Free cash flow remains deeply negative, with a -62.6% margin in 2026Q1, reflecting a persistent inability to convert revenue into self-sustaining liquidity.
| Cash from Operations | -14.17M | -3.14M | -12.1M | -27.1M | -14.91M | -17.32M | -8.27M |
| Operating CF Margin % | - | -10.66% | -50.87% | -133.6% | -78.11% | -155.83% | -97.24% |
| Operating CF Growth % | -1634.39% | 74.06% | 55.34% | -81.75% | 13.95% | -109.38% | - |
| Net Income | -19.48M | -17.52M | -22.49M | -65.47M | -24.7M | -16.36M | -14.17M |
| Depreciation & Amortization | 3.35M | 3.45M | 3.08M | 2.79M | 2.41M | 1.1M | 1.27M |
| Stock-Based Compensation | 3.83M | 0 | 729K | 5.43M | 4.53M | 2.89M | 822K |
| Deferred Taxes | 131K | 0 | 0 | -396K | 169K | 4K | 259K |
| Other Non-Cash Items | -828.43K | 11.25M | 8.09M | 34.35M | 1.62M | 1.89M | -447K |
| Working Capital Changes | -1.17M | -325K | -1.51M | -3.79M | 3.69M | -4.9M | 3.99M |
| Change in Receivables | 300.98K | 498K | -920K | 234K | 58K | -613K | 743K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.8M | -249K | -957K | -176K | 1.78M | 403K | -501K |
| Cash from Investing | -13.8M | -93K | 2.08M | -32.16M | -4.97M | -4.55M | 66K |
| Capital Expenditures | -334.22K | -93K | -48K | -80K | -251K | -181K | -56K |
| CapEx % of Revenue | 1.13% | 0.32% | 0.2% | 0.39% | 1.32% | 1.63% | 0.66% |
| Acquisitions | 2.07K | 0 | -3.35M | -211K | -4.18M | -4.37M | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 40.73K | 0 | 5.48M | -366K | 5K | 2K | 122K |
| Cash from Financing | -309.36K | -78K | 85K | 73.18M | 1.89M | 25.23M | -273K |
| Debt Issued (Net) | -545K | 0 | -629K | -3.05M | 1.82M | -938K | -319K |
| Equity Issued (Net) | 388.61K | 99K | 0 | 76.04M | 0 | 26.13M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -152.96K | -177K | 714K | 186K | 73K | 33K | 46K |
| Net Change in Cash | -27.9M | 1.62M | -10.05M | 13.67M | -18.59M | 3.19M | -8.36M |
| Free Cash Flow | -14.31M | -3.16M | -12.15M | -27.18M | -15.16M | -17.5M | -8.33M |
| FCF Margin % | -48.22% | -10.72% | -51.07% | -134% | -79.43% | -157.46% | -97.9% |
| FCF Growth % | -41.3% | 74.01% | 55.3% | -79.27% | 13.4% | -110.14% | - |
| FCF per Share | -0.28 | -0.06 | -0.25 | -0.61 | -1.04 | -7.99 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.18x | 0.54x | 0.41x | 0.60x | 1.06x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational burn
According to reported financial statements, CRGO's operating cash flow consistently trails net income, with an OCF/NI ratio frequently below 1.0, suggesting that the company's reported losses are not merely accounting artifacts but reflect a genuine and ongoing consumption of cash to sustain its platform operations.
The recurring gap between net income and operating cash flow indicates that non-cash expenses like stock-based compensation are insufficient to bridge the firm's fundamental cash burn. Investors should monitor this conversion quality closely, as the inability to generate positive operating cash flow suggests that the business model remains structurally dependent on external financing rather than internal cash generation.
As evidenced by the quarterly data, CRGO's free cash flow remains deeply negative, with margins fluctuating between -38.7% and -69.0% over the last two years, highlighting a persistent inability to reach a self-sustaining financial state despite the company's high-margin software-centric revenue model.
The lack of a clear upward trend in FCF margins suggests that the company's current scale is insufficient to cover its fixed-cost base. This trajectory warrants further investigation into whether the platform can achieve operating leverage or if it will remain trapped in a cycle of high cash consumption to maintain its competitive position.
Based on the provided figures, working capital changes have been highly erratic, swinging from a $1.7M inflow in 2025Q1 to a $1.4M outflow in 2024Q4, which suggests that the company's cash position is highly sensitive to the timing of collections and payables within its transactional marketplace.
This volatility in working capital appears to exacerbate the company's liquidity challenges, as the timing of cash receipts from freight transactions does not always align with the company's fixed operating expenses. Such fluctuations may indicate underlying inefficiencies in the platform's settlement processes that could further strain the firm's limited cash reserves.
As reported in recent filings, stock-based compensation has frequently exceeded $800,000 per quarter, which appears to mask the true economic cost of talent retention and complicates the assessment of the company's underlying cash burn rate required to maintain its R&D and platform integrations.
While SBC is a non-cash expense, it represents a significant dilution risk and a real economic cost that is not fully captured by traditional cash flow metrics. Analysts should interpret the reported operating cash flow with caution, as the true cost of maintaining the platform's competitive edge is likely higher than the headline cash burn figures suggest.
Quick answers to the most common questions about buying CRGO stock.
Freightos Limited Ordinary shares (CRGO) generated $-3.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Freightos Limited Ordinary shares (CRGO) reported negative free cash flow of $3.2M in 2025, indicating capital requirements exceeded cash from operations.
Freightos Limited Ordinary shares (CRGO) 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.