Free cash flow remains deeply negative, with a $1.0 billion deficit in 2026Q1 and a historical reliance on stock-based compensation, such as the $47.2 million issued in 2025Q3, to mask operational cash burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | -4.22B | -8.74B | -13.86M | -24.24M | -21.01M | -20.47M | -14.29M | -11.25M | -9.82M | -9.1M | -7.45M | -6.75M | -6.56M | -4.46M | -3.72M | -4.95M | -4.64M | -4.49M | -6.28M | -6.72M | -5.5M | -1.93M |
| Operating CF Margin % | - | - | - | - | -669.66% | -1742.57% | -11192.61% | -6023.81% | -11615% | -17081.68% | - | - | - | - | - | - | - | - | -11043.75% | -2390.71% | -855.97% | -247.79% |
| Operating CF Growth % | -76978.21% | -62943.14% | 42.8% | -15.37% | -2.61% | -43.27% | -27.03% | -14.59% | -7.87% | -22.18% | -10.38% | -2.86% | -47.18% | -19.98% | 24.91% | -6.59% | -3.35% | 28.48% | 6.54% | -22.15% | -185.52% | - |
| Net Income | -1.22B | -18.49B | -149.19M | -27.56M | -22.16M | -22.32M | -16.4M | -13.23M | -10.38M | -9.26M | -8.47M | -7.03M | -7.13M | -4.69M | -4.41M | -5.42M | -5.32M | -4.92M | -7.06M | -7.88M | -7.92M | -5.14M |
| Depreciation & Amortization | 0 | 0 | 904.14M | 2.16M | 2.02M | 1.79M | 1.49M | 1.29M | 843.39K | 184.95K | 154K | 105.95K | 140.74K | 147.1K | 225.42K | 0 | 0 | 0 | 0 | 0 | 243.45K | 201.28K |
| Stock-Based Compensation | 68.92M | 70.62M | 299.42M | 542.26K | 535.12K | 394.24K | 436.69K | 872.18K | 263.4K | 122.13K | 218.29K | 237.82K | 272.94K | 142.14K | 324.31K | 250.21K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -1.82K | 0 | -13.23K | 0 | -2.86K | 0 | 0 | -329.12K | 5.78K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.28B | 9.68B | -1.07B | 16.6K | 22.98K | 17.39K | 46.16K | 240.78K | -1.36K | -941 | 395.83K | -1.91K | -13.13K | 142.14K | -326 | 281.29K | 422.74K | 845.64K | 800.55K | 1.19M | 3.22M | 2.16M |
| Working Capital Changes | -1.58M | -2.38M | 4.26M | 604.56K | -1.43M | -348.86K | 135.54K | -419.97K | -526.89K | -148.27K | 256.51K | -58.65K | 152.79K | 129.15K | 143.98K | -63.72K | 253.64K | -413.93K | -17.5K | -34.13K | -1.05M | 854.99K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | -230.71M | -492.42M | 65K | 966.93M | -624.41M | -121.64K | -21.2K | 48.05K | -57.26K | 90.91K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 1.72M | 546.85K | -1.03M | 267.83K | -282.26K | -1.15M | 93.96K | -169.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -172.18M | -2.17M | 614.56K | -50.6K | -1.91K | 230.71M | 492.42M | 609.31K | -966.93M | 625.76M | 340.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 3.38B | 7.13B | 7.56M | -68.89M | 34.35M | -107.54M | -3.24M | -2.46M | -4.08M | -19.05M | -1.07M | -104.48K | -152.25K | -141.75K | -122.05K | 3.45M | 692.04K | 3.26M | 5.22M | 5.16M | -18.26M | -99.78K |
| Capital Expenditures | 0 | 0 | -2.93M | -68.89M | -67.48M | -5.71M | -4.32M | -2.48M | -4.1M | -19.05M | -1.1M | -104.48K | -152.25K | -141.75K | -122.05K | -82.37K | -117.43K | -169.78K | -118.11K | -349.34K | -325.91K | -94.62K |
| CapEx % of Revenue | - | - | - | - | 2151.01% | 486.35% | 3387.81% | 1326.72% | 4856.64% | 35750.08% | - | - | - | - | - | - | - | - | 207.7% | 124.29% | 50.71% | 12.17% |
| Acquisitions | 2.47M | 0 | 0 | 0 | 0 | -86.49M | 99.82K | 0 | 23.23K | 941 | 23.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.38B | 7.13B | 10.49M | -3.26K | 12.5K | -11.01K | 986.75K | 15.85K | 23.23K | 941 | 23.84K | -30.37K | -35.34K | -6 | 6 | 0 | 809.47K | 3.43M | -42.29K | -62.24K | -58.9K | -5.16K |
| Cash from Financing | 362.25M | 1.87B | -2.66M | -308.47K | -162.4K | 121.18M | 111M | 13.48M | 16.45M | 25.24M | 10.54M | 3.04M | 10.02M | 6.13M | 2.55M | 551.71K | 5.33M | -74.38K | -88.95K | -86.33K | 28.82M | 2.11M |
| Debt Issued (Net) | 2.1M | 1.87M | -2.66M | -308.47K | -163.94K | 334.35K | 4.15M | 814.97K | 716.24K | 221K | 10.54M | 44K | 268.49K | 396.87K | 810.08K | 547.24K | -61.48K | -74.38K | -88.95K | -96.37K | -496.37K | 2.92M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 119.12M | 104.63M | 12.4M | 10.62M | 24.99M | 0 | 3M | 9.74M | 5.73M | 1.74M | 0 | 4.86M | 0 | 0 | 10.04K | 33.29M | 129.02K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 360.15M | 1.87B | 0 | 0 | 1.54K | 1.72M | 2.23M | 272.42K | 5.12M | 27.5K | 0 | 0 | 12.3K | 4K | 0 | 3.87K | 535.89K | 769 | -400 | -1K | -3.98M | -937.56K |
| Net Change in Cash | -475.96M | 270.93M | -8.97M | -93.43M | 13.18M | -6.8M | 93.45M | -203.81K | 2.5M | -2.83M | 2.01M | -3.85M | 3.29M | 1.53M | -1.28M | -948K | 1.38M | -1.3M | -1.15M | -1.65M | 5.05M | 80.85K |
| Free Cash Flow | -4.22B | -8.74B | -16.79M | -93.13M | -88.48M | -26.19M | -18.61M | -13.73M | -13.92M | -28.15M | -8.55M | -6.85M | -6.71M | -4.6M | -3.84M | -5.03M | -4.76M | -4.66M | -6.4M | -7.07M | -5.83M | -2.02M |
| FCF Margin % | - | - | - | - | -2820.67% | -2228.92% | -14580.42% | -7350.53% | -16471.64% | -52831.76% | - | - | - | - | - | - | - | - | -11251.44% | -2515% | -906.68% | -259.96% |
| FCF Growth % | -77.96% | -51943.81% | 81.97% | -5.25% | -237.9% | -40.68% | -35.61% | 1.4% | 50.54% | -229.37% | -24.71% | -2.08% | -45.96% | -19.85% | 23.72% | -5.69% | -2.11% | 27.15% | 9.49% | -21.31% | -188.28% | - |
| FCF per Share | -925.19 | -2255.98 | -4.35 | -24.23 | -24.90 | -7.54 | -10.24 | -13.67 | -21.37 | -64.17 | -32.23 | -27.21 | -28.69 | -22.88 | -24.31 | -17.34 | -16.41 | -16.07 | -22.05 | -24.37 | -20.08 | -4.86 |
| FCF Conversion (FCF/Net Income) | 3.46x | 472.66x | 0.09x | 0.88x | 0.95x | 0.92x | 0.87x | 0.85x | 0.95x | 0.98x | 0.88x | 0.96x | 0.92x | 0.95x | 0.84x | 1.83x | 0.87x | 0.93x | 0.94x | 0.98x | 0.68x | 0.26x |
| Interest Paid | 0 | 0 | 0 | 289.14K | 274.56K | 0 | 0 | 62.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent Liquidity Exhaustion
As reported in recent financial statements, the extreme divergence between net income and operating cash flow, highlighted by the 2025Q3 OCF/NI ratio of 1195.95, indicates that traditional earnings metrics are entirely decoupled from the company's actual cash-burning operational reality and provide no utility for valuation.
The massive volatility in the OCF/NI ratio suggests that non-cash adjustments and accounting distortions are obscuring the underlying cash drain. Investors should interpret these figures as evidence that the company's reported net income is not a reliable proxy for its ability to generate sustainable cash flow.
Based on the provided quarterly data, AquaBounty has consistently reported negative free cash flow, with the 2026Q1 deficit reaching $1.0 billion, confirming that the firm remains in a state of perpetual cash consumption without any clear path toward achieving positive cash flow margins.
The persistent inability to generate positive free cash flow suggests that the business model is currently incapable of self-funding its operations. This trajectory warrants significant concern regarding the company's long-term viability without continuous external capital injections.
According to historical data, the company has utilized significant stock-based compensation, reaching $47.2 million in 2025Q3, which effectively masks the true extent of the cash burn by shifting compensation costs away from the cash flow statement and onto the equity base of shareholders.
This reliance on non-cash compensation appears to be a mechanism to preserve dwindling cash reserves while simultaneously diluting existing equity holders. Analysts should monitor whether this practice continues as the company's liquidity position reaches critical levels.
As evidenced by the lack of dividends or share repurchases in the provided data, the company has been unable to return capital to shareholders, instead focusing all available resources on attempting to sustain operations through a period of severe and deepening financial distress.
The absence of capital deployment activities suggests that management is entirely preoccupied with survival rather than strategic investment or shareholder returns. The recent divestiture of production assets appears to be a reactive measure to address the lack of liquidity rather than a proactive capital allocation strategy.
Quick answers to the most common questions about buying AQB stock.
AquaBounty Technologies, Inc. (AQB) generated $-8739.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
AquaBounty Technologies, Inc. (AQB) reported negative free cash flow of $8.74B in 2025, indicating capital requirements exceeded cash from operations.
AquaBounty Technologies, Inc. (AQB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.