Liquidity is under severe pressure with cash reserves plummeting to $9.8K as of 2025Q2, following a history of erratic capital deployment including $30.2M in share buybacks during 2024Q3.
| Cash from Operations | -1.29M | -1.87M | -466.67K | -13.81K |
| Operating CF Margin % | - | - | - | - |
| Operating CF Growth % | -138.23% | -300.55% | -3280.23% | - |
| Net Income | -42.05K | 403.26K | 834.78K | -6.31K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.26M | -2.22M | -2.36M | 0 |
| Working Capital Changes | 10.8K | -53.4K | 1.06M | -7.5K |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -217.6K | 33.8K | 506.26K | 0 |
| Cash from Investing | -435.77K | 30.16M | -55.84M | -2.82K |
| Capital Expenditures | 0 | 0 | 4 | 0 |
| CapEx % of Revenue | 0% | - | - | - |
| Acquisitions | 0 | - | - | - |
| Investments | 0 | 30.12M | 58.06M | 0 |
| Other Investing | -435.77K | 30.16M | -4 | -2.82K |
| Cash from Financing | 1.74M | -28.27M | 56.31M | 17.91K |
| Debt Issued (Net) | 0 | - | - | - |
| Equity Issued (Net) | 30.19M | -30.19M | 56.35M | -293.59K |
| Dividends Paid | -1.46M | -2.22M | -2.23M | 0 |
| Share Repurchases | 30.19M | -30.19M | 0 | 0 |
| Other Financing | -28.73M | 2.22M | 2.23M | 0 |
| Net Change in Cash | 8.94K | 17.79K | 9.34K | 1.28K |
| Free Cash Flow | -1.29M | -1.87M | -466.67K | -13.81K |
| FCF Margin % | -73.72% | - | - | - |
| FCF Growth % | 9.19% | -300.55% | -3280.2% | - |
| FCF per Share | -0.50 | -0.35 | -0.08 | -0.00 |
| FCF Conversion (FCF/Net Income) | 30.73x | -4.64x | -0.56x | 2.19x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 108.84K | 674.84K | 0 | 0 |
Imminent Liquidation Deadline
As reported in financial statements, FORL exhibits a consistent divergence between net income and operating cash flow, with OCF/NI ratios frequently reaching negative values, such as the -4.07 observed in 2024Q3, highlighting the absence of genuine cash-generative operations within this shell vehicle.
The lack of correlation between reported net income and cash flow suggests that accounting adjustments, rather than operational performance, drive the bottom line. Investors should interpret these figures as evidence that the company is not currently generating the cash required to sustain its acquisition mandate.
According to recent SEC filings, FORL has maintained a negative free cash flow trajectory throughout the last ten quarters, with cash outflows reaching as high as $741.2K in 2024Q2, underscoring the company's reliance on external funding to cover its ongoing administrative and compliance-related burn rate.
The persistent negative FCF indicates that the company is consuming its limited capital base to remain listed. This trend suggests that without a rapid business combination, the entity may face significant liquidity challenges that could force an early liquidation.
Based on FORL's reported figures, working capital changes have been highly erratic, swinging from a $445.2K inflow in 2023Q4 to a $286.3K outflow in 2024Q3, which reflects the irregular timing of professional fee payments and sponsor-led capital injections rather than standard operational cycles.
These fluctuations in working capital are characteristic of a shell company managing its cash position to meet minimum regulatory requirements. The volatility warrants further investigation into whether these shifts are sustainable or if they indicate a tightening of available liquidity.
As documented in historical cash flow data, FORL has engaged in sporadic capital deployment, including significant share buybacks of $30.2M in 2024Q3 followed by large dividend payments, which appears inconsistent with the company's stated goal of preserving capital for a future IoT acquisition.
The deployment of capital into buybacks and dividends while the company remains a non-operational shell suggests a potential misalignment between management's capital allocation and the stated objective of securing a target. This behavior may indicate that the sponsors are prioritizing short-term capital management over long-term deal execution.
Quick answers to the most common questions about buying FORL stock.
Four Leaf Acquisition Corporation (FORL) generated $-1.9M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Four Leaf Acquisition Corporation (FORL) reported negative free cash flow of $1.9M in 2024, indicating capital requirements exceeded cash from operations.
Four Leaf Acquisition Corporation (FORL) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Four Leaf Acquisition Corporation (FORL) returned $2.2M to shareholders via cash dividends and spent $30.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.