Liquidity remains severely constrained, with cash reserves falling to approximately $217,000 by 2025Q4 and free cash flow margins frequently remaining deep in negative territory.
| 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 |
|---|
| Cash from Operations | -364.05M | -2.09B | -2.5M | -3.03M | -2.25M | -1.87M | -3.54M | -6.47M | -4.94M | -6.33M | -6.66M | -6.16M | -8.79M | -415.49K | 2.62M | 2.85M | 1.66M |
| Operating CF Margin % | - | -31888.29% | -37.17% | -39.32% | -27.06% | -30.73% | -79.34% | -128.82% | -58.4% | -28.71% | -25.41% | -15.96% | -75.49% | -10.3% | 42.54% | 51.21% | 37.76% |
| Operating CF Growth % | -127681.42% | -83357.31% | 17.36% | -34.53% | -20.06% | 47% | 45.37% | -31.15% | 22.04% | 5% | -8.11% | 29.87% | -2015.6% | -115.87% | -8.21% | 72.26% | - |
| Net Income | -7.58M | -6.45B | -2.6M | -4.39M | -3.09M | -2.86M | -4.16M | -2.79M | -14.57M | -22.29M | -4.11M | -35.8M | -3.66M | -1.44M | 2.37M | 2.75M | 1.87M |
| Depreciation & Amortization | 1.15B | 157.93M | 203.8K | 624K | 776.1K | 451.43K | 286K | 855.24K | 2.62M | 3.2M | 3.32M | 3.65M | 1.08M | 281.65K | 112.94K | 108.59K | 88.03K |
| Stock-Based Compensation | 3.56B | 3.6B | 175.49K | 299.84K | 481.43K | 634.34K | 620.38K | 224.71K | 799.74K | 900.36K | 264.33K | 446.11K | 565.19K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 76.18K | 0 | 0 | -143.07K | -19.29K | -21.54K | -35.22K | -177.5K | -1.39M | -1.85M | -1.29M | 1.92M | -3.06M | -380.83K | 0 | 0 | 0 |
| Other Non-Cash Items | -5.08B | 609.29M | 291.45K | 214.92K | -436.56K | 521.55K | 521.46K | -3.71M | 8.44M | 14.94M | -383.74K | 25.38M | -193.36K | -313.27K | 227.03K | 193.51K | 192.75K |
| Working Capital Changes | 330.02K | 392.03K | -576.51K | 363.61K | 40.67K | -598.85K | -770.74K | -871.91K | -832.63K | -1.23M | -4.47M | -1.76M | -3.53M | 1.29M | -93.97K | -195.84K | -490.49K |
| Change in Receivables | 289.87K | 268.4K | -98.6K | 199.91K | 70.89K | -383.63K | -284.73K | 96.05K | -36.22K | 4.61K | 340K | 835.94K | 371.28K | 756.12K | -18.04K | -478K | -459.8K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -18.27K | 0 | 0 | -49.14K | 634.69K | -417.98K | 426.98K | -2.04M | 57.37K | 0 | 0 | 0 |
| Change in Payables | 437.03K | 582.22K | -369.19K | 186.25K | 90K | -481.92K | -834.26K | -431.9K | 730.7K | -659.17K | -553.31K | -475.19K | -2.55M | -46.29K | -11.94M | 0 | 0 |
| Cash from Investing | -3.7M | -5B | -962.89K | -946.5K | -61K | -1.29M | -65.41K | 54.8K | 72.14K | -343.3K | 657.74K | 4.11M | -8.61M | -469.7K | -230.11K | 262.06K | 28.65K |
| Capital Expenditures | 1.09M | -4M | -262.89K | -30.43K | -60.8K | -74.91K | -10.4K | -550 | -127.86K | -338.74K | -5.29K | -503.6K | -218.16K | -593.23K | -378.76K | -108.38K | -109.67K |
| CapEx % of Revenue | 16.54% | 61.02% | 3.91% | 0.4% | 0.73% | 1.23% | 0.23% | 0.01% | 1.51% | 1.54% | 0.02% | 1.3% | 1.87% | 14.7% | 6.15% | 1.95% | 2.5% |
| Acquisitions | 0 | 0 | 0 | -734.97K | 0 | -863.33K | 0 | 0 | 0 | 0 | 0 | -410.3K | -3.11M | -135.94K | 358.25K | -92.66K | 100.28K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.19M | -5B | 0 | -181.11K | -203 | -350K | -3.7K | 55.35K | 200K | -4.56K | 163.03K | 406.88K | -5.47M | -548.61K | -358.25K | 137.95K | -100.28K |
| Cash from Financing | 1.39B | 6.83B | 4.57M | 3.36M | 145K | 4.44M | 4.93M | 6.9M | 3.42M | 3.59M | 10M | 2.6M | 187.31K | 18.75M | -3.77M | -1.77M | -1.91M |
| Debt Issued (Net) | 954.69K | 774.69K | 0 | 0 | 0 | 0 | 651.08K | 0 | 500K | 0 | 0 | -15.23K | -7.17K | 0 | -176K | -192K | -192K |
| Equity Issued (Net) | 6.91M | 6.05M | 4.49M | 3.36M | 144.63K | 4.44M | 4.28M | 6.61M | 0 | 3.06M | 11.21M | 5.02M | -25.86K | 19.46M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | -2.9M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -855.37K | 0 | 0 | 0 | 0 | 0 | -3.01M | -211.84K | -25.86K | -11.26K | 0 | 0 | 0 |
| Other Financing | 1.38B | 6.82B | 82.14K | 0 | 0 | 0 | 0 | 288.63K | 2.92M | 522.08K | -1.21M | -2.41M | 220.34K | -509.92K | -697.73K | -26.9K | -1.72M |
| Net Change in Cash | 1.02B | -264.2M | 1.1M | -609.13K | -2.17M | 1.29M | 1.48M | 527.95K | -1.48M | -3.06M | 4M | 551.23K | -17.22M | 17.87M | -1.39M | 1.34M | -229.74K |
| Free Cash Flow | -364.85M | -2.09B | -2.76M | -3.24M | -2.31M | -1.95M | -3.55M | -6.48M | -5.06M | -6.67M | -6.67M | -6.67M | -9.01M | -1.01M | 2.24M | 2.74M | 1.55M |
| FCF Margin % | -5536.28% | -31949.31% | -41.07% | -42.06% | -27.79% | -31.96% | -79.66% | -128.88% | -59.91% | -30.24% | -25.43% | -17.27% | -77.36% | -25% | 36.38% | 49.26% | 35.26% |
| FCF Growth % | -14958.94% | -75564.92% | 14.64% | -40.14% | -18.57% | 45.1% | 45.18% | -27.89% | 24.08% | -0.01% | -0.02% | 25.98% | -793.03% | -145.05% | -18.39% | 77.47% | - |
| FCF per Share | -118.45 | -679.05 | -2.21 | -0.30 | -0.28 | -0.27 | -0.63 | -1.98 | -2.21 | -3.40 | -6.42 | -7.66 | -17.98 | -2.55 | 10.27 | 11.89 | 6.70 |
| FCF Conversion (FCF/Net Income) | 48.11x | 323.62x | 1.00x | 0.70x | 0.86x | 0.68x | 0.81x | 1.68x | 0.33x | 0.28x | 1.62x | 0.17x | 2.40x | 0.29x | 1.10x | 1.76x | 1.48x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.82K | 0 | 0 | 37.49K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 2.56K | 0 | 8.59K | 67.95K | 1.7K | 19.38K | 0 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and insolvency
According to recent SEC filings, IPDN exhibits a chronic inability to convert net income into positive operating cash flow, with the OCF/NI ratio fluctuating wildly and often failing to provide a reliable indicator of the company's underlying operational health or its ability to generate sustainable cash.
The divergence between net income and operating cash flow suggests that the company's reported losses are compounded by operational inefficiencies that consume cash at a rate exceeding accounting losses. Investors should monitor this gap, as it implies that the business model requires constant external capital injections to bridge the shortfall between accrual-based results and actual cash burn.
As reported in financial statements, IPDN's free cash flow trajectory is consistently negative, with FCF margins frequently deep in the red, reflecting a business model that has yet to achieve the scale necessary to cover its operating expenses and minimal capital expenditure requirements.
The persistent negative FCF trajectory indicates that the company is not currently self-sustaining, which may necessitate further dilutive financing to maintain operations. The lack of a clear path to positive cash flow suggests that the current cost structure is fundamentally misaligned with the company's revenue-generating capacity.
Based on IPDN's reported figures, working capital changes have been erratic, swinging between positive and negative contributions to cash flow, which suggests a lack of disciplined control over receivables and payables management in the face of declining revenue and tightening liquidity constraints.
The inconsistency in working capital movements may indicate difficulties in collecting on service contracts or managing vendor obligations effectively. This volatility warrants further investigation, as it complicates the company's ability to forecast cash needs and maintain operational stability during periods of revenue contraction.
As evidenced by the provided data, the cash flow statement is heavily distorted by non-cash items such as stock-based compensation and erratic depreciation and amortization figures, which mask the true extent of the company's cash-based operational losses and ongoing liquidity challenges.
The presence of massive, non-recurring adjustments suggests that the reported cash flow metrics may not accurately reflect the company's core operational performance. Analysts should be wary of these distortions, as they appear to obscure the severity of the cash burn and the potential for future capital requirements.
Quick answers to the most common questions about buying IPDN stock.
Professional Diversity Network, Inc. (IPDN) generated $-2087.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Professional Diversity Network, Inc. (IPDN) reported negative free cash flow of $2.09B in 2025, indicating capital requirements exceeded cash from operations.
Professional Diversity Network, Inc. (IPDN) spent $4.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.