Liquidity remains a critical concern, with the company burning $2.6M in operating cash flow during 2025Q2 while maintaining minimal capital expenditures of only $50K.
| Cash from Operations | -10.91M | -10.4M | -9.51M | -6.92M | -11.69M | -8.02M | -3.4M | -4.85M | -6.03M | -4.73M | -3.05M | -4.43M |
| Operating CF Growth % | -161.51% | -9.38% | -37.34% | 40.81% | -45.79% | -136.12% | 29.94% | 19.53% | -27.5% | -55.06% | 31.18% | - |
| Operating CF / Revenue % | -2818.86% | -2687.08% | - | -1114.65% | -769.34% | -2030.63% | - | -5219.64% | - | - | - | - |
| Net Income | -12.64M | -13.9M | -6.77M | -9.65M | -11.07M | -10.35M | -9.48M | -12.15M | -7.19M | -8.39M | -9.39M | -9.75M |
| Depreciation & Amortization | 455K | 561K | 228K | 120K | 239K | 250K | 678K | 640.75K | 84.56K | 105.64K | 170.78K | 324.39K |
| Deferred Taxes | 0 | 0 | 0 | -1.5M | 511K | 150K | 3.91M | -2.08M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.05M | 680K | -3.5M | 1.37M | -462K | 109K | 1.24M | 10M | -345.73K | 4.18M | 5.6M | 4.62M |
| Working Capital Changes | -236K | 1.06M | -848K | 954K | -2.38M | 1.58M | 121K | -1.3M | 928.16K | -7.23K | 437.08K | 178.62K |
| Capital Expenditures | -275K | -398K | -343K | -2.65M | -1.47M | -240K | -439K | 3.31M | -11.86M | -505.15K | -43.6K | -286.15K |
| CapEx / Revenue % | 71.06% | 102.84% | - | 427.38% | 96.38% | 60.76% | - | 3563.75% | - | - | - | - |
| CapEx / D&A | 0.60x | 0.71x | 1.50x | 22.12x | 6.13x | 0.96x | 0.65x | 5.17x | 140.22x | 4.78x | 0.26x | 0.88x |
| CapEx Coverage (OCF/CapEx) | -39.67x | -26.13x | -27.72x | -2.61x | -7.98x | -33.42x | -7.74x | -1.46x | -0.51x | -9.36x | -69.90x | -15.48x |
| Cash from Investing | -310K | -398K | -422K | -2.61M | -1.36M | -238K | -360K | 3.31M | -15.31M | -414.79K | -43.6K | -363.92K |
| Acquisitions | 0 | 57K | 0 | 43K | -33K | 0 | 20.94K | 429.97K | 0 | 48.65K | 0 | 0 |
| Purchase of Investments | 0 | -226K | 0 | 0 | -33K | 0 | -79.67K | -3.89M | -3.45M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 33K | 0 | 58.74K | 3.34M | 0 | 41.7K | 0 | 0 |
| Other Investing | -118K | -12K | -79K | 2K | 136K | 2K | 79K | 3.89M | -3.88M | 93.4K | -29.07K | -77.76K |
| Cash from Financing | 6.31M | 11.5M | 10.94M | 6.36M | 11.2M | 14.2M | 5.72M | 1.1M | 13.17M | 13.6M | 3.49M | 4.62M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio % | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt Issuance (Net) | 0 | 0 | 1000K | 0 | 1000K | -965K | -520K | -1000K | 1000K | 62.65K | 0 | 0 |
| Stock Issued | 0 | 11.41M | 10.94M | 6.26M | 7.17M | 15.68M | 7.35M | 2.23M | 7.4M | 11.65M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 6.31M | 94K | -3.18M | 104K | -7.47M | -534K | -1.11M | 4.81M | 7.59M | 14M | 3.49M | 4.62M |
| Net Change in Cash | 0 | 815K | 913K | -3.33M | -1.77M | 6M | 1.93M | -2.26M | -6.53M | 8.84M | 394.77K | -172.46K |
| Exchange Rate Effect | 67K | 112K | -97K | -156K | -786K | 63K | -40K | -1.82M | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 4.13M | 3.22M | 6.54M | 8.28M | 2.28M | 352K | 2.75M | 9.28M | 439.68K | 44.91K | 217.37K |
| Cash at End | 0 | 4.95M | 4.13M | 3.22M | 6.51M | 8.28M | 2.28M | 493.05K | 2.75M | 9.28M | 439.68K | 44.91K |
| Free Cash Flow | -11.18M | -10.8M | -9.85M | -9.58M | -11.57M | -8.26M | -3.84M | -1.54M | -17.88M | -5.23M | -3.09M | -4.71M |
| FCF Growth % | -30.38% | -9.61% | -2.86% | 17.21% | -40.01% | -115.35% | -149.36% | 91.4% | -241.82% | -69.22% | 34.43% | - |
| FCF Margin % | -2889.92% | -2789.92% | - | -1542.03% | -760.92% | -2091.39% | - | -1655.89% | - | - | - | - |
| FCF / Net Income % | 88.45% | 77.65% | 145.45% | 99.25% | 104.51% | 74.98% | 40.46% | 12.66% | 248.61% | 62.37% | 32.94% | 48.36% |
Persistent liquidity and funding
As reported in recent financial statements, Brenmiller Energy lacks the predictable operating cash flow characteristic of regulated utilities, with quarterly OCF consistently negative at approximately $2.6M in 2025Q2, reflecting a business model that remains entirely dependent on project-based milestones rather than stable, rate-regulated utility revenue streams.
The company's inability to generate positive operating cash flow suggests that its current pilot-heavy business model is not yet self-sustaining. Investors should monitor the transition from bespoke engineering to standardized deployments, as the current lack of recurring cash flow coverage for fixed obligations remains a significant structural concern.
Based on the company's reported figures, quarterly capital expenditures have remained minimal, ranging from $50K to $278.5K, which indicates that the firm is currently prioritizing R&D and operational overhead over the large-scale infrastructure investment typically seen in mature, capital-intensive regulated utility growth engines.
The low level of CAPEX relative to the massive operating cash burn suggests that the company is not yet in a phase of asset-heavy rate base expansion. This may imply that the firm is still in a pre-commercial validation stage where scaling manufacturing capacity remains a future, rather than current, capital requirement.
According to the provided financial data, the company has maintained a consistent free cash flow deficit of approximately $2.7M per quarter, which highlights a reliance on external capital markets to sustain operations in the absence of meaningful debt-to-capital margins or established credit facilities.
The persistent FCF burn warrants further investigation into the company's ability to secure non-dilutive funding or equity on reasonable terms. Without a clear path to positive cash flow, the firm appears vulnerable to market volatility and the potential for future dilutive capital raises to bridge the funding gap.
Financial disclosures suggest that the company's cash flow statement may obscure the true cost of first-of-a-kind pilot projects, as the $2.6M quarterly operating cash burn appears decoupled from the limited revenue generation, potentially masking underlying loss-making contracts that are not yet fully reflected in the cash reality.
The lack of transparency regarding project-specific cash recovery suggests that the company may be facing significant rate case or contract execution lags. Investors should monitor whether the current cash burn is a temporary feature of FOAK engineering or a structural indicator of long-term margin compression.
Quick answers to the most common questions about buying BNRG stock.
Brenmiller Energy Ltd (BNRG) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brenmiller Energy Ltd (BNRG) reported negative free cash flow of $10.8M in 2025, indicating capital requirements exceeded cash from operations.
Brenmiller Energy Ltd (BNRG) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.