Operational sustainability is undermined by a persistent cash burn, highlighted by a $526.9K free cash flow deficit in 2026Q3 and an erratic OCF/NI ratio of 0.20.
| Cash from Operations | -9.05M | -9.48M | -4.71M | -9.56M | -8.66M | -6.8M | -489.3K |
| Operating CF Margin % | - | -406.83% | -21.36% | -13.77% | -10.87% | -48.48% | -182.46% |
| Operating CF Growth % | -980.04% | -101.19% | 50.7% | -10.35% | -27.45% | -1289.25% | - |
| Net Income | -31.02M | -23.38M | -6.59M | -11.73M | -11.75M | -7.92M | -110.97K |
| Depreciation & Amortization | 318.38K | 873.65K | 765.38K | 143.52K | 60.6K | 9.63K | 3 |
| Stock-Based Compensation | 1.14M | 208.44K | 93.11K | 819.33K | 1.28M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 354.55K | 0 | 0 | 0 |
| Other Non-Cash Items | 20.47M | 18.53M | 379.1K | 954.47K | 1.25M | 267.13K | 8.01K |
| Working Capital Changes | 41.08K | -5.72M | 636.23K | -104.44K | 486.8K | 849.17K | -386.34K |
| Change in Receivables | 4.06M | -1.6M | 350.8K | -170.11K | 122.72K | -31.66K | 8.09K |
| Change in Inventory | -8.85K | 16.83K | 340.61K | -204.03K | 151.18K | -394.88K | 0 |
| Change in Payables | -109.48K | -5.74K | 264.75K | 5.53K | -160.29K | 194.08K | 14.21K |
| Cash from Investing | -4.46M | -5.77M | -252.61K | -61.24K | -311.74K | -84.85K | -342 |
| Capital Expenditures | -1.06M | 0 | -16.74K | -86.96K | -312.36K | -84.85K | -342 |
| CapEx % of Revenue | 26.93% | 0.64% | 0.08% | 0.13% | 0.39% | 0.61% | 0.13% |
| Acquisitions | -189.02K | 0 | -44.76K | 25.72K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -3.22M | -5.77M | -191.12K | 0 | 619 | 0 | 0 |
| Cash from Financing | 16.41M | 15.43M | 350.47K | 12.66M | 8.16M | 9.8M | 493.87K |
| Debt Issued (Net) | -1.51K | 46.39K | -3.56M | 6.17M | 10.1M | 5.58M | 0 |
| Equity Issued (Net) | 16.83M | 15.44M | 3.89M | 8.24M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -423.76K | -49.09K | 17.75K | -1.74M | -1.93M | 4.21M | 493.87K |
| Net Change in Cash | 2.63M | 36.88K | -4.39M | 2.75M | -998.17K | 2.84M | 350 |
| Free Cash Flow | -10.11M | -9.48M | -4.92M | -9.65M | -8.98M | -6.88M | -489.65K |
| FCF Margin % | -257.87% | -406.83% | -22.3% | -13.9% | -11.27% | -49.09% | -182.59% |
| FCF Growth % | -58.57% | -92.69% | 48.99% | -7.48% | -30.42% | -1305.61% | - |
| FCF per Share | -6.03 | -8.06 | -286.53 | -2022.91 | -3046.93 | -2285.03 | -162.57 |
| FCF Conversion (FCF/Net Income) | 0.33x | 0.41x | 0.72x | 0.82x | 0.74x | 0.86x | 4.41x |
| Interest Paid | 0 | 0 | 51.33K | 65.68K | 291.43K | 93.19K | 0 |
| Taxes Paid | 0 | 0 | 29.96K | 46.45K | 1.63K | 30.67K | 0 |
Imminent liquidity exhaustion
As reported in financial statements, TGL's operating cash flow consistently fails to track with net income, evidenced by an OCF/NI ratio that fluctuated wildly from -3.36 in 2025Q3 to 0.20 in 2026Q3, highlighting a fundamental inability to convert accounting losses into sustainable cash generation.
The persistent gap between net income and operating cash flow suggests that the company's accrual-based losses are not merely accounting artifacts but reflect actual cash outflows. Investors should monitor this divergence as it indicates that the business model requires significant cash support even before accounting for capital expenditures.
Based on quarterly filings, TGL's free cash flow remains deeply negative, with the company burning through $526.9K in 2026Q3 alone, a trend that underscores the structural inability of the Z-City platform to achieve self-sustaining operations despite its high-margin service fee model.
The consistent negative FCF margins, which reached -35.1% in the most recent quarter, suggest that the company is consuming its limited liquidity to fund ongoing operations. This trajectory appears unsustainable without a radical reduction in fixed costs or a massive, unlikely surge in transaction volume.
According to recent SEC filings, TGL's working capital movements are highly erratic, swinging from a $2.1 million inflow in 2026Q3 to a $4.5 million outflow in 2025Q3, which suggests that the company is relying on aggressive payables management to mask underlying operational cash deficiencies.
The volatility in working capital changes indicates that the company may be stretching vendor payments or experiencing unpredictable collection cycles. Such fluctuations warrant further investigation, as they often serve to temporarily inflate cash balances at the expense of long-term operational stability.
As indicated by historical cash flow data, TGL frequently utilizes stock-based compensation, such as the $787.2K recorded in 2026Q2, to manage its cost structure, effectively shifting the burden of operational expenses from cash-based outlays to shareholder dilution, which obscures the true severity of the cash burn.
The reliance on non-cash compensation appears to be a strategic attempt to preserve the company's dwindling cash reserves. However, this practice does not address the core issue of negative operating cash flow and may lead to significant equity dilution for existing shareholders if the current burn rate persists.
Quick answers to the most common questions about buying TGL stock.
Treasure Global Inc. (TGL) generated $-9.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Treasure Global Inc. (TGL) reported negative free cash flow of $9.5M in 2025, indicating capital requirements exceeded cash from operations.
Treasure Global Inc. (TGL) 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.