The company's cash flow profile appears increasingly unstable, evidenced by a 2025Q4 CapEx/Rev ratio of 23.8% that significantly outpaces the company's shrinking top-line revenue performance.
| Cash from Operations | -90.65K | -5.05M | 10.38M | 495.4K | 1.2M |
| Operating CF Margin % | -0.35% | -26.95% | 66.64% | 4.84% | 23.85% |
| Operating CF Growth % | 98.21% | -148.67% | 1994.74% | -58.67% | - |
| Net Income | -10.31M | 5.61M | 9.56M | 5.45M | 392.1K |
| Depreciation & Amortization | 2.52M | 331.07K | 213.21K | 281.19K | 131.25K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -211.31K | -15.33K | 0 | 33.07K | 2.39K |
| Other Non-Cash Items | 6.38M | 732.44K | 477.42K | 970.88K | 475.69K |
| Working Capital Changes | 1.54M | -11.71M | 124.77K | -6.24M | 197.32K |
| Change in Receivables | 3.42M | -2.85M | -200.73K | -6.27M | -129.05K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -1.55K | -25.19K | 0 | 0 |
| Cash from Investing | -54.42M | -47.71M | -1.79M | -548.65K | -66.7K |
| Capital Expenditures | -54.86M | -592.5K | -6.33K | -81.48K | -10.34K |
| CapEx % of Revenue | 213.45% | 3.16% | 0.04% | 0.8% | 0.21% |
| Acquisitions | 434.65K | -32M | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | -15.11M | -1.78M | -467.18K | -56.36K |
| Cash from Financing | 69.95M | 49.37M | -4.11M | 2.65M | -1.13M |
| Debt Issued (Net) | 11.91M | 1M | 2.4M | 595.82K | 0 |
| Equity Issued (Net) | 53.54M | 63.17M | 751.65K | 2M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.5M | -14.81M | -7.27M | 55.07K | -1.13M |
| Net Change in Cash | 16.03M | -3.16M | 4.48M | 2.6M | 6.39K |
| Free Cash Flow | -4.34M | -20.76M | 8.59M | -7.91K | 175.53K |
| FCF Margin % | -16.87% | -110.75% | 55.16% | -0.08% | 3.49% |
| FCF Growth % | 79.11% | -341.67% | 108709.22% | -104.51% | - |
| FCF per Share | -36.91 | -168.03 | 69.53 | -0.06 | 1.42 |
| FCF Conversion (FCF/Net Income) | 0.01x | -0.90x | 1.09x | 0.09x | 3.06x |
| Interest Paid | 0 | 108.09K | 65.31K | 0 | 0 |
| Taxes Paid | 0 | 1.3M | 28.36K | 0 | 4.46K |
Unsustainable Cash Burn Rate
As reported in recent financial filings, JDZG's OCF/NI ratio of -5.66 in 2025Q4 highlights a severe disconnect between accounting losses and cash generation, suggesting that the company's reported net income fails to capture the underlying cash volatility inherent in its current operational model.
The extreme divergence between net income and operating cash flow indicates that non-cash items or significant working capital swings are masking the true economic cost of operations. Investors should monitor whether this negative conversion ratio reflects aggressive revenue recognition practices or simply the high cash cost of maintaining the KB Platform infrastructure.
Based on JDZG's 2025Q4 financial data, the company's CapEx/Rev ratio reached 23.8%, a significant escalation that suggests a shift toward heavy capital investment at a time when the core business is experiencing a sharp contraction in its top-line revenue performance.
This high level of capital intensity relative to revenue suggests that the company is attempting to force growth through infrastructure spending despite deteriorating market conditions. Such aggressive investment in a contracting environment warrants further investigation into the expected return on these assets and whether they are truly maintenance-related or speculative growth bets.
According to quarterly statements, JDZG's working capital changes have swung from positive inflows to significant outflows, with a $4.2M contribution in 2025Q4, indicating that the company is increasingly reliant on timing differences in student payments to manage its immediate liquidity requirements.
The reliance on working capital fluctuations to bolster operating cash flow suggests that the company's core business is not generating sufficient organic cash to cover its operating expenses. This pattern may indicate that the company is pulling forward future revenue or delaying payables to maintain a facade of operational stability.
As indicated by the 2025Q4 data, JDZG's FCF margin of 26.3% appears anomalous when compared to the negative operating margins, suggesting that the reported free cash flow may be heavily influenced by non-recurring items rather than sustainable operational efficiency.
The volatility in free cash flow trajectory, swinging from negative figures in early 2025 to a positive margin in the final quarter, implies that the company's cash position is highly sensitive to irregular capital events. Investors should be cautious of interpreting this as a sign of operational turnaround, as it appears disconnected from the underlying income statement trends.
Quick answers to the most common questions about buying JDZG stock.
JIADE Limited (JDZG) generated $-0.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JIADE Limited (JDZG) reported negative free cash flow of $4.3M in 2025, indicating capital requirements exceeded cash from operations.
JIADE Limited (JDZG) spent $54.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.