The entity exhibits a structural cash burn, evidenced by a negative free cash flow of $2.1 million in 2025Q3 and a historical peak outflow of $13.2 million in 2024Q3, indicating an unsustainable reliance on dwindling trust assets.
| Cash from Operations | -9.14M | -15.57M | -4.55M | -1.02M | -1.08K |
| Operating CF Margin % | - | -210.31% | -83.81% | - | - |
| Operating CF Growth % | 0% | - | -347.87% | -93884.58% | - |
| Net Income | -12.42M | -21.5M | -22.27M | 36.86K | -621 |
| Depreciation & Amortization | 1.49M | 1.14M | 872K | 0 | 0 |
| Stock-Based Compensation | 1.56M | 3.38M | 14.06M | 0 | 0 |
| Deferred Taxes | 21K | 62K | -72K | 0 | 0 |
| Other Non-Cash Items | 1.96M | 1.34M | 2.86M | -1.74M | 306.84B |
| Working Capital Changes | 2.17M | 0 | 0 | 686.13K | -306.84B |
| Change in Receivables | 1.44M | 1.56M | -928K | 0 | 0 |
| Change in Inventory | -401K | 256K | 372K | 0 | 0 |
| Change in Payables | -1.16M | -1.48M | -14K | 0 | 0 |
| Cash from Investing | -2.85M | -2.67M | -1.51M | 307.14K | -175.95K |
| Capital Expenditures | -3.45M | -2.67M | -1.54M | 0 | 0 |
| CapEx % of Revenue | 61.96% | 36.03% | 28.4% | - | - |
| Acquisitions | 0 | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 619K | 0 | 30K | 307.14K | -175.95K |
| Cash from Financing | 4.27M | 21.59M | 6.56M | 0 | 178.43K |
| Debt Issued (Net) | 0 | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.27M | 21.59M | 6.56M | 0 | 178.43K |
| Net Change in Cash | -7.47M | 3.35M | 501K | -709K | 931.27B |
| Free Cash Flow | -12.59M | -18.23M | -6.09M | -1.02M | -1.08K |
| FCF Margin % | -226.32% | -246.34% | -112.21% | - | - |
| FCF Growth % | - | - | -499.62% | -93884.58% | - |
| FCF per Share | -0.36 | -0.09 | -0.00 | -0.09 | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.01x | 0.72x | 0.20x | -27.57x | 0.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Imminent SPAC Liquidation Risk
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 0.15 to 1.55, suggesting that reported earnings are heavily distorted by non-cash adjustments rather than reflecting actual operational cash generation capabilities.
The wide variance in the conversion ratio indicates that net income is an unreliable proxy for the entity's true cash position. Investors should interpret these fluctuations as evidence of the SPAC's reliance on non-operating accounting entries to manage its public reporting while the underlying cash burn remains persistent.
As reported in financial statements, SMAP has consistently recorded negative free cash flow, with a peak outflow of $13.2 million in 2024Q3, highlighting the unsustainable nature of its current search-phase cost structure in the absence of a completed business combination or revenue-generating operations.
The trajectory of free cash flow suggests that the entity is consuming its trust assets to fund administrative and due diligence expenses. This trend appears to be accelerating the depletion of available liquidity, which may necessitate further sponsor intervention or lead to an eventual liquidation event.
Based on the reported figures, working capital changes have been highly volatile, including a significant $3.9 million swing in 2024Q4, which suggests that the entity's cash management is subject to irregular timing of professional service payments and regulatory filing obligations rather than standard operational cycles.
The erratic nature of these working capital movements implies that the entity lacks a predictable cash management framework. This instability warrants further investigation into whether these shifts represent deferred liabilities or simply the lumpy nature of legal and advisory costs associated with the ongoing search for a target.
Data from recent filings reveals that stock-based compensation, such as the $14.1 million charge in 2023Q4, frequently masks the true cash impact of the entity's operations, complicating the assessment of how much capital is actually being deployed toward the primary goal of securing a merger partner.
The heavy reliance on non-cash adjustments suggests that the cash flow statement is the only reliable metric for assessing the entity's runway. Analysts should focus on the net cash burn rather than headline earnings, as the latter appears to be significantly decoupled from the actual liquidity position.
Quick answers to the most common questions about buying SMAP stock.
Amplify Small-Mid Cap Equity ETF (SMAP) generated $-15.6M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Amplify Small-Mid Cap Equity ETF (SMAP) reported negative free cash flow of $18.2M in 2024, indicating capital requirements exceeded cash from operations.
Amplify Small-Mid Cap Equity ETF (SMAP) spent $2.7M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.