Cash conversion remains problematic, highlighted by a 2024Q2 divergence where the company reported negative $571.6K in operating cash flow despite generating $5.7M in FFO.
| Cash from Operations | -571.56K | -24.12M | -21.83M | -19.43M | 71.1M | -19.67M | -19.63M | -30.29M | -15.42M | -13.88M | -3.91M | -9.8M | -8.3M |
| Operating CF Growth % | -100% | -10.48% | -12.37% | -127.32% | 461.43% | -0.2% | 35.19% | -96.51% | -11.06% | -255.29% | 60.12% | - | - |
| Operating CF / Revenue % | -0.57% | -36.49% | -66.54% | -14.58% | 42.05% | -6.39% | -7.71% | -15.19% | -9.63% | -11.08% | -4.1% | -15.02% | -12.81% |
| Net Income | -3.79M | 1.25M | -24.01M | -38.69M | -202.81M | -16.6M | -14.91M | -10.85M | -32.61M | -24.62M | -27.33M | -39.71M | -27.7M |
| Depreciation & Amortization | 654.72K | 1.45M | 133K | 1.18M | 6.48M | 6.67M | 6.5M | 6.66M | 5.23M | 5.58M | 5.82M | 3.18M | 4.94M |
| Stock-Based Compensation | 726K | 591K | 732K | 1.08M | 3.79M | 13.5M | 6.25M | 2.12M | 19.68M | 5.07M | 21.24M | 6.49M | 2.75M |
| Other Non-Cash Items | 6.1M | -37.26M | -2.32M | 6.46M | 182.88M | 15.07M | 18.57M | 6.72M | 6.87M | 11.06M | -3.9M | 19.97M | 11.71M |
| Working Capital Changes | 29.29K | 9.84M | 3.67M | 10.04M | 92.31M | -37.41M | -34.9M | -33.85M | -13.67M | -10.26M | 1.27M | 1.56M | 19.78M |
| Cash from Investing | 0 | 10.27M | -1M | -987K | -3.98M | -22.39M | -27.69M | 6.76M | 8.39M | -19.93M | -3.71M | -18.09M | -2.41M |
| Acquisitions (Net) | 0 | 15.32M | 768K | -5.16M | -8.46M | -10.01M | 5.81M | -7.74M | 1.69M | 0 | 0 | -14.49M | 0 |
| Purchase of Investments | 0 | -3.24M | 0 | -248K | -6.6M | -15.54M | -31.3M | -2.41M | -17.93M | -25M | 0 | -1.55M | 0 |
| Sale of Investments | 0 | 2.57M | 0 | 3.52M | 11.12M | 15.63M | 321K | 17.6M | 25M | 0 | 1.55M | -121K | 0 |
| Other Investing | 0 | -4.01M | -1.75M | 984K | 474K | -10.89M | -1.4M | 16K | 6.95M | 5.23M | -2.68M | 813K | -2.41M |
| Cash from Financing | 762.01K | 37.4M | -36.52M | -6.09M | -37.29M | 24.74M | 79.98M | 44.8M | 27.77M | 25.55M | 24.56M | -2.61M | 46.94M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 0 | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 |
| Share Repurchases | 0 | -882.33K | 0 | -214K | -7.57M | -10.69M | -5.68M | -4.41M | -37K | 0 | 0 | -23.22M | -41.24M |
| Other Financing | 762.01K | 25.44M | -1.53M | 0 | 68K | 17.67M | 66.29M | 3.22M | 656K | 25.55M | 20.13M | 9.03M | 46.94M |
| Net Change in Cash | 26.58M | 13.43M | -57.88M | -27.77M | 27.71M | -16.79M | 33.67M | 20.88M | 20.43M | -7.88M | 16.89M | -30.74M | 36.09M |
| Exchange Rate Effect | 26.1M | -10.12M | 1.47M | -1.27M | -2.13M | 532K | 1.01M | -394K | -327K | 387K | -62K | -232K | -133.09K |
| Cash at Beginning | 0 | 19.64M | 77.52M | 105.3M | 77.59M | 94.38M | 60.71M | 39.83M | 19.4M | 27.28M | 10.39M | 41.13M | 5.15M |
| Cash at End | 26.1M | 33.07M | 19.64M | 77.52M | 105.3M | 77.59M | 94.38M | 60.71M | 39.83M | 19.4M | 27.28M | 10.39M | 41.24M |
| Free Cash Flow | -571.56K | -24.21M | -21.91M | -19.52M | 70.6M | -21.26M | -20.76M | -31M | -15.79M | -14.05M | -4.93M | -12.55M | -8.3M |
| FCF Growth % | -108.51% | -10.52% | -12.2% | -127.65% | 432.04% | -2.4% | 33.02% | -96.39% | -12.38% | -184.62% | 60.66% | - | - |
| FCF / Revenue % | -0.57% | -36.63% | -66.77% | -14.66% | 41.75% | -6.91% | -8.15% | -15.55% | -9.86% | -11.21% | -5.18% | -19.23% | -12.81% |
Frontier market project volatility
As reported in historical financial statements, AMBR's FFO frequently diverges from GAAP operating cash flow, with the 2024Q2 period showing a negative $571.6K in operating cash flow despite a positive $5.7M FFO, highlighting the significant disconnect between accounting earnings and actual cash generation.
The persistent gap between FFO and operating cash flow suggests that non-cash items and project-based accounting adjustments heavily influence the company's reported earnings. Investors should monitor this variance, as it indicates that FFO may not be a reliable proxy for the actual liquidity available to the firm.
Based on the provided data, the massive disparity between Net Income and FFO, such as the $126.9M difference in 2022Q4, confirms that GAAP-based metrics are heavily distorted by non-cash depreciation charges, which obscures the true economic performance of the company's frontier market development assets.
While FFO attempts to normalize these distortions, the extreme volatility in these figures suggests that the underlying asset base is subject to significant valuation adjustments. This makes it difficult to ascertain whether the company is generating sustainable cash flow or merely managing accounting entries related to project development.
According to the reported cash flow data, the consistent absence of reported CapEx and dividend payments across multiple quarters suggests that the company's cash flow statement may be incomplete or that significant capital obligations are being managed through off-balance-sheet vehicles or restricted project-level accounts.
The lack of visible maintenance capital expenditure is particularly concerning for a hospitality developer, as it may imply that necessary reinvestment is being deferred or capitalized elsewhere. Analysts should investigate whether these missing figures represent a lack of operational transparency or a structural feature of the company's development model.
As indicated by the financial records, AMBR has consistently reported zero dividend payments and unavailable AFFO data, which suggests that the company is currently prioritizing capital preservation over shareholder distributions while it navigates the high-risk, high-reward environment of frontier market real estate development.
The lack of a dividend policy appears consistent with a growth-stage developer that requires all available liquidity to fund its project pipeline. Until the company demonstrates a consistent ability to generate positive AFFO, any expectation of future shareholder returns remains purely speculative.
Quick answers to the most common questions about buying AMBR stock.
Amber International Holding Ltd (AMBR) generated $-24.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amber International Holding Ltd (AMBR) reported negative free cash flow of $24.2M in 2025, indicating capital requirements exceeded cash from operations.
Amber International Holding Ltd (AMBR) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Amber International Holding Ltd (AMBR) spent $0.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.