Black Hawk Acquisition Swings to $139,805 Profit in Q1 FY2026

Black Hawk Acquisition Corporation, a special purpose acquisition company, posted net income of $139,805 for the three months ending February 28, down 79% from $658,379 in the same quarter a year earlier. The company reported no revenue for the period. Read more earnings reports.

The profit came despite an operating loss of $54,189 for the quarter, narrower than the $108,769 operating loss in Q1 FY2025. Other income of $193,993 offset the operating shortfall but declined sharply from $767,148 a year ago.

General and administrative expenses totaled $10,000 for the quarter. Interest expense added $19,449 to costs. The company maintains a negative equity position with total stockholders' deficit of $4.52 million as of February 28, widening from $3.85 million at the end of November.

Earnings per share came in at $0.03 on both a basic and diluted basis, down from $0.07 in the prior-year quarter. The weighted average shares outstanding declined to 2.12 million from 6.90 million a year earlier.

Cash and restricted cash stood at $178,407 at quarter-end, up from $39,521 at the end of November but down from $264,842 a year ago. Operating activities consumed $109,502 in cash during the quarter, compared to $163,314 in the prior-year period.

The company reported cash from financing activities of $848,388 and used $600,000 for investing activities during the quarter. Total assets reached $24.82 million as of February 28, up from $23.88 million three months earlier.

Total liabilities climbed to $4.70 million from $3.90 million at the end of November. Current liabilities increased to $2.29 million from $1.48 million over the same period. The company holds 4.15 million shares outstanding.