Free cash flow has shifted from a positive 9.1% margin in 2023Q4 to a deeply negative -15.7% in 2025Q4, highlighting a rapid depletion of liquidity.
| Cash from Operations | -24.58M | 25.77M | 56.7M | 33.53M | -43.1M |
| Operating CF Margin % | -5.95% | 6.34% | 14.93% | 14.18% | -17.37% |
| Operating CF Growth % | -195.42% | -54.56% | 69.06% | 177.81% | - |
| Net Income | -100.78M | 30.56M | 83.49M | 55.08M | -77.69M |
| Depreciation & Amortization | 38.77M | 29.56M | 13.07M | 11.41M | 9.81M |
| Stock-Based Compensation | 42.05M | 7K | 16K | 13K | 33K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -770K | 1.87M | 3.02M | 2.87M | 1.18M |
| Working Capital Changes | -3.85M | -36.23M | -42.9M | -35.83M | 23.57M |
| Change in Receivables | 27.12M | -40.21M | -7.83M | -1.66M | 55.33M |
| Change in Inventory | -2.19M | 737K | -654K | 579K | 661K |
| Change in Payables | -13.66M | 10.02M | 4.69M | -1.01M | 3.09M |
| Cash from Investing | -23.69M | -30.41M | -30.63M | -23.85M | -23.78M |
| Capital Expenditures | -784K | -1.16M | -476K | -688K | -666K |
| CapEx % of Revenue | 0.19% | 0.28% | 0.13% | 0.29% | 0.27% |
| Acquisitions | 0 | 0 | 0 | 0 | -1.3M |
| Investments | - | - | - | - | - |
| Other Investing | -9.99M | -60.33M | -12M | -8.61M | -11.37M |
| Cash from Financing | 18.53M | 22.1M | -5.88M | 68.31K | 0 |
| Debt Issued (Net) | 15M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 5.27M | 22.1M | 153K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.74M | 0 | -6.03M | 0 | 0 |
| Net Change in Cash | -28.32M | 17.45M | 20.19M | 3.41M | -63.91M |
| Free Cash Flow | -35.36M | -35.72M | 43.56M | 23.66M | -55.13M |
| FCF Margin % | -8.56% | -8.79% | 11.47% | 10.01% | -22.22% |
| FCF Growth % | 1.01% | -182% | 84.11% | 142.91% | - |
| FCF per Share | -9.15 | -1.25 | 1.68 | 0.91 | -2.13 |
| FCF Conversion (FCF/Net Income) | 0.26x | 1.27x | 0.80x | 0.64x | 0.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 21K | 0 | 0 | 0 |
Liquidity and Operational Burn
As evidenced by the 2025Q4 data, NAMI's operating cash flow of -$37.8 million against a net loss of -$73.1 million highlights a significant disconnect, where the OCF/NI ratio of 0.52 suggests that accounting losses are not being fully mitigated by non-cash charges or working capital adjustments.
The divergence between net income and operating cash flow indicates that the company's reported losses are being compounded by actual cash outflows. Investors should monitor whether this trend of negative cash conversion persists, as it suggests that the underlying business model is struggling to generate cash even before accounting for capital expenditures.
Based on reported financial statements, NAMI's free cash flow trajectory has shifted from a positive 9.1% margin in 2023Q4 to a deeply negative -15.7% in 2025Q4, signaling a rapid deterioration in the company's ability to self-fund its operations through core business activities.
This sharp decline in FCF margin reflects the company's inability to align its cost structure with its revenue generation capabilities. The transition into negative territory suggests that the firm is increasingly reliant on its existing cash reserves to sustain operations, which may limit future strategic flexibility.
According to recent SEC filings, NAMI's capital expenditure as a percentage of revenue spiked to 9.2% in 2025Q4, a notable increase from the negligible 0.0% observed in 2023Q4, indicating a potential shift toward higher capital intensity despite stagnant top-line growth.
The rise in capital intensity warrants further investigation, as it may imply that the company is forced to invest more heavily in infrastructure or content digitization just to maintain its current market position. This trend is particularly concerning given the company's inability to translate these investments into meaningful revenue expansion.
As reported in quarterly filings, NAMI experienced a significant working capital outflow of -$17.3 million in 2025Q4, which follows a volatile pattern of fluctuations that suggests inconsistent efficiency in managing collections and payables across its B2B2C distribution channels.
The erratic nature of these working capital changes may indicate challenges in managing relationships with telecom partners or collecting on subscription-based receivables. Such volatility complicates cash flow forecasting and suggests that the company's liquidity position is highly sensitive to the timing of partner payments.
Quick answers to the most common questions about buying NAMI stock.
Jinxin Technology Holding Company American Depositary Shares (NAMI) generated $-24.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Jinxin Technology Holding Company American Depositary Shares (NAMI) reported negative free cash flow of $35.4M in 2025, indicating capital requirements exceeded cash from operations.
Jinxin Technology Holding Company American Depositary Shares (NAMI) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.