The absence of positive cash flow generation relative to the $19M revenue base suggests a persistent burn rate that threatens the company's ability to sustain its capital-intensive logistics operations.
| Metric | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 |
|---|
| Cash from Operations | -2.82M | 2.39M | 839.95K | 1.96M | 198.65K |
| Operating CF Margin % | -14.63% | 17.78% | 7.54% | 18.73% | 12.94% |
| Operating CF Growth % | -217.75% | 185.04% | -57.21% | 888.27% | - |
| Net Income | -6.98M | 1.09M | 1.17M | 1.99M | 33.91K |
| Depreciation & Amortization | 1.7M | 1.46M | 1.14M | 586.83K | 31.45K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -143.4K | 68.58K | 87.01K | 248.88K | 6.7K |
| Other Non-Cash Items | 6.93M | 21.18K | 222.04K | 117.37K | 31.28K |
| Working Capital Changes | -4.32M | -243.55K | -1.78M | -983.54K | 95.31K |
| Change in Receivables | -2.66M | 127.75K | -3.21M | -2.04M | -865.79K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.49M | -436.33K | 1.3M | 974.96K | 677.55K |
| Cash from Investing | 0 | 0 | -46.4K | -544.36K | -124.5K |
| Capital Expenditures | 0 | 0 | -46.4K | -544.36K | -124.5K |
| CapEx % of Revenue | - | - | 0.42% | 5.19% | 8.11% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 2.79M | -2.14M | -664.4K | -1.38M | -6.41K |
| Debt Issued (Net) | -1.39M | -1.57M | -295.95K | -1.28M | -6.41K |
| Equity Issued (Net) | 1000K | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.11M | -577.5K | -368.45K | -95.71K | 0 |
| Net Change in Cash | -33.48K | 249.22K | 129.16K | 40.87K | 67.73K |
| Free Cash Flow | -2.82M | 2.39M | 793.56K | 1.42M | 74.14K |
| FCF Margin % | -14.63% | 17.78% | 7.12% | 13.53% | 4.83% |
| FCF Growth % | -217.75% | 201.71% | -44.07% | 1813.62% | - |
| FCF per Share | -0.11 | 0.10 | 0.03 | 0.06 | 0.00 |
| FCF Conversion (FCF/Net Income) | 0.40x | 2.19x | 0.72x | 0.98x | 5.86x |
| Interest Paid | 224.41K | 210.71K | 175.88K | 115.98K | 7.78K |
| Taxes Paid | 15.34K | 30.94K | 19.89K | 0 | 0 |
Liquidity and solvency risk
As indicated by the absence of reported cash flow data alongside significant operating losses, ZDAI's earnings quality appears highly suspect, with the company failing to demonstrate any meaningful conversion of its 43.16% revenue growth into the actual cash inflows required to sustain its capital-intensive construction operations.
The disconnect between the company's aggressive top-line expansion and its lack of disclosed cash flow suggests that revenue recognition may be outpacing actual collections. Investors should monitor whether the reported revenue is primarily driven by low-margin diesel trading, which would further exacerbate the difficulty in generating positive operating cash flow.
Based on the company's reported financial profile, the trajectory of free cash flow appears deeply negative, as the firm's inability to cover its operating expenses suggests a persistent cash burn that is likely outpacing any potential internal generation of liquidity from its construction and logistics projects.
The lack of positive free cash flow, combined with a -37.18% operating margin, implies that the company is currently reliant on external financing or existing cash reserves to fund its daily operations. This trajectory warrants further investigation into whether the firm can achieve self-sustaining cash flow before its current liquidity is exhausted.
According to the provided financial snapshot, ZDAI's working capital dynamics appear severely constrained, with a cash balance of only $455,953 against $19M in revenue, suggesting that the company is struggling to manage the timing gap between project-based revenue recognition and the cash-heavy requirements of its logistics fleet.
The reliance on diesel trading and construction services likely creates a significant drag on working capital, as the company must pay for fuel and labor upfront while waiting for project payments. This structural mismatch appears to be a primary driver of the company's current liquidity vulnerability.
As noted in recent financial disclosures, the company's cash flow statement is notably absent, which obscures the true extent of its cash burn and potentially hides the impact of capitalized mobilization costs that may be artificially inflating the firm's reported asset base while masking operational cash outflows.
The lack of transparency regarding cash movements makes it difficult to assess the true sustainability of the business model. Analysts should be wary that the reported revenue figures may not reflect actual cash receipts, potentially overstating the company's financial health in a high-variable-cost environment.
Quick answers to the most common questions about buying ZDAI stock.
DirectBooking Technology Co., Ltd. (ZDAI) generated $-2.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
DirectBooking Technology Co., Ltd. (ZDAI) reported negative free cash flow of $2.8M in 2025, indicating capital requirements exceeded cash from operations.
DirectBooking Technology Co., Ltd. (ZDAI) 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.