Tearsheet

Spark I Acquisition (SPKL)

Market Price (10/31/2025): $11.35 | Market Cap: $186.4 Mil
Sector: Financials | Industry: Multi-Sector Holdings

Spark I Acquisition (SPKL)

Market Price (10/31/2025): $11.35
Market Cap: $186.4 Mil
Sector: Financials
Industry: Multi-Sector Holdings

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Low stock price volatility Vol 12M is 9.1%	Trading close to highs Dist 52W High is -4.6%	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
1			Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -2.4 Mil
2			Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 78x
3			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%

0	Low stock price volatility Vol 12M is 9.1%
1	Trading close to highs Dist 52W High is -4.6%
2	Very low revenue Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -2.4 Mil
4	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 78x
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.2%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/31/25	2024	2023	2022
Share Price CYE	$11.35	$10.64	$10.14
Market Cap CYE ($ Mil)	186.4	174.7	166.5	-
Total Debt ($ Mil)	2.5	0.8	0.0	2.8
Total Cash ($ Mil)	1.1	0.4	1.4	0.6
Enterprise Value ($ Mil)	187.8	175.5	166.5
Valuation Ratios
P/S TTM	0.0	0.0	0.0	0.0
P/EBIT TTM	-77.2	-83.3	-47.8	0.0
P/E TTM	77.2	55.5	-124.7	0.0
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8
P/EBIT TTM (Sector)	6.9	6.9	7.0	6.2
P/E TTM (Sector)	11.8	11.6	10.1	9.3

	10/31/25	2024	2023
Share Price CYE	$11.35	$10.64	$10.14
Market Cap CYE ($ Mil)	186.4	174.7	166.5
Total Debt ($ Mil)	2.5	0.8	0.0
Total Cash ($ Mil)	1.1	0.4	1.4
Enterprise Value ($ Mil)	187.8	175.5	166.5
Valuation Ratios
P/S TTM	0.0	0.0	0.0
P/EBIT TTM	-77.2	-83.3	-47.8
P/E TTM	77.2	55.5	-124.7
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	6.9	6.9	7.0
P/E TTM (Sector)	11.8	11.6	10.1

	SPKL	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	0.0
Rev Chg Q	�	6.5%
Rev Chg LTM	�	5.4%
VALUATION	VERY HIGH
P/CFO	-97.6	15.3
P/FCF	-97.6	20.3
P/E	77.2	23.6

SPKL Stock

Return (1M):

Factor Drivers of Stock Movement

The 4.1% change in SPKL stock from 7/31/2025 to 10/30/2025 was primarily driven by a 0.0% change in the company's Net Income Margin (%).

	7312025	10302025	Change
Stock Price ($)	11.00	11.45	4.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
Net Income Margin (%)	∞%	∞%	�
P/E Multiple	61.81	77.89	26.01%
Shares Outstanding (Mil)	16.42	16.42	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

The 5.8% change in SPKL stock from 5/1/2025 to 10/30/2025 was primarily driven by a 0.0% change in the company's Net Income Margin (%).

	5012025	10302025	Change
Stock Price ($)	10.82	11.45	5.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
Net Income Margin (%)	∞%	∞%	�
P/E Multiple	56.40	77.89	38.10%
Shares Outstanding (Mil)	16.42	16.42	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

The 8.5% change in SPKL stock from 10/30/2024 to 10/30/2025 was primarily driven by a 0.0% change in the company's Net Income Margin (%).

	10302024	10302025	Change
Stock Price ($)	10.55	11.45	8.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	0.00	0.00	�
Net Income Margin (%)	∞%	∞%	�
P/E Multiple	101.51	77.89	-23.27%
Shares Outstanding (Mil)	16.42	16.42	0.00%
Cumulative Contribution			�

LTM = Last Twelve Months as of date shown

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SPKL Return	-	-	-	-	5%	8%	13%
Peers Return							0%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	110%
Monthly Win Rates [3]
SPKL Win Rate	-	-	-	100%	92%	89%
Peers Win Rate						62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
SPKL Max Drawdown	-	-	-	-	0%	-0%
Peers Max Drawdown
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BCAR, AEXA, BACC, BRR, CCCX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

SPKL has limited trading history. Below is the Financials sector ETF (XLF) in its place.

Unique Key	Event	XLF	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-26.9%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	36.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	525 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-43.3%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	76.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	295 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-26.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	35.2%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	338 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-83.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	515.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4470 days	1480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -26.9% during the 2022 Inflation Shock from a high on 1/12/2022. A -26.9% loss requires a 36.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Spark I Acquisition (SPKL)

Business Description

We are a newly formed Cayman Islands exempted company established for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities, which we refer to throughout this prospectus as our initial business combination. We have not selected any business combination target, and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. Our sponsor is SLG SPAC Fund LLC, an affiliate of SparkLabs Group Management, LLC (“SparkLabs Group Management”). The company was jointly founded by SparkLabs Group Management, LLC and our management team. SparkLabs Group Management oversees SparkLabs Group, a premier global network of startup accelerators and venture capital funds that has invested in over 480 startups (primarily technology focused) across 6 continents since 2013. SparkLabs Group believes innovation is global and entrepreneurial knowledge, excitement and talent continue to spread around the world. SparkLabs Group is first and foremost an ecosystem builder that helps local startups grow and go global, and it is passionate about helping entrepreneurs by leveraging the Group’s prior experience, knowledge, and extended leadership and networks. SparkLabs Group has built the leading accelerator network in Asia and continues to expand globally. --- Given that our portfolio represents a wide range of investments in over 450 companies, we may pursue an initial business combination opportunity in any business, industry, sector or geographical location. However, we will likely focus our search on targets that are late-stage technology startups in Asia, or a U.S. technology company with a strong Asia presence or strategy, with enterprise value greater than $1 billion. We will not undertake our initial business combination with any entity with its principal business operations in China (including Hong Kong and Macau). We are especially interested in companies that have seen recent positive inflection points in their performance due to the adoption of disruptive strategies and business models driven by the changes in the global economy over the last few years during the pandemic. We believe these impacts are driven by permanent changes in consumer behavior towards online, virtual and sharing economies. We believe these changes have been wide reaching in nature and successful companies are present in every horizontal and vertical sector, including direct B2C companies in many consumer product categories (gaming, entertainment, fashion, consumables, finance, transportation, medical, payments, crypto-currency, blockchain, and many more), and the vast range of B2B companies supporting these B2C companies, including but not limited to hardware, software, middleware, infrastructure, and cloud companies. Our executive offices are located at 3790 El Camino Real, Unit #570, Palo Alto, CA.

Better Bets than Spark I Acquisition (SPKL)

	SPKL	Better Performance than SPKL
Metric	Value	Industry (Multi-Sector Holdings)
Total Yield	1.3%	JEF (6.4%), VOYA (10.0%), ALDF (1.3%), EQV (2.8%), AAM (2.0%)

	SPKL	Better Performance than SPKL
Metric	Value	Sector (Financials)
Total Yield	1.3%	JPM (6.6%), V (3.7%), MA (2.6%), BAC (6.8%), WFC (9.3%)

	SPKL	Better Performance than SPKL
Metric	Value	All Other Sectors
Total Yield	1.3%	NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)

		Best Bets In Financials Sector
	SPKL	DBRG	OTF	MTG	NMIH	CACC	ENVA	FNF	ACGL	APAM	FI
What You Pay
P/E	77.9	39.7	13.2	8.4	7.5	12.3	10.2	13.9	8.6	10.5	10.6
P/EBIT	-77.9	64.7	9.0	6.4	5.5	9.9	7.8	8.9	7.6	6.1	5.8
What You Get
Rev Chg Q	�	-102.4%	1,228.5%	-0.7%	7.2%	8.3%	16.3%	16.8%	22.4%	4.4%	8.0%
Rev Chg LTM	�	-84.8%	89.0%	2.2%	10.0%	12.5%	21.1%	7.4%	23.5%	10.0%	6.7%
Rev Chg 3Y Avg	�	125.8%	221.9%	1.2%	10.1%	6.9%	23.5%	-0.7%	29.8%	0.2%	7.5%
FCF/Rev 3Y Avg	�	101.2%	76.2%	62.2%	58.8%	57.1%	54.7%	50.8%	38.4%	29.0%	20.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Spark I Acquisition Stock Up 5.3%, Buy Or Wait?	Return

	Title
0	ARTICLES
1	Spark I Acquisition Stock Up 5.3%, Buy Or Wait?

Trade Ideas

Select past ideas related to SPKL. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield	09302025	HLNE	Hamilton Lane	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-15.3%	-15.3%	-15.3%
CNS_9302025_Dip_Buyer_ValueBuy	09302025	CNS	Cohen & Steers	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.0%	6.0%	-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper	09262025	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	FDS	FactSet Research Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.0%	-7.0%	-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%	09052025	IBKR	Interactive Brokers	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	13.9%	13.9%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
HLNE_9302025_Dip_Buyer_FCFYield	09302025	HLNE	Hamilton Lane	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-15.3%	-15.3%	-15.3%
CNS_9302025_Dip_Buyer_ValueBuy	09302025	CNS	Cohen & Steers	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	6.0%	6.0%	-1.6%
JKHY_9262025_Monopoly_xInd_xCD_Getting_Cheaper	09262025	JKHY	Jack Henry & Associates	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	0.3%	0.3%	-2.1%
FDS_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	FDS	FactSet Research Systems	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-7.0%	-7.0%	-7.7%
IBKR_9052025_Quality_Momentum_RoomToRun_10%	09052025	IBKR	Interactive Brokers	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	13.9%	13.9%	0.0%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	279.1%	161.2%
2	INBX	Inhibrx Biosciences	131.0%	409.8%
3	PUMP	ProPetro	99.6%	16.2%
4	DYN	Dyne Therapeutics	88.4%	-0.0%
5	VICR	Vicor	85.4%	89.2%
6	CELC	Celcuity	74.6%	503.2%
7	GLUE	Monte Rosa Therapeutics	73.5%	87.5%
8	NVTS	Navitas Semiconductor	72.1%	251.8%
9	LUMN	Lumen Technologies	70.3%	94.7%
10	BALY	Ballys	63.4%	4.1%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	PMI	Picard Medical	-62.9%	5106.3%
2	LRN	Stride	-53.8%	-35.8%
3	FMC	FMC	-51.0%	-66.6%
4	FI	Fiserv	-48.3%	-68.3%
5	NFE	New Fortress Energy	-43.6%	-91.9%
6	VG	Venture Global	-41.7%
7	OGN	Organon	-40.2%	-55.0%
8	VRNS	Varonis Systems	-39.5%	-21.2%
9	ITGR	Integer	-38.5%	-52.2%
10	LENZ	LENZ Therapeutics	-37.9%	5.5%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	GH	Guardant Health	27.9%	202.5%
2	GCI	Gannett	27.7%	3.8%
3	FORM	FormFactor	24.2%	34.7%
4	VIAV	Viavi Solutions	22.3%	69.3%
5	GSAT	Globalstar	22.2%	63.5%
6	MTSR	Metsera	22.1%	63729900.0%
7	PRM	Perimeter Solutions	21.1%	102.3%
8	CHRW	C.H. Robinson Worldwide	19.7%	52.6%
9	INSM	Insmed	16.3%	181.3%
10	CAH	Cardinal Health	15.4%	62.8%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	FMC	FMC	-46.5%	-66.6%
2	APLS	Apellis Pharmaceuticals	-31.0%	-35.0%
3	THRY	Thryv	-30.2%	-44.8%
4	SFM	Sprouts Farmers Market	-26.1%	-39.2%
5	IART	Integra Lifesciences	-23.5%	-47.9%
6	ITRI	Itron	-21.1%	0.4%
7	WOLF	Wolfspeed	-18.2%
8	CMG	Chipotle Mexican Grill	-18.2%	-46.1%
9	CI	Cigna	-17.4%	-9.2%
10	EME	EMCOR	-16.6%	43.0%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	INBX	Inhibrx Biosciences	176.8%	409.8%
2	PUMP	ProPetro	71.2%	16.2%
3	RNA	Avidity Biosciences	43.5%	139.6%
4	DYN	Dyne Therapeutics	42.8%	-0.0%
5	GCI	Gannett	39.3%	3.8%
6	FORM	FormFactor	38.3%	34.7%
7	MBX	MBX Biosciences	35.1%	18.2%
8	BBNX	Beta Bionics	33.8%
9	GH	Guardant Health	33.3%	202.5%
10	LUMN	Lumen Technologies	32.7%	94.7%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PMI	Picard Medical	-75.2%	5106.3%
2	LRN	Stride	-56.1%	-35.8%
3	NTLA	Intellia Therapeutics	-52.6%	5.2%
4	FMC	FMC	-48.7%	-66.6%
5	FI	Fiserv	-47.4%	-68.3%
6	VRNS	Varonis Systems	-43.8%	-21.2%
7	THRY	Thryv	-33.4%	-44.8%
8	NFE	New Fortress Energy	-30.5%	-91.9%
9	AKBA	Akebia Therapeutics	-29.5%	10.5%
10	UAMY	United States Antimony	-28.9%	371.2%

Peer Comparisons for Spark I Acquisition

Financials

	SPKL	BCAR	AEXA	BACC	BRR	CCCX	Median
Name	Spark I .	D Boral .	American.	Blue Acq.	Columbus.	Churchil.
Mkt Price	11.45	10.05	11.48	10.06	10.21	17.86	10.83
Mkt Cap	0.2	-	-	-	-	-	0.2
Rev LTM	0	-	-	-	-	0	0
Op Inc LTM	-2	-	-	-	-	-0	-1
FCF LTM	-2	-	-	-	-	-1	-1
FCF 3Y Avg	-2	-	-	-	-	-	-2
CFO LTM	-2	-	-	-	-	-1	-1
CFO 3Y Avg	-2	-	-	-	-	-	-2

Growth & Margins

	SPKL	BCAR	AEXA	BACC	BRR	CCCX	Median
Name	Spark I .	D Boral .	American.	Blue Acq.	Columbus.	Churchil.
Rev Chg LTM	-	-	-	-	-	-	-
Rev Chg 3Y Avg	-	-	-	-	-	-	-
Rev Chg Q	-	-	-	-	-	-	-
QoQ Delta Rev Chg LTM	-	-	-	-	-	-	-
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	-	-	-	-	-	-	-
CFO/Rev 3Y Avg	-	-	-	-	-	-	-
FCF/Rev LTM	-	-	-	-	-	-	-
FCF/Rev 3Y Avg	-	-	-	-	-	-	-

Valuation

	SPKL	BCAR	AEXA	BACC	BRR	CCCX	Median
Name	Spark I .	D Boral .	American.	Blue Acq.	Columbus.	Churchil.
Mkt Cap	0.2	-	-	-	-	-	0.2
P/S	-	-	-	-	-	-	-
P/EBIT	-77.9	-	-	-	-	-	-77.9
P/E	77.9	-	-	-	-	-	77.9
P/CFO	-98.5	-	-	-	-	-	-98.5
Total Yield	1.3%	-	-	-	-	-	1.3%
Dividend Yield	0.0%	-	-	-	-	-	0.0%
FCF Yield 3Y Avg	-	-	-	-	-	-	-
D/E	0.0	-	-	-	-	-	0.0
Net D/E	0.0	-	-	-	-	-	0.0

Returns

	SPKL	BCAR	AEXA	BACC	BRR	CCCX	Median
Name	Spark I .	D Boral .	American.	Blue Acq.	Columbus.	Churchil.
1M Rtn	-1.5%	1.2%	5.0%	0.6%	0.9%	38.9%	1.0%
3M Rtn	4.1%	-	-	-	-1.6%	76.0%	4.1%
6M Rtn	5.8%	-	-	-	-	-	5.8%
12M Rtn	8.5%	-	-	-	-	-	8.5%
3Y Rtn	-	-	-	-	-	-	-
1M Excs Rtn	-3.4%	-0.4%	3.5%	-1.1%	-0.8%	36.9%	-0.6%
3M Excs Rtn	-5.3%	-	-	-	-10.2%	66.8%	-5.3%
6M Excs Rtn	-15.9%	-	-	-	-	-	-15.9%
12M Excs Rtn	-8.5%	-	-	-	-	-	-8.5%
3Y Excs Rtn	-	-	-	-	-	-	-

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022
Filing Date	8/12/2025	3/21/2025	4/3/2024	7/7/2023
Key Financials
Total Revenue	0	0	0	0
Net Income	2	3	-1	-1
EPS	0.14	0.19	-0.08	-0.08
Growth Rates
Total Revenue Growth	-	-	-	-
Net Income Growth	41.4%	531.0%	45.2%	-
Margins
Net Income Margin	-	-	-	-
Cash & Debt
Total Cash	1	0	1	1
Total Debt	3	1	0	3
Net Debt / (Cash)	1	0	-1	2
Cash Flows
Net Cash from Operations	-2	-2	-1	-1
Free Cash from Operations	-2	-2	-1	-1
Returns to Shareholders
Dividends	0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/12/2025	5/13/2025	3/21/2025	11/12/2024	8/14/2024	5/10/2024	4/3/2024	11/15/2023	9/15/2023	7/7/2023	7/7/2023	11/15/2023
Key Financials Quarterly
Total Revenue	0	0	0	0	0	0	0	0	0	0	0	0
Net Income	0	1	1	1	1	1	1	-0	-0	-0	-0	-0
EPS	0.02	0.03	0.04	0.05	0.05	0.05	0.03	-0.03	-0.03	-0.06	-0.03	-0.02
Key Financials TTM
Total Revenue TTM	0	0	0	0	0	0	0	0	0	0	0	-
Net Income TTM	2	3	3	3	2	0	-1	-2	-2	-1	-1	-
Growth Rates Quarterly
Total Revenue Growth	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Growth	-58.4%	-29.6%	18.2%	301.3%	296.6%	318.0%	216.6%	-61.7%	-29.0%	-30.1%	-	-
Margins Quarterly
Net Income Margin	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Debt
Total Cash	1	0	0	0	0	1	1	0	0	0	1	-
Total Debt	3	1	1	0	0	0	0	4	3	3	3	0
Net Debt / (Cash)	1	1	0	-0	-0	-1	-1	4	3	3	2	-
Cash Flows Quarterly
FCF from Operations	-0	-0	-1	-0	-0	-0	0	-0	-1	-0	-0	-0
Cash Flows TTM
FCF from Operations TTM	-2	-2	-2	-1	-1	-1	-1	-2	-1	-1	-1	-
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-2.8%	-2.1%	-2.3%	-1.7%	-1.8%	-2.2%	-2.6%	-48.9%	-55.8%	-54.0%	-80.6%	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-2.2%	-1.9%	-2.0%	-2.0%	-2.1%	-2.1%	-1.9%	-46.0%	-47.6%	-54.1%	-60.9%	-

Price Behavior

Price Behavior

Market Price	$11.45
Market Cap ($ Bil)	0.2
First Trading Date	11/27/2023
Distance from 52W High	-4.6%
	50 Days	200 Days
DMA Price	$11.13	$10.72
DMA Trend	up	up
Distance from DMA	2.9%	6.8%
	3M	1YR
Volatility	15.7%	9.6%
Downside Capture	-24.57	-4.10
Upside Capture	4.34	5.28
Correlation (SPY)	-9.7%	-0.2%

SPKL Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.18	0.01	0.04	0.01	0.01	-0.00
Up Beta	-0.89	-0.44	-0.12	-0.02	-0.03	-0.01
Down Beta	0.33	0.15	0.06	0.04	0.03	-0.03
Up Capture	86%	32%	26%	8%	5%	1%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	11	16	25	49	98	166
Down Capture	-37%	-17%	-16%	-4%	-4%	-4%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	5	12	21	48	83	125

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	7,154
Short Interest: % Change Since 9302025	-48.8%
Average Daily Volume	13,353
Days-to-Cover Short Interest	1
Basic Shares Quantity	16,422,078
Short % of Basic Shares	0.0%

Returns Analyses

	Title
0	Spark I Acquisition Stock Up 5.3%, Buy Or Wait?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8122025	10-Q 6/30/2025
3312025	5132025	10-Q 3/31/2025
12312024	3212025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8142024	10-Q 6/30/2024
3312024	5102024	10-Q 3/31/2024
12312023	4032024	10-K 12/31/2023
9302023	11152023	10-Q 9/30/2023
6302023	9152023	S-1/A 6/30/2023
12312022	7072023	S-1 12/31/2022

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Spark I Acquisition (SPKL)

Market Price (10/31/2025): $11.35 | Market Cap: $186.4 MilSector: Financials | Industry: Multi-Sector Holdings

Spark I Acquisition (SPKL)

Market Price (10/31/2025): $11.35Market Cap: $186.4 MilSector: FinancialsIndustry: Multi-Sector Holdings

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Market Price (10/31/2025): $11.35 | Market Cap: $186.4 Mil
Sector: Financials | Industry: Multi-Sector Holdings

Market Price (10/31/2025): $11.35
Market Cap: $186.4 Mil
Sector: Financials
Industry: Multi-Sector Holdings