CLBR-UN
CLBR-UN
Colombier Acquisition Corp.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $-37.35K ▼ | $0 ▼ | $-7.3M ▲ | 19.54K% ▲ | $-0.16 ▲ | $0 ▲ |
| Q3-2025 | $4.4M ▼ | $12.65M ▲ | $-11.98M ▼ | -272.04% ▼ | $-0.26 ▼ | $-7.38M ▼ |
| Q2-2025 | $7.08M ▲ | $11.77M ▼ | $-8.37M ▼ | -118.12% ▼ | $-0.18 ▼ | $-5.82M ▼ |
| Q1-2025 | $6.75M ▼ | $15.63M ▼ | $-4.45M ▲ | -65.89% ▲ | $-0.1 ▲ | $-2.36M ▲ |
| Q4-2024 | $7.21M | $16.5M | $-20.74M | -287.7% | $-0.66 | $-18.81M |
What's going well?
Net loss is smaller than last quarter, and share count is stable. The company may be cutting costs or restructuring.
What's concerning?
Revenue turned negative, no operating activity is reported, and results are distorted by large 'other' losses. The business model and reporting are unclear, raising major red flags.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $10.6M ▼ | $58.83M ▼ | $43.94M ▲ | $14.89M ▼ |
| Q2-2025 | $20.58M ▼ | $65.45M ▼ | $43M ▲ | $22.45M ▼ |
| Q1-2025 | $28.04M ▼ | $66.15M ▼ | $40.13M ▼ | $26.03M ▼ |
| Q4-2024 | $36.32M ▲ | $74.89M ▲ | $48.04M ▲ | $26.85M ▲ |
| Q3-2024 | $4.71M | $44.25M | $39.84M | $4.4M |
What's financially strong about this company?
They slashed their debt from $33 million to just $5 million in one quarter, and have enough current assets to cover near-term bills. Working capital is efficient, with little tied up in inventory or receivables.
What are the financial risks or weaknesses?
Cash dropped by half, and equity shrank by a third, suggesting losses or big payouts. Nearly half of assets are goodwill and intangibles, and retained earnings are deeply negative, showing a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-10.05M ▼ | $-6.08M ▼ | $-3.02M ▼ | $552.21K ▲ | $-9.85M ▼ | $0 ▲ |
| Q2-2025 | $-8.37M ▼ | $-4.85M ▲ | $-2.89M ▼ | $351.7K ▲ | $-7.39M ▲ | $-4.85M ▲ |
| Q1-2025 | $-4.45M ▲ | $-6.43M ▲ | $-1.81M ▲ | $-72.88K ▼ | $-8.31M ▼ | $-8.2M ▼ |
| Q4-2024 | $-20.74M ▼ | $-7M ▲ | $-2.07M ▼ | $39.99M ▲ | $30.91M ▲ | $-7M ▲ |
| Q3-2024 | $-13.14M | $-10.19M | $-1M | $9.12M | $-2.07M | $-11.23M |
What's strong about this company's cash flow?
The company can still raise debt and equity to fund operations. Working capital changes provided a small, temporary cash boost.
What are the cash flow concerns?
Cash burn is accelerating, losses are mostly real cash outflows, and the company is highly dependent on outside funding. Cash could run out within two quarters if trends continue.
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Colombier Acquisition Corp.'s financial evolution and strategic trajectory over the past five years.
The entity behind CLBR-UN combines a very liquid balance sheet with a differentiated, values-based business model. It has substantial cash relative to near-term obligations, a net cash position even after debt, and the ability to raise additional funds, as shown by recent financing flows. On the business side, it enjoys strong brand loyalty within a specific community, early network effects from a growing base of like-minded consumers and merchants, and an integrated suite of marketplace, payments, and fundraising tools that creates a more complete offering than a simple online directory or store.
Financially, the most pressing risk is sustainability: the company is heavily loss-making, burns significant cash in its operations, and carries large accumulated losses on its balance sheet. If it cannot grow revenue meaningfully or rein in costs, it will remain dependent on external capital. The presence of goodwill and intangible assets also creates the risk of future write-downs if performance falls short of expectations. Strategically, the niche positioning limits the breadth of the potential customer base and may invite regulatory, political, or reputational challenges. Competitive pressure from well-funded incumbents in e‑commerce, payments, and fintech is an additional, ongoing threat.
The outlook depends on execution on two fronts: scaling the business model and improving financial discipline. The strong liquidity position gives the company time to pursue its strategy and refine its platform, but not unlimited time, given the current level of operating losses. If management can convert its engaged community into higher, more predictable revenue and gradually narrow the cash burn, the current balance sheet could support a runway to a more stable business. If not, the combination of persistent losses, intangible-heavy assets, and reliance on financing could constrain future options. Overall, this remains an early-stage, high-uncertainty story where strategic potential and financial fragility coexist.
About Colombier Acquisition Corp.
https://www.colombierspac.comColombier Acquisition Corp. does not have significant operations. It intends to effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more businesses. The company was incorporated in 2021 and is based in Palm Beach, Florida.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q4-2025 | $-37.35K ▼ | $0 ▼ | $-7.3M ▲ | 19.54K% ▲ | $-0.16 ▲ | $0 ▲ |
| Q3-2025 | $4.4M ▼ | $12.65M ▲ | $-11.98M ▼ | -272.04% ▼ | $-0.26 ▼ | $-7.38M ▼ |
| Q2-2025 | $7.08M ▲ | $11.77M ▼ | $-8.37M ▼ | -118.12% ▼ | $-0.18 ▼ | $-5.82M ▼ |
| Q1-2025 | $6.75M ▼ | $15.63M ▼ | $-4.45M ▲ | -65.89% ▲ | $-0.1 ▲ | $-2.36M ▲ |
| Q4-2024 | $7.21M | $16.5M | $-20.74M | -287.7% | $-0.66 | $-18.81M |
What's going well?
Net loss is smaller than last quarter, and share count is stable. The company may be cutting costs or restructuring.
What's concerning?
Revenue turned negative, no operating activity is reported, and results are distorted by large 'other' losses. The business model and reporting are unclear, raising major red flags.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $10.6M ▼ | $58.83M ▼ | $43.94M ▲ | $14.89M ▼ |
| Q2-2025 | $20.58M ▼ | $65.45M ▼ | $43M ▲ | $22.45M ▼ |
| Q1-2025 | $28.04M ▼ | $66.15M ▼ | $40.13M ▼ | $26.03M ▼ |
| Q4-2024 | $36.32M ▲ | $74.89M ▲ | $48.04M ▲ | $26.85M ▲ |
| Q3-2024 | $4.71M | $44.25M | $39.84M | $4.4M |
What's financially strong about this company?
They slashed their debt from $33 million to just $5 million in one quarter, and have enough current assets to cover near-term bills. Working capital is efficient, with little tied up in inventory or receivables.
What are the financial risks or weaknesses?
Cash dropped by half, and equity shrank by a third, suggesting losses or big payouts. Nearly half of assets are goodwill and intangibles, and retained earnings are deeply negative, showing a history of losses.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-10.05M ▼ | $-6.08M ▼ | $-3.02M ▼ | $552.21K ▲ | $-9.85M ▼ | $0 ▲ |
| Q2-2025 | $-8.37M ▼ | $-4.85M ▲ | $-2.89M ▼ | $351.7K ▲ | $-7.39M ▲ | $-4.85M ▲ |
| Q1-2025 | $-4.45M ▲ | $-6.43M ▲ | $-1.81M ▲ | $-72.88K ▼ | $-8.31M ▼ | $-8.2M ▼ |
| Q4-2024 | $-20.74M ▼ | $-7M ▲ | $-2.07M ▼ | $39.99M ▲ | $30.91M ▲ | $-7M ▲ |
| Q3-2024 | $-13.14M | $-10.19M | $-1M | $9.12M | $-2.07M | $-11.23M |
What's strong about this company's cash flow?
The company can still raise debt and equity to fund operations. Working capital changes provided a small, temporary cash boost.
What are the cash flow concerns?
Cash burn is accelerating, losses are mostly real cash outflows, and the company is highly dependent on outside funding. Cash could run out within two quarters if trends continue.
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Colombier Acquisition Corp.'s financial evolution and strategic trajectory over the past five years.
The entity behind CLBR-UN combines a very liquid balance sheet with a differentiated, values-based business model. It has substantial cash relative to near-term obligations, a net cash position even after debt, and the ability to raise additional funds, as shown by recent financing flows. On the business side, it enjoys strong brand loyalty within a specific community, early network effects from a growing base of like-minded consumers and merchants, and an integrated suite of marketplace, payments, and fundraising tools that creates a more complete offering than a simple online directory or store.
Financially, the most pressing risk is sustainability: the company is heavily loss-making, burns significant cash in its operations, and carries large accumulated losses on its balance sheet. If it cannot grow revenue meaningfully or rein in costs, it will remain dependent on external capital. The presence of goodwill and intangible assets also creates the risk of future write-downs if performance falls short of expectations. Strategically, the niche positioning limits the breadth of the potential customer base and may invite regulatory, political, or reputational challenges. Competitive pressure from well-funded incumbents in e‑commerce, payments, and fintech is an additional, ongoing threat.
The outlook depends on execution on two fronts: scaling the business model and improving financial discipline. The strong liquidity position gives the company time to pursue its strategy and refine its platform, but not unlimited time, given the current level of operating losses. If management can convert its engaged community into higher, more predictable revenue and gradually narrow the cash burn, the current balance sheet could support a runway to a more stable business. If not, the combination of persistent losses, intangible-heavy assets, and reliance on financing could constrain future options. Overall, this remains an early-stage, high-uncertainty story where strategic potential and financial fragility coexist.

CEO
Omeed Malik
Compensation Summary
(Year 2024)
Ratings Snapshot
Rating : C-

