The balance sheet reflects structural fragility, evidenced by a lack of productive assets and an equity base eroded by $10.6M in negative retained earnings as of 2026Q1.
| Total Current Assets | 760.45K | 931.52K | 0 | 884.36K | 1.41M | 25.01K |
| Cash & Short-Term Investments | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 0 | -237.01M | 0 | 60.42K | 362.24K | 0 |
| Total Non-Current Assets | 239.05M | 237.03M | 149.46K | 159.76M | 158.14M | 91.48K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 739.79M | 0 | 0 | 159.76K | 158.11M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - |
| Total Assets | 239.81M | 237.96M | 149.46K | 160.64M | 159.55M | 116.49K |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | -78.87% | 159114.56% | -99.91% | 0.68% | 136868.21% | - |
| Total Current Liabilities | 380.03K | 138.93K | 191.79K | 1.75M | 406.41K | 93.26K |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Payables Outstanding | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 121.55K | 153.13K | 153.13K | 72.81K |
| Deferred Revenue (Current) | 0 | - | - | - | - | - |
| Other Current Liabilities | 380.03K | 138.93K | 54.64K | 1.6M | 253.28K | 20.45K |
| Current Ratio | 2.00x | 6.71x | - | 0.51x | 3.47x | 0.27x |
| Quick Ratio | 2.00x | 6.71x | - | 0.51x | 3.47x | 0.27x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 10.95M | 10.95M | 0 | 8.15M | 8.15M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - |
| Total Liabilities | 11.33M | 11.09M | 191.79K | 9.9M | 8.56M | 93.26K |
| Total Debt | 0 | 0 | 121.55K | 153.13K | 153.13K | 72.81K |
| Net Debt | -653.38K | -805.12K | 121.55K | -670.82K | -893.52K | 47.8K |
| Debt / Equity | 0.00x | - | - | 0.00x | 0.00x | 3.13x |
| Debt / EBITDA | -0.00x | - | - | - | - | 0.35x |
| Net Debt / EBITDA | 0.46x | - | - | - | - | 0.23x |
| Interest Coverage | - | - | - | - | - | - |
| Total Equity | 228.48M | 226.87M | -42.33K | 150.74M | 151M | 23.23K |
| Equity Growth % | -86.52% | 536063.05% | -100.03% | -0.17% | 649962.38% | - |
| Book Value per Share | 9.68 | 12.86 | -6.35 | 9.73 | 65.85 | 0.00 |
| Total Shareholders' Equity | 228.48M | 226.87M | -42.33K | 150.74M | 151M | 23.23K |
| Common Stock | 239.05M | 237.01M | 767 | 159.76M | 158.1M | 562 |
| Retained Earnings | -10.57M | -10.13M | -67.33K | -9.02M | -7.1M | -2.64K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation and deal failure
As reported in financial statements, SZZL's total assets have fluctuated significantly, peaking at $239.8M in 2026Q1, yet the underlying cash position remains minimal, suggesting that the entity's trajectory is increasingly dependent on external capital injections rather than organic growth or internal value creation.
The expansion in total assets appears to be a function of accounting adjustments rather than operational accumulation, as the entity lacks revenue-generating activities. Investors should monitor whether this asset growth is sustainable or if it masks a deteriorating ability to fund the search for a viable acquisition target.
Based on the most recent quarterly data, SZZL's cash balance of $653.4K in 2026Q1 represents a significant decline from previous periods, indicating that the company's liquidity buffer is rapidly depleting as it continues to incur administrative expenses without a clear path to a business combination.
The current ratio of 2.00 may provide a false sense of security, as the liquidity is largely tied to non-operational assets rather than readily available cash. This suggests that the company may face imminent pressure to secure additional funding or risk a forced liquidation if a deal is not finalized.
According to historical balance sheet data, SZZL's equity base has been eroded by persistent negative retained earnings, which reached -$10.6M in 2026Q1, reflecting the ongoing cost of maintaining the shell entity without the benefit of operational income to offset these recurring administrative expenditures.
The accumulation of these deficits suggests that the value of the equity is primarily tied to the potential of a future merger rather than the current book value. Shareholders should be wary of the potential for further dilution if the sponsor is forced to raise capital to cover these mounting losses.
As evidenced by the lack of PPE and goodwill, SZZL's balance sheet is entirely devoid of productive operating assets, which implies that the company's valuation is purely speculative and highly sensitive to the sponsor's ability to execute a transaction before the expiration of the entity's lifecycle.
The absence of tangible assets means that the company has no intrinsic value outside of its cash holdings and the intangible value of the sponsor's deal-sourcing network. This makes the balance sheet exceptionally vulnerable to market volatility and shifts in the regulatory environment governing SPACs.
Quick answers to the most common questions about buying SZZL stock.
As of 2025, Sizzle Acquisition Corp. II (SZZL) had total assets of $238.0M including $0.9M in current assets.
Sizzle Acquisition Corp. II (SZZL) carries total debt of $0.0M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sizzle Acquisition Corp. II (SZZL) has total shareholders' equity (book value) of $226.9M ($12.86 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sizzle Acquisition Corp. II (SZZL) reported a current ratio of 6.71x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.