Operational sustainability is undermined by a persistent cash burn, highlighted by a -6.6% free cash flow margin and a working capital drain of $534.5K in 2025Q4.
| Cash from Operations | -207.41K | -1.99M | -3.13M | -4.47M | -129.64K | -568.85K | -2.32M |
| Operating CF Margin % | -1.14% | -6.68% | -9.16% | -15.5% | -0.55% | -6.38% | -12.38% |
| Operating CF Growth % | 89.56% | 36.57% | 29.96% | -3350.18% | 77.21% | 75.47% | - |
| Net Income | -1.42M | 1.41M | 7.02M | 5.78M | 525.3K | -1.53M | 2.86M |
| Depreciation & Amortization | 33.49K | 344.69K | 438.39K | 484.26K | 293.21K | 419.97K | 468.17K |
| Stock-Based Compensation | 0 | 454.25K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -305.51K | -966.39K | 6.6K | 0 | 0 | -384.82K | 0 |
| Other Non-Cash Items | 2.31M | 6.39M | 71K | -9.15M | -104.88K | 2.75M | 7.5M |
| Working Capital Changes | -831.29K | -9.61M | -10.67M | -1.59M | -843.27K | -1.83M | -13.15M |
| Change in Receivables | -1.44M | -25.11M | -22.82M | -2.92M | -1.76M | 5.5M | -13.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 251.54K | 13.01M | 0 | 835.75K | 907.4K | -3.77M | 0 |
| Cash from Investing | 148 | 545.17K | 243.59K | -94.45K | 1.83M | -577.79K | -349.35K |
| Capital Expenditures | -310 | -3.89K | -21.55K | -12.91K | -15.7K | -28.03K | -94.94K |
| CapEx % of Revenue | 0% | 0.01% | 0.06% | 0.04% | 0.07% | 0.31% | 0.51% |
| Acquisitions | 157 | -41.36K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 302 | 590.42K | 265.14K | -81.54K | 1.85M | -549.76K | -254.4K |
| Cash from Financing | 194.52K | 1.02M | 2.99M | 3.73M | -927.83K | 465.19K | 2.3M |
| Debt Issued (Net) | 111.05K | -2.64M | 3.02M | 3.84M | -757.32K | 473.01K | -1.19M |
| Equity Issued (Net) | 0 | 3.68M | 0 | 0 | 0 | 0 | 3.77M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -600K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 83.47K | -29.39K | -32.67K | -108.63K | -170.51K | -7.82K | -285.94K |
| Net Change in Cash | -7.5K | -139.72K | 68.24K | -935.1K | 771.27K | -646.58K | -487.67K |
| Free Cash Flow | -207.72K | -1.99M | -3.15M | -677.15K | -35.8K | -596.88K | -2.41M |
| FCF Margin % | -1.14% | -6.69% | -9.22% | -2.35% | -0.15% | -6.7% | -12.89% |
| FCF Growth % | 89.57% | 36.88% | -365.81% | -1791.26% | 94% | 75.28% | - |
| FCF per Share | -0.43 | -4.82 | -7.37 | -1.58 | -0.08 | -1.33 | -5.39 |
| FCF Conversion (FCF/Net Income) | 0.02x | -1.37x | -0.42x | -0.77x | -0.12x | 0.38x | -0.81x |
| Interest Paid | 0 | 137.07K | 106.13K | 64.66K | 58.71K | 97.31K | 294.2K |
| Taxes Paid | 0 | 141 | 7.27K | 2.57K | 22.64K | 94.95K | 149.25K |
Acute liquidity and insolvency
According to the company's historical financial data, the persistent inability to convert net income into positive operating cash flow, evidenced by an OCF/NI ratio of 0.08 in 2025Q4, suggests that reported earnings are fundamentally disconnected from the actual cash-generating capacity of the underlying business operations.
The consistent failure to generate positive operating cash flow despite periods of reported net income implies that accounting profits are likely being eroded by non-cash items or aggressive revenue recognition. Investors should interpret this divergence as a warning that the company's earnings quality is extremely poor and potentially unsustainable.
As reported in recent financial statements, CDTG has consistently posted negative free cash flow, with a -6.6% FCF margin in 2025Q4, indicating that the firm is unable to fund its operations or capital requirements through internal cash generation alone.
The persistent negative FCF trajectory suggests that the business model is currently incapable of achieving self-sufficiency. This trend warrants further investigation into whether the company can ever reach a scale where cash inflows from operations exceed the cash outflows required to maintain its infrastructure.
Based on the provided cash flow data, the company experienced a significant working capital drain of $534.5K in 2025Q4, which appears to be a recurring pattern that consistently consumes the limited cash reserves available to the firm.
The recurring negative working capital changes suggest that the company is struggling to collect receivables from municipal clients in a timely manner. This inefficiency in the cash conversion cycle appears to be a primary driver of the firm's current liquidity crisis.
As indicated by the reported cash balance of only $9,542, the cash flow statement reveals a precarious financial position where the company's operational cash burn is rapidly exhausting its remaining liquidity, leaving little room for error in its current business model.
The lack of significant cash reserves suggests that the company may be forced to seek external financing or face potential insolvency. Analysts should monitor whether the company can secure additional capital, as the current cash flow profile appears insufficient to support ongoing operations.
Quick answers to the most common questions about buying CDTG stock.
CDT Environmental Technology Investment Holdings Limited ordinary shares (CDTG) generated $-0.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CDT Environmental Technology Investment Holdings Limited ordinary shares (CDTG) reported negative free cash flow of $0.2M in 2025, indicating capital requirements exceeded cash from operations.
CDT Environmental Technology Investment Holdings Limited ordinary shares (CDTG) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.