Cash flow generation remains highly unpredictable, evidenced by a 2024Q4 free cash flow margin of 63.5% that contrasts with a negative 33.7% margin in 2023Q4.
| Cash from Operations | 3.22M | -6.74M | 2.08M | 898.37K | 4.45M | 4.18M |
| Operating CF Margin % | - | -69.06% | 25.42% | 13.38% | 18.9% | 94.42% |
| Operating CF Growth % | 148.6% | -423.93% | 131.57% | -79.81% | 6.4% | - |
| Net Income | 5M | 6.4M | 2.37M | 2.25M | 10.01M | 2.54M |
| Depreciation & Amortization | 13.03K | 0 | 0 | 12.06K | 6.25K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -534.1K | 68K | -337.1K | -163.39K | -40.87K | 1 |
| Working Capital Changes | -1.25M | -13.21M | 44.65K | -1.2M | -5.53M | 1.65M |
| Change in Receivables | -1.15M | -2.59M | 820.17K | -1.88M | 717.5K | -717.5K |
| Change in Inventory | 382.76K | 0 | 0 | 353.87K | -353.87K | 0 |
| Change in Payables | 235.64K | -1.63M | 798.1K | -580.89K | -481.82K | 1.89M |
| Cash from Investing | 2.24M | -4.2M | 337.1K | 1.73M | -1.53M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0% | - | - | - | 0% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -419.37K | 6.95M | -344.61K | -42.84K | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -419.37K | 7.23M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -282.55K | -344.61K | -42.84K | 0 | 0 |
| Net Change in Cash | 0 | -3.99M | 2.07M | 2.59M | 2.92M | 4.18M |
| Free Cash Flow | 3.22M | -6.74M | 2.08M | 898.37K | 4.45M | 4.18M |
| FCF Margin % | 20.01% | -69.06% | 25.42% | 13.38% | 18.9% | 94.42% |
| FCF Growth % | - | -423.93% | 131.57% | -79.81% | 6.4% | - |
| FCF per Share | 0.08 | -0.15 | 0.05 | 0.00 | 0.03 | 0.04 |
| FCF Conversion (FCF/Net Income) | 0.64x | -0.93x | 0.88x | 0.40x | 0.44x | 1.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Erratic cash conversion cycles
As reported in recent financial filings, NNNN's operating cash flow to net income ratio fluctuated wildly, reaching a negative 1.21 in 2024Q4, which suggests that reported accounting profits are currently failing to translate into actual cash generation for the diagnostic manufacturer.
The significant divergence between net income and operating cash flow indicates that accrual-based earnings may be disconnected from the company's underlying cash reality. Investors should monitor whether this trend reflects aggressive revenue recognition or simply the timing of cash receipts relative to the company's volatile sales cycle.
Based on NNNN's reported figures, free cash flow margins have swung from a negative 33.7% in 2023Q4 to a positive 63.5% by 2024Q4, highlighting a lack of predictable cash flow generation that complicates long-term valuation for the firm.
This extreme variance in free cash flow suggests that the business model is highly sensitive to short-term fluctuations in working capital rather than steady-state operational efficiency. The inability to maintain a consistent FCF margin warrants further investigation into the sustainability of the company's current cost structure.
According to the provided cash flow statements, working capital changes have been the primary driver of liquidity, with a $3.1M inflow in 2024Q4 contrasting sharply with a $3.1M outflow in 2024Q2, indicating that cash availability is heavily dependent on inventory and receivable management.
The reliance on working capital shifts to bolster cash flow suggests that the company's core operations are not yet generating reliable, self-sustaining cash. This pattern may indicate that management is aggressively managing payables or collections to offset the volatility in top-line revenue.
As indicated by the company's financial data, NNNN maintains a near-zero capital expenditure profile, with CapEx to revenue ratios consistently at 0.0% across the observed periods, suggesting an asset-light model that avoids heavy investment in physical manufacturing infrastructure.
While the lack of capital intensity preserves cash, it may also imply that the company is outsourcing its production or under-investing in the necessary hardware to support its diagnostic platforms. Analysts should monitor whether this lack of investment will eventually hinder the company's ability to scale its assay menu.
Quick answers to the most common questions about buying NNNN stock.
Anbio Biotechnology Class A Ordinary Shares (NNNN) generated $-6.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Anbio Biotechnology Class A Ordinary Shares (NNNN) reported negative free cash flow of $6.7M in 2025, indicating capital requirements exceeded cash from operations.
Anbio Biotechnology Class A Ordinary Shares (NNNN) 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.