RFAI RF Acquisition Corp II - Ordinary Shares
NASDAQ · N/A · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q May 7, 2026
$38.33
· of 52w range
· above low
· to high
$8.9452w low
$73.0052w high
Market Cap (MRQ)
$135M
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52W Range
$9–$73
Analyst Rating
·
Price Target
·
P/E
·
ROE
-80.9%
Net Profit Margin
·
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RFAI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$38.33
Market Cap (MRQ)
$135M
ROE
-80.9%
52W Range
$9–$73
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10-Year Performance Revenue, net income, margins and EPS trends
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | RFAI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/B (MRQ) | -27.2 | · | · | · | |
| Price / Cash Flow | -239.8 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | RFAI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | 3.9% | · | · | · | |
| ROE | -80.9% | · | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | RFAI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.2 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | RFAI | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Net Income YoY | 6.7% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Next Report
Nov 04, 2026
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Operating Income | $-1M | $-361.8K | |
| Net Income | $3M | $3M | |
| EBITDA | $-1M | $-361.8K |
Balance Sheet
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Cash & Equivalents | $0 | $0 | |
| Prepaid Expense | $4.4K | $25.6K | |
| Current Assets | $401.8K | $984.4K | |
| Total Assets | $53M | $120M | |
| Accrued Liabilities | $635.2K | $81.7K | |
| Current Liabilities | $969.4K | $295.2K | |
| Total Liabilities | $5M | $4M | |
| Common Stock | $352 | $352 | |
| Retained Earnings | $-5M | $-3M | |
| Stockholders' Equity | $-5M | $-3M | |
| Liabilities + Equity | $53M | $120M | |
| Shares Outstanding | 3,512,500 | 3,512,500 |
Cash Flow
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Operating Cash Flow | $-561.4K | $-89.5K | |
| Investing Cash Flow | $71M | $-116M | |
| Financing Cash Flow | $-72M | $117M |
Profitability
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| ROA | 3.9% | 5.3% | |
| ROE | -80.9% | -96.1% |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Current Ratio | 0.4 | 3.3 | |
| Quick Ratio | · | 0.0 |
Per Share
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Book Value / Share | $-1.31 | $-0.95 | |
| Cash / Share | · | $0.00 |
Growth Rates
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Net Income YoY | 6.7% | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 |
|---|---|---|---|
| Net Income TTM | $3M | $3M | |
| Market Cap | $38M | $36M | |
| P/B | -8.2 | -10.8 | |
| P / Cash Flow | -67.3 | -401.1 |
Income Statement
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Operating Income | $-360.6K | $-229.7K | $-181.7K | $-213.2K | $-90.0K | $-109.7K | |
| Net Income | $93.7K | $1M | $1M | $1M | $1M | $547.0K | |
| EBITDA | $-360.6K | $-229.7K | $-181.7K | $-213.2K | $-90.0K | $-109.7K |
Balance Sheet
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $0 | $0 | $0 | $0 | $0 | $0 | |
| Prepaid Expense | $65.2K | $29.1K | $43.4K | $66.7K | $26.6K | $55.0K | |
| Current Assets | $240.2K | $591.3K | $669.7K | $879.0K | $1M | $1M | |
| Total Assets | $53M | $123M | $122M | $121M | $119M | $117M | |
| Accrued Liabilities | $779.1K | $223.2K | $101.9K | $159.5K | $83.4K | $29.2K | |
| Current Liabilities | $1M | $526.8K | $375.5K | $403.0K | $221.9K | $167.8K | |
| Total Liabilities | $5M | $5M | $4M | $4M | $4M | $4M | |
| Common Stock | $352 | $352 | $352 | $352 | $352 | $352 | |
| Retained Earnings | $-5M | $-4M | $-4M | $-4M | $-3M | $-3M | |
| Stockholders' Equity | $-5M | $-4M | $-4M | $-4M | $-3M | $-3M | |
| Liabilities + Equity | $53M | $123M | $122M | $121M | $119M | $117M | |
| Shares Outstanding | 3,512,500 | 3,512,500 | 3,512,500 | 3,512,500 | 3,512,500 | 3,512,500 |
Cash Flow
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-267.6K | $-64.1K | $-186.0K | $-146.4K | · | · | |
| Investing Cash Flow | $-180.0K | · | · | · | · | · | |
| Financing Cash Flow | $145.0K | · | · | · | · | · |
Profitability
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| ROA | 0.11% | 1.7% | 0.89% | 1.7% | · | 0.93% | |
| ROE | -2.2% | -53.4% | -30.9% | -57.0% | · | -34.8% |
Liquidity & Solvency
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 1.1 | 1.8 | 2.2 | · | 6.3 | |
| Quick Ratio | 0.0 | 0.0 | 0.0 | 0.0 | · | 0.0 |
Per Share
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $-1.41 | $-1.13 | $-1.06 | $-1.01 | · | $-0.90 | |
| Cash / Share | $0.00 | $0.00 | $0.00 | $0.00 | · | $0.00 |
Valuation (TTM)
| Metric | Trend | Q1 2026 | Q3 2025 | Q2 2025 | Q1 2025 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|
| Market Cap | $38M | $38M | $37M | $36M | · | · | |
| P/B | -7.7 | -9.5 | -9.9 | -10.3 | · | · | |
| P / Cash Flow | -143.0 | · | · | -248.8 | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Income | $3M | $3M |
| Metric | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Current Ratio | 0.4 | 3.3 |
| Quick Ratio | · | 0.0 |
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 16 filers · $55.3M 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.
Holders
16
Value held
$55.3M
New positions
0
Exited positions
2
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 (0 vs prior Q) | 2 (+2 vs prior Q) | 5 (+1 vs prior Q) | 4 (-2 vs prior Q) | -66K |
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 |
|---|---|---|---|---|
| Karpus Management, Inc. | $17,863,449 | 1,619,533 | 32.31% | Shares |
| BERKLEY W R CORP | $8,979,658 | 814,851 | 16.24% | Shares |
| MIZUHO SECURITIES USA LLC | $8,041,450 | 734,379 | 14.54% | Shares |
| Schechter Investment Advisors, LLC | $7,124,701 | 686,738 | 12.89% | Shares |
| First Trust Capital Management L.P. | $5,675,001 | 514,506 | 10.26% | Shares |
| DEUTSCHE BANK AG\ | $2,647,200 | 240,000 | 4.79% | Shares |
| AQR Arbitrage LLC | $1,878,679 | 170,479 | 3.40% | Shares |
| WOLVERINE ASSET MANAGEMENT LLC | $1,457,273 | 132,119 | 2.64% | Shares |
| MIZUHO SECURITIES USA LLC | $692,819 | 66,939 | 1.25% | Shares |
| Polar Asset Management Partners Inc. | $551,500 | 50,000 | 1.00% | Shares |
| Clear Street Group Inc. | $191,746 | 17,384 | 0.35% | Shares |
| GOLDMAN SACHS GROUP INC | $178,840 | 16,214 | 0.32% | Shares |
| MORGAN STANLEY | $7,379 | 669 | 0.01% | Shares |
| CLEAR STREET LLC | $2,117 | 201 | 0.00% | Shares |
| GLAZER CAPITAL, LLC | $441 | 39,988 | 0.00% | Shares |
| Kepos Capital LP | $320 | 29,057 | 0.00% | Shares |
Company insiders 2 insiders · 1 officers · 1 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tse Meng Ng | CEO and Chairman | May 23, 2024 M | 3,263,281 | 0 | 0 | $0 |
| Alfa 24 Ltd | 10% owner | May 23, 2024 M | 3,263,281 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
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Source: SEC 10-Q filed May 7, 2026