The firm continues to burn cash, evidenced by a negative $7.4 million free cash flow in 2024Q2 and an OCF/NI ratio that has fluctuated as low as 0.06 in recent periods.
| Cash from Operations | -28.5M | -40.43M | -82.69M | -174.51M | -51.98M | -355.15K |
| Operating CF Margin % | - | -88.77% | -173.43% | -660.81% | -1420.14% | - |
| Operating CF Growth % | 135.63% | 51.11% | 52.61% | -235.74% | -14535.35% | - |
| Net Income | -296.86M | -298.76M | -195.59M | -773.55M | -75.4M | 197.47K |
| Depreciation & Amortization | 15.95M | 30.47M | 25.47M | 9.11M | 1.88M | 0 |
| Stock-Based Compensation | 2.32M | 6.03M | 5.67M | 481.76M | 13.34M | 0 |
| Deferred Taxes | 42K | -16.8M | -480K | 0 | 0 | 0 |
| Other Non-Cash Items | 261.24M | 148.49M | 26.39M | 108.8M | 12.78M | -535.86K |
| Working Capital Changes | -10.27M | 90.13M | 55.86M | -629K | -4.58M | -16.76K |
| Change in Receivables | 2.28M | -260K | 2.23M | -156K | -2.15M | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 7.25M | 28.68M | 34.33M | 0 | 0 | 0 |
| Cash from Investing | -1.6M | -3.56M | -12.05M | -43.62M | -7.04M | -46M |
| Capital Expenditures | 61K | -29K | -120K | -195K | -548K | 0 |
| CapEx % of Revenue | 0.16% | 0.06% | 0.25% | 0.74% | 14.97% | - |
| Acquisitions | 0 | 0 | -8.02M | -33.63M | 187K | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.67M | -3.54M | -3.92M | -9.79M | -6.68M | 0 |
| Cash from Financing | 27.03M | 42.26M | 61.9M | 235.08M | 74.07M | 47.28M |
| Debt Issued (Net) | 13.83M | 41.73M | 63.23M | 10.06M | 1.57M | 0 |
| Equity Issued (Net) | 3M | 1000K | 1000K | -1000K | 0 | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -13M | 0 | 0 |
| Other Financing | -163.31K | -10.66M | -26.43M | 238.02M | 72.5M | 470.68K |
| Net Change in Cash | -3M | -1.91M | -32.8M | 17.19M | 19.36M | 0 |
| Free Cash Flow | -28.93M | -44M | -86.73M | -174.7M | -52.52M | -355.15K |
| FCF Margin % | -75.97% | -96.6% | -181.89% | -661.55% | -1435.11% | - |
| FCF Growth % | 46.31% | 49.27% | 50.36% | -232.61% | -14689.53% | - |
| FCF per Share | -0.37 | -0.67 | -1.55 | -3.69 | -0.88 | -0.09 |
| FCF Conversion (FCF/Net Income) | 0.10x | 0.14x | 0.43x | 0.23x | 0.69x | -1.80x |
| Interest Paid | 370K | 185K | 3.43M | 0 | 0 | 0 |
| Taxes Paid | 7K | 95K | 144K | 0 | 0 | 0 |
Imminent liquidity and dilution
According to quarterly financial data, the company consistently reports net losses that far exceed operating cash outflows, with the OCF/NI ratio fluctuating between 0.06 and 0.83, suggesting that accounting accruals and non-cash charges are masking the severity of the underlying cash burn in recent periods.
The wide variance between net income and operating cash flow indicates that the company's reported losses are heavily influenced by non-cash items, yet the persistent negative cash flow remains the primary concern. Investors should monitor whether this gap represents genuine operational inefficiency or merely the accounting treatment of complex content-related liabilities.
As reported in historical filings, the company has failed to generate positive free cash flow in any of the last ten quarters, with FCF margins reaching as low as -171.0% in 2022Q3, underscoring a structural inability to fund operations through internal revenue generation alone.
The consistent negative FCF trajectory suggests that the business model is currently incapable of self-sustainment without external capital injections. This trend warrants further investigation into whether the recent merger with AGBA will provide the necessary scale to reverse this multi-year cash drain.
Based on reported figures, working capital changes have been highly erratic, swinging from a $70.9 million outflow in 2024Q1 to a $63.3 million inflow in 2023Q4, which suggests significant instability in the timing of cash collections and the settlement of content-related payables.
Such extreme volatility in working capital often indicates a lack of predictable cash conversion cycles, potentially driven by the project-based nature of live event production. This instability complicates liquidity forecasting and may force the company to rely on dilutive financing to bridge short-term cash gaps.
Analysis of the cash flow statement reveals that stock-based compensation and capitalized costs frequently obscure the true cash cost of operations, as evidenced by the $1.2 million in SBC reported in 2024Q1 despite the company's ongoing struggle to maintain a positive cash position.
The reliance on equity-based compensation may temporarily preserve cash but ultimately dilutes existing shareholders while failing to address the core issue of negative operating margins. Analysts should remain cautious of how these non-cash adjustments are used to present a more favorable liquidity profile than the balance sheet supports.
Quick answers to the most common questions about buying ILLRW stock.
Triller Group Inc. (ILLRW) generated $-40.4M in net cash from operating activities in 2023. This reflects the cash generated directly from core business operations.
Triller Group Inc. (ILLRW) reported negative free cash flow of $44.0M in 2023, indicating capital requirements exceeded cash from operations.
Triller Group Inc. (ILLRW) spent $0.0M on capital expenditures in 2023. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.