Despite reporting $616.8K in net income for 2025Q2, the firm recorded zero operating cash flow, suggesting a potential reliance on non-cash accruals that warrants further investigation.
| Cash from Operations | 194.1K | -1.3M | -602.87K | -58.68K | -340.75K | -503.99K |
| Operating CF Margin % | - | -38.53% | -15.19% | -1.27% | -12.08% | -25.86% |
| Operating CF Growth % | 200% | -116.28% | -927.44% | 82.78% | 32.39% | - |
| Net Income | 2.2M | 425.42K | 821.19K | 1.13M | 137.69K | -394.83K |
| Depreciation & Amortization | 99.98K | 25.11K | 5.82K | 1.75K | 3.55K | 4.45K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 5.11K | -5.24K |
| Other Non-Cash Items | -1.58M | 1 | 0 | 8.97K | 60.1K | 90K |
| Working Capital Changes | -519.76K | -1.75M | -1.43M | -1.2M | -547.21K | -198.38K |
| Change in Receivables | -553.45K | 250.26K | -893.83K | -1.3M | -1.61M | -160.66K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 6.78K | -45.21K | -68.19K | 370.5K | 54.31K |
| Cash from Investing | 22.31K | -209.68K | 1.93M | 451.53K | -3.27K | -4.64K |
| Capital Expenditures | 104 | -187.08K | -3.24K | -4.08K | -3.27K | -4.64K |
| CapEx % of Revenue | 0% | 5.53% | 0.08% | 0.09% | 0.12% | 0.24% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 22.21K | -22.6K | 262.77K | 88.65K | 0 | 0 |
| Cash from Financing | 208 | 10.4M | -1.06M | 347.33K | 477.89K | 175K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 10.4M | -1.06M | 347.33K | 477.89K | 175K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 208 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 0 | 9M | 400.42K | 744.74K | 115.02K | -321.35K |
| Free Cash Flow | 194.21K | -1.49M | -606.11K | -62.75K | -344.02K | -508.63K |
| FCF Margin % | 3.53% | -44.06% | -15.28% | -1.36% | -12.19% | -26.1% |
| FCF Growth % | - | -145.99% | -865.88% | 81.76% | 32.36% | - |
| FCF per Share | 0.01 | -0.05 | -0.02 | -0.00 | -0.01 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.09x | -3.06x | -0.73x | -0.05x | -2.47x | 1.28x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 483.66K | 214.8K | 0 | 49.85K |
Regulatory pipeline dependency
According to recent financial disclosures, Enigmatig Limited exhibits a significant disconnect between reported net income and operating cash flow, with the most recent periods showing zero cash generation despite positive net income, suggesting that earnings are currently driven by non-cash accruals rather than immediate liquidity.
The absence of operating cash flow in 2025Q2 despite $616.8K in net income warrants caution regarding the firm's revenue recognition timing. Investors should monitor whether this divergence reflects a structural shift toward long-term contract accounting or potential difficulties in collecting receivables from the fintech advisory client base.
As reported in historical filings, Enigmatig Limited experienced substantial working capital outflows, specifically a $484.8K drain in early 2024, which highlights the firm's vulnerability to timing mismatches between service delivery and client payment cycles in the highly competitive Singapore regulatory consulting market.
The negative working capital impact suggests that the firm is effectively financing its clients' regulatory projects during the application phase. This capital intensity may limit the firm's ability to deploy its cash reserves efficiently if the current cycle of high-touch advisory work continues to demand significant upfront resource allocation.
Based on the provided financial statements, Enigmatig Limited maintains an extremely low capital expenditure profile, with CapEx/Revenue ratios consistently near zero, indicating that the firm's business model is primarily human-capital intensive rather than reliant on significant physical asset investment or ongoing infrastructure replacement.
The lack of meaningful capital investment confirms that the firm's competitive advantage is derived from specialized regulatory knowledge rather than proprietary technology or heavy equipment. While this supports high potential margins, it also implies that the firm's scalability is strictly limited by its ability to recruit and retain specialized compliance talent.
As evidenced by the accumulation of $10.2M in cash against a $3.3M revenue base, Enigmatig Limited appears to be maintaining a fortress balance sheet, yet the lack of dividends or share repurchases suggests that management has not yet identified a clear path for strategic capital deployment.
The current cash position represents a significant portion of the firm's enterprise value, which may indicate that management is preparing for a major acquisition or is otherwise unable to find internal growth opportunities that meet their return thresholds. Investors should monitor whether this cash remains idle or is eventually utilized to pivot the firm toward a more scalable software-based compliance model.
Quick answers to the most common questions about buying EGG stock.
Enigmatig Limited (EGG) generated $-1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Enigmatig Limited (EGG) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Enigmatig Limited (EGG) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.