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Side-by-side financial comparison of Black Hawk Acquisition Corp (BKHA) and TREASURE GLOBAL INC (TGL). Click either name above to swap in a different company.
Black Hawk Acquisition Corp is the larger business by last-quarter revenue ($230.6K vs $182.5K, roughly 1.3× TREASURE GLOBAL INC). Black Hawk Acquisition Corp runs the higher net margin — -1.6% vs -1169.1%, a 1167.5% gap on every dollar of revenue.
Treasure Global Inc is a consumer technology company offering integrated digital commerce solutions, customer loyalty rewards programs, and cashless payment services. It primarily operates across Southeast Asian markets, serving individual users and small-to-medium enterprise clients.
BKHA vs TGL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $230.6K | $182.5K |
| Net Profit | $-3.8K | $-2.1M |
| Gross Margin | — | 0.7% |
| Operating Margin | -94.5% | -953.5% |
| Net Margin | -1.6% | -1169.1% |
| Revenue YoY | — | -12.0% |
| Net Profit YoY | -100.5% | -124.5% |
| EPS (diluted) | — | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $230.6K | — | ||
| Q3 25 | $494.5K | $182.5K | ||
| Q2 25 | $767.6K | $1.2M | ||
| Q1 25 | $765.9K | $666.5K | ||
| Q4 24 | — | $301.9K | ||
| Q3 24 | $965.5K | $207.4K | ||
| Q2 24 | $668.2K | $293.0K | ||
| Q1 24 | — | $1.6M |
| Q4 25 | $-3.8K | — | ||
| Q3 25 | $154.4K | $-2.1M | ||
| Q2 25 | $520.5K | — | ||
| Q1 25 | $658.4K | $1.3M | ||
| Q4 24 | — | $-232.3K | ||
| Q3 24 | $883.8K | $-950.7K | ||
| Q2 24 | $310.9K | — | ||
| Q1 24 | — | $-1.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 68.2% | ||
| Q1 25 | — | 73.0% | ||
| Q4 24 | — | 74.2% | ||
| Q3 24 | — | 83.0% | ||
| Q2 24 | — | 31.0% | ||
| Q1 24 | — | 13.6% |
| Q4 25 | -94.5% | — | ||
| Q3 25 | -69.0% | -953.5% | ||
| Q2 25 | -32.3% | — | ||
| Q1 25 | -14.2% | -6.5% | ||
| Q4 24 | — | -229.5% | ||
| Q3 24 | -8.8% | -391.4% | ||
| Q2 24 | -53.8% | — | ||
| Q1 24 | — | -85.9% |
| Q4 25 | -1.6% | — | ||
| Q3 25 | 31.2% | -1169.1% | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 86.0% | 189.0% | ||
| Q4 24 | — | -77.0% | ||
| Q3 24 | 91.5% | -458.5% | ||
| Q2 24 | 46.5% | — | ||
| Q1 24 | — | -107.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.38 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.09 | ||
| Q4 24 | — | $-11.32 | ||
| Q3 24 | — | $-17.62 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $-116.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-3.8M | $12.0M |
| Total Assets | $23.9M | $16.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $2.5K | ||
| Q4 24 | — | $504.3K | ||
| Q3 24 | — | $44.1K | ||
| Q2 24 | — | $171.6K | ||
| Q1 24 | — | — |
| Q4 25 | $-3.8M | — | ||
| Q3 25 | $-3.3M | $12.0M | ||
| Q2 25 | $-2.5M | $10.7M | ||
| Q1 25 | $-2.3M | $29.1M | ||
| Q4 24 | — | $18.4M | ||
| Q3 24 | $-2.1M | $6.3M | ||
| Q2 24 | $-2.0M | $3.4M | ||
| Q1 24 | — | $3.1M |
| Q4 25 | $23.9M | — | ||
| Q3 25 | $23.3M | $16.6M | ||
| Q2 25 | $73.5M | $14.9M | ||
| Q1 25 | $72.8M | $30.4M | ||
| Q4 24 | — | $19.1M | ||
| Q3 24 | $71.4M | $7.1M | ||
| Q2 24 | $70.5M | $4.3M | ||
| Q1 24 | — | $4.2M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-100.5K | $-1.8M |
| Free Cash FlowOCF − Capex | — | $-2.4M |
| FCF MarginFCF / Revenue | — | -1318.2% |
| Capex IntensityCapex / Revenue | — | 353.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-100.5K | — | ||
| Q3 25 | $-107.9K | $-1.8M | ||
| Q2 25 | $-278.6K | $-9.5M | ||
| Q1 25 | $-163.3K | $-4.2M | ||
| Q4 24 | — | $-606.2K | ||
| Q3 24 | $-42.8K | $-976.3K | ||
| Q2 24 | $-414.2K | $-4.7M | ||
| Q1 24 | — | $-1.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.4M | ||
| Q2 25 | — | $-9.5M | ||
| Q1 25 | — | $-4.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-4.7M | ||
| Q1 24 | — | $-1.1M |
| Q4 25 | — | — | ||
| Q3 25 | — | -1318.2% | ||
| Q2 25 | — | -822.4% | ||
| Q1 25 | — | -635.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1614.2% | ||
| Q1 24 | — | -67.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | 353.3% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.7% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | — | — | ||
| Q3 25 | -0.70× | — | ||
| Q2 25 | -0.54× | — | ||
| Q1 25 | -0.25× | -3.36× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.05× | — | ||
| Q2 24 | -1.33× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
