Free cash flow remains deeply negative, evidenced by a $13.0M outflow in 2026Q2, highlighting a structural inability to generate self-sustaining cash flow from core consulting operations.
| Cash from Operations | -50.91M | -12.59M | -25.05M | 547.35K | 96.88K | 34.46K |
| Operating CF Margin % | - | -103.17% | -252.96% | 4.01% | 0.68% | 0.25% |
| Operating CF Growth % | -14183.56% | 49.75% | -4677.03% | 464.96% | 181.15% | - |
| Net Income | -48.86M | -27.77M | -5.84M | -1.01M | -1.02M | 12.32K |
| Depreciation & Amortization | 39.62K | 16.66K | 30.29K | 31.1K | 21.6K | 15.85K |
| Stock-Based Compensation | 9.09M | 9.09M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 272.56K | 148.84K | 225.55K | 558.83K | 207.44K | 115.38K |
| Working Capital Changes | -11.46M | 5.93M | -19.47M | 970.62K | 890.21K | -109.08K |
| Change in Receivables | -682.31K | -455.27K | 928.91K | 303.1K | -674.66K | -281.92K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | -9.46K | -1.06M | 550K | 196.9K |
| Cash from Investing | -58.69M | -18.68M | -6.13K | -6.51K | -70.69K | 0 |
| Capital Expenditures | -6.13K | 0 | -782 | -6.51K | -71.11K | 0 |
| CapEx % of Revenue | 0.03% | - | 0.01% | 0.05% | 0.5% | - |
| Acquisitions | -13M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -45.68M | 0 | -5.34K | 0 | 422 | 0 |
| Cash from Financing | 130.7M | 9.07M | 67.64M | -437.09K | 0 | 0 |
| Debt Issued (Net) | 0 | 0 | 1.27M | 468K | 0 | 0 |
| Equity Issued (Net) | 53.83M | 9.35M | 76.45M | 605.6K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 76.87M | -281.73K | -10.08M | -1.51M | 0 | 0 |
| Net Change in Cash | 18.76M | -22.22M | 42.58M | 109.62K | 26.11K | 394.47K |
| Free Cash Flow | -50.59M | -12.59M | -25.06M | 540.84K | 26.34K | 34.46K |
| FCF Margin % | -243.9% | -103.17% | -253.02% | 3.97% | 0.19% | 0.25% |
| FCF Growth % | -6533.81% | 49.76% | -4733.3% | 1953.14% | -23.56% | - |
| FCF per Share | -1.15 | -1.55 | -3.08 | 0.05 | 0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | 1.04x | 0.45x | 4.29x | -0.54x | -0.09x | 2.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.54K | 0 | 2.51K | 0 | 0 |
Unsustainable cash burn rate
As reported in financial statements, ROMA's operating cash flow consistently trails net income, with the 2024Q4 period showing an OCF/NI ratio of 6.12, suggesting that accrual-based accounting significantly obscures the underlying cash reality of the firm's consulting operations and project-based revenue recognition cycles.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its reported service revenue into actual liquidity. Investors should monitor whether this divergence stems from aggressive revenue recognition on long-term advisory contracts or an inability to collect receivables in a timely manner.
Based on the provided cash flow data, ROMA's free cash flow has remained deeply negative across most periods, including a $13.0M outflow in 2026Q2, which highlights a structural inability to generate self-sustaining cash flow despite the company's ongoing expansion efforts in the ESG consulting market.
The negative FCF trajectory suggests that the firm's current business model requires constant external capital to fund operations. Without a clear path to positive FCF margins, the company appears to be prioritizing market share acquisition over the fundamental requirement of generating cash from its core service offerings.
According to historical cash flow records, working capital changes have been highly erratic, swinging from a $21.0M outflow in 2024Q4 to a $5.9M inflow in 2025Q4, which implies that the company's cash position is heavily influenced by timing differences in client payments and operational payables.
This volatility suggests that the firm's liquidity is subject to the payment cycles of its client base, which may be inconsistent given the project-based nature of ESG reporting. The reliance on these swings to manage cash flow warrants further investigation into the firm's credit terms and collection efficiency.
As indicated by the 2026Q2 cash flow statement, the company utilized $13.0M for acquisitions, a move that appears to be a primary driver of cash depletion rather than organic operational investment, based on the firm's reported figures and recent expansion strategy into the Singapore market.
The decision to deploy significant capital toward acquisitions while the core business remains cash-flow negative suggests a high-risk strategy aimed at rapid scaling. Investors should scrutinize whether these acquisitions provide immediate synergies or if they are merely adding to the existing administrative and operational overhead.
Quick answers to the most common questions about buying ROMA stock.
Roma Green Finance Limited Ordinary Shares (ROMA) generated $-12.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Roma Green Finance Limited Ordinary Shares (ROMA) reported negative free cash flow of $12.6M in 2025, indicating capital requirements exceeded cash from operations.
Roma Green Finance Limited Ordinary Shares (ROMA) 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.