Free cash flow remains highly volatile, swinging from a positive $9.8M in 2025Q4 to a negative $3.1M in 2026Q1, highlighting significant challenges in achieving consistent operational self-funding.
| Cash from Operations | -1.75M | -17.52M | -1.93M | -4.81M | -13.53M | -5.79M | -247.04K | 6.07K |
| Operating CF Margin % | - | -890.68% | -645.96% | -263.34% | -473.02% | -340.54% | -113.81% | - |
| Operating CF Growth % | -39.03% | -806.96% | 59.83% | 64.45% | -133.65% | -2243.71% | -4173.24% | - |
| Net Income | -58.71M | -55.17M | -2.52M | -10.62M | -15.2M | -9.97M | -1.29M | -432.12K |
| Depreciation & Amortization | 4.4M | 3.35M | 0 | 0 | 3.99K | 472 | 317 | 9 |
| Stock-Based Compensation | 1.85M | 2.61M | 6.25K | 1.71M | 4.05M | 5.74M | 3K | 7K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 53.52M | 34.77M | 158.87K | 1.88M | 0 | 0 | 0 | 0 |
| Working Capital Changes | -2.83M | -3.08M | 422.03K | 2.22M | -2.38M | -1.56M | 1.04M | 431.18K |
| Change in Receivables | 69.22K | -11.31K | 114.84K | 892.12K | -218.41K | -797.87K | -85.67K | 0 |
| Change in Inventory | 32.32K | 43.3K | 125.38K | 1.51M | -3.54M | 5.51K | -136.97K | -27.6K |
| Change in Payables | 893.56K | -131.21K | 632.63K | -79.87K | 172.49K | 347.85K | 4.89K | 63.97K |
| Cash from Investing | -526.34K | -692.77K | -3.5M | -500K | 0 | -250 | -4.31K | -225 |
| Capital Expenditures | -141.88K | -158.51K | 0 | 0 | 0 | -250 | -4.31K | -225 |
| CapEx % of Revenue | 5.97% | 8.06% | - | - | - | 0.01% | 1.99% | - |
| Acquisitions | -26.94K | 593.69K | 0 | -500K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -357.51K | -1.13M | -3.5M | 500K | 0 | 0 | 0 | 0 |
| Cash from Financing | 20.17M | 20.93M | 5.25M | 3.57M | -455.36K | 21.85M | 250K | 0 |
| Debt Issued (Net) | 509.02K | 2.44M | 500K | 0 | -387.07K | 387.07K | 0 | 0 |
| Equity Issued (Net) | 19.27M | 18.6M | 4.75M | 3.57M | 0 | 21.46M | 250K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 384.11K | -105.97K | 0 | 0 | -68.29K | 0 | 0 | 0 |
| Net Change in Cash | 2.91M | 2.72M | -180.69K | -1.74M | -13.98M | 16.06M | -1.35K | 5.84K |
| Free Cash Flow | -1.75M | -17.68M | -1.93M | -4.81M | -13.53M | -5.79M | -251.35K | 5.84K |
| FCF Margin % | -73.77% | -898.74% | -645.96% | -263.34% | -473.02% | -340.56% | -115.79% | - |
| FCF Growth % | 40.82% | -815.17% | 59.83% | 64.45% | -133.64% | -2203.59% | -4404.02% | - |
| FCF per Share | -0.26 | -2.61 | -0.12 | -0.31 | -1.00 | -0.44 | -0.02 | 0.01 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.32x | 0.77x | 0.45x | 0.89x | 0.58x | 0.19x | -0.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable Cash Burn Rate
As reported in recent financial filings, AMZE exhibits a persistent disconnect between net losses and operating cash flow, with the 2025Q4 period showing a $42.9M net loss contrasted against a $9.8M positive operating cash flow, suggesting significant reliance on non-cash adjustments or working capital timing.
The wide variance between net income and operating cash flow indicates that the company's reported earnings are not currently reflective of its underlying cash generation capabilities. Investors should monitor whether these cash flow spikes are sustainable or merely artifacts of aggressive working capital management that may reverse in subsequent quarters.
Based on the company's historical cash flow statements, free cash flow trajectory remains highly erratic, swinging from a positive $9.8M in 2025Q4 to a negative $3.1M in 2026Q1, which underscores the extreme difficulty in achieving a stable, self-funding operational profile at the current scale.
The inability to maintain positive free cash flow suggests that the business model is currently structured to prioritize growth over liquidity. This volatility warrants further investigation into whether the company can achieve a sustainable cash-positive state without continuous external capital injections.
According to quarterly data, working capital changes have been a primary driver of cash flow variance, notably shifting from a $3.4M outflow in 2025Q4 to a $809.4K inflow in 2026Q1, indicating that operational cash flow is highly sensitive to timing differences in payables and receivables.
These fluctuations suggest that the company may be managing its cash position by stretching payables or accelerating collections to offset operational losses. Such tactics are often temporary and may indicate underlying pressure on the company's liquidity position as it attempts to scale.
As indicated by the provided financial data, AMZE maintains a low capital expenditure profile, with 2026Q1 capex representing 30.2% of revenue, which appears consistent with an asset-light model that relies on third-party facilities rather than heavy investment in proprietary production infrastructure.
While the low capital intensity is a positive for cash preservation, it also suggests that the company lacks control over its production environment. Investors should monitor whether this reliance on third-party providers could lead to margin compression or supply chain bottlenecks as the company attempts to scale.
Quick answers to the most common questions about buying AMZE stock.
Amaze Holdings, Inc. (AMZE) generated $-17.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Amaze Holdings, Inc. (AMZE) reported negative free cash flow of $17.7M in 2025, indicating capital requirements exceeded cash from operations.
Amaze Holdings, Inc. (AMZE) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.