Mainz Biomed exhibits a persistent free cash flow deficit, recording a $9.1 million outflow in 2024Q4, which highlights a structural inability to fund operations through internal revenue generation.
| Cash from Operations | -17.09M | -21.94M | -14.77M | -3.22M | -468.74K | -416.5K |
| Operating CF Margin % | -1911.65% | -2449.96% | -2787.36% | -557.78% | -94.97% | -148.01% |
| Operating CF Growth % | 22.1% | -48.54% | -358.64% | -587.02% | -12.54% | - |
| Net Income | -21.65M | -26.3M | -26.39M | -11.69M | -586.89K | -957.05K |
| Depreciation & Amortization | 1.02M | 866.41K | 379.8K | 69.93K | 60.46K | 53.04K |
| Stock-Based Compensation | 1.14M | 4.01M | 9.82M | 6.43M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 2.36M | -450.53K | 1.85M | 2.11M | 107 | 64.48K |
| Working Capital Changes | 51.75K | -64.63K | -437.4K | -138.62K | 57.59K | 423.04K |
| Change in Receivables | 64.28K | 15.54K | -211.23K | 24.21K | -99.15K | 339.62K |
| Change in Inventory | 29.81K | -500.19K | -172.38K | -670.73M | -160.48K | 0 |
| Change in Payables | 84.61K | 720.24K | 0 | 670.73M | 160.48K | 0 |
| Cash from Investing | -198.82K | -1.9M | -658.48K | 1.2M | -9.69K | 0 |
| Capital Expenditures | -104.95K | -1.2M | -658.48K | -16.7K | -9.69K | 0 |
| CapEx % of Revenue | 11.74% | 133.88% | 124.27% | 2.89% | 1.96% | - |
| Acquisitions | 32.78K | 0 | 0 | 1.22M | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -126.65K | -700K | 0 | 0 | 0 | 0 |
| Cash from Financing | 16.6M | 14.23M | 23.94M | 10.61M | 396.68K | 424K |
| Debt Issued (Net) | 2.83M | 7.83M | -197.94K | 185.37K | -2.13K | 424K |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -107.03K | 0 | 398.81K | 0 |
| Net Change in Cash | -835.25K | -10.07M | 8.41M | 8.6M | -81.02K | -25.94K |
| Free Cash Flow | -17.34M | -23.84M | -15.43M | -3.24M | -478.42K | -416.5K |
| FCF Margin % | -1940.17% | -2662% | -2911.63% | -560.67% | -96.93% | -148.01% |
| FCF Growth % | 27.24% | -54.51% | -376.61% | -576.61% | -14.87% | - |
| FCF per Share | -17.91 | -1.47 | -1.09 | -0.45 | -0.09 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.79x | 0.83x | 0.56x | 0.28x | 0.80x | 0.44x |
| Interest Paid | 198.06K | 0 | 125.54K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
According to historical cash flow statements, Mainz Biomed exhibits a persistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 0.84 in 2024Q4, which suggests that non-cash expenses and working capital movements are masking the true severity of the underlying cash burn.
The reliance on stock-based compensation to manage liquidity, as seen in the $1.0 million charge in 2024Q2, indicates that reported net income is a poor proxy for the company's actual cash-generating capacity. Investors should monitor the OCF/NI ratio closely, as the current volatility suggests that the company's accrual-based losses are not fully capturing the ongoing depletion of liquid assets.
As reported in financial statements, Mainz Biomed's free cash flow trajectory remains deeply negative, with the company recording a $9.1 million outflow in 2024Q4, highlighting a structural inability to fund its clinical and commercial operations through internal revenue generation at this stage of the business lifecycle.
The consistent FCF margin, which reached -24.3% in the most recent quarter, underscores the company's dependence on external financing to sustain its R&D-heavy business model. This trajectory suggests that without a significant inflection in test volume or a reduction in clinical trial expenditures, the company will likely continue to face substantial liquidity pressure.
Based on reported figures, Mainz Biomed maintains a relatively low capital intensity, with CapEx/Revenue ratios that have historically been volatile but generally reflect a business model that avoids heavy investment in centralized laboratory infrastructure, as evidenced by the 4.2% ratio observed in 2024Q4.
The low capital expenditure requirements are consistent with the company's decentralized laboratory strategy, which shifts the burden of infrastructure investment onto local partners. However, this lack of capital intensity does not translate into cash flow stability, as the massive operating expenses continue to overwhelm the modest capital requirements of the business.
As indicated by quarterly cash flow data, working capital changes have been highly erratic, swinging from a $394,000 source of cash in 2024Q2 to a $342,200 use of cash in 2024Q4, which suggests potential challenges in managing inventory levels and the timing of laboratory partner collections.
The inconsistency in working capital movements may imply that the company is struggling to align its kit production with actual laboratory demand, leading to periodic inventory build-ups or collection delays. Investors should monitor these fluctuations as they may indicate underlying friction in the decentralized distribution model that could further strain the company's limited cash reserves.
Based on an analysis of the cash flow statement, the company's reliance on stock-based compensation, which peaked at $6.4 million in 2021Q4, serves as a critical non-cash adjustment that obscures the true extent of the cash burn required to retain talent and fund operations.
While SBC is a standard tool for early-stage firms, the magnitude of these adjustments relative to the company's total cash position warrants further investigation into the long-term dilution impact on shareholders. This practice effectively shifts the cost of operations from the cash flow statement to the equity base, potentially masking the true economic cost of the company's current growth strategy.
Quick answers to the most common questions about buying MYNZ stock.
Mainz Biomed B.V. (MYNZ) generated $-17.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Mainz Biomed B.V. (MYNZ) reported negative free cash flow of $17.3M in 2024, indicating capital requirements exceeded cash from operations.
Mainz Biomed B.V. (MYNZ) spent $0.1M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.