The entity continues to experience persistent cash burn, evidenced by a negative operating cash flow of $202.7K in 2026Q1, which highlights a fundamental disconnect between accounting net income and actual cash availability.
| Cash from Operations | -733.93K | -869.51K | -16 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | -19928.22% | -5320908.51% | - |
| Net Income | 6.07M | 6.05M | -92 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 36.75K | 36.75K | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -6.96M | -7.05M | 21 |
| Working Capital Changes | 125.37K | 93.59K | 55 |
| Change in Receivables | -1.29K | 1.29K | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 30.27K | 96.49K | 0 |
| Cash from Investing | 0 | -174.22M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 182.74M | 181.29M | 0 |
| Other Investing | -174.22M | -174.22M | 0 |
| Cash from Financing | 250K | 175.39M | 20 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | -175.78M | 175.78M | 21.5K |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 175.74M | -356.54K | -20.18K |
| Net Change in Cash | -483.93K | 292.38K | 4 |
| Free Cash Flow | -733.93K | -869.51K | -16.34K |
| FCF Margin % | - | - | - |
| FCF Growth % | -106.94% | -5221.33% | - |
| FCF per Share | -0.04 | -0.05 | -0.00 |
| FCF Conversion (FCF/Net Income) | -0.12x | -0.14x | 0.18x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Binary deal execution failure
As reported in financial statements, PLMKW's net income of $1.2M in 2026Q1 stands in stark contrast to its negative operating cash flow of $202.7K, highlighting a fundamental disconnect between accounting profitability and the actual cash resources available to fund the company's ongoing search operations.
The persistent negative OCF/NI ratio suggests that reported net income is driven by non-operating interest income from trust assets rather than operational efficiency. Investors should interpret this as a signal that the company lacks a self-sustaining cash engine, leaving it entirely dependent on external financing or trust interest to cover administrative burn.
Based on recent quarterly filings, the company has consistently generated negative free cash flow, with a $202.7K outflow in 2026Q1, confirming that the entity remains in a cash-burning phase as it continues to search for a viable business combination target.
The lack of positive FCF trajectory appears to be a structural feature of the SPAC model during the pre-merger phase. This trend warrants further investigation into how long the current cash reserves can sustain operations before the company is forced to seek dilutive capital or accelerate a merger.
According to the cash flow data, working capital changes have fluctuated significantly, moving from a $76.9K inflow in 2025Q3 to a $48.1K inflow in 2026Q1, which suggests erratic management of short-term liabilities as the company navigates its limited operational budget.
These shifts in working capital appear to reflect the timing of professional service payments rather than operational growth. The volatility may indicate that the company is managing its cash outflows tightly to preserve liquidity, which could limit the scope of due diligence activities.
As indicated by the 2025Q2 data, the inclusion of $36.8K in stock-based compensation adjustments suggests that the company's cash flow statement obscures the true cost of talent retention and sponsor incentives, which are not captured in the basic operating cash flow figures.
These non-cash adjustments imply that the actual cost of maintaining the SPAC structure is higher than the raw cash burn suggests. Analysts should monitor these items closely, as they represent potential future dilution that could impact the value available to public shareholders upon a successful merger.
Quick answers to the most common questions about buying PLMKW stock.
Plum Acquisition Corp. IV (PLMKW) 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 (PLMKW) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Plum Acquisition Corp. IV (PLMKW) 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.