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KEEN VISION ACQUISITION CORP Financials

KVACU
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows KEEN VISION ACQUISITION CORP (KVACU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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 KVACU FY2025

Reported earnings are balance-sheet driven as operating cash stays negative and the company works through a shrinking asset base.

Across FY2023-FY2025, cumulative net income was $10.8M while cumulative operating cash flow was -$2.6M, so reported profitability did not replenish liquidity even though earnings stayed positive throughout the period, which suggests a heavy contribution from non-operating balance-sheet changes. Over the same span, total assets fell from $155.7M to $57.0M, pointing to a company unwinding assets rather than building an operating base.

FY2025 liquidity is exceptionally thin: current assets of $36.8K covered only 0.9% of current liabilities. Cash was just $11.2K, leaving very little immediate buffer. That makes the central pressure here a liquidity mismatch, not just an income-statement issue.

The company moved deeper into negative equity, from -$2.1M in FY2023 to -$7.0M in FY2025. With positive investing cash flow but negative financing cash flow in both FY2024 and FY2025, cash appears to be coming back from invested assets and then leaving through financing channels instead of being retained. The visible mechanics are obligation management and cash release rather than investment in a recurring operating platform.

Generated by Rhea from SEC filings [ NOT FINANCIAL ADVICE ]

Financial Health Signals

Financial health score pending refresh

We are recalculating KEEN VISION ACQUISITION CORP'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.

Piotroski F-Score Partial
2/6

KEEN VISION ACQUISITION CORP passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass.

Earnings Quality Low Quality
-0.41x

For every $1 of reported earnings, KEEN VISION ACQUISITION CORP generates $-0.41 in operating cash flow (-$784K OCF vs $1.9M 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
$1.9M
YoY-74.2%

KEEN VISION ACQUISITION CORP reported $1.9M in net income in fiscal year 2025. This represents a decrease of 74.2% from the prior year.

EPS (Diluted)
N/A

Cash & Balance Sheet

Free Cash Flow
N/A
Cash & Debt
$11K
YoY-79.5%

KEEN VISION ACQUISITION CORP held $11K in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
4M
YoY+0.0%

KEEN VISION ACQUISITION CORP had 4M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

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
$18.1M
YoY-80.4%

KEEN VISION ACQUISITION CORP spent $18.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 80.4% from the prior year.

Capital Expenditures
N/A

KVACU Income Statement

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 N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income N/A N/A N/A N/A N/A N/A N/A N/A
Interest Expense N/A 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 N/A
Net Income $92K N/A $373K-33.1% $558K-1.8% $568K N/A $1.6M-12.1% $1.8M
EPS (Diluted) N/A N/A N/A N/A N/A N/A N/A N/A

KVACU Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $13.3M-76.8% $57.0M+1.8% $56.0M-23.4% $73.1M+1.8% $71.8M+1.9% $70.4M-56.2% $161.0M+1.1% $159.2M
Current Assets $104K+183.8% $37K+97.0% $19K-71.3% $65K-26.0% $88K+38.1% $64K+48.4% $43K-87.2% $335K
Cash & Equivalents $9K-18.8% $11K-29.4% $16K+1105.8% $1K-91.8% $16K-70.7% $55K+34.7% $41K-84.5% $261K
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 $20.6M-67.8% $64.1M+2.5% $62.5M-20.8% $78.9M+2.8% $76.8M+2.9% $74.6M-54.5% $164.2M+1.4% $161.9M
Current Liabilities $4.5M+10.4% $4.1M+16.8% $3.5M+22.4% $2.8M+37.2% $2.1M+62.5% $1.3M+451.5% $231K+1257.6% $17K
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity -$7.4M-5.0% -$7.0M-8.8% -$6.4M-11.8% -$5.8M-15.9% -$5.0M-18.4% -$4.2M-32.1% -$3.2M-18.9% -$2.7M
Retained Earnings -$7.4M-5.0% -$7.0M-8.8% -$6.4M-11.8% -$5.8M-15.9% -$5.0M-18.4% -$4.2M-32.1% -$3.2M-18.9% -$2.7M

KVACU Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$269K-124.9% -$120K+32.6% -$178K+0.6% -$179K+42.0% -$308K+33.1% -$461K-48.3% -$311K-43.1% -$217K
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 $44.2M+10278.2% -$434K-102.5% $17.7M+3043.0% -$600K0.0% -$600K N/A N/A N/A
Financing Cash Flow -$43.9M-8097.5% $549K+103.1% -$17.5M-2386.1% $764K-12.1% $870K+101.0% -$91.3M N/A N/A
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $44.3M $0 N/A N/A N/A N/A N/A N/A

KVACU Financial Ratios

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 0.7% N/A 0.7%-0.1pp 0.8%-0.0pp 0.8% N/A 1.0%-0.1pp 1.1%
Current Ratio 0.02+0.0 0.010.0 0.01-0.0 0.02-0.0 0.040.0 0.05-0.1 0.19-19.5 19.70
Debt-to-Equity N/A N/A 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 N/A N/A

Note: Shareholder equity is negative (-$7.0M), 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 (0.01), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Yes, KEEN VISION ACQUISITION CORP (KVACU) reported a net income of $1.9M in fiscal year 2025.

KEEN VISION ACQUISITION CORP (KVACU) generated -$784K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

KEEN VISION ACQUISITION CORP (KVACU) had $57.0M in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, KEEN VISION ACQUISITION CORP (KVACU) spent $18.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

KEEN VISION ACQUISITION CORP (KVACU) had 4M shares outstanding as of fiscal year 2025.

KEEN VISION ACQUISITION CORP (KVACU) had a current ratio of 0.01 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

KEEN VISION ACQUISITION CORP (KVACU) had a return on assets of 3.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, KEEN VISION ACQUISITION CORP (KVACU) had $11K in cash against an annual operating cash burn of $784K. 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.

KEEN VISION ACQUISITION CORP (KVACU) has negative shareholder equity of -$7.0M 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.

KEEN VISION ACQUISITION CORP (KVACU) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

KEEN VISION ACQUISITION CORP (KVACU) has an earnings quality ratio of -0.41x, 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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