Operating cash flow remains structurally negative, highlighted by a $539K burn in 2026Q1 despite a reported net income of $21.6M, indicating a significant disconnect between accounting profits and actual liquidity.
Tron Inc. (TRON) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -2.33M | -1.44M | -2.86M | -766.88K | -29.93K | 452.65K | -108.38K | -341.5K |
| Operating CF Margin % | - | -30.45% | -66.25% | -13.31% | -0.49% | 16.98% | -3.66% | -4.82% |
| Operating CF Growth % | -1238.46% | 49.47% | -272.47% | -2462.66% | -106.61% | 517.64% | 68.26% | - |
| Net Income | 9.61M | -16.81M | -4.34M | -2.05M | 328.7K | -29.06K | -586.99K | -1.84M |
| Depreciation & Amortization | 204.63K | 336.54K | 116.88K | 6.65K | 2.33K | 29.71K | 49K | 96.59K |
| Stock-Based Compensation | 147.78K | 28.14K | 1.28M | 1.29M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 6.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -30.72M | 14.89M | 584.59K | 73.7K | 0 | -179.9K | -693.19K | 2.02M |
| Working Capital Changes | -165.39K | 113.25K | -495.74K | -82.17K | -360.96K | 631.9K | 1.12M | -616.67K |
| Change in Receivables | -674.28K | 122.38K | -87.12K | -85.94K | 40.37K | -419.95K | 1.27M | -119.48K |
| Change in Inventory | 199.65K | 79.63K | -476.8K | -16.8K | -290.2K | 0 | 0 | 51.43K |
| Change in Payables | -41.47K | -121.13K | 137.54K | -252.35K | -154.09K | 0 | 0 | 0 |
| Cash from Investing | -68.82K | -68.82K | -273.26K | -392.96K | -4.29K | -7.38K | 0 | 982 |
| Capital Expenditures | -68.82K | -68.82K | -23.26K | -42.78K | -4.29K | -7.38K | 0 | 0 |
| CapEx % of Revenue | 1.34% | 1.45% | 0.54% | 0.74% | 0.07% | 0.28% | - | - |
| Acquisitions | 0 | 0 | 0 | -350.18K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -250K | 0 | 0 | 0 | 0 | 982 |
| Cash from Financing | 376.21K | 10.62M | 1.5M | 3.69M | -27.65K | 0 | 0 | -76.14K |
| Debt Issued (Net) | 0 | -500K | -1M | -1.48M | -19.95K | 0 | 0 | -73.13K |
| Equity Issued (Net) | 348.21K | 11.12M | 2.5M | 5.17M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -325K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 28K | 0 | 0 | 0 | -7.7K | 0 | 0 | -3K |
| Net Change in Cash | -2.03M | 9.1M | -1.63M | 2.53M | -61.86K | 445.27K | -93.2K | -413.83K |
| Free Cash Flow | -2.4M | -1.51M | -3.13M | -809.66K | -34.21K | 445.27K | -108.38K | -341.5K |
| FCF Margin % | -46.72% | -31.9% | -72.59% | -14.06% | -0.56% | 16.7% | -3.66% | -4.82% |
| FCF Growth % | -9.69% | 51.68% | -286.54% | -2266.73% | -107.68% | 510.83% | 68.26% | - |
| FCF per Share | -0.01 | -0.01 | -0.27 | -0.11 | -0.00 | 0.02 | -0.06 | -0.20 |
| FCF Conversion (FCF/Net Income) | -0.25x | 0.09x | 0.66x | 0.37x | -0.09x | -15.58x | 0.18x | 0.19x |
| Interest Paid | 0 | 0 | 0 | 0 | 30.05K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TRON stock.
Tron Inc. (TRON) generated $-1.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tron Inc. (TRON) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Tron Inc. (TRON) 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.
In 2025, Tron Inc. (TRON) spent $0.3M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent Operating Cash Burn
Metrics are mathematically derived from official filings.
Earnings Decoupled From Cash Reality
As reported in financial statements, TRON exhibits a profound disconnect between net income and operating cash flow, evidenced by a 2026Q1 net income of $21.6M contrasted against a negative $539K in operating cash, suggesting that reported earnings are heavily influenced by non-cash or non-operating accounting adjustments.
The consistent failure to convert net income into positive operating cash flow indicates that the company's profitability metrics are not reflective of actual liquidity generation. Investors should monitor this divergence, as it suggests that the business model currently relies on accounting accruals rather than sustainable cash-generating operations.
Persistent Free Cash Flow Deficits
Based on TRON's reported figures, the company has struggled to maintain positive free cash flow, with negative margins reaching as low as -127.6% in 2024Q4, highlighting a structural inability to fund operations through internal cash generation despite the company's recent attempts at corporate rebranding and strategic repositioning.
The trajectory of free cash flow remains firmly in negative territory, suggesting that the company is consuming its cash reserves to sustain its current operational footprint. This trend warrants further investigation into whether the company can achieve a self-sustaining cash flow profile without further dilutive financing or asset liquidation.
Volatile Working Capital Management Cycles
According to recent SEC filings, TRON's working capital dynamics are highly erratic, with a significant $773.8K outflow in 2024Q4 followed by varying swings, indicating that the company lacks a stable mechanism for managing its inventory and receivables in alignment with its seasonal theme park revenue cycles.
The volatility in working capital changes suggests that the company may be struggling with inventory obsolescence or inefficient collection cycles tied to its retail partners. Such instability in cash conversion cycles may indicate underlying friction in the supply chain that prevents the company from optimizing its liquidity.
Hidden Cash Flow Statement Distortions
Analysis of the cash flow statement reveals that stock-based compensation and depreciation adjustments, such as the $147.8K in SBC recorded in 2025Q4, frequently mask the true extent of the company's cash burn, which remains obscured by these non-cash expenses that do not contribute to actual operational liquidity.
The reliance on non-cash adjustments to reconcile net income to operating cash flow suggests that the company's cash flow statement may be obscuring the true cost of its operations. Investors should be cautious of these adjustments, as they may be used to soften the appearance of persistent cash outflows.