Free cash flow remains consistently negative, evidenced by a $47,000 outflow in 2026Q2, while the OCF/NI ratio of 0.09 highlights a disconnect between earnings and actual cash generation.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 |
|---|
| Cash from Operations | -989K | -1.1M | -765K | 277K | -134K | -989K | -498K | -4.2M | -1.11M | -940K | -2.68M | -2.76M | -3.85M | -77K | 279K | 823K | 1.54M | 3M | -387K | -984K | -733K | -430K | -378K |
| Operating CF Margin % | - | -7.18% | -4.98% | 1.74% | -0.8% | -7.46% | -4.57% | -42.23% | -8.21% | -5.77% | -16.87% | -14.37% | -16.21% | -0.31% | 1.06% | 3.13% | 6.55% | 12.55% | -1.82% | -8.82% | -8.9% | -7.45% | -7.73% |
| Operating CF Growth % | -291.65% | -44.31% | -376.17% | 306.72% | 86.45% | -98.59% | 88.15% | -277.29% | -18.51% | 64.95% | 2.93% | 28.2% | -4897.4% | -127.6% | -66.1% | -46.7% | -48.53% | 875.19% | 60.67% | -34.24% | -70.47% | -13.76% | - |
| Net Income | -1.67M | -2.52M | -1.96M | -9.44M | 2.15M | -6.69M | 326K | -9.47M | -7.22M | -1.6M | -7.82M | -16.77M | -6.21M | -3.6M | -946K | -782K | -377K | 758K | -10.31M | -1.9M | -1.45M | -517K | -178K |
| Depreciation & Amortization | 757K | 794K | 1.11M | 1.55M | 1.61M | 1.2M | 968K | 649K | 413K | 641K | 1.72M | 2.32M | 2.49M | 2M | 1.9M | 1.72M | 1.65M | 1.49M | 1.25M | 978K | 741K | 207K | 109K |
| Stock-Based Compensation | 577K | 582K | 558K | 571K | 478K | 607K | 194K | 249K | 491K | 559K | 320K | 314K | 506K | 437K | 386K | 356K | 449K | 538K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -57K | -65K | -63K | -45K | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 219K | 102K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -220K | 4K | -76K | 6.94M | -4.29M | 5.97M | -1.99M | 1.84M | 4.89M | 94K | 3.69M | 10.39M | -9K | -507K | -819K | -179K | 0 | 0 | 10.25M | 331K | 4K | 8K | 2K |
| Working Capital Changes | -431K | 91K | -333K | 707K | -34K | -880K | 2K | 2.53M | 313K | -632K | -580K | 978K | -835K | 1.49M | -241K | -290K | -177K | 212K | -1.58M | -396K | -30K | -128K | -311K |
| Change in Receivables | 8K | -261K | -280K | 184K | 159K | 36K | 630K | 1.31M | 1.3M | -477K | -86K | 879K | -162K | 886K | 658K | -345K | 429K | 1.77M | -993K | -539K | -498K | 245K | -437K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -55K | -18K | -29K | -25K | -195K | -4.52M | 0 | -5.7M | -50K | -93K | -165K | -187K | -468K | -2.25M | -1.96M | -1.37M | -5.49M | -1.73M | -3.72M | -5.13M | -842K | -545K | -226K |
| Capital Expenditures | -35K | -18K | -29K | -25K | -117K | -79K | 0 | -20K | -35K | -47K | -23K | -124K | -304K | -545K | -932K | -677K | -906K | -483K | -1.38M | -457K | -163K | -122K | -76K |
| CapEx % of Revenue | 0.23% | 0.12% | 0.19% | 0.16% | 0.7% | 0.6% | - | 0.2% | 0.26% | 0.29% | 0.14% | 0.65% | 1.28% | 2.22% | 3.54% | 2.58% | 3.85% | 2.02% | 6.47% | 4.1% | 1.98% | 2.11% | 1.55% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -4.41M | 0 | -5.67M | 0 | 0 | 0 | 0 | -644K | -895K | -472K | -696K | -4.58M | -1.25M | -1.81M | -4.23M | -553K | -310K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -20K | 0 | 0 | 0 | -78K | -30K | 0 | -11K | -15K | -46K | -142K | -63K | 480K | -814K | -557K | 0 | 0 | 0 | -528K | -440K | -126K | -113K | -150K |
| Cash from Financing | -333K | 1.36M | -209K | -649K | -5.48M | 13.47M | 1.05M | 9.55M | 1.06M | 1.12M | 3.17M | 2.06M | 2.91M | 3.02M | 1.34M | 34K | 3.93M | -105K | 798K | 10.74M | 2.03M | 157K | 1.46M |
| Debt Issued (Net) | -237K | -226K | -209K | -399K | -611K | -603K | 1.05M | -3.94M | 1.26M | 340K | -154K | 523K | 564K | 741K | -1.01M | -945K | 3.92M | -105K | 798K | -2.85M | 2.32M | -135K | -178K |
| Equity Issued (Net) | 0 | 1.34M | 0 | 0 | 19K | 7.15M | 0 | 13.81M | 0 | 852K | 3.71M | 1.98M | 2.78M | 2.12M | 2.21M | 858K | 0 | 0 | 0 | 13.59M | 0 | 0 | 1.64M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -315K | -195K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -331K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -96K | 245K | 0 | -250K | -4.89M | 6.92M | 0 | 0 | 0 | -75K | -393K | -447K | -429K | 162K | 133K | 121K | 5K | 0 | 0 | 0 | -292K | 292K | 0 |
| Net Change in Cash | -1.38M | 236K | -987K | -479K | -6M | 7.99M | 565K | -348K | -104K | 87K | 324K | -919K | -1.57M | 704K | -402K | -517K | -15K | 1.15M | -3.31M | 4.63M | 453K | -818K | 858K |
| Free Cash Flow | -1.02M | -1.12M | -794K | 252K | -329K | -1.1M | -498K | -4.23M | -1.16M | -1.03M | -2.85M | -2.95M | -4.32M | -1.44M | -1.21M | 146K | 1.15M | 2.52M | -1.76M | -1.44M | -896K | -552K | -454K |
| FCF Margin % | -6.59% | -7.29% | -5.17% | 1.59% | -1.96% | -8.28% | -4.57% | -42.54% | -8.58% | -6.34% | -17.91% | -15.35% | -18.18% | -5.86% | -4.6% | 0.56% | 4.86% | 10.53% | -8.28% | -12.92% | -10.88% | -9.57% | -9.29% |
| FCF Growth % | -12700% | -41.31% | -415.08% | 176.6% | 70.04% | -120.48% | 88.24% | -263.75% | -12.68% | 63.72% | 3.49% | 31.65% | -200.56% | -18.68% | -928.77% | -87.26% | -54.47% | 242.69% | -22.41% | -60.83% | -62.32% | -21.59% | - |
| FCF per Share | -0.08 | -0.10 | -0.08 | 0.02 | -0.03 | -0.18 | -0.14 | -3.53 | -13.77 | -12.45 | -75.20 | -169.52 | -274.01 | -115.38 | -115.60 | 14.97 | 128.07 | 279.14 | -232.78 | -340.82 | -276.80 | -181.40 | -187.60 |
| FCF Conversion (FCF/Net Income) | 0.61x | 0.44x | 0.39x | -0.03x | -0.06x | 0.15x | -1.53x | 0.44x | 0.15x | 0.59x | 0.34x | 0.16x | 0.62x | 0.02x | -0.29x | -1.05x | -4.10x | 3.96x | 0.04x | 0.52x | 0.51x | 0.83x | 2.12x |
| Interest Paid | 18K | 17K | 29K | 51K | 38K | 7K | 0 | 88K | 250K | 128K | 469K | 243K | 245K | 273K | 275K | 0 | 0 | 59K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 6K | 21K | 21K | 50K | 31K | 0 | 3K | 3K | 14K | 18K | 17K | 52K | 57K | 53K | 49K | 0 | 0 | 133K | 0 | 0 | 0 | 0 | 0 |
Liquidity and going concern
As reported in recent financial filings, Bridgeline Digital's operating cash flow frequently fails to align with net losses, with the OCF/NI ratio fluctuating wildly, including a notable 0.09 reading in 2026Q2, which suggests that non-cash adjustments and working capital volatility are masking the underlying cash burn.
The lack of a consistent relationship between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash items like stock-based compensation and depreciation. Investors should monitor whether the company can achieve positive cash conversion without relying on favorable working capital timing, which appears to be a recurring, yet unreliable, source of liquidity.
Based on the provided quarterly data, Bridgeline's free cash flow remains consistently negative, with the most recent 2026Q2 period showing a $47,000 outflow, underscoring the firm's inability to generate self-sustaining cash flow despite its transition toward a recurring SaaS-based revenue model.
The persistent negative FCF margins suggest that the company's current scale is insufficient to cover its operational and maintenance capital requirements. This trajectory warrants further investigation into whether the firm's R&D investments are yielding the necessary efficiency gains to eventually reach a cash-flow-neutral state.
According to historical cash flow statements, Bridgeline's working capital changes are highly erratic, swinging from a $390,000 inflow in 2025Q1 to a $759,000 outflow in 2024Q1, which suggests that the company's cash position is heavily dependent on the timing of customer payments and vendor obligations.
This volatility implies that the company's cash flow is not driven by operational efficiency but rather by the timing of project-based billing cycles. Such instability makes it difficult to forecast liquidity needs and suggests that the company may face significant cash crunches if collection cycles lengthen.
As evidenced by the quarterly cash flow statements, stock-based compensation and depreciation consistently add back significant amounts to the bottom line, with SBC reaching $131,000 in 2026Q2, which effectively obscures the true extent of the company's ongoing cash-based operational losses.
The reliance on non-cash add-backs to mitigate reported losses suggests that the company's cash burn is more severe than the headline net income figures might imply. Analysts should focus on the cash-based operating expenses to understand the true cost of maintaining the current platform and workforce.
Quick answers to the most common questions about buying BLIN stock.
Bridgeline Digital, Inc. (BLIN) generated $-1.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bridgeline Digital, Inc. (BLIN) reported negative free cash flow of $1.1M in 2025, indicating capital requirements exceeded cash from operations.
Bridgeline Digital, Inc. (BLIN) 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, Bridgeline Digital, Inc. (BLIN) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.