Operational instability is highlighted by erratic free cash flow, which swung from a 35.7% margin in 2025Q1 to a -6.5% margin in 2026Q1, while capital expenditures remain negligible at less than 0.5% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 |
|---|
| Cash from Operations | -1.72M | 4.72M | -1.08M | -8.07M | -12.64M | -34.37M | -7.92M | -5.96M | -431K | 525K | 0 | -26.6K | -205.7K | -82.88K | -218.72K | -434.09K | -632.56K | -527.85K | -1.17M | -433.97K | -386.29K | -290.1K | -313.91K | -290.23K |
| Operating CF Margin % | - | 8.62% | -1.99% | -16.55% | -23.26% | -100.94% | -49.84% | -65.67% | -8.29% | 11.95% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -389.11% | 537.88% | 86.66% | 36.12% | 63.23% | -334.04% | -32.89% | -1282.6% | -182.1% | - | 100% | 87.07% | -148.18% | 62.1% | 49.61% | 31.38% | -19.84% | 54.94% | -169.92% | -12.34% | -33.16% | 7.59% | -8.16% | - |
| Net Income | -11.09M | -11.75M | -11.77M | -10.23M | -191.3M | -18.52M | -28.73M | -7.42M | -122.67K | -20.43K | -15.75K | -45.61K | -84.9K | -241.09K | -10.04M | -519.77K | -669.18K | -1.32M | -1.41M | -762.4K | -611.37K | -836.57K | -5.21K | -666.17K |
| Depreciation & Amortization | 1.72M | 1.96M | 2.18M | 3M | 7.33M | 5.73M | 930K | 601K | 180K | 81K | 0 | 514 | 5.61K | 10.16K | 19.88K | 14.56K | 17.02K | 12.61K | 14.65K | 10.22K | 2.29K | 2.52K | 3.96K | 3.96K |
| Stock-Based Compensation | 2K | 14K | 369K | 225K | 3.77M | 7.47M | 3.38M | 2.68M | 0 | 0 | 0 | 0 | 0 | 32K | 0 | 0 | 66.17K | 784.87K | 1.04M | 16.8K | 0 | 0 | 0 | 0 |
| Deferred Taxes | -109.31K | -165K | -150K | 394K | -3M | 278K | -66K | -95K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -272.54K |
| Other Non-Cash Items | -193.51K | 6.82M | 5.81M | -2.87M | 136.09M | -18.51M | 18.03M | 919K | 102.67K | 435.61K | 500 | 1.14K | -146.88K | 24.93K | 9.74M | 0 | 0 | 0 | 0 | 384.28K | -32.46K | 491.02K | -387.84K | 615.63K |
| Working Capital Changes | 8.53M | 7.84M | 2.48M | 1.4M | 34.48M | -10.82M | -1.46M | -2.64M | -591K | 28.83K | 15.25K | 17.36K | 20.47K | 91.13K | 63.9K | 71.13K | -46.56K | -1.2K | -808.22K | -82.86K | 255.25K | 52.92K | 75.17K | 28.9K |
| Change in Receivables | 10.74M | 4.06M | -6.29M | 2.32M | 6.06M | -6.6M | -3.53M | -1.63M | -14K | -5.01K | 0 | 4.1K | -602 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 1.92M | -722K | 6.26M | 4.77M | 1.45M | -13.29M | -958K | 122K | -1.3M | 80K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.63M | 1.74M | 7.84M | -6.1M | 11.28M | 5.57M | 2.13M | 795K | -4.28K | 59.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.11M | -531K | -470K | -1.18M | -1.41M | -9.01M | -4.08M | -3.77M | -729K | -426K | 0 | 0 | 26.62K | 0 | -274.58K | -350.78K | -1.52M | -1.08M | -2.87M | -2.01M | 13.73K | -295.33K | -313K | -332K |
| Capital Expenditures | -15.49K | -13K | -156K | -581K | -1.56M | -4.59M | -2.71M | -1.55M | -729K | -426K | 0 | 0 | 0 | 0 | -274.58K | -350.78K | -68.03K | -607.24K | -2.49M | -1.89M | -78.5K | -6.36K | -25.69K | -102.38K |
| CapEx % of Revenue | 0.04% | 0.02% | 0.29% | 1.19% | 2.87% | 13.49% | 17.05% | 17.05% | 14.03% | 9.7% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | -346K | 0 | -406K | -12.55M | 0 | -1.32M | 0 | 0 | 0 | 0 | 26.62K | 0 | 0 | 0 | 0 | -477.26K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.09M | -518K | 32K | -601K | 560K | 7.83M | -18K | -2.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.45M | 0 | -386.06K | -125.5K | -66.77K | -288.97K | -297.31K | -379.1K |
| Cash from Financing | 4.38M | 1.15M | 3.83M | 9.42M | 4.76M | 48.73M | 6.74M | 17.05M | 79.23K | 100K | 0 | 21.03K | 184.44K | 73.43K | 276.8K | 538.54K | 493.61K | 3.13M | 4.33M | 1.69M | 1.09M | 696.78K | 150.9K | 1.32M |
| Debt Issued (Net) | 4.63M | 1.18M | -1.55M | 69K | 3M | 7.17M | -182K | -951K | 0 | 0 | 0 | 21.03K | 0 | -1K | -170K | 200K | 0 | 0 | -14.69K | 0 | 0 | 0 | 0 | -50K |
| Equity Issued (Net) | -44.73K | 5.07M | 944K | 1.69M | 3.76M | 28.13M | 0 | 15.57M | 0 | 100K | 0 | 0 | 0 | 80K | 50K | 825K | 22K | 3.15M | 4.35M | 1.69M | 0 | 0 | 150.9K | 1.32M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 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 | -315.53K | -55.88K | 0 | 0 | 0 | -13.27K |
| Other Financing | -205.08K | -5.1M | 4.43M | 7.66M | -2M | 13.43M | 6.92M | 2.43M | 79.23K | 0 | 0 | 0 | 184.44K | -5.57K | 396.8K | -486.46K | 471.61K | -11.01K | 0 | 0 | 1.09M | 696.78K | 0 | 50K |
| Net Change in Cash | -1.48M | 1.86M | -950K | -636K | -11.45M | 5.02M | -5.04M | 6.33M | 7.35M | 3.86K | 0 | -5.57K | 5.36K | -9.46K | -216.5K | -246.34K | -1.66M | 1.52M | 285.49K | -750.25K | 714.42K | 111.35K | -476.01K | 700.14K |
| Free Cash Flow | -1.73M | 4.7M | -1.23M | -8.66M | -14.2M | -38.97M | -10.63M | -7.51M | -775.25K | -522.14K | 0 | -26.6K | -205.7K | -82.88K | -493.3K | -784.87K | -700.58K | -1.14M | -3.66M | -2.32M | -464.8K | -296.46K | -339.6K | -392.61K |
| FCF Margin % | -3.93% | 8.59% | -2.28% | -17.74% | -26.14% | -114.43% | -66.89% | -82.72% | -14.92% | -11.89% | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -153.29% | 481.43% | 85.76% | 39.05% | 63.55% | -266.61% | -41.61% | -868.2% | -48.48% | - | 100% | 87.07% | -148.18% | 83.2% | 37.15% | -12.03% | 38.28% | 68.98% | -57.75% | -399.06% | -56.78% | 12.7% | 13.5% | - |
| FCF per Share | -0.29 | 1.11 | -0.52 | -4.05 | -12.36 | -6.58 | -2.76 | -2.02 | -0.28 | -9.67 | - | -0.51 | -3.98 | -1.70 | -11.40 | -18.52 | -17.14 | -33.34 | -130.75 | -117.87 | -31.75 | -25.73 | -34.58 | -44.97 |
| FCF Conversion (FCF/Net Income) | 0.16x | -0.42x | 0.10x | 0.85x | 0.07x | 1.94x | 0.28x | 0.82x | -0.26x | 0.98x | - | 0.58x | 5.46x | 0.36x | 0.04x | 0.84x | 0.95x | 0.40x | 0.83x | 0.57x | 0.63x | 0.35x | 60.21x | 0.44x |
| Interest Paid | 0 | 0 | 2.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Working Capital
As reported in quarterly financial statements, the relationship between net income and operating cash flow remains highly erratic, with OCF/NI ratios swinging from 16.23 in 2025Q1 to -0.48 in 2025Q4, suggesting that reported earnings are frequently decoupled from actual cash generation due to significant non-cash adjustments.
The extreme volatility in the OCF/NI ratio indicates that net income is a poor proxy for the company's underlying cash health. Investors should monitor whether these fluctuations stem from aggressive revenue recognition or timing mismatches in the procurement of imported flower, which may obscure the true cash-burn rate.
Based on the provided cash flow data, free cash flow margins have exhibited extreme instability, ranging from a high of 35.7% in 2025Q1 to a low of -31.7% in 2024Q4, reflecting a business model that struggles to generate consistent internal funding for its ongoing operational requirements.
The inability to maintain positive FCF suggests that the company remains reliant on external financing to bridge the gap between its high-cost procurement model and its retail revenue. This trajectory warrants further investigation into whether the recent strategic pivot can actually stabilize cash flows or if the current burn rate is structural.
According to historical cash flow records, working capital changes have been the primary driver of quarterly cash fluctuations, with a notable $5.5 million inflow in 2025Q4 followed by a $4.3 million outflow in 2024Q4, indicating that inventory and receivables management is highly sensitive to supply chain timing.
The reliance on working capital shifts to manage cash suggests that the company may be aggressively managing payables or liquidating inventory to preserve liquidity. Such tactics appear unsustainable and may indicate that the company is vulnerable to any disruption in the timing of its international shipments.
As evidenced by the company's reported figures, capital expenditures have remained negligible, with CapEx/Revenue ratios consistently below 0.5% over the last ten quarters, suggesting that the firm is currently in a maintenance-only mode rather than investing in long-term infrastructure or capacity expansion.
The lack of meaningful investment in capital assets may indicate that the company is prioritizing survival over growth. While this preserves cash in the short term, it may also limit the company's ability to scale its distribution network or improve its competitive positioning in the German market.
Quick answers to the most common questions about buying IMCC stock.
IM Cannabis Corp. (IMCC) generated $4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
IM Cannabis Corp. (IMCC) generated $4.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
IM Cannabis Corp. (IMCC) 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.