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Black Hawk Acquisition Corporation Financials

BKHAU
Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE November

This page shows Black Hawk Acquisition Corporation (BKHAU) 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).

Rhea AI BKHAU FY2025

Balance-sheet contraction, not operating momentum, dominates this company as assets and liabilities shrink while cash conversion stays negative.

From FY2024 to FY2025, net income stayed positive while operating cash flow stayed negative in both years. Because operating income was also negative each year, the profit line appears to come from non-operating balance-sheet remeasurement rather than from a self-funding core activity.

The balance sheet compressed sharply: total assets fell to $23.9M from $72.1M, and liabilities fell as well, which looks more like a structure being unwound than a business expanding through retained cash. At the same time, near-term liquidity weakened as the current ratio dropped from 4.4x to 0.03x, meaning far less of what remains is readily available against short-term claims.

With negative equity deepening to -$3.8M and cash at $0, there is no internal capital cushion built from prior operations. The large investing and financing flows moving in opposite directions during FY2025 suggest funds were passing through the balance sheet, while the ongoing operating loss shows the day-to-day entity itself remained economically small.

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Financial Health Signals

Financial health score pending refresh

We are recalculating Black Hawk Acquisition Corporation'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.

Piotroski F-Score Partial
2/5

Black Hawk Acquisition Corporation 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).

Earnings Quality Low Quality
-0.49x

For every $1 of reported earnings, Black Hawk Acquisition Corporation 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.

Interest Coverage At Risk
-59.2x

Black Hawk Acquisition Corporation 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

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$1.3M
YoY-30.6%

Black Hawk Acquisition Corporation reported $1.3M in net income in fiscal year 2025. This represents a decrease of 30.6% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$0

Black Hawk Acquisition Corporation held $0 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
N/A
Operating Margin
N/A
Net Margin
N/A
Return on Equity
N/A

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
N/A

BKHAU 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

BKHAU 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

BKHAU 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

BKHAU 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 N/A N/A N/A N/A N/A N/A N/A N/A
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.

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Frequently Asked Questions

Yes, Black Hawk Acquisition Corporation (BKHAU) reported a net income of $1.3M in fiscal year 2025.

Black Hawk Acquisition Corporation (BKHAU) generated -$650K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Black Hawk Acquisition Corporation (BKHAU) had $23.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Black Hawk Acquisition Corporation (BKHAU) had a current ratio of 0.03 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Black Hawk Acquisition Corporation (BKHAU) had a return on assets of 5.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Black Hawk Acquisition Corporation (BKHAU) 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.

Black Hawk Acquisition Corporation (BKHAU) has negative shareholder equity of -$3.8M as of fiscal year 2025, so no debt-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.

Black Hawk Acquisition Corporation (BKHAU) 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.

Black Hawk Acquisition Corporation (BKHAU) 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.

Black Hawk Acquisition Corporation (BKHAU) 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.

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