Operating cash flow remains consistently negative, with a $173.2K burn in 2026Q1 highlighting a fundamental disconnect between reported net income and actual cash generation.
| Cash from Operations | -648.12K | -890.56K | 0 |
| Operating CF Margin % | - | - | - |
| Operating CF Growth % | 58.33% | - | - |
| Net Income | 4.8M | 4.13M | -131 |
| Depreciation & Amortization | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | -5.75M | -7.85M | 120 |
| Working Capital Changes | 299.72K | 2.83M | 11 |
| Change in Receivables | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 |
| Change in Payables | 3.76M | 3.03M | 0 |
| Cash from Investing | 0 | -230M | 0 |
| Capital Expenditures | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - |
| Acquisitions | 0 | - | - |
| Investments | 292.62M | 0 | 0 |
| Other Investing | -230M | -230M | 0 |
| Cash from Financing | 0 | 231.43M | 0 |
| Debt Issued (Net) | 0 | - | - |
| Equity Issued (Net) | -6M | 6M | 0 |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | 5.78M | 225.66M | 0 |
| Net Change in Cash | -648.12K | 543.26K | 0 |
| Free Cash Flow | -648.12K | -890.56K | 0 |
| FCF Margin % | - | - | - |
| FCF Growth % | - | - | - |
| FCF per Share | -0.03 | -0.05 | - |
| FCF Conversion (FCF/Net Income) | -0.14x | -0.22x | - |
| Interest Paid | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 |
Liquidation and capital exhaustion
According to the provided financial data, FERA exhibits a profound disconnect between reported net income and operating cash flow, with the 2026Q1 net income of $1.3M contrasting sharply against a negative operating cash flow of $173.2K, indicating that earnings are entirely decoupled from cash generation.
The persistent negative OCF/NI ratio suggests that the company's reported profitability is driven by non-cash accounting adjustments rather than operational success. Investors should interpret this divergence as a warning that the entity lacks the cash-generating capacity required to sustain its current administrative cost structure without external support.
As reported in recent financial statements, FERA's free cash flow remains consistently negative, with a quarterly burn rate that reached $173.2K in 2026Q1, highlighting the company's inability to generate internal liquidity while it continues to search for a viable business combination target.
The absence of positive FCF margins underscores the speculative nature of the shell entity, where cash is consumed solely for maintenance and search activities. This trajectory implies that the company's runway is strictly finite and dependent on the current cash balance, which appears insufficient for long-term operations.
Based on the reported figures, FERA's working capital movements have been erratic, including a $299.7K swing in 2025Q2, which suggests that the company's liquidity management is highly sensitive to the timing of professional service payments and regulatory filing requirements inherent to its shell status.
The lack of a stable working capital cycle is typical for a pre-revenue SPAC, yet the volatility warrants investigation into whether these fluctuations represent deferred liabilities. Such instability may indicate that the company is managing its cash position on a quarter-to-quarter basis to preserve its limited liquidity.
Analysis of the cash flow statement reveals that FERA's reported net income is heavily influenced by non-cash items, as evidenced by the 2026Q1 results where $1.3M in net income failed to translate into any positive operating cash flow, masking the underlying cash burn of the business.
The reliance on non-cash accounting entries to report income appears to obscure the reality that the company is effectively a cash-consuming vehicle. Investors should look past the headline earnings to the actual cash depletion, which suggests that the entity's financial health is more fragile than the income statement implies.
Quick answers to the most common questions about buying FERA stock.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) generated $-0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Fifth Era Acquisition Corp I Class A Ordinary Shares (FERA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.