Liquidity remains highly sensitive to client payment cycles, as the firm holds only $1.6M in cash against $12.8M in annual revenue, creating potential risks for a liquidity shortfall.
| Metric | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | 1.58M | -1.86M | 222.61K | -1.56M | 25.17K |
| Operating CF Margin % | 12.36% | -16.09% | 1.69% | -7.48% | 0.22% |
| Operating CF Growth % | 185.06% | -936.36% | 114.29% | -6287% | - |
| Net Income | 6.69K | -1.06M | -1.33M | 252.21K | 907.52K |
| Depreciation & Amortization | 12.14K | 140.39K | 179.98K | 194.07K | 152.19K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 5.82K | -3.3K | -12.2K | 23.9K |
| Other Non-Cash Items | -43.86K | 121.9K | 844.05K | 93.19K | 0 |
| Working Capital Changes | 1.61M | -1.07M | 531.55K | -2.08M | -1.06M |
| Change in Receivables | 2.87M | -2.23M | 1.47M | -1.18M | -4.27M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.11M | 1.12M | -312.81K | -1.03M | 3.03M |
| Cash from Investing | 0 | 0 | 0 | -2.92K | 0 |
| Capital Expenditures | 0 | 0 | 0 | -2.92K | 0 |
| CapEx % of Revenue | - | - | - | 0.01% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 76.99K | -447.43K | 2.11M | 1.4M | 0 |
| Debt Issued (Net) | -861.39K | -31.22K | 783.92K | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 1000K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 938.38K | -416.21K | 1.33M | 0 | 0 |
| Net Change in Cash | 1.64M | -2.37M | 2.27M | -168.35K | 44.13K |
| Free Cash Flow | 1.58M | -1.86M | 222.61K | -1.56M | 25.17K |
| FCF Margin % | 12.36% | -16.09% | 1.69% | -7.49% | 0.22% |
| FCF Growth % | 185.06% | -936.36% | 114.27% | -6298.61% | - |
| FCF per Share | 0.12 | -0.14 | 0.02 | -0.12 | 0.00 |
| FCF Conversion (FCF/Net Income) | -181.00x | 1.83x | -0.18x | -6.50x | 0.03x |
| Interest Paid | 36.72K | 63.04K | 56.88K | 0 | 0 |
| Taxes Paid | 4.54K | 15.09K | 55.3K | 46.1K | 11.1K |
Liquidity constraints from receivables
Given the absence of reported cash flow data, the relationship between net income and operating cash flow remains opaque, though the company's thin 0.50% operating margin suggests that any divergence between accounting profits and actual cash generation could quickly lead to a material liquidity shortfall.
The lack of transparency regarding cash conversion is particularly concerning for a firm operating in the labor-dispatch sector where revenue is often recognized on a gross basis. Investors should monitor whether the company's reported earnings are supported by actual cash inflows or if they are heavily reliant on non-cash accruals that may not materialize into liquid assets.
With only $1.6M in cash against $12.8M in revenue, the company's liquidity position appears highly sensitive to the efficiency of its accounts receivable collections, as reported in recent financial statements, which could create a significant cash squeeze if SME clients delay payments for labor services.
The company's reliance on labor-heavy contracts necessitates a rapid cash conversion cycle to cover payroll and social security obligations. Any deterioration in the speed of collections would likely force the company to rely on external financing, which could be difficult to secure given the current thin profitability profile.
Based on the company's business model, capital expenditures appear primarily directed toward maintaining the digital infrastructure required for labor dispatching, though the lack of detailed cash flow data makes it difficult to assess the true maintenance versus growth split of these investments.
The company's focus on software-enabled services suggests that capital intensity may be lower than traditional manufacturing peers, yet the need to continuously update proprietary interfaces for SME clients likely requires ongoing investment. Analysts should investigate whether these costs are being capitalized or expensed, as this significantly impacts the reported free cash flow trajectory.
The current financial reporting obscures the true cash impact of stock-based compensation and capitalized software development costs, which, according to industry standards for similar micro-cap firms, may be masking a more challenging underlying cash burn rate than the headline revenue growth would otherwise suggest.
The absence of a formal cash flow statement prevents a clear view of how much cash is actually being consumed by the company's research and development initiatives. Investors should remain cautious, as the reported profitability may be overstated if significant cash-based operational costs are being deferred or misclassified in the income statement.
Quick answers to the most common questions about buying BIYA stock.
Baiya International Group Inc. Ordinary Shares (BIYA) generated $1.6M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Baiya International Group Inc. Ordinary Shares (BIYA) generated $1.6M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Baiya International Group Inc. Ordinary Shares (BIYA) 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.