Persistent cash burn remains the primary threat to survival, as the company reported a $1.4 million negative free cash flow in 2025Q3 despite having only $45.1K in cash reserves.
| Cash from Operations | -4.9M | -3.16M | -2.79M | -10.29M | -7.59M | -5.99M | -4.07M | -1.81M | -436.98K | -880.59K |
| Operating CF Margin % | - | -4388.74% | -53.69% | -63.6% | -52.77% | -46.69% | -26.9% | -26.99% | -55.59% | -5870.59% |
| Operating CF Growth % | -1300.49% | -13.33% | 72.9% | -35.61% | -26.66% | -47.3% | -125% | -313.82% | 50.38% | - |
| Net Income | -9.7M | -6.3M | -6.48M | -11.83M | -10.54M | -5.54M | -6.5M | -3.05M | -57.18K | -380.8K |
| Depreciation & Amortization | 208.77K | 139.18K | 403.59K | 1.63M | 1.65M | 1.72M | 1.55M | 651.07K | 65.89K | 0 |
| Stock-Based Compensation | 31.85K | 35.41K | 83.03K | 0 | 570.51K | 392.05K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -855.17K | -2.11M | 2.39M | 2.48M | 405.24K | -1.25M | 577.02K | -703.44K | -780.99K | -195.04K |
| Working Capital Changes | 5.42M | 5.07M | 809.87K | -2.57M | 326.35K | -1.32M | 298.55K | 1.3M | 335.3K | -304.75K |
| Change in Receivables | 41.7K | -28.03K | 1.45M | -1.75M | 304.35K | -234.52K | -412.81K | -265.74K | 208.42K | -305K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 5.06M | -388.47K | -820.59K | 281.43K | -1.26M | 1.36M | 1.2M | 53.67K | 2.99K |
| Cash from Investing | 0 | -375K | -1.78M | -259.98K | -2.46M | -569.74K | -1.05M | -1.6M | -486.12K | -243.21K |
| Capital Expenditures | 0 | 0 | 0 | -331.38K | -763.45K | -369.74K | -1.2M | -1.58M | -546.47K | 0 |
| CapEx % of Revenue | 0% | - | - | 2.05% | 5.31% | 2.88% | 7.93% | 23.58% | 69.52% | - |
| Acquisitions | 0 | 0 | 1M | 71.4K | -1.69M | -200K | 147.1K | -23.93K | -13.61K | 178.4K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -375K | -2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.75M | 3.82M | 4.02M | 4.2M | 14.54M | 8.81M | 5.3M | 3.48M | 174.68K | 2M |
| Debt Issued (Net) | 3.4M | 1.6M | -37.9K | -273.54K | -4.46M | 3.63M | -207.29K | 3.81M | 137.18K | 500K |
| Equity Issued (Net) | 1.35M | 2.22M | 4.06M | 4.47M | 19.01M | 5.18M | 5.51M | -335.32K | 0 | 1.35M |
| Dividends Paid | -217K | -1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 217K | 1.25M | 0 | 0 | 0 | 0 | 0 | 0 | 37.5K | 150K |
| Net Change in Cash | -150.46K | 282.68K | -541.7K | -6.36M | 4.5M | 2.25M | 179.37K | 66.53K | -748.42K | 876.21K |
| Free Cash Flow | -4.89M | -3.16M | -2.79M | -10.63M | -8.29M | -6.12M | -5.27M | -3.39M | -983.45K | -880.59K |
| FCF Margin % | -21514.22% | -4388.74% | -53.69% | -65.65% | -57.59% | -47.68% | -34.83% | -50.56% | -125.12% | -5870.6% |
| FCF Growth % | -163.08% | -13.33% | 73.74% | -28.25% | -35.4% | -16.14% | -55.51% | -244.52% | -11.68% | - |
| FCF per Share | -1.29 | -2.01 | -2.51 | -11.27 | -11.02 | -16.61 | -20.39 | -14.03 | -6.54 | -5.91 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.35x | 0.30x | 0.56x | 0.72x | 1.08x | 0.59x | 0.59x | 7.64x | 2.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 97.15K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 18.53K | 0 | 0 | 0 |
Imminent insolvency and liquidation
As reported in quarterly filings, the consistent gap between net losses and operating cash flow suggests that non-cash charges and working capital adjustments are masking the true severity of the company's cash burn, which has remained negative in nine of the last ten reported quarters.
The persistent OCF/NI ratio indicates that the company is not generating cash from its core operations, but rather relying on accounting adjustments to mitigate the appearance of its cash outflow. Investors should monitor this divergence as it suggests that the reported net income figures significantly understate the actual liquidity drain occurring within the business.
Based on the company's financial statements, free cash flow has remained deeply negative throughout the observed period, with the most recent quarter showing a $1.4 million outflow, confirming that the business lacks the operational scale to achieve self-sustaining cash generation in its current configuration.
The inability to reach positive free cash flow, even as capital expenditures have effectively ceased, points to a structural failure in the underlying business model. This trajectory suggests that the company is consuming its remaining cash reserves to fund ongoing overhead rather than investing in productive assets.
According to recent SEC filings, working capital changes have been highly volatile, with a $378.6K inflow in 2025Q3, which appears to be a temporary attempt to preserve liquidity rather than a sign of improved operational efficiency or successful collection of receivables from clinical operations.
The reliance on working capital fluctuations to manage cash flow suggests that management is likely liquidating assets or delaying payables to extend the company's runway. This behavior warrants further investigation as it may indicate that the company is nearing the end of its ability to manage its liabilities through operational adjustments.
As indicated by historical data, the company's capital deployment has been characterized by erratic dividend payments and net acquisitions, which, when viewed against the current $504,189 cash position, suggests a history of poor capital stewardship that has left the firm with minimal defensive liquidity.
The decision to pay dividends during periods of negative cash flow appears to have been a significant misallocation of resources that accelerated the current liquidity crisis. Investors should interpret these past actions as a warning sign regarding the company's historical approach to preserving shareholder value.
Based on the provided financial data, the cash flow statement obscures the true extent of the company's liabilities by failing to clearly delineate between operational cash burn and the settlement of legacy obligations, which may be hidden within the reported working capital and other adjustments.
The lack of transparency regarding the nature of these cash outflows makes it difficult to determine if the company is truly pivoting or simply winding down its operations. Analysts should be cautious, as the reported figures may not fully capture the potential for future legal or lease-related cash calls.
Quick answers to the most common questions about buying BACK stock.
IMAC Holdings, Inc. (BACK) generated $-3.2M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
IMAC Holdings, Inc. (BACK) reported negative free cash flow of $3.2M in 2024, indicating capital requirements exceeded cash from operations.
IMAC Holdings, Inc. (BACK) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, IMAC Holdings, Inc. (BACK) returned $1.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.