Free cash flow remains deeply negative, evidenced by a 2025Q2 FCF margin of -1239.3% that highlights a persistent inability to fund operations internally.
| Metric | TTM | 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 |
|---|
| Cash from Operations | -8.78M | -11.96M | -13.19M | -12.37M | -12.21M | -12.26M | -8.73M | -5.29M | -4.46M | -4.38M | -7.49M | -3.37M | -3.86M | -1.18M | -1.78M | -820.68K | -1.31M | -900.53K |
| Operating CF Margin % | - | -736.27% | -810.31% | -821.73% | -859.37% | -978.84% | -618.64% | -374.59% | -681.05% | -959.8% | -1144.23% | -354.3% | -823.53% | -627.3% | -1843.63% | -284958.33% | -8324.24% | - |
| Operating CF Growth % | 103.33% | 9.35% | -6.62% | -1.33% | 0.4% | -40.37% | -65.14% | -18.57% | -1.79% | 41.48% | -122.08% | 12.55% | -225.56% | 33.53% | -117.09% | 37.35% | -45.47% | - |
| Net Income | -84.33M | -10.86M | -12.02M | -25.74M | -19.66M | -25.88M | -19.39M | -10.09M | -7.75M | -6.53M | -4.79M | -6.83M | -9.41M | -7.42M | -4.49M | -1.35M | -2.89M | -1.76M |
| Depreciation & Amortization | 550.97K | 695.66K | 724.81K | 1.31M | 1.34M | 1.02M | 704.88K | 147.63K | 71.56K | 82.36K | 78.57K | 63.04K | 148.76K | 1.08K | 3.17K | 2.43K | 3.04K | 569 |
| Stock-Based Compensation | 0 | 0 | 0 | 522.44K | 921.13K | 1.17M | 0 | 1.46M | 4.04M | 886.6K | 871.88K | 835.42K | 3.94M | 4.75M | 0 | 0 | 355.12K | 0 |
| Deferred Taxes | 0 | 0 | 0 | -522.44K | -661.66K | -1.17M | 0 | 0 | -1.84K | 0 | 246.2K | 0 | 0 | 0 | 0 | 0 | 11.44K | 0 |
| Other Non-Cash Items | 75.75M | -876.57K | -1.12M | 11.19M | 7.04M | 13.81M | 8.08M | 3.77M | 359.13K | 1.62M | -6.67K | 1.07M | 4.2M | 4.81M | 2.71M | -190.91K | 1.01M | 611.13K |
| Working Capital Changes | -1.07M | -914.56K | -780.36K | 866.69K | -1.19M | -1.21M | 1.87M | 884.3K | -1.18M | 446K | -3.89M | 2.33M | 1.21M | 1.43M | -5.84K | 720.51K | 197.66K | 250.41K |
| Change in Receivables | -273.59K | -467.93K | 19K | 23K | -20.77K | 69.91K | 143.32K | -95.1K | -98.58K | -636 | 19.27K | 39.7K | -57.53K | 10.58K | -50.29K | 15.74K | -15.74K | 0 |
| Change in Inventory | 126.42K | 95.08K | -65.45K | -42.81K | -98.15K | -94.72K | 91.11K | 23.98K | 7.16K | -40.47K | 135.63K | -245.19K | 23.03K | -47.6K | -97.61K | 1.61M | -99.59K | 0 |
| Change in Payables | 1.88M | -191.15K | 399.21K | -78.32K | -350.3K | -1.66M | 365.77K | 305.23K | -79.65K | -430.3K | -1.54M | 1.13M | 429.03K | 421.1K | 71.71K | 411.88K | 316.99K | 290K |
| Cash from Investing | 657K | 22.49K | -302.37K | -475.7K | -10.61M | -167.46K | -599.09K | -1.11M | -1.65M | -422.86K | -60.56K | -121.24K | -216.12K | 0 | 0 | 0 | 0 | -41.86K |
| Capital Expenditures | 0 | -9.51K | -47.55K | -475.7K | -962.32K | -360.78K | -5.89K | -232K | -55.27K | -44.75K | -60.56K | -121.24K | -216.12K | 0 | 0 | 0 | 0 | -41.86K |
| CapEx % of Revenue | 0% | 0.59% | 2.92% | 31.6% | 67.74% | 28.81% | 0.42% | 16.43% | 8.44% | 9.8% | 9.26% | 12.74% | 46.17% | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -9.59M | 193.32K | 248.1K | 0 | 0 | -11.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 657K | 32K | -254.82K | 0 | -55K | 0 | -841.3K | -1.12M | -1.88M | -88.01K | -28.09K | -19.83K | -53.35K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 4.36M | 3.94M | 148.9K | 6.72M | 50.34M | 12.95M | 9.32M | 5.79M | 5.11M | 1.71M | 12.39M | 3.41M | 4.16M | 1.07M | 1.9M | 813.43K | 862.78K | 1.4M |
| Debt Issued (Net) | -8.4K | -150.41K | 150.41K | 0 | -5.24M | 1.29M | 1.54M | 2.19M | 0 | 0 | -683.07K | 1.2M | 1.82M | 378.52K | 509.23K | 490.47K | -83.58K | -28.13K |
| Equity Issued (Net) | 2.46M | 1000K | -1.51K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 695.79K | 1000K | 219.63K | 625K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.51K | -27.65K | -11.53K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 4.39M | 1.71M | -196.32K | 650.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 103.33K | 321.36K | -163.33K |
| Net Change in Cash | -2.9M | -7.99M | -13.34M | -6.13M | 27.52M | 527.5K | -11.32K | -604.04K | -997.9K | -3.09M | 4.84M | -85.57K | 88.81K | -109.85K | 113.6K | -7.25K | -447.21K | 459.66K |
| Free Cash Flow | -8.78M | -11.97M | -13.21M | -12.85M | -13.17M | -12.62M | -8.76M | -5.52M | -4.52M | -4.43M | -7.55M | -3.49M | -4.07M | -1.18M | -1.78M | -820.68K | -1.31M | -942.38K |
| FCF Margin % | -1205.17% | -736.86% | -811.63% | -853.33% | -927.11% | -1007.65% | -620.52% | -391.03% | -689.49% | -969.6% | -1153.48% | -367.05% | -869.7% | -627.3% | -1843.63% | -284958.33% | -8324.24% | - |
| FCF Growth % | 26.86% | 9.43% | -2.84% | 2.47% | -4.38% | -44.06% | -58.68% | -22.26% | -2.01% | 41.36% | -116.11% | 14.21% | -243.81% | 33.53% | -117.09% | 37.35% | -39.01% | - |
| FCF per Share | -12.12 | -2.19 | -3.29 | -3.49 | -4.80 | -21.12 | -61.04 | -86.14 | -141.91 | -313.58 | -483.37 | -376.77 | -463.17 | -285.00 | -19795.90 | -369.68 | -727.77 | -1358.64 |
| FCF Conversion (FCF/Net Income) | 0.10x | 0.98x | 0.94x | 0.48x | 0.62x | 0.47x | 0.45x | 0.52x | 0.58x | 0.67x | 1.56x | 0.49x | 0.41x | 0.16x | 0.40x | 0.61x | 0.45x | 0.51x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 146.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
According to recent financial disclosures, the company exhibits a persistent divergence between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 0.02 reading in 2025Q3, which suggests that reported earnings provide little insight into the actual cash-consuming nature of the business.
The extreme volatility in the OCF/NI ratio indicates that accruals and non-cash adjustments are masking the underlying cash burn. Investors should interpret this as a sign that the company's accounting earnings are decoupled from the reality of its operational cash requirements.
As reported in quarterly filings, the company's free cash flow trajectory remains consistently negative, with a 2025Q2 FCF margin of -1239.3%, underscoring a structural inability to generate internal funding to support its high-cost laboratory and research-intensive business model without constant external capital injections.
The persistent negative FCF trajectory suggests that the company is not merely in a growth phase but is fundamentally unable to cover its operating expenses with current revenue levels. This trend warrants further investigation into whether the business model can ever achieve self-sustaining cash generation.
Based on reported figures, working capital changes have been highly erratic, swinging from a $1.1M inflow in 2025Q1 to a $2.3M outflow in 2024Q4, which suggests that the company is relying on aggressive timing of payables and receivables to manage its precarious liquidity position.
These swings in working capital appear to be a defensive mechanism to preserve cash rather than a reflection of operational efficiency. Analysts should monitor these fluctuations as they may indicate an attempt to delay cash outflows to compensate for the lack of organic revenue growth.
Data from historical statements shows that while CapEx/Revenue ratios have been low in recent quarters, the 52.1% spike observed in 2023Q2 highlights the company's vulnerability to capital-intensive equipment needs, which can quickly overwhelm the limited cash inflows generated by its current service-based revenue model.
The sporadic nature of capital expenditures suggests that the company lacks a disciplined investment cycle, instead reacting to equipment needs as they arise. This lack of predictability in capital intensity makes it difficult to forecast future cash requirements with any degree of certainty.
Quick answers to the most common questions about buying POAI stock.
Predictive Oncology Inc. (POAI) generated $-12.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Predictive Oncology Inc. (POAI) reported negative free cash flow of $12.0M in 2024, indicating capital requirements exceeded cash from operations.
Predictive Oncology Inc. (POAI) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.