Free cash flow remains deeply negative with a -53.8% margin in 2026Q1, reflecting a substantial $1.9M outflow in working capital that threatens the company's limited $1.8M cash position.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 |
|---|
| Cash from Operations | -3.54M | -1.67M | -2.23M | -2.96M | -2.65M | -1.86M | -3.27M | -3.35M | -4.13M | -7.33M | -8.02M | -2.28M | -1.89M | -992.24K | -402.99K | 37.09K | -10K |
| Operating CF Margin % | - | -11.73% | -20.8% | -36.4% | -28.9% | -27.79% | -127.32% | -77.86% | -97.48% | -367.26% | -550.59% | -1079.17% | -1712.46% | -11113.81% | -4513.73% | - | -100% |
| Operating CF Growth % | -12293.79% | 25.26% | 24.64% | -11.71% | -42.24% | 43.05% | 2.51% | 18.77% | 43.71% | 8.61% | -251.64% | -21.06% | -89.99% | -146.22% | -1186.65% | 470.85% | - |
| Net Income | -2.59M | -2.69M | -2.83M | -2.82M | -6.13M | -1.27M | -4.15M | -5.59M | -7.32M | -8.91M | -10.19M | -3.78M | -2.58M | -2.04M | -345.88K | -63.84K | -10K |
| Depreciation & Amortization | 253K | 255K | 283K | 403K | 444K | 639.4K | 667.48K | 753.48K | 568.42K | 330.88K | 208.61K | 134.22K | 84.84K | 35.38K | 2.18K | 741 | 0 |
| Stock-Based Compensation | 479K | 536K | 784K | 555K | 559K | 280K | 406.64K | 225.03K | 598.77K | 1.55M | 1.13M | 1.1M | 0 | 305.61K | 467K | 22.22K | 0 |
| Deferred Taxes | 0 | -288K | 0 | 0 | 0 | -959K | -585.66K | -648.35K | 457.84K | 0 | 63.75K | 37.75K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -907K | -648K | 6K | 18K | 746K | 56.52K | 270.6K | 1.22M | 709.87K | 112.25K | 275.71K | 500.5K | 228.16K | 514.46K | 22.22K | -59.29K | 100.19K |
| Working Capital Changes | -773K | 1.17M | -477K | -1.11M | 1.74M | -613.41K | 124.46K | 692.04K | 859.64K | -416.56K | 484.72K | 75.7K | 79.67K | 375.68K | -81.51K | 100.19K | -100.19K |
| Change in Receivables | 448K | -33K | 97K | -754K | 996K | -797.45K | -140.36K | -16.76K | -148.06K | -169.92K | -102.49K | 87.54K | -61.23K | -7.41K | -7.41K | 0 | 0 |
| Change in Inventory | -512K | 0 | -286K | -166K | -343K | 164.84K | -240.7K | 456.94K | 213.35K | -1.1M | 10.01K | -88.93K | -64.2K | -12.71K | -12.71K | 0 | 0 |
| Change in Payables | -475K | 1.13M | -399K | 202K | 1.06M | 584.75K | -272.02K | -502.9K | 458.51K | 267.42K | 21.95K | -42.6K | -71.83K | 236.79K | 10.9K | 10.9K | 0 |
| Cash from Investing | -1.96M | -1.35M | -53K | 0 | -13K | -150.54K | -59.66K | -471.54K | -1.08M | -564.38K | -1.08M | -268.38K | -804.09K | -195.55K | -149.14K | -37.09K | 0 |
| Capital Expenditures | -741K | -123K | -53K | 0 | -13K | -150.54K | -74.19K | -471.54K | -1.12M | -564.38K | -1.12M | -284.08K | -804.09K | -195.55K | -149.14K | -37.09K | 0 |
| CapEx % of Revenue | 4.38% | 0.87% | 0.49% | - | 0.14% | 2.25% | 2.89% | 10.95% | 26.47% | 28.26% | 76.68% | 134.34% | 730.43% | 2190.3% | 1670.49% | - | - |
| Acquisitions | 0 | -1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 37.97K | 0 | 36.91K | 0 | 15.71K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.22M | 0 | 0 | 0 | 0 | 0 | 14.53K | 0 | 37.97K | -29.18K | 36.91K | 15.71K | 0 | -699.56K | -195.55K | -149.14K | 0 |
| Cash from Financing | 5.46M | 3.1M | 626K | 1.83M | 5K | 5.73M | 4.2M | 3.87M | 4.95M | 22.59K | 16.3M | 5.28M | 5.24M | 852.77K | 973.1K | 973.1K | 40K |
| Debt Issued (Net) | 5.44M | 289K | 646K | 1.83M | 0 | -272K | 410.76K | -25.69K | 4.07M | -12.81K | -147.22K | 0 | -1.28K | 755K | 440K | 0 | 0 |
| Equity Issued (Net) | -1K | 2.81M | -20K | 1.83M | 5K | 6M | 3.8M | 2.4M | 0 | 35.4K | 16.46M | 0 | 5.28M | 4.51M | 382.5K | 973.1K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -161K | -20K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 23K | 0 | 0 | -1.83M | 0 | 131 | -12.01K | 1.5M | 880K | 0 | -9.52K | 5.28M | 0 | -30.27K | 30.27K | 0 | 40K |
| Net Change in Cash | -48K | 90K | -1.66M | -1.13M | -2.66M | 3.72M | 867.89K | 49.8K | -263.35K | -7.88M | 7.19M | 2.73M | 2.55M | -335.02K | 0 | 973.1K | 30K |
| Free Cash Flow | -4.28M | -1.79M | -2.28M | -2.96M | -2.66M | -2.01M | -3.27M | -3.82M | -5.25M | -7.9M | -9.14M | -2.57M | -2.69M | -1.19M | -552.13K | 0 | -10K |
| FCF Margin % | -25.33% | -12.59% | -21.29% | -36.4% | -29.04% | -30.03% | -127.44% | -88.81% | -123.95% | -395.52% | -627.26% | -1213.51% | -2442.89% | -13304.11% | -6184.22% | - | -100% |
| FCF Growth % | -109.23% | 21.6% | 22.85% | -11.16% | -32.24% | 38.5% | 14.46% | 27.14% | 33.54% | 13.6% | -256.27% | 4.58% | -126.41% | -115.13% | - | 100% | - |
| FCF per Share | -0.27 | -0.11 | -0.16 | -0.22 | -0.21 | -0.17 | -0.31 | -0.39 | -0.57 | -0.87 | -1.24 | -0.50 | -0.61 | -0.32 | -0.18 | - | -0.00 |
| FCF Conversion (FCF/Net Income) | 1.65x | 0.62x | 0.79x | 1.05x | 0.43x | 1.47x | 0.79x | 0.60x | 0.56x | 0.82x | 0.79x | 0.60x | 0.73x | 0.49x | 1.17x | -0.58x | 1.00x |
| Interest Paid | -19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
According to the provided quarterly data, Barfresh Food Group consistently reports negative net income alongside volatile operating cash flows, with the OCF/NI ratio reaching an extreme 3.60 in 2026Q1, suggesting that accruals and working capital swings are masking the underlying cash-burning nature of the business model.
The wide variance between net income and operating cash flow indicates that the company's earnings are not currently supported by cash generation. Investors should monitor this divergence, as it suggests that the company is relying heavily on non-cash adjustments or working capital management to sustain operations rather than organic profitability.
As reported in recent financial statements, the company's free cash flow trajectory remains deeply negative, with a 2026Q1 FCF margin of -53.8%, highlighting the significant cash drain required to support the current expansion strategy and the lack of self-sustaining operational momentum in the beverage segment.
The consistent inability to generate positive free cash flow, punctuated by occasional short-term improvements, suggests that the company's growth is capital-intensive. This trend warrants further investigation into whether the current revenue expansion can eventually reach a scale that covers the high fixed costs of the business.
Based on the reported figures, working capital changes have been highly erratic, including a significant $1.9 million outflow in 2026Q1, which indicates that the company's cash conversion cycle is highly sensitive to inventory builds and the timing of collections from institutional clients in the education sector.
The volatility in working capital suggests that the company may be struggling to manage its inventory and receivables efficiently as it scales. This instability creates a recurring liquidity risk, as the company lacks the cash buffer to absorb these periodic outflows without potentially compromising its operational continuity.
Data from recent filings shows that capital expenditures reached 11.5% of revenue in 2026Q1, reflecting a period of elevated investment in infrastructure that appears to be outpacing the company's ability to generate sufficient gross profit to offset these necessary asset-related costs in the current fiscal environment.
The uptick in capital intensity suggests that the company is investing in the physical or technological infrastructure required to support its distribution model. While these investments may be necessary for long-term growth, they currently exacerbate the company's cash burn and place additional pressure on the already strained balance sheet.
Quick answers to the most common questions about buying BRFH stock.
Barfresh Food Group, Inc. (BRFH) generated $-1.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Barfresh Food Group, Inc. (BRFH) reported negative free cash flow of $1.8M in 2025, indicating capital requirements exceeded cash from operations.
Barfresh Food Group, Inc. (BRFH) spent $0.1M 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, Barfresh Food Group, Inc. (BRFH) spent $0.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.