A severe disconnect between earnings and cash generation persists, highlighted by a $17.1M operating cash outflow in 2026Q1 despite reporting a net income of $874.7K.
Big Digital Energy, Inc. (BGDE) cash flow statement — 19-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'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -23.52M | -6.9M | 3.56M | -2.55M | 14.26M | 22.95M | -185.1K | -2.06M | -2.21M | -1.36M | -874K | 33K | -413K | -814K | -2.71M | -12.44K | -15.59K | 15.85K | -17.5K | -251.59K |
| Operating CF Margin % | - | -17.36% | 6.01% | -5.84% | 16.89% | 52.33% | -4.16% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -4269% | -293.67% | 239.95% | -117.86% | -37.89% | 12500.95% | 91.03% | 6.52% | -62.71% | -55.26% | -2748.48% | 107.99% | 49.26% | 70.01% | -21718.47% | 20.2% | -198.37% | 190.55% | 93.04% | - |
| Net Income | -22.47M | -23.66M | -46.34M | -60.42M | -54.04M | -45.46M | -5.06M | -3.45M | -3.28M | -2.97M | -1.14M | -1.48M | -1.2M | -2.84M | -1.86M | -21.98K | 3.65K | -27.64K | -18.55K | -217.63K |
| Depreciation & Amortization | 6.61M | 6.92M | 18.84M | 39.52M | 64.82M | 14.11M | 4.62M | 1K | 2K | 1K | 1K | 1K | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 7.3M | 8.98M | 14.06M | 10.83M | 3.01M | 22.49M | 0 | 818K | 1.29M | 19K | 65K | 22K | 25K | 598K | 220K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 25.15M | 0 | 1.5M | 1.74M | 314K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3.44M | 4.91M | 15.92M | 135.14K | -15.43M | 6.64M | -797.63K | -1.21M | -2.09M | 1.17M | 100K | 0 | -7K | -437K | -643K | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | -11.26M | -4.05M | 1.08M | 7.39M | 15.89M | 25.23K | 1.05M | 275K | 131K | 103K | 99K | 1.49M | 764K | 1.86M | -428K | 9.54K | -19.23K | 43.48K | 1.05K | -33.96K |
| Change in Receivables | -1.85M | 4.48M | -3.06M | 0 | -605.48K | -4.99M | 35.26K | -571.2K | 0 | 0 | 0 | 0 | 0 | 238K | -255K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 571.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 6.19M | 0 | 0 | 5.86M | 587K | 63K | -9K | 30K | -6K | 0 | -17K | 0 | 0 | -3 | 503 | 10.74K | 0 | -36.06K |
| Cash from Investing | -144.72K | -109.69K | -1.12M | 10.74M | -32.54M | -128.25M | -5.54M | 81K | 253K | -4K | -1K | 0 | 0 | 509K | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | -152.33K | -148.95K | -1.96M | -5.35M | -82.03M | -128.17M | -5.51M | -11.69M | -5K | -4K | -1K | -3K | 0 | -2K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.5% | 0.37% | 3.3% | 12.28% | 97.21% | 292.22% | 123.8% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 2.88M | 106.81K | 5.33M | 326.8K | 16.69K | 10K | 32K | 323K | 0 | 658K | 794K | 1.18M | 1.23M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 7.61K | 39.26K | 838.86K | 9.17M | 49.33M | 694.18K | -835.19K | 11.69M | 0 | -298K | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 20.64M | 14.19M | -830.07K | -4.65M | 13.99M | 109.85M | 6.23M | -360K | 4.91M | 1.54M | 473K | 0 | 0 | 0 | 0 | 12.44K | 15.59K | -15.85K | 17.5K | 24K |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 6.41M | 14.64M | 0 | 6.19M | 6.7M | 85.1M | 6.34M | 550K | 3.92M | 966K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -104K | -292K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.4M | 0 | 0 | -380.95K | -793.17K | -6.12M | -124.96K | -46K | 1.29M | -135K | -152K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -3.03M | 7.18M | 1.61M | 3.53M | -4.52M | 4.35M | 533.52K | -2.42M | 2.96M | 187K | -395K | 33K | -413K | -305K | -2.71M | 0 | 0 | 0 | 0 | -227.59K |
| Free Cash Flow | -23.67M | -7.05M | 1.6M | -7.9M | -67.78M | -105.22M | -5.7M | -13.75M | -2.21M | -1.36M | -875K | 30K | -413K | -816K | -2.71M | -12.44K | -15.59K | 15.85K | -17.5K | -251.59K |
| FCF Margin % | -76.96% | -17.73% | 2.71% | -18.13% | -80.32% | -239.89% | -128.21% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -2980.68% | -539.25% | 120.32% | 88.35% | 35.59% | -1744.65% | 58.53% | -521.52% | -62.6% | -55.54% | -3016.67% | 107.26% | 49.39% | 69.93% | -21718.47% | 20.2% | -198.37% | 190.55% | 93.04% | - |
| FCF per Share | -4.47 | -5.99 | 1.80 | -10.09 | -106.77 | -224.25 | -96.43 | -1569.05 | -470.05 | -474.88 | -347.36 | 82.64 | -1137.74 | -2247.93 | -7160.95 | -141.35 | -177.14 | 180.08 | -198.86 | -2859.00 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.29x | -0.08x | 0.04x | -0.27x | -0.51x | 0.04x | 0.60x | 0.67x | 0.46x | 0.77x | -0.02x | 0.35x | 0.29x | 1.46x | 0.57x | -4.28x | -0.57x | 0.94x | -25.26x |
| Interest Paid | 11.59K | 16.02K | 18.53K | 0 | 5.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 270.19K | 25.91K | 896.25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BGDE stock.
Big Digital Energy, Inc. (BGDE) generated $-6.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Big Digital Energy, Inc. (BGDE) reported negative free cash flow of $7.0M in 2025, indicating capital requirements exceeded cash from operations.
Big Digital Energy, Inc. (BGDE) spent $0.1M 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
Liquidity exhaustion and dilution
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Quality
As evidenced by the 2026Q1 data, the company reported a net income of $874.7K while simultaneously suffering an operating cash outflow of $17.1M, highlighting a severe divergence that suggests reported profits are not translating into actual cash generation for the business.
The extreme negative OCF/NI ratio of -19.59 in the most recent quarter indicates that accounting earnings are heavily influenced by non-cash items or timing differences that fail to reflect the underlying cash burn. Investors should monitor this gap, as it suggests that the company's operational model is currently unable to sustain itself through internal cash flow.
Negative Free Cash Flow Trajectory
Based on historical quarterly filings, the company's free cash flow has remained consistently negative, with a notable $17.1M outflow in 2026Q1, underscoring a structural inability to cover operational and capital requirements through core business activities during the current industry cycle.
The FCF margin of -3.6% in 2026Q1, following periods of even deeper contraction, points to a business model that is fundamentally cash-consumptive. This trajectory suggests that without a significant shift in operational efficiency or power cost management, the company will continue to rely on external financing to bridge its funding gap.
Working Capital Volatility Strains Liquidity
According to reported financial statements, working capital changes have been highly erratic, including a significant $10.8M outflow in 2026Q1, which indicates that the company is struggling to manage its cash conversion cycle effectively amidst its current operational challenges.
The frequent swings in working capital suggest that the company may be facing difficulties in managing payables or inventory levels, further exacerbating the pressure on its limited cash reserves. This volatility warrants further investigation into whether these outflows are temporary timing issues or indicative of deeper structural inefficiencies in the company's supply chain and vendor relationships.
Hidden Cash Burdens and SBC
Analysis of the cash flow statement reveals that stock-based compensation, such as the $7.3M charge in 2025Q4, frequently masks the true extent of the company's cash burn, effectively diluting shareholders while the core business fails to generate positive operating cash flow.
The reliance on non-cash adjustments to reconcile net income to operating cash flow obscures the reality that the company is consistently losing cash on an operational basis. Investors should be wary of these adjustments, as they suggest that the company's reported financial health is significantly weaker than the headline figures might otherwise imply.