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BYNOW

byNordic Acquisition Corporation

BYNOW

byNordic Acquisition Corporation • NASDAQ
$0.03 ▼ -66.67% (-0.06)
Market Cap $215303
52w High $0.07
52w Low $0.03
Dividend Yield 0%
P/E -2.31
Volume 3.63K
Outstanding Shares 7.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $30K ▼ $-249.799K ▼ 0% $-0.03 ▼ $0 ▲
Q2-2025 $0 $242.931K ▼ $-135.963K ▲ 0% $-0.02 ▲ $-242.931K ▲
Q1-2025 $0 ▼ $283.06K ▲ $-179K ▼ 0% ▲ $-0.068 ▼ $-283K ▼
Q4-2024 $1.353M ▲ $147.672K ▲ $-175K ▲ -12.931% ▼ $-0.042 ▼ $-281K ▲
Q3-2024 $0 $30K $-206K 0% $-0.036 $-491K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $244.01K ▲ $5.736M ▼ $14.402M ▲ $-8.666M ▼
Q2-2025 $220.291K ▼ $12.609M ▲ $13.936M ▲ $-1.326M ▼
Q1-2025 $269.457K ▼ $12.499M ▲ $13.69M ▲ $-1.191M ▼
Q4-2024 $272.588K ▼ $12.249M ▼ $13.26M ▼ $-1.012M ▼
Q3-2024 $1.935M $13.701M $14.538M $-837.011K

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-249.799K ▼ $-220.039K ▼ $6.963M ▲ $-6.72M ▼ $23.719K ▲ $-220.039K ▼
Q2-2025 $-135.963K ▲ $-180.267K ▲ $-68.899K ▲ $200K ▼ $-49.166K ▼ $-180.267K ▲
Q1-2025 $-179.458K ▼ $-532.195K ▲ $-120.936K ▼ $650K ▲ $-3.131K ▲ $-532.195K ▲
Q4-2024 $-174.572K ▲ $-1.931M ▼ $-31.297K ▼ $300K ▲ $-1.662M ▼ $-1.931M ▼
Q3-2024 $-206.146K $-390.323K $29.415M $-28.991M $33.163K $-390.323K

Five-Year Company Overview

Income Statement

Income Statement BYNOW’s income statement looks like a typical SPAC: there is essentially no operating revenue and no real business activity yet. Any reported profit or loss mainly reflects interest on cash held in trust, listing and professional fees, and other one‑off SPAC expenses, not the strength of an underlying operating company. Earnings per share have moved around despite no revenue, which is common for SPACs and usually tied to accounting treatments, changes in share count, and trust income rather than business performance. In short, today’s income statement tells you almost nothing about how a future merged operating company might perform.

Balance Sheet

Balance Sheet The balance sheet is very small and has been shrinking, consistent with a SPAC that has been spending on transaction costs and may have seen some investor redemptions. Asset levels are modest, and the equity base has become thinner over time. There is now a small amount of debt and limited visible cash, which suggests the capital structure is becoming tighter as deadlines and expenses accumulate. Overall financial strength depends less on the current balance sheet and more on how much cash will actually remain in the trust and what new capital, if any, is raised at the time of a merger.

Cash Flow

Cash Flow Reported cash flow data are effectively empty, which again fits a SPAC with no operating business. Any real cash movement is likely tied to routine corporate costs, trust management, and deal‑related expenses rather than investment in operations or assets. The more important cash flow question is forward‑looking: how much cash will the merged entity have to run and grow the business once a transaction closes? That will depend on redemptions by existing SPAC shareholders and any additional financing put in place alongside the merger.

Competitive Edge

Competitive Edge As a shell company, BYNOW’s competitive position is about its ability to source and close an attractive deal, not to compete in an operating market. Its focus on Nordic technology companies gives it a clear niche and leverages the team’s regional and cross‑border capital markets experience. However, it faces competition from other SPACs, private equity, and traditional IPO routes that are all chasing high‑quality tech assets. The pending merger with Sivers Photonics, if completed, would effectively define BYNOW’s competitive position going forward, but until it closes there is meaningful deal and timing risk.

Innovation and R&D

Innovation and R&D BYNOW itself does not invest in research and development or create technology. Its innovation story is entirely tied to the company it plans to merge with. In this case, the target, Sivers Photonics, appears to be a developer of advanced photonics and semiconductor technologies for 5G, optical communications, sensing, and data centers. Its strengths seem to lie in proprietary designs, specialized manufacturing, and established relationships in fast‑growing tech markets. If the merger completes, the combined entity’s innovation and moat will be those of Sivers Photonics, while BYNOW’s role is primarily to provide capital and access to U.S. markets. The key uncertainties are execution after the merger and how effectively additional funding is turned into new products, customers, and scale.

Summary

BYNOW is currently a financing vehicle rather than an operating business. Its income statement, balance sheet, and cash flows reflect SPAC mechanics—trust income, fees, and shrinking capital—rather than underlying commercial performance. The real story sits in the prospective merger with Sivers Photonics, a technology player in photonics and advanced semiconductors. If that deal closes, BYNOW will transform into a tech‑driven company whose prospects hinge on Sivers’ competitive edge, innovation pipeline, and ability to scale profitably. Until then, the situation is highly binary: outcomes will depend on whether the merger completes on acceptable terms, how much cash remains after redemptions and costs, and how smoothly the combined entity executes its growth plans.