Persistent cash burn is evident in the 2026Q1 free cash flow outflow of $3.0M, which continues to exhaust the company's limited cash reserves of $5.9M.
| Cash from Operations | -6.21M | -4.92M | -265.19K | -653.11K | -1.41M | -260 |
| Operating CF Margin % | - | -79385.49% | - | - | - | - |
| Operating CF Growth % | -166.4% | -1756.62% | 59.4% | 53.64% | -541740.77% | - |
| Net Income | -11.76M | -24.48M | -1.31M | 4.46M | 3.34M | -28 |
| Depreciation & Amortization | 9.6M | 8.02M | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 13.41K | 14.13M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.98M | -3.13M | 10.7K | -5.8M | -4.32M | 0 |
| Working Capital Changes | -1.08M | 533.38K | 1.03M | 687.06K | -432.44K | -232 |
| Change in Receivables | 1.03M | 0 | -36.5K | 0 | 0 | 0 |
| Change in Inventory | -369.97K | -253.16K | 0 | 0 | 0 | 0 |
| Change in Payables | -1.59M | -323.78K | 0 | -28.63K | 125.53K | 0 |
| Cash from Investing | 0 | 0 | 0 | 284.92M | -294.69M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | -4.9M | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -13.78M | 284.92M | -289.79M | 0 |
| Cash from Financing | 10.72M | 5.92M | 257.64K | -284.76M | 296.59M | 260 |
| Debt Issued (Net) | -3.98M | 6.57M | 1.71M | 155.85K | -252.91K | 0 |
| Equity Issued (Net) | 8.69M | 265.83K | -13.44M | -284.76M | 297.14M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -13.78M | -284.92M | 0 | 0 |
| Other Financing | 6.02M | -907.5K | 11.98M | -155.85K | -298.54K | 260 |
| Net Change in Cash | 4.51M | 1M | -7.54K | -497.26K | 497.26K | 0 |
| Free Cash Flow | -6.21M | -4.92M | -265.19K | -653.11K | -1.41M | -260 |
| FCF Margin % | -17972.74% | -79385.49% | - | - | - | - |
| FCF Growth % | -2652.88% | -1756.62% | 59.4% | 53.64% | -541740.77% | - |
| FCF per Share | -4.15 | -3.29 | -0.38 | -1.36 | -1.57 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.53x | 0.20x | 0.02x | -0.15x | -0.42x | 0.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and insolvency
According to quarterly financial disclosures, ASBPW exhibits a persistent divergence between net income and operating cash flow, with OCF/NI ratios fluctuating wildly, such as the 994.04 observed in 2024Q3, suggesting that reported earnings are heavily distorted by non-cash items rather than actual operational performance.
The extreme volatility in the relationship between net income and operating cash flow indicates that the company's accounting is dominated by non-cash adjustments rather than core business activity. Investors should interpret these erratic ratios as a sign that the firm lacks a predictable cash-generating engine, rendering traditional earnings-based valuation metrics entirely inapplicable.
As reported in recent financial statements, ASBPW's free cash flow trajectory remains consistently negative, with a 2026Q1 outflow of $3.0M, highlighting a structural inability to cover operating costs through internal revenue generation while the company continues to exhaust its limited remaining capital reserves.
The consistent negative free cash flow confirms that the business is currently a cash-consuming entity with no clear path to self-sustainability. This trajectory suggests that the company is entirely dependent on external financing to maintain its current research and development efforts, which appears increasingly unsustainable given the lack of commercial scale.
Based on the provided cash flow data, ASBPW has experienced massive, non-linear swings in working capital, including a $260M adjustment in 2025Q4, which suggests that the company's cash position is being influenced by accounting volatility rather than efficient management of its operational cycle.
These large, irregular shifts in working capital are highly unusual for a firm with negligible revenue and suggest that the cash flow statement is being impacted by significant non-operational accounting entries. Such volatility warrants further investigation, as it obscures the underlying cash requirements of the business and complicates any assessment of liquidity.
As indicated by the historical cash flow statements, ASBPW frequently records significant depreciation and amortization charges, such as the $6.0M reported in 2025Q4, which appear to be accounting artifacts that mask the true extent of the company's ongoing cash burn and operational inefficiency.
The presence of substantial non-cash charges in a pre-revenue environment suggests that the company may be capitalizing costs that provide little tangible value to the business. Analysts should be wary of these adjustments, as they likely serve to inflate the appearance of asset value while failing to address the fundamental lack of cash-generating capability.
Quick answers to the most common questions about buying ASBPW stock.
Aspire Biopharma Holdings, Inc. (ASBPW) generated $-4.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aspire Biopharma Holdings, Inc. (ASBPW) reported negative free cash flow of $4.9M in 2025, indicating capital requirements exceeded cash from operations.
Aspire Biopharma Holdings, Inc. (ASBPW) 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.