The firm exhibits persistent liquidity pressure, having failed to generate positive free cash flow in any of the last ten quarters, with cash burn rates frequently exceeding $3 million per period.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 | Jun'95 |
|---|
| Cash from Operations | -13.53M | -12.95M | -9.72M | -7.63M | -6.79M | -7.41M | -6.93M | -8.47M | -10.78M | -8.82M | -13.32M | -10.86M | -552K | -2.9M | -4.11M | 9.23M | 4.44M | 4.97M | -8.6M | 12.31M | 3.98M | -7.15M | 5.27M | 19.78M | 8.59M | 17.12M | 1.42M | -6.3M | 31.6M | -900K | 26.8M |
| Operating CF Margin % | - | -1234.7% | -584.44% | -1016.67% | -781.59% | -2218.56% | -1420.29% | -6673.23% | -12539.53% | -378.91% | -498.84% | -2116.57% | -3.36% | -12.09% | -15.72% | 45.83% | 15.86% | 15.54% | -33.66% | 23.33% | 7.85% | -12.04% | 6.79% | 20.83% | 8.36% | 16.27% | 1.35% | -5.85% | 49.3% | -1.59% | 58.13% |
| Operating CF Growth % | -13.54% | -33.18% | -27.54% | -12.26% | 8.34% | -6.91% | 18.22% | 21.41% | -22.25% | 33.8% | -22.71% | -1867.03% | 80.98% | 29.37% | -144.5% | 108.11% | -10.76% | 157.83% | -169.85% | 208.99% | 155.7% | -235.65% | -73.34% | 130.21% | -49.82% | 1102.53% | 122.6% | -119.94% | 3611.11% | -103.36% | 22.76% |
| Net Income | -14.09M | -13.85M | -11.67M | -9.64M | -8.33M | -7.6M | -8.31M | -7.53M | -13.25M | -11.76M | -13.43M | -9.95M | -5.87M | -723K | -3.33M | -5.98M | -328K | 4.72M | -36.03M | -16.29M | -12.4M | 5.25M | 2.08M | -81.78M | -2.37M | -12.79M | -3.84M | -2.6M | 9.6M | 10.6M | 15.8M |
| Depreciation & Amortization | 1.23M | 1.16M | 874K | 489K | 236K | 203K | 533K | 268K | 765K | 731K | 572K | 320K | 2.31M | 2.12M | 2.24M | 2.31M | 2.13M | 2.21M | 2.67M | 6.36M | 6.06M | 5.53M | 5.88M | 9.38M | 13.41M | 10.57M | 8.75M | 7.5M | 5.8M | 10.2M | 8.5M |
| Stock-Based Compensation | 694K | 830K | 1.48M | 1.5M | 1.53M | 626K | 348K | 305K | 450K | 1.13M | 551K | 5.03M | 646K | 31K | 1.01M | 1.2M | 978K | 338K | 800K | 260K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 25K | 0 | 0 | 0 | -429K | 0 | 174K | 339K | 20.72M | 908K | 538K | 620K | 998K | 588K | -665K | -2.9M | 12.24M | 0 | 0 | 0 | 0 | 0 | -5.37M | -762K | 0 | 2.7M | 0 | 0 |
| Other Non-Cash Items | 651K | 299K | 13K | 15K | 13K | -369K | 0 | 31K | 1.82M | -114K | -339K | -26.07M | -908K | -538K | 255K | -998K | -588K | 171K | 30.49M | 1.81M | 6.95M | -7.99M | 10.64M | 95.86M | -326K | 3.29M | -200K | 200K | 700K | 400K | 1.3M |
| Working Capital Changes | -2.01M | -1.39M | -424K | -10K | -246K | -267K | 499K | -1.12M | -565K | 1.01M | -1.01M | -915K | 2.36M | -4.33M | -4.9M | 11.71M | 1.65M | -1.81M | -3.63M | 7.93M | 3.37M | -9.94M | -13.33M | -3.69M | -2.13M | 21.42M | -2.52M | -11.4M | 12.8M | -22.1M | 1.2M |
| Change in Receivables | 19K | -408K | 148K | -169K | -53K | 96K | -98K | 9K | 134K | 10K | 42K | -139K | 4.04M | -3.39M | 503K | 3.25M | 6.6M | -8.41M | 3.78M | 2.88M | 0 | 0 | -1.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.29M | -455K | -479K | -477K | -18K | -824K | -345K | -324K | 0 | 453K | -641K | 190K | 0 | 0 | 0 | 0 | 0 | 0 | -6.82M | 5.47M | 0 | 0 | -1.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -382K | 693K | -173K | 377K | -227K | 157K | 79K | 48K | -147K | 22K | -161K | -598K | -1.27M | -545K | 2.28M | -102K | -2.11M | 365K | -1.17M | -388K | 0 | 0 | -4.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 13.5M | 5.79M | 6.14M | -3.84M | -596K | -27.59M | 0 | 3.6M | 9.16M | 7.88M | 15.53M | 19.24M | -368K | -1.85M | -1.25M | -776K | -1.83M | -1.43M | -158K | -7.36M | -1.14M | 17.68M | 5.02M | -14.63M | -13.72M | -23.08M | -29.79M | -58.6M | -23.1M | -34.4M | -4.9M |
| Capital Expenditures | -1.21M | -833K | -579K | -1.84M | -596K | -211K | 0 | 0 | -19K | -499K | -809K | -2.27M | -368K | -1.85M | -1.25M | -776K | -1.83M | -1.43M | -158K | -577K | -2.11M | -3.43M | -2.09M | -1.46M | -18.99M | -30.64M | -30.24M | -57.2M | -23.1M | -700K | -100K |
| CapEx % of Revenue | 119.54% | 79.41% | 34.8% | 245.87% | 68.58% | 63.17% | - | - | 22.09% | 21.43% | 30.29% | 442.11% | 2.24% | 7.7% | 4.79% | 3.85% | 6.54% | 4.46% | 0.62% | 1.09% | 4.16% | 5.77% | 2.69% | 1.54% | 18.48% | 29.11% | 28.61% | 53.11% | 36.04% | 1.24% | 0.22% |
| Acquisitions | 0 | 0 | 0 | -3.14M | 0 | 0 | 0 | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.27M | 0 | 0 | 0 | -156K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8.39M | -50K | 0 | 3.14M | 0 | 0 | 0 | 3.6M | 9.18M | 8.38M | 6.1M | 53.19M | -218K | 0 | 0 | 0 | 0 | 0 | 0 | -6.78M | 970K | 14.47M | -430K | 875K | 5.28M | 7.57M | 600K | 0 | 0 | -33.7M | -4.8M |
| Cash from Financing | -108K | -185K | -181K | -776K | -2.1M | 67.58M | 8.69M | 5.91M | -7K | -1.27M | -140K | -9.89M | -345K | -332K | 544K | -1.55M | 747K | -1.46M | 1.67M | -1.54M | -3.85M | -3.71M | -11.09M | -6.54M | 7.24M | -963K | 13.97M | -6M | 70.9M | -2.6M | -16.2M |
| Debt Issued (Net) | -161K | -185K | -181K | -657K | -2.1M | -12K | 3.04M | 0 | 0 | 0 | 0 | 0 | 0 | -372K | -356K | -1.7M | -267K | -1.35M | 926K | -1.64M | -2.06M | -3.39M | -10.05M | -6.27M | 6.14M | -1.4M | 1.59M | -6.4M | 70.8M | -2.5M | -19.87M |
| Equity Issued (Net) | 0 | 0 | 0 | -119K | 0 | 67.58M | 5.65M | 5.91M | -7K | -1.29M | -156K | -2.44M | 0 | 40K | 0 | 148K | 114K | -103K | 746K | 92K | 142K | 138K | 299K | 41K | 341K | 439K | 12.38M | 300K | 200K | 0 | 3.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -119K | 0 | 0 | 0 | -1K | -7K | -1.29M | -156K | -2.44M | 0 | 0 | 0 | 0 | 0 | -120K | 0 | 0 | 0 | 0 | -6K | -111K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 53K | 0 | 0 | 0 | 0 | 12K | 0 | 7K | 0 | 18K | 16K | -5.12M | -345K | 0 | 900K | 0 | 900K | 0 | 0 | 0 | -1.94M | -456K | -1.33M | -315K | 750K | 0 | -1K | 100K | -100K | -100K | 60K |
| Net Change in Cash | -133K | -7.34M | -3.77M | -12.24M | -9.48M | 32.59M | 1.76M | 1.04M | -1.63M | -2.21M | 2.07M | -1.5M | -1.26M | -5.08M | -4.82M | 6.91M | 3.35M | 2.09M | -7.08M | 3.41M | -1.01M | 6.82M | -795K | -1.39M | 2.11M | -6.92M | -14.4M | -71M | 79.4M | -37.9M | 5.7M |
| Free Cash Flow | -14.73M | -13.79M | -10.3M | -9.47M | -7.39M | -7.62M | -6.93M | -8.47M | -10.8M | -9.32M | -14.13M | -13.13M | -920K | -4.75M | -5.36M | 8.46M | 2.61M | 3.54M | -8.76M | 11.73M | 1.87M | -10.58M | 3.18M | 18.32M | -10.4M | -13.52M | -28.81M | -63.5M | 8.5M | -1.6M | 26.7M |
| FCF Margin % | -1461.41% | -1314.11% | -619.23% | -1262.53% | -850.17% | -2281.74% | -1420.29% | -6673.23% | -12561.63% | -400.34% | -529.13% | -2558.67% | -5.6% | -19.79% | -20.51% | 41.98% | 9.32% | 11.08% | -34.28% | 22.24% | 3.69% | -17.81% | 4.1% | 19.29% | -10.12% | -12.84% | -27.26% | -58.96% | 13.26% | -2.83% | 57.92% |
| FCF Growth % | -6.82% | -33.78% | -8.82% | -28.17% | 3.06% | -9.96% | 18.22% | 21.55% | -15.91% | 34.05% | -7.67% | -1326.74% | 80.63% | 11.42% | -163.38% | 224.31% | -26.43% | 140.49% | -174.63% | 526.43% | 117.7% | -432.45% | -82.63% | 276.17% | 23.07% | 53.09% | 54.62% | -847.06% | 631.25% | -105.99% | 22.73% |
| FCF per Share | -8.79 | -8.28 | -6.29 | -5.85 | -4.65 | -10.40 | -32.77 | -51.47 | -79.81 | -68.46 | -103.98 | -99.38 | -7.08 | -36.86 | -43.36 | 71.19 | 21.40 | 31.46 | -141.92 | 1362.72 | 220.48 | -1118.60 | 337.65 | 2237.12 | -1312.80 | -1778.68 | -3834.20 | -8516.63 | 875.03 | -215.05 | 6004.05 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.94x | 0.83x | 0.79x | 0.82x | 0.97x | 0.83x | 1.12x | 0.81x | 0.76x | 1.02x | -1.01x | 0.11x | 15.69x | 1.51x | -1.85x | 17.07x | 1.05x | 0.24x | -0.76x | -0.32x | -1.36x | 2.54x | -0.24x | -3.63x | -1.34x | -0.37x | 2.42x | 3.29x | -0.06x | 1.70x |
| Interest Paid | 2K | 0 | 26K | 69K | 515K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 198K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Inability to achieve scale
As reported in recent financial statements, Astrotech's operating cash flow consistently mirrors its net losses, with an OCF/NI ratio hovering near 1.0, indicating that the company lacks any meaningful non-cash accrual benefits to bridge the gap between accounting losses and actual cash depletion.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily cash-based rather than driven by non-cash accounting charges. This lack of divergence implies that the business is consuming cash at a rate nearly identical to its reported accounting losses, leaving little room for operational efficiency improvements.
Based on the provided quarterly data, Astrotech has failed to generate positive free cash flow in any of the last ten quarters, with cash burn rates frequently exceeding $3 million per quarter as the company struggles to fund its R&D-heavy business model.
The persistent negative free cash flow trajectory highlights the company's inability to reach a self-sustaining scale. Investors should monitor the cash burn rate closely, as the lack of a positive FCF trend suggests that the current business model remains fundamentally dependent on external capital injections.
According to historical cash flow filings, Astrotech exhibits erratic working capital movements, including a significant $1.1 million outflow in 2026Q1, which suggests that the company's inventory and receivables management is highly sensitive to the timing of its sporadic, project-based hardware deliveries.
The unpredictable nature of working capital changes indicates that the company lacks a stable operating cycle. This volatility may imply that the company is struggling to manage its supply chain or collect payments efficiently, further complicating its already strained liquidity position.
Analysis of the cash flow statement reveals that stock-based compensation, which peaked at $473,000 in 2024Q2, serves as a critical non-cash expense that obscures the true magnitude of the company's operational cash burn by reducing the immediate need for cash-based payroll expenditures.
While stock-based compensation provides a temporary buffer for cash reserves, it represents a significant dilution risk for shareholders that is not captured in the operating cash flow figures. Investors should consider that the actual cost of operations is higher than the cash flow statement suggests when accounting for this equity-based dilution.
Quick answers to the most common questions about buying ASTC stock.
Astrotech Corporation (ASTC) generated $-13.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Astrotech Corporation (ASTC) reported negative free cash flow of $13.8M in 2025, indicating capital requirements exceeded cash from operations.
Astrotech Corporation (ASTC) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.