Free cash flow remains deeply negative, with the company recording a $279,000 outflow in 2026Q1, highlighting a structural inability to self-fund operations without recurring dilution.
| 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'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | -1.8M | -4.77M | -7.99M | -16.11M | -20.83M | -18.54M | -7.93M | -9.45M | -6.7M | -7.48M | -10.08M | -14.46M | -18.7M | -18.2M | -12.04M | -13.98M | -16.04M | -15.19M | -29.91M | -23.14M | -20.17M | -15.14M |
| Operating CF Margin % | - | -638.55% | -18581.4% | -3836.19% | - | - | - | - | -4467.33% | - | -1195.61% | -743.83% | -1078.55% | -1678.87% | -17453.62% | -1999.57% | -2338.78% | -1667.73% | -3409.92% | -17937.98% | -5212.4% | -4253.09% |
| Operating CF Growth % | 340.61% | 40.3% | 50.41% | 22.64% | -12.34% | -133.68% | 16.02% | -40.98% | 10.41% | 25.79% | 30.3% | 22.68% | -2.76% | -51.12% | 13.84% | 12.88% | -5.6% | 49.2% | -29.24% | -14.71% | -33.23% | - |
| Net Income | -3.11M | -3M | -11.21M | -22.55M | -21.2M | -18.46M | -8.45M | -7.83M | -7.29M | -7.47M | -11.79M | -14.34M | -19.39M | -10.21M | -13.76M | -15.24M | -16.02M | -19.57M | -40.39M | -24.05M | -29.26M | -18.05M |
| Depreciation & Amortization | 6K | 5K | 6K | 31K | 32K | 43K | 20K | 20K | 29K | 32K | 133K | 210K | 174K | 70K | 60K | 241K | 457K | 668K | 1.86M | 1.12M | 1.12M | 1.32M |
| Stock-Based Compensation | 668K | 2.33M | 592K | 1.47M | 1.51M | 1.16M | 430K | 466K | 331K | 266K | 782K | 745K | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.94M | 4.95M | 0 | 0 | 0 | 0 | -63K | -2.32M | 554K | -1.54M | 358K | -1.42M | 988K | -6.11M | 124K | 274K | 2.07M | 1.48M | 9.59M | -1.09M | 13.38M | -334K |
| Working Capital Changes | -4.3M | -9.06M | 2.62M | 4.94M | -1.17M | -1.28M | 124K | 214K | -327K | 1.23M | 439K | 342K | -1.7M | -1.95M | 1.53M | 751K | -2.55M | 2.23M | -969K | 878K | -5.42M | 1.92M |
| Change in Receivables | -463K | -1.26M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 174K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 421K | -1.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -5.54M | -10.51M | -1.81M | 296K | 2.58M | 3.02M | 0 | 0 | 0 | 0 | 0 | -1.47M | 666K | -750K | 1.77M | 577K | -3.07M | 514K | -2.7M | 1.53M | -4.59M | 745K |
| Cash from Investing | -1K | 0 | 0 | -6K | -7K | -27K | -96K | 28K | -39K | -13K | 9K | 62K | 75K | 5.69M | 50K | -1K | 33K | 1.56M | 27.34M | -22.69M | 3.91M | 2.75M |
| Capital Expenditures | -1K | 0 | 0 | -6K | -7K | -27K | -96K | -10K | -39K | -13K | -3K | -34K | -309K | -208K | -12K | -6K | -8K | -15K | -366K | -1.77M | -667K | -263K |
| CapEx % of Revenue | 0.07% | - | - | 1.43% | - | - | - | - | 26% | - | 0.36% | 1.75% | 17.82% | 19.19% | 17.39% | 0.86% | 1.17% | 1.65% | 41.73% | 1374.42% | 172.35% | 73.88% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38K | 0 | 0 | 12K | 0 | 0 | 0 | 62K | 5K | 41K | 91K | 0 | -3.76M | 26K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96K | 384K | 5.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 1.72M | 5.26M | 7.82M | 848K | 3M | 21.74M | 29.5M | 3.85M | 429K | 14.75M | 6.59M | 10.86M | 12.2M | 27.33M | 3.98M | 8.91M | 33.4M | 3.85M | -1.24M | 32.21M | 57.4M | 8.35M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11K | -89K | -269K | 8.35M |
| Equity Issued (Net) | 2.66M | 6.42M | 6.21M | 1.05M | 3.2M | 17.37M | 29.7M | 4.05M | 630K | 14.95M | 6.79M | 11.06M | 12.4M | 27.64M | 3.98M | 9.27M | 33.4M | 3.85M | 0 | 33.52M | 42.63M | 0 |
| Dividends Paid | -81K | -61K | 0 | -201K | -201K | -201K | -201K | -201K | -201K | -201K | -200K | -201K | -200K | -305K | 0 | -364K | 0 | 0 | -1.23M | -1.22M | -921K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -852K | -1.1M | 1.61M | 0 | 0 | 4.57M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.96M | 0 |
| Net Change in Cash | -111K | 368K | -241K | -14.97M | -18.21M | 3.15M | 21.52M | -5.62M | -6.41M | 7.39M | -3.92M | -3.75M | -6.96M | 27.06M | -465K | 4.13M | -2.57M | -1.58M | -828K | -14.33M | 16.62M | 3.12M |
| Free Cash Flow | -1.8M | -4.77M | -7.99M | -16.12M | -20.83M | -18.57M | -8.03M | -9.46M | -6.74M | -7.49M | -10.08M | -14.49M | -19.01M | -18.41M | -12.05M | -13.98M | -16.05M | -15.21M | -30.27M | -24.91M | -20.84M | -15.4M |
| FCF Margin % | -118.16% | -638.55% | -18581.4% | -3837.62% | - | - | - | - | -4493.33% | - | -1195.97% | -745.58% | -1096.37% | -1698.06% | -17471.01% | -2000.43% | -2339.94% | -1669.37% | -3451.65% | -19312.4% | -5384.75% | -4326.97% |
| FCF Growth % | 83.24% | 40.3% | 50.43% | 22.64% | -12.21% | -131.22% | 15.09% | -40.31% | 10.05% | 25.68% | 30.44% | 23.76% | -3.28% | -52.69% | 13.79% | 12.89% | -5.55% | 49.76% | -21.51% | -19.55% | -35.28% | - |
| FCF per Share | -0.33 | -2.18 | -358.07 | -4546.69 | -6664.75 | -7489.71 | -7958.37 | -41717.59 | -40125.24 | -70696.53 | -211944.26 | -384641.09 | -748131.15 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | - | - |
| FCF Conversion (FCF/Net Income) | 0.58x | 1.59x | 0.71x | 0.71x | 0.98x | 1.00x | 0.94x | 1.21x | 0.92x | 1.00x | 0.85x | 1.01x | 0.96x | 1.79x | 0.91x | 0.92x | 1.00x | 0.78x | 0.74x | 0.96x | 0.69x | 0.84x |
| Interest Paid | 2K | 7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 18K | 18K | 2K | 2K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative cash burn
As reported in quarterly filings, the company exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio reaching an extreme 40.09 in 2025Q1, suggesting that reported earnings provide little insight into the actual cash-consuming nature of the underlying business operations.
The wide variance in the OCF/NI ratio indicates that accruals and non-cash adjustments are significantly distorting the company's financial picture. Investors should interpret this volatility as a sign that the firm's cash position is driven more by working capital fluctuations than by core operational profitability.
Based on historical cash flow statements, BGMS has consistently generated negative free cash flow, with quarterly outflows peaking at $3.9 million in 2023Q4, which underscores the structural inability of the current business model to self-fund its operations without recurring external capital injections or equity dilution.
The absence of positive FCF margins across the ten-quarter period suggests that the company is in a perpetual state of cash consumption. This trajectory implies that the firm remains entirely dependent on external financing to sustain its dual-track industrial and biopharmaceutical strategy.
According to recent financial disclosures, working capital changes have been the primary driver of cash flow variance, including a massive $4.8 million outflow in 2025Q1, which highlights the operational instability inherent in managing project-based fire protection contracts alongside early-stage biopharmaceutical research and development activities.
The erratic nature of these working capital swings suggests that the company lacks a predictable cash conversion cycle. This instability may indicate difficulties in managing inventory or collecting receivables, which complicates the firm's ability to maintain a stable liquidity profile.
Data from recent SEC filings reveals that stock-based compensation, such as the $655,000 recorded in 2025Q4, frequently obscures the true extent of the company's cash burn, effectively shifting the cost of operations from cash outflows to shareholder dilution rather than genuine operational efficiency improvements.
By relying on equity-based incentives during periods of negative cash flow, the company may be attempting to preserve its limited cash reserves at the expense of existing shareholders. This practice warrants further investigation into the long-term impact on equity value and the sustainability of the current compensation structure.
Quick answers to the most common questions about buying BGMS stock.
Bio Green Med Solution, Inc. (BGMS) generated $-4.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bio Green Med Solution, Inc. (BGMS) reported negative free cash flow of $4.8M in 2025, indicating capital requirements exceeded cash from operations.
Bio Green Med Solution, Inc. (BGMS) 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.
In 2025, Bio Green Med Solution, Inc. (BGMS) returned $0.1M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.