The firm's reliance on live biological agents with a 48-hour viability window creates significant liquidity risks, as evidenced by the lack of revenue to offset high fixed-cost capital requirements.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 |
|---|
| Cash from Operations | -9.13M | -1.24M | -1.54M | -1.85M | -221.86K |
| Operating CF Margin % | -18306.71% | -2557.85% | -1530.94% | -3268.03% | -379.22% |
| Operating CF Growth % | -639% | 19.89% | 16.59% | -733.71% | - |
| Net Income | -4.67M | -1.56M | -1.12M | -1.09M | -519.69K |
| Depreciation & Amortization | 36.52K | 42.19K | 35.06K | 29.09K | 27.46K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 204.73K | 54.01K | 64.79K | 22.98K | 4.58K |
| Working Capital Changes | -4.7M | 228.36K | -523.07K | -807.22K | 265.79K |
| Change in Receivables | 8.15K | 24.43K | -35.02K | -38.25K | -18.8K |
| Change in Inventory | 0 | 0 | -1.16K | -6.5K | 0 |
| Change in Payables | -1.18K | 0 | 0 | -220 | -2.03K |
| Cash from Investing | -58.23K | -21.88K | -67.98K | -31.28K | -2.86K |
| Capital Expenditures | -58.23K | -21.88K | -67.98K | -16.05K | -2.86K |
| CapEx % of Revenue | 116.71% | 45.29% | 67.46% | 28.36% | 4.89% |
| Acquisitions | 0 | 0 | 0 | -15.23K | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 12.23M | 1.34M | 1.08M | 1.68M | 991.39K |
| Debt Issued (Net) | -54.05K | 176.43K | -20.57K | -19.46K | 82.58K |
| Equity Issued (Net) | 17.61M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -5.32M | 1.16M | 1.1M | 1.7M | 908.81K |
| Net Change in Cash | 3M | 81.21K | -529.31K | -202.72K | 766.67K |
| Free Cash Flow | -9.19M | -1.26M | -1.61M | -1.87M | -224.72K |
| FCF Margin % | -18423.41% | -2603.14% | -1598.4% | -3296.39% | -384.11% |
| FCF Growth % | -630.78% | 21.91% | 13.67% | -730.24% | - |
| FCF per Share | -3.59 | -0.46 | -0.59 | -0.73 | -0.09 |
| FCF Conversion (FCF/Net Income) | 1.95x | 0.79x | 1.38x | 1.69x | 0.43x |
| Interest Paid | 70.58K | 221 | 727 | 2.02K | 2.78K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Logistical and scale constraints
Due to the absence of reported cash flow statements, it is impossible to calculate the conversion ratio between net income and operating cash flow, leaving the quality of earnings entirely opaque for investors evaluating the company's ability to generate actual liquidity from its nascent clinical revenue streams.
The lack of granular cash flow data prevents a meaningful assessment of how much of the reported net loss is driven by non-cash charges versus actual cash outflows. Investors should monitor future filings for a reconciliation of net income to operating cash flow to determine if the company's burn rate is accelerating beyond its current $3.1 million cash position.
As indicated by the company's financial profile, the free cash flow trajectory is currently in a state of significant deficit, as the firm lacks the revenue scale to offset the high fixed costs associated with maintaining its specialized sterile breeding facilities for medicinal larvae production.
The absence of positive free cash flow suggests that the company is currently reliant on its existing cash reserves to fund ongoing operations. This trajectory warrants further investigation into whether the firm can reach a self-sustaining cash flow inflection point before its current capital runway is exhausted.
Based on the company's operational requirements, the capital intensity of maintaining climate-controlled laboratory environments appears to be a primary driver of cash consumption, as the firm must continuously invest in infrastructure to ensure the viability of its live biological products within the 48-hour delivery window.
The high fixed-cost nature of these facilities implies that any expansion in production capacity will likely require significant upfront capital expenditure. Analysts should interpret this as a potential drag on future cash flow, as the company must balance infrastructure investment against the need to preserve its limited cash reserves.
The company's reliance on live biological agents introduces unique cash flow risks, as the near-zero salvage value of expired inventory may lead to significant, non-obvious cash losses that are not clearly delineated in standard financial reporting, potentially masking the true cost of operational inefficiencies.
Because the product has a strict 48-to-72-hour viability window, any failure in the cold-chain logistics or production scheduling results in immediate cash waste. This operational reality suggests that the company's cash flow statement may obscure the true extent of inventory spoilage costs, which are likely buried within broader operating expenses.
Quick answers to the most common questions about buying CUPR stock.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) generated $-9.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) reported negative free cash flow of $9.2M in 2025, indicating capital requirements exceeded cash from operations.
Cuprina Holdings (Cayman) Limited Class A Ordinary Shares (CUPR) 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.