Free cash flow remains structurally negative, with the firm burning $322,600 in 2025Q4, reflecting an inability to cover operating costs through core advisory activities.
| Cash from Operations | -2.46M | -120K | -2.33M | -146.94K | -2.67M | -5.89M | -3.02M | 2.04M | 153.72K |
| Operating CF Growth % | -1947.83% | 94.86% | -1488.29% | 94.49% | 54.75% | -95.23% | -248.24% | 1224.79% | - |
| Net Income | -4.6M | -3.19M | -2.88M | -3.37M | -2.37M | -17.29M | 429.23K | 1.95M | 640.96K |
| Depreciation & Amortization | 15.28K | 385.38K | 572.94K | 583K | 722.04K | 391.62K | 50.32K | 16.46K | 11.32K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 76.26K | 0 | 0 | 0 |
| Other Non-Cash Items | 3.62M | 369.96K | 3.34M | 2.47M | 139.13K | 11.59M | 65.79K | 0 | 0 |
| Working Capital Changes | -1.5M | 2.32M | -3.37M | 169.73K | -1.15M | -656.4K | -3.56M | 73.1K | -498.56K |
| Cash from Investing | 1.26M | -1.58M | 459.82K | -1.59M | 861.92K | -176.47K | 739.08K | -2.9M | -20.48K |
| Purchase of Investments | 0 | -675K | 0 | -1.44M | -367.57K | -717.62K | -1.28M | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 94.8K | 0 | 1.22M | 0 | 0 | 0 | 0 |
| Net Investment Activity | 0 | -675K | 94.8K | -1.44M | 849.88K | -717.62K | -1.28M | 0 | 0 |
| Acquisitions | 0 | 0 | 335K | -335K | 0 | 1.07M | 0 | 0 | 0 |
| Other Investing | 1.26M | -900K | 31.46K | 283.36K | 118.54K | 348.96K | 2.28M | -2.87M | -5.52K |
| Cash from Financing | 8.9M | 2.34M | 729.97K | -1.96M | 6.83M | 141.98K | 8.74M | 755.14K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 8.9M | 2.34M | 0 | 0 | 3.54M | 0 | 8.77M | 0 | 0 |
| Net Stock Activity | 8.9M | 2.34M | 0 | 0 | 3.54M | 0 | 8.77M | 0 | 0 |
| Debt Issuance (Net) | 0 | 0 | 729.97K | 0 | 0 | 876.33K | -31.27K | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -1.96M | 3.3M | -734.35K | 0 | 755.14K | 0 |
| Net Change in Cash | 7.7M | 643.35K | -1.14M | -3.85M | 5.17M | -6.03M | 6.39M | -71.85K | 134.94K |
| Exchange Rate Effect | 0 | 0 | 0 | -147.18K | 138.61K | -103.22K | -75K | 35.49K | 1.7K |
| Cash at Beginning | 1.25M | 606.02K | 1.75M | 5.6M | 428.26K | 6.46M | 72.97K | 144.81K | 9.88K |
| Cash at End | 8.95M | 1.25M | 606.02K | 1.75M | 5.6M | 428.26K | 6.46M | 72.97K | 144.81K |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 608 | 0 | 0 | 0 |
| Income Taxes Paid | 6.68K | 14.52K | 0 | 0 | 0 | 0 | 490.4K | 142.68K | 31.5K |
| Free Cash Flow | -2.46M | -126K | -2.34M | -248.89K | -2.77M | -6.77M | -3.75M | 2.01M | 138.75K |
| FCF Growth % | -1850.31% | 94.6% | -838.29% | 91.03% | 59.02% | -80.71% | -286.36% | 1348.38% | - |
Regulatory and geopolitical volatility
According to the provided quarterly data, ZBAI consistently reports negative net income alongside operating cash flow deficits, with the OCF/NI ratio frequently fluctuating, suggesting that the company's accounting losses are not merely non-cash items but reflect a fundamental inability to generate positive cash from its core operations.
The persistent gap between net income and operating cash flow indicates that the firm's advisory business model is currently unable to achieve self-sustaining cash generation. Investors should monitor the OCF/NI ratio closely, as the lack of a consistent positive conversion suggests that the company's reported losses are deeply tied to actual cash outflows rather than accounting accruals.
As reported in financial statements, ZBAI's free cash flow trajectory remains consistently negative, with quarterly outflows reaching as high as $972,800 in 2023Q4, highlighting a structural inability to cover operating expenses through the current advisory mandate pipeline without depleting the company's existing cash reserves.
The negative FCF margins across nearly all observed periods underscore the high fixed-cost burden inherent in the firm's public-company infrastructure. This trajectory suggests that the business is currently in a cash-burning phase, necessitating either a significant increase in transaction volume or a reduction in overhead to reach a break-even point.
Based on reported figures, ZBAI experiences significant swings in working capital, including a notable $1.3 million inflow in 2024Q4 followed by a $602,100 outflow in 2025Q4, which indicates that the timing of client payments and project milestones creates extreme, unpredictable pressure on the firm's available cash position.
The erratic nature of these working capital changes suggests that the company's cash flow is highly sensitive to the timing of specific project completions. This volatility makes it difficult to forecast liquidity needs, as the firm appears to rely on lumpy, non-recurring cash receipts to offset its ongoing operational burn.
Analysis of the cash flow statement reveals that ZBAI's lack of significant capital expenditure, with most quarters showing near-zero investment, implies that the company's cash burn is almost entirely driven by operating expenses rather than asset-heavy growth initiatives or necessary infrastructure maintenance.
The absence of meaningful CAPEX suggests that the firm is not investing in long-term productive assets, but rather consuming cash to maintain its current advisory platform. This warrants further investigation into whether the high operating costs are truly necessary for mandate acquisition or if they represent an inefficient corporate structure.
Quick answers to the most common questions about buying ZBAI stock.
ATIF Holdings Ltd. (ZBAI) generated $-2.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ATIF Holdings Ltd. (ZBAI) reported negative free cash flow of $2.5M in 2025, indicating capital requirements exceeded cash from operations.
ATIF Holdings Ltd. (ZBAI) 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.