byNordic Acquisition Corp Financials

BYNOU

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows byNordic Acquisition Corp (BYNOU) 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 BYNOU FY2025 2026-04-22

A shrinking asset base is funding losses while liabilities still exceed assets and leave little operating flexibility.

From FY2023 to FY2025, total assets fell from $41.9M to $5.9M, showing the company is getting smaller rather than building operating scale. At the same time, operating cash burn persisted and the current ratio ended at 0.04x in FY2025, which implies liquidity is being managed through balance-sheet runoff while obligations still sit ahead of liquid resources.

Negative equity deepened from -$10.4M in FY2023 to -$14.4M in FY2025, so ratio improvements based on equity should not be read as a stronger capital base. With current liabilities still far above cash, the company has less room to absorb administrative costs or delays without another balance-sheet adjustment.

Earnings quality in FY2025 was cleaner than in FY2023: net loss was -$732K and operating cash flow was -$1.1M, so reported results and cash use were pointing in the same direction. That matters because the business is small enough now that cash burn, not accounting volatility, is the more practical measure of operating strain.

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 Corp'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 Corp 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 Corp'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 Corp 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 Corp 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 Corp 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 Corp 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 Corp 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

BYNOU 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	N/A	$30K0.0%	$30K0.0%	$30K	N/A	$30K0.0%	$30K0.0%	$30K
Operating Income	N/A	-$323K-33.0%	-$243K+14.2%	-$283K	N/A	-$491K-39.8%	-$351K-6.2%	-$331K
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$18K-16.0%	$21K-4.7%	$22K	N/A	$79K-22.6%	$102K+1.1%	$101K
Net Income	N/A	-$250K-83.7%	-$136K+24.2%	-$179K	N/A	-$206K-359.5%	$79K-16.1%	$95K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BYNOU 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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+1.3%	$42.2M
Current Assets	$372K+23.9%	$300K-0.3%	$301K-22.5%	$388K+1.1%	$384K-80.8%	$2.0M+3.0%	$1.9M+0.4%	$1.9M
Cash & Equivalents	$338K+38.4%	$244K+10.8%	$220K-18.2%	$269K-1.1%	$273K-85.9%	$1.9M+1.7%	$1.9M+1.1%	$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	$20.3M+2.1%	$19.8M-24.4%	$26.3M+1.7%	$25.8M+2.5%	$25.2M-4.0%	$26.2M-51.7%	$54.2M+2.2%	$53.1M
Current Liabilities	$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+6.7%	$6.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$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-5.6%	-$10.9M
Retained Earnings	-$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-5.6%	-$10.9M

BYNOU 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$163K+26.0%	-$220K-22.1%	-$180K+66.1%	-$532K+72.4%	-$1.9M-394.7%	-$390K+17.3%	-$472K-98.8%	-$237K
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	-$43K-100.6%	$7.0M+10206.7%	-$69K+43.0%	-$121K-286.4%	-$31K-100.1%	$29.4M+405934.8%	-$7K+96.2%	-$188K
Financing Cash Flow	$300K+104.5%	-$6.7M-3459.8%	$200K-69.2%	$650K+116.7%	$300K+101.0%	-$29.0M	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	N/A	N/A	N/A	$0	N/A	N/A	N/A

BYNOU 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	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	N/A	-4.3%-3.3pp	-1.1%+0.4pp	-1.4%	N/A	-1.5%-1.7pp	0.2%-0.0pp	0.2%
Current Ratio	0.040.0	0.040.0	0.04-0.0	0.050.0	0.05-0.2	0.24-0.0	0.27-0.0	0.28
Debt-to-Equity	-1.410.0	-1.41+0.5	-1.92+0.0	-1.940.0	-1.95+0.1	-2.09+2.6	-4.70+0.2	-4.86
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 Corp profitable?

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

What is byNordic Acquisition Corp's operating cash flow?

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

What are byNordic Acquisition Corp's total assets?

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

Does byNordic Acquisition Corp buy back shares?

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

What is byNordic Acquisition Corp's current ratio?

byNordic Acquisition Corp (BYNOU) 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 Corp's debt-to-equity ratio?

byNordic Acquisition Corp (BYNOU) 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 Corp's return on assets (ROA)?

byNordic Acquisition Corp (BYNOU) 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 Corp's cash runway?

Based on fiscal year 2025 data, byNordic Acquisition Corp (BYNOU) 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 Corp's debt-to-equity ratio negative or unusual?

byNordic Acquisition Corp (BYNOU) 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 Corp's Piotroski F-Score?

byNordic Acquisition Corp (BYNOU) 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 Corp's earnings high quality?

byNordic Acquisition Corp (BYNOU) 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 Corp?

byNordic Acquisition Corp (BYNOU) 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.