Indigo Acquisition Corp. Financials

INAC

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

This page shows Indigo Acquisition Corp. (INAC) 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 INAC FY2025 2026-05-11

Indigo Acquisition’s filings depict a balance-sheet-funded vehicle where financing inflows, not operations, supplied the year’s activity.

The striking mismatch is positive net income of $1.8M alongside an operating loss of -$368K and operating cash outflow of -$476K, so reported profit did not come from a self-funding operating engine. Matched with $116.1M of financing inflow and -$115.0M of investing outflow, the business behaved more like capital being raised and redeployed than like a company converting sales into cash.

Near-term liquidity looks comfortable because current assets of $760K covered current liabilities of only $84K, a 9.0x cushion. But overall solvency is tighter: total liabilities of $121.4M exceeded total assets of $118.1M, leaving equity at -$3.3M.

With no reported revenue and just $667K of cash, classic margin analysis says little about how this entity functions. The more useful read is earnings quality: a reported return on assets of 1.5% came without operating cash generation, indicating balance-sheet movements mattered more than ongoing business throughput.

Financial Health Signals

Financial Profile 17/100

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 Indigo 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.

Liquidity

100

With a current ratio of 9.04, Indigo Acquisition Corp. holds $9.04 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Earnings Quality Low Quality

-0.26x

For every $1 of reported earnings, Indigo Acquisition Corp. generates $-0.26 in operating cash flow (-$476K OCF vs $1.8M 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

$1.8M

Indigo Acquisition Corp. reported $1.8M in net income in fiscal year 2025.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$667K

Indigo Acquisition Corp. held $667K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

Indigo Acquisition Corp. had 3M shares outstanding in fiscal year 2025.

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

N/A

Capital Expenditures

N/A

INAC Income Statement

Metric	FY25
Revenue	N/A
Cost of Revenue	N/A
Gross Profit	N/A
R&D Expenses	N/A
SG&A Expenses	N/A
Operating Income	-$368K
Interest Expense	N/A
Income Tax	N/A
Net Income	$1.8M
EPS (Diluted)	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	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
Gross Profit	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
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	-$162K	N/A	-$153K-142.7%	-$63K-143.1%	-$26K	N/A	-$17K
Interest Expense	N/A	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	N/A
Net Income	$874K	N/A	$1.0M+1711.1%	-$63K+53.3%	-$135K	N/A	-$17K
EPS (Diluted)	$0.06	N/A	N/A	$-0.03	N/A	N/A	N/A

INAC Balance Sheet

Metric	FY25
Total Assets	$118.1M
Current Assets	$760K
Cash & Equivalents	$667K
Inventory	N/A
Accounts Receivable	N/A
Goodwill	N/A
Total Liabilities	$121.4M
Current Liabilities	$84K
Long-Term Debt	N/A
Total Equity	-$3.3M
Retained Earnings	-$3.3M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$119.0M+0.7%	$118.1M+0.9%	$117.1M+36837.2%	$317K	N/A	$2K	N/A
Current Assets	$615K-19.1%	$760K-11.1%	$855K+14721.7%	$6K	N/A	$2K	N/A
Cash & Equivalents	$458K-31.3%	$667K-7.0%	$717K+12325.1%	$6K-77.8%	$26K	N/A	N/A
Inventory	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
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$122.4M+0.8%	$121.4M+0.9%	$120.3M+28576.9%	$419K	N/A	$16K	N/A
Current Liabilities	$78K-6.7%	$84K+11.6%	$75K-82.0%	$419K	N/A	$16K	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$3.5M-4.9%	-$3.3M-4.0%	-$3.2M-3020.6%	-$102K-159.0%	-$40K-189.1%	-$14K-18.6%	-$12K
Retained Earnings	-$3.5M-4.9%	-$3.3M-4.0%	-$3.2M-1378.9%	-$216K	N/A	-$19K	N/A

INAC Cash Flow Statement

Metric	FY25
Operating Cash Flow	-$476K
Capital Expenditures	N/A
Free Cash Flow	N/A
Investing Cash Flow	-$115.0M
Financing Cash Flow	$116.1M
Dividends Paid	N/A
Share Buybacks	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	-$208K-315.8%	-$50K+86.6%	-$373K-1273.8%	-$27K-4.9%	-$26K-385.2%	-$5K+46.7%	-$10K
Capital Expenditures	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
Investing Cash Flow	N/A	$0	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$52K	$0-100.0%	$116.1M+1687169.1%	$7K-86.7%	$52K+873.4%	$5K-46.7%	$10K
Dividends Paid	N/A	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	N/A

INAC Financial Ratios

Metric	FY25
Gross Margin	N/A
Operating Margin	N/A
Net Margin	N/A
Return on Equity	N/A
Return on Assets	1.5%
Current Ratio	9.04
Debt-to-Equity	-36.53
FCF Margin	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Gross Margin	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
Net Margin	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
Return on Assets	0.7%	N/A	0.9%+20.7pp	-19.8%	N/A	N/A	N/A
Current Ratio	7.84-1.2	9.04-2.3	11.35+11.3	0.01	N/A	0.10	N/A
Debt-to-Equity	-35.12+1.4	-36.53+1.1	-37.62-33.5	-4.09	N/A	-1.17	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$3.3M), 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.

Frequently Asked Questions

Is Indigo Acquisition Corp. profitable?

Yes, Indigo Acquisition Corp. (INAC) reported a net income of $1.8M in fiscal year 2025.

What is Indigo Acquisition Corp.'s operating cash flow?

Indigo Acquisition Corp. (INAC) generated -$476K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Indigo Acquisition Corp.'s total assets?

Indigo Acquisition Corp. (INAC) had $118.1M in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Indigo Acquisition Corp. have outstanding?

Indigo Acquisition Corp. (INAC) had 3M shares outstanding as of fiscal year 2025.

What is Indigo Acquisition Corp.'s current ratio?

Indigo Acquisition Corp. (INAC) had a current ratio of 9.04 as of fiscal year 2025, which is generally considered healthy.

What is Indigo Acquisition Corp.'s debt-to-equity ratio?

Indigo Acquisition Corp. (INAC) had a debt-to-equity ratio of -36.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Indigo Acquisition Corp.'s return on assets (ROA)?

Indigo Acquisition Corp. (INAC) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Indigo Acquisition Corp.'s cash runway?

Based on fiscal year 2025 data, Indigo Acquisition Corp. (INAC) had $667K in cash against an annual operating cash burn of $476K. This gives an estimated cash runway of approximately 17 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 Indigo Acquisition Corp.'s debt-to-equity ratio negative or unusual?

Indigo Acquisition Corp. (INAC) has negative shareholder equity of -$3.3M 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.

Are Indigo Acquisition Corp.'s earnings high quality?

Indigo Acquisition Corp. (INAC) has an earnings quality ratio of -0.26x, 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 Indigo Acquisition Corp.?

Indigo Acquisition Corp. (INAC) scores 17 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.