BKHA Black Hawk Acquisition Corporation - Class A Ordinary Shares
$11.83
Price · Aug 19, 2026
Fundamentals as of Apr 28, 2026
52W Range
$11–$13
40% of range
Analyst Rating
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Price Target
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P/E (TTM)
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ROE
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Net Profit Margin
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BKHA Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$11.83
Market Cap
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P/E (TTM)
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EPS (TTM)
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Revenue (TTM)
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Div Yield
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ROE
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Debt/Equity
—
52W Range
$11 – $13
BKHA Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
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EPS
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Free Cash Flow
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Margins
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Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
BKHA
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
BKHA
Peer Median
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
BKHA
Peer Median
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
BKHA
Peer Median
Revenue YoY
-9.1%
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Net Income YoY
-30.6%
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Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
BKHA
Peer Median
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 4
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| SG&A Expense | $795.5K | $492.1K | |
| Operating Income | $-915.5K | $-576.1K | |
| Interest Expense | $15.5K | · | |
| Net Income | $1M | $2M |
Balance Sheet 14
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Cash & Equivalents | $0 | $0 | |
| Prepaid Expense | $11.3K | $49.2K | |
| Current Assets | $50.8K | $314.1K | |
| Intangibles | $5M | · | |
| Total Assets | $24M | $72M | |
| Accounts Payable | $296.4K | · | |
| Accrued Liabilities | $0 | $0 | |
| Current Liabilities | $1M | $71.0K | |
| Total Liabilities | $4M | $2M | |
| Common Stock | $203 | · | |
| Paid-in Capital | $4.5K | · | |
| Retained Earnings | $-4M | $-2M | |
| Stockholders' Equity | $-4M | $-2M | |
| Liabilities + Equity | $24M | $72M |
Cash Flow 4
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Operating Cash Flow | $-650.3K | $-553.7K | |
| Investing Cash Flow | $50M | $-69M | |
| Stock Issued | · | $690.0K | |
| Financing Cash Flow | $-50M | $70M |
Growth Rates 2
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Revenue YoY | -9.1% | · | |
| Net Income YoY | -30.6% | · |
Valuation (TTM) 2
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Revenue TTM | $2M | $2M | |
| Net Income TTM | $1M | $2M |
Income Statement 6
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| SG&A Expense | $24.2K | $187.9K | $311.3K | $217.6K | $78.8K | $54.9K | $335.3K | $30.7K | |
| Operating Expenses | · | · | · | · | · | · | · | $30.7K | |
| Operating Income | $-54.2K | $-217.9K | $-341.3K | $-247.6K | $-108.8K | $-84.9K | $-359.2K | $-30.7K | |
| Interest Expense | $19.4K | · | · | · | · | · | · | · | |
| Net Income | $139.8K | $-3.8K | $154.4K | $520.5K | $658.4K | $883.8K | $310.9K | $-30.7K | |
| EBITDA | $-54.2K | · | $-341.3K | $-247.6K | $-108.8K | $-84.9K | $-359.2K | · |
Balance Sheet 14
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Prepaid Expense | $2.9K | $11.3K | $29.5K | $66.6K | $103.7K | $68.7K | $88.3K | $1.5K | |
| Current Assets | $181.4K | $50.8K | $44.5K | $139.5K | $205.3K | $392.5K | $455.0K | $91.8K | |
| Intangibles | $5M | $5M | $5M | · | · | · | · | · | |
| Total Assets | $25M | $24M | $23M | $74M | $73M | $71M | $70M | $226.9K | |
| Accounts Payable | $232.8K | $15.5K | · | · | · | · | · | · | |
| Accrued Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | · | |
| Current Liabilities | $2M | $1M | $946.2K | $251.0K | $69.7K | $50.5K | $31.2K | $251.5K | |
| Total Liabilities | $5M | $4M | $3M | $3M | $2M | $2M | $2M | · | |
| Common Stock | $203 | · | · | · | · | · | · | · | |
| Paid-in Capital | $4.5K | $4.5K | · | · | · | · | · | $24.8K | |
| Retained Earnings | $-5M | $-4M | $-3M | $-3M | $-2M | $-2M | $-2M | $-49.6K | |
| Stockholders' Equity | $-5M | $-4M | $-3M | $-3M | $-2M | $-2M | $-2M | $-24.6K | |
| Liabilities + Equity | $25M | $24M | $23M | $74M | $73M | $71M | $70M | $226.9K |
Cash Flow 4
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-109.5K | $-100.5K | $-107.9K | $-278.6K | $-163.3K | $-42.8K | $-414.2K | $-37.6K | |
| Investing Cash Flow | $-600.0K | $-300.0K | · | · | · | $0 | · | · | |
| Stock Issued | · | · | · | · | · | $0 | · | · | |
| Financing Cash Flow | $848.4K | $425.0K | $-51M | · | · | $0 | $70M | $-28.1K |
Profitability 5
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | -25.4% | · | -69.0% | -32.3% | -14.2% | -8.8% | -53.8% | · | |
| Net Margin | 65.5% | · | 31.2% | 67.8% | 86.0% | 91.5% | 46.5% | · | |
| EBITDA Margin | -25.4% | · | -69.0% | -32.3% | -14.2% | -8.8% | -53.8% | · | |
| ROA | 0.29% | · | 0.33% | 0.72% | 1.8% | 2.5% | 0.88% | -27.1% | |
| ROE | -4.1% | · | -5.7% | -23.0% | -57.1% | -85.3% | -31.2% | 250.1% |
Liquidity & Solvency 3
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.1 | · | 0.0 | 0.6 | 2.9 | 7.8 | 14.6 | 0.4 | |
| Quick Ratio | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Interest Coverage | -2.8 | · | · | · | · | · | · | · |
Efficiency 1
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | · |
Valuation (TTM) 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $2M | · | $3M | $3M | · | · | · | · | |
| Net Income TTM | $1M | · | $2M | $2M | $2M | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-11-30 | 2024-11-30 | 2023-11-30 | |
|---|---|---|---|
| Net Income | $1M | $2M | — |
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Institutional owners (13F) 25 filers · $32.7M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 1 (-2 vs prior Q) | 2 (+2 vs prior Q) | 3 (+1 vs prior Q) | 5 (+1 vs prior Q) | -18K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| MIZUHO SECURITIES USA LLC | $8,015,150 | 767,000 | 24.51% | Shares |
| MIZUHO SECURITIES USA LLC | $4,336,080 | 373,800 | 13.26% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $3,898,483 | 331,222 | 11.92% | Shares |
| BERKLEY W R CORP | $3,889,317 | 314,797 | 11.90% | Shares |
| AQR Arbitrage LLC | $1,566,681 | 133,108 | 4.79% | Shares |
| BOOTHBAY FUND MANAGEMENT, LLC | $1,429,200 | 120,000 | 4.37% | Shares |
| ATW SPAC MANAGEMENT LLC | $1,333,741 | 119,999 | 4.08% | Shares |
| Westchester Capital Management, LLC | $1,200,540 | 102,000 | 3.67% | Shares |
| Yakira Capital Management, Inc. | $1,057,001 | 88,749 | 3.23% | Shares |
| Clear Street Group Inc. | $970,439 | 81,481 | 2.97% | Shares |
| D. E. Shaw & Co., Inc. | $882,750 | 75,000 | 2.70% | Shares |
| Warberg Asset Management LLC | $856,603 | 71,923 | 2.62% | Shares |
| Meteora Capital, LLC | $831,204 | 63,988 | 2.54% | Shares |
| Crossingbridge Advisors, LLC | $631,516 | 53,024 | 1.93% | Shares |
| CLEAR STREET LLC | $547,992 | 51,600 | 1.68% | Shares |
| Polar Asset Management Partners Inc. | $483,081 | 39,100 | 1.48% | Shares |
| Calamos Advisors LLC | $289,436 | 24,591 | 0.89% | Shares |
| Logan Stone Capital, LLC | $165,372 | 13,385 | 0.51% | Shares |
| Quarry LP | $130,073 | 10,528 | 0.40% | Shares |
| GOLDMAN SACHS GROUP INC | $124,642 | 10,635 | 0.38% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $53,584 | 4,572 | 0.16% | Shares |
| UBS Group AG | $2,156 | 184 | 0.01% | Shares |
| MORGAN STANLEY | $668 | 57 | 0.00% | Shares |
| SkyView Investment Advisors, LLC | $116 | 10,000 | 0.00% | Shares |
| SBI Securities Co., Ltd. | $24 | 2 | 0.00% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Black Hawk Management LLC | April 26, 2024 | — | Initial filing | Passive investment | SEC |
| Black Hawk Management, LLC | April 1, 2024 | — | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.