Blue Water Acquisition Corp. III (BLUW) 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 1, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BLUW SEC filings page.
This page shows Blue Water Acquisition Corp. III (BLUW) 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 acquisition vehicle is funded by financing inflows while investment activity and obligations dominate operating activity.
In FY2025, reported net income of$4.7M coincided with operating cash flow of-$939K , so accounting profit did not translate into cash from operations. Investing cash flow of-$253.0M was almost matched by financing cash flow of$253.9M , revealing a capital-raising-and-deployment structure rather than an operating business generating its own funding.
The balance sheet is structurally strained:
A 0.4x current ratio indicates reported current assets were less than half of current liabilities, while the negative debt-to-equity ratio reflects negative equity rather than conventional low leverage.
Some figures from recent filings were inconsistent and were omitted from this summary.
Financial Health Signals
Blue Water Acquisition Corp. III does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
For every $1 of reported earnings, Blue Water Acquisition Corp. III used $0.20 of operating cash (-$939K OCF vs $4.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Blue Water Acquisition Corp. III reported $2.1M in net income in Q2 2026. This represents an increase of 372.1% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Cash & Balance Sheet
Blue Water Acquisition Corp. III held $33K in cash as of Q2 2026; long-term debt is not reported 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.
BLUW 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).
BLUW 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K |
|---|---|---|---|---|---|---|---|
| Total Assets | $263.5M+3.5% | $261.6M | $258.9M+1035543.9% | $257.2M | $254.6M | N/A | $25K |
| Current Assets | $121K-88.8% | $496K | $81K | $869K | $1.1M | N/A | N/A |
| Cash & Equivalents | $33K-96.9% | $420K | $0 | $759K | $1.0M | $0 | $0 |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $273.0M+4.0% | $270.9M | $267.8M+551684.5% | $265.4M | $262.4M | N/A | $49K |
| Current Liabilities | $749K+2444.5% | $440K | $190K+291.7% | $292K | $29K | N/A | $49K |
| Non-Current Liabilities | $8.9M0.0% | $9.4M | $8.9M | $8.9M | $8.9M | N/A | $0 |
| Total Equity | -$9.5M-21.5% | -$9.3M-9243.8% | -$8.9M-37837.0% | -$8.2M | -$7.8M | -$99K | -$24K |
| Retained Earnings | -$9.5M-21.5% | -$9.3M | -$8.9M-18299.8% | -$8.2M | -$7.8M | N/A | -$49K |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill, Long-Term Debt.
BLUW 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, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.
BLUW 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 (-$8.9M), 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 (0.43), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Blue Water Acquisition Corp. III BLUW | FY2025 | N/A | $4.7M | N/A | $335.4M | — |
| Voyager Acquisition Corp VACH | FY2025 | N/A | $9.0M | N/A | $541.3M | — |
Where Blue Water Acquisition Corp. III Ranks
Frequently Asked Questions
Is Blue Water Acquisition Corp. III profitable?
Yes, Blue Water Acquisition Corp. III (BLUW) reported a net income of $4.7M in fiscal year 2025.
What is Blue Water Acquisition Corp. III's operating cash flow?
Blue Water Acquisition Corp. III (BLUW) recorded an outflow of $939K in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Blue Water Acquisition Corp. III's total assets?
Blue Water Acquisition Corp. III (BLUW) had $258.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Blue Water Acquisition Corp. III's current ratio?
Blue Water Acquisition Corp. III (BLUW) had a current ratio of 0.43 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Blue Water Acquisition Corp. III's return on assets (ROA)?
Blue Water Acquisition Corp. III (BLUW) had a return on assets of 1.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Blue Water Acquisition Corp. III's P/E ratio?
Blue Water Acquisition Corp. III (BLUW) trades at 71.8x earnings, its market capitalization divided by net income of $4.7M net income, FY2025. The market capitalization is $335.4M as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Blue Water Acquisition Corp. III's price-to-sales ratio?
Blue Water Acquisition Corp. III (BLUW) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $335.4M as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
Why is Blue Water Acquisition Corp. III's debt-to-equity ratio negative or not reported?
Blue Water Acquisition Corp. III (BLUW) has negative shareholder equity of -$8.9M 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.
Are Blue Water Acquisition Corp. III's earnings high quality?
For every $1 of reported earnings, Blue Water Acquisition Corp. III (BLUW) used $0.20 of operating cash (-$939K OCF vs $4.7M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.