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HYAC

Haymaker Acquisition Corp. III

HYAC

Haymaker Acquisition Corp. III • NASDAQ
$11.33 ▲ 0.00% (+0.00)
Market Cap $330.56 M
52w High $11.39
52w Low $10.73
Dividend Yield 0%
P/E 37.77
Volume 73.86K
Outstanding Shares 29.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.956M ▼ $26.151M ▲ $8.188M ▲ 17.074% ▲ $0.26 ▲ $-4.844M ▼
Q2-2025 $48.863M ▼ $304.822K ▼ $2.359M ▲ 4.827% ▲ $0.08 ▲ $-304.822K ▲
Q1-2025 $48.992M ▼ $358.97K ▲ $2.276M ▼ 4.646% ▲ $0.077 $-359K ▼
Q4-2024 $148.022M ▲ $228.672K ▼ $2.637M ▼ 1.781% ▼ $0.077 ▼ $-228K ▲
Q3-2024 $51.384M $277.491K $2.877M 5.599% $0.097 $-277K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $28.048M ▲ $111.324M ▼ $176.791M ▲ $-65.467M ▼
Q2-2025 $9.971K ▼ $255.097M ▲ $9.862M ▲ $245.235M ▲
Q1-2025 $31.152K ▼ $252.534M ▲ $9.657M ▲ $242.876M ▲
Q4-2024 $39.342M ▲ $250.043M ▲ $9.442M ▲ $240.601M ▲
Q3-2024 $15.815K $247.155M $9.191M $-8.931M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.216M ▼ $14.072M ▲ $-690K ▲ $-4.935M ▲ $8.447M ▲ $13.573M ▲
Q2-2025 $16.281M ▲ $7.086M ▲ $-1.962M ▼ $-27.232M ▼ $-22.099M ▼ $-14.239M ▼
Q1-2025 $2.276M ▼ $6.467M ▼ $-1.848M ▲ $-2.257M ▼ $2.358M ▲ $4.837M ▼
Q4-2024 $3.483M ▲ $29.925M ▲ $-16.824M ▲ $250K ▲ $1.117M ▲ $24.353M ▲
Q3-2024 $-9.246M $15.556M $-17.551M $-66.358M $-17.573K $14.698M

Five-Year Company Overview

Income Statement

Income Statement HYAC’s income statement looks like a typical SPAC shell rather than a normal operating company. It shows almost no true operating revenue and only a very small amount of income, likely driven by interest on cash and one‑off items rather than a real business underneath. Profit per share is positive but not backed by a diversified revenue base or recurring operations. In plain terms, the historical numbers say more about HYAC’s status as a cash shell than about the health of a continuing business. Post‑merger, any meaningful revenue and profit profile really comes from Biote, not from HYAC itself, so the pre‑merger history gives limited insight into the ongoing operating story.

Balance Sheet

Balance Sheet HYAC’s balance sheet is lean and simple, again reflecting its role as a SPAC. It shows a small pool of assets, virtually all supported by shareholders’ equity and no reported financial debt. That means low leverage and a relatively clean capital structure, but also no operating assets like factories, inventory, or large receivables. In practice, this balance sheet is closer to a temporary holding vehicle for cash than to a full corporate balance sheet. The modest growth in assets and equity over time is incremental and does not signal a scaling operating business; it mainly reflects the SPAC structure and trust funds rather than underlying industrial or service assets.

Cash Flow

Cash Flow The reported cash‑flow figures are essentially flat, with no meaningful operating cash inflows or outflows, and no visible investment spending. That fits the pattern of a shell company that is not yet running a real business, hiring at scale, or investing in property, equipment, or technology. In other words, the cash profile is “quiet”: little coming in from operations and little going out for growth, because HYAC’s role was primarily to hold cash and then complete a merger rather than to generate or deploy cash on its own.

Competitive Edge

Competitive Edge As HYAC itself, the entity did not have a classic competitive position; it was one of many SPACs competing mainly on sponsor reputation, deal‑sourcing skill, and terms offered to a target, not on products or services. Its long‑term economic relevance now comes from the company it merged with, Biote. Biote, the post‑SPAC operating company, competes in the hormone optimization and healthy‑aging niche. Its edge is built around a large trained practitioner network, a standardized clinical method, proprietary dosing software, and a broad support system that feels “franchise‑like.” This creates switching costs for practitioners and brand recognition with patients. The flip side is exposure to regulatory scrutiny, especially around compounded hormone products, which could affect how durable that position is over time.

Innovation and R&D

Innovation and R&D The real innovation story linked to HYAC is Biote’s, not HYAC’s. Biote focuses on personalized hormone optimization using bioidentical hormone pellets and a proprietary dosing algorithm that tailors treatment to each patient. It wraps this in a comprehensive platform for practitioners: training, clinical decision software, practice management tools, and marketing support. This ecosystem approach—combining medical protocols, software, education, and branded products (pellets, nutraceuticals, peptides)—is the core of its moat. Future innovation is expected from expanding wellness products, vertically integrating manufacturing, and generating more clinical evidence to validate safety and effectiveness. However, FDA concerns about compounded hormones are a key risk factor, so ongoing research and regulatory dialogue are critical parts of the R&D and innovation picture.

Summary

HYAC’s standalone financials are exactly what you would expect from a SPAC: minimal real revenue, small accounting profits driven mainly by financial income, a clean but bare‑bones balance sheet, and negligible cash‑flow activity. On their own, these numbers say little about long‑term business performance because HYAC was a financing shell rather than an operating company. The economic story that matters now is Biote, the post‑merger company. It operates in a specialized healthcare niche with a differentiated, practitioner‑centric model and proprietary tools that help create a defensible position. Its strengths include a large trained provider base, an integrated service and software offering, and growing wellness product lines. Key uncertainties revolve around regulatory risk, the need for strong clinical validation, and execution on expansion and vertical integration. Anyone assessing this situation should treat HYAC’s historical figures as background on the SPAC vehicle and focus their forward‑looking attention on Biote’s operating performance, regulatory environment, and ability to sustain and scale its practitioner ecosystem.

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