Black Hawk Acquisition Corp Financials
This page shows Black Hawk Acquisition Corp (BKHAR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Positive earnings are masking a business now defined more by balance-sheet unwinding than by cash-generating operations.
Across FY2024 and FY2025, net income stayed positive at$1.9M and$1.3M even as operating income remained negative and operating cash flow stayed below zero at-$554K and-$650K , suggesting reported profit was not coming from the core operating engine. The same period flipped from-$69.3M of investing outflow funded by$70.0M of financing inflow to$50.3M of investing inflow and-$49.8M of financing outflow, indicating a two-year balance-sheet build then unwind rather than a steady cash-producing model.
FY2025 looks much tighter in the short term: current assets no longer cover near-term obligations, with only
Even after total assets contracted from
Financial Health Signals
We are recalculating Black Hawk Acquisition Corp's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Black Hawk Acquisition Corp passes 2 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Black Hawk Acquisition Corp generates $-0.49 in operating cash flow (-$650K OCF vs $1.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Black Hawk Acquisition Corp earns $-59.2 in operating income for every $1 of interest expense (-$916K vs $15K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Black Hawk Acquisition Corp reported $1.3M in net income in fiscal year 2025. This represents a decrease of 30.6% from the prior year.
Cash & Balance Sheet
Black Hawk Acquisition Corp held $0 in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Capital Allocation
BKHAR Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $79K+227.5% | $24K | N/A | $311K+43.0% | $218K+176.2% | $79K | N/A | $55K |
| Operating Income | -$109K-101.5% | -$54K | N/A | -$341K-37.8% | -$248K-127.6% | -$109K | N/A | -$85K |
| Interest Expense | $24K+25.4% | $19K | N/A | $495K-35.6% | $768K+0.2% | $766K | N/A | $965K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $89K-36.4% | $140K | N/A | $154K-70.3% | $521K-20.9% | $658K | N/A | $884K |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BKHAR Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $25.4M+2.2% | $24.8M+4.0% | $23.9M+2.3% | $23.3M-68.2% | $73.5M+1.0% | $72.8M+0.9% | $72.1M+1.1% | $71.4M |
| Current Assets | $63K-65.2% | $181K+257.1% | $51K+14.1% | $45K-68.1% | $140K-32.0% | $205K-34.6% | $314K-20.0% | $393K |
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $30.5M+3.9% | $29.3M+5.8% | $27.7M+4.0% | $26.7M-64.9% | $76.0M+1.3% | $75.1M+1.0% | $74.3M+1.2% | $73.4M |
| Current Liabilities | $2.8M+20.4% | $2.3M+54.3% | $1.5M+56.7% | $946K+276.9% | $251K+260.2% | $70K-1.8% | $71K+40.5% | $51K |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$5.1M-12.9% | -$4.5M-17.5% | -$3.8M-16.0% | -$3.3M-31.3% | -$2.5M-10.8% | -$2.3M-5.0% | -$2.2M-4.8% | -$2.1M |
| Retained Earnings | -$5.1M-12.9% | -$4.5M-17.5% | -$3.9M-16.1% | -$3.3M-31.3% | -$2.5M-10.8% | -$2.3M-5.0% | -$2.2M-4.8% | -$2.1M |
BKHAR Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$237K-116.1% | -$110K-9.0% | -$100K+6.9% | -$108K+61.3% | -$279K-70.6% | -$163K-176.8% | -$59K-37.8% | -$43K |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$450K+25.0% | -$600K-100.0% | -$300K | N/A | N/A | N/A | $0 | $0 |
| Financing Cash Flow | $520K-38.7% | $848K+99.6% | $425K+100.8% | -$50.5M | N/A | N/A | $0 | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BKHAR Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.4%-0.2pp | 0.6% | N/A | 0.7%-0.1pp | 0.7%-0.2pp | 0.9% | N/A | 1.2% |
| Current Ratio | 0.02-0.1 | 0.08+0.0 | 0.03-0.0 | 0.05-0.5 | 0.56-2.4 | 2.94-1.5 | 4.42-3.3 | 7.77 |
| Debt-to-Equity | -5.97+0.5 | -6.49+0.7 | -7.21+0.8 | -8.04+22.1 | -30.09+2.8 | -32.94+1.3 | -34.22+1.2 | -35.43 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$3.8M), which causes debt-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 (0.03), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
Is Black Hawk Acquisition Corp profitable?
Yes, Black Hawk Acquisition Corp (BKHAR) reported a net income of $1.3M in fiscal year 2025.
What is Black Hawk Acquisition Corp's operating cash flow?
Black Hawk Acquisition Corp (BKHAR) generated -$650K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Black Hawk Acquisition Corp's total assets?
Black Hawk Acquisition Corp (BKHAR) had $23.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Black Hawk Acquisition Corp's current ratio?
Black Hawk Acquisition Corp (BKHAR) had a current ratio of 0.03 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Black Hawk Acquisition Corp's debt-to-equity ratio?
Black Hawk Acquisition Corp (BKHAR) had a debt-to-equity ratio of -7.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Black Hawk Acquisition Corp's return on assets (ROA)?
Black Hawk Acquisition Corp (BKHAR) had a return on assets of 5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Black Hawk Acquisition Corp's cash runway?
Based on fiscal year 2025 data, Black Hawk Acquisition Corp (BKHAR) had $0 in cash against an annual operating cash burn of $650K. This gives an estimated cash runway of approximately 0 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Black Hawk Acquisition Corp's debt-to-equity ratio negative or unusual?
Black Hawk Acquisition Corp (BKHAR) has negative shareholder equity of -$3.8M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. 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.
What is Black Hawk Acquisition Corp's Piotroski F-Score?
Black Hawk Acquisition Corp (BKHAR) has a Piotroski F-Score of 2 out of 5 computable signals; 4 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Black Hawk Acquisition Corp's earnings high quality?
Black Hawk Acquisition Corp (BKHAR) has an earnings quality ratio of -0.49x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Black Hawk Acquisition Corp cover its interest payments?
Black Hawk Acquisition Corp (BKHAR) has an interest coverage ratio of -59.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.