Valuence Merger Corp. I Financials

VMCAF

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

This page shows Valuence Merger Corp. I (VMCAF) 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 VMCAF FY2025 2026-05-15

VMCAF’s reported economics are now balance-sheet driven, with asset shrinkage and external financing outweighing operating momentum.

Net income stayed positive from FY2023 through FY2025, but operating cash flow stayed negative throughout the period, so reported earnings did not rebuild liquidity. Meanwhile, total assets fell from $230.8M to $23.2M, leaving negative equity as the residual outcome when the asset base shrank faster than obligations did.

Liquidity is exceptionally thin: FY2025 cash was just $1K. With current liabilities at $5.0M and almost no liquid cushion left, near-term obligations appear to depend on balance-sheet moves or fresh financing rather than cash generated inside the business, which leaves little day-to-day flexibility.

Overhead was cut sharply, with SG&A falling from $2.6M to $595K across the period. Even so, FY2025 still showed an operating loss of -$423K, indicating that cost discipline reduced burn but still did not create a self-funding operating engine on a recurring basis.

Financial Health Signals

Financial health score pending refresh

We are recalculating Valuence Merger Corp. I'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

1/5

Valuence Merger Corp. I passes 1 of 5 computable financial strength tests (4 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).

Earnings Quality Low Quality

-1.41x

For every $1 of reported earnings, Valuence Merger Corp. I generates $-1.41 in operating cash flow (-$396K OCF vs $280K 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

$280K

YoY-88.3%

Valuence Merger Corp. I reported $280K in net income in fiscal year 2025. This represents a decrease of 88.3% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$1K

YoY-97.6%

Valuence Merger Corp. I held $1K 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

VMCAF Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	$595K-47.0%	$1.1M-19.3%	$1.4M-46.8%	$2.6M
Operating Income	-$423K-187.8%	$483K+134.7%	-$1.4M+46.8%	-$2.6M
Interest Expense	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A
Net Income	$280K-88.3%	$2.4M-49.6%	$4.8M+656.7%	$631K
EPS (Diluted)	N/A	N/A	N/A	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	$132K	N/A	$82K-34.9%	$127K-54.4%	$277K	N/A	$203K-56.4%	$466K
Operating Income	-$132K	N/A	-$32K+75.1%	-$127K+19.0%	-$156K	N/A	-$203K+56.4%	-$466K
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	$8K	N/A	$156K+166.1%	$59K+135.1%	$25K	N/A	$35K-79.2%	$169K
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VMCAF Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$23.2M+4.1%	$22.3M-68.2%	$70.2M-69.6%	$230.8M
Current Assets	$13K-88.0%	$110K-85.6%	$763K-9.4%	$842K
Cash & Equivalents	$1K-97.6%	$61K-91.1%	$685K+114.5%	$319K
Inventory	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A
Total Liabilities	$36.3M+4.8%	$34.7M-57.8%	$82.1M-65.9%	$240.3M
Current Liabilities	$5.0M+14.6%	$4.3M-7.5%	$4.7M+107.8%	$2.3M
Long-Term Debt	N/A	N/A	N/A	N/A
Total Equity	-$13.1M-5.9%	-$12.3M-3.7%	-$11.9M-24.9%	-$9.5M
Retained Earnings	-$13.1M-5.9%	-$12.3M-3.7%	-$11.9M-24.9%	-$9.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$5.9M-74.7%	$23.2M+0.8%	$23.1M+0.9%	$22.9M+1.5%	$22.5M+0.9%	$22.3M+1.3%	$22.0M+1.4%	$21.7M
Current Assets	$28K+114.4%	$13K-80.7%	$68K-50.5%	$138K+98.9%	$69K-36.8%	$110K+5.5%	$104K-20.8%	$131K
Cash & Equivalents	$3K+70.2%	$1K-96.6%	$43K-53.4%	$93K+33.9%	$69K+13.4%	$61K+292.8%	$16K-22.7%	$20K
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	$19.2M-47.2%	$36.3M+1.0%	$35.9M+0.9%	$35.6M+1.6%	$35.1M+1.2%	$34.7M-2.9%	$35.7M+1.7%	$35.1M
Current Liabilities	$5.2M+4.6%	$5.0M+2.9%	$4.8M+1.0%	$4.8M+6.2%	$4.5M+4.0%	$4.3M-23.3%	$5.7M+4.8%	$5.4M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	-$13.3M-1.7%	-$13.1M-1.5%	-$12.9M-0.9%	-$12.8M-1.7%	-$12.5M-1.7%	-$12.3M+9.7%	-$13.7M-2.1%	-$13.4M
Retained Earnings	-$13.3M-1.7%	-$13.1M-1.5%	-$12.9M-0.9%	-$12.8M-1.7%	-$12.5M-1.7%	-$12.3M+9.7%	-$13.7M-2.1%	-$13.4M

VMCAF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	-$396K+58.3%	-$950K-34.0%	-$709K+38.4%	-$1.1M
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	-$308K-100.6%	$49.1M-70.5%	$166.7M+173.5%	-$226.7M
Financing Cash Flow	$645K+101.3%	-$48.8M+70.5%	-$165.6M-172.7%	$228.0M
Dividends Paid	N/A	N/A	N/A	N/A
Share Buybacks	N/A	$49.9M-70.3%	$167.8M	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$100K-74.0%	-$58K+18.4%	-$70K+50.6%	-$143K-13.3%	-$126K+50.7%	-$255K-45.5%	-$176K+37.1%	-$279K
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	$17.5M+20935.8%	-$84K0.0%	-$84K0.0%	-$84K-50.0%	-$56K+33.3%	-$84K0.0%	-$84K-100.2%	$49.7M
Financing Cash Flow	-$17.4M-17521.0%	$100K-4.8%	$105K-58.0%	$250K+31.6%	$190K-50.6%	$385K+51.0%	$255K	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$17.6M	N/A	N/A	N/A	N/A	$0	$0-100.0%	$49.9M

VMCAF Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A
Return on Assets	1.2%-9.6pp	10.8%+4.0pp	6.8%+6.5pp	0.3%
Current Ratio	0.00-0.0	0.03-0.1	0.16-0.2	0.37
Debt-to-Equity	-2.78+0.0	-2.81+4.1	-6.90+18.3	-25.24
FCF Margin	N/A	N/A	N/A	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	N/A
Return on Assets	0.1%	N/A	0.7%+0.4pp	0.3%+0.1pp	0.1%	N/A	0.2%-0.6pp	0.8%
Current Ratio	0.010.0	0.00-0.0	0.01-0.0	0.03+0.0	0.020.0	0.030.0	0.020.0	0.02
Debt-to-Equity	-1.44+1.3	-2.78+0.0	-2.790.0	-2.790.0	-2.79+0.0	-2.81-0.2	-2.61+0.0	-2.62
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$13.1M), 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 (0.00), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Frequently Asked Questions

Is Valuence Merger Corp. I profitable?

Yes, Valuence Merger Corp. I (VMCAF) reported a net income of $280K in fiscal year 2025.

What is Valuence Merger Corp. I's operating cash flow?

Valuence Merger Corp. I (VMCAF) generated -$396K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Valuence Merger Corp. I's total assets?

Valuence Merger Corp. I (VMCAF) had $23.2M in total assets as of fiscal year 2025, including both current and long-term assets.

What is Valuence Merger Corp. I's current ratio?

Valuence Merger Corp. I (VMCAF) had a current ratio of 0.00 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Valuence Merger Corp. I's debt-to-equity ratio?

Valuence Merger Corp. I (VMCAF) had a debt-to-equity ratio of -2.78 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Valuence Merger Corp. I's return on assets (ROA)?

Valuence Merger Corp. I (VMCAF) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Valuence Merger Corp. I's cash runway?

Based on fiscal year 2025 data, Valuence Merger Corp. I (VMCAF) had $1K in cash against an annual operating cash burn of $396K. 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.

Why is Valuence Merger Corp. I's debt-to-equity ratio negative or unusual?

Valuence Merger Corp. I (VMCAF) has negative shareholder equity of -$13.1M 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.

What is Valuence Merger Corp. I's Piotroski F-Score?

Valuence Merger Corp. I (VMCAF) has a Piotroski F-Score of 1 out of 5 computable signals; 4 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.

Are Valuence Merger Corp. I's earnings high quality?

Valuence Merger Corp. I (VMCAF) has an earnings quality ratio of -1.41x, 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.