Free cash flow remains highly volatile, swinging from a -$9.4M trough in 2024Q3 to a $19.8M inflow in 2025Q4, largely driven by unpredictable working capital changes.
| Cash from Operations | 7.86M | 3.45M | -15.29M | -10.07M | 12.08M | -9.72M | -8.1M | -4.1M | -3.56M | -3.52M | -402.09K | -318.91K |
| Operating CF Margin % | 20.8% | 7.43% | -28.7% | -18.15% | 21.01% | -15.79% | -1300.48% | -701.99% | -1970.95% | -4178.02% | -219.21% | -126.64% |
| Operating CF Growth % | 127.93% | 122.57% | -51.76% | -183.39% | 224.25% | -20% | -97.65% | -15.29% | -1.12% | -774.53% | -26.08% | - |
| Net Income | -18.5M | -39.48M | -14.42M | -25.51M | -12.89M | -30.62M | -21.37M | -10.43M | -8.15M | -4.16M | -1.6M | -664.84K |
| Depreciation & Amortization | 2.23M | 2.9M | 3.99M | 1.58M | 5.98M | 939K | 579K | 149.8K | 164.6K | 172.61K | 157.55K | 151.2K |
| Stock-Based Compensation | 3.96M | 20.87M | 0 | 1.63M | 0 | 3.42M | 4.14M | 2.46M | 2.31M | 0 | 0 | 0 |
| Deferred Taxes | -378.35K | 127.66K | 494.74K | 25.51M | -369.73K | 366K | 3.35M | 918.67K | 634.96K | 0 | 0 | 0 |
| Other Non-Cash Items | 9.63M | 346.89K | 705.36K | -15M | -280.81K | 16.6M | 6.88M | 2.04M | 1.57M | 771.65K | 0 | 6.4K |
| Working Capital Changes | 10.92M | 18.68M | -6.06M | 1.72M | 19.63M | -427K | -1.67M | 766.86K | 543.49K | -303.21K | 1.04M | 188.33K |
| Change in Receivables | -4.83M | 4.32M | -4.74M | 160K | 36.2K | -59K | -32K | -105.94K | 2.69K | -5.14K | 112.89K | 0 |
| Change in Inventory | 0 | 0 | 0 | 312K | 0 | -147K | -119K | 1.59K | 36.29K | 110.18K | -12.98K | 0 |
| Change in Payables | 7.43M | 14.22M | -4.83M | -1.66M | 9.02M | 493K | 231K | 338.3K | 279.59K | -298.2K | 291.58K | 0 |
| Cash from Investing | -478.44K | -565.03K | 1.44M | 13.84M | -406.34K | -131K | 7.57M | -137.79K | -88.92K | -206.77K | -270.37K | -250.97K |
| Capital Expenditures | -479.03K | -576.67K | -291.86K | -1K | -405.88K | -688K | -458K | -137.79K | -149.62K | -168.06K | -252.43K | -250.97K |
| CapEx % of Revenue | 1.27% | 1.24% | 0.55% | 0% | 0.71% | 1.12% | 73.52% | 23.6% | 82.94% | 199.67% | 137.61% | 99.66% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 3.39M | 0 | 400K | 2.1M | 2.16M | 2.12M | 259K | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 596 | 0 | 36.68K | 13.89M | 0 | -535K | -150K | 0 | -49.48K | -64.22K | -83.98K | 0 |
| Cash from Financing | 4.03M | 2.02M | -1.2M | -837K | -10.12M | 7.48M | 4.13M | 4.63M | 2.65M | 4.82M | 681.61K | 477.82K |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 4.93M | 0 | 1.79M | 4.13M | 4.63M | 2.65M | 4.82M | 681.61K | 477.82K |
| Net Change in Cash | 11.42M | 4.9M | -15.04M | 2.93M | 1.55M | -2.37M | 3.6M | 392.71K | -997.89K | 1.09M | 9.15K | -92.06K |
| Free Cash Flow | 7.38M | 2.87M | -15.58M | -10.07M | 11.67M | -10.41M | -8.56M | -4.24M | -3.71M | -3.68M | -654.52K | -569.88K |
| FCF Margin % | 19.53% | 6.19% | -29.25% | -18.15% | 20.3% | -16.91% | -1374% | -725.58% | -2053.88% | -4377.69% | -356.82% | -226.3% |
| FCF Growth % | 157% | 118.45% | -54.64% | -186.3% | 212.14% | -21.61% | -102.03% | -14.35% | -0.56% | -462.93% | -14.85% | - |
| FCF per Share | 0.12 | 0.08 | -0.21 | -0.14 | 0.25 | -0.22 | -0.25 | -0.17 | -0.16 | -0.16 | -0.03 | -0.02 |
| FCF Conversion (FCF/Net Income) | -0.43x | -0.09x | 1.00x | 0.60x | -0.81x | 1.45x | 0.33x | 0.39x | 0.44x | 0.85x | 0.25x | 0.55x |
| Interest Paid | 58.14K | 1.07M | 1.82M | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 324.78K | 445.53K | 0 | 1.2M | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent negative operating leverage
As reported in recent financial statements, CURR exhibits a volatile relationship between net income and operating cash flow, highlighted by a 2025Q4 OCF/NI ratio of -1.69, which suggests that accounting earnings are currently failing to capture the underlying cash dynamics of the business model.
The significant divergence between net losses and positive operating cash flow in specific quarters indicates that non-cash items or working capital swings are heavily influencing reported figures. Investors should monitor whether these cash inflows are sustainable or merely temporary timing differences that mask the core operational burn.
Based on the provided quarterly data, CURR's free cash flow trajectory remains highly erratic, swinging from a peak of $19.8M in 2025Q4 to a trough of -$9.4M in 2024Q3, reflecting a lack of consistent cash generation capability within the current fintech operating framework.
The inability to maintain positive free cash flow suggests that the company's core remittance and airtime services have yet to achieve the scale required for self-funding. This inconsistency warrants further investigation into whether the recent positive FCF is a result of operational improvement or aggressive working capital management.
According to the cash flow statements, working capital changes have become the primary driver of liquidity, with a notable $23.3M inflow in 2025Q4, which appears to be the main factor preventing a more severe erosion of the company's cash position during periods of net loss.
These large, fluctuating working capital adjustments suggest that the company's cash flow is highly sensitive to the timing of payments and receipts within its remittance corridors. Such reliance on working capital volatility to bolster cash flow may indicate underlying instability in the company's transactional ecosystem.
As disclosed in recent filings, CURR has utilized stock-based compensation to manage its cost structure, with $7.7M recorded in 2024Q4, which effectively obscures the true economic cost of operations and complicates the assessment of the company's underlying cash-based profitability and long-term sustainability.
The reliance on equity-based incentives suggests that management may be attempting to preserve cash by substituting cash compensation with stock. This practice warrants further investigation, as it may lead to significant shareholder dilution without a corresponding improvement in the company's core operational cash flow performance.
Quick answers to the most common questions about buying CURR stock.
Currenc Group, Inc. (CURR) generated $7.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Currenc Group, Inc. (CURR) generated $7.4M 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.
Currenc Group, Inc. (CURR) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.