Operating cash flow has effectively ceased, dropping to $0 in 2025Q2 from a positive $526.1K in 2024Q4, highlighting a critical liquidity shortfall.
| Cash from Operations | 1.05M | -438.11K | 1.43M | -2.49M | 6.8M | 4.58M |
| Operating CF Margin % | - | -7.75% | 2.75% | -6.89% | 9.05% | 6.39% |
| Operating CF Growth % | -200% | -130.54% | 157.68% | -136.57% | 48.63% | - |
| Net Income | -2.17M | -1.37M | 220.64K | 454.42K | 6.98M | 5.53M |
| Depreciation & Amortization | 110.22K | 9.03K | 217.22K | 228.37K | 242.18K | 133.22K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -2.64K | -6.94K | -1.9K | -2.88K | -3.05K |
| Other Non-Cash Items | 3.61M | 975.98K | 1.62M | 932.84K | 1.1M | 1.12M |
| Working Capital Changes | -493.02K | -51.23K | -618.51K | -4.1M | -1.52M | -2.21M |
| Change in Receivables | 194.99K | 167.78K | -2.02M | -565.67K | 2.51M | -2.95M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -162.69K | 2.63M | -569.29K | -3.24M | 1.07M |
| Cash from Investing | 218.11K | -6.99K | 218.11K | -218.11K | -462.33K | -95.06K |
| Capital Expenditures | 0 | -6.99K | 0 | 0 | -462.33K | -95.06K |
| CapEx % of Revenue | 0% | 0.12% | - | - | 0.61% | 0.13% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 218.11K | 0 | 218.11K | -218.11K | 0 | 0 |
| Cash from Financing | -769.35K | 484.5K | -1.28M | 502.38K | -5.79M | -4.52M |
| Debt Issued (Net) | 0 | 143.8K | 134.26K | 1.61M | -424.59K | -620.31K |
| Equity Issued (Net) | 0 | 639.34K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -769.35K | -298.64K | -1.42M | -1.11M | -5.36M | -3.9M |
| Net Change in Cash | 0 | 39.33K | 368K | -2.2M | 553.54K | -36.06K |
| Free Cash Flow | 1.05M | -445.1K | 1.43M | -2.49M | 6.34M | 4.48M |
| FCF Margin % | 2.18% | -7.87% | 2.75% | -6.89% | 8.43% | 6.25% |
| FCF Growth % | - | -131.03% | 157.68% | -139.24% | 41.47% | - |
| FCF per Share | 0.05 | -0.15 | 0.57 | -0.88 | 2.25 | 1.67 |
| FCF Conversion (FCF/Net Income) | -0.48x | 0.32x | 6.50x | -5.47x | 0.97x | 0.83x |
| Interest Paid | 42.89K | 58.26K | 98.03K | 77.27K | 60.9K | 78.17K |
| Taxes Paid | 0 | 0 | 138.75K | 1.96M | 945.87K | 319.16K |
Imminent liquidity and solvency
According to the most recent financial statements, NCEW's operating cash flow has plummeted to zero in 2025, marking a complete decoupling from net losses and suggesting that the company's ability to generate cash from its core freight forwarding operations has effectively ceased to exist.
The total absence of operating cash flow in the first half of 2025, despite persistent net losses, indicates that the company is no longer able to bridge the gap between accounting accruals and actual cash receipts. This suggests that the underlying business model is failing to convert service delivery into liquid assets, leaving the firm entirely dependent on dwindling cash reserves.
As reported in recent filings, NCEW's free cash flow has deteriorated from a positive $526.1K in late 2024 to zero in 2025, reflecting a rapid erosion of the company's ability to fund its own operations without external capital or further asset liquidation.
The shift to zero free cash flow suggests that the company has reached a critical juncture where it can no longer sustain its operational footprint. Investors should monitor whether this trend indicates a deliberate cessation of activity or an inability to manage the working capital requirements necessary to keep the business afloat.
Based on the provided data, NCEW experienced significant working capital swings, including a $1.4M outflow in early 2024, which highlights the extreme sensitivity of the company's cash position to the timing of customer collections and the settlement of freight payables in a low-margin environment.
The massive working capital fluctuations suggest that the company's cash flow is highly vulnerable to the creditworthiness of its small-batch export customers. This volatility appears to be a primary driver of the company's liquidity instability, as it lacks the scale to absorb delays in receivables without jeopardizing its own ability to pay carriers.
Data from recent filings indicates that NCEW's cash reserves are critically low at $124,212, a figure that appears insufficient to support ongoing logistics operations given the company's history of negative operating margins and the absence of meaningful cash generation in the most recent reporting periods.
The lack of cash flow transparency and the reliance on minimal cash balances suggest that the company may be facing an imminent liquidity crisis. The absence of capital expenditure in recent periods further implies that the firm is likely deferring necessary maintenance or investment, which may impair its long-term operational viability.
Quick answers to the most common questions about buying NCEW stock.
New Century Logistics (BVI) Limited (NCEW) generated $-0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
New Century Logistics (BVI) Limited (NCEW) reported negative free cash flow of $0.4M in 2025, indicating capital requirements exceeded cash from operations.
New Century Logistics (BVI) Limited (NCEW) 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.