Persistent cash burn is highlighted by the absence of positive free cash flow over the last ten quarters, with FCF margins reaching a low of -160.6% in 2025Q4.
AppTech Payments Corp. (APCX) cash flow statement — 22-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'13 | Dec'12 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -3.5M | -4.89M | -7.46M | -8.86M | -8.2M | -1.82M | -591.39K | -760.54K | 279.7K | -80.91K | -736.15K | -373.64K | 2.15M | -832 | 333.56K | -36.27K | -5.12M | -893.33K | -878.47K | -642.21K | -707.01K | -549.52K | -300K |
| Operating CF Margin % | - | -350.47% | -2701.81% | -1757.74% | -1822% | -515.41% | -179.48% | -296.93% | 110.21% | -31.71% | -261.01% | -192.1% | 247.69% | -6.39% | 3.47% | -5.96% | -17183.27% | -1017.71% | -117.22% | -95.71% | -177.25% | -193.17% | -300% |
| Operating CF Growth % | 175.85% | 34.44% | 15.83% | -8.05% | -349.37% | -208.52% | 22.24% | -371.92% | 445.71% | 89.01% | -97.02% | -117.39% | - | -100.25% | 1019.66% | 99.29% | -473.3% | -1.69% | -36.79% | 9.17% | -28.66% | -83.17% | - |
| Net Income | -7.74M | -7.92M | -8.93M | -18.51M | -16.28M | -79.25M | -4.19M | -1.34M | -2.13M | -1.55M | -2.17M | -1.33M | -745.64K | -190.05K | -14.66M | -1.98M | -1.7M | -1.29M | -2.05M | -1.07M | -1.38M | -741.61K | -4.7M |
| Depreciation & Amortization | 1.57M | 1.47M | 1.42M | 985K | 405K | 8.36M | 65 | 65 | 129 | 131 | 10.82K | 11.84K | 21.78K | 0 | 508.81K | 3.03K | 12.45K | 95.57K | 127.27K | 132.05K | 91.5K | 62.36K | 0 |
| Stock-Based Compensation | 981K | 981K | 1.39M | 3.48M | 7.71M | 5.32M | 111.22K | 0 | 1.55M | 867.86K | 357.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.7M | 265K | -640K | 5.84M | 645K | 63.55M | 3.18M | 123.61K | 58.8K | 248.4K | 614.17K | 419.75K | 0 | 130K | 12.85M | 258.43K | 902.55K | 105.02K | 783.68K | 171.14K | 579.65K | 127.16K | 4.4M |
| Working Capital Changes | 176K | 315K | -699K | -653K | -674K | 179.99K | 302.29K | 458.99K | 802.25K | 344.7K | 454.43K | 409.39K | 2.87M | 59.22K | 1.64M | 1.68M | -4.34M | 195.13K | 256.92K | 123.65K | -2.39K | 2.58K | 0 |
| Change in Receivables | -131K | -308K | -12K | 21K | -11K | 291 | -10.8K | -6.03K | -2 | -596 | -5.11K | -3.82K | -15.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -757.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 764.71K | 0 | 0 | 0 | 0 | 2.81K | -8.3K | -11.65K | 0 |
| Change in Payables | 214K | 726K | 1.15M | 540K | -909K | 928.24K | -4.89K | 310.47K | 518.81K | 127.64K | 235.87K | 143.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.89M | -1.88M | -1.16M | -500K | -1.79M | -1.18M | 5.91K | -25K | -440.95K | -350K | 0 | -317.04K | -503.25K | 0 | 513.04K | 325K | -34.12K | -4.99K | -3.52K | -398.57K | -166.88K | -109.98K | -200K |
| Capital Expenditures | 0 | 0 | -1.08M | 0 | -1.79M | -1.18M | 0 | 0 | -435K | -350K | 0 | -17.04K | -23.13K | 0 | -95.98K | 0 | -9.09K | -4.99K | -16.14K | -518.61K | -109.24K | -109.47K | -200K |
| CapEx % of Revenue | 0% | - | 391.67% | - | 397.56% | 332.43% | - | - | 171.4% | 137.2% | - | 8.76% | 2.67% | - | 1% | - | 30.48% | 5.68% | 2.15% | 77.29% | 27.39% | 38.48% | 200% |
| Acquisitions | 0 | 0 | 0 | -500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 609.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.89M | -1.88M | -78K | 0 | -2K | -8K | 5.91K | -25K | -5.95K | 0 | 0 | 0 | 0 | 0 | 513.04K | 325K | -25.04K | 0 | 12.63K | 120.03K | -57.65K | -511 | 0 |
| Cash from Financing | 5.43M | 6.15M | 8.2M | 7.18M | 13.44M | 2.96M | 618.81K | 808.32K | 136.35K | 456.31K | 716.71K | 671.26K | -1.5M | 0 | 1.06M | -344.28K | 5.36M | 861.41K | 933.5K | 837.18K | 1.08M | 598.12K | 500K |
| Debt Issued (Net) | 3.93M | 2.6M | 905K | -1.79M | -64K | -34.4K | 289.2K | 3.32K | 41.05K | 236.31K | 574.91K | 458.76K | 0 | 0 | 1.06M | -344.28K | 5.37M | 861.41K | 855.75K | 101.43K | -6.97K | -3.14K | 0 |
| Equity Issued (Net) | 1.5M | 3.55M | 6.29M | 8.93M | 13.49M | 2.99M | 0 | 68.75K | 0 | 220K | 146.8K | 212.5K | 57.1K | 0 | 0 | 0 | 0 | 0 | 77.75K | 735.75K | 1.08M | 601.25K | 500K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -132 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.01M | 33K | 20K | 1.13K | 329.61K | 736.25K | 132.8K | 0 | -5K | 0 | -1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 45K | -624K | -413K | -2.18M | 3.45M | -49.47K | 33.34K | 22.77K | -24.9K | 25.4K | -19.43K | -19.42K | 144.65K | -832 | 1.77M | -55.55K | 204.24K | -36.91K | 51.51K | -203.6K | 202K | -61.38K | 0 |
| Free Cash Flow | -3.5M | -4.89M | -8.54M | -8.86M | -9.99M | -3M | -591.39K | -760.54K | -155.3K | -430.91K | -736.15K | -390.68K | 2.13M | -832 | 237.58K | -36.27K | -5.13M | -898.32K | -894.62K | -1.16M | -816.25K | -658.99K | -500K |
| FCF Margin % | -87.43% | -350.47% | -3093.48% | -1757.74% | -2219.56% | -847.84% | -179.48% | -296.93% | -61.19% | -168.91% | -261.01% | -200.86% | 245.02% | -6.39% | 2.47% | -5.96% | -17213.75% | -1023.39% | -119.37% | -173% | -204.63% | -231.65% | -500% |
| FCF Growth % | 51.15% | 42.74% | 3.62% | 11.3% | -232.78% | -407.51% | 22.24% | -389.72% | 63.96% | 41.46% | -88.43% | -118.38% | - | -100.35% | 755.04% | 99.29% | -471.13% | -0.41% | 22.93% | -42.21% | -23.86% | -31.8% | - |
| FCF per Share | -0.08 | -0.15 | -0.34 | -0.46 | -0.61 | -0.26 | -0.06 | -0.09 | -0.02 | -0.05 | -0.10 | -0.01 | 0.36 | -0.00 | 26398.00 | -9067.50 | -0.87 | -0.08 | -0.08 | -0.10 | -0.07 | -0.06 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.45x | 0.62x | 0.83x | 0.48x | 0.50x | 0.02x | 0.14x | 0.57x | -0.13x | 0.05x | 0.34x | 0.28x | -2.27x | 0.01x | -0.02x | 0.02x | 3.01x | -424.59x | 0.32x | 0.60x | 0.51x | 0.74x | 0.06x |
| Interest Paid | 0 | 0 | 67K | 1.23M | 0 | 0 | 0 | 5.8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying APCX stock.
AppTech Payments Corp. (APCX) generated $-4.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AppTech Payments Corp. (APCX) reported negative free cash flow of $4.9M in 2025, indicating capital requirements exceeded cash from operations.
AppTech Payments Corp. (APCX) 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.
Key Metrics
Top Statement Risk
Severe liquidity and solvency
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
As reported in quarterly filings, APCX consistently records net losses that far exceed operating cash outflows, with OCF/NI ratios frequently hovering below 0.70, suggesting that non-cash charges and accruals are masking the true extent of the company's underlying cash burn and operational inefficiency during this development phase.
The consistent gap between net income and operating cash flow indicates that accounting adjustments, likely including stock-based compensation and depreciation, are significantly softening the reported bottom-line impact. Investors should interpret this as a sign that the company's cash-generating ability remains fundamentally disconnected from its accrual-based accounting performance.
Negative Free Cash Flow Trajectory
Based on the provided financial data, APCX has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins reaching as low as -160.6% in 2025Q4, highlighting a structural inability to fund operations through internal transactional revenue streams alone.
The persistent negative FCF trajectory suggests that the company is trapped in a cycle of high cash consumption to maintain its platform infrastructure. Without a clear path to positive margins, the current cash burn rate appears to be accelerating the need for external financing to sustain basic operations.
Volatile Working Capital Management Trends
According to historical cash flow statements, working capital changes have been highly erratic, swinging from a $1.1 million outflow in 2024Q4 to positive inflows in other periods, which suggests that the company lacks a stable or predictable cycle for managing its merchant receivables and payables.
This volatility in working capital management may indicate inconsistent collection cycles or irregular timing of vendor payments. Such instability complicates cash forecasting and suggests that the company's liquidity position is highly sensitive to the timing of individual large-scale merchant transactions.
Hidden Cash Burn Through Compensation
As evidenced by the quarterly cash flow data, stock-based compensation has been a recurring feature, with figures reaching as high as $1.0 million in 2025Q4, which effectively obscures the true cash cost of talent acquisition and retention required to build the company's proprietary API architecture.
By relying heavily on equity-based incentives, the company avoids immediate cash outflows but creates significant long-term dilution for shareholders. Analysts should monitor whether this reliance on non-cash compensation is sustainable as the company attempts to scale its workforce and technical capabilities in a competitive fintech environment.