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HCMA

HCM Acquisition Corp

HCMA

HCM Acquisition Corp • NASDAQ
$10.12 ▼ -0.20% (-0.02)
Market Cap $133.42 M
52w High $10.49
52w Low $10.05
Dividend Yield 0%
P/E 84.33
Volume 3.47K
Outstanding Shares 13.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $0 $47.545K ▲ $-47.545K ▼ 0% $-0.002 ▼ $-47.545K ▼
Q1-2025 $0 $21.745K ▼ $-21.745K ▲ 0% $-0.001 ▲ $-21.745K ▲
Q3-2023 $0 $1.518M ▲ $-945.139K ▼ 0% $-0.067 ▼ $-1.518M ▼
Q2-2023 $0 $750.159K ▼ $1.272M ▼ 0% $0.06 ▼ $-750.16K ▲
Q1-2023 $0 $1.59M $3.293M 0% $0.085 $-1.317M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $0 ▼ $417.682K ▼ $440.227K ▼ $-22.545K ▼
Q3-2023 $79.103K ▼ $44.847M ▲ $8.729M ▲ $36.118M ▼
Q2-2023 $126.741K ▼ $43.941M ▼ $6.878M ▲ $37.063M ▼
Q1-2023 $467.492K ▼ $300.706M ▲ $6.383M ▼ $294.323M ▲
Q4-2022 $792.423K $298.6M $16.956M $281.643M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2023 $-945.139K ▼ $-447.637K ▼ $-428.338K ▼ $828.337K ▲ $-47.638K ▲ $-447.637K ▼
Q2-2023 $1.272M ▲ $-340.366K ▼ $258.103M ▲ $-258.104M ▼ $-340.751K ▼ $-340.366K ▼
Q1-2023 $851.333K ▼ $-255.316K ▼ $0 $-69.615K ▲ $-324.931K ▼ $-255.316K ▼
Q4-2022 $2.826M ▲ $-177.198K ▼ $0 $-500.23K ▼ $-177.198K ▼ $-177.198K ▼
Q3-2022 $1.867M $-101.458K $0 $0 $-101.458K $-101.458K

Five-Year Company Overview

Income Statement

Income Statement HCMA’s historical income statement reflects its nature as a SPAC rather than an operating business. It essentially had no real revenue and only modest operating activity. Any small profit or loss is more about accounting and SPAC structure than true business performance. Going forward, the profile changes completely: results will be driven by Murano Global Investments’ real estate operations and exposure to Bitcoin, which could make earnings more volatile and cyclical, tied to both property markets and crypto prices rather than the very quiet pattern seen in HCMA’s shell phase.

Balance Sheet

Balance Sheet As a SPAC, HCMA’s balance sheet was simple: mostly financial assets and equity with no meaningful debt and no operating assets like properties or equipment. This is typical for a blank-check company and says little about long‑term financial strength. After the merger, the picture becomes far more complex. Murano will bring in substantial real estate assets, long-lived projects, and potentially large Bitcoin holdings. That creates a mix of hard assets (buildings and land) and highly volatile digital assets, which can strengthen or weaken the balance sheet quickly depending on property valuations and crypto markets. Leverage, project funding, and how the Bitcoin strategy is financed will be critical to watch over time.

Cash Flow

Cash Flow Historical cash flow for HCMA is not economically meaningful in the usual sense; as a SPAC, it did not have recurring operating cash flows. Most movements in cash would have been related to financing activities and trust arrangements, not day‑to‑day business. After the combination, cash flow quality becomes a central issue: Murano’s development projects require large upfront spending, with returns spread over many years. At the same time, holding Bitcoin introduces another layer of cash management complexity, because digital assets can be liquid if needed, but their value can swing sharply. The key question will be whether property operations can generate stable cash flows that comfortably cover development needs and any obligations tied to the Bitcoin strategy.

Competitive Edge

Competitive Edge Murano’s competitive position rests on three pillars: experienced leadership, valuable locations, and strong brand partners. The management team has long-standing experience in Mexican real estate, which can be important for navigating regulation, construction risk, and local financing. The portfolio is focused on sought‑after tourism destinations in Mexico, where land is scarce and demand for high-end hospitality can be resilient, creating natural barriers for new entrants. Partnerships with global hotel brands like Hyatt and Accor enhance visibility, bring established loyalty programs, and may support pricing power. On the other hand, the company is still scaling up, and it operates in a highly cyclical sector exposed to tourism trends, macro conditions, and competition from both traditional hotels and short‑term rental platforms.

Innovation and R&D

Innovation and R&D Murano is positioning itself as an innovator in two ways: sustainable real estate and a Bitcoin‑centric financial strategy. On the real estate side, focusing on green building certifications and energy‑efficient design may reduce operating costs, appeal to environmentally conscious guests, and align with emerging regulations and investor preferences. On the digital asset side, the plan to hold a sizable Bitcoin treasury and integrate Bitcoin into payments and loyalty programs is highly unconventional for a property developer. This could attract tech‑savvy customers and differentiate the brand, but it also introduces meaningful risk from crypto price volatility, regulatory uncertainty, and execution complexity. The vision of using Bitcoin more deeply in procurement and transactions is ambitious; success would depend on real-world adoption and reliable technology and compliance infrastructure.

Summary

HCMA’s past financials largely reflect a shell structure with minimal operations, so they offer limited insight into the future business. The real story now is Murano Global Investments: a real estate developer focused on high‑end, sustainably built hospitality projects in prime Mexican tourist destinations, combined with an aggressive and experimental Bitcoin treasury strategy. Strengths include seasoned management, attractive locations, and partnerships with major hotel brands, all supported by a clear sustainability angle. The main risks stem from project execution, exposure to tourism cycles, and the added volatility and regulatory uncertainty of integrating Bitcoin deeply into both the balance sheet and day‑to‑day operations. Overall, this is a shift from a simple, low‑activity SPAC to a capital‑intensive, innovative, and higher‑risk business model whose future performance will depend heavily on development outcomes and the behavior of both real estate and crypto markets.