Operational liquidity is under severe pressure, with a 2026Q1 free cash flow of -$141.4K reflecting a persistent inability to fund ongoing compliance costs through internal cash generation.
| Cash from Operations | -480.9K | -412.73K | 0 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 0% | - | - |
| Net Income | 14.65K | 2.95K | -86 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -299.31K | -415.68K | 86 |
| Working Capital Changes | -172.71K | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 17.71K | 59.77K | 0 |
| Cash from Investing | -115M | -115M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 0 | 0 | 0 |
| Other Investing | 0 | -115M | 0 |
| Cash from Financing | 115.79M | 115.79M | 0 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | 115.99M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 79 | 115.79M | 0 |
| Net Change in Cash | 310.7K | 0 | 0 |
| Free Cash Flow | -480.9K | -412.73K | 0 |
| FCF Margin % | - | - | - |
| FCF Growth % | - | - | - |
| FCF per Share | -0.04 | -0.08 | - |
| FCF Conversion (FCF/Net Income) | -32.83x | -140.00x | - |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Imminent Liquidation Risk
As reported in financial statements, SPEG's 2026Q1 net income of $1.0M stands in stark contrast to an operating cash outflow of $141.4K, indicating that reported profits are entirely decoupled from cash generation and likely stem from non-cash accounting adjustments rather than core business activity.
The negative OCF/NI ratio of -0.14 highlights a complete absence of cash-backed earnings, which is typical for a shell entity but underscores the lack of underlying operational substance. Investors should interpret this divergence as a signal that the company's reported profitability is purely technical and offers no support for future capital deployment.
Based on the provided quarterly data, SPEG has consistently burned cash, with FCF reaching -$141.4K in 2026Q1, reflecting a persistent inability to generate positive cash flow while maintaining its public listing status without a target acquisition.
The absence of positive FCF margins suggests that the company is consuming its limited liquidity to fund administrative overhead rather than value-creating activities. This trajectory appears unsustainable, as the company lacks the revenue-generating assets required to reverse the current cash-burning trend.
According to historical filings, SPEG's working capital changes, such as the -$172.7K outflow observed in 2025Q3, suggest that the company's limited cash is being eroded by administrative liabilities rather than being managed through efficient operational cycles.
The lack of meaningful working capital movement in other periods indicates a dormant state where the company is merely waiting for a transaction. This stagnation implies that the company is not actively managing its liquidity, leaving it vulnerable to further depletion of its remaining cash reserves.
As indicated by the company's financial disclosures, the cash flow statement masks the critical reality that SPEG's cash balance of $378,794 is insufficient to cover ongoing compliance costs, suggesting that the entity may be nearing a forced liquidation event.
The lack of capitalized costs or significant investment activity suggests that the company is not building any tangible value, but rather just delaying the inevitable exhaustion of its trust funds. Analysts should monitor the cash burn rate closely, as any further decline could trigger an immediate delisting or liquidation process.
Quick answers to the most common questions about buying SPEG stock.
Silver Pegasus Acquisition Corp Class A Ordinary Shares (SPEG) generated $-0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Silver Pegasus Acquisition Corp Class A Ordinary Shares (SPEG) reported negative free cash flow of $0.4M in 2025, indicating capital requirements exceeded cash from operations.
Silver Pegasus Acquisition Corp Class A Ordinary Shares (SPEG) 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.