byNordic Acquisition Corporation Financials

BYNO

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows byNordic Acquisition Corporation (BYNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 BYNO FY2025 2026-05-15

A shrinking asset base and persistent cash burn leave the company increasingly supported by liabilities instead of recurring operating inflows.

FY2023 showed $3.4M of net income but -$3.3M of operating cash flow, a sharp split between accounting results and cash reality. By FY2025, net income and operating cash flow had converged to losses of -$732K and -$1.1M, suggesting the earlier profit was driven by non-cash or transaction-related items rather than a business model that was funding itself.

The balance-sheet contraction is severe: total assets fell from $41.9M in FY2023 to $5.9M in FY2025, while liabilities still exceed assets by a wide margin. That makes negative equity an operating reality, not just an accounting label, because the remaining asset base provides little residual cushion after creditor claims.

The liquidity cushion has eroded to a razor-thin level, with the current ratio sliding from 0.4x in FY2023 to 0.04x in FY2025. Cash was only $338K against current liabilities of $8.5M, so near-term obligations appear to rely more on liability management than on cash already on hand.

Financial Health Signals

Financial Profile 0/100

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 byNordic Acquisition Corporation'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

byNordic Acquisition Corporation has elevated debt relative to equity (D/E of -1.41), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

byNordic Acquisition Corporation's current ratio of 0.04 is below the typical benchmark, resulting in a score of 0/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Piotroski F-Score Weak

0/9

byNordic Acquisition Corporation passes 0 of 9 financial strength tests. No profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

1.50x

For every $1 of reported earnings, byNordic Acquisition Corporation generates $1.50 in operating cash flow (-$1.1M OCF vs -$732K 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

-$732K

YoY-254.2%

byNordic Acquisition Corporation reported -$732K in net income in fiscal year 2025. This represents a decrease of 254.2% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$338K

YoY+23.9%

byNordic Acquisition Corporation held $338K 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

$7.0M

YoY-76.2%

byNordic Acquisition Corporation spent $7.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 76.2% from the prior year.

Capital Expenditures

N/A

BYNO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	$6.0M	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	$120K0.0%	$120K0.0%	$120K+11.6%	$108K	N/A	N/A
Operating Income	-$1.1M+27.2%	-$1.5M+2.7%	-$1.5M-34.9%	-$1.1M-1571.4%	-$66K	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$71K-77.1%	$313K-75.1%	$1.3M+135.0%	$533K	N/A	N/A
Net Income	-$732K-254.2%	-$207K-106.1%	$3.4M+193.5%	$1.2M+1851.2%	-$66K-29625.1%	-$223
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	$30K	N/A	$30K0.0%	$30K0.0%	$30K	N/A	$30K0.0%	$30K
Operating Income	-$545K	N/A	-$323K-33.0%	-$243K+14.2%	-$283K	N/A	-$491K-39.8%	-$351K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$10K	N/A	$18K-16.0%	$21K-4.7%	$22K	N/A	$79K-22.6%	$102K
Net Income	-$506K	N/A	-$250K-83.7%	-$136K+24.2%	-$179K	N/A	-$206K-359.5%	$79K
EPS (Diluted)	$-0.07	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BYNO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.9M-51.8%	$12.2M-70.7%	$41.9M-76.7%	$179.8M+26505.3%	$676K+77.6%	$381K
Current Assets	$372K-3.1%	$384K-83.6%	$2.3M+102.6%	$1.2M+183098.9%	$631	N/A
Cash & Equivalents	$338K+23.9%	$273K-88.2%	$2.3M+146.4%	$936K+148245.6%	$631	$0
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	$20.3M-19.5%	$25.2M-51.9%	$52.3M-71.8%	$185.2M+25657.9%	$719K+101.3%	$357K
Current Liabilities	$8.5M+20.9%	$7.0M+5.8%	$6.7M+556.6%	$1.0M+41.2%	$719K+101.3%	$357K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$14.4M-11.1%	-$12.9M-23.8%	-$10.4M-95.7%	-$5.3M-12323.8%	-$43K-284.2%	$23K
Retained Earnings	-$14.4M-11.1%	-$12.9M-23.8%	-$10.4M-95.7%	-$5.3M-7754.5%	-$68K-3962.2%	-$2K

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.8M-2.4%	$5.9M+2.9%	$5.7M-54.5%	$12.6M+0.9%	$12.5M+2.0%	$12.2M-10.6%	$13.7M-67.9%	$42.7M
Current Assets	$128K-65.6%	$372K+23.9%	$300K-0.3%	$301K-22.5%	$388K+1.1%	$384K-80.8%	$2.0M+3.0%	$1.9M
Cash & Equivalents	$86K-74.5%	$338K+38.4%	$244K+10.8%	$220K-18.2%	$269K-1.1%	$273K-85.9%	$1.9M+1.7%	$1.9M
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	$20.7M+2.2%	$20.3M+2.1%	$19.8M-24.4%	$26.3M+1.7%	$25.8M+2.5%	$25.2M-4.0%	$26.2M-51.7%	$54.2M
Current Liabilities	$8.9M+4.3%	$8.5M+4.1%	$8.2M+6.0%	$7.7M+3.3%	$7.5M+6.1%	$7.0M-15.3%	$8.3M+13.6%	$7.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$15.0M-4.1%	-$14.4M-1.8%	-$14.1M-3.4%	-$13.6M-2.5%	-$13.3M-3.0%	-$12.9M-3.3%	-$12.5M-8.5%	-$11.5M
Retained Earnings	-$15.0M-4.1%	-$14.4M-1.8%	-$14.1M-3.4%	-$13.6M-2.5%	-$13.3M-3.0%	-$12.9M-3.3%	-$12.5M-8.5%	-$11.5M

BYNO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$1.1M+63.9%	-$3.0M+8.0%	-$3.3M-293.8%	-$837K-1573.0%	-$50K	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	$6.7M-76.9%	$29.2M-79.9%	$145.3M+182.6%	-$175.9M	N/A	N/A
Financing Cash Flow	-$5.6M+80.2%	-$28.2M+80.0%	-$140.6M-179.1%	$177.7M+350895.0%	$51K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$7.0M-76.2%	$29.5M-79.7%	$145.6M	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$199K-22.2%	-$163K+26.0%	-$220K-22.1%	-$180K+66.1%	-$532K+72.4%	-$1.9M-394.7%	-$390K+17.3%	-$472K
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	-$52K-20.8%	-$43K-100.6%	$7.0M+10206.7%	-$69K+43.0%	-$121K-286.4%	-$31K-100.1%	$29.4M+405934.8%	-$7K
Financing Cash Flow	$650K+116.7%	$300K+104.5%	-$6.7M-3459.8%	$200K-69.2%	$650K+116.7%	$300K+101.0%	-$29.0M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$0	N/A	N/A	N/A	$0	N/A	N/A

BYNO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	-18.4%	N/A	N/A
Net Margin	N/A	N/A	N/A	19.2%	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	-1.0%
Return on Assets	-12.4%-10.7pp	-1.7%-9.8pp	8.1%+7.5pp	0.7%+10.5pp	-9.8%-9.8pp	-0.1%
Current Ratio	0.04-0.0	0.05-0.3	0.35-0.8	1.14+1.1	0.00	N/A
Debt-to-Equity	-1.41+0.5	-1.95+3.1	-5.01+29.7	-34.70-18.0	-16.73-32.0	15.31
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	-8.8%	N/A	-4.3%-3.3pp	-1.1%+0.4pp	-1.4%	N/A	-1.5%-1.7pp	0.2%
Current Ratio	0.01-0.0	0.040.0	0.040.0	0.04-0.0	0.050.0	0.05-0.2	0.24-0.0	0.27
Debt-to-Equity	-1.39+0.0	-1.410.0	-1.41+0.5	-1.92+0.0	-1.940.0	-1.95+0.1	-2.09+2.6	-4.70
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$14.4M), 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 (0.04), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is byNordic Acquisition Corporation profitable?

No, byNordic Acquisition Corporation (BYNO) reported a net income of -$732K in fiscal year 2025.

What is byNordic Acquisition Corporation's operating cash flow?

byNordic Acquisition Corporation (BYNO) generated -$1.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are byNordic Acquisition Corporation's total assets?

byNordic Acquisition Corporation (BYNO) had $5.9M in total assets as of fiscal year 2025, including both current and long-term assets.

Does byNordic Acquisition Corporation buy back shares?

Yes, byNordic Acquisition Corporation (BYNO) spent $7.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is byNordic Acquisition Corporation's current ratio?

byNordic Acquisition Corporation (BYNO) had a current ratio of 0.04 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is byNordic Acquisition Corporation's debt-to-equity ratio?

byNordic Acquisition Corporation (BYNO) had a debt-to-equity ratio of -1.41 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is byNordic Acquisition Corporation's return on assets (ROA)?

byNordic Acquisition Corporation (BYNO) had a return on assets of -12.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is byNordic Acquisition Corporation's cash runway?

Based on fiscal year 2025 data, byNordic Acquisition Corporation (BYNO) had $338K in cash against an annual operating cash burn of $1.1M. This gives an estimated cash runway of approximately 4 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 byNordic Acquisition Corporation's debt-to-equity ratio negative or unusual?

byNordic Acquisition Corporation (BYNO) has negative shareholder equity of -$14.4M 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 byNordic Acquisition Corporation's Piotroski F-Score?

byNordic Acquisition Corporation (BYNO) has a Piotroski F-Score of 0 out of 9, indicating weak financial health. 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 byNordic Acquisition Corporation's earnings high quality?

byNordic Acquisition Corporation (BYNO) has an earnings quality ratio of 1.50x, 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.

How financially healthy is byNordic Acquisition Corporation?

byNordic Acquisition Corporation (BYNO) scores 0 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.