Liquidity remains severely constrained with only $3.3 million in cash reserves as of 2025Q4, failing to generate positive free cash flow, which stood at a deficit of $14.7K in the most recent quarter.
| Metric | 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 | Dec'08 | Dec'07 |
|---|
| Cash from Operations | -3.31M | -9.1M | -11.02M | -7.43M | 10.23M | -626K | 15.08M | 27.27M | -70.42M | -196.43M | 58.71M | 117.52M | -223.81M | 126.16M | 208.27M | 191.58M | 99.77M | 117.96M | 68.67M |
| Operating CF Growth % | 63.67% | 17.42% | -48.18% | -172.69% | 1733.87% | -104.15% | -44.7% | 138.72% | 64.15% | -434.56% | -50.04% | 152.51% | -277.41% | -39.43% | 8.72% | 92.02% | -15.42% | 71.78% | - |
| Net Income | -7.82M | -500.37M | -395.8M | -30.34M | -128.07M | 19.85M | 58.62M | 26.19M | 44.38M | 57.17M | 54.7M | -225.44M | 136.2M | 235.69M | 334.09M | 252.35M | 194.34M | 126.02M | 66.74M |
| Depreciation & Amortization | 505.83K | 250K | 2.9M | 2.95M | 2.97M | 2.98M | 2.95M | 818K | 441K | 526K | 601K | 5.92M | 7.19M | 4.86M | 1.65M | 389K | 518K | 517K | 493.46K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -19.66M | 0 | 0 | 0 | 162.92M | -39.14M | -78.3M | 0 | -286.35M | 0 | 0 | 0 |
| Other Non-Cash Items | 1.45M | 497.53M | 373.65M | 42.42M | 137.51M | 55.26M | 24.52M | 85.89M | -10.81M | -228.24M | -4.74M | -15.65M | -16.46M | -17.2M | -82.25M | 288.76M | 4.65M | 7.25M | 8 |
| Working Capital Changes | 2.56M | -6.51M | 8.23M | -22.46M | -2.19M | -78.83M | -71.08M | -66.66M | -104.42M | -25.89M | 8.15M | 188.85M | -312.64M | -20.79M | -46.04M | -65.76M | -99.74M | -15.82M | 1.43M |
| Cash from Investing | -1.91M | 0 | 0 | 0 | 0 | 0 | -76K | -18.39M | -14.93M | 0 | -59.07M | 59.79M | -65.84M | -54.04M | -19M | 394K | 0 | 0 | -100.04K |
| Purchase of Investments | -1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -80M | -50M | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 276.15M | 0 | 519.19M | 59.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -1.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 276.15M | 0 | 519.19M | 59.54M | -80M | -50M | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 194.47K | 0 | 0 | 0 | 0 | 342.33K | 0 | 0 | 0 | 386.75K | 0 | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 531 | 0 | -276.15M | 150.97M | -410.42M | 693 | 14.26M | 12.73M | -1.34M | 9.25K | 0 | 0 | 0 |
| Cash from Financing | 6.98M | 8.27M | 14.79M | 6.63M | -10M | 414K | -18.46M | -26.8M | 10.27M | 227.48M | 50.83M | 0 | 0 | -7.74M | -10.57M | 528.52M | -114.11M | -61.38M | -34.68M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -15.02M | -18.35M | -12.2M | 0 | 0 | 0 | 0 | -113.34M | -62.3M | -37.12M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.74M | -2.83M | 0 | 0 | 0 | 0 |
| Stock Issued | 0 | 0 | 7.79M | 0 | 0 | 0 | 0 | 0 | -15.23M | 195M | 0 | 0 | 0 | 0 | 0 | 519.88M | 0 | 0 | 6.52M |
| Net Stock Activity | 0 | 0 | 7.79M | 0 | 0 | 0 | 0 | 0 | -15.23M | 195M | 0 | 0 | 0 | -7.74M | -2.83M | 519.88M | 0 | 0 | 6.52M |
| Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | -1000K | 414K | -1000K | -1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | -1000K | 1000K | -767K | 917K | -1000K |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -393.05K | -3.75M | 0 | 12.2M | 0 | 0 | -125.81K | 201.72K | 0 | 0 | 0 |
| Net Change in Cash | 3.27M | -2.45M | 2.24M | -101K | 299K | -35K | -3.06M | -18.53M | -75.07M | 31.05M | 50.47M | 156.33M | -289.64M | 64.17M | 169.13M | 720.5M | -14.34M | 56.58M | 100.22M |
| Exchange Rate Effect | 1.5M | -1.63M | -1.53M | 706K | 71K | 177K | 405K | -615K | 0 | 0 | -35K | -20.97M | 16K | -199K | -9.57M | 0 | 0 | 0 | 66.33M |
| Cash at Beginning | 75.68K | 2.53M | 295K | 396K | 97K | 132K | 3.19M | 21.72M | 96.79M | 203.37M | 15.27M | 806.47M | 1.1B | 1.03B | 862.8M | 142.3M | 156.64M | 100.06M | 0 |
| Cash at End | 3.34M | 79K | 2.53M | 295K | 396K | 97K | 132K | 3.19M | 21.72M | 35.17M | 65.74M | 985.1M | 806.47M | 1.1B | 1.03B | 862.8M | 142.3M | 156.64M | 100.22M |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -3.31M | -9.1M | -11.02M | -7.43M | 10.23M | -626K | 14.81M | 8.88M | -85.35M | -196.43M | 58.71M | 112.88M | -223.91M | 109.38M | 181.75M | 191.57M | 99.77M | 117.96M | 68.57M |
| FCF Growth % | 63.67% | 17.42% | -48.18% | -172.69% | 1733.87% | -104.23% | 66.72% | 110.41% | 56.55% | -434.56% | -47.99% | 150.41% | -304.71% | -39.82% | -5.13% | 92.02% | -15.42% | 72.03% | - |
Liquidity Exhaustion and Pivot
According to recent financial disclosures, the disconnect between net income and operating cash flow is profound, as the company consistently reports net losses while failing to generate positive cash from operations, with OCF/NI ratios frequently hovering near zero or showing extreme, non-representative volatility across reporting periods.
The lack of a meaningful relationship between net income and operating cash flow suggests that the company's accounting earnings are not currently backed by cash generation. Investors should monitor this divergence, as it indicates that the business model is currently unable to convert its reported activities into sustainable liquidity.
As reported in quarterly filings, Eason Technology's free cash flow trajectory remains deeply negative, with the most recent period showing a deficit of $14.7K, reflecting a broader trend of cash consumption that has persisted throughout the company's transition away from its legacy micro-lending business model.
The consistent inability to achieve positive free cash flow suggests that the company is burning through its remaining capital reserves to fund operations. This trajectory warrants further investigation into how long the current cash position can support the ongoing strategic pivot before external financing becomes a necessity.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $79.1 million inflow in 2021Q4 to a $23.7 million outflow in 2023Q2, which suggests that the company's cash position is heavily influenced by lumpy, non-operational balance sheet adjustments.
These massive fluctuations in working capital appear to mask the underlying operational cash burn. Analysts should be cautious, as these movements may not represent sustainable improvements in collection efficiency or inventory management, but rather the liquidation or reclassification of legacy assets during the company's restructuring.
Data from the past ten quarters reveals a significant cumulative gap between reported net income and operating cash flow, indicating that the company has failed to translate its historical business activities into a meaningful cash surplus, as evidenced by the persistent negative cash flow figures.
The long-term divergence between accounting results and cash reality suggests that the company's historical profitability was likely driven by non-cash items or accruals that never materialized into actual liquidity. This pattern raises concerns about the reliability of future earnings projections during the current pivot to digital security.
Quick answers to the most common questions about buying DXF stock.
Eason Technology Limited (DXF) generated $-3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eason Technology Limited (DXF) reported negative free cash flow of $3.3M in 2025, indicating capital requirements exceeded cash from operations.
Eason Technology Limited (DXF) 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.