Operational cash burn remains persistent, with free cash flow outflows reaching $207.7K in 2023Q4, highlighting an inability to self-fund core business activities.
| Cash from Operations | -784.91K | -1.31M | -1.84M | -869.6K | 951.37K | 15.57M | 3.54M |
| Operating CF Margin % | - | -2.46% | -2.12% | -0.62% | 0.98% | 11.9% | 4.99% |
| Operating CF Growth % | 32.84% | 29.03% | -112.05% | -191.4% | -93.89% | 339.3% | - |
| Net Income | -1.12M | -15.21M | -4.82M | 4.61M | 2.45M | 12.56M | 3.73M |
| Depreciation & Amortization | 0 | 162.94K | 155.31K | 269.76K | 503K | 575.91K | 556.86K |
| Stock-Based Compensation | 0 | 0 | 5.59M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -755.11K | 13.12M | -85.15K | -6.9M | 98.94K | 263.43K | 373.38K |
| Working Capital Changes | 880.43K | 622.38K | -2.68M | 1.15M | -2.1M | 2.18M | -1.11M |
| Change in Receivables | 0 | 2.6M | 7.36M | -9.09M | 10.03M | -3.21M | -13.08M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 838.83K | -1.2M | -7.12M | 523.24K | -8.26M | 4.06M | 12.49M |
| Cash from Investing | -314.97K | -11.22M | 718.83K | 77.91M | -2.95M | -5.28M | -547.91K |
| Capital Expenditures | -3 | -4.25M | 0 | -1.55K | -16.27K | -303.34K | -370.87K |
| CapEx % of Revenue | - | 7.99% | - | 0% | 0.02% | 0.23% | 0.52% |
| Acquisitions | 0 | 0 | 0 | 0 | 16.74K | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 3 | -2M | 718.83K | 78.51M | 84.16M | -5.47M | 275.63K |
| Cash from Financing | 585.96K | 13.32M | -1.5M | -76.97M | -1.18M | -3.65M | 493.89K |
| Debt Issued (Net) | 548K | 4.74M | 0 | 1.65M | -272.5K | -2.62M | 493.89K |
| Equity Issued (Net) | -185.03K | 8.58M | -1.53M | 0 | 88.09M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -3.97M | -117.36K | -1.03M | 0 |
| Share Repurchases | -185.03K | 0 | 0 | -78.51M | 0 | 0 | 0 |
| Other Financing | 222.99K | 0 | 26.67K | -74.65M | -88.88M | 0 | 0 |
| Net Change in Cash | -513.91K | 783.56K | -2.63M | 70.49K | -1.15K | 6.62M | 3.5M |
| Free Cash Flow | -784.91K | -5.55M | -1.84M | -871.15K | -795.05K | -309.98K | 3.17M |
| FCF Margin % | - | -10.45% | -2.12% | -0.62% | -0.82% | -0.24% | 4.47% |
| FCF Growth % | -40.43% | -201.19% | -111.68% | -9.57% | -156.49% | -109.77% | - |
| FCF per Share | -0.22 | -1.39 | -0.51 | -0.22 | -0.07 | -0.03 | 0.28 |
| FCF Conversion (FCF/Net Income) | 0.70x | 0.09x | 0.38x | 1.19x | 0.39x | 1.25x | 0.96x |
| Interest Paid | 0 | 0 | 0 | 0 | 7.7K | 22.54K | 0 |
| Taxes Paid | 0 | 0 | 361.05K | 0 | 4.89M | 1.42M | 0 |
Persistent operating cash burn
As reported in financial statements, PSIG consistently reports negative operating cash flow despite net income fluctuations, with the OCF/NI ratio frequently failing to provide a positive conversion signal, indicating that the company's accounting earnings do not translate into actual liquidity for the business operations.
The persistent gap between net income and operating cash flow suggests that the company's accrual-based accounting may be masking the underlying cash-burning nature of its brokerage model. Investors should monitor whether this divergence reflects aggressive revenue recognition or simply the inherent difficulty of managing working capital in a low-margin freight environment.
Based on recent quarterly filings, PSIG has maintained a negative free cash flow trajectory, with cash outflows reaching $207.7K in 2023Q4 alone, confirming that the business is currently unable to self-fund its operations through its core freight forwarding activities without depleting its existing cash reserves.
The lack of positive free cash flow suggests that the company's current scale is insufficient to cover its fixed operating costs. This trend warrants further investigation into whether the company can reach a break-even point before its liquidity position becomes critically impaired.
According to historical cash flow data, PSIG's working capital changes have been highly erratic, with a $355.4K inflow in 2024Q1 failing to offset the broader trend of cash consumption, suggesting that the company's ability to manage receivables and payables is currently under significant stress.
The reliance on working capital swings to manage cash flow appears to be a reactive measure rather than a sign of operational efficiency. This volatility may indicate that the company is struggling to collect from shippers while simultaneously facing pressure to settle obligations with third-party carriers.
As evidenced by the $78.3 million share buyback in 2023Q1 despite ongoing operational losses, PSIG's capital deployment strategy appears disconnected from its fundamental performance, raising concerns about the stewardship of the company's remaining cash balance and its long-term viability as a going concern.
The decision to prioritize share repurchases while the core business is burning cash suggests a potential misalignment between management's capital allocation and the company's operational needs. Investors should monitor whether future cash usage remains focused on non-productive activities rather than stabilizing the core logistics business.
Quick answers to the most common questions about buying PSIG stock.
PS International Group Ltd. (PSIG) generated $-1.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
PS International Group Ltd. (PSIG) reported negative free cash flow of $5.6M in 2025, indicating capital requirements exceeded cash from operations.
PS International Group Ltd. (PSIG) spent $4.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.