Operational cash flow remains deeply strained, with a 2026Q1 OCF/NI ratio of 0.44 and quarterly free cash flow outflows reaching $6.5 million in 2025Q4.
| Cash from Operations | -12.92M | -10.86M | -1.22M | -349.14K |
| Operating CF Margin % | - | -46.51% | -6.76% | - |
| Operating CF Growth % | -3248.7% | -786.13% | -250.86% | - |
| Net Income | -76.59M | -101.27M | -6.86M | -2.9M |
| Depreciation & Amortization | 3.92M | 192.22K | 1.11M | 0 |
| Stock-Based Compensation | 28.38M | 54.79M | 1.08M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 23.99M | 26.95M | 93.38K | 0 |
| Working Capital Changes | 7.37M | 8.48M | 3.34M | 2.55M |
| Change in Receivables | 1.03M | 799.77K | -40.08K | -269.21K |
| Change in Inventory | 2.03M | 1.89M | -72.36K | 0 |
| Change in Payables | 1.79M | 2.2M | -882.32K | 1.03M |
| Cash from Investing | -813.49K | -881.53K | 469.07K | 0 |
| Capital Expenditures | -187.35K | -881.53K | -377.29K | 0 |
| CapEx % of Revenue | 1.33% | 3.78% | 2.08% | - |
| Acquisitions | 0 | 0 | 931.37K | 0 |
| Investments | - | - | - | - |
| Other Investing | -626.14K | 0 | -85.01K | 0 |
| Cash from Financing | 11.27M | 10.75M | 1.78M | 350.5K |
| Debt Issued (Net) | 1.08M | -2.11M | 620.7K | 350K |
| Equity Issued (Net) | 7.11M | 12.86M | 10K | 500 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 3.08M | 0 | 1.15M | 0 |
| Net Change in Cash | -2.46M | -985.76K | 1.03M | 1.36K |
| Free Cash Flow | -12.9M | -10.86M | -1.6M | -349.14K |
| FCF Margin % | -91.94% | -46.51% | -8.84% | - |
| FCF Growth % | -302.42% | -577.47% | -358.93% | - |
| FCF per Share | -9.09 | -7.65 | -1.54 | -0.39 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.11x | 0.18x | 0.12x |
| Interest Paid | -616.07K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
According to reported financial statements, the persistent gap between net income and operating cash flow, exemplified by the OCF/NI ratio of 0.44 in 2026Q1, suggests that reported earnings are failing to capture the underlying cash-burn reality inherent in the company's current distribution and logistics business model.
The consistent inability to convert net losses into positive operating cash flow indicates that the company's accrual-based accounting may be masking deeper structural inefficiencies. Investors should monitor whether this divergence stems from aggressive revenue recognition or the inability to collect cash from the independent pharmacy network.
As reported in recent filings, Wellgistics Health has struggled to maintain positive free cash flow, with quarterly outflows reaching as high as $6.5 million in 2025Q4, underscoring a trajectory that remains heavily dependent on external financing rather than internally generated cash from its core operations.
The negative FCF margins across nearly all reported periods suggest that the company is currently in a value-destructive phase of growth. Without a clear path to positive margins, the current cash trajectory appears unsustainable and warrants extreme caution regarding the firm's long-term viability.
Based on the provided data, the company's capital expenditure relative to revenue reached 15.3% in 2025Q4, a high level of intensity that appears disproportionate given the company's inability to generate positive gross margins or meaningful operating cash flow from its current infrastructure investments.
The elevated CapEx suggests that management is attempting to build out the DelivMeds platform and logistics capacity despite a lack of proven unit economics. This capital-heavy approach may be premature, as the current revenue base does not appear sufficient to justify such significant ongoing investment in fixed assets.
As evidenced by historical financial data, the company has utilized significant stock-based compensation, including a notable $27.8 million in 2025Q1, which effectively masks the true extent of the cash-burn by shifting the cost of operations from cash outflows to equity dilution for existing shareholders.
This reliance on non-cash compensation suggests that the company may be struggling to attract or retain talent without depleting its already precarious cash reserves. Analysts should adjust for these equity-based costs to understand the true economic cost of the company's current operational strategy.
Quick answers to the most common questions about buying WGRX stock.
Wellgistics Health, Inc. (WGRX) generated $-10.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Wellgistics Health, Inc. (WGRX) reported negative free cash flow of $10.9M in 2025, indicating capital requirements exceeded cash from operations.
Wellgistics Health, Inc. (WGRX) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.