The company continues to burn cash, reporting a negative $2.3 million in free cash flow for 2026Q3, further straining a liquidity position characterized by a current ratio of 0.54.
| Cash from Operations | 1.99M | 1.46M | 3.04M | 11.8M | 542.86K | -1.46M |
| Operating CF Margin % | - | 0.77% | 1.82% | 8.74% | 0.97% | -16.15% |
| Operating CF Growth % | 814.86% | -51.95% | -74.24% | 2074.31% | 137.28% | - |
| Net Income | -20.72M | -15.35M | 7.44M | 13.92M | 1.98M | 403.25K |
| Depreciation & Amortization | 2.64M | 2.93M | 2.03M | 1.32M | 830.58K | 179.64K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -1.54M | 801.33K | 380.52K | 354.6K | 0 |
| Other Non-Cash Items | 8.85M | 9.56M | 5.23M | 1.08M | -190.93K | 901.23K |
| Working Capital Changes | 11.22M | 5.85M | -12.46M | -4.89M | -2.43M | -2.94M |
| Change in Receivables | 8.4M | 2.98M | -8.16M | -8.45M | -6.56M | -2.95M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.39M | 2.1M | -667.83K | 2.49M | 3.87M | 0 |
| Cash from Investing | 807.01K | -1.81M | -7.44M | -4.32M | -3.96M | -3.06M |
| Capital Expenditures | -1.08M | -2.89M | -5.21M | -1.87M | -3.96M | -3.06M |
| CapEx % of Revenue | 0.56% | 1.52% | 3.12% | 1.38% | 7.07% | 33.89% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 1.89M | 1.08M | -2.23M | -2.45M | 0 | 0 |
| Cash from Financing | -5.14M | 3.97M | 7.79M | -3.18M | 3.64M | 6.25M |
| Debt Issued (Net) | -6.7M | -360.44K | -211.59K | 0 | -147.6K | -21.51K |
| Equity Issued (Net) | 0 | 8.09M | 8.44M | -427.71K | 1.08M | 6.27M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.56M | -3.76M | -439.26K | -2.75M | 2.71M | 0 |
| Net Change in Cash | -2.35M | 3.63M | 3.39M | 4.31M | 222.69K | 1.74M |
| Free Cash Flow | 904.99K | -1.43M | -2.17M | 9.99M | -3.42M | -4.51M |
| FCF Margin % | 0.47% | -0.75% | -1.3% | 7.4% | -6.1% | -50.04% |
| FCF Growth % | 108% | 34.08% | -121.7% | 392.29% | 24.25% | - |
| FCF per Share | 0.02 | -0.03 | -0.05 | 0.24 | -0.08 | -0.11 |
| FCF Conversion (FCF/Net Income) | -0.04x | -0.10x | 0.41x | 0.85x | 0.27x | -3.61x |
| Interest Paid | 74.05K | 96.51K | 0 | 0 | 0 | 0 |
| Taxes Paid | 35.17K | 122.25K | 4.74M | 0 | 279.06K | 1.6K |
Persistent negative cash burn
According to recent financial disclosures, Armlogi's operating cash flow frequently diverges from net income, with the company reporting a negative $2.1 million in operating cash flow against a $5.1 million net loss in 2026Q3, suggesting that accounting losses are not being mitigated by non-cash adjustments.
The persistent inability to convert revenue into positive operating cash flow indicates that the company's core logistics operations are fundamentally cash-consumptive. Investors should monitor the OCF/NI ratio, which remains erratic and fails to provide evidence of a sustainable path toward self-funded growth.
As reported in quarterly filings, Armlogi has struggled to maintain positive free cash flow, recording a negative $2.3 million in 2026Q3, which underscores the structural difficulty of achieving profitability within its current asset-heavy logistics framework despite previous periods of temporary cash inflow in late 2025.
The volatility in FCF margins suggests that the company's cash position is highly sensitive to working capital fluctuations rather than operational efficiency. This trend warrants further investigation into whether the business model can ever achieve the scale necessary to generate consistent, positive free cash flow.
Based on the provided cash flow statements, working capital changes have been the primary driver of cash flow variance, with a $988.7K inflow in 2026Q3 failing to offset the underlying operational cash burn, highlighting a reliance on timing differences rather than sustainable cash generation from core services.
The erratic nature of these working capital swings suggests that the company may be aggressively managing payables or collections to preserve liquidity. Such tactics appear to be a stop-gap measure that does not address the fundamental lack of profitability in the underlying logistics service offerings.
Data from recent financial statements indicates that Armlogi's capital expenditures, while relatively low at $151.0K in 2026Q3, represent a persistent drain on limited cash reserves, especially given the company's inability to generate positive returns on its existing asset base or improve its negative gross margins.
The low level of CapEx relative to revenue may suggest a lack of investment in the technology or infrastructure needed to differentiate its services. This strategy appears to prioritize short-term cash preservation over the long-term capital improvements required to compete effectively in the US-China logistics corridor.
Quick answers to the most common questions about buying BTOC stock.
Armlogi Holding Corp. common stock (BTOC) generated $1.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Armlogi Holding Corp. common stock (BTOC) reported negative free cash flow of $1.4M in 2025, indicating capital requirements exceeded cash from operations.
Armlogi Holding Corp. common stock (BTOC) spent $2.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.