Cash generation remains inconsistent, with an OCF/NI ratio of 0.01 in 2026Q1, highlighting a fundamental disconnect between reported earnings and actual liquidity.
Giftify, Inc. (GIFT) cash flow statement — 18-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | May'18 | May'17 | Aug'05 | Aug'04 | Aug'03 | Aug'02 | Aug'01 | Aug'00 | Aug'99 | Aug'98 |
|---|
| Cash from Operations | -2.19M | -1.59M | -2.55M | -541.79K | -102.41K | -1.26M | -792K | -706K | -476K | -87.04K | -16.02K | -5.11M | -4.72M | 55.05K | -389.05K | -1.63M | -233.48K | -529.86K | -1.02M |
| Operating CF Margin % | - | -1.91% | -2.87% | -0.62% | -0.11% | -37.92% | -29.95% | -17.04% | -83.95% | - | - | -15824.45% | -19448.43% | 0.62% | -4.44% | -25.06% | -4.23% | -12.14% | -26.89% |
| Operating CF Growth % | -3983.69% | 37.69% | -371.01% | -429.04% | 91.87% | -59.11% | -12.18% | -48.32% | -446.86% | -443.23% | 99.69% | -8.17% | -8677.92% | 114.15% | 76.08% | -596.56% | 55.93% | 47.83% | - |
| Net Income | -8.58M | -10.49M | -18.83M | -124.55K | -8.32M | -4.99M | -6.67M | -13.98M | -1.18M | -674.64K | -22.99K | -11.23M | -3.64M | -2.05M | -2.17M | -11.57M | 12.65K | -694.3K | -3.13M |
| Depreciation & Amortization | 2.91M | 2.92M | 3.9M | 1.59M | 4.7M | 624K | 782K | 2.53M | 315K | 0 | 0 | 55.03K | 576.12K | 1M | 993.81K | 1.31M | 62.66K | 208.93K | 326.8K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 275.62K | 0 | 0 | 942K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -221.28K | -515K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.13M | 6.5M | 11.84M | -2.78M | 5.48M | 2.64M | 3.5M | 9.08M | 2K | 531.63K | -45.53K | 5.62M | -1.28M | -874.58K | 157.03K | 7.64M | 115.11K | 75.58K | 1.46M |
| Working Capital Changes | -1.43M | 1.41K | 536.12K | 777.27K | -2.24M | 463.01K | 1.6M | 722K | 387K | 55.97K | 52.5K | 446.89K | -380.93K | 1.98M | 631.91K | 983.89K | -423.9K | -120.07K | 325.41K |
| Change in Receivables | 11.83K | 80.94K | 789.5K | -74.34K | -901.79K | 179.31K | -58K | 36K | -14K | 0 | 0 | 476.56K | 266.34K | 80.64K | 586.27K | -259.5K | -644.61K | 109.76K | 356.74K |
| Change in Inventory | -1.25M | 389.63K | 97.09K | 816.85K | 455.63K | 0 | 0 | 43K | -3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 579.62K | -76.39K | -236.73K | 84.61K | 261.54K | -240 | 991K | 155K | -131K | -3.85K | 19.32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 109.54K | 0 | -900K | -1M | 0 | 0 | 0 | 100K | 0 | 0 | 16.97K | -287.63K | -496.31K | -311.85K | 484.5K | -910.09K | 53.33K | -341.49K |
| Capital Expenditures | 0 | 0 | 0 | -900K | -1M | 0 | 0 | 0 | 0 | 0 | 0 | -112.03K | -287.63K | -334.31K | -311.85K | 0 | -70.72K | -121.92K | -124.11K |
| CapEx % of Revenue | 0% | 0% | - | 1.03% | 1.03% | 0% | - | - | - | - | - | 347.08% | 1184.7% | 3.77% | 3.56% | - | 1.28% | 2.79% | 3.29% |
| Acquisitions | 0 | 109.54K | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 | 0 | -162K | 0 | 0 | 0 | 99.08K | -216.55K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129K | 0 | 0 | 0 | 0 | -354.86K | 76.17K | -828 |
| Cash from Financing | 2.86M | 833.63K | 2.03M | 1.46M | 409.33K | 2.59M | 1.21M | 805K | 450K | 93.5K | 16.02K | 6.87M | 5.02M | 779.22K | 542.67K | 664.45K | 1.78M | 349.99K | 1.43M |
| Debt Issued (Net) | -426.91K | -4.19M | -980.58K | 1.21M | 409.33K | 672.39K | -40K | 805K | 450K | 93.5K | 16.02K | 3.87M | 464.11K | 779.22K | -818.42K | 650K | -393.6K | -132.06K | 241.37K |
| Equity Issued (Net) | 3.28M | 5.02M | 3.51M | 0 | 250K | 1.96M | 1.25M | 0 | 0 | 0 | 0 | 3.48M | 4.06M | 0 | 1.36M | 14.45K | 2.17M | 482.06K | 1.18M |
| 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 | 0 | 0 | -500K | 250K | -250K | -40.91K | 0 | 0 | 0 | 0 | 0 | -483.59K | 496.39K | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 666.91K | -646.9K | -524.86K | 20.59K | -693.56K | 1.33M | 385K | 99K | 74K | 6.45K | 0 | 1.78M | 6.15K | 337.95K | -158.22K | -477.39K | 635.61K | -126.53K | 68.27K |
| Free Cash Flow | -2.19M | -1.59M | -2.55M | -1.44M | -1.1M | -1.26M | -792K | -706K | -476K | -87.04K | -16.02K | -5.22M | -5.01M | -279.26K | -700.9K | -1.63M | -304.2K | -651.77K | -1.14M |
| FCF Margin % | -2.64% | -1.91% | -2.87% | -1.65% | -1.14% | -37.92% | -29.95% | -17.04% | -83.95% | - | - | -16171.53% | -20633.14% | -3.15% | -8.01% | -25.06% | -5.51% | -14.93% | -30.18% |
| FCF Growth % | -514.27% | 37.69% | -76.99% | -30.73% | 12.48% | -59.11% | -12.18% | -48.32% | -446.86% | -443.23% | 99.69% | -4.2% | -1693.83% | 60.16% | 56.9% | -434.62% | 53.33% | 42.81% | - |
| FCF per Share | -0.06 | -0.05 | -0.10 | -0.09 | -0.08 | -0.10 | -0.13 | -0.24 | -0.31 | -0.47 | -0.17 | -911.50 | -847.92 | -77.66 | -944.60 | -2191.84 | -811.21 | -2123.04 | -3957.47 |
| FCF Conversion (FCF/Net Income) | 0.26x | 0.15x | 0.14x | 0.11x | 0.01x | 0.25x | 0.21x | 0.05x | 0.40x | 0.13x | 0.70x | 0.46x | 0.61x | -0.01x | 0.18x | 0.12x | -18.46x | 0.39x | 0.32x |
| Interest Paid | 0 | 0 | 841.26K | 0 | 0 | 39.75K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 29.67K | 2.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GIFT stock.
Giftify, Inc. (GIFT) generated $-1.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Giftify, Inc. (GIFT) reported negative free cash flow of $1.6M in 2025, indicating capital requirements exceeded cash from operations.
Giftify, Inc. (GIFT) 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.
Key Metrics
Top Statement Risk
Persistent negative operating cash
Earnings Quality Remains Fundamentally Disconnected
As reported in recent financial filings, Giftify's operating cash flow frequently diverges from net income, with the OCF/NI ratio fluctuating wildly between 0.01 and 0.49, suggesting that reported earnings are not being supported by actual cash generation from the company's core marketplace operations.
The persistent gap between net losses and operating cash flow indicates that the company relies heavily on non-cash adjustments or working capital swings to mask underlying operational weakness. Investors should monitor whether these accruals represent sustainable timing differences or a structural inability to convert revenue into realized cash.
Free Cash Flow Trajectory Remains Negative
Based on the provided quarterly data, Giftify's free cash flow trajectory is consistently negative, with the company failing to achieve sustained positive FCF margins in eight of the last ten quarters, highlighting a fundamental inability to self-fund operations through its current business model.
The sporadic positive FCF quarters appear to be driven by working capital fluctuations rather than operational efficiency, as evidenced by the lack of consistent margin expansion. This trajectory suggests that the company remains in a cash-burning phase that may necessitate external financing if the trend does not reverse.
Working Capital Volatility Masks Weakness
According to the company's cash flow statements, working capital changes have been highly erratic, swinging from a $2.1M inflow in 2025Q2 to a $1.1M outflow in 2025Q4, which suggests that Giftify's cash position is highly sensitive to the timing of merchant payouts and certificate redemptions.
This volatility indicates that the company's cash flow is heavily dependent on managing the float between certificate sales and merchant settlement. The lack of stability in these cycles warrants further investigation into whether the company is effectively managing its short-term liabilities or merely delaying cash outflows.
Minimal Capital Investment Limits Modernization
As indicated by the historical data, Giftify's capital expenditure has remained negligible, with CapEx/Revenue ratios frequently near 0.0%, suggesting that the company is not investing in the technological infrastructure required to compete with modern, digital-native dining platforms.
While low capital intensity preserves cash in the short term, it may also indicate a lack of strategic reinvestment in the platform's core software capabilities. This under-investment appears to be a defensive posture that may ultimately undermine the company's long-term competitive positioning in the marketplace.