Operational inefficiency is highlighted by a consistent failure to generate positive free cash flow, reaching a margin of -40.6% in 2025Q2.
| Cash from Operations | -2.04M | -531.27K | -1.37M | -597.5K |
| Operating CF Margin % | -26.12% | -6.03% | -10.26% | -8.28% |
| Operating CF Growth % | -283.98% | 61.2% | -129.19% | - |
| Net Income | -2.35M | -964.25K | 2.39M | 617.73K |
| Depreciation & Amortization | 374.75K | 171.8K | 196.64K | 183.38K |
| Stock-Based Compensation | 1.19M | 0 | 0 | 0 |
| Deferred Taxes | -140.37K | -186.55K | 478.01K | 0 |
| Other Non-Cash Items | 2.85K | 9.9K | 30.92K | 1 |
| Working Capital Changes | -1.11M | 437.82K | -4.43M | -1.4M |
| Change in Receivables | 637.57K | 226.28K | -4.42M | -1.22M |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -836.5K | 315.23K | 325.96K | -487.53K |
| Cash from Investing | 1.3M | -2.62M | 995.12K | 694.25K |
| Capital Expenditures | 0 | 0 | -4.88K | -7.75K |
| CapEx % of Revenue | - | 0% | 0.04% | 0.11% |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 1.3M | -2.62M | 1M | 702K |
| Cash from Financing | 1.41M | 5.58M | 723.69K | -209.44K |
| Debt Issued (Net) | -309.22K | -491.07K | 551.93K | -146.63K |
| Equity Issued (Net) | 1.93M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | -208.19K | 6.07M | 171.75K | -62.81K |
| Net Change in Cash | 434.37K | 2.68M | 349.42K | -112.69K |
| Free Cash Flow | -2.04M | -531.27K | -1.37M | -605.25K |
| FCF Margin % | -26.12% | -6.03% | -10.29% | -8.39% |
| FCF Growth % | -283.98% | 61.34% | -127.06% | - |
| FCF per Share | -0.18 | -0.20 | -0.51 | -0.23 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.52x | -0.57x | -0.97x |
| Interest Paid | 56.8K | 80.18K | 73.96K | 42.94K |
| Taxes Paid | 20.24K | 20.6K | 15.77K | 8.48K |
Persistent operating cash burn
As reported in recent financial statements, SPHL exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly, including a 2.98x reading in 2025Q2, which suggests that accounting accruals are failing to capture the underlying reality of the company's cash burn.
The extreme volatility in the OCF/NI ratio indicates that reported earnings are not a reliable proxy for the firm's actual liquidity generation. Investors should monitor this divergence, as it suggests that the company's revenue recognition practices may be significantly outpacing its ability to collect cash from project-based contracts.
Based on the provided quarterly data, SPHL has consistently failed to generate positive free cash flow, with margins reaching a low of -40.6% in 2025Q2, indicating that the firm's current operational scale is insufficient to cover its fixed costs and ongoing project-related cash requirements.
The consistent negative FCF trajectory highlights a structural inability to self-fund operations, forcing a reliance on existing cash reserves. This trend warrants further investigation into whether the company can achieve a break-even point before its current liquidity runway is exhausted.
According to the cash flow statements, SPHL's working capital movements are highly erratic, with a massive $3.9 million outflow in 2023Q4 followed by a $1.0 million inflow in 2024Q4, suggesting that the company's cash position is highly sensitive to the timing of project milestones and client payments.
The erratic nature of these working capital swings implies that the company lacks a stable cash conversion cycle, which is typical for project-based construction firms but exacerbated here by the lack of scale. This volatility creates significant uncertainty regarding the firm's ability to manage its trade payables during periods of revenue contraction.
As indicated by the provided data, the cash flow statement reveals that D&A expenses are the primary non-cash adjustment, yet they remain insufficient to offset the persistent operating losses, suggesting that the company's reported cash burn is a direct reflection of its underlying operational inefficiency.
The lack of significant SBC or other non-cash adjustments suggests that the reported cash burn is not being masked by accounting maneuvers, but rather represents a genuine depletion of capital. This implies that the company's financial health is entirely dependent on its ability to secure new, higher-margin contracts to reverse the current cash-draining trend.
Quick answers to the most common questions about buying SPHL stock.
Springview Holdings Ltd Class A Ordinary Shares (SPHL) generated $-2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Springview Holdings Ltd Class A Ordinary Shares (SPHL) reported negative free cash flow of $2.0M in 2025, indicating capital requirements exceeded cash from operations.
Springview Holdings Ltd Class A Ordinary Shares (SPHL) 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.