Capital intensity remains elevated, evidenced by a 2025Q1 CapEx-to-revenue ratio of 126.2% and a persistent negative free cash flow trajectory that reached $15.9M in 2024Q2.
| 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 |
|---|
| Cash from Operations | -28.39M | -22.17M | -18.78M | -5.96M | -3.16M | -1.91M | -996.78K | -791.07K | -511.31K | -734.29K | -647.41K | -965.92K | -246.41K | -851.29K | -111.1K | -2.85K |
| Operating CF Margin % | - | -23966.32% | -2815.77% | - | - | -18710.94% | -4251.39% | -5139.17% | -2593.39% | -1697.67% | -4859.31% | -1518.5% | -50.07% | -107.52% | - | - |
| Operating CF Growth % | -307.08% | -18% | -215.04% | -88.51% | -65.22% | -92.07% | -26% | -54.71% | 30.37% | -13.42% | 32.98% | -292% | 71.05% | -666.23% | -3801.02% | - |
| Net Income | -32.65M | -31.9M | -44.41M | -41.99M | -6.06M | -2.77M | -1.55M | -2.09M | -1.85M | -1.89M | -1.74M | -1.88M | -3.44M | -2.22M | -174.46K | -18.85K |
| Depreciation & Amortization | 78.44K | 119.12K | 198.62K | 24.92K | 14.66K | 37.33K | 47.77K | 63.46K | 75.35K | 90.04K | 87K | 56.33K | 216 | 433 | 0 | 0 |
| Stock-Based Compensation | 4.43M | 9.26M | 25.31M | 15.51M | 2.48M | 0 | 168.01K | 175.42K | 379.32K | 454.11K | 367.57K | 159.01K | 574.28K | 1.21M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 84.86K | 0 | 0 | 23.26K | -462.86K | 1.43M | 20.14K | 0 | 0 |
| Other Non-Cash Items | -1.19B | 1.2M | 1.52M | -1.96K | 531.47K | 914.71K | 110.36K | 606.18K | 557.93K | 395.06K | 274.94K | 744.24K | 7.91K | -213.5K | -2.75K | 16K |
| Working Capital Changes | -1.83M | -837.78K | -1.39M | 20.49M | -123K | -94.18K | 223.12K | 364.89K | 324.77K | 217.4K | 339.46K | 415.63K | 1.18M | 350.12K | 66.11K | 0 |
| Change in Receivables | 303.53K | 0 | 0 | -50.6K | -3.81K | 17.92K | -30.43K | 488 | -273 | 83.06K | 1.9K | -2.89K | 0 | -16.86K | 0 | 0 |
| Change in Inventory | 4.81K | 26.59K | 0 | 0 | 0 | 0 | 0 | 212.04K | 160.33K | 40.28K | 14.96K | 65.35K | -64.25K | 350.83K | 0 | 0 |
| Change in Payables | -757.68K | -981.63K | 1.08M | 564.72K | -59.39K | 720.72K | 84.78K | 140.56K | 146.59K | 81.37K | 140.3K | 0 | 0 | 88.66K | 0 | 0 |
| Cash from Investing | 3.51M | -8.96M | -27.34M | -7.97M | -1.02M | 512.44K | -13.64K | -677 | -1.98K | -37.98K | -45.88K | -24.76K | -1.36M | -3.41K | -800K | -960K |
| Capital Expenditures | -4.06M | -8.96M | -22.44M | -7.94M | -1.02M | -288.76K | -1.9K | -677 | -803 | -37.98K | -45.88K | -10.02K | -102.26K | -3.41K | 0 | 0 |
| CapEx % of Revenue | 2862.84% | 9686.77% | 3363.89% | - | - | 2822.14% | 8.11% | 4.4% | 4.07% | 87.82% | 344.39% | 15.75% | 20.78% | 0.43% | - | - |
| Acquisitions | 9.59M | 0 | 0 | 0 | 0 | 801.2K | 0 | 0 | 0 | 0 | 0 | 0 | -1.05M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.03M | 0 | -4.9M | -34.28K | 0 | 0 | -11.74K | 0 | -1.17K | 0 | -28.42K | -14.74K | -73.7K | -182.71K | -800K | -960K |
| Cash from Financing | 45.24M | 51.52M | 32.13M | 43.16M | 4.39M | 988.74K | 1.1M | 941.85K | 389.27K | 852.65K | 581.28K | 1.07M | 1.66M | 323K | 1.75M | 88.8K |
| Debt Issued (Net) | -756.21K | -650K | -787.78K | 10M | 0 | -85.82K | 9.25K | 160.44K | 354.27K | 571.55K | 209.08K | 558.63K | 1.26M | 99.9K | 100 | 0 |
| Equity Issued (Net) | 47.18M | 52.39M | 32.92M | 33.16M | 3.79M | 1.07M | 320K | 123.91K | 0 | 21.83K | 314.2K | 0 | 0 | 53.36K | 2M | 0 |
| Dividends Paid | 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 |
| Other Financing | -1.18M | -216.91K | 0 | 0 | 600K | 0 | 775.3K | 657.5K | 35K | 259.27K | 58K | 509.5K | 393K | 49.43K | -247.33K | 88.8K |
| Net Change in Cash | 20.36M | 20.4M | -14.01M | 29.27M | 257.58K | -230.82K | 102.51K | 148.68K | -80.97K | 77.84K | -57.22K | 44.59K | -85.01K | -758.4K | 841.7K | -874.05K |
| Free Cash Flow | -34.43M | -31.13M | -46.13M | -13.93M | -4.18M | -1.92M | -1.01M | -791.75K | -512.12K | -772.28K | -693.29K | -975.94K | -348.67K | -854.71K | -111.1K | -2.85K |
| FCF Margin % | -24300.89% | -33653.09% | -6914.58% | - | - | -18777.95% | -4309.58% | -5143.57% | -2597.46% | -1785.49% | -5203.7% | -1534.25% | -70.85% | -107.95% | - | - |
| FCF Growth % | 19.14% | 32.52% | -231.08% | -233.05% | -117.73% | -90.15% | -27.62% | -54.6% | 33.69% | -11.39% | 28.96% | -179.9% | 59.21% | -669.31% | -3801.02% | - |
| FCF per Share | -1.26 | -1.71 | -3.17 | -1.38 | -0.91 | -0.52 | -0.60 | -0.74 | -1.74 | -7.55 | -26.87 | -311.80 | -1103.38 | -4295.01 | -597.32 | -8.28 |
| FCF Conversion (FCF/Net Income) | 1.05x | 0.79x | 0.44x | 0.15x | 0.64x | 0.69x | 0.87x | 0.42x | 0.31x | 0.43x | 0.41x | 0.51x | 0.07x | 0.38x | 0.64x | - |
| Interest Paid | 0 | 0 | 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 | 17K | 0 | 0 | 0 |
Pre-revenue development execution risk
As reported in financial statements, ATLX consistently records negative operating cash flows, with the OCF/NI ratio fluctuating between 0.32 and 1.03, indicating that the company's net losses are not merely accounting artifacts but reflect a genuine and ongoing consumption of liquid capital to fund development.
The persistent gap between net income and operating cash flow suggests that non-cash expenses, such as stock-based compensation, are masking the true scale of the cash burn required to maintain operations. Investors should monitor whether this conversion ratio stabilizes as the company moves closer to potential commercial production, as current levels imply significant reliance on external financing.
Based on ATLX's reported figures, the company exhibits a deeply negative free cash flow trajectory, with quarterly outflows reaching as high as $15.9M, underscoring the capital-intensive nature of its lithium development phase and the absence of any self-sustaining revenue streams to offset exploration and administrative expenditures.
The erratic nature of FCF margins, which have frequently exceeded negative 100%, highlights the volatility inherent in a pre-revenue mining entity. This trend suggests that the company remains entirely dependent on capital markets to fund its Neves Project, leaving it highly sensitive to shifts in investor sentiment and broader lithium market conditions.
According to recent SEC filings, ATLX's capital expenditures have remained substantial, with the CapEx/Revenue ratio peaking at 126.2% in 2025Q1, confirming that the company is aggressively deploying capital into infrastructure and feasibility studies despite the lack of meaningful top-line contributions from its core lithium assets.
The high level of capital intensity relative to revenue suggests that the company is prioritizing long-term asset development over short-term financial efficiency. Analysts should interpret these expenditures as a necessary, albeit risky, investment in future production capacity that may not yield returns for several years.
Analysis of the cash flow statement reveals that stock-based compensation, which reached $7.9M in 2023Q4, serves as a significant non-cash adjustment that obscures the underlying cash burn rate, effectively shifting the burden of operational funding from cash reserves to shareholder dilution over the observed period.
The reliance on equity-based compensation to manage cash outflows warrants further investigation, as it may artificially improve the appearance of operating cash flow metrics. Investors should be wary of the potential for continued dilution, which appears to be a structural component of the company's current financing strategy.
Quick answers to the most common questions about buying ATLX stock.
Atlas Lithium Corporation (ATLX) generated $-22.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atlas Lithium Corporation (ATLX) reported negative free cash flow of $31.1M in 2025, indicating capital requirements exceeded cash from operations.
Atlas Lithium Corporation (ATLX) spent $9.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.