Free cash flow has experienced a rapid decline, shifting from a positive $6.1M in 2025Q2 to a negative $10.0M in 2025Q3, highlighting severe challenges in maintaining liquidity.
| Metric | TTM | 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 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 | Dec'95 |
|---|
| Cash from Operations | -3.4M | -4.05M | 518K | 10.66M | -3M | -1.58M | -2.31M | 7.11M | 1.78M | -3.99M | 3.22M | -1.65M | 3.98M | -2.71M | 58.91M | 839K | 2.46M | 5.62M | 3.72M | 1.36M | -3.27M | -1.58M | -1.88M | 898K | 903K | -825.8K | -1.3M | -800K | -2.5M | -800K | -1.1M |
| Operating CF Margin % | - | -5.69% | - | - | -15.38% | -9.04% | -10.73% | 21.4% | 6.73% | -16.01% | 11.41% | -6.26% | 14.34% | -13.44% | 341.84% | 2.8% | 8.56% | 17.88% | 15.24% | 6.22% | -16.68% | -7.54% | -7.19% | 3.62% | 4.53% | -6.44% | -13.98% | -9.2% | -18.8% | -5.44% | -7.1% |
| Operating CF Growth % | -168.33% | -882.24% | -95.14% | 455.43% | -89.87% | 31.63% | -132.5% | 299.49% | 144.63% | -223.93% | 295.27% | -141.42% | 246.77% | -104.6% | 6921.45% | -65.95% | -56.12% | 50.78% | 173.62% | 141.65% | -106.57% | 15.81% | -309.24% | -0.55% | 209.35% | 36.48% | -62.5% | 68% | -212.5% | 27.27% | -175% |
| Net Income | -4.3M | -6.68M | -3.02M | -2.29M | -3.53M | -4.62M | -5.58M | 1.4M | -639K | -1.29M | 1.53M | 211K | 1.38M | -1.62M | 51.09M | 7.63M | 3.72M | -2.26M | 2.34M | 2.4M | -3.31M | -4.86M | -4.25M | 333K | 121K | -823.57K | -1.4M | -3.4M | -3.4M | -1M | -1.5M |
| Depreciation & Amortization | 3.23M | 2.64M | 7K | 0 | 60K | 477K | 1.65M | 1.17M | 1.35M | 1.45M | 1.16M | 1.18M | 1.06M | 1.15M | 694K | 339K | 405K | 370K | 266K | 207K | 239K | 296K | 293K | 188K | 179K | 169.33K | 200K | 300K | 700K | 500K | 700K |
| Stock-Based Compensation | 42K | 60K | 44K | 0 | 232K | 172K | 422K | 410K | 387K | 204K | 353K | 403K | 533K | 342K | 721K | 711K | 537K | 491K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.76M | -3.08M | 0 | 0 | 0 | 0 | -462K | 259K | 40K | -35K | 29K | 57K | 178K | 92K | 5.54M | -5.7M | 0 | 2.13M | -2.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.56M | 3M | 3.42M | 13.62M | -981K | 202K | 2.06M | -226K | 72K | -18K | -40K | 69K | -12K | 0 | 0 | -1.03M | 0 | 0 | 2M | 228K | 14K | 872K | 2.17M | 71K | -59K | 93.49K | 200K | 100K | 300K | 200K | 100K |
| Working Capital Changes | -1.63M | 8K | 65K | -666K | 1.22M | 2.18M | -398K | 4.1M | 572K | -4.3M | 186K | -3.56M | 843K | -2.67M | 861K | -1.1M | -2.19M | 4.88M | 1.25M | -1.47M | -213K | 2.11M | -88K | 306K | 662K | -265.04K | -300K | 2.2M | -100K | -500K | -400K |
| Change in Receivables | -2.92M | 1.08M | -186K | -24K | 760K | 1.56M | 1.16M | 3.52M | -1.64M | -2.32M | -604K | -3.55M | 286K | -1.55M | 191K | -337K | -123K | -612K | 770K | -600K | -74K | 1.09M | 1.99M | -2.21M | -837K | -821.7K | 0 | 1.4M | -300K | -500K | 0 |
| Change in Inventory | 8.44M | -877K | 0 | -10K | 66K | 135K | 31K | -52K | 24K | 66K | 132K | -216K | 3K | 11K | 93K | -25K | 53K | -45K | 55K | -4K | 47K | 215K | 266K | -132K | 398K | -13.22K | -100K | 300K | 300K | 0 | -100K |
| Change in Payables | -1.67M | 1.26M | -106K | 52K | -572K | 115K | -224K | 95K | 697K | -885K | -73K | 452K | 514K | -322K | 109K | 82K | -496K | 1.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -791K | -35.15M | 1.51M | -29K | -90K | 139K | -398K | -1.3M | -1.16M | 8.04M | -206K | -10.66M | -250K | -138K | -5.7M | 3.51M | -4.68M | -1.05M | -164K | -275K | -128K | -84K | -184K | -3.81M | -195K | -104.69K | -200K | -700K | -500K | 0 | 200K |
| Capital Expenditures | -791K | -1.17M | -39K | 0 | -106K | -61K | -398K | -1.34M | -1.16M | -1.47M | -444K | -427K | -265K | -138K | -2.19M | -387K | -278K | -1.05M | -164K | -275K | -128K | -84K | -132K | -836K | -275K | -184.69K | -100K | -100K | -200K | -300K | -300K |
| CapEx % of Revenue | 1.68% | 1.64% | - | - | 0.54% | 0.35% | 1.85% | 4.02% | 4.39% | 5.89% | 1.57% | 1.62% | 0.95% | 0.68% | 12.74% | 1.29% | 0.97% | 3.34% | 0.67% | 1.26% | 0.65% | 0.4% | 0.51% | 3.37% | 1.38% | 1.44% | 1.08% | 1.15% | 1.5% | 2.04% | 1.94% |
| Acquisitions | 0 | -34.18M | 1.58M | 0 | 0 | 200K | 0 | 35K | 0 | 5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -52K | -3.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 200K | -34K | -29K | 16K | 0 | 0 | 0 | 0 | 0 | 30K | -528K | 15K | 0 | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 100K | 0 | -100K | 0 |
| Cash from Financing | 4.21M | 24.88M | -473K | 39K | -187K | 1.06M | 59K | -344K | -8.19M | -307K | -1.73M | -2.21M | -2.24M | -82K | -43.21M | 47K | -41K | -907K | 48K | -12K | -49K | 2.6M | 816K | 7.18M | 395K | 1.05M | 1.6M | 1.6M | 2.6M | 600K | 600K |
| Debt Issued (Net) | 4.25M | 25.39M | 0 | 0 | 0 | 1.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -219K | -202K | -267K | -186K | 54K | -96K | 228K | 0 | -512K | -91K | -286.13K | 700K | -500K | -400K | 600K | 500K |
| Equity Issued (Net) | 0 | 0 | -473K | 39K | 27K | 20K | 108K | -330K | -16K | -266K | -1000K | -1000K | -1000K | -82K | -1000K | 266K | 161K | -640K | 475K | 135K | 47K | 1000K | 816K | 1000K | 486K | 1000K | 900K | 1000K | 1000K | 0 | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | -14K | -14K | -14K | -14K | -8.18M | 0 | 0 | 0 | 0 | 0 | -31.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -482K | 0 | 0 | 0 | 0 | -379K | -16K | -312K | -1.76M | -2.45M | -2.33M | -213K | -17.37M | -469K | 0 | -738K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -39K | -513K | 0 | 0 | -200K | -1K | -35K | 0 | 0 | -41K | -12K | 20K | 0 | 0 | 2.37M | 0 | 0 | 0 | 0 | -201K | 0 | 0 | 0 | 1K | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Net Change in Cash | 507K | -14.32M | 1.55M | 10.67M | -3.28M | -382K | -2.65M | 5.46M | -7.57M | 3.74M | 1.29M | -14.53M | 1.49M | -2.93M | 10.01M | 4.4M | -2.25M | 3.66M | 3.61M | 1.07M | -3.44M | 931K | -1.25M | 4.26M | 1.1M | 117.07K | 100K | 0 | -400K | -600K | -900K |
| Free Cash Flow | -4.2M | -5.22M | 479K | 10.66M | -3.11M | -1.64M | -2.71M | 5.77M | 621K | -5.46M | 2.77M | -2.62M | 3.71M | -2.85M | 52.72M | 452K | 2.19M | 4.57M | 3.56M | 1.09M | -3.4M | -1.67M | -2.01M | 62K | 628K | -1.01M | -1.4M | -900K | -2.7M | -1.1M | -1.4M |
| FCF Margin % | -8.93% | -7.33% | - | - | -15.93% | -9.39% | -12.58% | 17.37% | 2.35% | -21.9% | 9.83% | -9.95% | 13.38% | -14.12% | 305.9% | 1.51% | 7.6% | 14.54% | 14.57% | 4.96% | -17.33% | -7.94% | -7.69% | 0.25% | 3.15% | -7.88% | -15.05% | -10.34% | -20.3% | -7.48% | -9.03% |
| FCF Growth % | -92.08% | -1190.19% | -95.51% | 443.3% | -89.27% | 39.42% | -146.92% | 829.79% | 111.38% | -296.65% | 206% | -170.46% | 230.36% | -105.4% | 11562.61% | -79.32% | -52.12% | 28.26% | 227.81% | 131.98% | -103.84% | 17.16% | -3343.55% | -90.13% | 162.15% | 27.82% | -55.56% | 66.67% | -145.45% | 21.43% | 0% |
| FCF per Share | -2.37 | -2.95 | 0.27 | 5.95 | -1.76 | -0.95 | -1.59 | 3.37 | 0.37 | -3.28 | 1.59 | -1.74 | 1.94 | -1.47 | 23.79 | 0.19 | 0.97 | 2.06 | 1.54 | 0.49 | -1.58 | -0.92 | -1.15 | 0.04 | 0.38 | -0.72 | -1.11 | -0.82 | -2.78 | -1.39 | -1.76 |
| FCF Conversion (FCF/Net Income) | 0.98x | -1.35x | 0.21x | 1.06x | 0.85x | 0.34x | 0.41x | 5.08x | -2.79x | 3.10x | 2.10x | -7.81x | 2.89x | 1.67x | 1.15x | 0.13x | 0.66x | -2.49x | 1.59x | 0.57x | 0.99x | 0.33x | 0.44x | 2.70x | 7.46x | 1.00x | 0.93x | 0.24x | 0.74x | 0.80x | 0.73x |
| Interest Paid | 1.22M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 110K | 72K | 17K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 199K | 694K | 88K | 0 | 230K | 112K | 8K | 39K | 743K | 238K | 653K | 482K | 842K | 835K | 21.76M | 62K | 67K | 8K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pivot execution and liquidity
According to recent financial disclosures, LDWY's operating cash flow to net income ratio has fluctuated wildly, reaching a negative 3.48 in 2023Q4 and a positive 3.48 in 2025Q3, which suggests that reported earnings are currently disconnected from the company's actual cash-generating capabilities during this transition.
The extreme variance in the OCF/NI ratio indicates that accruals and non-cash adjustments are heavily distorting the bottom line. Investors should monitor whether this disconnect is a temporary byproduct of restructuring or a permanent feature of the new lending marketplace model.
As reported in quarterly filings, LDWY's free cash flow has swung from a positive $6.1M in 2025Q2 to a negative $10.0M in 2025Q3, signaling a rapid deterioration in cash generation that appears to coincide with the company's aggressive pivot toward a new lending business model.
The sharp reversal into negative free cash flow territory suggests that the company is consuming capital at an unsustainable rate to fund its strategic shift. This trend warrants further investigation into whether the current cash burn is a necessary investment or a sign of operational inefficiency.
Based on the provided cash flow statements, working capital changes have been a primary driver of cash flow volatility, with a $7.4M outflow in 2025Q3 following a $4.1M inflow in 2025Q2, highlighting the erratic nature of the company's current cash management and collection cycles.
These significant swings in working capital suggest that the company is struggling to maintain a predictable cash conversion cycle as it integrates new lending operations. The reliance on these fluctuations to support operating cash flow may indicate underlying pressure on liquidity.
As indicated by the company's financial data, the absence of significant stock-based compensation or clear capital expenditure trends suggests that the cash flow statement may be obscuring the true cost of the lending pivot, particularly regarding potential loan loss provisions or off-balance sheet financing.
The lack of transparency regarding the cash impact of the new lending marketplace makes it difficult to assess the true underlying burn rate. Analysts should be cautious, as the current cash flow presentation may not fully capture the risks associated with the company's new financial services exposure.
Quick answers to the most common questions about buying LDWY stock.
Lendway, Inc. (LDWY) generated $-4.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Lendway, Inc. (LDWY) reported negative free cash flow of $5.2M in 2024, indicating capital requirements exceeded cash from operations.
Lendway, Inc. (LDWY) spent $1.2M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.