Cash flow conversion remains inconsistent, as demonstrated by the swing from a $2.3M free cash flow in 2025Q3 to a negative $451.5K in 2026Q1, exacerbated by capital expenditures reaching 24.4% of revenue.
| 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 | Dec'08 |
|---|
| Cash from Operations | 4.07M | 3.64M | -3.77M | 4.85M | -12.17M | -14.27M | -7.09M | -1.54M | -1.8M | 1.33M | -4.21M | -370.86K | -411.24K | 195.94K | -1.34M | -909.1K | -1.04M | -835.81K | -2.05M |
| Operating CF Margin % | - | 58.72% | -589.47% | 18.58% | -24.04% | -25.75% | -14.78% | -4.09% | -5.58% | 4.54% | -23.58% | -3.44% | -3.46% | 1.74% | -9.12% | -7.17% | -7.79% | -7.78% | -14.17% |
| Operating CF Growth % | 11067.02% | 196.41% | -177.78% | 139.85% | 14.73% | -101.19% | -361.59% | 14.79% | -235.16% | 131.73% | -1033.87% | 9.82% | -309.88% | 114.63% | -47.31% | 12.19% | -23.87% | 59.22% | - |
| Net Income | 1.8M | 681.31K | -4.22M | -17.63M | -15.55M | -2.2M | -3.86M | -3.28M | -74.28K | -1.37M | -2.93M | -833.14K | 122.49K | -1.06M | -732.34K | -870.05K | 268.19K | -2.58M | -4.16M |
| Depreciation & Amortization | 790.38K | 0 | 370.18K | 763.11K | 1.01M | 1.1M | 372.18K | 608.3K | 365.08K | 500.08K | 544.69K | 121.03K | 9.05K | 9.78K | 14.08K | 23.55K | 26.43K | 59.54K | 87.77K |
| Stock-Based Compensation | 122.67K | 0 | 897.16K | 279.39K | 1.17M | 996.94K | 440.86K | 505.19K | 399.78K | 196.31K | 177.96K | 75.53K | 14.29K | 35.19K | 39.21K | 113.71K | 91.19K | 415.18K | 278.57K |
| Deferred Taxes | -26.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -138.02K | -61.37K | 82.42K | -378.93K | -7.02K | 929.81K | -312.89K | 0 | -340.91K |
| Other Non-Cash Items | 1.21M | 2.1M | 1.89M | 204.5K | 1.96M | 760.82K | -1.16M | 283.8K | -78.78K | 199.68K | 177.96K | 75.53K | -360.73K | 272.91K | 39.21K | -870.05K | 98.13K | -186.82K | 323.37K |
| Working Capital Changes | 182.72K | 859.89K | -2.7M | 21.24M | -760.99K | -14.93M | -2.89M | 341.69K | -2.42M | 1.81M | -2.03M | 251.55K | -278.74K | 1.32M | -692.37K | -236.06K | -1.21M | 1.45M | 1.76M |
| Change in Receivables | -1.64M | -1.73M | 1.01M | 1.88M | 2.22M | 4.26M | -4.97M | -1.57M | -530.01K | 269.42K | -1.43M | 735.78K | -136.77K | 277.75K | -748.76K | -386.1K | 2.41K | 336.64K | 1.09M |
| Change in Inventory | 0 | 0 | 404.3K | 15.46M | 6.69M | -18.03M | -8.87M | 468.34K | -2.65M | -476.05K | -2.17M | -1.08M | -92.27K | 1.31M | 247.62K | -9.23K | -1.13M | 1.32M | 1.5M |
| Change in Payables | 366.73K | 217.93K | -3.25M | 8.31M | -9.62M | 862.45K | 6.67M | 1.12M | -2.63M | -606.33K | -1.83M | -3.78M | -2.14M | -2.6M | -3.07M | -3.44M | -4.29M | -3.04M | -4.72M |
| Cash from Investing | -5.39M | -4.87M | 11.64K | -381.87K | -695.02K | -681.83K | -578.09K | -484.25K | -329.91K | -249.79K | -531.16K | -832.07K | -25.16K | 5.23K | -19.96K | 165.5K | 9.82K | 757.67K | -345.97K |
| Capital Expenditures | -704.14K | 0 | 0 | -162.27K | -276.67K | -593.12K | -302.52K | -484.25K | -236.91K | -99.79K | -58.16K | -177.07K | -25.16K | -34.76K | -19.96K | -648 | -11.7K | -14.66K | -20.48K |
| CapEx % of Revenue | 8.47% | 3% | - | 0.62% | 0.55% | 1.07% | 0.63% | 1.29% | 0.73% | 0.34% | 0.33% | 1.64% | 0.21% | 0.31% | 0.14% | 0.01% | 0.09% | 0.14% | 0.14% |
| Acquisitions | -4.69M | 0 | 0 | 0 | 0 | 0 | 501.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -4.87M | 11.64K | -219.59K | -418.35K | -88.71K | -777.41K | -310K | -93K | -150K | -473K | -655K | 0 | 39.98K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.92M | 4.3M | 3.08M | -4.79M | 824.75K | 26.45M | 7.88M | 3.26M | 2.03M | -1.04M | 3.07M | 2.91M | 522.27K | -343.81K | 910.81K | 377.56K | 811.79K | 94.5K | 0 |
| Debt Issued (Net) | -50K | 300K | 0 | -4.79M | 587.95K | 2.7M | 3.35M | -1.74M | 1.65M | -1.22M | 1.31M | -840.59K | 522.27K | -592.49K | 910.81K | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 2M | 4M | 3.08M | 0 | 0 | 22.73M | 3.16M | 4.94M | 0 | 0 | 1.53M | 3.44M | 0 | 248.68K | 0 | 377.56K | 811.79K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.98M | 0 | 0 | 0 | 236.8K | 1.02M | 1.37M | 60.65K | 379.26K | 181.06K | 233.31K | 315.58K | 0 | 0 | 0 | 0 | 0 | 94.5K | 0 |
| Net Change in Cash | 4.57M | 3.05M | -679.16K | -320.79K | -12.04M | 11.5M | 204.86K | 1.24M | -103.24K | 49.37K | -1.67M | 1.71M | 82.24K | -140.31K | -448.66K | -365.63K | -213.51K | 18.52K | -2.44M |
| Free Cash Flow | 3.37M | 3.45M | -3.77M | 4.47M | -12.87M | -14.95M | -8.17M | -2.02M | -2.04M | 1.23M | -4.26M | -547.93K | -436.4K | 161.18K | -1.36M | -909.75K | -1.05M | -850.47K | -2.07M |
| FCF Margin % | 40.53% | 55.71% | -589.47% | 17.11% | -25.41% | -26.98% | -17.03% | -5.37% | -6.31% | 4.2% | -23.91% | -5.08% | -3.67% | 1.43% | -9.25% | -7.18% | -7.87% | -7.92% | -14.32% |
| FCF Growth % | 302.96% | 191.48% | -184.43% | 134.73% | 13.97% | -82.95% | -304.43% | 0.95% | -265.27% | 128.96% | -678.07% | -25.56% | -370.75% | 111.86% | -49.4% | 13.11% | -23.11% | 58.91% | - |
| FCF per Share | 0.32 | 0.49 | -1.19 | 2.30 | -6.93 | -9.40 | -8.08 | -2.80 | -3.20 | 2.07 | -7.66 | -1.45 | -1.37 | 0.52 | -4.67 | -3.88 | -12.11 | -10.41 | -26.55 |
| FCF Conversion (FCF/Net Income) | 1.87x | 3.39x | 0.89x | -0.28x | 0.78x | 6.49x | 1.84x | 0.47x | 24.37x | -0.98x | 1.43x | 0.45x | -3.36x | -0.18x | 1.83x | 1.04x | -3.86x | 0.32x | 0.49x |
| Interest Paid | 0 | 0 | 0 | 238.33K | 394.62K | 270.41K | 48.47K | 48.4K | 78.4K | 98.76K | 54.45K | -72.36K | 77.22K | 68.13K | 49.36K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 11.13K | 42.62K | 88.35K | 63.77K | 26.72K | 31.77K | 25.8K | 14.66K | 7.07K | -7.36K | 7.08K | 3.94K | 3.39K | 2.07K | 1.78K | 5.1K | 12.92K |
Erratic Cash Flow Conversion
According to reported financial statements, FIEE's operating cash flow to net income ratio has fluctuated wildly, reaching a low of -9.12 in 2025Q3, which suggests that reported accounting profits are frequently disconnected from the actual cash generation capabilities of the underlying communication equipment business model.
The significant divergence between net income and operating cash flow indicates that accruals and non-cash adjustments are playing an outsized role in the company's reported profitability. Investors should monitor whether this disconnect stems from aggressive revenue recognition or timing mismatches in working capital, as it complicates the assessment of true operational health.
Based on the provided quarterly data, FIEE's free cash flow trajectory remains erratic, swinging from a positive $2.3M in 2025Q3 to a negative $451.5K in 2026Q1, which highlights the difficulty the firm faces in maintaining a self-sustaining cash profile amidst its ongoing business model transition.
The inability to generate consistent free cash flow suggests that the company's pivot toward software-as-a-service has not yet reached the scale required to offset its fixed operating costs. This volatility implies that the firm may remain reliant on external capital or asset management to fund its ongoing operations.
As reported in recent filings, FIEE experienced a substantial $734.7K working capital outflow in 2026Q1, following a $1.5M outflow in 2025Q4, indicating that the company's cash position is highly sensitive to the timing of collections and inventory management within its hardware-software hybrid operating structure.
These large, sequential working capital outflows suggest that the company may be struggling to optimize its cash conversion cycle as it scales. Such fluctuations warrant further investigation into whether the firm is offering extended payment terms to ISP partners to drive adoption, which could pressure liquidity in the near term.
Based on financial disclosures, FIEE's capital expenditure reached 24.4% of revenue in 2026Q1, a significant increase that suggests the company is currently prioritizing heavy investment in cloud infrastructure and software development to support its proprietary MinimOS platform rather than focusing on immediate cash preservation.
This elevated capital intensity appears to be a strategic choice to build out the necessary technological moat, yet it places additional strain on the company's limited cash reserves. Analysts should evaluate whether these investments are yielding measurable improvements in subscriber retention or if they represent a recurring burden on the balance sheet.
Quick answers to the most common questions about buying FIEE stock.
FiEE, Inc. (FIEE) generated $3.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
FiEE, Inc. (FIEE) generated $3.5M 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.
FiEE, Inc. (FIEE) 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.