Free cash flow remains consistently negative, with a quarterly burn rate that reached $4.1M in 2024Q4, reflecting the high cost of maintaining regulatory readiness.
| Cash from Operations | -11.59M | -8.11M | -7.26M | -7.85M | -4.91M |
| Operating CF Margin % | - | - | - | - | - |
| Operating CF Growth % | -181.46% | -11.62% | 7.51% | -60.05% | - |
| Net Income | -13.69M | -11.45M | 13.18M | -8.86M | -9.86M |
| Depreciation & Amortization | 3.95K | 3.88K | 3.82K | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 2.38M | 2.58M | 1.78M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.77M | 998.14K | -22.14M | -1.21M | 4.3M |
| Working Capital Changes | 326.54K | 2.34M | -686.86K | -365.85K | -1.12M |
| Change in Receivables | -24.32K | -6.2K | -34.39K | 10.55K | -6.51K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 751.05K | 1.7M | 530.09K | -269.93K | -497.86K |
| Cash from Investing | -2.13M | -938.38K | -4.64M | -1.61M | -3.24M |
| Capital Expenditures | -704.77K | -136.63K | -5.89M | -1.61M | -50K |
| CapEx % of Revenue | - | - | - | - | - |
| Acquisitions | 0 | 0 | -112.74K | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -1.43M | -801.74K | 1.36M | 0 | -3.19M |
| Cash from Financing | 24.18M | 7.78M | 10.2M | 8.93M | 11.21M |
| Debt Issued (Net) | 7.79M | 5.73M | 3.7M | 0 | -24.92K |
| Equity Issued (Net) | 15M | 0 | 6.5M | 20.11M | 3.93M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.4M | 2.05M | 0 | -11.18M | 7.31M |
| Net Change in Cash | 10.46M | -1.26M | -1.71M | -531.63K | 3.06M |
| Free Cash Flow | -12.3M | -8.24M | -13.16M | -9.46M | -4.96M |
| FCF Margin % | - | - | - | - | - |
| FCF Growth % | - | 37.34% | -39.1% | -90.82% | - |
| FCF per Share | -60.19 | -0.61 | -1.23 | -1.37 | -1.49 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.71x | -0.55x | 0.89x | 0.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Pre-revenue liquidity dependency
According to recent quarterly filings, Anfield Energy exhibits a consistent disconnect between net losses and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 0.67 in 2025Q2, which underscores the company's reliance on external financing to cover ongoing regulatory and maintenance-related cash outflows.
The lack of a stable relationship between net income and operating cash flow is typical for a pre-revenue entity where accounting losses are driven by non-cash items and overhead rather than operational scale. Investors should note that the OCF/NI ratio provides little insight into earnings quality, as the company lacks the commercial revenue necessary to generate meaningful cash conversion.
As reported in financial statements, the company's free cash flow remains consistently negative, with a quarterly burn rate that reached $4.1M in 2024Q4, highlighting the substantial capital requirements needed to maintain the Shootaring Canyon Mill in a state of regulatory readiness without any offsetting commercial revenue.
The persistent negative free cash flow trajectory suggests that the company's liquidity position is under constant pressure from fixed care and maintenance costs. This trend reinforces the necessity of the recently announced merger, as standalone operations appear unable to bridge the gap between current cash reserves and the capital-intensive commissioning phase.
Based on reported figures, working capital changes have been erratic, including a $1.2M inflow in 2024Q2 followed by a $629.5K outflow in 2025Q1, which suggests that these fluctuations are likely driven by timing differences in corporate payables rather than any underlying operational efficiency or inventory management.
In the absence of commercial production, working capital movements are essentially noise that reflects the management of accounts payable related to regulatory compliance and administrative overhead. Analysts should monitor these shifts primarily as indicators of the company's immediate liquidity management rather than as signals of operational health.
As evidenced by the financial data, the cash flow statement is heavily influenced by the costs of maintaining the Shootaring Canyon Mill's radioactive materials license, which effectively masks the true economic cost of keeping the facility in a state of regulatory compliance until a potential restart occurs.
The cash flow statement obscures the fact that these maintenance expenditures are mandatory, not discretionary, creating a 'floor' for the company's cash burn. This structural reality makes the company highly sensitive to any regulatory changes that could increase the required environmental bonding or site security costs.
Quick answers to the most common questions about buying AEC stock.
Anfield Energy Inc. Common Shares (AEC) generated $-8.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Anfield Energy Inc. Common Shares (AEC) reported negative free cash flow of $8.2M in 2024, indicating capital requirements exceeded cash from operations.
Anfield Energy Inc. Common Shares (AEC) 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.