Operational liquidity is under pressure, as demonstrated by a $508.0K operating cash outflow in 2026Q1, which highlights a persistent disconnect between reported net income and actual cash generation.
| Cash from Operations | -1.52M | -1.2M | -391.55K |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | -857.53% | -206.47% | - |
| Net Income | 7.93M | 8.35M | 3.05M |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -9.6M | -9.55M | -3.3M |
| Working Capital Changes | 151.63K | 0 | -133.42K |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | -231.15M |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 246.41M | 244.26M | 234.5M |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | 1.06M | 450K | 232.34M |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 0 | 0 | 232.65M |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 610K | 450K | 0 |
| Net Change in Cash | -462.18K | -749.99K | 798.45K |
| Free Cash Flow | -1.52M | -1.2M | -391.55K |
| FCF Margin % | - | - | - |
| FCF Growth % | - | -206.47% | - |
| FCF per Share | -0.07 | -0.05 | -0.03 |
| FCF Conversion (FCF/Net Income) | -0.19x | -0.14x | -0.13x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Liquidation and deal execution
As reported in financial statements, POLE exhibits a persistent divergence between net income and operating cash flow, with the entity reporting $1.8M in net income for 2026Q1 while simultaneously suffering a $508.0K operating cash outflow, highlighting the non-operational nature of its current reported profitability.
The consistent negative OCF/NI ratio, reaching -0.28 in 2026Q1, confirms that reported earnings are entirely decoupled from operational reality. Investors should interpret this as a signal that the entity's accounting profit is driven by non-cash interest income rather than any underlying business productivity.
Based on recent SEC filings, POLE's free cash flow trajectory remains firmly negative, with the entity recording a $609.0K outflow in 2025Q4, reflecting the ongoing administrative costs required to maintain the shell structure while the search for a viable business combination target continues to consume capital.
The lack of positive free cash flow is an expected feature of the SPAC lifecycle, yet the trend warrants monitoring as the burn rate fluctuates. This persistent cash drain suggests that the entity's runway is finite and dependent on the sponsor's ability to finalize a transaction.
According to historical cash flow data, POLE's working capital movements have been erratic, with a $158.1K inflow in 2025Q4 followed by periods of stagnation, indicating that the entity's liquidity is primarily managed through the timing of professional fee payments rather than operational efficiency or inventory management.
The volatility in working capital changes appears to reflect the lumpy nature of legal and compliance expenditures inherent in a shell company. Analysts should view these fluctuations as a proxy for the entity's administrative overhead rather than any meaningful improvement in operational cash management.
As indicated by the provided financial data, the cash flow statement fails to capture the potential dilutive impact of the sponsor's promote, which remains a critical off-balance-sheet consideration for investors evaluating the true economic value of the cash held within the trust account.
The reported cash flow figures provide a narrow view of the entity's liquidity, ignoring the significant structural dilution that will occur upon a successful business combination. Investors should be cautious, as the current cash burn is only one component of the total cost of capital for this vehicle.
Quick answers to the most common questions about buying POLE stock.
Andretti Acquisition Corp. II (POLE) generated $-1.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Andretti Acquisition Corp. II (POLE) reported negative free cash flow of $1.2M in 2025, indicating capital requirements exceeded cash from operations.
Andretti Acquisition Corp. II (POLE) 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.