Free cash flow remains inconsistent and prone to extreme volatility, highlighted by a $9.5 million cash burn in 2023Q4 and an erratic OCF/NI ratio that has swung as high as 25.63 in 2024Q4.
| Cash from Operations | 1.48M | 1.48M | -9.96K | -8.82M | 332.18K | 0 |
| Operating CF Growth % | 338.17% | 14998.68% | 99.89% | -2756.72% | - | - |
| Net Income | 1.18M | 1.43M | -25.85K | -15.92M | -125.79K | -1.8K |
| Depreciation & Amortization | 0 | 0 | 26.96K | 17.43K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 190.8K | 0 | -26.96K | 5.14M | 0 | 0 |
| Working Capital Changes | 103.03K | 57.38K | 15.89K | 0 | 457.96K | 1.8K |
| Cash from Investing | -82.35M | -82.14M | 0 | -10.21M | -83.69M | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -248.79M | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 165.1M | 0 |
| Net Investment Activity | 0 | 0 | 0 | 0 | -83.69M | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -82.35M | -82.14M | 0 | -10.21M | 165.1M | 0 |
| Cash from Financing | 81.09M | 81.09M | 2.75M | 20.06M | 83.88M | 0 |
| Dividends Paid | 0 | 0 | -2.04M | -368.7K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 81.22M | 81.22M | 0 | 2.88M | 79.83M | 0 |
| Net Stock Activity | 81.22M | 81.22M | 0 | 2.88M | 79.83M | 0 |
| Debt Issuance (Net) | -131.67K | -131.67K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 4.8M | 20.43M | 83.88M | 0 |
| Net Change in Cash | 221.04K | 440.62K | -9.96K | 1.02M | 521.87K | 0 |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 486.9K | 46.28K | 56.25K | 196.15K | 0 | 0 |
| Cash at End | 243.24K | 486.9K | 46.28K | 1.22M | 521.87K | 0 |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1.48M | 1.48M | -9.96K | -8.82M | 332.18K | 0 |
| FCF Growth % | 114.37% | 14998.68% | 99.89% | -2756.72% | - | - |
Post-merger liquidity constraints
According to recent SEC filings, the relationship between net income and operating cash flow has been highly erratic, with OCF/NI ratios swinging from extreme negative values to over 25x, suggesting that reported earnings are currently poor proxies for the underlying cash-generating capacity of the business.
The massive divergence between net income and operating cash flow indicates that non-cash items and accounting adjustments are dominating the bottom line. Investors should monitor whether this volatility stabilizes as the company moves past the initial integration phase of the iCoreConnect merger.
As reported in financial statements, the company's free cash flow trajectory has been inconsistent, oscillating between positive inflows and significant outflows, such as the $9.5 million burn observed in 2023Q4, which underscores the difficulty in achieving sustainable cash generation during the post-combination transition period.
The lack of a consistent positive FCF trend suggests that the company is still in a capital-intensive phase where operational cash needs frequently outpace inflows. This pattern warrants further investigation into whether the current cost structure can support long-term profitability without additional external financing.
Based on reported figures, working capital changes have been a primary driver of cash flow variability, with significant swings such as the $819.9K outflow in 2023Q4, indicating that the company's cash position is highly sensitive to the timing of collections and payables management.
These fluctuations suggest that the company may lack the operational maturity to manage its cash conversion cycle effectively. Investors should be wary of how these working capital swings might exacerbate liquidity pressures if the company's growth initiatives fail to materialize as expected.
As indicated in historical data, the company has relied heavily on stock-based compensation, including a $6.0 million charge in 2024Q3, which effectively masks the true cash cost of operations and complicates the assessment of the company's actual ability to fund itself through internal cash flows.
By excluding these significant non-cash expenses, the company's operating cash flow may appear more resilient than it truly is. This reliance on equity-based incentives suggests that management may be attempting to preserve cash at the expense of significant shareholder dilution.
Quick answers to the most common questions about buying FGMC stock.
FG Merger Corp. (FGMC) generated $1.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FG Merger Corp. (FGMC) generated $1.5M 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.
FG Merger Corp. (FGMC) 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.