Operational cash flow is consistently negative, with free cash flow reaching -$378.8K in 2026Q1, further exacerbated by a prior $84.8 million share repurchase that constrained remaining liquidity.
| Cash from Operations | -2.44M | -2.46M | -1.87M | -1.33M | -1.14M | -733.78K |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -166.18% | -31.73% | -40.16% | -16.87% | -55.48% | - |
| Net Income | 335.49K | 293.6K | 3.15M | -730.9K | -1.33M | -454.45K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.86M | -2.88M | -5.25M | -1.18M | 0 | 0 |
| Working Capital Changes | 84.27K | 122.17K | 229.42K | 575.09K | 191.85K | -279.33K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 84.64M | 84.64M | 0 | -100.5M | 0 | 1.97M |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -100.65K | 84.64M | 0 | -100.5M | 0 | 1.97M |
| Cash from Financing | -81.94M | -82.44M | 840K | 102.65M | 1.48M | 984.94K |
| Debt Issued (Net) | 0 | - | - | - | - | - |
| Equity Issued (Net) | -84.84M | -84.84M | 0 | 100M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -84.84M | -84.84M | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 5.4M | -272.66K | 984.94K |
| Net Change in Cash | 259.17K | -263.11K | -1.03M | 816.53K | 336.48K | 2.22M |
| Free Cash Flow | -2.44M | -2.46M | -1.87M | -1.33M | -1.14M | -733.78K |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -30.79% | -31.73% | -40.16% | -16.87% | -55.48% | - |
| FCF per Share | -0.28 | -0.28 | -0.11 | -0.08 | -0.07 | -0.04 |
| FCF Conversion (FCF/Net Income) | -7.27x | -8.38x | -0.59x | 1.82x | 0.86x | 1.61x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidation deadline risk
As reported in financial statements, SPKL's operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio reaching 4.02, highlighting that reported earnings are driven by non-cash accounting adjustments rather than any underlying operational cash generation capability.
The persistent divergence between net income and operating cash flow suggests that the company's profitability metrics are largely decoupled from its actual cash position. Investors should monitor these non-cash fluctuations, as they appear to be artifacts of derivative warrant accounting rather than indicators of business health.
Based on the provided cash flow data, SPKL has consistently burned cash to fund operations, with free cash flow reaching -$378.8K in 2026Q1, underscoring the company's inability to generate self-sustaining cash flows while it remains in a pre-merger shell state.
The consistent negative free cash flow trend suggests that the company is depleting its limited liquidity to cover administrative and professional fees. This trajectory appears unsustainable without a successful business combination or additional capital infusion, which remains uncertain given the current market environment.
According to recent SEC filings, working capital changes have been erratic, swinging from a $804.5K inflow in 2023Q4 to a $62.8K outflow in 2026Q1, which suggests that the company's liquidity management is highly sensitive to the timing of professional service payments.
The volatility in working capital movements implies that the company lacks a stable operational rhythm, which is typical for a shell entity. These fluctuations warrant further investigation, as they may mask the true burn rate required to maintain the company's public listing status.
As reported in financial statements, SPKL's capital deployment has been largely dormant, with the exception of a significant $84.8M share repurchase in 2025Q3, which appears to have severely constrained the company's remaining cash reserves for future acquisition activities.
The substantial share repurchase in 2025Q3 appears to have been a major drain on the company's resources, leaving it with minimal cash to pursue a target. This deployment strategy suggests a potential prioritization of shareholder exit over the successful execution of a business combination.
Quick answers to the most common questions about buying SPKL stock.
Spark I Acquisition Corp. Class A Ordinary Share (SPKL) generated $-2.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spark I Acquisition Corp. Class A Ordinary Share (SPKL) reported negative free cash flow of $2.5M in 2025, indicating capital requirements exceeded cash from operations.
Spark I Acquisition Corp. Class A Ordinary Share (SPKL) 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.
In 2025, Spark I Acquisition Corp. Class A Ordinary Share (SPKL) spent $84.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.