Cash conversion remains severely strained, evidenced by an OCF/NI ratio of -2.58 and a $1.1M free cash flow deficit in 2025Q4, exacerbated by capital expenditures consuming 16.5% of revenue.
| Cash from Operations | -9.55M | -3.96M | 933.49K | -433.88K | 1.54M | 2.46M |
| Operating CF Margin % | -28.89% | -15.48% | 3.5% | -1.5% | 5.14% | 17.65% |
| Operating CF Growth % | -141.2% | -523.99% | 315.15% | -128.19% | -37.5% | - |
| Net Income | 3.97M | 3.17M | 3.97M | 4.29M | 5.27M | 1.55M |
| Depreciation & Amortization | 491.8K | 402.59K | 591.12K | 894.97K | 1.28M | 1.34M |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 74.78K | -5.67K | 21.91K | -49.93K | -20.98K | -95 |
| Other Non-Cash Items | 586.49K | 152.04K | -34.91K | 204.65K | -90.29K | -250.31K |
| Working Capital Changes | -14.67M | -7.68M | -3.61M | -5.77M | -4.9M | -180.88K |
| Change in Receivables | 11.87M | -3.92M | -6.73M | 66.73K | -7.33M | -894.09K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -323.37K | -635.62K | 259.72K | -1.52M | 557.76K | -87.62K |
| Cash from Investing | -9.39M | 995.78K | -5.51K | -66.74K | -287.56K | -304.9K |
| Capital Expenditures | -4.48M | -4.3K | -12.15K | -66.74K | -287.63K | -652.08K |
| CapEx % of Revenue | 13.56% | 0.02% | 0.05% | 0.23% | 0.96% | 4.67% |
| Acquisitions | -48.51K | 0 | 937 | 0 | 12 | 50.3K |
| Investments | - | - | - | - | - | - |
| Other Investing | -4.86M | 1M | 5.7K | 0 | 66 | 296.88K |
| Cash from Financing | 20.23M | 3.05M | -937.04K | -134.65K | -695.47K | -2.44M |
| Debt Issued (Net) | 8.25M | 65.39K | 1.19M | -394.24K | -1.29M | -823.99K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 11.98M | 2.98M | -2.13M | 259.59K | 595.44K | -1.61M |
| Net Change in Cash | 1.23M | 84.05K | -11.94K | -679.06K | 567.72K | -263.86K |
| Free Cash Flow | -14.02M | -3.96M | 921.34K | -500.62K | 1.25M | 1.81M |
| FCF Margin % | -42.45% | -15.49% | 3.46% | -1.73% | 4.18% | 12.97% |
| FCF Growth % | -253.97% | -530.05% | 284.04% | -140.01% | -30.87% | - |
| FCF per Share | -1.02 | -0.26 | 0.06 | -0.03 | 0.08 | 0.12 |
| FCF Conversion (FCF/Net Income) | -2.41x | -1.25x | 0.24x | -0.10x | 0.29x | 1.58x |
| Interest Paid | 263.35K | 182.89K | 154.05K | 166.02K | 254.36K | 362.03K |
| Taxes Paid | 169.7K | 66.79K | 27.46K | 172.56K | 90.22K | 8.82K |
Liquidity and Working Capital
According to recent financial filings, HXHX exhibits a severe disconnect between reported net income and operating cash flow, with the OCF/NI ratio plummeting to -2.58 in 2025Q4, indicating that accounting profits are not currently being converted into actual cash inflows for the business.
The persistent negative operating cash flow despite positive net income suggests that the company's earnings are heavily reliant on non-cash accruals or delayed revenue realization. Investors should monitor whether this divergence is a temporary timing issue or a structural inability to collect cash from industrial clients.
As reported in quarterly statements, HXHX has seen its free cash flow trajectory deteriorate significantly, reaching a deficit of $1.1M in 2025Q4, which highlights the company's struggle to fund operations and capital expenditures through internally generated cash flows during the recent period.
The shift from positive free cash flow in 2024Q2 to consistent deficits suggests that the company's current business model is consuming rather than generating liquidity. This trend warrants further investigation into whether the recent capital intensity is necessary for growth or indicative of operational inefficiencies.
Based on the provided financial data, HXHX's capital expenditure as a percentage of revenue rose to 16.5% in 2025Q4, suggesting that the firm is aggressively investing in its fleet despite a deteriorating cash position and negative free cash flow generation.
This elevated capital intensity appears to be a significant drain on liquidity, potentially aimed at maintaining the specialized cold-chain infrastructure. If these investments do not yield immediate revenue growth, the company may face increasing pressure on its already thin cash reserves.
As evidenced by the reported figures, working capital changes have become a major cash drain, with a $1.1M outflow in 2025Q4, reflecting significant challenges in managing receivables or inventory cycles within the company's specialized industrial logistics operations.
The consistent negative working capital impact suggests that the company is effectively financing its clients' operations through extended payment terms. This dynamic is particularly concerning given the company's limited cash balance and the high-variable-cost nature of the trucking industry.
Quick answers to the most common questions about buying HXHX stock.
Haoxin Holdings Limited Class A Ordinary Shares (HXHX) generated $-9.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Haoxin Holdings Limited Class A Ordinary Shares (HXHX) reported negative free cash flow of $14.0M in 2025, indicating capital requirements exceeded cash from operations.
Haoxin Holdings Limited Class A Ordinary Shares (HXHX) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.