The firm's cash conversion efficiency remains strained, evidenced by a 2024Q4 OCF/NI ratio of -15.56 and a negative free cash flow margin of -14.2%.
| 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 |
|---|
| Cash from Operations | 7.71M | -4.13M | 7.7M | -4.52M | -4.96M | -7.78M | -6.52M | -558.8K | -3.7M | 1.92M | 3.19M | 2.23M | -3.56M | 15.94M | -26.67K |
| Operating CF Margin % | - | -4.98% | 15.44% | -14.19% | -6.21% | -14.39% | -488.31% | -3.39% | -19.98% | 8.09% | 7.75% | 3.64% | -6.05% | 16.01% | - |
| Operating CF Growth % | 365.99% | -153.72% | 270.29% | 8.84% | 36.25% | -19.25% | -1066.92% | 84.91% | -292.66% | -39.82% | 42.94% | 162.8% | -122.33% | 59866.56% | - |
| Net Income | 3.07M | -11M | 3.07M | 3.04M | -73.49M | -37.22M | -5.67M | -104.41K | -17.97M | -14.82M | -11.9M | 1.24M | 6.88M | 25.42M | -3.11M |
| Depreciation & Amortization | 3.02M | 5.11M | 3.02M | 286.33K | 729.39K | 757.52K | 757.15K | 813.54K | 1.52M | 1.52M | 14.64M | 2.02M | 2.34M | 1.88M | 0 |
| Stock-Based Compensation | 147K | 0 | 0 | 0 | 53.25M | 4.41M | 700.25K | 1.2M | 1.31M | 629.95K | 429K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 124.27K | 0 | 0 | -3.78M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 107.7K | 10.51M | 253.66K | 347.55K | 14.46M | 9.21M | 2.47M | 854.25K | 8.23M | 622.76K | -750.49K | 3.33M | -5.03M | 2.58M | 3.06M |
| Working Capital Changes | 1.36M | -8.75M | 1.35M | -8.2M | 95.85K | 15.06M | -4.78M | -3.45M | 3.19M | 13.96M | 4.56M | -4.35M | -7.75M | -13.94M | 21.72K |
| Change in Receivables | 1.36M | -12.79M | 1.36M | -9.92M | -545.79K | -3.28M | -2.49M | -3.55M | 1.94M | 13.98M | 7.27M | -345.35K | -11.01M | -15.84M | 0 |
| Change in Inventory | 0 | 0 | 0 | 433.87K | 438.85K | 547.59K | -267.47K | -219.21K | 294.2K | 669.92K | 889.38K | -2.89M | -126.52K | 1.17M | 0 |
| Change in Payables | 0 | 3.99M | -749.98K | 1.25M | 262.51K | 515K | -579.95K | -641.49K | 2.04K | 522.84K | -1.08M | 101.24K | 0 | 0 | 0 |
| Cash from Investing | -12.01M | -5.53M | -12.01M | 2.63M | -9.44M | -3.28M | 607.47K | 332.51K | 52.93K | -865.37K | 45.45K | -927.88K | -17.54M | -11.15M | -57.16M |
| Capital Expenditures | -396.71K | -5.57M | -12.25M | -440 | -1.01K | -3.32M | -24.2K | 0 | -18.76K | -946.88K | -40.04K | -1.02M | -17.67M | -11.29M | 0 |
| CapEx % of Revenue | 0.8% | 6.71% | 24.58% | 0% | 0% | 6.15% | 1.81% | 3.42% | 0.1% | 3.98% | 0.1% | 1.66% | 30.04% | 11.34% | - |
| Acquisitions | 0 | 33.11K | 239.29K | -374.56K | -9.44M | 6.61K | 561.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -11.61M | 0 | 0 | 3M | 21 | 39.12K | 70.25K | 332.51K | 71.69K | 81.52K | 85.48K | 92.75K | 136.91K | 142.24K | -57.16M |
| Cash from Financing | 5.14M | 9.14M | 5.15M | 1.87M | 2.22M | 6.96M | 846.85K | 57.09K | -256.87K | -1.1M | 1.68M | 330.1K | -1.77M | 986.88K | 57.52M |
| Debt Issued (Net) | 0 | -139.13K | 1.67M | 1.13M | 0 | 0 | 0 | 0 | -160.43K | -999.52K | 1.58M | 0 | -1.97M | 1.12M | 35.65K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 6.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.46M |
| Dividends Paid | 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 |
| Other Financing | 5.14M | 9.28M | 3.49M | 743.68K | 2.22M | 58.97K | 846.85K | 57.09K | -96.44K | -96.39K | 101.22K | 330.1K | 198.22K | -137.88K | 19.35K |
| Net Change in Cash | 0 | -483.73K | 777.14K | -113.61K | -12.39M | -3.71M | -4M | -405.63K | -5.02M | 1.47M | 3.36M | 609.5K | -23.1M | 7.37M | 328.24K |
| Free Cash Flow | 7.31M | -4.13M | 7.3M | -4.52M | -4.96M | -11.1M | -6.54M | -558.8K | -3.72M | 975.37K | 3.15M | 1.21M | -21.23M | 4.65M | -26.67K |
| FCF Margin % | 14.67% | -4.98% | 14.64% | -14.19% | -6.21% | -20.54% | -490.12% | -3.39% | -20.08% | 4.1% | 7.66% | 1.98% | -36.09% | 4.67% | - |
| FCF Growth % | 261.79% | -156.64% | 261.49% | 8.85% | 55.33% | -69.61% | -1071.25% | 84.99% | -481.61% | -69.08% | 159.82% | 105.72% | -556.71% | 17535.01% | - |
| FCF per Share | 19.78 | -6.65 | 30.68 | -42.59 | -176.92 | -1472.44 | -1447.69 | -133.18 | -1001.38 | 314.53 | 1081.33 | 429.89 | -7518.87 | 1646.32 | -9.44 |
| FCF Conversion (FCF/Net Income) | 2.38x | 0.38x | 2.50x | -1.48x | 0.07x | 0.21x | 1.15x | 5.35x | 0.21x | -0.13x | -0.27x | 1.80x | -0.52x | 0.63x | 0.01x |
| Interest Paid | 13.9K | 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 |
Liquidity and operational volatility
According to the provided financial data, JXG's operating cash flow frequently diverges from net income, as evidenced by the 2024Q4 OCF/NI ratio of -15.56, which suggests that reported profits are not translating into actual cash generation and may be heavily influenced by non-cash accounting adjustments.
The persistent gap between net income and operating cash flow indicates that the company's earnings quality is low, likely driven by aggressive accruals or timing differences in revenue recognition. Investors should monitor whether this disconnect reflects structural difficulties in collecting cash from travel and e-commerce partners.
As reported in financial statements, JXG's free cash flow trajectory is characterized by extreme volatility and consistent deficits, with the company recording a -14.2% FCF margin in 2024Q4, highlighting a fundamental inability to self-fund operations through its current high-volume, low-margin business model.
The inability to generate positive free cash flow suggests that the company's growth is capital-intensive rather than self-sustaining. This trend warrants further investigation into whether the firm can ever reach a scale where cash inflows from operations cover both operating expenses and necessary capital expenditures.
Based on reported figures, JXG's working capital management appears highly erratic, with a significant $3.8 million outflow in 2024Q4, suggesting that the company is struggling to balance the timing of supplier payments against the collection of receivables in its transactional travel and e-commerce segments.
The sharp swings in working capital changes indicate that the company's cash position is highly sensitive to the timing of inventory procurement and customer settlements. This operational reality leaves the firm vulnerable to liquidity shocks if payment cycles from travel partners or e-commerce customers lengthen unexpectedly.
As indicated by the historical data, the company's cash flow statement is heavily impacted by non-cash items such as stock-based compensation and depreciation, which mask the underlying cash burn and complicate the assessment of the firm's true economic performance and long-term viability.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the company's reported profitability may be overstated. Analysts should be wary of the potential for these accounting adjustments to hide the true cost of customer acquisition and the lack of sustainable operating leverage.
Quick answers to the most common questions about buying JXG stock.
JX Luxventure Limited (JXG) generated $-4.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
JX Luxventure Limited (JXG) reported negative free cash flow of $4.1M in 2025, indicating capital requirements exceeded cash from operations.
JX Luxventure Limited (JXG) spent $5.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.