Liquidity remains a primary concern as the firm's reliance on hardware-heavy maritime installations likely necessitates continuous capital expenditure, further straining the reported $443,117 cash balance.
| Metric | Mar'25 | Mar'24 | Mar'23 | Mar'22 |
|---|
| Cash from Operations | 488.1K | 1.63M | 725.95K | 188.95K |
| Operating CF Margin % | 4.66% | 19.04% | 9.7% | 4.86% |
| Operating CF Growth % | -70.08% | 124.73% | 284.2% | - |
| Net Income | -213.69K | -48.24K | 1.04M | 267.78K |
| Depreciation & Amortization | 549.61K | 370.39K | 245.18K | 87.43K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.86K | 7.52K | 20.71K | 6.86K |
| Working Capital Changes | 155.04K | 1.3M | -579.47K | -173.12K |
| Change in Receivables | -274.28K | -89.75K | -527.48K | -337.18K |
| Change in Inventory | 221.91K | 263.74K | -740.76K | -166.48K |
| Change in Payables | -77.17K | 213.35K | 767.96K | -97.59K |
| Cash from Investing | -581.05K | -491.37K | -119.18K | -480.09K |
| Capital Expenditures | -548.74K | -468.36K | -7.18K | -87.07K |
| CapEx % of Revenue | 5.24% | 5.46% | 0.1% | 2.24% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | -32.31K | -23.01K | -112K | -393.02K |
| Cash from Financing | -465.53K | -539.19K | -410.34K | 239.72K |
| Debt Issued (Net) | -280.42K | -125.02K | -331.7K | 254.41K |
| Equity Issued (Net) | 0 | 700K | 0 | 29.78K |
| Dividends Paid | 0 | -277.89K | -78.64K | -44.47K |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | -185.12K | -836.29K | 0 | 0 |
| Net Change in Cash | -551.98K | 593.54K | 189.8K | -50.55K |
| Free Cash Flow | -92.95K | 1.14M | 606.77K | -291.13K |
| FCF Margin % | -0.89% | 13.3% | 8.1% | -7.5% |
| FCF Growth % | -108.15% | 87.89% | 308.42% | - |
| FCF per Share | -0.04 | 0.44 | 0.23 | -0.17 |
| FCF Conversion (FCF/Net Income) | -2.12x | -366.94x | 0.79x | 0.79x |
| Interest Paid | 34.7K | 35.83K | 29.33K | 18.6K |
| Taxes Paid | 17.22K | 48.62K | 55.26K | 26.69K |
Liquidity and capital exhaustion
Given the absence of reported cash flow data, the relationship between net income and operating cash flow remains opaque, though the company's negative net margin suggests that any potential operating cash flow is likely strained by the underlying lack of profitability in its current hardware-heavy business model.
The lack of a clear reconciliation between net income and cash flow prevents a definitive assessment of accrual quality. Investors should monitor whether the company is relying on aggressive revenue recognition or deferred payment terms to bridge the gap between its reported 22.27% revenue growth and its actual cash position.
As indicated by the company's maritime-focused operational profile, the necessity for continuous hardware deployment on vessels suggests that capital expenditure is likely a significant, non-discretionary drain on liquidity, potentially limiting the firm's ability to achieve self-sustaining growth without external financing or a shift in the business model.
The requirement to install physical digital gateways creates a structural need for ongoing capital investment that may not be fully captured in the income statement. This capital intensity appears to be a primary factor in the company's thin cash reserves, as the cost of maintaining a global fleet presence likely consumes a substantial portion of available capital.
With a reported cash balance of only $443,117, the company's working capital management is critical, as any delay in collections from maritime clients or an accumulation of hardware inventory could rapidly deplete the remaining liquidity required to sustain ongoing operations and meet short-term obligations.
The reliance on hardware sales suggests that inventory management is a key lever for cash flow, yet the current liquidity position leaves little room for error. If accounts receivable cycles lengthen, the company may face a liquidity crunch that forces a reliance on dilutive equity financing to maintain its current growth trajectory.
Based on the company's financial profile, the cash flow statement likely obscures the true cost of customer acquisition, as the potential capitalization of hardware costs or R&D may be masking the full extent of the cash burn required to support the firm's maritime digital transformation strategy.
The discrepancy between top-line growth and negative operating margins warrants further investigation into whether cash is being diverted into capitalized assets that do not generate immediate returns. Analysts should be wary of accounting treatments that might be deferring the recognition of costs, thereby presenting a more favorable cash flow picture than the underlying unit economics would otherwise suggest.
Quick answers to the most common questions about buying IOTR stock.
iOThree Limited Ordinary Shares (IOTR) generated $0.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
iOThree Limited Ordinary Shares (IOTR) reported negative free cash flow of $0.1M in 2025, indicating capital requirements exceeded cash from operations.
iOThree Limited Ordinary Shares (IOTR) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.