Operational liquidity remains volatile, with the company reporting a 6.5% FCF margin in 2023Q3, a figure heavily influenced by non-cash adjustments and significant historical stock-based compensation charges like the $106.3M recorded in 2022Q4.
| Cash from Operations | 233.29M | 63.12M | 8.54M | -17.91M | -17.48M | -76.65M | 75.81M | -25.76M | -97.92M | -75.53M | -42.15M |
| Operating CF Margin % | - | 17.31% | 2.7% | -6.17% | -5.31% | -21.45% | 16.07% | -2.84% | -13.71% | -26.53% | -59.94% |
| Operating CF Growth % | 148.83% | 638.99% | 147.7% | -2.47% | 77.2% | -201.11% | 394.32% | 73.7% | -29.65% | -79.19% | - |
| Net Income | -77.51M | 411.47K | -6.77M | -62.67M | -108.45M | -140.58M | -225.07M | -109.84M | -66.2M | -90.29M | -61.38M |
| Depreciation & Amortization | 17.43M | 9.99M | 5.96M | 11.52M | 30.41M | 31.82M | 42.07M | 32.37M | 18.39M | 8.84M | 3.43M |
| Stock-Based Compensation | 106.31M | 0 | 4.22M | 11.57M | 15.52M | 30.21M | 28.86M | 47.28M | 24.56M | 8.28M | 2.7M |
| Deferred Taxes | -3.36M | -1.02M | 6K | -1.89M | -481K | 18.24M | 67.6M | -8.86M | -5K | -3.98M | 3.91M |
| Other Non-Cash Items | -200.66M | 9.53M | 7.28M | 26.91M | 41.65M | 3.37M | 12.43M | 8.09M | 17.54M | 2.77M | 680K |
| Working Capital Changes | 390.73M | 44.21M | -2.15M | -3.35M | 3.88M | -19.7M | 149.93M | 5.19M | -92.22M | -1.14M | 8.5M |
| Change in Receivables | 69.73M | 4.14M | -17.82M | -5.86M | 12.53M | 1.27M | 71.8M | -25.44M | -98.16M | -48.27M | -5.87M |
| Change in Inventory | 0 | 0 | 0 | 469K | 0 | -31.28M | 52.01M | 10.39M | -24.38M | 2.96M | 2.53M |
| Change in Payables | -47.5M | 6.53M | 11.62M | 2.9M | -1.06M | 1.7M | -3.4M | 1.22M | 10.47M | 13.02M | 822K |
| Cash from Investing | 866.47M | -7.25M | -5.38M | 25.13M | 26.85M | 26.44M | -144.41M | -88.97M | -139.21M | -28.64M | -29.93M |
| Capital Expenditures | 320.26M | -656.61K | -4.51M | -524K | -1.12M | -18.94M | -22.33M | -49.08M | -59.49M | -28.7M | -18.89M |
| CapEx % of Revenue | 106.85% | 0.18% | 1.43% | 0.18% | 0.34% | 5.3% | 4.74% | 5.41% | 8.33% | 10.08% | 26.86% |
| Acquisitions | 0 | -1.73M | -450K | 16.15M | 58K | 0 | -2.51M | -9.39M | 0 | 319K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 546.21M | -7 | -419K | -782K | 24K | -4.62M | -5.35M | 1.59M | -12.56M | -319K | 0 |
| Cash from Financing | -4.21B | -7.83M | 1.23M | -8.65M | -148.04M | -54.52M | 315K | -33.88M | 614.88M | 217.45M | 135.35M |
| Debt Issued (Net) | 0 | -2.92M | 3M | -5M | -145M | -57.46M | 0 | 0 | 216.18M | 0 | 0 |
| Equity Issued (Net) | 0 | -4.91M | -2.59M | -3.71M | -1.69M | 1K | 0 | -37.56M | 398.7M | 217.45M | 134.35M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.21B | -7.39M | -2.59M | -3.71M | -1.69M | 0 | 0 | -37.56M | 0 | 0 | 0 |
| Other Financing | -4.21B | 0 | 813K | 58K | -1.35M | 2.94M | 315K | 3.68M | 0 | 0 | 1M |
| Net Change in Cash | -2.56M | 53.92M | 4.54M | -1.25M | -138.32M | -101.65M | -75.34M | -145.1M | 368.4M | 104.99M | 65.72M |
| Free Cash Flow | 553.56M | 62.87M | 3.56M | -18.43M | -18.6M | -95.59M | 53.48M | -74.84M | -157.41M | -104.23M | -61.04M |
| FCF Margin % | 184.68% | 17.24% | 1.13% | -6.35% | -5.66% | -26.75% | 11.34% | -8.26% | -22.04% | -36.61% | -86.8% |
| FCF Growth % | 377.98% | 1665.57% | 119.32% | 0.91% | 80.54% | -278.74% | 171.46% | 52.46% | -51.03% | -70.76% | - |
| FCF per Share | 92.57 | 10.43 | 0.60 | -3.08 | -3.13 | -16.17 | 9.21 | -13.01 | -36.54 | -18.08 | -10.59 |
| FCF Conversion (FCF/Net Income) | -7.14x | 153.39x | -1.21x | 0.29x | 0.16x | 0.55x | -0.34x | 0.23x | 1.48x | 0.84x | 0.69x |
| Interest Paid | 0 | 0 | 109K | 212K | 2.43M | 4.51M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 131K | 18K | 296K | 182K | 195K | 0 | 0 | 0 | 0 |
Regulatory Data Monetization Constraints
As reported in financial statements, Aurora Mobile consistently records negative net income while generating positive operating cash flow, with OCF/NI ratios frequently showing extreme volatility, such as the -6.50 figure in 2022Q4, suggesting that accounting accruals and non-cash adjustments heavily influence the reported bottom line.
The persistent gap between net losses and positive operating cash flow suggests that the company's GAAP profitability is significantly impacted by non-cash charges, potentially including stock-based compensation or depreciation. Investors should monitor whether this cash-generative capacity is sustainable or if it relies on aggressive working capital management that may not persist in future periods.
Based on historical data, Aurora Mobile's free cash flow trajectory appears highly erratic, swinging from a peak of $656.5M in 2019Q4 to periods of stagnation, indicating that the company's ability to convert revenue into actual liquidity remains inconsistent despite the ongoing strategic pivot toward SaaS.
The lack of a stable FCF trend suggests that the company's operational efficiency is still in a state of flux. While recent quarters show positive FCF margins, the historical reliance on large, non-recurring working capital swings warrants caution regarding the underlying quality of these cash flows.
According to recent SEC filings, Aurora Mobile has experienced massive fluctuations in working capital, including a $390.7M adjustment in 2022Q4, which suggests that the company's cash position is highly sensitive to the timing of collections and payables rather than pure operational performance.
These large, periodic working capital movements indicate that the company's cash flow is not purely driven by recurring SaaS revenue. Such volatility may imply that the firm is managing its liquidity through aggressive timing of payments or receipts, which could mask underlying operational weaknesses.
As observed in financial disclosures, the company's cash flow statement is frequently impacted by significant stock-based compensation and depreciation adjustments, such as the $106.3M in SBC recorded in 2022Q4, which complicates the assessment of the firm's true cash-generating ability and operational sustainability.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the company's reported cash position may be less robust than it appears on the surface. Analysts should investigate whether these adjustments are masking a structural cash burn that would otherwise be evident in a cleaner cash flow statement.
Quick answers to the most common questions about buying JG stock.
Aurora Mobile Limited (JG) generated $63.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aurora Mobile Limited (JG) generated $62.9M 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.
Aurora Mobile Limited (JG) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Aurora Mobile Limited (JG) spent $7.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.