Logo

AFCG

Advanced Flower Capital Inc.

AFCG

Advanced Flower Capital Inc. • NASDAQ
$2.92 ▲ 0.34% (+0.01)
Market Cap $65.98 M
52w High $9.93
52w Low $2.52
Dividend Yield 0.86%
P/E -2.75
Volume 94.03K
Outstanding Shares 22.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $-841.83K ▲ $2.232M ▼ $-12.491M ▲ 1.484K% ▲ $-0.57 ▲ $-11.734M ▼
Q2-2025 $-9.648M ▼ $2.372M ▼ $-13.165M ▼ 136.446% ▲ $-0.6 ▼ $0 ▼
Q1-2025 $5.957M ▲ $5.957M ▲ $4.068M ▲ 68.278% ▲ $0.18 ▲ $5.995M ▲
Q4-2024 $2.326M ▼ $3.549M ▲ $-991.534K ▼ -42.621% ▼ $-0.045 ▼ $0 ▼
Q3-2024 $8.701M $1.275M $1.384M 15.903% $0.067 $3.177M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $45.12M ▲ $288.717M ▼ $119.378M ▲ $169.339M ▼
Q2-2025 $3.41M ▲ $290.59M ▼ $105.859M ▼ $184.731M ▼
Q1-2025 $3.318M ▼ $321.655M ▼ $120.855M ▼ $200.8M ▼
Q4-2024 $103.61M ▼ $402.057M ▲ $200.681M ▲ $201.376M ▼
Q3-2024 $122.164M $366.618M $160.557M $206.061M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.491M ▲ $6.115M ▲ $27.395M ▲ $8.201M ▲ $41.71M ▲ $6.115M ▲
Q2-2025 $-13.165M ▼ $1.76M ▼ $15.53M ▲ $-17.198M ▲ $91.762K ▲ $1.76M ▼
Q1-2025 $4.068M ▲ $3.921M ▲ $-19.078M ▲ $-85.136M ▼ $-100.292M ▼ $3.921M ▲
Q4-2024 $-991.534K ▼ $2.222M ▼ $-56.936M ▼ $36.16M ▲ $-18.553M ▲ $2.222M ▼
Q3-2024 $1.384M $2.644M $-6.99M $-43.788M $-48.134M $2.644M

Five-Year Company Overview

Income Statement

Income Statement The company has stayed profitable over the past several years, with revenue and earnings growing quickly at first and then flattening and slipping more recently. Profit margins look healthy for a specialty lender, but the latest year shows earnings down from their earlier peak, which suggests pressure either from lower loan yields, higher credit costs, or a smaller earning asset base. Overall, the income statement reflects a still-profitable but maturing niche lender that is no longer in its early rapid growth phase and is now managing through a tougher environment for cannabis borrowers.

Balance Sheet

Balance Sheet The balance sheet shows a relatively small but established lender with a meaningful loan portfolio, a solid equity base, and a noticeable but not extreme amount of debt. Cash levels are comfortable for the size of the business, though they eased a bit in the latest year, while debt crept up and equity stepped down. That pattern points to some increase in leverage and potential valuation hits or distributions that reduced book value. Financially, AFCG looks reasonably capitalized but with rising balance-sheet risk that will need careful monitoring as the loan book evolves and as it pivots structure over time.

Cash Flow

Cash Flow Operating cash flow has been consistently positive but modest, reflecting a steady stream of interest income without heavy spending needs. Free cash flow essentially mirrors operating cash flow because the business requires almost no traditional capital expenditures—its main “investment” is the loan portfolio itself. This lean cash profile is typical for a finance company, but it also means that any deterioration in loan performance or repayment behavior would show up quickly in cash generation, so stability of borrowers is critical.

Competitive Edge

Competitive Edge AFCG operates in a narrow and underserved niche: providing institutional-style financing to cannabis companies that still struggle to access traditional bank capital. Its edge comes from specialized underwriting, deep knowledge of state-by-state rules, and a track record in structuring secured loans backed by real assets and licenses. Being an early and visible player gives it strong relationships and brand recognition in this segment. The flip side is concentration in a highly regulated, volatile industry where borrower quality can change quickly, and where new lenders or regulatory shifts could alter the competitive landscape.

Innovation and R&D

Innovation and R&D Innovation here is financial rather than technological. AFCG’s main “R&D” lies in how it structures loans, uses data-driven underwriting, and designs tailored financing packages for complex cannabis businesses. The planned shift from a REIT model toward a Business Development Company framework is a major strategic innovation: it would broaden the types of companies and instruments it can invest in, including potential equity stakes and non–real-estate-backed loans, and possibly even non-cannabis borrowers. This transition offers room for product innovation and diversification but also adds complexity and execution risk as the company learns to balance a wider mix of exposures.

Summary

Overall, AFCG looks like a specialized, still-profitable lender built around a clear niche in cannabis financing, now entering a more mature and more complex phase. The income statement shows that the easy early growth has faded, even as profitability remains intact. The balance sheet and cash flows are typical of a small credit-focused platform—lean, cash-generative, but increasingly sensitive to credit quality and leverage decisions. Its moat rests on expertise, relationships, and regulatory know-how rather than scale. The planned move toward a broader BDC-style model is the key swing factor: it could strengthen the franchise by diversifying risk and opportunity, or it could stretch the firm beyond its core strengths if not executed carefully. Uncertainty around cannabis regulation and borrower health remains a central risk to watch across all these dimensions.

NEWS

November 12, 2025 · 7:32 AM UTC

Advanced Flower Capital Inc. Announces Financial Results for the Third Quarter 2025

Read more

November 6, 2025 · 4:05 PM UTC

Advanced Flower Capital Shareholders Approve Conversion to Business Development Company

Read more

October 28, 2025 · 8:00 AM UTC

Advanced Flower Capital Schedules Earnings Release and Conference Call for the Third Quarter Ended September 30, 2025

Read more

September 16, 2025 · 5:15 PM UTC

Advanced Flower Capital Advances Planned Conversion to BDC to Deliver Long-Term Growth and Value Creation

Read more

September 15, 2025 · 8:00 AM UTC

Advanced Flower Capital Announces Dividend for the Third Quarter 2025

Read more