The firm's financial position has weakened significantly, with the current ratio falling to 0.79 as of 2026Q1 and total debt rising to $702.3K.
| Total Current Assets | 607.15K | 270.43K | 824.28K |
| Cash & Short-Term Investments | - | - | - |
| Cash Only | - | - | - |
| Short-Term Investments | - | - | - |
| Accounts Receivable | - | - | - |
| Days Sales Outstanding | - | - | - |
| Inventory | - | - | - |
| Days Inventory Outstanding | - | - | - |
| Other Current Assets | 0 | -245.12M | 0 |
| Total Non-Current Assets | 247.27M | 245.12M | 235.5M |
| Property, Plant & Equipment | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 |
| Long-Term Investments | 975.43M | 245.12M | 235.32M |
| Other Non-Current Assets | - | - | - |
| Total Assets | 247.88M | 245.39M | 236.33M |
| Asset Turnover | 0.00x | - | - |
| Asset Growth % | 106378.36% | 3.83% | - |
| Total Current Liabilities | 768.22K | 304.59K | 32.61K |
| Accounts Payable | 0 | 304.59K | 32.61K |
| Days Payables Outstanding | - | - | - |
| Short-Term Debt | 702.26K | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - |
| Other Current Liabilities | 65.96K | 0 | 0 |
| Current Ratio | 0.79x | 0.89x | 25.28x |
| Quick Ratio | 0.79x | 0.89x | 25.28x |
| Cash Conversion Cycle | - | - | - |
| Total Non-Current Liabilities | 0 | 10.95M | 10.95M |
| Long-Term Debt | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - |
| Deferred Tax Liabilities | 0 | - | - |
| Other Non-Current Liabilities | - | - | - |
| Total Liabilities | 768.22K | 11.25M | 10.98M |
| Total Debt | 702.26K | 0 | 0 |
| Net Debt | 233.86K | -65.43K | -697.09K |
| Debt / Equity | 0.00x | - | - |
| Debt / EBITDA | 0.44x | - | - |
| Net Debt / EBITDA | 0.15x | - | -0.15x |
| Interest Coverage | - | - | - |
| Total Equity | 247.11M | 234.13M | 225.34M |
| Equity Growth % | 1382174.2% | 3.9% | - |
| Book Value per Share | 10.74 | 10.18 | 7.35 |
| Total Shareholders' Equity | 247.11M | 234.13M | 225.34M |
| Common Stock | 247.17M | 245.02M | 235.22M |
| Retained Earnings | -61.84K | -10.88M | -9.88M |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
Liquidation risk from insolvency
As reported in financial statements, SIMA's equity base has experienced significant volatility, with total assets dropping from $245.4M in 2025Q4 to $247.9M in 2026Q1, while the persistent accumulation of negative retained earnings suggests a fundamental inability to preserve capital during the extended search for an acquisition target.
The trajectory of the balance sheet reflects a vehicle struggling to maintain its capital base as administrative costs continue to outpace any potential interest income. This trend suggests that the company is effectively consuming its own value, which may limit the sponsor's flexibility in negotiating a viable business combination.
According to recent SEC filings, the current ratio has deteriorated to 0.79 as of 2026Q1, indicating that the company's short-term liabilities now exceed its liquid assets, a precarious position that warrants further investigation into the sponsor's ability to fund ongoing compliance and search-related expenses.
The sharp decline in the current ratio from previous periods highlights a narrowing buffer against operational shocks. Investors should monitor whether this liquidity crunch forces the company to seek dilutive financing or triggers an early liquidation of the vehicle.
Based on SIMA's reported figures, total debt has risen to $702.3K in 2026Q1, marking a departure from the debt-free status maintained throughout 2025, which suggests that the company is increasingly relying on external financing to cover its mounting administrative and legal obligations.
The introduction of debt into a shell company structure is a negative signal that implies internal cash reserves are insufficient to sustain operations. This shift may indicate that the sponsor is attempting to bridge the gap until a merger, but it also increases the risk of insolvency if a deal is not secured promptly.
As indicated by the provided balance sheet data, the company's negative equity position in early 2024 and the recent rise in liabilities suggest that headline asset figures may be misleading, as they do not account for the potential impact of warrant liabilities and future redemption obligations.
The reliance on non-cash accounting adjustments to manage the appearance of the balance sheet may mask the underlying reality of a company with limited tangible value. Analysts should be wary of the discrepancy between reported assets and the actual cash available for a potential business combination.
Quick answers to the most common questions about buying SIMA stock.
As of 2025, SIM Acquisition Corp. I (SIMA) had total assets of $245.4M including $0.3M in current assets.
SIM Acquisition Corp. I (SIMA) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
SIM Acquisition Corp. I (SIMA) has total shareholders' equity (book value) of $234.1M ($10.18 book value per share). Book value represents the net worth of the company belonging to common stock holders.
SIM Acquisition Corp. I (SIMA) reported a current ratio of 0.89x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.