Free cash flow remains chronically negative, evidenced by a -53.7% FCF margin in 2026Q1, indicating an unsustainable reliance on external capital to fund operations.
| Cash from Operations | 823.41K | 0 | -5.27M | -6.51M | -12.08M | -5.14M | -1.85M | -4.31M | -1.57M |
| Operating CF Margin % | - | - | -7764.78% | -39954.99% | - | - | - | - | - |
| Operating CF Growth % | 330.08% | 100% | 18.97% | 46.15% | -135.15% | -177.42% | 57.01% | -173.64% | - |
| Net Income | -79.44M | 0 | -16.27M | -11.73M | -12.87M | -6.64M | -3.22M | -5.12M | -2.74M |
| Depreciation & Amortization | -22.39K | 0 | 667.06K | 679.84K | 22.41K | 11.8K | 9.06K | 8.11K | 3.29K |
| Stock-Based Compensation | 125.83K | 0 | 85.54K | 763.23K | 940.95K | 930.52K | 571.21K | 401.87K | 208.32K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -606.25K | 0 | 0 | 0 |
| Other Non-Cash Items | 47.85M | 0 | 10M | 2.68M | 4.14K | 804.65K | 438.08K | 62.81K | 812K |
| Working Capital Changes | -886.19K | 0 | 246.89K | 1.1M | -173.76K | 365.45K | 351.47K | 338.87K | 147.01K |
| Change in Receivables | -33.05K | 0 | -158.51K | 18.08K | -16.61K | -23.35K | 38.72K | -10.82K | -36.87K |
| Change in Inventory | 38 | 0 | -3.59K | -38.86K | 16.61K | 23.35K | 0 | 0 | 0 |
| Change in Payables | 661.17K | 545.29K | 641.28K | 834.15K | 75.55K | 662.17K | 257.97K | 367.2K | 264.19K |
| Cash from Investing | 2.22M | 0 | -1.87M | -225K | -640.01K | -1.01M | -171.57K | -1.3M | -31.04K |
| Capital Expenditures | 0 | 0 | -839.94K | 0 | -660.01K | -1.01M | -171.57K | -1.3M | -31.04K |
| CapEx % of Revenue | 0% | - | 1237.26% | - | - | - | - | - | - |
| Acquisitions | 4.76M | 0 | -356.08K | 0 | 0 | -744.19K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.55M | 0 | -673.77K | 0 | 20K | 744.19K | 0 | 0 | 0 |
| Cash from Financing | -4.27M | 0 | 3.61M | 8.27M | 7.56M | 13.41M | 604.8K | 7.51M | 1.67M |
| Debt Issued (Net) | -8.08M | 0 | 918.53K | 7.47M | 9.95M | -134.07K | 31.42K | 372.63K | 0 |
| Equity Issued (Net) | 0 | 0 | 2.78M | 1.34M | 0 | 15.64M | 666.88K | 7.14M | 1.72M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.14K | 0 |
| Other Financing | 3.81M | 0 | -84.46K | -541.14K | -2.38M | -2.1M | -93.5K | 0 | -47.86K |
| Net Change in Cash | -1.59M | 0 | -3.39M | 1.61M | -5.51M | 7.12M | -1.51M | 2.08M | 79.02K |
| Free Cash Flow | 823.41K | 0 | -6.78M | -6.51M | -12.74M | -6.14M | -2.02M | -5.61M | -1.61M |
| FCF Margin % | 38% | - | -9994.53% | -39954.99% | - | - | - | - | - |
| FCF Growth % | 111.89% | 100% | -4.3% | 48.94% | -107.36% | -203.65% | 63.93% | -249.47% | - |
| FCF per Share | 0.01 | - | -16.66 | -560.54 | -3523.06 | -2024.27 | -696.72 | -1931.72 | -4974.80 |
| FCF Conversion (FCF/Net Income) | -0.01x | - | 0.32x | 0.55x | 0.94x | 0.77x | 0.57x | 0.84x | 0.57x |
| Interest Paid | -53.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity depletion and insolvency
As reported in financial statements, the persistent gap between net losses and operating cash flow suggests that AgriFORCE's reported earnings are heavily distorted by non-cash items, with the company failing to generate positive operating cash flow in nine of the last ten quarters analyzed.
The consistent inability to align net income with operating cash flow indicates that the company's accounting losses are not merely paper adjustments but reflect a fundamental lack of cash-generative operations. Investors should monitor the OCF/NI ratios, which remain erratic and fail to provide evidence of a transition toward a self-sustaining business model.
Based on AgriFORCE's reported figures, the free cash flow trajectory is consistently negative, with the firm burning through capital to sustain operations while failing to achieve any meaningful FCF margin, as evidenced by the -53.7% FCF margin recorded in the most recent 2026Q1 reporting period.
The persistent negative free cash flow trajectory underscores the company's reliance on external financing to cover its ongoing administrative and R&D overhead. Without a clear path to revenue, this trend suggests that the current cash burn rate is unsustainable and may necessitate further dilutive capital raises.
According to recent SEC filings, AgriFORCE's capital expenditure patterns appear erratic and disconnected from revenue growth, with the company occasionally deploying capital into assets that have yet to demonstrate any capacity to generate top-line returns or improve the firm's underlying operational efficiency.
The sporadic nature of these expenditures suggests that management is struggling to balance the maintenance of its IP portfolio with the need to preserve cash. The lack of a consistent capital intensity profile warrants further investigation into whether these investments are truly growth-oriented or merely defensive measures to maintain existing patents.
As indicated by the quarterly data, fluctuations in working capital appear to be a primary driver of short-term cash volatility, with the company failing to establish a predictable cycle for managing payables or receivables in the absence of any meaningful commercial revenue streams.
The lack of a stable working capital cycle suggests that the company's liquidity is highly sensitive to timing differences in administrative payments rather than operational performance. This volatility creates an additional layer of risk for investors, as the firm lacks the operational buffer to absorb unexpected cash outflows.
Based on the provided financial data, the cash flow statement is significantly obscured by stock-based compensation and non-cash adjustments, which appear to mask the true extent of the company's cash burn and the potential for future asset impairments related to its intellectual property.
The reliance on stock-based compensation to manage cash outflows suggests that the company is attempting to preserve its $22.1 million cash balance at the expense of shareholder dilution. Analysts should remain cautious, as these adjustments do not address the underlying issue of the company's inability to generate organic cash flow.
Quick answers to the most common questions about buying AGRI stock.
AgriFORCE Growing Systems Ltd. (AGRI) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AgriFORCE Growing Systems Ltd. (AGRI) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
AgriFORCE Growing Systems Ltd. (AGRI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.