CONX Corp
CNXX
CONX Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -13.1M TTM with 200.6M debt creates 1,532% debt-to-assets ratio - technically insolvent balance sheet.[Total Equity]
- Cash of 117.5M TTM vs minimal revenue (21K) - classic SPAC/shell structure burning cash seeking acquisition targets.[Cash and Equivalents]
- Goodwill of 13.6M is -104% of negative equity TTM - any impairment deepens insolvency.[Goodwill]
Watch Triggers
- Cash and Equivalents: Falls below 80M — At -31.7M FCF burn rate, sub-80M cash signals <2.5 years runway before forced action
- Total Revenue: Exceeds 10M quarterly — Any material revenue signals successful acquisition integration and path to sustainability
- Total Debt: Increases above 220M or covenant breach — Additional leverage on insolvent balance sheet would signal distress financing
Bull Case
117.5M cash (59% of assets TTM) provides runway for transformative acquisition while working capital of 119.2M covers near-term obligations.
Active deal flow with 46M investment purchases and 10.5M business acquisitions TTM suggests management executing on deployment strategy.
Bear Case
200.6M debt on 21K revenue TTM is unsustainable - debt is 9,552x annual revenue with no operating income to service it.
FCF of -31.7M TTM means cash runway of ~3.7 years maximum without successful value-creating acquisition or capital raise.
Bull vs Bear Balance
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Forward Thesis
Company viability depends entirely on successful M&A deployment of 117.5M cash before debt obligations mature.
- 10.5M purchase of business TTM shows active deal pursuit
- 200.6M total debt requires refinancing or acquisition success
- Operating losses of -5.6M TTM accelerating cash burn
Public Strategies Rankings
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CNXX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
CNXX Dividend History
CNXX Stock Splits
CNXX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/28/25 | 12/31/24 | Unknown | |
03/04/25 | 09/30/24 | 10-Q | |
11/22/24 | 06/30/24 | 10-Q | |
05/15/24 | 03/31/24 | 10-Q | |
03/29/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/09/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/16/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/13/21 | 06/30/21 | 10-Q | |
05/24/21 | 03/31/21 | 10-Q | |
09/30/20 | 09/30/20 | 10-Q | |
08/31/20 | 08/31/20 | 424B4 |