The firm exhibits a structural inability to generate internal cash, evidenced by a failure to produce positive free cash flow in any of the last ten quarters, with FCF margins reaching as low as -138.7% in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Oct'14 | Oct'13 |
|---|
| Cash from Operations | -2.48M | -1.79M | -1.36M | -1.59M | -2.4M | -2.02M | -1.57M | -1.43M | -1M | -442.71K | -502.39K | -3.39M | -434.39K | 60.2K |
| Operating CF Margin % | - | -86.34% | -38.91% | -45.86% | -65.4% | -68.59% | -69.53% | -31.96% | -23.77% | -11.3% | -18.09% | -115.08% | -75.37% | - |
| Operating CF Growth % | -722.24% | -31.59% | 14.69% | 33.63% | -18.76% | -29.05% | -9.38% | -43.13% | -126.2% | 11.88% | 85.18% | -680.49% | -821.53% | - |
| Net Income | -3.26M | -2.98M | -725.83K | 1.05M | -6.26M | -14.36M | -3.75M | -1.35M | -8.33M | -3.12M | -211.17K | -348.93K | -133.67K | -22.3K |
| Depreciation & Amortization | 229.59K | 138.44K | 245.92K | 237.89K | 238.5K | 317.64K | 515.25K | 569.28K | 233.94K | 188.49K | 167.2K | 77.95K | 40.14K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 720.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -720.55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 888.07K | 994.26K | -86.24K | -1.86M | 4.72M | 11.52M | 1.55M | -298.67K | 6.1M | 2.14M | -13.82K | 50.13K | 2.23K | 0 |
| Working Capital Changes | -335.5K | 59.39K | -794.31K | -1.03M | -1.1M | 503.9K | 124.24K | -354.5K | 988.41K | 343.3K | -444.6K | -3.17M | -343.09K | 82.5K |
| Change in Receivables | 49.56K | 85.72K | -49.58K | -460.32K | -157.23K | 160.89K | 30.04K | -28.29K | 154.1K | -180.28K | -254.46K | 12.1K | -3.36K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -275.21K | -213.85K | -348.43K | -26.31K | -755 | -3.75M | 0 | 0 |
| Change in Payables | 352.22K | 190.71K | 250.41K | -34.11K | -28.69K | 84.87K | -55.09K | 157K | -193.4K | 419.68K | 39.67K | -17.41K | 41.44K | 0 |
| Cash from Investing | -2.81K | 37.16K | 601.28K | -94.64K | 836.17K | 35.52K | -44.89K | 161.42K | 461.13K | -2.81M | -14.57K | -151.77K | -83.26K | 0 |
| Capital Expenditures | -2.78K | -2.79K | -5.07K | -95.01K | -3.02K | -39.35K | -3.01K | -7.55K | -13.73K | -3.15M | -16.73K | -21.66K | -65.6K | 0 |
| CapEx % of Revenue | 0.13% | 0.13% | 0.14% | 2.73% | 0.08% | 1.33% | 0.13% | 0.17% | 0.33% | 80.52% | 0.6% | 0.74% | 11.38% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 85.46K | -25.02K | -60.19K | 293.26K | 145.35K | 2.16K | -64.79K | -2.16K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 283.62K | 370 | 840.04K | 283 | 93.72K | 187.59K | -76.02K | 394.54K | -600 | -64.5K | -15.5K | 0 |
| Cash from Financing | 2.06M | 1.23M | -208.77K | -5.97K | 135.42K | 6.31M | 1.5M | 381.8K | 1.57M | 3.37M | -46.16K | 4.55M | 974.98K | 1K |
| Debt Issued (Net) | -6.02K | -3.94K | -3.45K | -1.9K | 0 | 2.55M | 927.07K | 236.79K | -794.89K | 2.1M | -13.86K | -13.94K | 18.25K | 0 |
| Equity Issued (Net) | 474.42K | 1.24M | 0 | 0 | 0 | 0 | 477.3K | 0 | 3.46M | 984.86K | 711.71K | 2.82M | 688.2K | 1K |
| Dividends Paid | 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 |
| Other Financing | 1.59M | 2.97K | -205.32K | -4.07K | 135.42K | 3.76M | 98.36K | 145.01K | -1.1M | 286.34K | -744.01K | 1.74M | 268.52K | 0 |
| Net Change in Cash | -345.01K | -488.16K | -1.1M | -1.69M | -1.43M | 4.25M | -169.99K | -915.31K | 1.01M | 141.04K | -566.51K | 964.49K | 468.31K | 61.2K |
| Free Cash Flow | -2.48M | -1.79M | -1.37M | -1.69M | -2.41M | -2.06M | -1.57M | -1.44M | -1.02M | -3.6M | -519.12K | -3.41M | -500K | 60.2K |
| FCF Margin % | -116.59% | -86.47% | -39.05% | -48.59% | -65.48% | -69.92% | -69.66% | -32.13% | -24.09% | -91.83% | -18.7% | -115.81% | -86.76% | - |
| FCF Growth % | -133.42% | -31.31% | 19.19% | 29.76% | -16.64% | -31.31% | -9.01% | -41.94% | 71.77% | -592.78% | 84.79% | -582.42% | -930.49% | - |
| FCF per Share | -0.28 | -0.22 | -0.18 | -0.22 | -0.31 | -0.30 | -0.27 | -0.26 | -0.19 | -0.68 | -0.10 | -0.73 | -0.22 | 0.03 |
| FCF Conversion (FCF/Net Income) | 0.76x | 0.60x | 1.90x | -1.49x | 0.38x | 0.14x | 0.42x | 1.06x | 0.12x | 0.19x | 2.26x | 8.83x | 3.25x | -2.70x |
| Interest Paid | 636 | 883 | 1.07K | 729 | 0 | 343.01K | 126.14K | 104.28K | 147.07K | 69.34K | 0 | 0 | 0 | 0 |
| Taxes Paid | 10.86K | 11.37K | 1.69K | 7.37K | 3.6K | 3.63K | 31.58K | 1.99K | 29.48K | 7.42K | 0 | 0 | 0 | 0 |
Liquidity and going concern
According to historical financial data, GRNQ consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio fluctuating wildly, including a 2.03 reading in 2024Q1, which suggests that accruals and non-cash adjustments are failing to bridge the gap between accounting losses and actual cash generation.
The lack of a stable relationship between net income and operating cash flow indicates that the company's earnings quality is severely compromised by its reliance on non-cash items and volatile project-based revenue. Investors should monitor this divergence, as it suggests that the reported losses are not merely accounting artifacts but reflect a genuine, ongoing consumption of cash resources.
As reported in recent financial statements, GRNQ has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins reaching as low as -138.7% in 2024Q2, highlighting a structural inability to fund operations through internal cash generation rather than external capital.
The consistent negative FCF trajectory underscores the company's dependence on external financing or asset liquidation to maintain its current operational footprint. This trend suggests that the business model is currently incapable of achieving self-sustaining growth, necessitating a critical evaluation of its long-term viability.
Based on the provided cash flow tables, working capital changes have been highly erratic, including a significant $821.1K outflow in 2024Q4, which indicates that the company struggles to manage its cash conversion cycle effectively amidst a declining revenue environment and lumpy, success-fee-dependent service contracts.
The frequent swings in working capital suggest that the company's cash position is highly sensitive to the timing of client payments and the settlement of administrative liabilities. This volatility appears to exacerbate the company's liquidity risks, as it lacks the buffer to absorb extended delays in project-based cash inflows.
Analysis of the cash flow statement reveals that while capital expenditures remain negligible, the company's cash burn is primarily driven by operating losses rather than investment, as evidenced by the lack of significant SBC or capitalized cost adjustments in the provided ten-quarter data set.
The absence of meaningful non-cash adjustments suggests that the reported cash burn is a direct reflection of the company's high fixed-cost structure relative to its shrinking revenue base. This implies that the cash flow statement is not masking hidden liabilities but rather exposing the fundamental lack of operational scale required to reach profitability.
Quick answers to the most common questions about buying GRNQ stock.
Greenpro Capital Corp. (GRNQ) generated $-1.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Greenpro Capital Corp. (GRNQ) reported negative free cash flow of $1.8M in 2025, indicating capital requirements exceeded cash from operations.
Greenpro Capital Corp. (GRNQ) 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.