% | -85.96% | -154115% | - |
| FCF per Share | -0.22 | -0.11 | -0.04 | -0.06 | -0.03 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.99x | -0.45x | -116.11x | 0.62x | 0.41x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital depletion risk
According to the latest financial data, NOEMU reported a net income of $309.2K in 2026Q1, yet simultaneously suffered an operating cash outflow of $1.1M, highlighting a severe divergence between accounting profits and the actual cash resources available to the shell entity for its ongoing operations.
The negative OCF/NI ratio of -3.68 in 2026Q1 underscores that reported net income is entirely decoupled from operational reality, likely driven by non-cash warrant liability adjustments. Investors should interpret this as a warning that accounting profitability provides no indication of the company's ability to sustain its search for a merger target.
As reported in recent quarterly filings, the company's free cash flow trajectory has deteriorated significantly, moving from a modest $4.1K outflow in 2023Q4 to a substantial $1.1M cash burn in 2026Q1, reflecting the mounting costs associated with maintaining the entity's public listing and due diligence efforts.
The consistent negative free cash flow across all ten quarters suggests that the company is consuming its limited capital base at an accelerating rate. This trend warrants close monitoring, as the lack of any offsetting revenue streams makes the current cash burn trajectory unsustainable without external capital injections or a rapid merger.
Based on the provided cash flow statements, working capital changes have become increasingly erratic, with a significant $813.5K outflow in 2026Q1 that suggests the company is struggling to manage its payables and administrative obligations as the search for a business combination extends beyond initial expectations.
The sharp swing in working capital requirements indicates that the company's liquidity is highly sensitive to the timing of professional service payments and regulatory compliance costs. This volatility may indicate that management is deferring certain obligations, which could create sudden liquidity shocks if creditors demand immediate settlement.
Financial statements reveal that NOEMU's cash flow statement is heavily influenced by non-cash items, as the company reports positive net income while simultaneously burning through its cash reserves, a dynamic that obscures the true extent of the capital depletion occurring within the shell entity's structure.
The reliance on non-cash accounting gains to present a positive net income figure may mislead investors regarding the company's actual financial health. Analysts should focus exclusively on the operating cash flow and cash balance figures, as these metrics provide a more accurate representation of the company's limited runway.
Quick answers to the most common questions about buying NOEMU stock.
CO2 Energy Transition Corp. Unit (NOEMU) generated $-0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CO2 Energy Transition Corp. Unit (NOEMU) reported negative free cash flow of $0.7M in 2025, indicating capital requirements exceeded cash from operations.
CO2 Energy Transition Corp. Unit (NOEMU) 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.