Operational liquidity remains under severe pressure, as evidenced by a negative free cash flow margin of -52.1% in 2026Q1 and a persistent reliance on external capital.
| 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 | -5.06M | -5.06M | -4.25M | -4.32M | -3.61M | -5.91M | -312.96K | 2.24M | -50.19K | -5.61M | -950.05K | -8.62M | -5.16M | -840.54K | -99.84K |
| Operating CF Margin % | - | -44.29% | -42.97% | -43.46% | -30.29% | -59.01% | -2.73% | 13.07% | -0.29% | -24.05% | -12.28% | -1397.52% | - | - | -39.72% |
| Operating CF Growth % | -49.05% | -18.93% | 1.41% | -19.57% | 38.97% | -1789.68% | -113.97% | 4563.37% | 99.11% | -490.35% | 88.98% | -67.03% | -514.01% | -741.91% | - |
| Net Income | -6.88M | -7.47M | -9M | -14.55M | -6.92M | -11.71M | -2.86M | -2.37M | -1.33M | -8.26M | -12.75M | -13.08M | -7.08M | -1.54M | -194.22K |
| Depreciation & Amortization | 1.09M | 849.4K | 1.61M | 890.82K | 803.68K | 791.02K | 827.66K | 835.91K | 905.75K | 1.26M | 579.24K | 183.2K | 12.47K | 585 | 99 |
| Stock-Based Compensation | 1.07M | 1.25M | 1.64M | 1.58M | 1.64M | 936.96K | 160K | 607.71K | 989.68K | 2.49M | 1.11M | 1.51M | 792.81K | 311.24K | 30K |
| Deferred Taxes | 0 | 0 | 0 | -320.1K | 124.47K | 195.58K | 0 | -365.4K | 30K | -1.63M | 190.29K | 1.32M | -386.01K | -311.24K | 0 |
| Other Non-Cash Items | 5.05M | 1.19M | 1.75M | 7.87M | 15.03K | 7.9M | 655.66K | 3.13M | -708.36K | 4.36M | 4.04M | 1.92M | 2.21M | 403.43K | 94.28K |
| Working Capital Changes | -1.37M | -873.47K | -247.95K | 218.2K | 728.23K | -4.03M | 908.7K | 397.8K | 61.36K | -3.83M | 5.88M | -477.56K | -716.2K | 299.99K | 64.28K |
| Change in Receivables | 228.4K | -1.46K | 9.29K | 388.95K | -303.85K | 34.97K | -95.19K | 208.5K | 135.26K | -897.83K | -721.23K | 706.95K | -769.9K | 1.9M | 0 |
| Change in Inventory | -1.15M | -351.34K | 128.49K | 567.75K | -507.93K | -469.93K | 535.93K | -432.77K | -164.19K | 525.59K | -1.06M | -2.41M | -353.01K | -6.53K | 0 |
| Change in Payables | -291.58K | -344.88K | -276.63K | 22.19K | 180.62K | -2.26M | 658.25K | 787.38K | 362.46K | -958.32K | 120.01K | 1.35M | 268.11K | 244.09K | 64.28K |
| Cash from Investing | -867.59K | -7.3M | -1.46M | -1.37M | -1.31M | 0 | 0 | 2.75M | -3.17M | -142.07K | -15.93M | -1.89M | -166.39K | -6.44K | -1.98K |
| Capital Expenditures | -5.65K | -1.42M | -25.57K | -53.43K | -282.47K | 0 | 0 | -23.79K | -10.77K | -52.96K | -39.07K | -381.77K | -137.95K | -6.44K | -1.98K |
| CapEx % of Revenue | 0.05% | 12.44% | 0.26% | 0.54% | 2.37% | - | - | 0.14% | 0.06% | 0.23% | 0.51% | 61.89% | - | - | 0.79% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.77M | -3.16M | -89.11K | -17.39M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.16M | 0 | -1.43M | -1.32M | -1.03M | 0 | 0 | 2.75M | -3.17M | -1.51M | 1.49M | -1.51M | -28.44K | -6.44K | 0 |
| Cash from Financing | -957.18K | 12.12M | 3.12M | 5.05M | -300K | 13.63M | 3.11M | -2M | 3.06M | 8.09M | 19.77M | 8.73M | 7.23M | 1.01M | 237.3K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -12.17M | -1.87M | -5.16M | 2.69M | -3M | 12.18M | 2.96M | 0 | 75K | 75K |
| Equity Issued (Net) | -148.47K | 12.42M | 4.49M | 5.21M | 0 | 19.83M | 3.28M | 0 | 0 | 13.29M | 0 | 0 | 5.75M | 0 | 158K |
| Dividends Paid | -300K | -300K | -300K | -300K | -300K | -300K | -100K | -25K | -25K | -338.75K | -123.46K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -4.24K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123.46K | 0 | 0 | 0 | 0 |
| Other Financing | -508.71K | 0 | -1.06M | 138.55K | 0 | 6.26M | 1.8M | 3.18M | 395.26K | -703.93K | 7.71M | 5.76M | 1.47M | 939.78K | 4.3K |
| Net Change in Cash | -6.88M | -239.43K | -2.59M | -638.94K | -5.22M | 7.72M | 2.8M | 122.74K | -4.06M | 2.34M | 2.88M | -1.78M | 1.9M | 167.81K | 135.48K |
| Free Cash Flow | -5.62M | -5.13M | -5.72M | -5.69M | -4.92M | -5.91M | -312.96K | 2.22M | -60.95K | -5.66M | -989.12K | -9M | -5.3M | -846.97K | -101.82K |
| FCF Margin % | -46.64% | -44.91% | -57.72% | -57.29% | -41.27% | -59.01% | -2.73% | 12.93% | -0.36% | -24.28% | -12.79% | -1459.41% | - | - | -40.5% |
| FCF Growth % | 1.62% | 10.21% | -0.46% | -15.69% | 16.85% | -1789.68% | -114.12% | 3736.01% | 98.92% | -472.39% | 89.01% | -69.89% | -525.63% | -731.84% | - |
| FCF per Share | -10.22 | -8.63 | -9.00 | -4.20 | -10.27 | -18.75 | -1.92 | 15.44 | -0.50 | -88.38 | -32.05 | -664.14 | -463.84 | -79.13 | -10.08 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.68x | 0.47x | 0.30x | 0.52x | 0.51x | 0.11x | -0.19x | 0.01x | 0.68x | 0.07x | 0.66x | 0.73x | 0.54x | 0.51x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 617.34K | 1.62M | 2.01M | 3.15M | 3.4M | 930.22K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 20.58K | 3.15K | 0 | 93.31K | 10.01K | 11.36K | 13.84K | 4.5K | 8.76K | 1K | 0 | 0 | 0 |
Persistent Operating Cash Burn
According to the provided financial statements, LogicMark's operating cash flow consistently tracks below net income, with an OCF/NI ratio reaching 1.08 in 2026Q1, suggesting that reported losses are being compounded by actual cash outflows rather than being mitigated by non-cash accounting adjustments or accrual benefits.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely paper-based but reflect a genuine consumption of liquidity. Investors should monitor this trend, as the inability to generate positive cash flow from operations despite high gross margins suggests that overhead and working capital requirements are structurally misaligned with current revenue scale.
As reported in quarterly filings, LogicMark has failed to achieve positive free cash flow in any of the last ten quarters, with FCF margins bottoming out at -63.7% in 2025Q1, highlighting a reliance on external financing to sustain its ongoing operational and strategic pivot.
The consistent negative FCF trajectory underscores the high cost of the company's transition toward a SaaS-based model. Without a clear path to narrowing this deficit, the firm remains vulnerable to liquidity constraints that could necessitate further dilutive capital raises to fund its daily operations.
Based on the reported cash flow data, working capital changes have been a significant drag on liquidity, with a notable outflow of $902.8K in 2026Q1, indicating that the company is struggling to efficiently manage its inventory and receivables cycle during its current growth phase.
The erratic nature of these working capital swings suggests potential inefficiencies in inventory management or delays in collecting payments from institutional partners like the VA. Such volatility complicates cash forecasting and increases the risk that the company will face sudden liquidity crunches during periods of inventory buildup.
Analysis of the cash flow statement reveals that stock-based compensation, which averaged over $350K per quarter, consistently offsets a portion of the reported losses, effectively obscuring the true cash cost of talent acquisition and retention required to drive the company's IoT platform development.
While SBC is a non-cash expense, its consistent use suggests that the company is compensating for its lack of cash-based profitability by diluting existing shareholders. Investors should evaluate whether the value generated by this equity-based compensation is sufficient to offset the long-term impact of share count expansion on per-share metrics.
Quick answers to the most common questions about buying LGMK stock.
LogicMark, Inc. (LGMK) generated $-5.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LogicMark, Inc. (LGMK) reported negative free cash flow of $5.1M in 2025, indicating capital requirements exceeded cash from operations.
LogicMark, Inc. (LGMK) spent $1.4M 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, LogicMark, Inc. (LGMK) returned $0.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.