Liquidity is under significant pressure, as evidenced by a deeply negative free cash flow margin of -45.2% in 2026Q1 and an OCF/NI ratio of 0.33, indicating poor conversion of earnings into cash.
| Cash from Operations | -1.64M | -938.25K | -1.17M | -2.75M | -2.87M | -1.14M | -32.45K | 7.22K |
| Operating CF Margin % | - | -8.74% | -14.86% | -52.52% | -129.33% | -63.06% | -4.32% | 4.2% |
| Operating CF Growth % | -543.96% | 19.7% | 57.54% | 4.15% | -151.73% | -3415.12% | -549.19% | - |
| Net Income | -4.32M | 0 | -1.77M | -9.15M | -4.23M | -1.9M | -1.15M | 3.33K |
| Depreciation & Amortization | 1.1M | 0 | 906.74K | 680.69K | 124.83K | 0 | 0 | 0 |
| Stock-Based Compensation | -53.28K | 0 | 56.89K | 591.56K | 945K | 768.03K | 1.26M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -1.31K | 1.31K | 0 |
| Other Non-Cash Items | 1.69M | -1.19M | -696.23K | 5.02M | 85.26K | 13.11K | -2.5K | 0 |
| Working Capital Changes | -50.46K | 254.67K | 338.19K | 101.93K | 208.38K | -20.16K | -140.25K | 3.89K |
| Change in Receivables | 253.42K | 286.64K | -282K | 47.53K | -122.97K | 39.28K | -73.9K | 0 |
| Change in Inventory | 9.63K | 21.08K | 26.76K | 12.49K | 8.13K | -58.81K | -39.59K | 0 |
| Change in Payables | 150.86K | 97.63K | 477.25K | -56.64K | 325.71K | 185.65K | 36.89K | 0 |
| Cash from Investing | -2.48M | -2.48M | 451K | -850K | -4.28M | -767.93K | -252.57K | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | -784K | -211K | 0 |
| CapEx % of Revenue | 0% | - | - | - | - | 43.35% | 28.08% | - |
| Acquisitions | 0 | 0 | 466K | -850K | -4.33M | -49.4K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2.48M | 3.61K | -15K | 0 | 113.19K | 65.47K | -26.57K | 0 |
| Cash from Financing | 4.3M | 5.09M | 326.34K | -2.16M | 12.11M | 3.1M | 799.5K | 0 |
| Debt Issued (Net) | 4M | 4.01M | 694.31K | -2.51M | 40.45K | -162.66K | 0 | 0 |
| Equity Issued (Net) | 105K | 1.8M | 20K | 565K | 12.43M | 3.42M | 814.5K | 0 |
| Dividends Paid | -603.46K | -453.86K | -321.44K | -213.69K | -142.24K | -105.33K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 797.18K | -256.72K | -66.53K | 0 | -215K | -60K | -15K | 0 |
| Net Change in Cash | 175.69K | 1.7M | -505.39K | -5.72M | 4.99M | 1.19M | 514.49K | 7.22K |
| Free Cash Flow | -1.64M | -938.25K | -1.17M | -2.75M | -2.87M | -1.92M | -243.44K | 7.22K |
| FCF Margin % | -16.73% | -8.74% | -14.86% | -52.52% | -129.33% | -106.41% | -32.4% | 4.2% |
| FCF Growth % | -85.47% | 19.7% | 57.54% | 4.15% | -49.18% | -690.52% | -3470.41% | - |
| FCF per Share | -0.28 | -0.18 | -0.23 | -0.54 | -0.56 | -0.38 | -0.05 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.38x | 0.36x | 0.66x | 0.34x | 0.68x | 0.60x | 0.03x | 2.17x |
| Interest Paid | 45.47K | 0 | 101.67K | 68.94K | 0 | 9.8K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity-constrained acquisition model
As reported in financial statements, Onfolio's operating cash flow consistently trails net income, with the 2026Q1 OCF/NI ratio of 0.33 highlighting a significant inability to convert accounting profits into actual liquidity, suggesting that non-cash charges and accruals are masking the underlying cash-generative weakness of the portfolio.
The recurring gap between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items, likely amortization of acquired intangibles. Investors should monitor this divergence, as it indicates that the business model is not yet producing the self-sustaining cash flow required to fund its own operations without external support.
Based on historical cash flow data, Onfolio's free cash flow remains deeply negative, with a 2026Q1 FCF margin of -45.2%, indicating that the company is currently consuming rather than generating cash to maintain its current scale and operational footprint across its diverse digital asset portfolio.
The consistent negative FCF trajectory suggests that the company's acquisition-led growth strategy is not yet yielding the economies of scale necessary to reach cash-flow neutrality. This trend warrants further investigation into whether the current portfolio can ever achieve positive FCF margins without a fundamental shift in cost structure or revenue quality.
According to recent SEC filings, Onfolio's working capital changes have been erratic, swinging from a $250.1K inflow in 2025Q4 to a $163.1K outflow in 2026Q1, which suggests that the company lacks a stable mechanism for managing its cash conversion cycle across disparate e-commerce and content assets.
The volatility in working capital appears to be a byproduct of the company's aggressive acquisition pace and the integration of varying business models. This instability complicates cash forecasting and suggests that management may be struggling to optimize the timing of payables and receivables across its fragmented portfolio.
As indicated by the reported figures, Onfolio continues to pay dividends despite persistent operating losses and a shrinking cash balance of $476,874, a capital allocation choice that appears increasingly unsustainable given the company's ongoing cash burn and the lack of a clear path to positive free cash flow.
The decision to prioritize dividend payments while the company is burning cash suggests a potential misalignment between capital allocation and operational reality. Investors should monitor whether this policy is maintained, as it may further deplete the limited liquidity available for necessary operational investments or future asset acquisitions.
Quick answers to the most common questions about buying ONFO stock.
Onfolio Holdings, Inc. (ONFO) generated $-0.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Onfolio Holdings, Inc. (ONFO) reported negative free cash flow of $0.9M in 2025, indicating capital requirements exceeded cash from operations.
Onfolio Holdings, Inc. (ONFO) 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.
In 2025, Onfolio Holdings, Inc. (ONFO) returned $0.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.