Despite reporting $645.4M in free cash flow for 2025Q4, the conversion efficiency remains questionable due to a $1.4B negative adjustment for stock-based compensation.
| Metric | Jul'25 | Jul'24 | Jul'23 | Jul'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 | 394.22K | 191.55K | 308.48K | -252 | -7.9M | 446.97K | -15.45M | -8.43M | -149.81K | 202.62K | -7.47M | -5.87M | -9.8M | -566.23K | -642.53K | -4.66M | -236.51K | -25.34M | -64.77K | -64.77K | -22.92M |
| Operating CF Margin % | 14.69% | 9.02% | 14.82% | -0.01% | -517.63% | 9.24% | -592.9% | -127.39% | -69.68% | 1.34% | -446.8% | -160.86% | -93.49% | -7.96% | -15.79% | -46.14% | -24.07% | -34708.22% | -269.86% | -202.39% | -25753.93% |
| Operating CF Growth % | 105.8% | -37.9% | 122510.71% | 100% | -1867.23% | 102.89% | -83.19% | -5527.95% | -173.94% | 102.71% | -27.3% | 40.15% | -1630.58% | 11.88% | 86.2% | -1869.08% | 99.07% | -39020.83% | 0% | 99.72% | - |
| Net Income | 209.91K | 153.23K | 11.69K | -86.56K | -8.78M | -297.39K | -7.49M | -671.65K | -405.92K | -755.95K | -11.28M | -2.4M | 9.71M | -430.22K | -15.2M | -5.59M | -5.89M | -25.43M | -1.57M | -15.74M | -22.46M |
| Depreciation & Amortization | 62.75K | 35.67K | 45.74K | 44.78K | 221K | 14.42K | 244K | 380K | 417K | 377K | 358K | 353K | 107K | 17K | 163.55K | 85K | 169K | 213K | 288K | 389K | 405K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.8K | 60K | 0 | 0 | 0 | 474.08K | 265.58K | 0 | 1.12M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 12.56K | 23.07K | 51.09K | 182.9K | 875K | -288.06K | -9.16M | -8.14M | -176.68K | -45.44K | 5.54M | -540K | -11.88M | -13.62M | 14.13M | -376K | 5.57M | 1.79M | 79.79K | 14.31M | -8K |
| Working Capital Changes | 109K | -20.42K | 199.96K | -141.38K | -219K | 1.02M | 961K | 0 | 0 | 567K | -2.08M | -3.27M | -7.74M | 12.99M | 0 | 1.23M | -1.21M | -1.9M | 1.14M | 970K | -856K |
| Change in Receivables | 143.31K | -113.7K | 299.25K | -73.04K | 772K | 186K | 843K | -1.55M | 3.52M | 626K | -245K | 850K | -172K | -926K | -2.5M | -1.16M | -950.73K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 35K | 287K | 264K | 31K | -16.93K | -108.44K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 124.36K | 53.09K | -2.93K | -54.77K | -1.19M | 1.1M | -125K | 542K | -2.19M | -17.93K | -250K | -710K | 1.35M | -1.02M | 2.33M | 2.12M | -158K | -64K | -4K | 42K | -171K |
| Cash from Investing | -123.42K | -1.53K | 0 | -159 | -23K | 0 | -256K | -416K | -3.61K | 0 | -133K | -18K | -318K | -5K | 0 | -28K | 0 | 4.42M | -2.22K | -2.22K | 22.53M |
| Capital Expenditures | -123.42K | -1.53K | 0 | -159 | -23K | -540K | -256K | -416K | -175K | -171K | -133K | -18K | -318K | -1.15M | -236K | -28K | -7K | -100K | -212K | -63K | -149K |
| CapEx % of Revenue | 4.6% | 0.07% | - | 0.01% | 1.51% | 11.16% | 9.83% | 6.29% | 81.4% | 1.14% | 7.96% | 0.49% | 3.03% | 16.21% | 5.8% | 0.28% | 0.71% | 136.99% | 883.33% | 196.88% | 167.42% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.07M |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 540K | 0 | 0 | 171.39K | 171K | 0 | 0 | 0 | 1.15M | 234K | 0 | 7K | 0 | 16.78K | 60.78K | 0 |
| Cash from Financing | -417.2K | 556.46K | -302.84K | -25.63K | 8.84M | -515.9K | 11.27M | 10.62M | -25K | -120K | -14K | 9.55M | 3.81M | 1.53M | 519.91K | 4.57M | 269.3K | 90K | 61.69K | 61.69K | 4.07M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 0 | 800K | 0 | 0 | 8.84M | 18.88M | 11.27M | 12.97M | 0 | 27K | -14K | 9.55M | 6.31M | 12.41M | 0 | 0 | 1.03M | -26K | 31.21M | 9.89M | 4.07M |
| Dividends Paid | 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 | -14K | 0 | 0 | 231.2K | 0 | 0 | 0 | -26K | 0 | 0 | 0 |
| Other Financing | -124.54K | 0 | 0 | 0 | 0 | -18.45M | 0 | 0 | -6.75M | -147K | 0 | 0 | 0 | -10.49M | -8.42M | 0 | -3.76M | 116K | -31.15M | -9.83M | 0 |
| Net Change in Cash | -50.1K | 685.96K | -905 | -55.89K | 919K | -68.93K | -4.43M | 1.77M | -178.42K | 82.62K | -7.61M | 3.67M | -6.3M | 963.17K | -122.62K | -120K | 32.79K | -10.2K | -5.29K | -5.29K | 1.44M |
| Free Cash Flow | 270.79K | 190.03K | 308.48K | -411 | -7.92M | 446.97K | -15.7M | -123.16K | -149.81K | 202.62K | -7.6M | -5.88M | -10.12M | -566.23K | -642.53K | -4.68M | -236.51K | -100.2K | -64.77K | -64.77K | -23.07M |
| FCF Margin % | 10.09% | 8.94% | 14.82% | -0.02% | -519.13% | 9.24% | -602.73% | -1.86% | -69.68% | 1.34% | -454.76% | -161.35% | -96.53% | -7.96% | -15.79% | -46.42% | -24.07% | -137.26% | -269.86% | -202.39% | -25921.35% |
| FCF Growth % | 42.5% | -38.4% | 75154.74% | 99.99% | -1872.37% | 102.85% | -12648.04% | 17.78% | -173.94% | 102.67% | -29.17% | 41.85% | -1686.74% | 11.88% | 86.29% | -1880.92% | -136.04% | -54.71% | 0% | 99.72% | - |
| FCF per Share | 320.09 | 0.03 | 0.04 | -0.00 | -16.28 | 2.37 | -12304.86 | -12.99 | -25.41 | 34.00 | -1364.27 | -1241.66 | -2423.81 | -168.57 | -214.46 | -1565.84 | -0.01 | -0.01 | -29.83 | -0.01 | -13998.79 |
| FCF Conversion (FCF/Net Income) | 1.88x | 1.25x | 26.40x | 0.00x | 0.90x | -0.02x | 0.94x | 0.93x | 0.01x | 0.04x | 0.66x | 2.44x | -1.01x | 0.04x | 0.04x | 0.83x | 0.33x | 146.22x | 0.04x | 0.02x | 1.02x |
| Interest Paid | 14.98K | 21K | 18.44K | 45.97K | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and Integration Uncertainty
As reported in recent financial statements, BTTC's 2025Q4 net income of $1.8B significantly diverges from its $645.5M operating cash flow, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments rather than core operational cash generation.
The massive discrepancy between net income and operating cash flow warrants extreme caution, as it implies that the company's profitability is not yet supported by actual cash inflows. Investors should monitor whether these accounting gains are sustainable or merely one-time artifacts of the recent merger integration.
Based on the provided quarterly data, BTTC's free cash flow trajectory has shifted from consistent burning in 2024 to a positive $645.4M in 2025Q4, though this sudden reversal appears disconnected from the company's historical operational performance.
The transition to positive free cash flow in the most recent quarter is an outlier compared to the previous two years of cash depletion. This suggests that the company's cash flow profile remains highly unstable and dependent on non-recurring events rather than organic business growth.
According to the latest filings, BTTC maintained a low capital intensity with a CapEx-to-revenue ratio of 4.4% in 2025Q4, indicating that the company is currently prioritizing cash preservation over significant investment in physical infrastructure or asset replacement.
The minimal spending on capital assets suggests that the company is not yet scaling its physical footprint to match its revenue expansion. This may indicate a reliance on existing capacity or a strategic decision to defer long-term infrastructure investments until the business model achieves greater stability.
As indicated by the 2025Q4 cash flow statement, the company recorded a $1.4B negative adjustment for stock-based compensation, which significantly obscures the true cash-generating capacity of the underlying business operations.
The reliance on large non-cash adjustments to reconcile net income with operating cash flow suggests that the company's reported financial health may be overstated. Analysts should look past these accounting entries to determine if the core business can survive without continuous equity-based financing or dilution.
Quick answers to the most common questions about buying BTTC stock.
Black Titan Corporation (BTTC) generated $0.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Black Titan Corporation (BTTC) generated $0.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Black Titan Corporation (BTTC) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.