Liquidity is under extreme pressure as the company recorded a -131.1% free cash flow margin and a 72.2% capital expenditure-to-revenue ratio in the most recent quarter.
| Cash from Operations | -3.29M | -6.41M | -2.25M | 975.66K | -475.05K |
| Operating CF Margin % | -57.01% | -45.86% | -28.55% | 13.96% | -24.77% |
| Operating CF Growth % | 48.63% | -184.86% | -330.47% | 305.38% | - |
| Net Income | -2.55M | -15.6M | -2.35M | 92.7K | -460.15K |
| Depreciation & Amortization | 129.84K | 110.55K | 94.82K | 87.09K | 31.01K |
| Stock-Based Compensation | 0 | 9.12M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 549 | -50 |
| Other Non-Cash Items | 579.83K | 223.35K | -453.43K | 240.44K | 35.78K |
| Working Capital Changes | -1.45M | -256.24K | 464.62K | 554.87K | -81.64K |
| Change in Receivables | -2.29K | -36.75K | -375 | 91.58K | -77.73K |
| Change in Inventory | 61.33K | -17.61K | -68.01K | 16.23K | -5.39K |
| Change in Payables | -604.09K | 312.38K | 548.49K | 219.56K | 29.71K |
| Cash from Investing | -1.84M | -134.21K | -186K | -15.21K | -3.78K |
| Capital Expenditures | -1.84M | -134.21K | -136.29K | -11.19K | -3.78K |
| CapEx % of Revenue | 31.86% | 0.96% | 1.73% | 0.16% | 0.2% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | -49.7K | -4.03K | 0 |
| Cash from Financing | 723.85K | 10.88M | -5.8M | 9.23M | 387.59K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 742.75K | 10.85M | -5.76M | 7.14M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -6.6M | 0 | 0 |
| Other Financing | -18.9K | 31.79K | -45.29K | 2.09M | 387.59K |
| Net Change in Cash | -4.14M | 4.48M | -8.02M | 10.08M | 121.39K |
| Free Cash Flow | -3.34M | -6.54M | -1.78M | 706.25K | -478.84K |
| FCF Margin % | -57.83% | -46.82% | -22.65% | 10.11% | -24.96% |
| FCF Growth % | 48.96% | -266.57% | -352.6% | 247.49% | - |
| FCF per Share | -113.05 | -56.44 | -12.59 | 4.99 | -3.38 |
| FCF Conversion (FCF/Net Income) | 1.29x | 0.41x | 0.95x | 10.53x | 1.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 14 |
| Taxes Paid | 0 | 0 | 217.23K | 0 | 3.03K |
Imminent liquidity and solvency crisis
According to the most recent financial data, MNDR's operating cash flow remains deeply negative, with a 2025Q4 OCF/NI ratio of 2.52, indicating that the company is failing to convert its reported net losses into any form of meaningful cash preservation or operational efficiency.
The widening gap between net income and operating cash flow suggests that the company is struggling with significant non-cash expenses or working capital outflows that exacerbate its underlying losses. Investors should monitor this divergence as it implies that the core business model is not only unprofitable but also structurally cash-consumptive.
As reported in recent financial statements, MNDR's free cash flow margin plummeted to -131.1% in 2025Q4, reflecting a severe inability to generate internal liquidity while simultaneously attempting to maintain its operational footprint in a highly competitive and shrinking market environment.
The consistent negative trajectory of free cash flow suggests that the company is burning through its limited capital reserves at an accelerating rate. This trend warrants further investigation into whether the current cash burn is sustainable without immediate and potentially dilutive external financing.
Based on the company's reported figures, capital expenditures reached 72.2% of revenue in 2025Q4, a disproportionate level of investment that appears disconnected from the company's ability to generate top-line growth or maintain a viable competitive advantage in the digital healthcare space.
High capital intensity relative to revenue suggests that the company is forced to invest heavily in infrastructure or technology just to maintain its current, albeit declining, service levels. This level of spending appears to be a significant drag on liquidity and may indicate that the platform requires constant, expensive upgrades to remain functional.
Data from recent filings indicates that working capital changes in 2025Q4 resulted in a $1.4 million outflow, further straining the company's already limited cash position and highlighting the difficulty of managing payables and receivables in a contracting revenue environment.
The negative working capital movement suggests that the company may be struggling to collect on its services or is facing pressure from suppliers to settle outstanding obligations. This dynamic appears to be a primary driver of the current cash burn, leaving the firm with little operational flexibility.
As evidenced by the 2023Q4 share buyback of $6.6 million, the company's historical capital deployment appears misaligned with its current liquidity needs, as it prioritized equity reduction over preserving the cash runway necessary to navigate its ongoing operational and revenue challenges.
The decision to deploy significant capital toward buybacks during a period of financial instability suggests a potential misalignment between management's capital allocation strategy and the company's actual liquidity requirements. Investors should monitor whether future capital deployment remains focused on survival rather than non-essential financial engineering.
Quick answers to the most common questions about buying MNDR stock.
Mobile-health Network Solutions Class A Ordinary Shares (MNDR) generated $-3.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mobile-health Network Solutions Class A Ordinary Shares (MNDR) reported negative free cash flow of $3.3M in 2025, indicating capital requirements exceeded cash from operations.
Mobile-health Network Solutions Class A Ordinary Shares (MNDR) spent $1.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.