Operational efficiency remains weak, highlighted by a 0.08 OCF/NI ratio and a negative free cash flow margin of -13.6% in 2025Q4, indicating a persistent cash burn.
| Cash from Operations | -4.9M | -10.21M | -1.42M | -760.11K |
| Operating CF Margin % | -10.88% | -21.06% | -3.97% | -3.8% |
| Operating CF Growth % | 52.06% | -616.9% | -87.41% | - |
| Net Income | -49.6M | -85M | -1.81M | -11.64M |
| Depreciation & Amortization | 3.29M | 3.24M | 2.84M | 1.49M |
| Stock-Based Compensation | 483.59K | 250.95K | 118.8K | 237.3K |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 39.11M | 75.41M | -5.39M | 7.68M |
| Working Capital Changes | 1.81M | -4.11M | 2.82M | 1.47M |
| Change in Receivables | -853.42K | 660.82K | -3.37M | 2.73M |
| Change in Inventory | 7.3K | 27.8K | 14.71K | -45 |
| Change in Payables | 1.15M | 88.73K | 1.97M | -1.96M |
| Cash from Investing | -897.27K | 947.95K | 252.74K | -2.36M |
| Capital Expenditures | -133.2K | -364.73K | -87.18K | -52.48K |
| CapEx % of Revenue | 0.3% | 0.75% | 0.24% | 0.26% |
| Acquisitions | 2.47K | 1.59M | 942.01K | -1.69M |
| Investments | - | - | - | - |
| Other Investing | -267.85K | 2.65K | -558.79K | -529.16K |
| Cash from Financing | 3.93M | 10M | 530.97K | 4.99M |
| Debt Issued (Net) | -276.93K | 4.38M | 401.38K | 1.89M |
| Equity Issued (Net) | 4.11M | 22.91K | 301.2K | 299.81K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 97.06K | 5.59M | -171.61K | 2.81M |
| Net Change in Cash | -1.72M | 616.46K | -704.02K | 1.55M |
| Free Cash Flow | -5.3M | -10.3M | -1.68M | -1.04M |
| FCF Margin % | -11.77% | -21.24% | -4.7% | -5.21% |
| FCF Growth % | 48.55% | -512% | -61.57% | - |
| FCF per Share | -3.08 | -8.39 | -1.35 | -0.84 |
| FCF Conversion (FCF/Net Income) | 0.11x | 0.12x | 1.77x | 0.07x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency risk
According to the latest quarterly filings, TNMG's operating cash flow to net income ratio remains deeply distorted, with the company reporting a 0.08 OCF/NI ratio in 2025Q4, which suggests that accounting losses are not being mitigated by any meaningful cash-generating operational efficiency within the business.
The significant gap between net income and operating cash flow indicates that the company's reported losses are exacerbated by non-cash charges or working capital outflows that further strain liquidity. Investors should monitor this divergence as it suggests that the core business model is failing to convert its revenue base into actual cash, leaving the firm reliant on external financing.
As reported in financial statements, TNMG's free cash flow margin plummeted to -13.6% in 2025Q4, reflecting a deteriorating trajectory where the company is consistently consuming cash to support its operations rather than generating the surplus required to sustain its regional media and technology expansion strategy.
The consistent negative free cash flow trend highlights an inability to reach a self-sustaining scale despite the company's dual-market footprint. This trajectory suggests that without a fundamental shift in cost structure or revenue growth, the company will continue to erode its limited cash reserves at an unsustainable pace.
Based on reported figures, TNMG's working capital changes have been highly erratic, swinging from a $7.2M outflow in 2024Q4 to a $353K inflow in 2025Q4, which indicates that the company is struggling to manage its cash conversion cycle effectively amidst its ongoing operational restructuring.
The reliance on working capital fluctuations to manage cash flow suggests that the company may be delaying payables or accelerating collections to survive, which is not a sustainable long-term strategy. This volatility warrants further investigation into whether the company is facing pressure from suppliers or clients that could further impair its liquidity position.
As evidenced by the persistent negative net income and operating cash flow across the last seven quarters, TNMG has failed to bridge the gap between its accounting losses and cash reality, with cumulative cash burn significantly outpacing any potential benefits from its recent merger-driven organizational changes.
The sustained inability to generate positive operating cash flow over multiple periods suggests that the company's business model may be fundamentally misaligned with its cost structure. This divergence implies that the company is not just experiencing temporary headwinds, but is instead trapped in a cycle of cash consumption that threatens its long-term viability.
Quick answers to the most common questions about buying TNMG stock.
TNL Mediagene (TNMG) generated $-4.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TNL Mediagene (TNMG) reported negative free cash flow of $5.3M in 2025, indicating capital requirements exceeded cash from operations.
TNL Mediagene (TNMG) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.