Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 12, 2026

Black Hawk Acquisition Corp (BKHA)

A forensic read on Black Hawk Acquisition Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

F · Poor — capital at risk

Forensic grade

Distress

Financial health

-2.2

Distress distance

Clean

Earnings quality

Forensic signals

-9.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Black Hawk Acquisition Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads -2.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.

What the filings flag

-0.37×

FY2024–FY2025

Cash conversion. Over FY2024–FY2025, cumulative operating cash flow was -0.37× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.

-3.2%

FY2025

Return on invested capital. Return on invested capital is -3.2% in the latest fiscal year, against -0.6% in FY2024. After-tax operating profit was ($455,100) in FY2024 and ($723,253) in FY2025, with operating income at -23.2% of revenue in FY2024 and -40.5% in FY2025. The capital base behind it cannot be compared across FY2024–FY2025: long-term debt is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.

Key fundamentals

Latest Revenue$2.3M

Revenue Growth YoY-9.1%

Net Margin58.9%

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Data from SEC EDGAR public filings · metrics as of Oct 12, 2026. Forensic signals flag probability, not certainty.