Free cash flow remains highly unstable and frequently negative, with the company recording a negative FCF margin in eight of the last ten quarters.
| Cash from Operations | -1.16M | -1.84M | -2.23M | -1.76M | 551.82K | 9.16K | 552.68K | -217.27K | -274.08K | 357.22K | -835 |
| Operating CF Margin % | - | -24.76% | -23.49% | -18.02% | 5.05% | 0.07% | 4.85% | -171.14% | -129.08% | 331.74% | - |
| Operating CF Growth % | 1954.92% | 17.72% | -26.89% | -419.09% | 5923.6% | -98.34% | 354.37% | 20.73% | -176.73% | 42880.36% | - |
| Net Income | -2.9M | -2.98M | -1.6M | -2.63M | -355.97K | 751.57K | 1.09M | -246.47K | 26.45K | -123.75K | -835 |
| Depreciation & Amortization | 172.17K | 111.87K | 153.14K | 108.42K | 105.42K | 108.22K | 101.6K | 53.33K | 40.61K | 15.03K | 0 |
| Stock-Based Compensation | 0 | 794.77K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.08M | 862.01K | -904.46K | 641.84K | -31.02K | 11.62K | -745.38K | 0 | 0 | -382.62K | 0 |
| Working Capital Changes | 499.11K | -622.42K | 115.4K | 117.98K | 833.38K | -862.25K | 102.36K | -24.14K | -341.14K | 439.31K | 0 |
| Change in Receivables | 1.14M | 782.84K | 147.76K | 606.16K | 538.65K | 579.22K | 411.07K | 9.76K | 105.67K | -6.49K | 0 |
| Change in Inventory | 511.99K | 711.92K | -250.85K | -160.39K | 544.11K | -345.75K | 147.04K | 7.72K | 16.79K | -32.09K | 0 |
| Change in Payables | -927K | -1.38M | 0 | -381.29K | 0 | 0 | -524.24K | 0 | 0 | 477.88K | 0 |
| Cash from Investing | 942.22K | 944.75K | 418.2K | -1.86M | -450.5K | -490.57K | 1.32M | -12.82K | -51.7K | -5.31M | 0 |
| Capital Expenditures | -28.24K | -36.97K | -226.99K | -149.4K | -54.17K | -3.16K | -421.62K | -12.82K | -39.62K | -314.82K | 0 |
| CapEx % of Revenue | 0.53% | 0.5% | 2.39% | 1.53% | 0.5% | 0.02% | 3.7% | 10.1% | 18.66% | 292.37% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 346.01K | 0 | 0 | -5M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -20.55K | -40.75K | 147.98K | -1.41M | 115.38K | 22.04K | 1.47M | 0 | 0 | 0 | 0 |
| Cash from Financing | 359.41K | 298.84K | 144.97K | 6.27M | 108.17K | -28.22K | -4.95K | -180.81K | 742.94K | 5.78M | 638 |
| Debt Issued (Net) | -21.01K | 0 | 0 | 0 | -34.04K | -26.3K | -4.95K | -16.78K | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 267.31K | 0 | 5.75M | 150K | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 380.42K | 31.53K | 144.97K | 524.94K | -7.79K | -1.92K | 0 | -164.03K | 742.94K | 5.78M | 638 |
| Net Change in Cash | 338.07K | -400.58K | -1.63M | 3.81M | -5.05K | -663.77K | 1.93M | -401.16K | 421.09K | 839.12K | -108 |
| Free Cash Flow | -1.19M | -1.88M | -2.46M | -1.91M | 497.65K | 6K | 131.06K | -230.09K | -313.7K | 42.4K | -835 |
| FCF Margin % | -22.33% | -25.26% | -25.88% | -19.55% | 4.55% | 0.04% | 1.15% | -181.24% | -147.74% | 39.37% | - |
| FCF Growth % | 62.8% | 23.8% | -28.85% | -483.84% | 8195.57% | -95.42% | 156.96% | 26.65% | -839.95% | 5177.25% | - |
| FCF per Share | -0.49 | -1.01 | -1.38 | -1.11 | 0.35 | 0.00 | 0.15 | -0.32 | -0.57 | 0.07 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.41x | 0.62x | 1.40x | 0.67x | -1.55x | 0.01x | 0.51x | 0.88x | -10.36x | -2.89x | 1.00x |
| Interest Paid | 5.59K | 6.87K | 9.35K | 0 | 12.48K | 12.97K | 11.31K | 5.05K | 4.32K | 0 | 0 |
| Taxes Paid | 9.9K | 14.82K | 40.38K | 0 | 170.45K | 226.77K | 143.5K | 10.71K | 0 | 0 | 0 |
Liquidity and operational viability
As reported in quarterly financial filings, the relationship between net income and operating cash flow for BGLC is erratic, with OCF/NI ratios swinging from 0.27 to 1.74, suggesting that accruals and working capital shifts are currently masking the underlying instability of the company's core cash generation.
The lack of a consistent correlation between net income and operating cash flow indicates that reported earnings are heavily influenced by non-cash items or timing differences in working capital. Investors should monitor this divergence, as it suggests that the company's accounting profit is not a reliable proxy for its actual ability to generate cash from operations.
Based on the provided cash flow statements, BGLC has struggled to maintain positive free cash flow, with the company recording a negative FCF margin in eight of the last ten quarters, highlighting a persistent inability to fund its operations through internal cash generation alone.
The consistent negative FCF trajectory suggests that the company's current business model is structurally incapable of covering its operating and capital requirements. This trend warrants further investigation into how long the company can sustain its current burn rate before requiring external financing or a significant strategic pivot.
According to recent SEC filings, BGLC's operating cash flow is frequently bolstered or hindered by significant working capital swings, such as the $1.2 million inflow in 2025Q4, which appears to be a temporary anomaly rather than a sustainable improvement in the company's cash conversion cycle.
The reliance on working capital fluctuations to manage cash flow suggests that the company lacks a stable operational foundation. Investors should be cautious, as these swings may indicate aggressive management of payables or receivables that could eventually reverse and exacerbate the company's liquidity constraints.
As indicated by the financial data, BGLC maintains a low capital intensity, with CapEx/Revenue ratios consistently below 2% in most periods, suggesting that the company's primary cash drain is not asset-heavy infrastructure but rather high operating expenses related to its diagnostic R&D and administrative overhead.
The low level of capital expenditure implies that the company is not currently investing in significant physical capacity, which may be a strategic choice to preserve cash. However, this also raises questions about whether the company is sufficiently investing in the technology required to achieve its stated diagnostic goals.
Based on the cumulative cash flow data, the persistent gap between net income and operating cash flow over the last ten quarters suggests that BGLC's reported earnings have consistently failed to translate into actual cash, pointing to a fundamental disconnect between accounting performance and operational reality.
This cumulative divergence is a red flag that suggests the company's business model is not generating the cash necessary to support its operations. The persistent negative cash flow, despite various accounting outcomes, indicates that the company may be facing deeper structural challenges than the income statement alone reveals.
Quick answers to the most common questions about buying BGLC stock.
BioNexus Gene Lab Corp. (BGLC) generated $-1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioNexus Gene Lab Corp. (BGLC) reported negative free cash flow of $1.9M in 2025, indicating capital requirements exceeded cash from operations.
BioNexus Gene Lab Corp. (BGLC) 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.