Liquidity remains under pressure as cash reserves have dwindled to $38.7M, exacerbated by historical free cash flow margins that reached as low as -142.4% in 2022Q4.
| Cash from Operations | -66.83M | -25.43M | -54.07M | -147.5M | -247.49M | -165.91M | -206.22M |
| Operating CF Margin % | -14.25% | -3.58% | -4.95% | -12.43% | -24.48% | -21.54% | -25.66% |
| Operating CF Growth % | -162.83% | 52.97% | 63.34% | 40.4% | -49.17% | 19.55% | - |
| Net Income | -58.6M | -68.9M | -105.98M | -132.82M | -193.22M | -175.93M | -231.53M |
| Depreciation & Amortization | 14.73M | 24.3M | 32.44M | 19.38M | 18.77M | 20.3M | 21.09M |
| Stock-Based Compensation | 81K | 679K | -7.68M | 14.41M | 55.02M | 0 | 0 |
| Deferred Taxes | -801K | -907K | -989K | -989K | -1.89M | -661K | -141K |
| Other Non-Cash Items | -104K | 11.45M | 45.15M | 2.53M | -10.37M | 32.46M | 18.71M |
| Working Capital Changes | -22.14M | 7.95M | -17.01M | -50.01M | -115.81M | -42.08M | -17.23M |
| Change in Receivables | 8.01M | 29.59M | -27.45M | -6.13M | -880K | -16.01M | -10.54M |
| Change in Inventory | 15.13M | 26.54M | 30.58M | -23.18M | -38.84M | 15.49M | 14.45M |
| Change in Payables | -4.63M | -31.5M | -36.34M | 18.11M | -22.03M | -19.54M | -15.75M |
| Cash from Investing | 24.6M | 47.81M | 46.5M | 21.15M | -184.42M | -75.06M | -22.56M |
| Capital Expenditures | -3.3M | -527K | -1.85M | -3.1M | -6.51M | -1.21M | -2.05M |
| CapEx % of Revenue | 0.7% | 0.07% | 0.17% | 0.26% | 0.64% | 0.16% | 0.26% |
| Acquisitions | 29.09M | -29.13M | -2.94M | -127K | 50K | 1.8M | -643K |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 2.51M | -394K | -6.96M | -295K | -9.42M | -25.66M | -9.15M |
| Cash from Financing | 8.15M | -33.13M | -76.66M | 2M | 648.49M | 295.03M | 199.31M |
| Debt Issued (Net) | -6.37M | -69.08M | -76.68M | 727K | -100.04M | 253.84M | 131.18M |
| Equity Issued (Net) | 14.52M | 35.92M | 0 | 0 | 748.52M | 41.2M | 68.14M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 29K | 25K | 1.27M | 9K | 0 | 0 |
| Net Change in Cash | -34.06M | -17.13M | -73M | -129.38M | 203.88M | 61.13M | -22.99M |
| Free Cash Flow | -70.14M | -25.99M | -55.92M | -150.6M | -254M | -167.12M | -208.28M |
| FCF Margin % | -14.96% | -3.66% | -5.12% | -12.69% | -25.12% | -21.7% | -25.91% |
| FCF Growth % | -169.86% | 53.52% | 62.87% | 40.71% | -51.99% | 19.76% | - |
| FCF per Share | -58.18 | -84.92 | -182.72 | -492.93 | -846.09 | -546.14 | -680.64 |
| FCF Conversion (FCF/Net Income) | 1.23x | 0.40x | 0.53x | 1.15x | 1.27x | 0.93x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational viability
Based on historical financial statements, Boqii exhibits a profound disconnect between net losses and operating cash flow, with the OCF/NI ratio reaching extreme levels of 25.02 in 2021Q4, suggesting that reported earnings are heavily distorted by non-cash items and significant working capital volatility.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings do not reflect its actual cash-generating capacity. Investors should monitor whether the recent cessation of reported cash flow data reflects a strategic shift or an inability to maintain positive cash conversion cycles.
As reported in historical filings, Boqii's free cash flow trajectory has been characterized by extreme volatility, with margins plummeting to -142.4% in 2022Q4, highlighting a structural inability to generate sustainable cash flow even during periods of higher revenue activity.
The transition from positive FCF in 2023Q2 to the current lack of reported cash flow data suggests a deteriorating financial position. This trajectory implies that the company may be struggling to fund its operations without external capital, which warrants further investigation into its current liquidity runway.
According to historical data, Boqii's capital expenditure reached as high as 13.1% of revenue in 2021Q4, indicating a high level of capital intensity that appears inconsistent with the company's current inability to scale its platform or maintain its competitive position.
The lack of recent capital expenditure reporting may suggest a pivot toward an asset-light model or, more concerningly, a complete halt in investment necessary to maintain its technological infrastructure. Analysts should consider whether this lack of spending is a cost-saving measure that compromises the platform's long-term utility.
Financial statements indicate that Boqii's cash flow is heavily influenced by stock-based compensation, which reached $361.2M in 2021Q4, effectively masking the true economic cost of operations and diluting the impact of the company's persistent net losses on shareholder value.
The reliance on non-cash adjustments to reconcile operating cash flow suggests that the company's underlying business model may be more cash-constrained than headline figures imply. Investors should be wary of how these adjustments obscure the true burn rate and the sustainability of the current operating structure.
Quick answers to the most common questions about buying BQ stock.
Boqii Holding Limited (BQ) generated $-66.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Boqii Holding Limited (BQ) reported negative free cash flow of $70.1M in 2025, indicating capital requirements exceeded cash from operations.
Boqii Holding Limited (BQ) spent $3.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.