Free cash flow remains highly volatile, swinging from a $15.8M outflow in 2025Q1 to an $8.1M inflow in 2026Q3, highlighting inconsistent cash conversion efficiency.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'96 |
|---|
| Cash from Operations | 31.45M | 20.34M | 27.75M | 14.19M | -8.71M | 8.18M | -14.14M | -28.7M | 12.43M | -6.77M | 6.47M | -1.7M | 7.09M | 6.04M | 78.24K | -5.17M | -12.35M | -8.48M | -13.59M | -13.68M | -11.08M | -11.9M | -12.56M | -9.23M | -6.13M | -3.57M | -5.74M | -3.94M | -2.58M | -2.65M | -2.39M |
| Operating CF Margin % | - | 6.72% | 10.33% | 5.83% | -4.24% | 4.9% | -8.67% | -19.96% | 9.38% | -6.5% | 8.36% | -2.92% | 16.73% | 16.8% | 0.27% | -22.61% | -78.29% | -70.53% | -84.42% | -149.36% | -172.76% | -254.39% | -222.93% | -323.47% | -364.52% | -245.96% | -279.35% | -101.28% | -141.28% | -436.24% | -2819.83% |
| Operating CF Growth % | 580.67% | -26.69% | 95.5% | 263.03% | -206.46% | 157.83% | 50.74% | -330.88% | 283.59% | -204.68% | 480.98% | -123.96% | 17.33% | 7618.89% | 101.51% | 58.12% | -45.64% | 37.64% | 0.61% | -23.42% | 6.87% | 5.23% | -36.07% | -50.46% | -71.87% | 37.81% | -45.64% | -52.81% | 2.74% | -10.82% | - |
| Net Income | 3.68M | 64.53M | 11.99M | 633K | -1.7M | -8.71M | -40.59M | -32.03M | -11.28M | -1.85M | -6.81M | -819.48K | 27.53M | 854.12K | -5.21M | -6.46M | -11.57M | -13.73M | -16.42M | -17.78M | -14.85M | -15.5M | -21.43M | -21.97M | -17.31M | -10.96M | -8.4M | -3.65M | -3.57M | -3.12M | -2.45M |
| Depreciation & Amortization | 18.01M | 17.8M | 12.2M | 8.81M | 5.33M | 5.51M | 7.02M | 8.01M | 7.83M | 5.59M | 5.22M | 5.73M | 5.49M | 4.58M | 3.44M | 2.59M | 1.82M | 1.67M | 1.92M | 1.75M | 1.7M | 1.6M | 2.68M | 2.74M | 4.95M | 209.65K | 110.55K | 91.77K | 116.25K | 97.25K | 72.02K |
| Stock-Based Compensation | 2.31M | 4.01M | 5.11M | 4.74M | 6.25M | 9.07M | 3.03M | 1.75M | 1.79M | 1.21M | 849K | 715.76K | 529.04K | 502.91K | 782.1K | 302.47K | 87.35K | 1.32M | 1.57M | 1.5M | 79.19K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.52M | -43.72M | 192K | -116K | 686K | 0 | 70K | -7K | -183K | 54K | -660K | 395.04K | -27.3M | 27.65K | 12.6K | 1.3M | -62.8K | -1.34M | -1.57M | -1.54M | -62.05K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.67M | 3.52M | 6.07M | 6.59M | 3.22M | 5.94M | 11.46M | 6.68M | 2.01M | 1.63M | 6.54M | 139.52K | 65.56K | -165.79K | -1.73M | 356.87K | 130.53K | 948.78K | 1.78M | 4.13M | 2.47M | 2.02M | 8.18M | 9.86M | 6.03M | 3.42M | 2.69M | 250.6K | 635.73K | 277.2K | 291.31K |
| Working Capital Changes | 265K | -25.8M | -7.83M | -6.46M | -22.48M | -3.64M | 4.88M | -13.1M | 12.26M | -13.41M | 1.32M | -7.86M | 775.47K | 240.49K | 2.78M | -3.27M | -2.75M | 2.65M | -876.42K | -1.73M | -419.93K | -22.17K | -1.99M | 137.2K | 201.51K | 3.75M | -134.02K | -631.17K | 237.7K | 94.92K | -304.16K |
| Change in Receivables | -4.51M | 9.45M | -18.54M | 4.93M | -15.53M | -12M | 2.37M | -8.49M | -6.23M | -2.99M | -375K | -2.52M | -157.07K | -247.36K | -758.95K | 321.68K | -579.86K | 2.03M | -1.35M | -1.26M | -278.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -3.98M | -4.56M | -9.45M | -10.39M | -14.06M | 3.14M | 1.46M | -5.24M | -3.66M | -2.4M | 1.04M | -1.93M | 370.1K | 716.47K | 158.58K | -4.3M | -3.47M | 627.78K | 734.79K | -1.62M | 286.42K | 10.45K | -1.25M | 419.91K | -36.64K | 345.01K | 131.64K | -832.68K | -147.63K | 48.07K | -426.39K |
| Change in Payables | 11.22M | -25.03M | 21.13M | 0 | 0 | 0 | 0 | 873K | 16.93M | 4.41M | 1.81M | 918.76K | 412.66K | 1.16M | 498.08K | 1.07M | 776.04K | -210.86K | 112.24K | 1.5M | -817.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -16.05M | -28.14M | -18.64M | -51.87M | -12.23M | -1.83M | -2.49M | -4.23M | -68.86M | -3.69M | -5.77M | 3.35M | -7.92M | -9.18M | -6.23M | -291.39K | -520.84K | 6.61M | -1.1M | -6.88M | -823.23K | -224.34K | 1.1M | -186.9K | -63.46K | -3.32M | -322.84K | -40.14K | -723 | -17.86K | -108.9K |
| Capital Expenditures | -16.05M | -17M | -14.94M | -16.15M | -9.26M | -1.84M | -2.54M | -4.35M | -3.98M | -4.04M | -536K | -1.7M | -10.99M | -9.2M | -6.23M | -291.39K | -520.84K | -264.86K | -572.28K | -526.62K | -842.47K | -248.04K | -358.03K | -186.9K | -102.92K | -380.36K | -173.53K | -40.14K | -723 | -17.86K | -112.44K |
| CapEx % of Revenue | 5% | 5.62% | 5.56% | 6.63% | 4.51% | 1.1% | 1.56% | 3.02% | 3% | 3.88% | 0.69% | 2.93% | 25.96% | 25.6% | 21.48% | 1.27% | 3.3% | 2.2% | 3.55% | 5.75% | 13.13% | 5.3% | 6.36% | 6.55% | 6.12% | 26.21% | 8.45% | 1.03% | 0.04% | 2.94% | 132.52% |
| Acquisitions | -896K | -11.13M | -3.7M | -35.71M | -2.97M | 0 | 0 | -65.18M | -65.18M | 348K | -5.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -650K | 0 | 0 | -727.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 896K | 0 | 0 | 0 | 0 | 10K | 44K | 65.3M | 298K | 348K | 389K | 5.06M | 3.08M | 18.91K | -5.75M | 0 | -581.12K | -6.88M | 0 | 650K | -823.23K | 23.7K | 716.05K | 0 | 39.46K | -2.94M | -149.3K | 0 | 0 | 0 | 3.54K |
| Cash from Financing | -1.35M | 42K | -1.06M | 20.48M | 920K | 50.07M | 20.88M | -23.57M | 127.65M | 3.94M | 7.2M | 646K | 3.92M | 2.7M | -410.29K | 10.85M | 13.72M | -1.35M | 19.5M | 22.85M | 12.67M | 11.2M | 12.09M | 11.24M | 5.94M | 5.85M | 6.26M | 5.32M | 2.27M | 1.53M | 3.9M |
| Debt Issued (Net) | -2.04M | 335K | -954K | 23.73M | 132K | -1.19M | 4.79M | -23.25M | 23.71M | -2.13M | 2.5M | 698K | 1.63M | 2.39M | -368.92K | -437.4K | -599.96K | -891.25K | -528.71K | -8.14M | -1.48M | 2.9M | -812.11K | 1.28M | 1.5M | 998.76K | -630.79K | 4.88M | 0 | 0 | -8.91K |
| Equity Issued (Net) | 731K | 731K | 115K | -2.15M | 0 | 55.01M | 17.88M | -81K | 104.24M | -31K | -213K | -62K | -89K | 311.18K | -41.37K | 11.29M | 14.32M | -463.63K | 20.03M | 30.99M | 14.11M | 8M | 11.89M | 9.93M | 3.91M | 4.83M | 6.69M | 436.9K | 1.53M | 1.54M | 1.01M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -668K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -201K | -552K | -31K | -213K | -62K | -89K | 0 | -41.37K | 0 | -598.46K | -463.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -42K | -1.02M | -219K | -1.1M | 788K | -3.74M | -1.79M | -234K | -304K | 6.77M | 4.92M | 10K | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35.72K | 300K | 1.01M | 35K | 529K | 12.2K | 200.66K | 0 | 743.24K | -9.71K | 2.89M |
| Net Change in Cash | 14.08M | -7.77M | 7.99M | -17.2M | -20.01M | 56.42M | 4.25M | -56.5M | 71.22M | -6.53M | 7.9M | 2.3M | 3.09M | -445.64K | -6.56M | 5.39M | 856.06K | -3.22M | 4.81M | 2.3M | 768.92K | -921.33K | 634.76K | 1.83M | -259.6K | -1.04M | 194.34K | 1.34M | -305.44K | -1.14M | 1.4M |
| Free Cash Flow | 15.4M | 3.34M | 12.81M | -1.96M | -17.96M | 6.34M | -16.68M | -33.05M | 8.45M | -10.81M | 5.93M | -3.4M | -3.91M | -3.16M | -6.15M | -5.46M | -12.87M | -8.74M | -14.17M | -14.2M | -11.92M | -12.15M | -12.92M | -9.42M | -6.24M | -3.95M | -5.91M | -3.98M | -2.58M | -2.67M | -2.5M |
| FCF Margin % | 4.8% | 1.1% | 4.77% | -0.8% | -8.75% | 3.8% | -10.22% | -22.98% | 6.38% | -10.39% | 7.66% | -5.85% | -9.23% | -8.79% | -21.21% | -23.89% | -81.59% | -72.73% | -87.97% | -155.11% | -185.9% | -259.7% | -229.29% | -330.02% | -370.64% | -272.18% | -287.8% | -102.31% | -141.31% | -439.18% | -2952.35% |
| FCF Growth % | 105.33% | -73.95% | 753.91% | 89.1% | -383.4% | 138.01% | 49.54% | -490.95% | 178.18% | -282.27% | 274.47% | 13.02% | -23.68% | 48.64% | -12.66% | 57.55% | -47.19% | 38.29% | 0.27% | -19.12% | 1.84% | 5.94% | -37.17% | -50.97% | -57.92% | 33.2% | -48.53% | -54.33% | 3.37% | -6.56% | - |
| FCF per Share | 0.21 | 0.04 | 0.17 | -0.03 | -0.23 | 0.09 | -0.26 | -0.55 | 0.16 | -0.27 | 0.16 | -0.10 | -0.11 | -0.09 | -0.19 | -0.20 | -0.58 | -0.57 | -1.00 | -1.63 | -2.40 | -3.12 | -4.48 | -8.42 | -17.33 | -23.60 | -58.33 | -91.53 | -64.48 | -127.20 | -168.03 |
| FCF Conversion (FCF/Net Income) | 4.18x | 0.32x | 2.31x | 22.42x | 5.11x | -0.94x | 0.35x | 0.90x | -1.10x | 3.66x | -0.95x | 2.07x | 0.26x | 7.07x | -0.02x | 0.80x | 1.07x | 0.62x | 0.83x | 0.77x | 0.75x | 0.77x | 0.59x | 0.42x | 0.35x | 0.33x | 0.68x | 1.08x | 0.72x | 0.85x | 0.98x |
| Interest Paid | 1.51M | 2.69M | 3.66M | 2.64M | 755K | 1.05M | 1.31M | 2.79M | 2.88M | 2.05M | 551K | 306K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -147K | 751K | 223K | 61K | 94K | 81K | 0 | 50K | 17K | 39K | 501K | 31K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Hardware-less payment competition
Based on reported financial statements, Cantaloupe's operating cash flow frequently diverges from net income, as evidenced by the 2026Q3 period where the company generated $11.9M in operating cash despite reporting a $2.2M net loss, suggesting significant non-cash charges or aggressive working capital management are masking underlying profitability.
The persistent gap between net income and operating cash flow suggests that the company's reported earnings are not currently reflective of its ability to generate actual liquidity. Investors should monitor whether this reliance on non-cash adjustments or working capital swings is sustainable or if it indicates a structural weakness in core operational efficiency.
As reported in recent filings, Cantaloupe's free cash flow trajectory has been highly inconsistent, swinging from a $15.8M outflow in 2025Q1 to an $8.1M inflow by 2026Q3, which highlights the difficulty the firm faces in maintaining a stable cash generation profile amidst fluctuating operational and capital requirements.
The erratic nature of free cash flow suggests that the company's business model is sensitive to timing differences in hardware deployment and payment processing cycles. This volatility warrants further investigation into whether the firm can achieve consistent positive cash generation without relying on periodic working capital improvements.
According to quarterly data, Cantaloupe's operating cash flow is heavily influenced by working capital volatility, with a $5.0M inflow in 2026Q3 contrasting sharply with a $20.9M outflow in 2025Q1, suggesting that the company's liquidity is highly dependent on the timing of collections and inventory management cycles.
These significant swings in working capital appear to be the primary driver of the company's cash flow variability rather than organic operational growth. Such reliance on working capital fluctuations may indicate that the firm lacks a predictable cash conversion cycle, potentially exposing it to liquidity risks during periods of slower sales.
Based on the provided financial data, Cantaloupe maintains a consistent capital intensity, with CapEx as a percentage of revenue averaging roughly 5% over the last ten quarters, which suggests that the firm must continuously reinvest in its hardware infrastructure to support its existing network of active connections.
The necessity of ongoing capital expenditure to maintain the ePort hardware fleet appears to act as a structural drag on free cash flow. This capital-intensive nature may limit the company's ability to pivot toward a higher-margin, software-only model without incurring significant upfront costs or risking the loss of its installed base.
Quick answers to the most common questions about buying CTLP stock.
Cantaloupe, Inc. (CTLP) generated $20.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cantaloupe, Inc. (CTLP) generated $3.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cantaloupe, Inc. (CTLP) spent $17.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.