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BEST SPAC I Financials

BSAA
Source SEC Filings (10-K/10-Q) Updated 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

Profitability Growth Leverage Liquidity Cash Flow Returns 28 / 100
Financial Profile 28/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of BEST SPAC I's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage
0

BEST SPAC I has elevated debt relative to equity (D/E of 21.84), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity
100

With a current ratio of 9.29, BEST SPAC I holds $9.29 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Returns
68

BEST SPAC I earns a strong 25.8% return on equity (ROE), meaning it generates $26 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 68/100.

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.

BEST SPAC I (BSAA) scores 28 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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