Detailed financial statements for LightWave Acquisition Corp. (LWAC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
LightWave Acquisition Corp. functions as a special purpose acquisition company (SPAC), formed with the explicit goal of entering into a business combination. This could involve a merger, a share exchange, an asset acquisition, or a similar strategic transaction with one or more operating entities. The company's primary focus for potential targets lies within the technology and innovation sectors.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.32, LWAC trades at a P/E of 26.26 and an ROE of 2.80%. Market capitalisation stands at $310M.
Balance sheet quality for LWAC: current ratio of 6.0. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$476930 represents -22% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2025 |
|---|---|
| Revenue | 0 |
| Cost of Revenue | 0 |
| Gross Profit | 0 |
| Research & Development | 0 |
| Selling, General & Admin | 0 |
| Operating Expenses | 0 |
| Operating Income | 0 |
| EBITDA | 0 |
| Interest Expense | 0 |
| Pre-tax Income | $2.2M |
| Income Tax | 0 |
| Net Income | $2.2M |
| EPS | $0.19 |
| EPS (Diluted) | $0.19 |
| Shares Outstanding (Diluted) | $11.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$152959 | $287312 | -$185837 | -$340364 |
| EBITDA | -$152959 | $287312 | -$185837 | -$340364 |
| Net Income | $2.1M | $492602 | $1.8M | $1.6M |
| EPS | $0.07 | $0.21 | $0.06 | $0.05 |
| EPS (Diluted) | $0.07 | $0.21 | $0.06 | $0.05 |
Balance Sheet (10y)
| Year | 2025 |
|---|---|
| Cash & Equivalents | $808775 |
| Short-term Investments | 0 |
| Receivables | $25000 |
| Inventory | 0 |
| Total Current Assets | $916782 |
| Property, Plant & Equipment | 0 |
| Goodwill | 0 |
| Intangible Assets | 0 |
| Total Assets | $221.0M |
| Accounts Payable | $78345 |
| Short-term Debt | 0 |
| Total Current Liabilities | $153345 |
| Long-term Debt | 0 |
| Total Liabilities | $7.7M |
| Retained Earnings | -$6.7M |
| Total Equity | $213.3M |
| Total Debt | 0 |
| Net Debt | -$808775 |
| Working Capital | $763437 |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $902429 | $808775 | $625445 | $472668 |
| Total Assets | $219.1M | $221.0M | $222.8M | $224.6M |
| Total Liabilities | $7.7M | $7.7M | $7.7M | $7.9M |
| Total Equity | $211.4M | $213.3M | $215.1M | $216.7M |
| Total Debt | 0 | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2025 |
|---|---|
| Net Income | $3.6M |
| Depreciation & Amortization | 0 |
| Stock-based Compensation | 0 |
| Change in Working Capital | -$27645 |
| Operating Cash Flow | -$476927 |
| Capital Expenditure | -$3 |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | -$476930 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$335887 | -$78586 | -$183330 | -$152777 |
| Capital Expenditure | -$3 | -$4 | 0 | 0 |
| Free Cash Flow | -$335890 | -$78590 | -$183330 | -$152777 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2025 |
|---|---|
| Effective Tax Rate | 0.0% |
Per-Share Data (10y)
| Year | 2025 |
|---|---|
| FCF Per Share | $-0.04 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $11.8M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 2.80% |
| Return on Invested Capital | -0.17% |
| Return on Assets | 2.67% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.84 |
Key Ratios (10y)
| Year | 2025 |
|---|---|
| P/E | 52.79 |
| P/B | 0.56 |
| P/S | 0.00 |
| Gross Margin | 0.0% |
| Operating Margin | 0.0% |
| Net Margin | 0.0% |
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