Liquidity remains a primary concern as the company continues to burn cash, reporting a negative free cash flow of $1.5 million in 2026Q1.
| 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 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Cash from Operations | -3.67M | -2.55M | -11.14M | -14.59M | -2.67M | -17.37M | -7.23M | -10.14M | -4.88M | 23.66M | -34.44M | 104.26M | 4.18M | 24.91M | 19.7M | 25.98M | 10.69M | 3.34M | 13.02M | 1.21M | -207.88K | -588.42K | -7.98M | -795 | -22.69K | -7.71K |
| Operating CF Margin % | - | -66.49% | -516.35% | -67.23% | -11.18% | -69.35% | -1959.53% | -1077.53% | -549.15% | 226.1% | -100.08% | 120.62% | 4.22% | 31.53% | 19.25% | 30.92% | 11.46% | 5.64% | 31.26% | 4.13% | -4.52% | -11.54% | -468.86% | - | - | -3895.45% |
| Operating CF Growth % | -39.02% | 77.15% | 23.62% | -446.51% | 84.64% | -140.46% | 28.75% | -107.8% | -120.63% | 168.7% | -133.03% | 2396.46% | -83.23% | 26.41% | -24.15% | 143.03% | 219.92% | -74.34% | 974.23% | 683.07% | 64.67% | 92.63% | -1004253.21% | 96.5% | -194.19% | - |
| Net Income | -1.32M | -4.62M | -34.2M | -32.57M | -14.01M | -11.82M | -30.28M | -11.11M | -170M | -102.58M | -507.39K | 2.95M | 7.87M | 12.17M | 18.17M | 14.13M | 22.97M | 16.4M | 10.01M | -3.19M | -1.47M | -1.23M | -15.82M | -6.03K | -34.77K | -7.81K |
| Depreciation & Amortization | 24.96M | 95.63K | 266.29K | 258.4K | 248.7K | 62.9K | 82.19K | 3.3K | 9.8M | 674.28K | 5.43M | 7.62M | 5.6M | 5.17M | 4.6M | 3.55M | 2.39M | 2.01M | 1.9M | 529.71K | 595.46K | 584.47K | 48.88K | 0 | 0 | 0 |
| Stock-Based Compensation | 1.08M | 0 | 0 | 0 | 2.17M | 6.38M | 7.13M | 703.3K | 0 | 223.63K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 2.14M | 0 | 0 | 0 | 3.57M | -1.24M | 1.41M | -874.98K | -445.14K | 83.71K | -174.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.87B | 29.29M | 38.17M | 16.63M | 2.54M | -749.63K | 15.03M | 4.19M | 187.28M | 96.91M | 1.36M | 5.52M | 1.47M | 1.4M | 1.3M | 142.38K | 2.1M | 640.32K | 632.11K | 1.68M | -343.11K | 182.12K | 6.05M | 5.23K | 0 | 0 |
| Working Capital Changes | -158.19K | -27.32M | -15.38M | 1.09M | 6.38M | -13.39M | 808.49K | -3.93M | -31.96M | 24.86M | -39.48M | 86.77M | -9.89M | 6.61M | -4.44M | 8.33M | -16.78M | -15.72M | 475.25K | 2.2M | 1.01M | -123.75K | 1.74M | 0 | 12.08K | 100 |
| Change in Receivables | 887.78K | -26.39M | -7.73M | -1.75M | -1.12M | -7.69M | -249.07K | -56.05K | -17.08M | 9.83M | 35.45M | 11.84M | -33.01M | 16.2M | -13.29M | 11.93M | -17.24M | -15.81M | -1.8M | 0 | 0 | 0 | 34.15K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 3.59M | -5.67M | 3.59K | -3.59K | -4.25M | -943.93K | 190.34K | 426.46K | 213.88K | 2.83M | -1.13M | -419.71K | -334.71K | -3.07M | 2.87M | 0 | 49.43K | 64.3K | 419.92K | 0 | 1.98K | 100 |
| Change in Payables | 84.26K | 1.04M | -1.08M | -4.41M | 3.6M | 3 | -1.22K | 205.8K | -223.42K | -5.22M | 8.11M | 55.41M | 14.82M | -11.1M | 11.37M | -623.14K | 654.33K | 1.91M | -2.51M | 2.31B | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -29.11M | -28.96M | -3.69M | 8.04M | -14.41M | -11.18M | -2.94K | -48.01K | 720 | 0 | -21.04M | -20.81M | -40.61M | -60.01M | -8.75M | -12.94M | -7.99M | -6.1M | -7.16M | 268.36K | -95.19K | -43.63K | 0 | 0 | 0 | 0 |
| Capital Expenditures | -330.56K | -3.72K | -34.06K | -65.65K | -587.1K | -3.21M | -2.94K | -5.01K | 0 | 0 | -18.06M | -279.69K | -40.61M | -60.01M | -8.16M | -7.79M | -7.7M | -455K | -3.28M | 0 | -100.69K | -43.63K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 9.47% | 0.1% | 1.58% | 0.3% | 2.46% | 12.8% | 0.8% | 0.53% | - | - | 52.49% | 0.32% | 40.99% | 75.97% | 7.97% | 9.27% | 8.25% | 0.77% | 7.88% | - | 2.19% | 0.86% | - | - | - | - |
| Acquisitions | -30.01M | -29.93M | -870.46K | 4.71M | 166.68K | 216.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.07M | 980K | -2.21M | 3.39M | -13.99M | -5.96M | 5.36M | -43K | 720 | 0 | -2.98M | -20.53M | 0 | 0 | -591.52K | -5.15M | -293.42K | -5.65M | -3.87M | 268.36K | 5.5K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 31.66M | 31.77M | 2.51M | -1.82M | -251.69K | 69.27M | 16.42M | 3.23M | 155.97K | -19.91M | -24.1M | -60.41M | -5.16M | 22.02M | 5.23M | -3.99M | 31.02M | 1.96M | 4.84M | -1.56M | 273.23K | 587.1K | 7.99M | 0 | 35K | 7.83K |
| Debt Issued (Net) | 1.8M | 1.8M | 0 | -2.49M | -188.22K | -155.63K | 6.16M | 3.23M | 0 | -23.24M | -3.57M | -63.65M | -1.4M | 29.12M | 5.2M | -4.2M | 4.51M | -5.83M | 2.03M | 1.81M | 183.72K | 487.1K | 491.91K | 0 | 35K | 0 |
| Equity Issued (Net) | 30M | 30M | 2.58M | 0 | 0 | 69.43M | 10.26M | 0 | 155.97K | 3.34M | -23.53M | 0 | 0 | 0 | 0 | 0 | 27.01M | 7.79M | 3.12M | 0 | 0 | 100K | 7.5M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -311.98K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -139.97K | -28.35K | -73.47K | 665.11K | -63.48K | 0 | 0 | 0 | 0 | 0 | 2.99M | 3.24M | -3.76M | -7.1M | 31.68K | 208.15K | -505.58K | 0 | 0 | -3.38M | 89.5K | 0 | 0 | 0 | 0 | 7.83K |
| Net Change in Cash | -757.15K | 234.42K | -12.57M | -12.25M | -20.54M | 40.85M | 9.23M | 519.58K | -4.33M | 3.44M | -48.86M | 24.88M | -41.76M | -10.67M | 16.41M | 11.8M | 34.95M | -869.67K | 11.18M | -83.04K | -29.84K | -44.94K | 7.17K | -795 | 12.31K | 121 |
| Free Cash Flow | -3.67M | -2.55M | -11.18M | -14.65M | -3.83M | -20.58M | -7.23M | -10.19M | -4.88M | 23.66M | -52.5M | 103.98M | -36.43M | -35.1M | 11.26M | 18.19M | 2.99M | 2.89M | 9.74M | 1.21M | -308.57K | -632.04K | -7.98M | -795 | -22.69K | -7.71K |
| FCF Margin % | -105.15% | -66.58% | -517.93% | -67.54% | -16.02% | -82.15% | -1960.32% | -1082.63% | -549.15% | 226.1% | -152.57% | 120.3% | -36.78% | -44.44% | 11% | 21.64% | 3.21% | 4.87% | 23.38% | 4.13% | -6.71% | -12.4% | -468.86% | - | - | -3895.45% |
| FCF Growth % | 71.72% | 77.18% | 23.73% | -282.93% | 81.41% | -184.71% | 29.06% | -108.78% | -120.63% | 145.06% | -150.48% | 385.42% | -3.79% | -411.73% | -38.08% | 507.84% | 3.66% | -70.36% | 703.34% | 492.82% | 51.18% | 92.08% | -1004253.21% | 96.5% | -194.19% | - |
| FCF per Share | -0.71 | -1.28 | -5.33 | -7.00 | -1.83 | -9.83 | -2.50 | -3.18 | -11.28 | 42.30 | -131.88 | 310.07 | -109.32 | -105.32 | 33.79 | 54.57 | 10.36 | 12.36 | 43.55 | 1426.00 | -376.71 | -516.38 | -6109.11 | -2.55 | -407.38 | -137.73 |
| FCF Conversion (FCF/Net Income) | 2.78x | 0.55x | 0.34x | 0.43x | 0.20x | 1.28x | -0.08x | 0.40x | 0.03x | -0.23x | 6.51x | 35.36x | 0.53x | 2.05x | 1.08x | 1.97x | 0.50x | 0.22x | 1.30x | -0.38x | 0.14x | 0.48x | 0.28x | 0.13x | 0.65x | 0.99x |
| Interest Paid | 0 | 0 | 0 | 0 | 11.7K | 14.82K | 0 | 0 | 0 | 796.18K | 833.69K | 3.89M | 4.55M | 1.24M | 888.57K | 849.74K | 801.5K | 817.76K | 951.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 510.84K | 714.13K | 3.69K | 0 | 0 | 0 | 266.12K | 2.71M | 4.27M | 4.62M | 6.54M | 5.56M | 7.85M | 6.89M | 4.77M | 2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and operational viability
As reported in recent financial statements, the relationship between net income and operating cash flow is frequently erratic, with the OCF/NI ratio reaching extreme levels like -32.75 in 2025Q4, suggesting that reported earnings provide little insight into the company's actual ability to generate cash from operations.
The wide variance between net income and operating cash flow indicates that non-cash items and accruals are heavily distorting the bottom line. Investors should monitor this divergence as it suggests that the company's accounting earnings are not currently supported by underlying cash generation.
Based on the provided quarterly data, Future FinTech has struggled to maintain positive free cash flow, with the company reporting a -$1.5 million outflow in 2026Q1, reflecting a consistent inability to cover operational and capital requirements through its core business activities over the last ten quarters.
The recurring negative FCF trajectory highlights a structural reliance on external financing to sustain operations. This trend appears to be a direct consequence of the company's inability to scale its diverse business segments into a self-funding model.
According to historical cash flow filings, working capital changes have been a significant source of volatility, including a massive $27.4 million outflow in 2025Q1, which underscores the unpredictable nature of the company's cash management within its supply chain and e-commerce trading segments.
The erratic swings in working capital suggest that the company's cash conversion cycle is highly sensitive to the timing of its trading activities. This volatility complicates liquidity planning and may indicate that the firm is frequently forced to tie up limited cash in inventory or receivables.
As evidenced by the data, capital deployment has been characterized by sporadic acquisitions, such as the $29.9 million outflow in 2025Q3, rather than consistent shareholder returns, which appears to have further depleted the company's limited cash reserves without yielding a clear improvement in operational performance.
The focus on acquisitions in the absence of positive operating cash flow suggests a strategy of inorganic growth that may be exacerbating the company's liquidity risks. Analysts should investigate whether these deployments are effectively contributing to the core business or merely masking underlying operational weaknesses.
Based on the provided financial tables, the company's cash flow statement is significantly impacted by large, non-recurring adjustments, such as the $51.0 million depreciation and amortization figure in 2025Q2, which obscures the true cash-generating capacity of the firm's underlying business model.
These large adjustments suggest that the reported cash flow figures may be heavily influenced by accounting reclassifications rather than operational success. Investors should be cautious, as these items often mask the true extent of the cash burn occurring within the company's various business segments.
Quick answers to the most common questions about buying FTFT stock.
Future FinTech Group Inc. (FTFT) generated $-2.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Future FinTech Group Inc. (FTFT) reported negative free cash flow of $2.6M in 2025, indicating capital requirements exceeded cash from operations.
Future FinTech Group Inc. (FTFT) 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.