Liquidity is rapidly depleting, with the company reporting a $2.6 million free cash flow deficit in 2026Q1, representing a negative FCF margin of 26.2%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Cash from Operations | -6.65M | -6.13M | -5.46M | -3.6M | -3.6M | -4.09M | -836.98K | -659.2K | -590.18K | -315.25K | -1.04M | -620.94K | -209.91K | -20 | -192.53K | -754.01K | -806.06K | -716.69K | -1.94M | -1.25M | -973.85K | -1.2M | -225.13K | -171.3K | -36.97K |
| Operating CF Margin % | - | -11.28% | -8.34% | -9.52% | -30.76% | -52.87% | -14.71% | -11.23% | -10.31% | -5.25% | -22.22% | -15.72% | -2495.91% | -0% | - | - | - | - | -425.34% | -284.98% | -175.47% | -254.73% | - | - | - |
| Operating CF Growth % | -93.23% | -12.19% | -51.95% | 0.17% | 11.98% | -388.91% | -26.97% | -11.69% | -87.21% | 69.81% | -68.14% | -195.82% | -1049430% | 99.99% | 74.47% | 6.46% | -12.47% | 63.07% | -55.2% | -28.4% | 18.91% | -433.45% | -31.43% | -363.35% | - |
| Net Income | -11.49M | -10.46M | -23.13M | -12.41M | -9.16M | -8.11M | -2.76M | -1.38M | -1.19M | -3.94M | -2.59M | -2.06M | -411.23K | 624.12K | -4.77M | -8.72M | -10.48M | -341K | -5.75M | -6.05M | -8.53M | -1.21M | -405.66K | -181.21K | -716.28K |
| Depreciation & Amortization | 432K | 637K | 2.82M | 2.53M | 596K | 350.06K | 323K | 284.88K | 288.86K | 284.39K | 291.8K | 293.99K | 12.54K | 33.27K | 95.03K | 140.6K | 5.36K | 158.66K | 37.77K | 38.11K | 16.35K | 14.35K | 521 | 15K | 65.4K |
| Stock-Based Compensation | 633K | 640K | 1.63M | 5.38M | 2.97M | 3.76M | 904.9K | 0 | 219.52K | 600K | 190K | 1.07M | 179.83K | 0 | 41.52K | 462.13K | 3.66M | 851.32K | 308K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.24K | -426.09K | 63.45K | -12.54K | 0 | 38.02K | 9.82M | 3.69M | 0 | -299.34K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 940K | 534K | 13.92M | 3.95M | 1.78M | 1.4M | 687.29K | 355.44K | 110 | 2.47M | 1.55M | 138.96K | 5.54K | -1.25M | 3.5M | -2.57M | 2.49M | -1.39M | 3.59M | 4.52M | 7.54M | -47.46K | 175.5K | 0 | 607.75K |
| Working Capital Changes | 1.58M | 2.52M | -711K | -3.04M | 207K | -1.5M | 11.2K | 80.23K | 96.03K | 269.94K | -55.75K | -125.64K | 15.96K | 592.93K | 902.97K | 115.21K | -177.36K | 0 | 165.12K | 245.87K | -2.41K | 37.63K | 4.5K | -5.08K | 6.16K |
| Change in Receivables | 576K | 347K | 5.27M | -3.66M | -16K | -689.09K | 67.82K | -73.83K | 123.97K | -197.74K | 19.96K | 853 | -8.41K | 22.09K | 0 | 0 | 0 | 0 | -12.53K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 505K | 1.46M | 12K | -2.22M | -267K | -658.27K | 4.88K | -97.27K | 63.87K | 2.37K | -83.75K | -27.58K | -51.09K | -45.36K | 0 | 0 | 0 | 0 | -12.19K | 11.07K | 13.29K | 33.11K | 0 | 0 | 0 |
| Change in Payables | 1M | 1.17M | -6.04M | 3.23M | 453K | 0 | 0 | 289.75K | 18.78K | 365.48K | -50.83K | 16.36K | 34.37K | 585.43K | 870.53K | 225.21K | 15.5K | 0 | 36K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 185K | 163K | -953K | 5.2M | -7.72M | -229.31K | -34.9K | -70.19K | -30.33K | -33.19K | -26.45K | -559.91K | -250K | -33.61K | 0 | 0 | -312.82K | 19.44K | 119.19K | 376.98K | 259.14K | 320.02K | -4.76K | 0 | 0 |
| Capital Expenditures | -49K | -71K | -189K | -647K | -716K | -229.31K | -34.9K | -70.19K | -30.33K | -33.19K | -26.45K | -215.85K | -250K | -33.61K | 0 | 0 | -36.78K | -789 | -233.67K | -79.94K | -10.96K | -4.39K | -4.76K | 0 | 0 |
| CapEx % of Revenue | 0.1% | 0.13% | 0.29% | 1.71% | 6.11% | 2.96% | 0.61% | 1.2% | 0.53% | 0.55% | 0.56% | 5.46% | 2972.65% | 2.19% | - | - | - | - | 51.21% | 18.22% | 1.98% | 0.93% | - | - | - |
| Acquisitions | 0 | 0 | -858K | 5.85M | -7M | 0 | 0 | 0 | 0 | 0 | 0 | 30.93K | 0 | 0 | 0 | 0 | -104.94K | 0 | 325K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 234K | 234K | 94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -375K | -250K | 0 | 0 | 0 | -1.11M | 20.23K | 27.86K | 6.91K | -29.9K | 324.4K | 0 | 0 | 0 |
| Cash from Financing | -232K | -225K | 72K | 5.86M | 13.01M | 20.82M | 1.57M | 659.33K | 532.03K | 439.55K | 242.57K | 2.09M | 537.04K | 243.38K | 177.5K | 675K | 1.21M | 361.51K | 1.78M | 828.17K | 562.91K | 1.02M | 230K | 164.3K | 43.73K |
| Debt Issued (Net) | -7K | -125K | -135K | -324K | -67K | 199.96K | 1.51M | 647.28K | 0 | 0 | -100.83K | 550K | 0 | 0 | 127.5K | 0 | 937.5K | 75K | -50K | 50K | -231.88K | -161.23K | 93.54K | 0 | -95K |
| Equity Issued (Net) | 0 | -100K | 0 | 6M | 13.83M | 14.06M | 0 | 0 | 500K | 500K | 350K | 1.65M | 500K | 0 | 50K | 550K | 75K | 286.51K | 1.81M | 778.17K | 794.8K | 1.18M | 168.87K | 164.3K | 138.73K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -133.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.57K | 0 | 0 | 0 |
| Other Financing | -225K | 0 | 207K | 184K | -754K | 6.56M | 50.99K | 12.04K | 32.03K | -60.45K | -6.6K | -107.79K | 170.32K | 55.84K | 0 | 125K | 200.43K | 0 | 23.22K | 0 | 0 | 845 | -32.41K | 0 | 0 |
| Net Change in Cash | -6.73M | -6.25M | -6.35M | 7.42M | 1.62M | 16.54M | 653.4K | -67.53K | -90.44K | 118.59K | -848.6K | 897.44K | 537.04K | 243.36K | -15.03K | -79.01K | 1.21M | 361.51K | -42.74K | -45.29K | -151.79K | 138.23K | 110 | -7K | 6.76K |
| Free Cash Flow | -6.7M | -6.2M | -5.65M | -4.24M | -4.32M | -4.32M | -871.88K | -729.4K | -620.52K | -348.44K | -1.07M | -836.79K | -459.91K | -33.63K | -192.53K | -754.01K | -842.84K | -717.48K | -2.17M | -1.33M | -984.81K | -1.21M | -229.89K | -171.3K | -36.97K |
| FCF Margin % | -13.5% | -11.42% | -8.63% | -11.24% | -36.87% | -55.83% | -15.32% | -12.43% | -10.84% | -5.8% | -22.78% | -21.18% | -5468.56% | -2.19% | - | - | - | - | -476.55% | -303.2% | -177.45% | -255.66% | - | - | - |
| FCF Growth % | -34.46% | -9.69% | -33.23% | 1.74% | 0.08% | -395.64% | -19.53% | -17.55% | -78.09% | 67.45% | -27.93% | -81.95% | -1267.47% | 82.53% | 74.47% | 10.54% | -17.47% | 67% | -63.44% | -35.09% | 18.3% | -424.31% | -34.21% | -363.35% | - |
| FCF per Share | -2.58 | -2.39 | -2.74 | -2.43 | -4.48 | -10.59 | -32.54 | -343.41 | -496.81 | -278.97 | -2103.11 | -4893.51 | -3769.72 | -2587.08 | -12835.13 | -58000.46 | -84283.70 | -179369.75 | - | - | - | - | - | - | - |
| FCF Conversion (FCF/Net Income) | 0.58x | 0.52x | 0.39x | 0.95x | 0.39x | 0.50x | 0.30x | 0.48x | 0.49x | 0.08x | 0.40x | 0.30x | 0.51x | -0.00x | 0.04x | 0.09x | 0.07x | 0.32x | 0.34x | 0.21x | 0.11x | 1.00x | 0.55x | 0.95x | 0.05x |
| Interest Paid | 0 | 0 | 0 | 531K | 11K | 143.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 10K | 38.62K | 0 | 0 | 5.1K | 6.41K | 3.9K | 0 | 6.42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in financial statements, NextPlat consistently exhibits a negative relationship between net income and operating cash flow, with the 2026Q1 period showing an OCF/NI ratio of 2.31, indicating that cash outflows are significantly outpacing the accounting losses recorded on the income statement.
The persistent gap between net income and operating cash flow suggests that the company's accrual-based accounting does not capture the full extent of its cash-burning operational reality. Investors should monitor this divergence, as it implies that the business model requires continuous external liquidity to fund its ongoing operating deficits.
Based on recent SEC filings, NextPlat's free cash flow trajectory remains deeply negative, with the company reporting a $2.6 million cash outflow in 2026Q1, reflecting a FCF margin of -26.2% that underscores the lack of self-sustaining operational scale within the current business model.
The inability to generate positive free cash flow suggests that the company's current revenue mix is insufficient to cover both its operating expenses and necessary investments. This trend warrants further investigation into whether management can achieve a pivot toward higher-margin service revenue before the current cash reserves are exhausted.
According to historical data, NextPlat's working capital dynamics are highly erratic, with a significant $1.9 million cash outflow attributed to working capital changes in 2026Q1, suggesting that inventory management and collection cycles remain major sources of cash flow instability for the firm.
The frequent swings in working capital appear to be a primary driver of the company's volatile cash flow profile, potentially indicating challenges in managing inventory levels for its hardware-heavy product line. Such fluctuations make it difficult to forecast future liquidity needs and suggest that operational efficiency is currently secondary to managing immediate cash requirements.
As indicated by recent financial disclosures, the company utilizes stock-based compensation, such as the $424,000 recorded in 2025Q4, which effectively masks the true cash cost of talent acquisition and complicates the interpretation of the company's underlying cash burn rate relative to its reported net losses.
By relying on non-cash expenses to manage the income statement, the company may be understating the true economic cost of its operations. Analysts should adjust for these items to better understand the actual cash requirements needed to sustain the business in the absence of meaningful profitability.
Quick answers to the most common questions about buying NXPL stock.
NextPlat Corp (NXPL) generated $-6.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NextPlat Corp (NXPL) reported negative free cash flow of $6.2M in 2025, indicating capital requirements exceeded cash from operations.
NextPlat Corp (NXPL) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.