Blue Star Foods Corp. (BSFC) Cash Flow Statement
Where BSFC’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$674,561
- Capital expenditures
- $9,914 0.3% of revenue
- Free cash flow
- −$684,475 −23.7% margin
- Returned to shareholders
- —
- Change in cash
- −$312,418 cash at year-end $14,436
Cash from operations
−$674,561
Capital expenditures
−$9,914
Net borrowing (repayment)
+$423,384
Shares issued
+$19,950
Currency & other
−$71,277
Change in cash
−$312,418
Drawn to scale: where the cash came from and how it was used. Hover for values.
BSFC operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
BSFC cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.1M2016 | −$674,5612025 | — | |
| Capital expenditures | $17,5542016 | $9,9142025 | −6.2%/yr | |
| Free cash flow | $4.1M2016 | −$684,4752025 | — | |
| Free cash flow margin | 10.9%2016 | −23.7%2025 | −34.6 pts | |
| Stock-based compensation | $2.1M2018 | $3,7562025 | −59.5%/yr | |
| Dividends paid | $113,0402020 | $28,2602021 | −75.0%/yr | |
| Share buybacks (net) | $02020 | $02024 | — | |
| Capex / revenue | 0.0%2016 | 0.3%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BSFC cash flow by activity
OperatingInvestingFinancingChange in cash
BSFC net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BSFC cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$3.6M | −$12.5M | −$4.5M | −$13.2M | −$2.6M | −$4.4M | −$5.0M | −$2.3M | $393,872 | −$892,061 |
| Depreciation & amortization | $26,988 | $5,866 | $4,521 | $546,885 | $349,498 | $371,562 | $236,253 | $71,334 | $68,891 | $68,845 |
| Stock-based compensation | $3,756 | $2,986 | $69,125 | $187,385 | $530,506 | $139,380 | $2.3M | $2.1M | — | — |
| Change in working capital | $1.8M | $907,174 | $942,301 | $157,518 | −$3.8M | $6.3M | $3.6M | $4.0M | −$2.7M | $4.0M |
| Other non-cash items | $1.1M | $5.4M | −$74,997 | $8.7M | $717,109 | $2.2M | $525,738 | −$232,725 | −$880,407 | $970,891 |
| Cash from operating activities | −$674,561 | −$6.2M | −$3.5M | −$3.6M | −$4.8M | $4.6M | $1.6M | $3.6M | −$3.1M | $4.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$9,914 | −$101,736 | −$159,609 | −$296,793 | −$296,793 | −$55,540 | −$9,038 | −$26,681 | −$33,491 | −$17,554 |
| Investments (net) | — | −$101,736 | −$278,489 | −$695,275 | −$773,410 | $343,237 | −$269,705 | −$26,681 | — | — |
| Acquisitions & other investing | — | — | — | $296,793 | $296,793 | $55,540 | $9,038 | $26,681 | $0 | $0 |
| Cash from investing activities | — | — | — | −$695,275 | −$773,410 | $343,237 | −$269,705 | −$26,681 | −$33,491 | −$17,554 |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | −$28,260 | −$113,040 | — | — | — | — |
| Share repurchases & issuance (net) | — | $0 | −$76,323 | $0 | — | $10,000 | — | — | — | — |
| Net borrowing (repayment) | $423,384 | $256,246 | −$2.7M | $2.9M | −$998,760 | −$5.2M | −$1.5M | −$3.9M | $3.0M | −$3.6M |
| Shares issued | $19,950 | $6.2M | $1.9M | $1.9M | $6.6M | $10,000 | $22,000 | $725,000 | $0 | $0 |
| Other financing | $0 | $0 | $4.6M | −$1.7M | $911,060 | $447,802 | −$25,000 | −$70,000 | −$115,000 | −$502,617 |
| Cash from financing activities | $443,334 | $6.4M | $3.7M | $3.1M | $6.5M | −$4.8M | −$1.5M | −$3.3M | $2.9M | −$4.1M |
| Summary | ||||||||||
| Net change in cash | −$312,418 | $302,691 | $14,901 | −$1.1M | $817,826 | $141,877 | −$151,416 | $288,351 | $3,894 | $26,140 |
| Cash at end of period | $14,436 | $326,854 | $24,163 | $9,262 | $1.2M | $337,687 | $195,810 | $347,226 | $58,875 | $54,981 |
| Free cash flow | −$684,475 | −$6.3M | −$3.7M | −$3.9M | −$4.8M | $4.5M | $1.6M | $3.6M | −$3.1M | $4.1M |
| Free cash flow margin | −23.7% | −175.2% | −60.3% | −30.7% | −48.5% | 32.0% | 6.6% | 11.2% | −8.4% | 10.9% |
| Capex / revenue | 0.3% | 2.8% | 2.6% | 2.3% | 3.0% | 0.4% | 0.0% | 0.1% | 0.1% | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | −7.81 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$65,125 | −$735,313 | −$1.2M | −$480,965 | −$651,818 | −$1.2M | −$8.2M | −$1.3M | −$1.8M | −$1.1M | −$622,662 | −$445,813 |
| Depreciation & amortization | $6,385 | $6,386 | $7,401 | $6,269 | $6,932 | $6,386 | $1,655 | $1,535 | $1,377 | $1,299 | −$28,570 | $2,754 |
| Stock-based compensation | $3,012 | $3,012 | $3,090 | $3,146 | $3,147 | −$5,627 | $4,303 | −$17,694 | −$14,423 | $8,800 | $14,407 | $17,588 |
| Change in working capital | $229,280 | $427,415 | −$404,614 | $815,751 | $721,191 | $670,775 | $3.1M | $1.2M | −$1.3M | $165,045 | $812,944 | −$330,972 |
| Other non-cash items | −$220,827 | $249,830 | $1.3M | −$528,033 | $124,853 | $135,846 | $3.2M | −$1.5M | $1.2M | $238,023 | −$594,655 | −$782,466 |
| Cash from operating activities | −$47,275 | −$48,670 | −$302,484 | −$183,832 | $204,305 | −$392,550 | −$1.9M | −$1.6M | −$2.0M | −$679,928 | −$418,536 | −$1.5M |
| Investing activities | ||||||||||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 | −$9,914 | −$7,584 | −$36,355 | −$34,651 | −$23,146 | −$27,058 | −$117,200 |
| Investments (net) | — | — | — | $0 | $0 | −$9,914 | −$7,584 | −$36,355 | −$34,651 | −$23,146 | −$27,058 | −$117,200 |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$2.9M |
| Share repurchases & issuance (net) | — | — | — | — | — | — | $0 | $0 | $0 | −$71,584 | $0 | −$209,602 |
| Net borrowing (repayment) | −$15,137 | $70,455 | $240,341 | $193,831 | −$71,005 | $60,217 | −$171,134 | −$61,903 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $19,950 | $2.2M | $1.8M | $1.7M | $446,360 | $0 | $0 |
| Other financing | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $313,017 | $247,850 | $8,982 | $5.2M |
| Cash from financing activities | −$15,137 | $70,455 | $240,341 | $193,831 | −$71,005 | $80,167 | $2.1M | $1.7M | $2.0M | $622,626 | $8,982 | $2.1M |
| Summary | ||||||||||||
| Net change in cash | −$5,829 | $2,512 | −$68,334 | $36,794 | $22,927 | −$303,805 | $254,157 | −$413 | $50,812 | −$1,865 | −$464,670 | $481,741 |
| Cash at end of period | $11,119 | $16,948 | $14,436 | $82,770 | $45,976 | $23,049 | $326,854 | $72,697 | $73,110 | $22,298 | $24,163 | $488,833 |
| Free cash flow | −$47,275 | −$48,670 | −$302,484 | −$183,832 | $204,305 | −$402,464 | −$1.9M | −$1.7M | −$2.0M | −$703,074 | −$445,594 | −$1.7M |
| Free cash flow margin | −8.9% | −19.4% | −102.2% | −39.8% | 17.4% | −41.9% | — | −190.3% | −112.2% | −31.1% | −44.2% | −106.0% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% | — | 4.1% | 2.0% | 1.0% | 2.7% | 7.5% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BSFC cash generation
In fiscal 2025 (ended December 31, 2025), Blue Star Foods generated -$0.7 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$0.7 million, −23.7% of revenue. Cash and equivalents fell by $0.3 million over the year.
Related: BSFC income statement, BSFC balance sheet. See the BSFC stock overview for the latest quote and news.
BSFC cash flow FAQ
What is Blue Star Foods's free cash flow?
Blue Star Foods's free cash flow was -$0.7 million in fiscal 2025: -$0.7 million of operating cash flow minus $0.0 million of capital expenditures It was -$6.3 million a year earlier..
How much cash does Blue Star Foods generate from operations?
Blue Star Foods generated -$0.7 million of cash from operating activities in fiscal 2025.
How much does Blue Star Foods spend on capital expenditures?
Blue Star Foods spent $0.0 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $0.1 million the year before.