Persistent cash burn is evident, as the company recorded a negative free cash flow of $420.4K in 2026Q2, highlighting a disconnect between reported net income and an OCF/NI ratio of -1.37.
| Cash from Operations | -1.25M | -24.02K | -24.02K |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 0% | - | - |
| Net Income | 1.11M | -42.56K | -42.56K |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -2.27M | 0 | 0 |
| Working Capital Changes | -92.17K | 18.54K | 18.54K |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | -172.5M | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 86.89M | 0 | 0 |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | 173.44M | 83.1K | 83.1K |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 88.83M | -116.9K | -116.9K |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 84.81M | 0 | 0 |
| Net Change in Cash | -306.22K | 59.07K | 59.07K |
| Free Cash Flow | -1.25M | -24.02K | -24.02K |
| FCF Margin % | - | - | - |
| FCF Growth % | - | - | - |
| FCF per Share | -0.21 | -0.00 | -0.00 |
| FCF Conversion (FCF/Net Income) | -1.12x | 0.56x | 0.56x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Imminent liquidation deadline risk
As reported in financial statements, PELI's OCF/NI ratio of -1.37 in 2026Q2 highlights a profound disconnect between accounting net income and actual cash generation, confirming that reported profits are driven by non-cash accounting adjustments rather than any underlying operational cash flow from the shell entity.
The negative OCF/NI ratio suggests that the company is consuming cash to maintain its corporate existence while simultaneously recording accounting gains. Investors should interpret this as a signal that the reported net income is entirely decoupled from the entity's ability to sustain its own operations without external capital injections.
Based on the company's reported figures, PELI has consistently posted negative free cash flow, reaching -$420.4K in 2026Q2, which underscores the entity's reliance on sponsor-provided capital to cover administrative and regulatory costs while it searches for a viable business combination target.
The persistent negative FCF trajectory indicates that the company is in a cash-burning phase typical of SPACs nearing their liquidation deadlines. This trend suggests that the entity lacks the internal cash-generating capacity to fund its own due diligence and operational overhead, necessitating ongoing reliance on external financing.
According to recent SEC filings, the erratic fluctuations in working capital, including a $92.2K outflow in 2025Q2, reflect the irregular timing of professional service payments and regulatory compliance costs that characterize the shell entity's limited and highly sensitive liquidity position.
These working capital swings appear to be driven by the timing of legal and audit fees rather than operational efficiency. The lack of consistent working capital management suggests that the company's liquidity is highly vulnerable to the timing of its remaining contractual obligations.
As indicated by the provided data, the company's cash flow statement is heavily obscured by non-cash accounting items, as the reported net income of $307.4K in 2026Q2 fails to translate into any positive operating cash flow, masking the true cost of maintaining the shell vehicle.
The divergence between net income and operating cash flow warrants further investigation into the specific accounting treatments of warrant and right liabilities. This suggests that the headline profitability figures are essentially accounting artifacts that provide no insight into the company's actual cash-based operational health.
Quick answers to the most common questions about buying PELI stock.
Pelican Acquisition Corporation Ordinary Shares (PELI) generated $-0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Pelican Acquisition Corporation Ordinary Shares (PELI) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Pelican Acquisition Corporation Ordinary Shares (PELI) 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.