Operational cash flow remains deeply negative, with free cash flow margins reaching as low as -157.9% in 2024Q3, reflecting a structural inability to fund expansion through internal cash generation.
| Cash from Operations | -7.17M | -7M | -4.86M | -3.53M | -2.47M | -1.08M | -380.8K |
| Operating CF Margin % | - | -51% | -75.53% | -124.9% | -328.07% | -151.34% | -116.48% |
| Operating CF Growth % | -124.71% | -44.03% | -37.7% | -43.02% | -127.88% | -184.37% | - |
| Net Income | -7M | -6.12M | -4.75M | -3.93M | -4.64M | -660.2K | -559.84K |
| Depreciation & Amortization | 672.23K | 616.58K | 205.91K | 223.86K | 93.25K | 323 | 38.77K |
| Stock-Based Compensation | 242.81K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 708K | 740.38K | 1.19M | 1.09M | 1.76M | -465.53K | 232.57K |
| Working Capital Changes | -1.79M | -2.23M | -1.5M | -913.27K | 325.68K | 42.5K | -92.3K |
| Change in Receivables | 379.42K | -900.42K | 191.5K | -557.31K | 65.08K | -66.16K | -63.22K |
| Change in Inventory | -2.44M | -454.54K | -1.59M | -177.04K | 44.21K | -24.58K | -153.56K |
| Change in Payables | 1.26M | 58.68K | 811.13K | 102.87K | 33.01K | 224.99K | 7.06K |
| Cash from Investing | -884.59K | -747.04K | -2.82M | -116.56K | -22.44K | -1.07M | 8K |
| Capital Expenditures | -884.59K | -747.04K | -2.85M | -116.56K | -45.15K | -695K | 0 |
| CapEx % of Revenue | 6.73% | 5.44% | 44.25% | 4.12% | 6% | 97.13% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 24.65K | 0 | 22.71K | -371.95K | 8K |
| Cash from Financing | 6.61M | 6M | 9.36M | 3.76M | 2.18M | 1.89M | 1.41M |
| Debt Issued (Net) | -1.45M | -3.04M | 5.37M | -1.73M | 2.52M | 2.02M | 1.41M |
| Equity Issued (Net) | 6.98M | 9.12M | 4.53M | 6.23M | 10K | 64.45K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.08M | -73.62K | -534.11K | -740.29K | -351.38K | -192.28K | 0 |
| Net Change in Cash | -1.47M | -1.71M | 1.67M | 109.34K | -307.63K | -259.64K | 1.04M |
| Free Cash Flow | -8.05M | -7.75M | -7.71M | -3.65M | -2.51M | -1.78M | -380.8K |
| FCF Margin % | -61.3% | -56.44% | -119.78% | -129.02% | -334.07% | -248.47% | -116.48% |
| FCF Growth % | 14.86% | -0.52% | -111.39% | -45.09% | -41.34% | -366.88% | - |
| FCF per Share | -0.75 | -0.72 | -1.35 | -0.91 | -2.09 | -1.59 | -0.35 |
| FCF Conversion (FCF/Net Income) | 1.15x | 1.14x | 1.02x | 0.90x | 0.53x | 1.64x | 0.68x |
| Interest Paid | 145.43K | 0 | 196.01K | 466.34K | 246.66K | 201.36K | 6.58K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in quarterly financial statements, BOF consistently exhibits an OCF/NI ratio frequently exceeding 1.0, which, when coupled with persistent net losses, suggests that the company's operating cash flow is failing to track with accounting earnings due to significant non-cash adjustments and working capital volatility.
The recurring gap between net income and operating cash flow indicates that the company is struggling to convert its top-line expansion into actual liquidity. Investors should monitor this divergence, as it suggests that the reported losses are being compounded by cash-draining operational inefficiencies rather than being mitigated by non-cash accounting items.
Based on the provided cash flow data, BOF's free cash flow margins have remained deeply negative, reaching as low as -157.9% in 2024Q3, which highlights a structural inability to fund operations through internal cash generation as the company attempts to scale its retail footprint.
The consistent negative FCF trajectory underscores the high cash intensity of the current business model. This trend suggests that every dollar of revenue growth is currently requiring a disproportionate amount of cash investment, which may not be sustainable without a fundamental shift in unit economics.
According to recent SEC filings, BOF's capital expenditure as a percentage of revenue has been highly volatile, peaking at 70.8% in 2024Q3, which indicates that the company is heavily reinvesting in manufacturing infrastructure to support its aggressive expansion strategy despite lacking a stable profit base.
The high capital intensity relative to revenue suggests that the company is still in a heavy asset-building phase. Analysts should investigate whether these expenditures are truly growth-oriented or if they represent necessary maintenance to keep aging or inefficient dehydration equipment operational.
As evidenced by the quarterly cash flow data, working capital changes have frequently been negative, including a significant $1.2 million outflow in 2025Q1, which suggests that the company is struggling to manage its inventory and receivables effectively during its rapid retail expansion phase.
The erratic nature of working capital changes implies that the company may be over-ordering inventory or facing delays in collecting payments from retail partners. This volatility creates a significant drag on the company's already thin cash reserves, increasing the risk of a liquidity shortfall.
Quick answers to the most common questions about buying BOF stock.
BranchOut Food Inc. (BOF) generated $-7.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BranchOut Food Inc. (BOF) reported negative free cash flow of $7.7M in 2025, indicating capital requirements exceeded cash from operations.
BranchOut Food Inc. (BOF) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.