Free cash flow remains deeply negative at -$2.2M for 2025Q4, reflecting a structural inability to cover operational costs through core business activities.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'14 | Dec'13 | Dec'12 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | -4.7M | -1.89M | -659K | -645K | 569K | -1.02M | -3.32M | 297.85M | 279.79M | 238.24M | 161.9M | 145.09M | 115.05M | 114.84M | 54.49M | 13.96M |
| Operating CF Margin % | -151.94% | -61.55% | -22.65% | -22.53% | 17.24% | -32.12% | -81.06% | 44.15% | 43.9% | 45.98% | 41.89% | 40.17% | 38.1% | 43.16% | 152.73% | 198.87% |
| Operating CF Growth % | -149.26% | -186.19% | -2.17% | -213.36% | 155.78% | 69.25% | -101.11% | 6.46% | 17.44% | 47.15% | 11.58% | 26.11% | 0.18% | 110.76% | 290.36% | - |
| Net Income | -6.02M | -3.35M | -695K | -1.25M | -952K | -2.46M | -3.94M | 201.47M | 47.21M | 11.76M | 39.31M | 60.19M | 64.9M | 72.53M | 17.05M | 5.78M |
| Depreciation & Amortization | 242K | 170K | 26K | 28K | 193K | 679K | 694K | 254.34M | 245M | 196.93M | 115.36M | 109.62M | 84.23M | 72.43M | 39.38M | 8.45M |
| Stock-Based Compensation | 684K | 418K | 363K | 222K | 157K | 120K | 139K | 15.76M | 12.85M | 11.53M | 6.99M | 5.63M | 6.11M | 6.23M | 3.83M | 0 |
| Deferred Taxes | 0 | 0 | 0 | -12K | -123K | -5K | 193K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 40K | 626K | -272K | 124K | 392K | 465K | 154K | -173.72M | -25.27M | 18.02M | 237K | -30.35M | -40.18M | -36.35M | -5.76M | -277K |
| Working Capital Changes | 353K | 253K | -81K | 241K | 902K | 180K | -561K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | 240K | 91K | -16K | 310K | 704K | -113K | -332K | -6.72M | -2.96M | 282K | -2.05M | 4.2M | -5.32M | 1.3M | -8.29M | -1.99M |
| Change in Inventory | 0 | 0 | 0 | 0 | 214K | 276K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 110K | 3K | -26K | 6K | 16K | -14K | 0 | 10.77M | -4.03M | 18.88M | 24.14M | 2.71M | -5.18M | -8.53M | 10.11M | 5.75M |
| Cash from Investing | -7.53M | -330K | -193K | -2K | -4K | 1K | -23K | -93.64M | -833.22M | -537.98M | -710.99M | -157.63M | -218.66M | -409.3M | -602.01M | -456.68M |
| Capital Expenditures | -27K | -36K | -10K | -2K | -4K | -7K | -23K | -414.45M | -252.13M | -138.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.87% | 1.17% | 0.34% | 0.07% | 0.12% | 0.22% | 0.56% | 61.44% | 39.56% | 26.8% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -294K | -183K | 0 | 0 | 0 | 0 | 472.4M | -91.19M | -24.11M | -6.04M | -43.44M | 25.03M | -14.8M | 2.77M | -456.68M |
| Cash from Financing | -270K | 12.58M | 6.28M | 312K | -141K | -418K | 2.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issued (Net) | -290K | -498K | -469K | 420K | -500K | -504K | -1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 20K | 12.29M | 6.7M | 0 | 0 | 11K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 795K | 49K | -108K | 359K | 75K | 3.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -12.5M | 10.37M | 5.42M | -335K | 424K | -1.44M | 2.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -4.73M | -2.22M | -669K | -647K | 565K | -1.03M | -3.34M | -116.6M | 27.66M | 99.36M | 161.9M | 145.09M | 115.05M | 114.84M | 54.49M | 13.96M |
| FCF Margin % | -152.81% | -72.32% | -23% | -22.6% | 17.12% | -32.34% | -81.62% | -17.28% | 4.34% | 19.18% | 41.89% | 40.17% | 38.1% | 43.16% | 152.73% | 198.87% |
| FCF Growth % | -113.36% | -231.24% | -3.4% | -214.51% | 155.01% | 69.25% | 97.14% | -521.54% | -72.16% | -38.62% | 11.58% | 26.11% | 0.18% | 110.76% | 290.36% | - |
| FCF per Share | -0.30 | -0.15 | -0.06 | -0.25 | 0.22 | -0.05 | -1.30 | -0.56 | 0.15 | 0.64 | 1.40 | 1.58 | 1.54 | 1.68 | - | - |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.56x | 0.95x | 0.52x | -0.60x | 0.41x | 0.84x | 1.54x | 6.00x | 20.15x | 4.17x | 2.47x | 1.77x | 1.58x | 9.54x | 5.98x |
| Interest Paid | 23K | 85K | 133K | 77K | 90K | 91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 29K | 43K | 38K | 54K | 49K | 99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and scaling
According to reported financial statements, BMR's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, including a 0.79 reading in 2025Q4, which suggests that the company's reported losses are not being mitigated by meaningful cash-generative activities or efficient working capital management.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based losses are mirrored by actual cash outflows. Investors should monitor this relationship closely, as the inability to bridge this divide suggests that the business model is currently consuming rather than generating liquidity.
As reported in recent filings, BMR's free cash flow remains deeply negative, with a 2025Q4 FCF margin of -110.9%, highlighting a structural inability to cover operational costs through core business activities despite the company's high-margin intellectual property licensing model.
The trajectory of free cash flow suggests that the company is in a perpetual state of capital consumption. Without a significant shift in revenue scale, the current burn rate appears to be a structural feature of the business rather than a temporary investment phase.
Based on BMR's reported figures, working capital changes have been highly erratic, swinging from a $247.0K inflow in 2025Q2 to a $116.0K inflow in 2025Q4, which indicates that cash flow is heavily influenced by lumpy, non-recurring timing differences rather than stable operational efficiency.
This volatility suggests that the company's cash position is sensitive to the timing of specific contract milestones or licensing payments. Such unpredictability complicates cash flow forecasting and underscores the lack of a predictable, recurring revenue base to stabilize the balance sheet.
Data from recent SEC filings reveals that stock-based compensation, such as the $327.0K recorded in 2025Q2, frequently masks the true extent of the company's cash burn, effectively shifting the burden of compensation from cash outlays to shareholder dilution over the long term.
While SBC is a non-cash expense, it represents a real economic cost to shareholders that is often overlooked in headline cash flow metrics. The reliance on equity-based incentives suggests that management is attempting to preserve limited cash reserves, which may indicate a lack of confidence in near-term organic cash generation.
Quick answers to the most common questions about buying BMR stock.
Beamr Imaging Ltd. (BMR) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Beamr Imaging Ltd. (BMR) reported negative free cash flow of $4.7M in 2025, indicating capital requirements exceeded cash from operations.
Beamr Imaging Ltd. (BMR) 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.