Operational cash flow remains consistently negative, highlighted by a 2026Q1 outflow of $133.6K and an OCF/NI ratio of -0.10, confirming a persistent state of capital consumption.
| Cash from Operations | -485.23K | -988.43K | -446.86K |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 0% | -121.2% | - |
| Net Income | 4.86M | 5.72M | 3.48M |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -5.36M | -8.64M | -3.95M |
| Working Capital Changes | 15.59K | 1.94M | 15.59K |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 |
| Cash from Investing | -201M | 0 | -201M |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 215.22M | 213.35M | 0 |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | 202.29M | 190K | 202.27M |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 202.85M | 0 | 202.85M |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | -563.97K | 190K | -583.78K |
| Net Change in Cash | 800.8K | -798.43K | 819.36K |
| Free Cash Flow | -485.23K | -988.43K | -446.86K |
| FCF Margin % | - | - | - |
| FCF Growth % | - | -121.19% | - |
| FCF per Share | -0.02 | -0.05 | -0.02 |
| FCF Conversion (FCF/Net Income) | -0.10x | -0.17x | -0.13x |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Failed Business Combination Risk
As reported in financial statements, SBXD exhibits a persistent negative relationship between net income and operating cash flow, with the 2026Q1 OCF/NI ratio of -0.10 highlighting that reported profits are entirely decoupled from the actual cash generation required to sustain the entity's ongoing administrative search activities.
The divergence between positive net income and negative operating cash flow suggests that accounting adjustments, likely related to warrant liabilities or non-cash financial instruments, are creating a misleading picture of profitability. Investors should interpret this as a signal that the company lacks core operational cash flow, leaving it entirely dependent on external financing to cover its burn.
Based on the provided quarterly data, SBXD's free cash flow remains consistently negative, with a 2026Q1 outflow of $133.6K, confirming that the entity is currently in a state of capital consumption without any offsetting revenue streams to support its long-term viability as a public shell vehicle.
The persistent negative FCF trajectory reflects the structural reality of a SPAC that has yet to identify a target, where every dollar spent on administrative and legal overhead directly erodes the remaining capital. This trend warrants close monitoring, as the lack of positive cash flow generation increases the pressure on management to finalize a merger before the current liquidity is exhausted.
According to recent SEC filings, the cash flow statement for SBXD obscures significant future obligations, specifically deferred underwriting commissions that remain contingent upon a successful business combination, which are not currently reflected in the reported cash burn but represent a substantial potential drain on future liquidity.
The cash flow statement fails to capture the full scope of the company's financial commitments, as these deferred costs are only triggered upon the completion of a merger. Analysts should be wary that the current cash position may be overstated relative to the net proceeds that would actually be available to a post-merger entity.
As evidenced by the 2024Q4 working capital change of $130.9K, SBXD's cash flow is subject to erratic fluctuations that appear disconnected from any underlying business cycle, suggesting that the entity's liquidity is highly sensitive to the timing of administrative payments and the absence of a stable operational revenue base.
The lack of consistent working capital management is a byproduct of the company's status as a shell, where cash movements are driven by regulatory filing requirements rather than commercial activity. This volatility implies that the company's liquidity position is fragile and could be rapidly impaired by unexpected legal or administrative costs.
Quick answers to the most common questions about buying SBXD stock.
SilverBox Corp IV (SBXD) generated $-1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SilverBox Corp IV (SBXD) reported negative free cash flow of $1.0M in 2025, indicating capital requirements exceeded cash from operations.
SilverBox Corp IV (SBXD) 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.