Liquidity is being depleted at an unsustainable rate, as evidenced by the cash position falling from $58.5 million in 2025Q4 to $7.5 million in 2026Q1, while the OCF/NI ratio remains critically low at 0.04.
| Cash from Operations | -16.66M | -10.97M | -6.64M | -6.4M | -16.72M | -197.16K |
| Operating CF Margin % | - | -33.27% | -16.75% | -9.47% | -52.54% | -2.5% |
| Operating CF Growth % | -2878.34% | -65.34% | -3.72% | 61.73% | -8380.16% | - |
| Net Income | -335.6M | -262.01M | 708.53K | -68.32M | -47.45M | -100.08K |
| Depreciation & Amortization | 1.73M | 2.34M | 2.45M | 3.04M | 848.93K | 140.76K |
| Stock-Based Compensation | 5.18M | 10.29M | 573.79K | -358.94K | 1.5M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 321.08M | 238.44M | -12.41M | 55.45M | 33.44M | -475.42K |
| Working Capital Changes | -9.06M | -31.57K | 2.04M | 3.79M | -5.07M | 237.57K |
| Change in Receivables | -554.06K | 458.23K | -343.39K | -825.67K | -443.31K | -30.87K |
| Change in Inventory | -3.09M | -1.57M | -2.22M | -1.31M | 3.54M | 3.53K |
| Change in Payables | 1.68M | 1.18M | 130.48K | 360.69K | -25.77K | 132.67K |
| Cash from Investing | -587.7M | -378.73M | -70.1K | -295.15K | 468.42K | -3.71M |
| Capital Expenditures | -2.05K | -2.21K | -826 | -3.08K | -105.7K | -514.15K |
| CapEx % of Revenue | 0.01% | 0.01% | 0% | 0% | 0.33% | 6.53% |
| Acquisitions | 307.83K | -692.16K | 0 | 0 | 732.72K | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -749.34M | 164.74K | -69.27K | -292.07K | -158.59K | -3.19M |
| Cash from Financing | 611.47M | 447.97M | 1.7M | 6.36M | 20.92M | 4.64M |
| Debt Issued (Net) | -826.37K | 75.31K | -1.29M | 7.77M | 6.97M | -382.82K |
| Equity Issued (Net) | 612.25M | 447.89M | 2.99M | 14.8K | 11.48M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1M | 0 | 0 | 0 | -49.45K | 0 |
| Other Financing | 46.62K | 0 | 0 | -1.42M | 2.47M | 5.02M |
| Net Change in Cash | 7.11M | 58.26M | -5.01M | -332.6K | 4.67M | 734.43K |
| Free Cash Flow | -16.67M | -10.98M | -6.64M | -6.76M | -16.98M | -711.31K |
| FCF Margin % | -54.42% | -33.28% | -16.75% | -10.01% | -53.37% | -9.03% |
| FCF Growth % | -239.11% | -65.35% | 1.82% | 60.19% | -2287.66% | - |
| FCF per Share | -0.07 | -0.17 | -3.35 | -2.34 | -54.25 | -4.53 |
| FCF Conversion (FCF/Net Income) | 0.05x | 0.04x | -9.37x | 0.09x | 0.35x | -6.85x |
| Interest Paid | 419.55K | 0 | 1.18M | 444.78K | 203 | 47.69K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
As reported in recent financial filings, Eightco Holdings exhibits a profound disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly and reaching a low of 0.04 in 2025Q4, suggesting that reported losses are not fully capturing the underlying cash depletion.
The persistent gap between net losses and operating cash outflows indicates that non-cash charges and accruals are failing to reconcile with the actual cash-burning nature of the business. Investors should monitor this divergence, as it suggests that the company's accounting earnings may be masking a more severe deterioration in liquidity than the headline net income figures imply.
Based on the provided cash flow statements, Eightco Holdings' free cash flow margin has trended into deeply negative territory, hitting -95.2% in 2025Q4, which highlights an accelerating rate of cash consumption that is fundamentally misaligned with the company's stated strategic pivot toward AI infrastructure.
The consistent inability to generate positive free cash flow suggests that the company's operational pivot is currently a capital-intensive endeavor with no clear path to self-funding. This trajectory warrants further investigation into how long the current cash reserves can sustain operations before additional dilutive financing becomes a necessity.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $2.8 million contribution in 2025Q1 to a $6.0 million drain by 2025Q4, reflecting significant instability in the company's ability to manage its core inventory and accounts receivable cycles.
This volatility suggests that the legacy corrugated packaging business is struggling to maintain efficient cash conversion, likely due to inventory management challenges or delayed collections. Such erratic working capital movements often indicate operational stress and a lack of control over the cash conversion cycle during periods of rapid revenue contraction.
Financial statements reveal that Eightco Holdings utilized $5.1 million in stock-based compensation during 2026Q1, a figure that effectively offsets a portion of the reported cash burn, potentially obscuring the true economic cost of operations from the perspective of cash-based shareholders.
The reliance on equity-based incentives during a period of extreme cash burn may indicate an attempt to preserve liquidity at the expense of significant shareholder dilution. Analysts should be wary of this practice, as it may suggest that management is prioritizing short-term cash preservation over long-term alignment with equity holders.
Quick answers to the most common questions about buying ORBS stock.
Eightco Holdings Inc. (ORBS) generated $-11.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Eightco Holdings Inc. (ORBS) reported negative free cash flow of $11.0M in 2025, indicating capital requirements exceeded cash from operations.
Eightco Holdings Inc. (ORBS) 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.