The entity exhibits a persistent disconnect between accounting profitability and cash generation, evidenced by a $202.7K negative free cash flow in 2026Q1.
Plum Acquisition Corp. IV (PLMK) cash flow statement — 2-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Cash from Operations | -812.3K | -869.51K | -16 |
| Operating CF Growth % | -19967.1% | - | - |
| Net Income | 5.02M | 6.05M | -92 |
| Depreciation & Amortization | 0 | 0 | 157.68K |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -6.7M | -7.05M | -157.66K |
| Working Capital Changes | 871.82K | 93.59K | 55 |
| Cash from Investing | -174.22M | -174.22M | 0 |
| Purchase of Investments | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 |
| Net Investment Activity | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 |
| Other Investing | -174.22M | -174.22M | 0 |
| Cash from Financing | 725K | 175.39M | 20 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Stock Issued | -356.54K | 175.78M | 21.5K |
| Net Stock Activity | -356.54K | 175.78M | 21.5K |
| Debt Issuance (Net) | 285.32K | -35.32K | -1.29K |
| Other Financing | 176.22M | -356.54K | -20.18K |
| Net Change in Cash | -87.31K | 292.38K | 4 |
| Exchange Rate Effect | 0 | 0 | 0 |
| Cash at Beginning | 93.51K | 3.86K | 0 |
| Cash at End | 288.52K | 296.25K | 4 |
| Interest Paid | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 |
| Free Cash Flow | -812.3K | -869.51K | -16.34K |
| FCF Growth % | -46.02% | -5221.33% | - |
Quick answers to the most common questions about buying PLMK stock.
Plum Acquisition Corp. IV (PLMK) generated $-0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Plum Acquisition Corp. IV (PLMK) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Plum Acquisition Corp. IV (PLMK) 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 failure
Metrics are mathematically derived from official filings.
Earnings Disconnect Masks Cash Burn
According to the company's quarterly financial statements, PLMK reported net income of $1.2M in 2026Q1 while simultaneously generating negative operating cash flow of $202.7K, highlighting a significant divergence between accounting profitability and the actual cash resources available to the entity for its search operations.
The persistent negative OCF/NI ratio suggests that reported net income is driven by non-cash or non-operating items rather than core business activity. Investors should interpret this gap as a signal that the company's accounting earnings provide no insight into the sustainability of its ongoing search for a merger target.
Persistent Negative Free Cash Flow
As reported in recent financial filings, PLMK has maintained a consistent trend of negative free cash flow, with the 2026Q1 outflow reaching $202.7K, which underscores the ongoing cash consumption required to sustain the vehicle's administrative and compliance obligations during its pre-merger search phase.
The lack of positive FCF is expected for a SPAC, yet the trend indicates a steady erosion of the sponsor's initial capital. This trajectory suggests that the company is increasingly reliant on external funding or sponsor support to maintain its listing status until a definitive business combination is reached.
Working Capital Volatility Reflects Search
Based on the provided quarterly data, working capital changes have fluctuated between inflows and outflows, such as the $48.1K inflow observed in 2026Q1, indicating that the company's cash position is highly sensitive to the timing of administrative payments and professional service accruals during the search process.
These fluctuations appear to be driven by the timing of legal and regulatory expenses rather than operational efficiency. Analysts should monitor these shifts as they may indicate management's attempts to manage liquidity in the face of limited cash reserves.
Hidden Costs of SPAC Maintenance
As indicated by the financial data, the company's cash flow statement obscures the true cost of operations by excluding significant non-cash adjustments, such as the $36.8K in stock-based compensation recorded in 2025Q2, which effectively dilutes shareholder value without impacting the immediate cash burn.
The reliance on non-cash adjustments to reconcile net income to operating cash flow warrants further investigation into the total cost of the sponsor's search mandate. Investors should be wary that these figures may understate the true economic cost of maintaining the SPAC vehicle over an extended period.