The firm exhibits a persistent cash burn, highlighted by a $2.4 million free cash flow deficit in 2024Q4 and erratic OCF/NI ratios reaching 4.05x.
Chaince Digital Holdings Inc. (CD) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -4.44M | -2.81M | -3.57M | -2.79M | -582.42K | -4.01M | -595.68K | -644.62K | -4.33M | -9.87M | -5.83M | -33.53M | -31.96M | -28.75M | -14.65M |
| Operating CF Margin % | - | -150.75% | -354.79% | -625.53% | -67.45% | -597.68% | -42.48% | -37.09% | -11.88% | -11.13% | -7.96% | -292.15% | -106.27% | -79.31% | -52.66% |
| Operating CF Growth % | 108.11% | 21.25% | -28.13% | -378.93% | 85.46% | -572.42% | 7.59% | 85.12% | 56.13% | -69.47% | - | -4.92% | -11.15% | -96.31% | - |
| Net Income | -3.69M | -5.1M | -4.53M | -9.36M | -5.63M | -12.39M | -1.65M | 482.97K | -123.24M | -161.9M | -25.29M | -104.65M | -43.87M | -32.17M | -39.01M |
| Depreciation & Amortization | 257.29K | 2.59K | 675.72K | 898.97K | 28.95K | 0 | 0 | 1.51M | 1.51M | 8.63M | 8.9M | 4.95M | 1.86M | 2.35M | 2.77M |
| Stock-Based Compensation | 0 | 1.4M | 0 | 77.5K | 558.39K | 8.35M | 286.13K | 0 | -56.7K | 1.07M | 1.1M | 1.23B | 5.76M | 909.9K | 1.94M |
| Deferred Taxes | 0 | -82.25K | 0 | 0 | -251K | 0 | 0 | 0 | -2.1M | -6.86M | -2.23M | -1.25B | -91.25M | 546.19K | -5.61K |
| Other Non-Cash Items | 451.96K | 1.28M | 2.13M | 5.57M | 4.43M | -857.32K | 835.34K | -1.24M | 116.43M | 147.6M | 1.38M | 85.93M | 91.86M | 2.94M | 1.94M |
| Working Capital Changes | -1.46M | -320.8K | -1.85M | 23.53K | 291.13K | 887.79K | -65.88K | -1.4M | 3.13M | 1.58M | 10.32M | 3.03M | 3.68M | -3.33M | 17.72M |
| Change in Receivables | -219.32K | -301.88K | 0 | 0 | 0 | 380.51K | 835.53K | -1.65M | 2.75M | -1.48M | 1.94M | -3.01M | 446.31K | -643.8K | 718.79K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.09K | -288.36K | -142.27K | 957.13K | -804.41K | -5.3M | 8.35M |
| Change in Payables | -3.96K | 55.15K | -3.97K | -22.07K | 22.07K | 0 | 0 | 0 | -3.35M | 1.57M | -1.44M | 1.87M | 9.65M | -4.27M | 3.12M |
| Cash from Investing | -5.65M | -1.17M | 3.79M | -7.84M | -32.22K | 2.59M | -10.15K | 588.34K | -13.06K | -741.08K | -2.58M | -11.9M | -586.53K | 2.07M | 2.99M |
| Capital Expenditures | 0 | -1.48M | -2.61K | -3M | -7.22K | 0 | -17.86K | 0 | -13.06K | -741.08K | -1.86M | -93.32K | -590.33K | -646.95K | -1.15M |
| CapEx % of Revenue | - | 79.3% | 0.26% | 673.61% | 0.84% | - | 1.27% | - | 0.04% | 0.84% | 2.54% | 0.81% | 1.96% | 1.78% | 4.14% |
| Acquisitions | 0 | 0 | 2M | -120K | 0 | 0 | 144 | 588.34K | 0 | 0 | 0 | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 0 | 0 |
| Other Investing | -6.13M | 309.17K | 221.15K | 0 | -25K | 2.59M | 7.57K | 0 | -13.06K | -741.08K | -720.15K | -2M | 3.8K | 2.71M | 4.43M |
| Cash from Financing | 18.34M | 13.8M | 7.58M | 19.3M | 7.72M | 1.68M | 300K | 0 | 1.69M | 12.64M | 0 | 54.88M | 33.77M | 22.74M | 11.8M |
| Debt Issued (Net) | -1.5M | -4M | -1.5M | 9M | -179.88K | 842.7K | 0 | 0 | 0 | 7.55M | 0 | - | - | - | - |
| Equity Issued (Net) | 10.01M | 17.8M | 10.01M | 11M | 7.9M | 713.08K | 300K | 0 | 0 | 0 | 0 | 55.29M | 0 | 0 | 12.47M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 9.83M | 0 | -930K | -700K | 0 | 120.42K | 0 | 0 | 1.69M | 5.09M | 0 | -411.72K | 33.77M | 24.59M | 1.08M |
| Net Change in Cash | 16.86M | 9.9M | 7.8M | 8.67M | 7.1M | 268.53K | -260.43K | 78.54K | -4.56M | 2.31M | -8.55M | 9.51M | 1.23M | -3.83M | -83.73K |
| Free Cash Flow | -3.99M | -2.81M | -3.58M | -5.79M | -589.64K | -4.01M | -613.54K | -644.62K | -4.34M | -10.61M | -7.69M | -33.62M | -32.55M | -29.4M | -15.8M |
| FCF Margin % | - | -150.75% | -355.04% | -1299.14% | -68.29% | -597.68% | -43.75% | -37.09% | -11.92% | -11.96% | -10.5% | -292.96% | -108.24% | -81.1% | -56.8% |
| FCF Growth % | - | 21.31% | 38.26% | -882.49% | 85.28% | -552.85% | 4.82% | 85.16% | 59.07% | -38.09% | - | -3.3% | -10.71% | -86.1% | - |
| FCF per Share | -0.05 | -0.04 | -0.06 | -0.13 | -0.05 | -0.46 | -0.10 | -0.30 | -1.06 | -2.59 | -1.88 | -12.08 | -42.85 | -5.09 | -20.37 |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.55x | 0.79x | 0.30x | 0.10x | 0.18x | 0.36x | 0.53x | 0.04x | 0.06x | 0.23x | 0.36x | 0.73x | 0.89x | 0.38x |
| Interest Paid | -480K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.66K | 244.93K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.73K | 817 |
Quick answers to the most common questions about buying CD stock.
Chaince Digital Holdings Inc. (CD) generated $-2.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Chaince Digital Holdings Inc. (CD) reported negative free cash flow of $2.8M in 2025, indicating capital requirements exceeded cash from operations.
Chaince Digital Holdings Inc. (CD) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unsustainable Cash Burn Rate
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Volatility
According to reported financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly, such as the 4.05x observed in 2024Q4, suggesting that reported net losses do not reliably capture the underlying cash consumption of the business.
The extreme variance in the conversion ratio indicates that non-cash items and working capital swings are significantly distorting the company's true operational performance. Investors should interpret these figures with caution, as the lack of a stable correlation between earnings and cash flow suggests that the business model remains in a highly experimental and non-recurring phase.
Persistent Free Cash Flow Deficits
As indicated by historical cash flow data, Mercurity Fintech Holding consistently generates negative free cash flow, with margins reaching -18.3% in 2023Q2, highlighting a structural inability to fund operations through internal cash generation despite the company's pivot toward high-growth blockchain infrastructure and digital asset services.
The persistent FCF deficit suggests that the company is currently reliant on external capital to sustain its operations rather than organic growth. This trajectory warrants further investigation into whether the current infrastructure investments will ever reach a scale capable of achieving positive cash flow, or if the business model is inherently cash-consumptive.
Working Capital Volatility Signals Inefficiency
Based on the provided cash flow tables, working capital changes have been a significant source of cash flow instability, with a notable $1.3 million outflow in 2024Q4, which appears to reflect the challenges of managing liquidity within the company's evolving and fragmented digital asset service operations.
The erratic nature of these working capital movements suggests that the company may be struggling with the timing of collections or the management of inventory-like digital assets. Such fluctuations imply that operational cash management is not yet optimized, potentially exacerbating the company's overall liquidity risk during periods of market volatility.
Hidden Cash Flow Distortions Identified
Analysis of the cash flow statement reveals that non-operating adjustments, including significant historical stock-based compensation and erratic depreciation figures, mask the true extent of the company's cash burn, as evidenced by the $8.0 million SBC charge recorded in 2021Q2, which complicates fundamental valuation efforts.
These adjustments suggest that the company's cash flow profile is heavily influenced by accounting treatments that may not reflect ongoing operational realities. Investors should monitor these non-cash items closely, as they appear to be used to bridge the gap between the company's substantial operating losses and its reported cash position.