Cash generation remains negligible, with the company reporting zero operating cash flow in nine of the last ten quarters, reflecting a total lack of conversion efficiency.
GigaMedia Limited (GIGM) cash flow statement — 26-year operating, investing & financing cash flows
| 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 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 0 | -1.97M | -2.33M | -1.19M | -2.51M | -4.13M | -2.08M | -1.57M | -3.91M | -1.11M | -5.69M | -16.86M | -11.26M | -4.3M | -7.32M | -12.45M | -8.92M | 8.64M | 50.75M | 55.96M | 29.44M | 11.52M | 2.39M | 6.41M | -153K | -20.52M | -15.3M |
| Operating CF Margin % | - | -56.82% | -78.58% | -27.8% | -44.92% | -75.29% | -30.18% | -23.58% | -55.12% | -9.57% | -63.4% | -164.45% | -115.13% | -28.64% | -26.66% | -36.19% | -13.79% | 5.41% | 26.66% | 33.54% | 31.23% | 26.08% | 2.39% | 6.64% | -0.21% | -174.75% | -148.3% |
| Operating CF Growth % | 0% | 15.39% | -95.56% | 52.45% | 39.32% | -99.28% | -32.42% | 59.96% | -252.61% | 80.49% | 66.26% | -49.73% | -161.53% | 41.21% | 41.17% | -39.52% | -203.31% | -82.98% | -9.32% | 90.07% | 155.54% | 382.09% | -62.69% | 4286.93% | 99.25% | -34.14% | - |
| Net Income | 850K | -1.55M | -2.3M | -3.4M | -2.75M | -3.42M | -1.29M | -1.66M | -3.19M | 1.09M | -6.07M | -1.82M | -5.38M | -35.06M | -16.12M | -71.58M | 1.28M | -55.88M | 44.39M | 38.89M | 30.78M | 6.34M | 1.68M | -14.26M | -18.39M | -51.75M | -36.47M |
| Depreciation & Amortization | 16K | 67K | 58K | 55K | 33K | 20K | 8K | 108K | 136K | 55K | 273K | 534K | 1.51M | 2.31M | 3.43M | 4.39M | 4.87M | 9.58M | 8.37M | 6.4M | 6.04M | 6.41M | 7.22M | 7.55M | 8.47M | 34.83M | 18.09M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K | 3K | -7K | 9K | 65K | 21K | 219K | 179K | 1.17M | 3.01M | 3.28M | 2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 233K | 0 | -1.67M | -41K | -14.77M | -6.58M | 29.61M | 6.4M | 59.66M | -29.2M | 54.22M | -5.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -733K | -470K | 763K | 1.96M | 618K | -118K | 5K | 96K | 267K | 200K | 2.08M | -151K | -439K | -141K | 377K | 200K | 1.51M | 1.12M | 2.95M | 2.33M | -9.28M | -1.91M | 1.15M | 4.61M | 9.6M | 449.85K | 2.36M |
| Working Capital Changes | 0 | -17K | -858K | 195K | -408K | -612K | -796K | -346K | -1.13M | -772K | -1.94M | -716K | -391K | -1.25M | -1.59M | -6.29M | 9.6M | -3.67M | -2.2M | 8.34M | 1.89M | 689K | -7.66M | 8.5M | 171K | -4.04M | 722.58K |
| Change in Receivables | 0 | 32K | 85K | -35K | 64K | 3K | 89K | 130K | 205K | 14K | 341K | 47K | 692K | 767K | 1.54M | -153K | 3.26M | -5.01M | 465K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -187K | -744K | -1.17M | -1.98M | -248K | -461K | -1.45M | -2.34M | -5.44M | 5.31M | 2.58M | -5.23M | 0 | -45K | 3.19M | -5.53M | 2.59M | 1.01M | 1.06M | -1.62M |
| Change in Payables | 0 | 19K | -6K | -9K | -66K | 47K | 5K | -40K | -210K | 48K | -24K | -451K | -407K | 854K | -515K | -336K | 1.87M | -298K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -4.26M | -1.11M | 837K | -70K | -17K | -10.04M | -73K | -90K | 935K | 3.25M | 41.42M | -6.89M | 2.95M | 11.12M | 11.55M | 50.02M | -22.08M | -6.42M | -33.17M | -47.89M | 17.2M | -25.34M | -5.02M | 114.27M | 22.9M | -224.95M |
| Capital Expenditures | 0 | -44K | -46K | -52K | -70K | -93K | -32K | -62K | -127K | -203K | -582K | -270K | -530K | -1.45M | -2.11M | -2.04M | -6.1M | -14.57M | -16.32M | -9.54M | -5.38M | -3.66M | -2.59M | -1.94M | -8.78M | -9.95M | -14.09M |
| CapEx % of Revenue | 0% | 1.27% | 1.55% | 1.21% | 1.25% | 1.69% | 0.47% | 0.93% | 1.79% | 1.75% | 6.49% | 2.63% | 5.42% | 9.66% | 7.67% | 5.94% | 9.43% | 9.13% | 8.57% | 5.72% | 5.71% | 8.28% | 2.59% | 2.01% | 11.92% | 84.73% | 136.58% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.06M | 390K | -78K | -667K | 3.33M | 427K | 4.75M | -5.83M | 721K | 11.83M | -13.98M | -26.76M | 3.25M | -32.8M | 313K | -8.99M | 13.74K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -13K | -4K | -6K | 0 | -4K | -9K | -11K | 37K | 88K | 3.44M | 189K | 989K | 116K | 5.79M | -1.81M | -14.76M | 10.22M | -2.08M | -2M | 64K | 820K | 1.52M | -85K | -2.82M | -36.88M | 1.47M |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.63M | -3.73M | -4.48M | 9.6M | -3.14M | -4.35M | -6.22M | -12.36M | 8.43M | -17.88M | 22.77M | -962K | 247K | 156K | -2.62M | -101.24M | -209.79K | 231.18M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.63M | -3.72M | -12.28M | 15.23M | -3.15M | -4.35M | -400K | -12.54M | 7.26M | -18.06M | 20.13M | -2.15M | -284K | 269K | -2.7M | 122K | -377K | -2.27M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.83M | 0 | 0 | 0 | 2.73M | 1.26M | 0 | 0 | 0 | 0 | 0 | 234.64M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -150K | -300K | 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 | -5.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -10K | 0 | 3.59M | 2K | 0 | 0 | 179K | 1.31M | 482K | -87K | -80K | 531K | -113K | 109K | -101.36M | 167K | -1.19M |
| Net Change in Cash | -333K | -6.04M | -3.69M | -324K | -2.65M | -4.24M | -12.27M | -1.55M | -4.35M | -2.03M | -6.22M | 20.79M | -8.16M | -3.93M | -1.27M | -6.99M | 15.42M | -40.39M | 27.39M | 46.19M | -19.36M | 28.5M | -22.06M | -1.24M | 12.88M | 2.17M | -9.06M |
| Free Cash Flow | 0 | -2.02M | -2.38M | -1.25M | -2.56M | -4.23M | -2.11M | -1.63M | -4.04M | -1.31M | -6.27M | -17.13M | -11.79M | -5.76M | -9.43M | -14.49M | -15.02M | -5.93M | 34.43M | 46.42M | 24.06M | 7.87M | -197K | 4.47M | -8.94M | -30.47M | -29.38M |
| FCF Margin % | 0% | -58.26% | -80.26% | -29.15% | -45.86% | -76.98% | -30.65% | -24.51% | -56.91% | -11.32% | -69.89% | -167.09% | -120.55% | -38.3% | -34.33% | -42.13% | -23.23% | -3.72% | 18.08% | 27.82% | 25.52% | 17.8% | -0.2% | 4.64% | -12.13% | -259.48% | -284.88% |
| FCF Growth % | - | 15.07% | -90.49% | 51.15% | 39.43% | -100.66% | -29.34% | 59.69% | -207.77% | 79.06% | 63.39% | -45.29% | -104.78% | 38.96% | 34.91% | 3.55% | -153.25% | -117.23% | -25.84% | 92.92% | 205.94% | 4092.39% | -104.41% | 150.04% | 70.67% | -3.69% | - |
| FCF per Share | 0.00 | -0.18 | -0.22 | -0.11 | -0.23 | -0.38 | -0.19 | -0.15 | -0.37 | -0.12 | -0.57 | -1.55 | -1.09 | -0.57 | -0.93 | -1.34 | -1.27 | -0.54 | 2.86 | 3.87 | 1.97 | 0.71 | -0.02 | 0.44 | -0.90 | -3.15 | -2.93 |
| FCF Conversion (FCF/Net Income) | 0.00x | 1.27x | 1.02x | 0.35x | 0.91x | 1.21x | 1.60x | 0.94x | 1.23x | -1.02x | 0.94x | 12.35x | 2.06x | 0.12x | 0.48x | 0.17x | -3.37x | -0.18x | 1.14x | 1.44x | 0.96x | 1.82x | 1.42x | -0.45x | 0.01x | 0.40x | 0.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 35K | 83K | 190K | 0 | 0 | 248K | 436K | 313K | 388K | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 4K | 4K | 0 | 0 | 0 | 0 | 0 | -6K | 0 | 1K | 46K | 44K | 0 | 0 | 121K | 783K | 3.8M | 1.23M | 1.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GIGM stock.
GigaMedia Limited (GIGM) generated $-2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
GigaMedia Limited (GIGM) reported negative free cash flow of $2.0M in 2025, indicating capital requirements exceeded cash from operations.
GigaMedia Limited (GIGM) 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
Structural Operating Cash Deficit
Earnings Quality Lacks Cash Support
As reported in recent financial filings, GigaMedia's operating cash flow has consistently failed to track with net income, with the company reporting zero operating cash flow for nine of the last ten quarters, indicating a profound disconnect between accounting profitability and actual cash generation capabilities.
The persistent absence of positive operating cash flow suggests that the company's reported net income is likely influenced by non-cash items or non-operating gains rather than core business performance. Investors should monitor this divergence, as it implies that the underlying gaming operations are not currently self-sustaining.
Free Cash Flow Remains Negligible
Based on the provided quarterly data, GigaMedia's free cash flow trajectory is effectively stagnant, with the company failing to generate meaningful cash from operations in nearly every period since 2023Q3, highlighting a structural inability to convert revenue into liquid capital for reinvestment or shareholder returns.
The lack of positive free cash flow suggests that the business model is currently value-destructive from a cash perspective. Without a fundamental shift in monetization or cost control, the company appears reliant on its existing cash reserves to fund ongoing operations.
Capital Expenditure Minimalist Strategy
According to historical cash flow statements, GigaMedia has reported zero capital expenditure for the last ten quarters, suggesting that the company is either deferring necessary infrastructure upgrades or operating on a legacy platform that requires no further investment to maintain its current, albeit limited, functionality.
While the lack of capex preserves cash in the short term, it may indicate a lack of commitment to product innovation or platform modernization. This strategy appears to prioritize capital preservation over the long-term competitiveness of the FunTown portal.
Capital Allocation Remains Entirely Passive
As evidenced by the absence of dividends, share repurchases, or acquisitions in the provided data, GigaMedia's capital deployment strategy is characterized by extreme passivity, with management opting to hold cash rather than actively returning value to shareholders or pursuing growth through strategic inorganic expansion.
This conservative approach suggests that management may lack confidence in the return profile of potential growth initiatives or is intentionally maintaining a 'net-net' cash position. Investors should consider whether this idle capital is being utilized efficiently or if it represents a missed opportunity for value creation.