Thayer Ventures Acq Corp Ii Financials

TVAI

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

This page shows Thayer Ventures Acq Corp Ii (TVAI) 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 TVAI FY2025 2026-05-14

TVAI’s economics are driven by its balance-sheet structure, not an operating engine, with only $1.0M of core annual expense.

A $3.9M net profit alongside a -$1.0M operating loss shows the year’s earnings did not come from recurring operations. That matters because $617K of operating cash flow was modest next to reported profit, so the accounting gain translated only weakly into cash.

The balance sheet mixes -$8.2M of equity with a 2.8x current ratio, meaning short-term bills are manageable even though the company as a whole is financed with more liabilities than assets. $0 cash against $206.8M of assets also implies most resources are tied up outside cash and day-to-day working capital.

Some figures from recent filings were inconsistent and were omitted from this summary.

Financial Health Signals

Financial health score pending refresh

We are recalculating Thayer Ventures Acq 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

0.16x

For every $1 of reported earnings, Thayer Ventures Acq Corp Ii generates $0.16 in operating cash flow ($617K OCF vs $3.9M 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

$3.9M

Thayer Ventures Acq Corp Ii reported $3.9M in net income in fiscal year 2025.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

Thayer Ventures Acq Corp Ii held $0 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

N/A

Capital Expenditures

N/A

TVAI Income Statement

Metric	FY25
Revenue	N/A
Cost of Revenue	N/A
Gross Profit	N/A
R&D Expenses	N/A
SG&A Expenses	$1.0M
Operating Income	-$1.0M
Interest Expense	N/A
Income Tax	N/A
Net Income	$3.9M
EPS (Diluted)	N/A

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	$330K	N/A	$158K-66.5%	$472K+2505.4%	$18K	N/A	$14K-42.1%	$25K
Operating Income	-$330K	N/A	-$158K+66.5%	-$472K-2505.4%	-$18K	N/A	-$14K+42.1%	-$25K
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	$994K	N/A	$2.0M+301.5%	$491K+400.9%	-$163K	N/A	-$14K+42.1%	-$25K
EPS (Diluted)	$0.04	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TVAI Balance Sheet

Metric	FY25
Total Assets	$206.8M
Current Assets	$437K
Cash & Equivalents	$0
Inventory	N/A
Accounts Receivable	N/A
Goodwill	N/A
Total Liabilities	$215.0M
Current Liabilities	$156K
Long-Term Debt	N/A
Total Equity	-$8.2M
Retained Earnings	-$8.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$208.5M+0.8%	$206.8M+0.8%	$205.1M+1.0%	$203.1M+17716.7%	$1.1M+83.1%	$623K	N/A	N/A
Current Assets	$291K-33.4%	$437K-32.6%	$648K-16.9%	$779K	N/A	$0	N/A	N/A
Cash & Equivalents	$0	$0	$0	$0	$0	$0	N/A	N/A
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	$217.0M+0.9%	$215.0M+1.0%	$212.9M+1.0%	$210.8M+17498.3%	$1.2M+80.9%	$662K	N/A	N/A
Current Liabilities	$723K+364.6%	$156K+24.4%	$125K-12.0%	$142K-81.0%	$748K+12.9%	$662K	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$8.5M-4.0%	-$8.2M-5.1%	-$7.8M-2.1%	-$7.6M-13167.9%	-$58K-45.9%	-$39K-183.2%	-$14K-4042.5%	$353
Retained Earnings	-$8.5M-4.0%	-$8.2M-5.1%	-$7.8M-2.1%	-$7.6M-3254.5%	-$228K-253.2%	-$64K	N/A	N/A

TVAI Cash Flow Statement

Metric	FY25
Operating Cash Flow	$617K
Capital Expenditures	N/A
Free Cash Flow	N/A
Investing Cash Flow	-$201.3M
Financing Cash Flow	N/A
Dividends Paid	N/A
Share Buybacks	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$127K+51.2%	-$260K-3351.0%	$8K-99.1%	$869K	$0	N/A	N/A	N/A
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	N/A	$0	$0	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
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

TVAI Financial Ratios

Metric	FY25
Gross Margin	N/A
Operating Margin	N/A
Net Margin	N/A
Return on Equity	N/A
Return on Assets	1.9%
Current Ratio	2.81
Debt-to-Equity	N/A
FCF Margin	N/A

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	-6982.1%
Return on Assets	0.5%	N/A	1.0%+0.7pp	0.2%+14.6pp	-14.3%	N/A	N/A	N/A
Current Ratio	0.40-2.4	2.81-2.4	5.18-0.3	5.49	N/A	0.00	N/A	N/A
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 (-$8.2M), 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.

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Frequently Asked Questions

Is Thayer Ventures Acq Corp Ii profitable?

Yes, Thayer Ventures Acq Corp Ii (TVAI) reported a net income of $3.9M in fiscal year 2025.

What is Thayer Ventures Acq Corp Ii's operating cash flow?

Thayer Ventures Acq Corp Ii (TVAI) generated $617K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Thayer Ventures Acq Corp Ii's total assets?

Thayer Ventures Acq Corp Ii (TVAI) had $206.8M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Thayer Ventures Acq Corp Ii's current ratio?

Thayer Ventures Acq Corp Ii (TVAI) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.

What is Thayer Ventures Acq Corp Ii's return on assets (ROA)?

Thayer Ventures Acq Corp Ii (TVAI) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Why is Thayer Ventures Acq Corp Ii's debt-to-equity ratio negative or not reported?

Thayer Ventures Acq Corp Ii (TVAI) has negative shareholder equity of -$8.2M 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.

Are Thayer Ventures Acq Corp Ii's earnings high quality?

Thayer Ventures Acq Corp Ii (TVAI) has an earnings quality ratio of 0.16x, 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.