Cash flow generation is highly erratic, as evidenced by the swing from a $3.6 million free cash flow in 2026Q3 to a $3.8 million outflow in 2026Q2, reflecting inconsistent capital allocation.
| Cash from Operations | -718.22K | 4.76M | -3.5M | 484.19K | 1.49M | 1.11M |
| Operating CF Margin % | - | 3.83% | -6.04% | 0.87% | 3.54% | 2.69% |
| Operating CF Growth % | -293.33% | 235.77% | -823.5% | -67.45% | 34.11% | - |
| Net Income | -12.01M | 920.91K | -3.39M | 1.64M | -655.03K | 1.03M |
| Depreciation & Amortization | 916.89K | 1.04M | 461.87K | 371.7K | 437.41K | 578.87K |
| Stock-Based Compensation | 1.92M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -54.23K | -88.35K | -11.7K | -3.13K | 0 | 0 |
| Other Non-Cash Items | 9.29M | 75.56K | 472.58K | 95.71K | 15.26K | 31.55K |
| Working Capital Changes | -573.77K | 2.81M | -1.04M | -1.62M | 1.69M | -528.08K |
| Change in Receivables | -2.43M | -2.04M | -67.98K | -14.43K | 264.04K | -411.68K |
| Change in Inventory | 4.86M | 770.43K | 914.36K | 343.51K | -391.26K | -420.01K |
| Change in Payables | -3.29M | 2.66M | 47.09K | -751.33K | 1.43M | -957.12K |
| Cash from Investing | -2.94M | -237.35K | -12.21M | 1.86M | -3.28M | -1.23M |
| Capital Expenditures | -20.93K | -175.35K | -382.13K | -49.39K | -63.79K | -37.15K |
| CapEx % of Revenue | 0.02% | 0.14% | 0.66% | 0.09% | 0.15% | 0.09% |
| Acquisitions | 0 | -62K | -7M | -2.5M | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -2.92M | 0 | -4.83M | 4.41M | -3.22M | -1.19M |
| Cash from Financing | 2.66M | -5.82M | 13.14M | -746.64K | 1.98M | -650.99K |
| Debt Issued (Net) | 2.66M | -5.82M | -173.38K | -746.64K | 1.98M | -525.29K |
| Equity Issued (Net) | 0 | 0 | 13.31M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -125.7K |
| Net Change in Cash | 1.07M | -1.3M | -2.57M | 1.6M | 183.78K | -768.07K |
| Free Cash Flow | -738.15K | 4.58M | -6.84M | 434.8K | 1.42M | 1.07M |
| FCF Margin % | -0.65% | 3.69% | -11.78% | 0.78% | 3.39% | 2.6% |
| FCF Growth % | -120.04% | 167.02% | -1672.04% | -69.46% | 32.81% | - |
| FCF per Share | -0.20 | 2.58 | -3.82 | 0.24 | 0.77 | 0.58 |
| FCF Conversion (FCF/Net Income) | 0.06x | 4.07x | 1.05x | 0.39x | -2.64x | 1.23x |
| Interest Paid | -345.56K | 1.03M | 104.45K | 70.8K | 73.76K | 62.49K |
| Taxes Paid | -79.58K | 116.37K | 973.66K | 8.48K | 4K | 9.75K |
Liquidity and operational scale
According to recent financial statements, Maison Solutions exhibits a highly erratic relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -4.38 in 2025Q2 to 5.67 in 2025Q4, suggesting that reported earnings provide little insight into actual cash generation.
The frequent divergence between accounting losses and positive operating cash flow suggests that non-cash adjustments and working capital swings are masking the underlying cash-burning nature of the business. Investors should monitor whether this volatility stems from aggressive revenue recognition or timing differences in vendor payments, as it complicates the assessment of true earnings quality.
As reported in quarterly filings, Maison Solutions' free cash flow trajectory remains inconsistent, swinging from a positive $3.6 million in 2026Q3 to a negative $3.8 million in 2026Q2, which indicates that the company has yet to establish a sustainable model for self-funding its operations.
The lack of a stable FCF margin suggests that the company's expansion efforts are not yet yielding the expected operational efficiencies. This instability warrants further investigation into whether the recent positive FCF in 2026Q3 is a sustainable trend or merely a temporary result of deferred capital expenditures and working capital management.
Based on the company's reported figures, capital expenditures have spiked significantly, reaching $2.0 million in 2026Q3, which represents a notable increase in capital intensity compared to the negligible spending levels observed throughout 2025, suggesting a shift toward more aggressive physical footprint expansion.
The sudden rise in CapEx relative to revenue may indicate that the company is attempting to scale its infrastructure to support its growth narrative. However, given the negative operating margins, this increased capital intensity appears to be placing additional strain on the company's already limited liquidity position.
As indicated by the provided financial data, working capital changes have been highly volatile, ranging from a $2.3 million inflow in 2025Q1 to a $2.3 million outflow in 2025Q2, suggesting that the company's cash cycle is heavily dependent on the timing of inventory procurement and supplier payments.
This level of working capital volatility often suggests that the company lacks the bargaining power to manage its payables effectively or is struggling to optimize its inventory turnover. Such fluctuations may indicate that the company is relying on supplier credit to bridge its operational cash gaps, which poses a significant risk to continuity.
Quick answers to the most common questions about buying MSS stock.
Maison Solutions Inc. Class A Common Stock (MSS) generated $4.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Maison Solutions Inc. Class A Common Stock (MSS) generated $4.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Maison Solutions Inc. Class A Common Stock (MSS) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.