Persistent cash burn is evident in the 2026Q3 free cash flow deficit of $3.4 million, which is further obscured by $1.2 million in stock-based compensation that dilutes the quality of reported earnings.
| Cash from Operations | -10.29M | -8.98M | -5.21M | -4.5M | -3.3M | -1.03M | -17.72K | -234.16K | -234.16K |
| Operating CF Margin % | - | -3885.55% | -1543.34% | -4101.35% | - | -2707.33% | -7.56% | -212.88% | -212.88% |
| Operating CF Growth % | -171.04% | -72.47% | -15.85% | -36.29% | -221.27% | -5695.42% | 92.43% | - | - |
| Net Income | -18.13M | -12.15M | -7.44M | -5.86M | -5.08M | -288.21K | -248.54K | -244.92K | -244.92K |
| Depreciation & Amortization | 612.51K | 536.3K | 431.15K | 151.31K | 47.91K | 47.35K | 32.26K | 0 | 0 |
| Stock-Based Compensation | 6.24M | 3.24M | 1.48M | 1.9M | 1.79M | 1M | 0 | 15K | 15K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 453.47K | 219.72K | 13.15K | 13.57K | 291.57K | -1.42M | 218.89K | 0 | 0 |
| Working Capital Changes | 534.96K | -829.67K | 304.11K | -701K | -348.93K | -368.99K | -20.33K | -4.25K | -4.25K |
| Change in Receivables | 75.49K | 23.85K | 136.63K | -306.5K | -81.53K | -56.99K | -9.24K | -1.07K | -1.07K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -117.57K | -33.05K | 116.61K | -315.03K | 45.24K | -159K | 0 | 324 | 324 |
| Cash from Investing | -4.93M | -1.44M | -1.14M | -2.01M | -411K | -19.05K | -14.6K | -300.38K | -300.38K |
| Capital Expenditures | -5.34M | -1.44M | -1.15M | -2.01M | -411K | -19.05K | -938 | -21.63K | -21.63K |
| CapEx % of Revenue | 2207.3% | 623.09% | 340.07% | 1829.73% | - | 50.23% | 0.4% | 19.66% | 19.66% |
| Acquisitions | 0 | 0 | 10.99K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 406.53K | 0 | 6 | 0 | 0 | 0 | -13.66K | 0 | 0 |
| Cash from Financing | 46.29M | 14.57M | 5.11M | 8.44M | 2.96M | 3.86M | 28.35K | 268.53K | 268.53K |
| Debt Issued (Net) | -70.32K | -58.65K | -79.68K | -95.3K | -89.2K | 460.79K | 28.35K | 0 | 0 |
| Equity Issued (Net) | 46.48M | 14.75M | 5.35M | 8.53M | 3.05M | 2.16M | 0 | 225.6K | 225.6K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -120.55K | -120.55K | -152.4K | 0 | 0 | 1.24M | 0 | 42.93K | 42.93K |
| Net Change in Cash | 31.06M | 4.14M | -1.23M | 1.94M | -749.23K | 2.81M | 57.17K | -266.01K | -266.01K |
| Free Cash Flow | -15.63M | -10.42M | -6.36M | -6.5M | -3.71M | -1.05M | -18.66K | -255.79K | -255.79K |
| FCF Margin % | -6462.13% | -4508.64% | -1883.41% | -5931.08% | - | -2757.56% | -7.96% | -232.54% | -232.54% |
| FCF Growth % | -85.97% | -63.99% | 2.24% | -75.26% | -254.71% | -5506.16% | 92.71% | - | - |
| FCF per Share | -0.47 | -0.38 | -0.31 | -0.37 | -0.30 | -0.19 | -0.01 | -0.12 | -0.12 |
| FCF Conversion (FCF/Net Income) | 0.86x | 0.74x | 0.70x | 0.77x | 0.65x | 0.32x | 0.07x | 0.96x | 0.96x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-commercial cash runway exhaustion
According to recent financial disclosures, ADUR's operating cash flow consistently trails net income, with the OCF/NI ratio reaching 1.68 in 2026Q3, a figure heavily distorted by significant stock-based compensation that obscures the underlying reality of the company's persistent and deepening cash-burning operational profile.
The divergence between net income and operating cash flow is primarily driven by non-cash stock-based compensation, which serves as a critical mechanism to preserve liquidity. Investors should monitor this trend, as the reliance on equity-based incentives suggests that the company's core operations are not yet generating the internal cash required to sustain its R&D-heavy business model.
As reported in quarterly filings, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $3.4 million in 2026Q3, reflecting a structural inability to cover capital expenditures through internal operations while the firm continues its intensive pursuit of commercial-scale technology validation.
The consistent negative free cash flow confirms that the company is in a capital-intensive development phase where cash consumption is decoupled from revenue generation. This trajectory warrants further investigation into the company's ability to secure non-dilutive funding before the current cash balance is fully exhausted.
Based on historical data, ADUR's capital expenditure intensity is highly volatile, with CapEx/Revenue ratios fluctuating wildly from 4.6% to over 180% in recent periods, indicating that investment is tied to discrete pilot plant milestones rather than a steady-state maintenance or expansion cycle.
The erratic nature of these capital outlays suggests that the company is currently funding 'first-of-a-kind' infrastructure, which carries significant execution risk. Analysts should interpret these spikes as necessary costs for technical validation rather than indicative of long-term, predictable capital intensity.
Financial statements indicate that the cash flow statement obscures the true cost of operations by capitalizing certain development activities, while the reliance on stock-based compensation, which totaled $1.2 million in 2026Q3, effectively hides the true economic cost of talent acquisition from the cash flow bottom line.
The cash flow statement provides a sanitized view of the company's burn rate by shifting the burden of compensation to equity holders. This accounting treatment may lead to an underestimation of the true operational costs required to reach commercial viability.
Quick answers to the most common questions about buying ADUR stock.
Aduro Clean Technologies Inc. (ADUR) generated $-9.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aduro Clean Technologies Inc. (ADUR) reported negative free cash flow of $10.4M in 2025, indicating capital requirements exceeded cash from operations.
Aduro Clean Technologies Inc. (ADUR) spent $1.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.