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Iron Horse Acquisit Corp II Financials

IRHOR
Source SEC Filings (10-K/10-Q) Data as of May 31, 2026 Currency USD FYE November

This page shows Iron Horse Acquisit Corp II (IRHOR) 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 IRHOR FY2025

Operations consumed cash, and fresh financing mainly covered near-term obligations on a liability-heavy balance sheet.

Operating cash outflow of -$143K was almost fully offset by financing inflow of $143K, so the company effectively replaced the cash it spent just to keep operating. Because current liabilities were the same as total liabilities, that outside funding appears to be supporting immediate claims rather than building a longer-dated capital base.

Negative equity of -$174K alongside total assets of only $365K means obligations exceed the accounting value of what the company owns. That leaves the balance sheet functioning less as a reserve for growth and more as a record of claims that already outrun available resources.

Liquidity looks exceptionally thin: the current ratio was 0.05x and cash was just $432, leaving little room for routine overhead to be absorbed internally. SG&A matched the operating loss at $204K, and net loss was the same, which suggests the year's pressure came mainly from administrative costs rather than from financing or tax effects.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating Iron Horse Acquisit Corp II'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
0.70x

For every $1 of reported earnings, Iron Horse Acquisit Corp II generates $0.70 in operating cash flow (-$143K OCF vs -$204K 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
-$204K

Iron Horse Acquisit Corp II reported -$204K in net income in fiscal year 2025.

EPS (Diluted)
$-0.04

Iron Horse Acquisit Corp II earned $-0.04 per diluted share (EPS) in fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$432

Iron Horse Acquisit Corp II held $432 in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
29M

Iron Horse Acquisit Corp II had 29M 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

IRHOR Income Statement

Metric Q2'26 Q1'26 Q4'25 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 $773K+178.3% $278K N/A $23K-68.1% $73K N/A
Operating Income -$773K-178.3% -$278K N/A -$23K+68.1% -$73K 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 $1.3M-4.3% $1.4M N/A -$23K+68.1% -$73K N/A
EPS (Diluted) N/A N/A N/A N/A N/A N/A

IRHOR Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q2'25 Q1'25 Q4'24
Total Assets $234.0M+0.7% $232.4M+63633.7% $365K N/A N/A $15K
Current Assets $448K-50.0% $896K+3423.9% $25K N/A N/A N/A
Cash & Equivalents $47K-93.5% $718K+166126.9% $432-99.0% $41K+142.5% $17K 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 $245.0M+1.0% $242.6M+44962.3% $538K N/A N/A $16K
Current Liabilities $153K-15.0% $180K-66.6% $538K N/A N/A $16K
Long-Term Debt N/A N/A N/A N/A N/A N/A
Total Equity -$10.9M-7.6% -$10.2M-5754.2% -$174K-140.8% -$72K-47.4% -$49K-3738.8% -$1K
Retained Earnings -$10.9M-7.6% -$10.2M-4843.6% -$206K N/A N/A -$1K

IRHOR Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow -$671K-41.9% -$473K N/A -$21K+59.9% -$51K 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 $0+100.0% -$229.8M N/A N/A N/A N/A
Financing Cash Flow $0-100.0% $231.0M N/A $45K-34.4% $69K 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

IRHOR Financial Ratios

Metric Q2'26 Q1'26 Q4'25 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 N/A N/A N/A N/A N/A N/A
Return on Assets 0.6%-0.0pp 0.6% N/A N/A N/A N/A
Current Ratio 2.94-2.1 4.99+4.9 0.05 N/A N/A N/A
Debt-to-Equity N/A N/A N/A N/A N/A N/A
FCF Margin N/A N/A N/A N/A N/A N/A

Note: Shareholder equity is negative (-$174K), 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 (0.05), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

No, Iron Horse Acquisit Corp II (IRHOR) reported a net income of -$204K in fiscal year 2025.

Iron Horse Acquisit Corp II (IRHOR) reported diluted earnings per share of $-0.04 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Iron Horse Acquisit Corp II (IRHOR) generated -$143K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Iron Horse Acquisit Corp II (IRHOR) had $365K in total assets as of fiscal year 2025, including both current and long-term assets.

Iron Horse Acquisit Corp II (IRHOR) had 29M shares outstanding as of fiscal year 2025.

Iron Horse Acquisit Corp II (IRHOR) had a current ratio of 0.05 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Iron Horse Acquisit Corp II (IRHOR) had a return on assets of -56.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Iron Horse Acquisit Corp II (IRHOR) had $432 in cash against an annual operating cash burn of $143K. This gives an estimated cash runway of approximately 0 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.

Iron Horse Acquisit Corp II (IRHOR) has negative shareholder equity of -$174K as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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.

Iron Horse Acquisit Corp II (IRHOR) has an earnings quality ratio of 0.70x, 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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