Detailed financial statements for Tavia Acquisition Corp. (TAVI): 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.
Tavia Acquisition Corp. (TAVI) operates as a Special Purpose Acquisition Company (SPAC), formed with the explicit purpose of completing a significant business combination. This could encompass a merger, a share exchange, the acquisition of assets, a stock purchase, or a corporate reorganization, among other similar strategic transactions.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $10.77, TAVI trades at a P/E of 71.79 and an ROE of 2.39%. Market capitalisation stands at $171M.
Balance sheet quality for TAVI: current ratio of 0.3, net debt of $270375. 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 -$674034 represents -19% 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 | 2024 | 2025 |
|---|---|---|
| Revenue | 0 | 0 |
| Cost of Revenue | 0 | 0 |
| Gross Profit | 0 | 0 |
| Research & Development | 0 | 0 |
| Selling, General & Admin | $272 | $1.2M |
| Operating Expenses | $162309 | $1.2M |
| Operating Income | -$162309 | -$1.2M |
| EBITDA | -$161997 | -$1.2M |
| Interest Expense | 0 | 0 |
| Pre-tax Income | -$161796 | $3.6M |
| Income Tax | 0 | 0 |
| Net Income | -$161796 | $3.6M |
| EPS | $-0.03 | $0.23 |
| EPS (Diluted) | $-0.03 | $0.23 |
| Shares Outstanding (Diluted) | $6.0M | $11.5M |
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 | -$223999 | -$181092 | -$240076 | -$1.3M |
| EBITDA | -$223999 | -$181092 | -$240076 | -$1.3M |
| Net Income | $1.0M | $972668 | $821709 | -$400069 |
| EPS | $0.06 | $0.07 | $0.05 | $-0.03 |
| EPS (Diluted) | $0.06 | $0.07 | $0.05 | $-0.03 |
Balance Sheet (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Cash & Equivalents | $914 | $229625 |
| Short-term Investments | 0 | 0 |
| Receivables | 0 | 0 |
| Inventory | 0 | 0 |
| Total Current Assets | $958 | $361475 |
| Property, Plant & Equipment | 0 | 0 |
| Goodwill | 0 | 0 |
| Intangible Assets | 0 | 0 |
| Total Assets | $116884 | $121.1M |
| Accounts Payable | 0 | 0 |
| Short-term Debt | $500 | $500000 |
| Total Current Liabilities | $789 | $1.4M |
| Long-term Debt | 0 | 0 |
| Total Liabilities | $116474 | $1.4M |
| Retained Earnings | $80 | -$1.1M |
| Total Equity | $410 | $119.7M |
| Total Debt | $500 | $500000 |
| Net Debt | -$414 | $270375 |
| Working Capital | $169 | -$1.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $358097 | $229625 | $344032 | $213484 |
| Total Assets | $120.1M | $121.1M | $122.3M | $46.7M |
| Total Liabilities | $1.4M | $1.4M | $1.8M | $2.9M |
| Total Equity | $118.7M | $119.7M | $120.5M | $43.7M |
| Total Debt | $500000 | $500000 | $800000 | $860000 |
Cash Flow (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income | $80 | $3.6M |
| Depreciation & Amortization | $8 | 0 |
| Stock-based Compensation | 0 | 0 |
| Change in Working Capital | $28 | 0 |
| Operating Cash Flow | -$74 | -$674034 |
| Capital Expenditure | 0 | 0 |
| Acquisitions | 0 | 0 |
| Stock Repurchased | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Free Cash Flow | -$74 | -$674034 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$113729 | -$128472 | -$110593 | -$130548 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$113729 | -$128472 | -$110593 | -$130548 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2024 | 2025 |
|---|---|---|
| Net Income Growth (YoY) | +2328.4% | |
| EPS Growth (YoY) | +866.7% | |
| Shares Change (YoY) | +91.6% | |
| FCF Growth (YoY) | -907384.3% | |
| Effective Tax Rate | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2024 | 2025 |
|---|---|---|
| FCF Per Share | $-0.00 | $-0.06 |
| Dividends Per Share | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $6.0M | $11.5M |
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 | 2.39% |
| Return on Invested Capital | -4.31% |
| Return on Assets | 5.16% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.02 |
| Current Ratio | 0.10 |
Key Ratios (10y)
| Year | 2024 | 2025 |
|---|---|---|
| P/E | -330.33 | 45.35 |
| P/B | 145199.74 | 1.00 |
| P/S | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% |
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