Free cash flow remains consistently negative, evidenced by a peak outflow of $563.1K in 2025Q2, which underscores the unsustainable nature of the current administrative burn rate.
| Cash from Operations | -947.44K | -69.08K |
| Operating CF Margin % | - | - |
| Operating CF Growth % | -1271.52% | - |
| Net Income | 978.21K | -24.03K |
| Depreciation & Amortization | 0 | 0 |
| Stock-Based Compensation | 0 | 0 |
| Deferred Taxes | 0 | 0 |
| Other Non-Cash Items | -1.93M | 8.01K |
| Working Capital Changes | 0 | -53.06K |
| Change in Receivables | 0 | -3.06K |
| Change in Inventory | 0 | 0 |
| Change in Payables | 0 | 0 |
| Cash from Investing | -82.8M | 0 |
| Capital Expenditures | 0 | 0 |
| CapEx % of Revenue | - | - |
| Acquisitions | - | - |
| Investments | 84.85M | 0 |
| Other Investing | 0 | 0 |
| Cash from Financing | 83.87M | 133.44K |
| Debt Issued (Net) | - | - |
| Equity Issued (Net) | 0 | -66.56K |
| Dividends Paid | 0 | 0 |
| Share Repurchases | 0 | 0 |
| Other Financing | 83.87M | 0 |
| Net Change in Cash | 123.55K | 64.36K |
| Free Cash Flow | -947.44K | -69.08K |
| FCF Margin % | - | - |
| FCF Growth % | -1271.52% | - |
| FCF per Share | -0.18 | -0.03 |
| FCF Conversion (FCF/Net Income) | -0.97x | 4.31x |
| Interest Paid | 0 | 0 |
| Taxes Paid | 0 | 0 |
Liquidation and dilution risk
As reported in recent financial statements, QUMSU's OCF/NI ratio fluctuated significantly, reaching a volatile 6.23 in 2025Q2, which suggests that reported net income is largely decoupled from the actual cash outflows required to sustain the company's ongoing search for a viable business combination target.
The divergence between net income and operating cash flow highlights the non-operational nature of the entity's current earnings. Investors should monitor this gap, as it indicates that accounting gains are not translating into liquidity, potentially necessitating further sponsor-led capital injections to maintain operations.
Based on the quarterly data provided, QUMSU's free cash flow trajectory remains consistently negative, with a peak outflow of $563.1K in 2025Q2, underscoring the persistent cash burn inherent in the shell company model while management attempts to secure a merger within the $180M-$1B valuation range.
The absence of positive free cash flow is expected for a SPAC, yet the magnitude of these outflows relative to the limited $187,907 working capital suggests a narrowing runway. This trend may force management to prioritize deal closure speed over target quality to avoid further liquidity depletion.
According to the company's quarterly filings, working capital changes have been erratic, swinging from a $33.1K inflow in 2025Q1 to a $96.3K inflow in 2025Q4, which reflects the unpredictable timing of professional fee payments and the ongoing administrative costs required to maintain the SPAC's public listing.
These fluctuations in working capital appear to be driven by the timing of legal and regulatory compliance expenditures rather than operational efficiency. The reliance on these shifts to manage liquidity suggests that the company lacks a stable internal mechanism for funding its search process.
Financial records indicate that QUMSU's cash flow statement obscures the true cost of its search, as the lack of capitalized costs or significant asset investment masks the reliance on sponsor-provided capital to cover the recurring administrative and legal expenses necessary for maintaining the SPAC's regulatory status.
The cash flow statement fails to capture the potential future dilution from sponsor loans or the conversion of rights, which are not currently reflected as cash outflows. Analysts should view the reported cash burn as a minimum baseline, as the true cost of the merger process remains largely off-balance-sheet.
Quick answers to the most common questions about buying QUMSU stock.
Quantumsphere Acquisition Corp. Units (QUMSU) generated $-0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quantumsphere Acquisition Corp. Units (QUMSU) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Quantumsphere Acquisition Corp. Units (QUMSU) 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.