Free cash flow remains deeply negative at -$1.3 million in 2026Q3, highlighting an unsustainable burn rate that lacks support from operational efficiencies.
| Metric | TTM | May'25 | May'24 | May'23 | May'22 | May'21 | May'20 | May'19 | May'18 | May'17 | May'16 | May'15 | May'14 | May'13 | May'12 | May'11 | May'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | May'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Cash from Operations | -3.17M | -3.84M | -5.36M | -5.47M | -480.53K | -5.25M | -4.3M | -2.24M | -1.17M | -722.86K | -208.78K | -405.48K | -862.27K | 1.39M | 147.41K | 328.8K | -236.98K | -102K | -194.59K | 463.71K | -385.17K | 72.92K | -75.03K | 512.54K | -131.07K | 108.95K | -2.56M | -400K | 400K | 700K | 500K |
| Operating CF Margin % | - | -72.32% | -99% | -102.53% | -2.55% | -72.95% | -64.21% | -43.15% | -21.1% | -12.48% | -4.06% | -8.17% | -16.84% | 21.54% | 2.42% | 6.71% | -4.67% | -2.07% | -3.95% | 8.07% | -5.36% | 0.79% | -0.82% | 5.66% | -1.52% | 1.22% | -31.91% | -4.6% | 4.26% | 7.61% | 5.26% |
| Operating CF Growth % | 71.84% | 28.35% | 2.06% | -1039.15% | 90.85% | -22.2% | -91.51% | -91.11% | -62.44% | -246.23% | 48.51% | 52.98% | -161.85% | 845.67% | -55.17% | 238.75% | -132.33% | 47.58% | -141.97% | 220.39% | -628.21% | 197.19% | -114.64% | 491.03% | -220.3% | 104.25% | -540.95% | -200% | -42.86% | 40% | 0% |
| Net Income | -3.94M | -4.97M | -5.98M | -7.14M | -4.53M | -7.45M | -2.34M | -2.39M | -1.47M | -908.56K | -1.5M | -331.41K | -215.66K | 536.96K | 548.43K | 157.45K | -331.45K | 354.18K | 1.71M | 509.01K | 153.76K | -21.46K | -299.05K | -223.87K | -566.67K | -578.89K | -3.89M | -100K | 100K | 400K | 400K |
| Depreciation & Amortization | 414K | 400K | 374K | 351K | 594.82K | 375.86K | 398.63K | 162.91K | 186.6K | 219.22K | 232.42K | 253.28K | 207.03K | 216.71K | 180.12K | 147.81K | 114.01K | 88.65K | 65.83K | 56.74K | 122.05K | 159.32K | 144.16K | 116.55K | 192.42K | 208.99K | 222.32K | 300K | 200K | 200K | 300K |
| Stock-Based Compensation | 493K | 460K | 837K | 1.19M | 1.26M | 1.35M | 200.47K | 151.22K | 18.47K | 21.73K | 15.15K | 10.02K | 11K | 20.86K | 53.62K | 27.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10K | 31K | -16.5K | 703K | -298K | -217K | 9K | -569.08K | 21.15K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -20K | 4K | 31K | 168K | -719.15K | 1.55M | -37.97K | 12.91K | 23.4K | 8.07K | -923 | -39.29K | -50.59K | -1.19K | 541.93K | -72.37K | -37.28K | 215.7K | -1.12M | 145.82K | -230.44K | -178.04K | 163K | 241.96K | 318.02K | 362.72K | 639.87K | -100K | 200K | -100K | 200K |
| Working Capital Changes | 117K | 268K | -625K | -38K | 2.91M | -1.09M | -2.54M | -188.02K | 32.14K | -46.81K | 341.35K | -69 | -597.06K | 611.69K | -607.62K | 46.8K | 17.75K | -760.53K | -853.09K | -247.86K | -430.54K | 113.1K | -83.14K | 377.89K | -74.84K | 116.13K | 464.85K | -500K | -100K | 100K | -400K |
| Change in Receivables | 315K | 209K | -215K | -291K | 1.37M | -455.61K | -309.09K | -670.13K | 252.5K | -132.26K | 151.16K | 348.67K | -490.32K | 326.32K | -534.43K | 261.77K | -313.95K | -28.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 34K | 882K | -115K | 534K | 1.56M | -1.91M | -717.46K | 21.39K | -457.27K | 150.47K | 137.13K | -243.38K | -158.96K | 245.96K | -27.71K | 3.81K | 292.65K | -370.19K | -302.49K | -333.68K | -261.86K | 32.33K | -17.91K | 261.08K | -91.51K | -128.3K | 198.41K | -500K | -100K | -400K | -200K |
| Change in Payables | 98K | -466K | 246K | -80K | -403.33K | -403.33K | -12.88K | 343.99K | 319.17K | 10.45K | -30.58K | -29.14K | 103.56K | -5.45K | -63.6K | -121.76K | 53.23K | -293.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -15K | -37K | -115K | -78K | -170.34K | -295.58K | -118.93K | -171.11K | -130.35K | -96.08K | -95.19K | -22.78K | -282.53K | -257.12K | -113.17K | -431.68K | -269.4K | -215.89K | 1.52M | -62.7K | -251.74K | -233.35K | -390.12K | -236.28K | 219.45K | 50.53K | -360.49K | 0 | 0 | -400K | -100K |
| Capital Expenditures | 4K | -37K | -51K | -78K | -170.34K | -295.58K | -118.93K | -171.11K | -130.35K | -96.08K | -95.19K | -24.68K | -283.73K | -257.12K | -214.8K | -266.36K | -369.4K | -115.89K | -264.78K | -112.69K | -252.43K | -242.24K | -436.09K | -236.28K | -11.73K | -61.92K | -206.38K | -100K | -100K | -200K | -100K |
| CapEx % of Revenue | 0.09% | 0.7% | 0.94% | 1.46% | 0.9% | 4.11% | 1.78% | 3.29% | 2.34% | 1.66% | 1.85% | 0.5% | 5.54% | 3.97% | 3.53% | 5.44% | 7.28% | 2.35% | 5.37% | 1.96% | 3.51% | 2.61% | 4.76% | 2.61% | 0.14% | 0.69% | 2.57% | 1.15% | 1.06% | 2.17% | 1.05% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -19K | 0 | -64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192.06K | 26.79K | -172.29K | -200K | -100K | 0 | 0 |
| Cash from Financing | 1.46M | 2.11M | -81K | 9.39M | 2.39M | 1.11M | 12.37M | 1.91M | 1.29M | 157.73K | 1.11M | 9.56K | 185.28K | 258.51K | 55.4K | 37.89K | -32.45K | -106.94K | 184.38K | -4.03K | 538.95K | 159.94K | 292.36K | -77.36K | 114.05K | -638.25K | 1.89M | 200K | -300K | 800K | -500K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -43K | 7.61K | -45.11K | -42.28K | -140.33K | 35.87K | -35.12K | -1.5K | 158.77K | 3.34K | -126.69K | 205.67K | 75K | -20K | 100K | -300K | -300K | -500K |
| Equity Issued (Net) | 1.54M | 2.14M | -81K | 9.31M | 2.32M | 1.01M | 12.15M | 1.78M | 1.27M | 0 | 995.98K | 0 | 150K | 250K | 0 | 0 | 0 | -3K | 148.51K | 31.09K | 503.19K | 1.17K | 322.5K | 40K | 11.33K | 248.98K | 2.03M | 200K | 0 | 1.1M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -19K | 0 | 0 | -705K | -85K | -165.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -87K | -32K | 0 | 81K | 77.52K | 102.25K | 223.53K | 130.85K | 27.44K | 0 | 109.94K | 0 | 35.27K | 51.51K | 0 | 0 | 0 | 36.39K | 0 | 0 | 37.25K | 0 | -33.48K | 9.33K | -102.94K | -962.23K | -117.91K | -100K | 0 | 0 | 0 |
| Net Change in Cash | -1.72M | -1.77M | -5.55M | 3.8M | 1.72M | -4.44M | 7.95M | -518.12K | -20.56K | -663.46K | 800.62K | -420.82K | -960.67K | 1.39M | 88.07K | -65.94K | -540.62K | -426.56K | 1.51M | 396.99K | -97.96K | -493 | -172.79K | 198.89K | 202.43K | -478.76K | -1.03M | -100K | 100K | 1.1M | -100K |
| Free Cash Flow | -3.8M | -3.88M | -5.48M | -5.55M | -650.87K | -5.55M | -4.42M | -2.42M | -1.3M | -818.94K | -303.97K | -430.16K | -1.15M | 1.14M | -67.39K | 62.44K | -606.38K | -217.89K | -459.38K | 351.01K | -637.6K | -169.32K | -511.12K | 276.25K | -142.8K | 47.04K | -2.77M | -500K | 300K | 500K | 400K |
| FCF Margin % | -83.17% | -73.02% | -101.13% | -103.99% | -3.45% | -77.06% | -65.99% | -46.44% | -23.45% | -14.14% | -5.91% | -8.67% | -22.38% | 17.56% | -1.11% | 1.27% | -11.95% | -4.42% | -9.32% | 6.11% | -8.87% | -1.83% | -5.57% | 3.05% | -1.66% | 0.53% | -34.48% | -5.75% | 3.19% | 5.43% | 4.21% |
| FCF Growth % | 1.27% | 29.18% | 1.37% | -753.01% | 88.27% | -25.61% | -82.86% | -85.13% | -59.3% | -169.41% | 29.34% | 62.46% | -200.8% | 1787.17% | -207.91% | 110.3% | -178.3% | 52.57% | -230.87% | 155.05% | -276.56% | 66.87% | -285.02% | 293.45% | -403.6% | 101.7% | -454.04% | -266.67% | -40% | 25% | 33.33% |
| FCF per Share | -1.26 | -1.69 | -0.33 | -0.39 | -0.05 | -0.47 | -0.43 | -0.26 | -0.15 | -0.10 | -0.04 | -0.06 | -0.16 | 0.15 | -0.01 | 0.01 | -0.09 | -0.03 | -0.07 | 0.05 | -0.10 | -0.03 | -0.09 | 0.05 | -0.03 | 0.01 | -0.61 | -0.13 | 0.08 | 0.13 | 0.11 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.77x | 0.90x | 0.77x | 0.11x | 0.71x | 1.84x | 0.94x | 0.80x | 0.80x | 0.14x | 1.22x | 4.00x | 2.60x | 0.27x | 2.09x | 0.71x | -0.29x | -0.11x | 0.86x | -1.67x | 0.45x | 0.34x | -2.29x | 0.31x | -0.04x | 0.66x | 4.00x | 4.00x | 1.75x | 1.25x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 367 | 9 | 47 | 37 | 282 | 167 | 138 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 27K | 10K | 41K | 51K | 24K | 27.17K | 7.39K | 14.24K | 800 | 800 | -800 | -800 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and liquidity
According to recent financial disclosures, Biomerica's operating cash flow consistently tracks net losses, with an OCF/NI ratio of 0.95 in 2026Q3, indicating that the company lacks the non-cash accruals or operational efficiencies necessary to bridge the widening gap between accounting losses and actual cash outflows.
The tight correlation between net income and operating cash flow suggests that the company's losses are largely cash-based rather than driven by non-cash accounting charges. This implies that the business is consuming liquidity at a rate nearly identical to its reported net losses, leaving little room for operational error.
As reported in quarterly filings, the company's free cash flow remains deeply negative, reaching -$1.3M in 2026Q3, which reflects a deteriorating trend where the firm is unable to generate positive cash flow from its core operations to offset even minimal capital expenditure requirements.
The consistent negative FCF margin, which hit -130.4% in the most recent quarter, underscores the structural inability of the current business model to self-fund. Investors should monitor whether this burn rate accelerates as the company attempts to scale the InFoods platform without a stable revenue base.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $629.0K inflow in 2025Q4 to an $83.0K outflow in 2026Q3, suggesting that the company lacks a predictable cycle for managing its inventory and accounts receivable during this transition.
This volatility may indicate inconsistent collection patterns or erratic inventory stocking orders that do not align with steady end-user demand. Such fluctuations complicate cash flow forecasting and suggest that the company's liquidity position is highly sensitive to the timing of individual customer payments.
As evidenced by the quarterly data, stock-based compensation remains a recurring adjustment, with $135.0K recorded in 2026Q3, which effectively masks the true extent of the company's cash-based operating losses by shifting compensation costs away from the cash flow statement and into equity dilution.
While SBC is a non-cash expense, its consistent presence suggests that the company is relying on equity-based incentives to preserve its limited cash reserves. This practice warrants further investigation, as it may indicate that the firm is prioritizing talent retention over the preservation of shareholder value during a period of significant financial distress.
Quick answers to the most common questions about buying BMRA stock.
Biomerica, Inc. (BMRA) generated $-3.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Biomerica, Inc. (BMRA) reported negative free cash flow of $3.9M in 2025, indicating capital requirements exceeded cash from operations.
Biomerica, Inc. (BMRA) 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.