Liquidity is critically low, as evidenced by a cash balance that plummeted to just $2.9K in 2026Q1, following a period of aggressive capital outflows including $4.7M in share repurchases during 2025Q4.
YHN Acquisition I Limited (YHNA) cash flow statement — 2-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 |
|---|
| Cash from Operations | -627.16K | -1.11M | -275.61K |
| Operating CF Growth % | -382.36% | -302.27% | - |
| Net Income | 1.01M | 169.97K | 502.64K |
| Depreciation & Amortization | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -1.54M | -1.28M | -789.08K |
| Working Capital Changes | -21.72K | 3.62K | 10.83K |
| Cash from Investing | 36.2M | 36.5M | -60.3M |
| Purchase of Investments | -38.29K | 0 | -7.73M |
| Sale/Maturity of Investments | 0 | 4.7M | 0 |
| Net Investment Activity | -38.29K | 4.7M | -7.73M |
| Acquisitions | 0 | 0 | 0 |
| Other Investing | 36.24M | 31.8M | -52.57M |
| Cash from Financing | -35.59M | -35.92M | 61.24M |
| Dividends Paid | -605.69K | -2.46M | 0 |
| Share Repurchases | -4.71M | -4.7M | 0 |
| Stock Issued | 0 | 0 | 61.18M |
| Net Stock Activity | -4.71M | -4.7M | 61.18M |
| Debt Issuance (Net) | 0 | 0 | 0 |
| Other Financing | 1.66M | -28.76M | 60.06K |
| Net Change in Cash | -21.29K | -528.7K | 669.25K |
| Exchange Rate Effect | 0 | 0 | 0 |
| Cash at Beginning | 22.79K | 669.25K | 0 |
| Cash at End | 26.56K | 140.55K | 669.25K |
| Interest Paid | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 |
| Free Cash Flow | -627.16K | -1.11M | -275.61K |
| FCF Growth % | 39.7% | -302.27% | - |
Quick answers to the most common questions about buying YHNA stock.
YHN Acquisition I Limited (YHNA) generated $-1.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
YHN Acquisition I Limited (YHNA) reported negative free cash flow of $1.1M in 2025, indicating capital requirements exceeded cash from operations.
YHN Acquisition I Limited (YHNA) 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, YHN Acquisition I Limited (YHNA) returned $2.5M to shareholders via cash dividends and spent $4.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Liquidity and Execution Risk
Metrics are mathematically derived from official filings.
Earnings Disconnect Signals Structural Fragility
According to the provided financial data, YHNA consistently reports net income figures that diverge sharply from operating cash flows, with the company recording a net income of $518.7K in 2025Q3 while simultaneously suffering an operating cash outflow of $136.7K, highlighting a fundamental lack of cash-generative operations.
The persistent gap between reported net income and operating cash flow suggests that accounting adjustments, likely related to warrant liability revaluations, are masking the underlying cash burn. Investors should interpret this divergence as a sign that the company's reported profitability is non-cash in nature and does not reflect the actual depletion of liquid resources required to sustain the shell entity.
Negative Free Cash Flow Trajectory
As reported in financial statements, YHNA has maintained a negative free cash flow trajectory throughout the observed period, with quarterly outflows reaching a peak of $619.2K in 2025Q2, underscoring the vehicle's reliance on external funding rather than internal cash generation to cover its ongoing administrative and regulatory expenses.
The absence of positive free cash flow is expected for a pre-revenue SPAC, yet the magnitude of these outflows relative to the company's limited cash reserves warrants close monitoring. This trend suggests that the entity is consuming its initial capital at an accelerating rate, which may necessitate further sponsor support or a rapid business combination to avoid insolvency.
Capital Allocation Prioritizes Shareholder Returns
Based on the company's reported figures, YHNA has engaged in significant capital outflows, including $4.7M in share repurchases during 2025Q4 and substantial dividend payments, which appear incongruous with the entity's status as a development-stage shell lacking operational revenue or a finalized business combination.
The decision to deploy capital toward share repurchases and dividends while the company remains in a pre-revenue state appears highly unusual and may indicate a strategy to manage equity dilution or return capital to sponsors. Such actions raise questions regarding the long-term capital preservation strategy and the availability of funds for future deal-sourcing activities.
Working Capital Volatility Reflects Instability
Analysis of the cash flow statements reveals erratic working capital movements, with a notable $75.8K swing in 2025Q2, suggesting that the company's management of current assets and liabilities is highly sensitive to the timing of professional service payments and regulatory compliance costs associated with its listing.
These fluctuations in working capital appear to be driven by the irregular timing of administrative expenses rather than operational cycles. The lack of a stable working capital trend suggests that the company's cash management is reactive, potentially complicating the planning of future deal-related expenditures.