Mastech Digital, Inc. (MHH)
Mastech Digital, Inc., along with its subsidiaries, is a prominent provider of digital transformation and IT solutions. It serves a diverse clientele of businesses, from small enterprises to large corporations, throughout the United States. The company's operations are distinctly divided into two primary divisions: Data and Analytics Services, and IT Staffing Services. Within its Data and Analytics arm, Mastech Digital offers project-based consulting, specializing in critical areas such as master data management, enterprise data integration, big data analytics, and broader digital transformation initiatives. These services leverage both on-site and offshore expert resources. Complementing this, its IT Staffing division provides a comprehensive suite of technology talent acquisition services. These span various domains including cloud computing, mobility, social technologies, automation, business intelligence/data warehousing, web services, enterprise resource planning (ERP), customer relationship management (CRM), and e-business solutions. Furthermore, the company extends its digital transformation offerings to include digital learning services and cloud-native enterprise applications designed to optimize sales, marketing, and customer service operations. Mastech Digital's expertise benefits a wide array of industry sectors, notably financial services, government, healthcare, manufacturing, retail, technology, telecommunications, and transportation. Originally established as Mastech Holdings, Inc., the company officially rebranded as Mastech Digital, Inc. in September 2016. Founded in 1986, Mastech Digital maintains its headquarters in Pittsburgh, Pennsylvania.
Sector: Services-Management Consulting Services
Industry: Staffing & Employment Services
Mastech Digital, Inc.
NYSE:MHHIndustrials · Staffing & Employment Services
+1.57%$6.46
Mkt Cap$77.6M
Float3.67M
O/S12.01M
Inst Own19.6%
SI0.9%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$191.37M
Net Income$609K
Total Assets$111.84M
Free Cash Flow$10.76M
Debt & Equity
Debt 4%
Equity 96%
Total Debt$3.56M
Total Equity$89.31M
Shares Outstanding
Short Interest
Split History2 splits
- 2:1Forward splitAug 27, 20181 share → 2
- 1.3:1Forward splitDec 2, 20131 share → 1.3
Balance Sheet Details
Assets$111.84M
Liabilities$22.53M
Accounts Receivable$26.4M
Accounts Payable$3.45M
Inventory$0
PP&E (Net)$2.53M
Goodwill$27.21M
Intangible Assets$7.75M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
| Revenue | $191.37M | $198.94M | $201.1M | $242.24M | $222.01M | $194.1M | $193.57M | $177.16M | $147.88M | $132.01M | $123.47M | $113.52M | $106.9M | $101.84M | $89.36M | $71.79M | $71.06M | $96.65M | $104.69M | $111.42M |
| YoY Growth | -3.8% | -1.1% | -17.0% | 9.1% | 14.4% | 0.3% | 9.3% | 19.8% | 12.0% | 6.9% | 8.8% | 6.2% | 5.0% | 14.0% | 24.5% | 1.0% | -26.5% | -7.7% | -6.0% | - |
| Cost of Revenue | $138.31M | $143.35M | $150.06M | $179.06M | $162.57M | $142.56M | $145.59M | $134.64M | $116.25M | $105.71M | $99.67M | $92.74M | $86.78M | $82.63M | $71.82M | $57.72M | $57.63M | $78.33M | $82.62M | $86.06M |
| Gross Profit | $53.06M | $55.6M | $51.04M | $63.18M | $59.44M | $51.54M | $47.98M | $42.53M | $31.63M | $26.3M | $23.8M | $20.79M | $20.12M | $19.21M | $17.54M | $14.07M | $13.43M | $18.32M | $22.07M | $25.35M |
| Gross Margin | 27.7% | 27.9% | 25.4% | 26.1% | 26.8% | 26.6% | 24.8% | 24.0% | 21.4% | 19.9% | 19.3% | 18.3% | 18.8% | 18.9% | 19.6% | 19.6% | 18.9% | 19.0% | 21.1% | 22.8% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $53.05M | $23.1M | $23.7M | $20.8M | $18.5M | $22.68M | $22.36M | $30.9M | $27.55M | $21.79M | $19.12M | $15.2M | $14.8M | $13.46M | $15.68M | $13.01M | $11.11M | $14.16M | $16.02M | $17.82M |
| Other | $0 | $28.71M | $36.61M | $30.18M | $23.33M | $15.46M | $8.63M | $0 | $0 | $0 | $0 | -$32K | -$77K | $36K | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Operating Expenses | $53.05M | $51.81M | $60.31M | $50.98M | $41.83M | $38.14M | $30.99M | $30.9M | $27.55M | $21.79M | $19.12M | $15.25M | $14.81M | $15.69M | $15.68M | $13.01M | $11.11M | $14.16M | $16.02M | $17.82M |
| Operating Income (EBIT) | $1K | $3.79M | -$9.28M | $12.2M | $17.61M | $13.4M | $16.99M | $11.63M | $4.08M | $4.51M | $4.68M | $5.54M | $5.3M | $3.52M | $1.86M | $1.06M | $2.32M | $4.16M | $6.06M | $7.53M |
| Operating Margin | 0.0% | 1.9% | -4.6% | 5.0% | 7.9% | 6.9% | 8.8% | 6.6% | 2.8% | 3.4% | 3.8% | 4.9% | 5.0% | 3.5% | 2.1% | 1.5% | 3.3% | 4.3% | 5.8% | 6.8% |
| Interest Expense | $0 | $0 | $0 | $358K | $675K | $987K | $1.81M | $0 | $0 | $0 | $0 | $84K | $93K | $68K | $38K | $22K | $20K | $0 | $0 | $11K |
| Interest Income | $844K | $606K | $319K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3K | $72K | $0 | $82K |
| Other Income (Expense) | $1.06M | $633K | $244K | $292K | -$724K | -$770K | -$1.77M | -$2.21M | -$1.13M | -$487K | -$257K | -$32K | -$77K | -$32K | -$427K | -$26K | -$49K | -$2K | $82K | $72K |
| Income Before Tax (EBT) | $1.06M | $4.42M | -$9.03M | $12.49M | $16.89M | $12.63M | $15.22M | $9.41M | $2.95M | $4.02M | $4.42M | $5.51M | $5.22M | $3.48M | $1.79M | $1.04M | $2.27M | $4.16M | $6.14M | $7.6M |
| Income Tax Expense | $453K | $1.02M | -$1.89M | $3.78M | $4.67M | $2.77M | $4.07M | $2.72M | $1.32M | $1.5M | $1.67M | $2.08M | $1.96M | $1.34M | $679K | $375K | $875K | $638K | $701K | $662K |
| Net Income | $609K | $3.4M | -$7.14M | $8.71M | $12.22M | $9.86M | $11.14M | $6.69M | $1.63M | $2.52M | $2.75M | $3.42M | $3.81M | $2.14M | $1.11M | $663K | $1.4M | $3.52M | $5.44M | $6.94M |
| Net Income Margin | 0.3% | 1.7% | -3.5% | 3.6% | 5.5% | 5.1% | 5.8% | 3.8% | 1.1% | 1.9% | 2.2% | 3.0% | 3.6% | 2.1% | 1.2% | 0.9% | 2.0% | 3.6% | 5.2% | 6.2% |
| Supplementary Data | ||||||||||||||||||||
| EPS | 0.05 | 0.29 | -0.61 | 0.75 | 1.07 | 0.87 | 1.01 | 0.61 | 0.17 | 0.28 | 0.32 | 0.40 | 0.46 | 0.27 | 0.12 | 0.07 | 0.16 | 0.39 | 0.60 | 0.77 |
| Diluted EPS | 0.05 | 0.28 | -0.61 | 0.72 | 1.02 | 0.83 | 0.99 | 0.60 | 0.17 | 0.28 | 0.31 | 0.39 | 0.44 | 0.26 | 0.12 | 0.07 | 0.15 | 0.39 | 0.60 | 0.77 |
| Weighted Average OS | 11.75M | 11.67M | 11.61M | 11.59M | 11.44M | 11.29M | 11.03M | 10.95M | 9.92M | 8.79M | 8.68M | 8.64M | 8.39M | 8.15M | 9.13M | 9.18M | 9.02M | 9.02M | 9.00M | 9.02M |
| EBITDA | $4.39M | $9.39M | -$5.18M | $17.79M | $18.85M | $17.64M | $14.24M | $13.35M | $6.02M | $5.52M | $5.34M | $5.68M | $5.46M | $3.72M | $2.01M | $1.24M | $2.54M | $4.48M | $6.38M | $7.86M |
| EBITDA Margin | 2.3% | 4.7% | -2.6% | 7.3% | 8.5% | 9.1% | 7.4% | 7.5% | 4.1% | 4.2% | 4.3% | 5.0% | 5.1% | 3.7% | 2.3% | 1.7% | 3.6% | 4.6% | 6.1% | 7.1% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
| Assets | ||||||||||||||||||||
| Current Assets | ||||||||||||||||||||
| Cash and Cash Equivalents | $36.53M | $27.74M | $21.15M | $7.06M | $6.62M | $7.68M | $2.98M | $1.29M | $2.48M | $829K | $848K | $2.57M | $424K | $659K | $5.75M | $6.33M | $7.11M | $4.36M | $1.52M | $5.38M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $36.53M | $27.74M | $21.15M | $7.06M | $6.62M | $7.68M | $2.98M | $1.29M | $2.48M | $829K | $848K | $2.57M | $424K | $659K | $5.75M | $6.33M | $7.11M | $4.36M | $1.52M | $5.38M |
| Accounts Receivable | $26.4M | $31.44M | $29.82M | $42.32M | $43.39M | $32.13M | $32.35M | $38.08M | $30.66M | $21.1M | $19.19M | $15.23M | $15.01M | $13.79M | $11.93M | $9.72M | $7.23M | $9.24M | $11.44M | $13.35M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $208K | -$9K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $609K | $463K | $1.17M |
| Other Current Assets | $5.65M | $7.02M | $5.5M | $3.79M | $0 | $0 | $0 | $1.32M | $1.53M | $52K | $804K | $1.05M | $143K | $941K | $1.22M | $1.57M | $713K | $253K | $309K | $866K |
| Total Current Assets | $68.58M | $66.2M | $56.46M | $53.17M | $53.91M | $41.16M | $36.93M | $40.9M | $34.67M | $22.96M | $20.84M | $18.84M | $16.4M | $15.39M | $18.9M | $17.63M | $15.06M | $14.23M | $13.45M | $19.91M |
| Long-Term Assets | ||||||||||||||||||||
| Property, Plant & Equipment Net | $2.53M | $5.83M | $7.02M | $6.55M | $7.93M | $5.26M | $7.09M | $2.21M | $1.9M | $558K | $656K | $701K | $174K | $249K | $273K | $185K | $160K | $235K | $425K | $619K |
| Goodwill | $27.21M | $27.21M | $27.21M | $32.51M | $32.51M | $32.51M | $26.11M | $26.11M | $35.84M | $8.43M | $8.43M | $0 | $0 | $405K | $405K | $405K | $0 | $0 | $0 | $0 |
| Intangible Assets | $7.75M | $10.31M | $13M | $15.77M | $18.76M | $21.93M | $20.05M | $22.74M | $25.46M | $7.31M | $8.13M | $0 | $0 | $24K | $53K | $93K | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | -$1.02M | $0 | $0 | -$280K | $0 | $0 | $0 | $0 | $0 | $5K | $5K | $41K | $0 | $0 |
| Deferred Tax Assets | $2.58M | $1.3M | $793K | $920K | $0 | $796K | $1.02M | $89K | $468K | $280K | $92K | $188K | $248K | $91K | $80K | $82K | $87K | $191K | $327K | $134K |
| Other Long-Term Assets | $3.18M | $633K | $741K | -$49K | $961K | $396K | $405K | $540K | $255K | $229K | $334K | $315K | $229K | $260K | $74K | $0 | $0 | $214K | $62K | $0 |
| Total Long-Term Assets | $43.26M | $45.28M | $48.76M | $55.7M | $60.16M | $60.89M | $53.65M | $51.68M | $63.93M | $16.53M | $17.64M | $1.2M | $651K | $1.03M | $885K | $770K | $252K | $467K | $814K | $753K |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $111.84M | $111.48M | $105.23M | $108.88M | $114.07M | $102.05M | $90.58M | $92.58M | $98.6M | $39.49M | $38.48M | $20.04M | $17.05M | $16.42M | $19.79M | $18.4M | $15.31M | $14.7M | $14.27M | $20.66M |
| Liabilities | ||||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||
| Accounts Payable | $3.45M | $4.68M | $4.66M | $4.47M | $4.95M | $2.59M | $4.03M | $4.13M | $5.03M | $1.96M | $2.21M | $1.51M | $2.03M | $1.98M | $2.31M | $2.69M | $1.65M | $2.45M | $2.87M | $2.44M |
| Short-Term Debt | $1.28M | $0 | $0 | $1.1M | $4.4M | $4.4M | $5.97M | $4.58M | $4M | $1.8M | $1.8M | $0 | $12K | $2.61M | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Income Tax Payable | $0 | $0 | $0 | $105K | $0 | $165K | $185K | $204K | $68K | $52K | $1.01M | $0 | $0 | $0 | $0 | $0 | $0 | $145K | $0 | $0 |
| Current Unearned Revenue | $0 | $329K | $684K | $207K | $544K | $478K | $237K | $258K | $2.11M | $849K | $1.96M | $650K | $351K | $173K | $106K | $141K | $5K | $51K | $41K | $30K |
| Other Current Liabilities | $16.33M | $0 | $0 | $0 | $0 | $1.05M | -$442K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Current Liabilities | $21.06M | $20.58M | $19.87M | $19.56M | $26.84M | $21.97M | $19.09M | $17.91M | $20.11M | $12.26M | $11.94M | $7.18M | $7.59M | $9.53M | $6.74M | $6.05M | $4.06M | $5.29M | $6.43M | $9.03M |
| Long-Term Liabilities | ||||||||||||||||||||
| Long-Term Debt | $1.14M | $0 | $0 | $0 | $8.7M | $12.88M | $20.68M | $34.13M | $34.15M | $8.08M | $10.74M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | -$2.22M | $0 | -$741K | -$481K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $920K | $265K | $2.22M | $1.02M | $741K | $481K | $26K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | -$808K | $987K | $69K | $105K | $125K | $5.34M | $185K | $6.27M | $17.19M | $59K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Long-Term Liabilities | $1.47M | $3.47M | $3.91M | $3.32M | $12.8M | $20.54M | $25.21M | $40.4M | $51.34M | $8.16M | $10.74M | $1.63M | $2.08M | $4.77M | $2.42M | $2.84M | $1.66M | $2.5M | $2.91M | $2.47M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$1.63M | -$2.08M | -$4.77M | -$2.42M | -$2.84M | -$1.66M | -$2.5M | -$2.91M | -$2.47M |
| Total Liabilities | $22.53M | $24.05M | $23.78M | $22.88M | $39.64M | $42.51M | $44.3M | $58.31M | $71.45M | $20.42M | $22.67M | $7.18M | $7.59M | $9.53M | $6.74M | $6.05M | $4.06M | $5.29M | $6.43M | $9.03M |
| Stockholders' Equity | ||||||||||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $137K | $135K | $133K | $133K | $131K | $130K | $127K | $126K | $63K | $53K | $52K | $51K | $50K | $39K | $37K | $37K | $36K | $36K | $0 | $180K |
| Retained Earnings | $56.43M | $55.82M | $52.41M | $59.55M | $50.84M | $38.62M | $28.76M | $17.61M | $10.92M | $9.3M | $6.78M | $4.02M | $601K | -$1.08M | $3.46M | $2.35M | $1.69M | $289K | $7.66M | $11.45M |
| Comprehensive Income & Other | -$2.64M | -$1.91M | -$1.64M | -$1.55M | -$607K | -$539K | -$358K | -$119K | $17K | -$7K | -$19K | -$25K | $16K | $8K | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Stockholders' Equity | $32.74M | $31.48M | $28.9M | $26.32M | $23.46M | $20.78M | $17.39M | $16.54M | $16.17M | $9.72M | $8.97M | $8.79M | $8.81M | $7.93M | $9.55M | $9.96M | $9.53M | $9.08M | $180K | $0 |
| Total Equity | $89.31M | $87.43M | $81.44M | $86M | $74.43M | $59.53M | $46.28M | $34.28M | $27.15M | $19.07M | $15.8M | $12.87M | $9.46M | $6.89M | $13.05M | $12.35M | $11.25M | $9.4M | $7.84M | $11.63M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $111.84M | $111.48M | $105.23M | $108.88M | $114.07M | $102.05M | $90.58M | $92.58M | $98.6M | $39.49M | $38.48M | $20.04M | $17.05M | $16.42M | $19.79M | $18.4M | $15.31M | $14.7M | $14.27M | $20.66M |
| Supplementary Data | ||||||||||||||||||||
| Total Debt | $3.56M | $3.75M | $5.08M | $4.9M | $18.29M | $20.68M | $31.37M | $38.7M | $38.15M | $9.94M | $12.54M | $0 | $12K | $2.61M | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Debt | -$32.97M | -$23.99M | -$16.07M | -$2.16M | $11.66M | $13M | $28.39M | $37.41M | $35.67M | $9.11M | $11.69M | -$2.57M | -$412K | $1.95M | -$5.75M | -$6.33M | -$7.11M | -$4.36M | -$1.52M | -$5.38M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 | FY 2011 | FY 2010 | FY 2009 | FY 2008 | FY 2007 | FY 2006 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 | 2011-12-31 | 2010-12-31 | 2009-12-31 | 2008-12-31 | 2007-12-31 | 2006-12-31 |
| Operating Activities | ||||||||||||||||||||
| Net Income | $609K | $3.4M | -$7.14M | $8.71M | $12.22M | $9.86M | $11.14M | $6.69M | $1.63M | $2.52M | $2.75M | $3.42M | $3.81M | $2.14M | $1.11M | $663K | $1.4M | $3.52M | $5.44M | $6.94M |
| Depreciation & Amortization | $3.32M | $3.5M | $3.85M | $4.2M | $3.98M | $3.59M | $3.43M | $3.18M | $1.94M | $1.02M | $660K | $143K | $153K | $203K | $181K | $180K | $223K | $314K | $320K | $251K |
| Deferred Income Tax | -$1.29M | -$578K | -$1.75M | $635K | $1.02M | -$1.82M | $1.3M | $307K | -$166K | $55K | -$1K | $59K | -$131K | $102K | $2K | $140K | $104K | $136K | -$193K | -$152K |
| Stock-Based Compensation | $3.12M | $2.2M | $3.08M | $2.23M | $2.21M | $0 | $936K | $470K | $381K | $408K | $262K | $330K | $532K | $242K | $228K | $287K | $279K | $66K | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||||||||
| Accounts Receivable | $5.01M | -$1.41M | $12.54M | $1.02M | -$11.39M | $2.13M | $5.65M | -$7.43M | -$3.32M | -$1.99M | -$4.02M | $66K | -$2.92M | -$1.78M | -$2.08M | -$1.67M | $1.91M | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | -$5.65M | -$1.42M | $854K | $0 | $2.4M | -$333K | $901K | $0 | $484K | $0 | -$460K | $0 | $0 | $0 |
| Accounts Payable | -$1.22M | $39K | $186K | -$479K | $2.37M | -$1.61M | -$100K | -$901K | $1.69M | -$250K | $699K | -$495K | $176K | -$325K | -$386K | $982K | -$801K | -$419K | $0 | $0 |
| Other Working Capital | $3.55M | -$894K | -$213K | -$3.44M | -$2.71M | $6.78M | $5.15M | -$172K | $234K | -$1.57M | $191K | $72K | -$121K | -$1.49M | $943K | -$145K | -$59K | $1.08M | $0 | $0 |
| Total Working Capital Change | $7.35M | -$2.27M | $12.51M | -$2.9M | -$11.73M | $7.29M | $5.05M | -$9.92M | -$549K | -$1.82M | -$732K | -$690K | -$1.96M | -$1.81M | -$1.04M | -$836K | $588K | $665K | $0 | $1.53M |
| Other Non-Cash Items | -$1.98M | $935K | $5.42M | -$256K | -$2.49M | $2.31M | -$5.79M | -$1.2M | $123K | $113K | $85K | -$12K | $811K | $125K | -$108K | -$80K | $121K | $304K | $0 | $62K |
| Net Cash from Operating | $11.13M | $7.19M | $15.98M | $12.62M | $5.22M | $21.23M | $16.08M | -$471K | $3.36M | $2.29M | $3.03M | $3.25M | $3.21M | $997K | $378K | $354K | $2.71M | $5.01M | $5.57M | $8.63M |
| Investing Activities | ||||||||||||||||||||
| Capital Expenditures | -$376K | -$941K | -$335K | -$835K | -$1.9M | -$298K | -$1.01M | -$771K | -$1.13M | -$105K | -$168K | -$679K | -$100K | -$150K | -$231K | -$134K | -$148K | -$124K | -$126K | -$303K |
| Acquisitions | $0 | $0 | $0 | $0 | $0 | -$9.35M | $0 | $0 | -$34.8M | $0 | -$16.99M | $0 | $0 | $0 | $0 | -$1.15M | $0 | $0 | $0 | $0 |
| Purchases of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$16K | $0 | $0 | $0 | $0 | -$25K | $0 | $0 |
| Sales of Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | -$110K | $0 | $119K | $17K | -$189K | $9K | $135K | -$285K | -$8K | $67K | $31K | -$54K | $1.03M | -$4K | -$200 | -$1K | $15K | -$200 | -$62K | $0 |
| Net Cash from Investing | -$486K | -$941K | -$216K | -$818K | -$2.08M | -$9.63M | -$879K | -$1.06M | -$35.93M | -$38K | -$17.12M | -$733K | $910K | -$154K | -$231K | -$1.28M | -$133K | -$149K | -$188K | -$303K |
| Financing Activities | ||||||||||||||||||||
| Debt Repaid | - | - | $1.1M | $12M | $4.4M | $8.27M | $13.55M | -$523K | -$28.61M | $2.6M | -$12.54M | - | $2.6M | - | - | - | - | - | - | - |
| Common Stock Issuance | $1.12M | $223K | $204K | $263K | $301K | $1.55M | $168K | $0 | $6M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock Repurchases | -$2.25M | -$80K | -$618K | $0 | $0 | $0 | -$13K | -$20K | -$20K | -$13K | -$206K | -$784K | -$16K | -$2.55M | -$616K | $0 | $0 | $0 | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | -$2.12M | -$6.68M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | $0 | $511K | -$64K | $1.32M | $6K | $0 | $7K | $47K | -$365K | $342K | $45K | $420K | $381K | $682K | -$110K | $146K | $173K | -$2.02M | -$9.23M | -$7.4M |
| Net Cash from Financing | -$1.13M | $654K | -$1.58M | -$10.41M | -$4.09M | -$6.71M | -$13.39M | $550K | $34.23M | -$2.27M | $12.38M | -$376K | -$4.36M | -$5.94M | -$726K | $146K | $173K | -$2.02M | -$9.23M | -$7.4M |
| Forex Effect | -$732K | -$310K | -$94K | -$948K | -$94K | -$187K | -$129K | -$207K | $10K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $8.79M | $6.59M | $14.09M | $435K | -$1.05M | $4.7M | $1.69M | -$1.18M | $1.65M | -$19K | -$1.72M | $2.14M | -$235K | -$5.1M | -$579K | -$779K | $2.75M | $2.84M | -$3.85M | $926K |
| Supplementary Data | ||||||||||||||||||||
| Operating Cash Flow | $11.13M | $7.19M | $15.98M | $12.62M | $5.22M | $21.23M | $16.08M | -$471K | $3.36M | $2.29M | $3.03M | $3.25M | $3.21M | $997K | $378K | $354K | $2.71M | $5.01M | $5.57M | $8.63M |
| Capital Expenditure | -$376K | -$941K | -$335K | -$835K | -$1.9M | -$298K | -$1.01M | -$771K | -$1.13M | -$105K | -$168K | -$679K | -$100K | -$150K | -$231K | -$134K | -$148K | -$124K | -$126K | -$303K |
| Free Cash Flow | $10.76M | $6.25M | $15.64M | $11.78M | $3.32M | $20.93M | $15.07M | -$1.24M | $2.23M | $2.19M | $2.86M | $2.57M | $3.11M | $847K | $147K | $220K | $2.56M | $4.88M | $5.44M | $8.33M |
| Cash at Beginning | $27.74M | $21.15M | $7.06M | $6.62M | $7.68M | $2.98M | $1.29M | $2.48M | $829K | $848K | $2.57M | $424K | $659K | $5.75M | $6.33M | $7.11M | $4.36M | $1.52M | $5.38M | $4.45M |
| Cash at End | $36.53M | $27.74M | $21.15M | $7.06M | $6.62M | $7.68M | $2.98M | $1.29M | $2.48M | $829K | $848K | $2.57M | $424K | $659K | $5.75M | $6.33M | $7.11M | $4.36M | $1.52M | $5.38M |