Spark I Acquisition Corp
SPKL—
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Spark I Acquisition Corp AI Insights
Informational only. Not investment advice.Snapshot
- Zero revenue SPAC with -2.8M operating loss TTM; 614K cash vs 3.2M current debt creates liquidity pressure[Cash and Equivalents]
- 84.1M financing outflow TTM signals trust redemptions; working capital at -3.2M indicates near-term funding gap[Working Capital]
- Net income positive (1.0M TTM) only from 391K securities gains and trust interest - not operational[Gain on Sale of Security]
Watch Triggers
- Cash and Equivalents: Falls below 300K or debt refinancing announced — At current burn, 614K cash depletes in months without extension or deal
- Cash Flow from Continuing Financing Activities: Additional outflows exceeding 5M — Further redemptions would signal investor exodus before deadline
- Total Equity: Drops below 15M — Shrinking equity base limits deal size and sponsor economics
Bull Case
18.1M equity with 0.18 debt/equity provides modest cushion; ROE of 1.7% TTM positive vs -6.6% industry mean
Common Stockholders EquityDebt to EquityROE TTM
Tangible book of 18.1M with no goodwill means liquidation value is real if deal fails
Tangible Book ValueTotal Assets
Bear Case
614K cash covers only ~3 months of 2.8M annual opex burn; current liabilities (3.8M) exceed current assets (639K) by 6x
Cash and EquivalentsCurrent LiabilitiesOperating Expense TTM
84.1M financing outflow suggests massive trust redemptions; remaining equity may be insufficient for viable deal
Cash Flow from Continuing Financing ActivitiesCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
25%
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Forward Thesis
SPAC likely faces deadline pressure with depleted cash and no announced target
3-12mhigh
- 614K cash vs 3.2M current debt due
- 84.1M financing outflows indicate redemptions
- Zero revenue with -2.6M FCF burn
Working capital: -3.2M TTMFCF: -2.6M TTMDebt/Equity: 0.18
Valuation Context
Caveats
SPKL Fundamentals
Management of Companies and Enterprises → Management of Companies and Enterprises
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$99.58M | — | ||
$103.18M | — | ||
0.00 | — | ||
$0 | — | ||
$-0.02 | — | ||
0% | — | ||
0% | — | ||
$-2.35M | — | ||
-0.57% | -3.4% | — | |
Beta 5Y (Monthly) | unknown | — |
SPKL Dividend History
No dividends
SPKL Stock Splits
No stock splits
SPKL SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/14/26 | 03/31/26 | 10-Q | |
03/30/26 | 12/31/25 | Unknown | |
11/14/25 | 09/30/25 | 10-Q | |
08/12/25 | 06/30/25 | 10-Q | |
05/13/25 | 03/31/25 | 10-Q | |
03/21/25 | 12/31/24 | Unknown | |
03/30/26 | 12/31/24 | 10-K | |
11/12/24 | 09/30/24 | 10-Q | |
08/14/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
03/21/25 | 12/31/23 | 10-K | |
04/03/24 | 12/31/23 | 10-K | |
11/15/23 | 09/30/23 | 10-Q | |
09/15/23 | 06/30/23 | S-1/A | |
07/07/23 | 03/31/23 | S-1 | |
07/07/23 | 12/31/22 | S-1 | |
11/15/23 | 09/30/22 | 10-Q | |
06/30/22 | 06/30/22 | Unknown | -- |
07/07/23 | 03/31/22 | S-1 |