Free cash flow remains structurally negative, highlighted by a $10.6 million cash outflow in 2026Q1 that underscores the firm's inability to sustain operations through internal cash generation.
| 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 |
|---|
| Cash from Operations | -13.07M | -3.16M | -705.73K | -3.17M | -4.29M | -672.49K | 143.58K | -710.99K | -472.27K | -691.87K | -862.84K | -684.81K | -28.15K | -5.85K |
| Operating CF Margin % | - | -129.98% | -27.49% | -101.93% | -86.41% | -11% | 4.26% | -66.91% | -68.17% | -75.97% | -911.43% | - | - | - |
| Operating CF Growth % | -20204.76% | -347.79% | 77.71% | 26.11% | -537.19% | -568.37% | 120.19% | -50.55% | 31.74% | 19.81% | -26% | -2332.53% | -381.15% | - |
| Net Income | -110.31M | -4.43M | -3.47M | -4.66M | -5.02M | -2.62M | -354.91K | -2.98M | -1.15M | -1.26M | -812.33K | -423.48K | -23.21K | -12.29K |
| Depreciation & Amortization | 13.67K | 5.36K | 16.03K | 43.41K | 22.73K | 19.72K | 12.88K | 18.14K | 22.51K | 12.09K | 5.34K | 0 | 0 | 0 |
| Stock-Based Compensation | 83.08M | 1.37M | 368.66K | 0 | 482.46K | 684.52K | 0 | 0 | 0 | 222.5K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 19.41M | 330.93K | 160.43K | 1.4M | 375.31K | 866.54K | -19.3K | 1.97M | 98.34K | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | -5.25M | -435.39K | 2.22M | 59.77K | -145.66K | 372.47K | 504.9K | 287.21K | 558.75K | 335.29K | -55.84K | -261.33K | -4.94K | 6.44K |
| Change in Receivables | -377.57K | -12.93K | 486K | -433.6K | -41.03K | -595 | -12.24K | -2.03K | -67.2K | -3.54K | -1.57K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 12K | -1.9K | 4.09K | -17.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -500.67K | -198.14K | 667.23K | 124.56K | 144.48K | 233.07K | -279.74K | 107.15K | 157.03K | 295.83K | 43.13K | 0 | -4.94K | 6.44K |
| Cash from Investing | 396K | 0 | -1.1M | 3.27M | 4.4M | -8.07M | 8.52K | -1.59K | -28.99K | -22.76K | -6.54K | -15.02K | 0 | 0 |
| Capital Expenditures | -2K | 0 | 0 | -2.6K | -65.94K | -63.91K | -1.3K | -1.59K | -28.99K | -22.76K | -6.54K | -15.46K | 0 | 0 |
| CapEx % of Revenue | 0.08% | 0% | 0% | 0.08% | 1.33% | 1.05% | 0.04% | 0.15% | 4.18% | 2.5% | 6.9% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 398K | 0 | -1.1M | 0 | 0 | 0 | 9.82K | 0 | 0 | 0 | 0 | 442 | 0 | 0 |
| Cash from Financing | 59.72M | 3.18M | 1.35M | -56.38K | -2.12M | 10.19M | 799.55K | 705.75K | 521.11K | 19.15K | 1.51M | 560K | 18.77K | 15.35K |
| Debt Issued (Net) | 4.24M | 1.98M | -29.02K | -28.73K | -1.02M | -463.68K | 491.42K | 430.66K | 364.13K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 50.11M | 1.49M | 1.2M | -27.65K | -1.1M | 10.66M | 407.98K | 321.3K | 177.06K | 0 | 1.55M | 805K | 18.77K | 15.35K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -27.65K | -1.1M | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 | 0 |
| Other Financing | 5.36M | -290.18K | 175.78K | 0 | 0 | 0 | -99.85K | -46.2K | -20.08K | 19.15K | -42.69K | -245K | 0 | 0 |
| Net Change in Cash | 47.05M | 22.12K | -455.66K | 47.12K | -2M | 1.45M | 951.65K | -6.83K | 19.85K | -695.48K | 643.35K | -140.24K | -9.38K | 9.5K |
| Free Cash Flow | -14.02M | -3.16M | -705.73K | -3.17M | -4.35M | -736.4K | 142.28K | -712.58K | -501.27K | -714.64K | -868.96K | -700.69K | -28.15K | -5.85K |
| FCF Margin % | -549.94% | -129.98% | -27.49% | -102.02% | -87.74% | -12.05% | 4.23% | -67.06% | -72.35% | -78.47% | -917.9% | - | - | - |
| FCF Growth % | -1308.56% | -347.79% | 77.73% | 27.17% | -490.85% | -617.57% | 119.97% | -42.16% | 29.86% | 17.76% | -24.02% | -2388.94% | -381.15% | - |
| FCF per Share | -0.26 | -0.83 | -0.21 | -0.98 | -1.32 | -0.31 | 0.07 | -0.37 | -0.26 | -0.37 | -0.50 | -0.48 | -0.02 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.13x | 0.71x | 0.20x | 0.68x | 0.85x | 0.26x | -0.40x | 0.24x | 0.41x | 0.55x | 1.06x | 1.62x | 1.21x | 0.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As reported in recent financial filings, the massive discrepancy between net income and operating cash flow, particularly the $81.8 million stock-based compensation charge in 2026Q1, suggests that reported earnings are fundamentally disconnected from the actual cash-generating capacity of the underlying subscription-based business model.
The reliance on non-cash stock-based compensation to manage talent costs masks the reality that the core business is not generating positive cash flow from operations. Investors should monitor this divergence, as it indicates that the company's reported losses are significantly exacerbated by accounting charges that do not reflect the immediate cash burn.
Based on the company's quarterly cash flow statements, the free cash flow trajectory remains consistently negative, with the 2026Q1 period showing a cash outflow of $10.6 million, highlighting a structural inability to achieve self-sustaining operations despite the recurring nature of the SaaS revenue model.
The persistent negative free cash flow margins suggest that the company is unable to scale its user base efficiently enough to cover its fixed data licensing and operational costs. This trend warrants further investigation into whether the current business model can ever reach a break-even point without significant external capital.
According to the provided cash flow data, working capital changes have swung wildly from a $791.6K inflow in 2024Q4 to a $4.8 million outflow in 2026Q1, indicating that the company's cash position is highly sensitive to the timing of collections and payables management.
Such volatility in working capital suggests that the company lacks a stable cash conversion cycle, which is particularly dangerous given the current low liquidity environment. The inability to consistently manage these flows may indicate underlying friction in the subscription renewal process or vendor payment pressures.
As indicated by the most recent financial statements, the company's cash and equivalents have dwindled to a precarious $39,158, a figure that, when contrasted with ongoing quarterly operating losses, suggests an acute risk of insolvency that could force highly dilutive financing or strategic liquidation.
The cash flow statement obscures the severity of the liquidity crisis by focusing on historical performance rather than the immediate runway. The lack of cash reserves suggests that the company is operating on a month-to-month basis, leaving little room for operational errors or market-driven revenue declines.
Quick answers to the most common questions about buying BLBX stock.
Blackboxstocks Inc. (BLBX) generated $-3.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Blackboxstocks Inc. (BLBX) reported negative free cash flow of $3.2M in 2025, indicating capital requirements exceeded cash from operations.
Blackboxstocks Inc. (BLBX) 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.