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BEST SPAC I Financials

BSAA
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows BEST SPAC I (BSAA) 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).

Rhea AI BSAA FY2025

Balance-sheet funding, not self-sustaining operations, is the dominant mechanic, with $56.9M raised and redeployed into assets.

The striking mix of net income at $650K and an operating loss of -$651K says reported profit did not come from the core cost structure. With negative operating cash flow alongside 25.8% ROE but only 1.1% ROA, the shareholder return figure is being amplified by a very small equity base rather than by strong earnings from the asset base.

Short-term liquidity looks comfortable even though the balance sheet is heavily obligation-funded: cash of $1.3M sits against a 9.3x current ratio, which implies near-term claims are light. That matters because liabilities of $55.1M leave only $2.5M of equity, so modest changes in asset values can meaningfully swing book returns.

Cash flow structure looks like capital raised for deployment, not cash generated by a running business: $56.9M from financing almost mirrors $55.0M used in investing. That makes the balance-sheet posture more informative than reported profit; the entity currently behaves more like a funded asset-holding vehicle than an operation that finances itself from recurring cash generation.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating BEST SPAC I'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.

Earnings Quality Low Quality
-0.92x

For every $1 of reported earnings, BEST SPAC I generates $-0.92 in operating cash flow (-$598K OCF vs $650K net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
N/A
EBITDA
N/A
Net Income
$650K

BEST SPAC I reported $650K in net income in fiscal year 2025.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$1.3M

BEST SPAC I held $1.3M 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
25.8%

BEST SPAC I's ROE was 25.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

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

BSAA Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue 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
Gross Profit 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
SG&A Expenses $145K N/A $424K+352.8% $94K+130.0% $41K N/A
Operating Income -$145K N/A -$424K-352.8% -$94K-130.0% -$41K N/A
Interest Expense N/A N/A N/A N/A N/A N/A
Income Tax N/A N/A N/A N/A N/A N/A
Net Income $359K N/A $240K+4250.6% -$6K+85.8% -$41K N/A
EPS (Diluted) $0.10 N/A N/A N/A N/A N/A

BSAA Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $58.0M+0.7% $57.6M+0.7% $57.2M+0.4% $57.0M N/A $28K
Current Assets $1.3M-7.1% $1.4M-9.4% $1.6M-17.1% $1.9M N/A $15K
Cash & Equivalents $1.2M-9.5% $1.3M-6.1% $1.4M-22.3% $1.8M N/A N/A
Inventory 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
Goodwill N/A N/A N/A N/A N/A N/A
Total Liabilities $56.3M+2.2% $55.1M+2.1% $54.0M+2.4% $52.7M N/A $6K
Current Liabilities $187K+22.0% $153K-30.5% $220K+5.8% $208K N/A $6K
Long-Term Debt N/A N/A N/A N/A N/A N/A
Total Equity $1.7M-32.3% $2.5M-23.0% $3.3M-23.3% $4.3M+22987.9% -$19K-184.9% $22K
Retained Earnings $1.0M+55.6% $647K+238.8% $191K+486.0% -$49K N/A -$3K

BSAA Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow -$123K-46.9% -$84K+73.5% -$317K-69.4% -$187K-1707.2% -$10K N/A
Capital Expenditures 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
Investing Cash Flow N/A $0 $0 N/A N/A N/A
Financing Cash Flow $10K $0+100.0% -$79K-100.1% $57.0M+550363.9% $10K N/A
Dividends Paid 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

BSAA Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 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
Net Margin N/A N/A N/A N/A N/A N/A
Return on Equity 21.0% N/A 7.3%+7.5pp -0.1% N/A N/A
Return on Assets 0.6% N/A 0.4%+0.4pp -0.0% N/A N/A
Current Ratio 7.07-2.2 9.29+2.2 7.13-2.0 9.10 N/A 2.73
Debt-to-Equity 32.94+11.1 21.84+5.4 16.47+4.1 12.34 N/A 0.25
FCF Margin N/A N/A N/A N/A N/A N/A

Frequently Asked Questions

Yes, BEST SPAC I (BSAA) reported a net income of $650K in fiscal year 2025.

BEST SPAC I (BSAA) has a return on equity of 25.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

BEST SPAC I (BSAA) generated -$598K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

BEST SPAC I (BSAA) had $57.6M in total assets as of fiscal year 2025, including both current and long-term assets.

BEST SPAC I (BSAA) had a current ratio of 9.29 as of fiscal year 2025, which is generally considered healthy.

BEST SPAC I (BSAA) had a debt-to-equity ratio of 21.84 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

BEST SPAC I (BSAA) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, BEST SPAC I (BSAA) had $1.3M in cash against an annual operating cash burn of $598K. This gives an estimated cash runway of approximately 26 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.

BEST SPAC I (BSAA) has an earnings quality ratio of -0.92x, 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.

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