Iron Horse Acquisition II
IRHO on Nasdaq. Iron Horse Acquisition II Corp sells shares to investors to fund a merger. Market value $295m.
Price checks use the past 12 months to May 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to November 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 21 of 100. Our list needs 70 on quality and 60 on price.
$10.07 a share, 2% above its 1-year low
Over the past year the price has ranged from $9.85 to $10.14.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | n/a |
| Operating margin | |
| Operating margin | n/a |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.03bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 13 February 2026
- Next quarterly (estimated, 10-Q)
- 12 October 2026
Who owns it
None of the long-term investors we follow own it. 55 funds in all.
Largest holders overall
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- IRHO SPAC SPONSOR LLCBlank-check company sponsorat least 21.0%(filed with 2 related holders)Since 18 December 2025
What they said
Founder Shares In connection with the organization of the Issuer, in September 2025, the Sponsor paid $32,000 to cover certain of the Issuer's initial public offering costs in exchange for 5,750,000 ordinary shares, (the "Founder Shares"), for approximately $0.004 per share. On…
Read the filing - Linden Advisors LPPassive investorat least 6.4%(filed with 3 related holders)Since 18 December 2025
- MAGNETAR FINANCIAL LLCPassive investorat least 5.1%(filed with 3 related holders)Since 31 December 2025
- MMCAP International Inc. SPCPassive investorat least 5.1%−0.6 pts(filed with 1 related holder)Since 31 March 2026
- LMR Partners LLCPassive investorat least 5.1%(filed with 5 related holders)Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
IRHO SPAC SPONSOR LLC Blank-check company sponsor | at least 21.0% (filed with 2 related holders) | 18 December 2025 | What they saidFounder Shares In connection with the organization of the Issuer, in September 2025, the Sponsor paid $32,000 to cover certain of the Issuer's initial public offering costs in exchange for 5,750,000 ordinary shares, (the "Founder Shares"), for approximately $0.004 per share. On… Read the filing |
Linden Advisors LP Passive investor | at least 6.4% (filed with 3 related holders) | 18 December 2025 | |
MAGNETAR FINANCIAL LLC Passive investor | at least 5.1% (filed with 3 related holders) | 31 December 2025 | |
MMCAP International Inc. SPC Passive investor | at least 5.1%−0.6 pts (filed with 1 related holder) | 31 March 2026 | |
LMR Partners LLC Passive investor | at least 5.1% (filed with 5 related holders) | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
We have no insider filings for this company yet.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in Iron Horse Acquisition II’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 13 Feb 2026, plus the 10-Q filed 13 Jul 2026 and 14 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These conditions raise substantial doubt about the Company’s ability to continue as a going concern.”
Show the full paragraph
In connection with the Company’s assessment of going concern considerations in accordance with FASB ASC 205-40, “Financial Statement Presentation — Going Concern,” the Company’s Management has determined that the Company currently lacks the liquidity it needs to sustain operations for a reasonable period of time, which is considered to be at least one year from the date that the accompanying unaudited consolidated financial statements are issued as it expects to continue to incur significant costs in pursuit of its acquisition plans. In addition, Management has determined that if the Company is unable to complete an initial Business Combination within the Combination Period, then the Company will cease all operations except for the purpose of liquidating. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management plans to consummate an initial Business Combination prior to the end of the Combination Period. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after the end of the combination period. There can be no assurance that the Company’s plans to raise capital or to consummate an initial Business Combination will be successful.
From the 10-Q filed 13 July 2026, Part I, Item 1. Financial Statements. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.