Operating cash flow remains negative at $119.7K for 2026Q1, reflecting a persistent cash burn as the entity consumes capital to fund ongoing administrative and compliance obligations.
| Cash from Operations | 11.21M | -1.26M | 49.05M | 61.83M | 57.79M | 57.55M | 17.09M |
| Operating CF Margin % | - | - | 9.56% | 12.23% | 12.26% | 12.73% | 7.93% |
| Operating CF Growth % | -17.16% | - | -20.68% | 7% | 0.42% | 236.82% | - |
| Net Income | -98.41M | 7.88M | -118.28M | 18.96M | 49.87M | 20.91M | 2.65M |
| Depreciation & Amortization | 11.37M | 0 | 47.72M | 25.47M | 22.94M | 22.91M | 11.28M |
| Stock-Based Compensation | 1.23M | 0 | 6.29M | 6.08M | 4.88M | 4.1M | 1.5M |
| Deferred Taxes | 10.16M | 0 | 583K | -1.1M | 22.59M | -10.74M | 88K |
| Other Non-Cash Items | 69.17M | -8.44M | 143.49M | -415K | -41.76M | 23.49M | 32.89M |
| Working Capital Changes | 17.68M | -705.32K | -30.76M | 12.83M | -738K | -3.12M | -31.32M |
| Change in Receivables | 1.33M | 0 | -349K | 616K | 313K | -921K | 8K |
| Change in Inventory | 86K | 0 | -191K | -220K | 6K | 88K | -265K |
| Change in Payables | -1.26M | -393.6K | -271K | 2K | 2.33M | -404K | -3.31M |
| Cash from Investing | -305.86M | -300.15M | -29.27M | -50.02M | -40.69M | -47.65M | 10.19M |
| Capital Expenditures | -7.98M | 0 | -43.7M | -48.03M | -50.63M | -45.85M | -18.59M |
| CapEx % of Revenue | - | - | 8.52% | 9.5% | 10.74% | 10.14% | 8.63% |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 0 | 308.66M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -297.88M | -300.15M | 21.8M | 14.32M | 23.79M | 13.51M | 118.61M |
| Cash from Financing | 331.33M | 301.96M | -25.5M | -11.21M | -19.34M | -11.29M | -49.46M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 303.65M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -7.37M | -16.32M | -13.85M | -15.31M | -10.19M |
| Other Financing | 331.33M | -1.47M | -25.5M | -11.21M | -19.34M | -11.29M | -49.46M |
| Net Change in Cash | -1.43M | 544.64K | -5.73M | 594K | -2.24M | -1.4M | 10.19M |
| Free Cash Flow | 3.22M | -1.26M | 5.35M | 13.8M | 7.16M | 11.69M | -1.51M |
| FCF Margin % | - | - | 1.04% | 2.73% | 1.52% | 2.59% | -0.7% |
| FCF Growth % | - | - | -61.24% | 92.71% | -38.76% | 875.4% | - |
| FCF per Share | 0.11 | -0.17 | 0.14 | 0.35 | 0.18 | 0.30 | -0.04 |
| FCF Conversion (FCF/Net Income) | -0.03x | -0.16x | -0.41x | 3.26x | 1.16x | 2.75x | 6.44x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidation deadline execution risk
As reported in financial statements, TACOW's 2026Q1 net income of $2.2 million stands in stark contrast to its negative $119.7K operating cash flow, illustrating the disconnect between non-operating interest income and the actual cash burn required to maintain the shell entity's ongoing administrative and compliance obligations.
The negative OCF/NI ratio of -0.05 suggests that the reported net income is entirely decoupled from operational cash generation. Investors should interpret this as a signal that the company's profitability is purely a function of interest earned on the trust, rather than any underlying business performance.
Based on recent SEC filings, the company's free cash flow has remained consistently negative, with a $119.7K outflow in 2026Q1, confirming that the entity is currently consuming its limited operating capital to fund the search for a viable business combination target before the liquidation deadline.
The persistent inability to generate positive free cash flow is expected for a pre-revenue SPAC, yet the trend warrants monitoring as it directly impacts the sponsor's runway. This trajectory implies that the company is entirely dependent on its initial capital structure to sustain operations until a merger is finalized.
According to the provided cash flow data, working capital changes have been largely stagnant in recent periods, reflecting the lack of commercial activity and the shell company's reliance on fixed administrative expenditures rather than operational cycles involving inventory or accounts receivable management.
The absence of meaningful working capital movement confirms that the entity is not engaged in any trade-related activities. This lack of operational complexity suggests that the current cash flow profile is purely administrative and will only shift significantly upon the successful acquisition of an operating business.
As indicated by the historical cash flow data, the company's reliance on non-cash adjustments and the absence of capital expenditure suggest that the true cost of maintaining the SPAC is obscured by the reliance on interest income to offset rising professional and legal service fees.
The data suggests that the company's cash position is vulnerable to the duration of the search process, as administrative costs continue to erode the available cash. Analysts should be cautious, as the current cash flow statement does not fully capture the contingent liabilities associated with deferred underwriting commissions payable only upon a successful merger.
Quick answers to the most common questions about buying TACOW stock.
Berto Acquisition Corp. Warrant (TACOW) generated $-1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Berto Acquisition Corp. Warrant (TACOW) reported negative free cash flow of $1.3M in 2025, indicating capital requirements exceeded cash from operations.
Berto Acquisition Corp. Warrant (TACOW) 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.