Liquidity is rapidly evaporating, with cash reserves falling to just $138.1K in 2026Q1, failing to support the negative free cash flow that reached -$2.4 million in 2025Q4.
| Cash from Operations | -5.7M | -6.63M | -571.68K | -777K | -2.12M | -1.35M | -118.37K | 0 |
| Operating CF Margin % | - | - | -544458.1% | -212.04% | -847.1% | -2544.71% | -24660.21% | - |
| Operating CF Growth % | -6120.86% | -1058.87% | 26.42% | 63.36% | -57.34% | -1038.48% | - | - |
| Net Income | -16.36M | -15.89M | -3.29M | -4.67M | -3.53M | -2.13M | -563.95K | -459.3K |
| Depreciation & Amortization | 0 | 0 | 50.63B | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.27M | 1.14M | 179.77K | 556.22K | 593.14K | 642.65K | 445.58K | 459.3K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.7M | 8.21M | -50.63B | 2.85M | 554.41K | 0 | 0 | 0 |
| Working Capital Changes | 1.69M | -84K | 256.76K | 488.23K | 260.6K | 144.65K | 0 | 0 |
| Change in Receivables | 143K | 35.48K | 0 | 65.33K | -100K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 459.69K | -608.98K | 489.58K | 451.34K | 80.94K | 114.44K | 0 | 0 |
| Cash from Investing | -13.32M | -16.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | -4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -13.32M | -12.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 15.7M | 22.96M | 567.02K | 250.51K | 2.3M | 1.73M | 122.89K | 0 |
| Debt Issued (Net) | 1.28M | 3.05M | 467.02K | 252.51K | 1.48M | 0 | 0 | 0 |
| Equity Issued (Net) | 93.56K | 23.5M | 100K | 0 | 864.38K | 1.88M | 25K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.33M | -3.58M | 0 | -2K | -51.88K | -153.6K | 97.89K | 0 |
| Net Change in Cash | -3.32M | 193.34K | -4.66K | -526.49K | 175.74K | 380.12K | 4.53K | 0 |
| Free Cash Flow | -5.7M | -6.63M | -571.68K | -777K | -2.12M | -1.35M | -118.37K | 0 |
| FCF Margin % | - | - | -544458.1% | -212.04% | -847.1% | -2544.71% | -24660.21% | - |
| FCF Growth % | -138.01% | -1058.87% | 26.42% | 63.36% | -57.34% | -1038.48% | - | - |
| FCF per Share | -3.75 | -4.36 | -0.44 | -0.59 | -1.62 | -1.03 | -0.09 | - |
| FCF Conversion (FCF/Net Income) | 0.35x | 0.42x | 0.17x | 0.17x | 0.60x | 0.63x | 0.21x | - |
| Interest Paid | 0 | 532.94K | 25K | 0 | 11.28K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity exhaustion
As indicated by the company's quarterly filings, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating wildly from 0.15 in 2025Q4 to 1.66 in 2025Q1, suggesting that reported earnings provide little insight into actual cash generation.
The lack of a stable correlation between net income and operating cash flow implies that accruals and non-cash adjustments are driving the bottom line rather than core operational performance. Investors should interpret this volatility as a sign that the company's accounting results are decoupled from its underlying cash-burning operational reality.
Based on historical financial data, Brag House Holdings has consistently reported negative free cash flow, reaching a low of -$2.4 million in 2025Q4, which underscores the firm's inability to fund its operations through internal cash generation as it continues to exhaust its limited liquidity.
The persistent negative free cash flow trajectory suggests that the business model is currently incapable of achieving self-sustainability. Without a fundamental shift in revenue generation, the company appears to be reliant on external capital to bridge the gap between its operational costs and its lack of cash inflows.
According to the cash flow statements, working capital changes have frequently served as a primary source of cash, such as the $880.9K inflow in 2026Q1, which appears to be a temporary accounting artifact rather than a sign of improved operational efficiency or effective collection cycles.
The reliance on working capital fluctuations to offset operating losses suggests that the company may be delaying payables or liquidating assets to maintain a minimal cash runway. This pattern warrants further investigation, as it likely obscures the true extent of the cash burn occurring within the core business.
As reported in recent financial statements, the company continues to issue stock-based compensation, including $263.4K in 2025Q4, which effectively serves as a non-cash expense that masks the severity of the firm's cash burn while simultaneously diluting the equity value for existing shareholders.
The consistent use of stock-based compensation in the absence of positive cash flow suggests that management is prioritizing non-cash incentives despite the company's precarious financial state. This practice appears to be a mechanism to preserve the remaining $222,572 in cash, though it does nothing to address the underlying lack of commercial viability.
Quick answers to the most common questions about buying TBH stock.
Brag House Holdings, Inc. (TBH) generated $-6.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brag House Holdings, Inc. (TBH) reported negative free cash flow of $6.6M in 2025, indicating capital requirements exceeded cash from operations.
Brag House Holdings, Inc. (TBH) 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.