Operating cash flow remains robust, with an OCF/NI ratio frequently exceeding 3.0x, though quarterly working capital swings necessitate careful monitoring of liquidity.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 |
|---|
| Cash from Operations | 10.1M | 9.3M | 6.28M | 3.5M | -411K | -1.01M | 647K | 1.64M | 452K | 294K | -1.13M | -2.97M | -4.34M | -5.38M | -446K | -1.65M | 39K | -6.99M | 10.36M | 22.55M | 18.88M | 6.91M | 1.3M | 2.08M | -3.55M | -8M | -16.64M | -4.6M |
| Operating CF Margin % | - | 13.64% | 10.33% | 6.58% | -1.09% | -3.58% | 3.95% | 11.35% | 3.8% | 2.83% | -12.35% | -38.02% | -57.12% | -52.11% | -2.6% | -3.43% | 0.06% | -7.4% | 8.09% | 14.88% | 10.2% | 17.69% | 1.61% | 3.91% | -9.5% | -18.61% | -60.67% | -4600% |
| Operating CF Growth % | 193.67% | 47.95% | 79.59% | 951.34% | 59.15% | -255.49% | -60.5% | 262.39% | 53.74% | 126.11% | 62.14% | 31.44% | 19.4% | -1106.73% | 72.94% | -4325.64% | 100.56% | -167.42% | -54.06% | 19.44% | 173.11% | 430% | -37.31% | 158.63% | 55.65% | 51.91% | -261.73% | - |
| Net Income | 4.48M | 5.07M | 1.68M | -362K | -35.41M | -2.44M | 7.94M | 1.14M | -223K | -1.02M | -2.79M | -4.54M | -6.38M | -4.96M | -3.94M | -6.23M | -2.31M | -7.54M | 3.14M | 24M | 110.62M | -29.52M | 21.89M | 5.03M | 2.2M | -4.31M | -44.11M | -12.1M |
| Depreciation & Amortization | 3.69M | 3.3M | 3.31M | 3.57M | 2.75M | 1.63M | 258K | 94K | 92K | 106K | 146K | 270K | 663K | 1.15M | 1.37M | 1.35M | 1.38M | 1.47M | 1.2M | 620K | 307K | 241K | 137.28K | 350.8K | 3.08M | 2.42M | 6.48M | 700K |
| Stock-Based Compensation | 2.93M | 2.93M | 3M | 3.85M | 4.37M | 1.63M | 623K | 399K | 438K | 573K | 653K | 1.31M | 1.05M | 808K | 812K | 919K | 1.04M | 0 | 0 | 0 | 0 | 0 | 6K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -2.37M | -499K | -6.05M | 0 | 0 | 0 | 0 | 0 | -1K | -253K | -162K | 5.08M | 334K | 1.13M | 2.46M | -760K | -9.98M | -6K | -13.12M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -414K | -73K | 127K | -1.38M | 32.66M | 0 | -1M | 0 | 619K | 239K | 353K | 217K | 193K | -351K | 1.51M | 1.31M | -3K | -1.13M | 1.9M | 2.07M | 1.93M | 72K | 23.83M | 14.42M | 6.92M | 1.45M | 13.48M | 6M |
| Working Capital Changes | -590K | -1.93M | -1.83M | -2.18M | -2.4M | -1.32M | -1.12M | 6K | 145K | 396K | 514K | -226K | 134K | -1.77M | -40K | -4.08M | -402K | -2.46M | 1.66M | -3.38M | -84.01M | 36.12M | -31.43M | -17.73M | -15.75M | -7.56M | 7.51M | 800K |
| Change in Receivables | -3.36M | -1.82M | -906K | -1.18M | -1.02M | -692K | -777K | -423K | -26K | -17K | 56K | 162K | 599K | 2.23M | 12.08M | 6.05M | -1.14M | 7.81M | 342K | -17.98M | 1.85M | -7.89M | -7.89M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 308K | -61K | -11K | 297K | 36K | 285K | -122K | -112K | -139K | 39K | -36K | -62K | 145K | -46K | 26K | 555K | -824K | 371K | -200K | -276K | -77K | -3K | -37.22K | -10.78K | 21.31K | 17.3K | -54.24K | 0 |
| Change in Payables | 1.99M | 1.04M | 1.27M | 623K | 246K | -245K | 20K | 0 | 246K | -73K | 225K | -380K | 72K | -1.52M | -709K | -4.02M | -1.18M | -1.93M | 2.45M | 1.09M | -710K | 1.6M | 1.6M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -26.23M | -18K | -27K | 3.7M | -1.7M | -9.87M | -921K | -72K | -7K | 252K | 11K | -4K | 2.15M | 860K | -629K | -2.4M | -2.57M | 3.19M | -4.24M | -3.99M | -497K | -742K | -173.04K | -129K | -98.92K | 199.24K | -2.92M | -1.1M |
| Capital Expenditures | -18K | -18K | -27K | 3.7M | -1.7M | -9.87M | -745K | -72K | -7K | 0 | 0 | -25K | 2.15M | 860K | -1.17M | -2.4M | -2.53M | 3.19M | -4.24M | -2.99M | -497K | -742K | -173.04K | -129K | -99.58K | 199.24K | -2.95M | -1.1M |
| CapEx % of Revenue | 0.02% | 0.03% | 0.04% | 6.96% | 4.53% | 35.12% | 4.55% | 0.5% | 0.06% | - | - | 0.32% | 28.34% | 8.33% | 6.83% | 4.99% | 3.85% | 3.38% | 3.31% | 1.97% | 0.27% | 1.9% | 0.21% | 0.24% | 0.27% | 0.46% | 10.74% | 1100% |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 3.79M | 0 | 0 | -176K | 0 | 0 | 252K | -28K | -19K | 354K | 1.21M | 543K | -877K | 210K | 0 | -437K | -1M | -3.99M | -500K | -742K | 0 | 660 | 300K | 30K | -700K |
| Cash from Financing | 2.18M | 3.88M | 1.59M | -2.31M | -54K | 650K | 13.67M | 765K | 122K | 117K | 237K | 1.57M | 2.02M | 158K | -143K | -1.5M | -4.81M | -1.91M | -16.8M | -11.73M | 946K | -438K | 1.51M | -151.91K | 4.02M | 5.35M | 21.2M | 6M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 2.89M | 4.87M | 2.37M | 241K | 816K | 1.73M | 10.77M | 0 | 0 | 0 | 0 | 0 | 2M | 0 | 0 | -682K | -3.82M | 0 | -734K | -12.58M | -9.2M | 0 | 1.39M | 328K | 68K | 4.71M | 291.2K | 26.52M |
| Dividends Paid | 0 | 0 | 0 | -130K | -462K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -635K | -851K | -915K | 0 | -5.11M | 0 | -2.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -682K | -3.82M | -734K | -734K | -12.58M | -13.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -348K | -489K | -243K | -264K | -290K | -909K | 1.99M | 849K | 155K | 1.16M | 250K | 679K | -94K | 158K | 492K | 28K | -69K | -1.91M | 600K | 916K | 0 | 1.02M | 0 | -1.66M | -82K | 1.47M | -370.02K | -64.77K |
| Net Change in Cash | -13.96M | 13.19M | 7.85M | 4.87M | -1.99M | -10.21M | 13.4M | 2.33M | 567K | 663K | -878K | -1.41M | -170K | -4.36M | -1.22M | -5.55M | -7.34M | -5.71M | -10.68M | 6.84M | 19.33M | 5.73M | 2.64M | 1.8M | 370.58K | -2.46M | 1.64M | 300K |
| Free Cash Flow | 10.08M | 9.28M | 6.26M | 7.2M | -2.11M | -10.87M | -274K | 1.57M | 445K | 294K | -1.13M | -3M | -2.19M | -4.52M | -1.62M | -4.04M | -2.5M | -3.8M | 6.12M | 19.57M | 18.39M | 6.17M | 1.13M | 1.95M | -3.65M | -7.8M | -19.59M | -5.7M |
| FCF Margin % | 13.84% | 13.61% | 10.28% | 13.53% | -5.63% | -38.7% | -1.67% | 10.85% | 3.74% | 2.83% | -12.35% | -38.34% | -28.79% | -43.78% | -9.43% | -8.42% | -3.79% | -4.02% | 4.78% | 12.91% | 9.93% | 15.8% | 1.4% | 3.67% | -9.77% | -18.15% | -71.42% | -5700% |
| FCF Growth % | 31.55% | 48.3% | -13.09% | 440.54% | 80.56% | -3868.25% | -117.5% | 251.91% | 51.36% | 126.11% | 62.45% | -37.19% | 51.66% | -179.48% | 59.99% | -62.08% | 34.31% | -162.02% | -68.7% | 6.43% | 197.89% | 445.48% | -42.03% | 153.5% | 53.24% | 60.16% | -243.61% | - |
| FCF per Share | 0.31 | 0.29 | 0.21 | 0.28 | -0.09 | -0.54 | -0.02 | 0.10 | 0.03 | 0.02 | -0.08 | -0.23 | -0.20 | -0.42 | -0.15 | -0.38 | -0.22 | -0.33 | 0.52 | 1.53 | 1.46 | 0.52 | 0.09 | 0.18 | -0.62 | -3.50 | -10.58 | -4.55 |
| FCF Conversion (FCF/Net Income) | 2.25x | 1.83x | 3.75x | -9.67x | 0.01x | 0.41x | 0.08x | 1.44x | -2.03x | -0.29x | 0.40x | 0.65x | 0.68x | 1.08x | 0.11x | 0.26x | -0.02x | 0.93x | 3.30x | 0.94x | 0.17x | -0.23x | 0.06x | 0.41x | -1.61x | 1.29x | 0.38x | 0.44x |
| Interest Paid | 8K | 0 | 32K | 115K | 78K | 84K | 70K | 12K | 12K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 305K | 0 | 300K | 121K | 118K | 15K | 12K | 9K | 16K | 12K | 2K | 1K | 14K | 383K | 158K | 892K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
MSP partner consolidation risk
Based on reported financial statements, Crexendo consistently generates operating cash flow significantly higher than net income, with the OCF/NI ratio frequently exceeding 3.0x, which suggests that non-cash charges and working capital adjustments play a substantial role in the company's reported cash generation profile.
The persistent gap between net income and operating cash flow appears largely driven by significant non-cash expenses, including stock-based compensation and depreciation. Investors should monitor whether this conversion quality remains sustainable as the company scales its software-heavy revenue mix.
As indicated by quarterly filings, Crexendo maintains a positive free cash flow trajectory with margins fluctuating between 7% and 25%, demonstrating that the business model is capable of self-funding its operations without relying on external capital markets for ongoing growth initiatives.
The variability in FCF margins appears tied to the timing of working capital shifts rather than fundamental operational weakness. This suggests that the company's underlying cash engine is resilient, provided that the wholesale platform continues to attract and retain high-volume MSP partners.
According to recent SEC filings, Crexendo's cash flow is subject to notable quarterly swings in working capital, with changes ranging from a $2.2 million outflow to a $1.4 million inflow, highlighting the sensitivity of cash balances to the timing of partner payments and inventory cycles.
These fluctuations suggest that the company's cash position is highly dependent on the efficiency of its collections process within the MSP channel. Analysts should investigate whether these swings represent structural payment terms or merely seasonal timing differences in hardware procurement.
Data from financial disclosures reveals that stock-based compensation consistently exceeds $700,000 per quarter, which effectively masks the true economic cost of talent acquisition and dilutes the perceived quality of the company's reported cash flow from operations over the observed ten-quarter period.
While the company reports robust operating cash flow, the persistent reliance on equity-based incentives warrants further investigation into the long-term impact on shareholder value. This practice may be inflating the cash flow metrics relative to the actual cash-based profitability of the core platform business.
Quick answers to the most common questions about buying CXDO stock.
Crexendo, Inc. (CXDO) generated $9.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Crexendo, Inc. (CXDO) generated $9.3M 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.
Crexendo, Inc. (CXDO) 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.