Operational cash flow remains deeply negative, with a $5.9 million outflow in 2021Q3 and an OCF/NI ratio of 0.15, indicating that reported earnings are heavily reliant on non-cash accruals rather than actual cash generation.
| Cash from Operations | -8.97M | -4.52M | -9.09K | 9.27K |
| Operating CF Margin % | - | -41.81% | -68.64% | 63.06% |
| Operating CF Growth % | -11472.27% | -49607.93% | -198.04% | - |
| Net Income | -59.5M | -18.59M | -7.78K | 3.79K |
| Depreciation & Amortization | -385.27K | 2.73K | 2.47K | 250 |
| Stock-Based Compensation | 32.39M | 71K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.96M | 10.92M | -8.59K | -16.61K |
| Working Capital Changes | -5.46M | 3.09M | 4.81K | 21.84K |
| Change in Receivables | -427.29K | -760.06K | 0 | 0 |
| Change in Inventory | -5.79M | -2.76M | 0 | 0 |
| Change in Payables | 4M | 946.72K | -3.77K | 5.87K |
| Cash from Investing | -1.43M | -30K | -4.8K | -3K |
| Capital Expenditures | 0 | 0 | -4.8K | 3K |
| CapEx % of Revenue | 0% | - | 36.25% | 20.41% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | -1.43M | -30K | 0 | -6K |
| Cash from Financing | 6.59M | 3.67K | 18.7K | 4.6K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -20.78K | -15.97K |
| Other Financing | 6.59M | 3.67K | 18.7K | 4.6K |
| Net Change in Cash | 1.42M | 848.95K | 4.81K | 10.87K |
| Free Cash Flow | -8.97M | -4.52M | -13.89K | 12.27K |
| FCF Margin % | -57.68% | -41.81% | -104.89% | 83.47% |
| FCF Growth % | -478.76% | -32427.77% | -213.19% | - |
| FCF per Share | -0.34 | -0.17 | -0.00 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.15x | 0.24x | 1.17x | 2.44x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Imminent Liquidity Crisis
According to historical financial data, SLGB exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 0.15 reading in 2021Q3, which suggests that reported earnings are heavily influenced by non-cash accruals rather than actual cash generation.
The significant variance between net losses and operating cash flow indicates that the company's accounting results are not reflective of its underlying cash-generating capacity. Investors should monitor the reliance on non-cash adjustments, as these figures appear to mask the fundamental cash-burning nature of the current logistics operations.
As reported in financial statements, SLGB's free cash flow remains consistently negative, with quarterly outflows reaching as high as $5.9 million in 2021Q3, signaling that the company's aggressive expansion strategy is currently failing to produce a self-sustaining cash flow profile for the business.
The persistent negative FCF margins suggest that the cost of scaling the fleet and managing industrial logistics contracts is significantly outpacing the revenue generated. This trajectory warrants further investigation into whether the company can ever reach a break-even point without continuous external capital injections.
Based on SLGB's reported figures, working capital changes have been highly erratic, swinging from a $3.2 million inflow in 2021Q3 to an $11.8 million outflow in 2021Q1, which suggests that the company struggles to manage its cash conversion cycle effectively within its industrial supply chain.
Such extreme volatility in working capital often indicates difficulties in collecting receivables or managing inventory levels in a high-volume, low-margin environment. This inconsistency appears to be a primary driver of the company's liquidity strain, as cash is frequently trapped in the operational cycle.
Data from recent filings reveals that stock-based compensation, such as the $32.4 million recorded in 2021Q3, significantly distorts the cash flow statement, effectively hiding the true extent of the company's operational cash burn from casual observers of the headline net income figures.
The reliance on non-cash compensation to manage the income statement suggests that the company may be attempting to preserve its limited cash reserves by compensating personnel with equity. This practice warrants further investigation, as it dilutes existing shareholders while failing to address the underlying lack of operational cash flow.
Quick answers to the most common questions about buying SLGB stock.
Smart Logistics Global Limited Ordinary Shares (SLGB) generated $-4.5M in net cash from operating activities in 2021. This reflects the cash generated directly from core business operations.
Smart Logistics Global Limited Ordinary Shares (SLGB) reported negative free cash flow of $4.5M in 2021, indicating capital requirements exceeded cash from operations.
Smart Logistics Global Limited Ordinary Shares (SLGB) spent $0.0M on capital expenditures in 2021. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.