Operational instability is highlighted by a severe disconnect in cash conversion, evidenced by a $59.4 million cash outflow in 2025Q4 despite a net loss of only $551.3K.
| Cash from Operations | -99.3M | -1.34M | -316.95K | 4.08M | -16.11M | -7.84M | 9.84M | -23.04M | 1.22M | 10.17M |
| Operating CF Margin % | -13682.1% | -180.65% | -14.72% | 119.86% | -13426.79% | - | 310.17% | -271.16% | 9.4% | 53.14% |
| Operating CF Growth % | -7321.3% | -322.17% | -107.77% | 125.32% | -105.44% | -179.69% | 142.72% | -1995.56% | -88.05% | - |
| Net Income | -1.36M | 6.3M | 5.2M | -10.35M | -30.07M | -770.07K | -4.09M | -7.63M | -1.06M | 6.37M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 117 | 5.23K | 597.65K | 895.27K | 742.27K | 523.7K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 10.88M | 37.53K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -89.21K | 71.46K | -320.31K | -110.28K | -226.19K |
| Other Non-Cash Items | 269.44K | -6.63M | -7.07M | 9.63M | 3.28M | -6.88M | 453.61K | 2.57M | 4.8M | 5.24M |
| Working Capital Changes | -98.21M | -1M | 1.55M | 4.81M | -199.43K | -146.73K | 12.81M | -18.56M | -360.65K | 2.18M |
| Change in Receivables | 0 | 800K | 0 | 0 | -120K | 0 | 908.8K | 1.8M | -1.31M | -2.87M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 327.04K | 129.21K | -507.48K | -454.74K | 224.61K | -1.85M | -1.57M | -7.79M |
| Capital Expenditures | 0 | 0 | 0 | 0 | -7.02K | -20.22K | -75.25K | -579.95K | -814.46K | -1.41M |
| CapEx % of Revenue | - | - | - | - | 5.85% | - | 2.37% | 6.83% | 6.3% | 7.38% |
| Acquisitions | 0 | 0 | 265.67K | 1.4K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 61.38K | 127.81K | -457 | -434.52K | 299.85K | -1.27M | -758.5K | -6.37M |
| Cash from Financing | 19.88M | 21.9M | -1.55M | 61.55M | 5.18M | 0 | -699.53K | 928.29K | 1M | 7.34M |
| Debt Issued (Net) | 20M | 0 | -1.55M | 1.55M | 0 | 0 | -699.53K | 928.29K | 1M | 7.34M |
| Equity Issued (Net) | -122.5K | 21.9M | 0 | 60M | 5M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 180.49K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | -79.42M | 20.57M | -1.54M | 65.76M | -12M | -7.99M | 9.31M | -24.62M | 2M | 9.73M |
| Free Cash Flow | -99.3M | -1.34M | -316.95K | 4.08M | -16.12M | -7.86M | 9.77M | -23.62M | 400.81K | 8.76M |
| FCF Margin % | -13682.1% | -180.65% | -14.72% | 119.86% | -13432.64% | - | 307.8% | -277.98% | 3.1% | 45.76% |
| FCF Growth % | -7321.3% | -322.17% | -107.77% | 125.31% | -105% | -180.51% | 141.36% | -5992.12% | -95.42% | - |
| FCF per Share | -11.46 | -0.33 | -0.16 | 8.23 | -65.08 | -34.60 | 43.42 | -105.25 | 1.81 | 38.73 |
| FCF Conversion (FCF/Net Income) | 72.89x | -0.21x | -0.06x | -0.39x | 0.54x | 12.80x | -2.40x | 3.02x | -1.14x | 1.60x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 319.67K | 526.41K | 434.97K |
| Taxes Paid | 0 | 0 | 0 | 0 | 86.14K | 58.84K | 0 | 271.11K | 1.83M | 3.02M |
Regulatory and liquidity volatility
According to recent financial disclosures, NFT Limited's operating cash flow frequently diverges from net income, as evidenced by the 2025Q4 report where the company posted a $551.3K net loss alongside a massive $59.4 million cash outflow, highlighting a severe lack of quality in earnings.
The extreme variance between net income and operating cash flow suggests that the company's reported profitability is not translating into tangible liquidity. Investors should monitor whether these cash outflows represent recurring operational inefficiencies or one-time adjustments that may continue to erode the firm's cash position.
As reported in historical cash flow statements, NFT Limited has struggled to maintain positive free cash flow, with the most recent 2025Q4 period showing a negative $59.4 million FCF margin, a stark reversal from the brief periods of positive cash generation observed in 2024.
The erratic nature of the company's free cash flow suggests that the business model is highly sensitive to external factors rather than steady-state operations. This volatility indicates that the firm may lack the internal cash generation capabilities required to sustain its current administrative and compliance-heavy cost structure.
Based on the company's reported figures, working capital changes have become the primary driver of cash flow fluctuations, with a $59.2 million outflow in 2025Q4 alone, suggesting that the firm's ability to manage its short-term assets and liabilities is currently under significant pressure.
The massive swings in working capital suggest that the company may be struggling with the timing of its collections or the management of its inventory of digital and physical assets. Such instability warrants further investigation into whether these movements are indicative of underlying liquidity constraints or aggressive accounting practices.
Analysis of the multi-year cash flow data reveals a persistent and widening gap between cumulative net income and operating cash flow, suggesting that the company's reported earnings have consistently failed to reflect the actual cash reality of its brokerage operations since 2021.
This long-term divergence implies that the company's core business may be fundamentally less profitable than the income statement suggests. Investors should be wary of the potential for future write-downs or liquidity events if the cash reality continues to deviate so sharply from the reported bottom line.
Quick answers to the most common questions about buying MI stock.
NFT Limited (MI) generated $-99.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NFT Limited (MI) reported negative free cash flow of $99.3M in 2025, indicating capital requirements exceeded cash from operations.
NFT Limited (MI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.