Black Spade Acquisition III Co (BIII) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 21, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the F-4 for Q2 FY2026, filed Oct 15, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BIII SEC filings page.
This page shows Black Spade Acquisition III Co (BIII) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. All figures are derived from SEC filings (10-K and 10-Q reports).
The balance sheet is liability-heavy and short on current coverage, with negative equity leaving little accounting cushion.
The 0.9x current ratio means current assets fall short of current liabilities, while total liabilities exceed total assets by$61K ; both point to constrained balance-sheet flexibility rather than merely a profitability question.
Negative equity of
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
Black Spade Acquisition III Co does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The metrics below are current.
Key Financial Metrics
Earnings & Revenue
Black Spade Acquisition III Co reported $848K in net income in Q2 2026. Against the prior quarter it is down 22.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Black Spade Acquisition III Co held $0 in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
None of these metrics is reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
BIII Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, EBITDA, Interest Expense, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
BIII Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'26F-4 | Q1'26F-4 | Q4'25F-4 | Q3'2510-Q |
|---|---|---|---|---|
| Total Assets | $176.2M | $174.8M | $3.7M | $344K |
| Current Assets | $753K | $899K | $3.3M | $25K |
| Cash & Equivalents | $0 | $0 | $0 | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 |
| Total Liabilities | $183.2M | $181.0M | $3.7M | $342K |
| Current Liabilities | $809K | $251K | $3.7M | $342K |
| Non-Current Liabilities | $182.3M | $180.8M | $0 | $0 |
| Total Equity | -$6.9M | -$6.2M | -$61K | $2K |
| Retained Earnings | -$6.9M | -$6.2M | -$86K | -$23K |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
BIII Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Depreciation & Amortization, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
BIII Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Debt-to-Equity, Asset Turnover, FCF Margin.
Note: Shareholder equity is negative (-$61K), which causes the debt-to-equity, liabilities-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.88), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Where Black Spade Acquisition III Co Ranks
Frequently Asked Questions
What are Black Spade Acquisition III Co's total assets?
Black Spade Acquisition III Co (BIII) had $3.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Black Spade Acquisition III Co's current ratio?
Black Spade Acquisition III Co (BIII) had a current ratio of 0.88 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Black Spade Acquisition III Co's P/E ratio?
Black Spade Acquisition III Co (BIII) has no price-to-earnings ratio at the moment: no net income reported. The market capitalization is $232.3M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Black Spade Acquisition III Co's price-to-sales ratio?
Black Spade Acquisition III Co (BIII) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $232.3M as of Oct 21, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Black Spade Acquisition III Co's debt-to-equity ratio negative or not reported?
Black Spade Acquisition III Co (BIII) has negative shareholder equity of -$61K as of fiscal year 2025, so no debt-to-equity or liabilities-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.