Cartesian Growth Corp II-A Financials

RENEF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Cartesian Growth Corp II-A (RENEF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).

Financial Health Signals

Piotroski F-Score Weak

2/9

Cartesian Growth Corp II-A passes 2 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-0.10x

For every $1 of reported earnings, Cartesian Growth Corp II-A generates $-0.10 in operating cash flow (-$814K OCF vs $8.2M 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

$8.2M

YoY-28.3%

Cartesian Growth Corp II-A reported $8.2M in net income in fiscal year 2024. This represents a decrease of 28.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$237K

YoY+364.7%

Cartesian Growth Corp II-A held $237K in cash against $0 in long-term debt as of fiscal year 2024.

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

$99.6M

YoY+28.6%

Cartesian Growth Corp II-A spent $99.6M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 28.6% from the prior year.

Capital Expenditures

N/A

RENEF Income Statement

Metric	FY24	FY23	FY22
Revenue	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A
Operating Income	-$1.0M+49.0%	-$2.0M-196.7%	-$685K
Interest Expense	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A
Net Income	$8.2M-28.3%	$11.4M+132.1%	$4.9M
EPS (Diluted)	N/A	N/A	$0.24

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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	-$203K+22.5%	-$262K-34.2%	-$195K	N/A	-$217K-9.4%	-$198K+11.2%	-$223K	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	$338K+322.1%	-$152K-127.2%	$560K	N/A	$2.9M+38.1%	$2.1M-16.9%	$2.5M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

RENEF Balance Sheet

Metric	FY24	FY23	FY22
Total Assets	$85.0M-51.3%	$174.6M-27.4%	$240.6M
Current Assets	$439K+33.0%	$330K-61.2%	$850K
Cash & Equivalents	$237K+364.7%	$51K-90.6%	$544K
Inventory	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A
Total Liabilities	$105.3M-45.5%	$193.1M-25.3%	$258.6M
Current Liabilities	$3.5M+127.1%	$1.5M+599.4%	$219K
Long-Term Debt	N/A	N/A	N/A
Total Equity	-$20.3M-9.3%	-$18.5M-2.8%	-$18.0M
Retained Earnings	-$20.3M-9.3%	-$18.5M-2.8%	-$18.0M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$88.6M+1.4%	$87.4M+1.6%	$86.0M+1.1%	$85.0M-53.5%	$182.8M+1.6%	$179.9M+1.5%	$177.3M+1.6%	$174.6M
Current Assets	$115K-68.2%	$360K+26.3%	$285K-35.0%	$439K+74.6%	$251K+40.5%	$179K-50.0%	$357K+8.3%	$330K
Cash & Equivalents	$44K-80.8%	$230K+182.6%	$81K-65.7%	$237K+18.5%	$200K+424.8%	$38K-68.5%	$121K+137.0%	$51K
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	$112.0M+2.1%	$109.7M+2.7%	$106.8M+1.5%	$105.3M-47.9%	$202.0M+1.4%	$199.3M+1.6%	$196.1M+1.5%	$193.1M
Current Liabilities	$5.4M+15.0%	$4.7M+18.6%	$4.0M+14.1%	$3.5M+18.2%	$2.9M+20.0%	$2.5M+23.7%	$2.0M+29.4%	$1.5M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$23.4M-5.0%	-$22.3M-7.2%	-$20.8M-2.8%	-$20.3M-5.2%	-$19.3M+0.6%	-$19.4M-3.5%	-$18.7M-1.0%	-$18.5M
Retained Earnings	-$23.4M-5.0%	-$22.3M-7.2%	-$20.8M-2.8%	-$20.3M-5.2%	-$19.3M+0.6%	-$19.4M-3.5%	-$18.7M-1.0%	-$18.5M

RENEF Cash Flow Statement

Metric	FY24	FY23	FY22
Operating Cash Flow	-$814K+11.8%	-$923K-9.5%	-$843K
Capital Expenditures	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A
Investing Cash Flow	$97.8M+26.8%	$77.1M+132.6%	-$236.9M
Financing Cash Flow	-$96.8M-26.2%	-$76.7M-132.2%	$238.3M
Dividends Paid	N/A	N/A	N/A
Share Buybacks	$99.6M+28.6%	$77.4M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	-$186K-82.6%	-$102K+34.6%	-$155K+66.4%	-$463K-424.4%	-$88K-6.8%	-$83K+54.1%	-$180K+62.1%	-$476K
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	-$750K-15.4%	-$650K-44.4%	-$450K-100.5%	$99.2M+22136.4%	-$450K0.0%	-$450K0.0%	-$450K	N/A
Financing Cash Flow	$750K-16.7%	$900K+100.0%	$450K+100.5%	-$98.7M-14194.8%	$700K+55.6%	$450K-35.7%	$700K+100.9%	-$76.6M
Dividends Paid	N/A	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	N/A

RENEF Financial Ratios

Metric	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A
Return on Assets	9.7%+3.1pp	6.6%+4.5pp	2.1%
Current Ratio	0.13-0.1	0.22-3.7	3.88
Debt-to-Equity	-5.20+5.2	-10.42+3.9	-14.34
FCF Margin	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
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	0.4%+0.5pp	-0.2%-0.8pp	0.7%	N/A	1.6%+0.4pp	1.2%-0.3pp	1.4%	N/A
Current Ratio	0.02-0.1	0.080.0	0.07-0.1	0.13+0.0	0.09+0.0	0.07-0.1	0.18-0.0	0.22
Debt-to-Equity	-4.78+0.1	-4.92+0.2	-5.13+0.1	-5.20+5.3	-10.49-0.2	-10.28+0.2	-10.47-0.1	-10.42
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$20.3M), 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.

Note: The current ratio is below 1.0 (0.13), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is Cartesian Growth Corp II-A profitable?

Yes, Cartesian Growth Corp II-A (RENEF) reported a net income of $8.2M in fiscal year 2024.

What is Cartesian Growth Corp II-A's operating cash flow?

Cartesian Growth Corp II-A (RENEF) generated -$814K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Cartesian Growth Corp II-A's total assets?

Cartesian Growth Corp II-A (RENEF) had $85.0M in total assets as of fiscal year 2024, including both current and long-term assets.

Does Cartesian Growth Corp II-A buy back shares?

Yes, Cartesian Growth Corp II-A (RENEF) spent $99.6M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Cartesian Growth Corp II-A's current ratio?

Cartesian Growth Corp II-A (RENEF) had a current ratio of 0.13 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Cartesian Growth Corp II-A's debt-to-equity ratio?

Cartesian Growth Corp II-A (RENEF) had a debt-to-equity ratio of -5.20 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Cartesian Growth Corp II-A's return on assets (ROA)?

Cartesian Growth Corp II-A (RENEF) had a return on assets of 9.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Cartesian Growth Corp II-A's cash runway?

Based on fiscal year 2024 data, Cartesian Growth Corp II-A (RENEF) had $237K in cash against an annual operating cash burn of $814K. This gives an estimated cash runway of approximately 3 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 Cartesian Growth Corp II-A's debt-to-equity ratio negative or unusual?

Cartesian Growth Corp II-A (RENEF) has negative shareholder equity of -$20.3M as of fiscal year 2024, 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 Cartesian Growth Corp II-A's Piotroski F-Score?

Cartesian Growth Corp II-A (RENEF) has a Piotroski F-Score of 2 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Cartesian Growth Corp II-A's earnings high quality?

Cartesian Growth Corp II-A (RENEF) has an earnings quality ratio of -0.10x, 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.