Free cash flow remains highly erratic, swinging from a positive $150 million in 2025Q2 to a burn of $6.8 million by 2025Q4, highlighting the instability of the company's cash generation profile.
Next Technology Holding Inc. (NXTT) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -5.2M | -3.07M | 0 | 20.21M | -37.8M | -3.75M | 1.16M | -130.89K |
| Operating CF Margin % | - | -26.47% | - | 808.25% | - | -26.1% | 18.53% | - |
| Operating CF Growth % | -3786.48% | - | -100% | 153.45% | -907.18% | -422.92% | 988.01% | - |
| Net Income | -304.41M | 143.16M | 21.54M | 3.02M | -6.79M | 5.18M | 2.68M | -417.41K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 35.87K | 11.7K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -66.89M | 56.38M | 8.23M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 365.47M | -202.95M | -29.78M | 15.62M | -31.37M | 140K | 0 | 0 |
| Working Capital Changes | 622.24K | 327.93K | 4.8K | 1.56M | 362.17K | -9.1M | -1.52M | 286.51K |
| Change in Receivables | 430.64K | 1.45M | -800K | -1M | 0 | -6.22M | -2.75M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 1.3M | 21.32K | 0 | 926.46K | 0 | 50.12K | 7.8K | 0 |
| Cash from Investing | 0 | 0 | 0 | -32.62M | 0 | -417.11K | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | -417.11K | 0 | 0 |
| CapEx % of Revenue | 0% | 0% | - | - | - | 2.9% | 0% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 4.5M | 0 | 0 | 0 | 0 |
| Cash from Financing | 164.92M | 8.03M | 0 | 13.05M | 39.53M | 77.82K | -3.68M | 6.72M |
| Debt Issued (Net) | -1.47M | 0 | 0 | 438.31K | 182.37K | 689.03K | -1.56M | 1.5M |
| Equity Issued (Net) | 166.4M | 8.03M | 0 | 12.62M | 39.35M | 0 | 835.5K | 222.02K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -611.21K | -2.96M | 5M |
| Net Change in Cash | 158.37M | 4.96M | 0 | 645.46K | -593.67K | -4.02M | -1.95M | 6.59M |
| Free Cash Flow | -5.2M | -3.07M | 0 | 20.21M | -37.8M | -4.17M | 1.16M | 0 |
| FCF Margin % | -40.28% | -26.47% | - | 808.25% | - | -29% | 18.53% | - |
| FCF Growth % | -981994.34% | - | -100% | 153.45% | -806.45% | -458.8% | - | - |
| FCF per Share | -3.54 | -132.66 | - | 262145.82 | -625883.11 | -50520.88 | 14140.39 | - |
| FCF Conversion (FCF/Net Income) | 0.02x | -0.02x | - | -2.04x | 4.13x | -0.73x | 0.43x | 0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying NXTT stock.
Next Technology Holding Inc. (NXTT) generated $-3.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Next Technology Holding Inc. (NXTT) reported negative free cash flow of $3.1M in 2025, indicating capital requirements exceeded cash from operations.
Next Technology Holding Inc. (NXTT) 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.
Key Metrics
Top Statement Risk
Regulatory and Operational Viability
Metrics are mathematically derived from official filings.
Earnings Quality Lacks Cash Support
According to recent financial filings, NXTT exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio frequently hovering near zero or turning negative, suggesting that reported earnings are largely decoupled from the actual cash-generating capacity of the underlying business model.
The persistent inability to convert net income into operating cash flow suggests that the company's accounting profits may be driven by non-cash items or non-recurring gains rather than operational success. Investors should monitor this divergence as it indicates that the core business is not yet self-sustaining despite the reported revenue growth.
Free Cash Flow Remains Volatile
As reported in financial statements, NXTT's free cash flow trajectory is highly erratic, swinging from a positive $150 million in 2025Q2 to a burn of $6.8 million by 2025Q4, which highlights the extreme instability of the company's cash generation profile during its current strategic pivot.
The lack of a consistent positive free cash flow trend suggests that the company is struggling to stabilize its unit economics while scaling its AI-integrated services. This volatility warrants further investigation into whether the cash burn is a temporary byproduct of R&D investment or a permanent feature of the business model.
Capital Intensity Remains Highly Unpredictable
Based on NXTT's reported figures, capital expenditure patterns are inconsistent, with periods of zero investment followed by significant spikes, such as the $24.2 million outlay in 2023Q4, indicating that the company lacks a disciplined or predictable approach to long-term asset maintenance or growth investment.
The sporadic nature of capital spending suggests that the company may be reacting to short-term liquidity needs or opportunistic project funding rather than executing a structured capital allocation strategy. This lack of visibility into future capital requirements makes it difficult to model the company's long-term cash needs.
Cumulative Earnings Mask Cash Reality
Based on an analysis of historical data, there is a significant cumulative gap between reported net income and operating cash flow, which appears to indicate that the company's accounting profitability is not translating into a meaningful accumulation of liquid assets on the balance sheet.
This structural divergence suggests that the company's reported earnings may be inflated by accounting adjustments that do not reflect the actual cash reality of the business. Analysts should be cautious of relying on net income as a proxy for performance, as the cash flow statement reveals a much more strained operational environment.