Free cash flow remains persistently negative, with a $13.5 million outflow in 2025Q4 and capital expenditures reaching an unsustainable 152.2% of revenue.
| Cash from Operations | -9.05M | -17.61M | -11.65M | 4.3M | -12.97M | -15.83M | -13.26M | -108.23M | 122.49M | -8.12M | 2.35M | -1.09M |
| Operating CF Margin % | -138.37% | -300.13% | -240.01% | 13.29% | -25.21% | -83.28% | -12.16% | -33.92% | 82.98% | -42.97% | 15.6% | -12.9% |
| Operating CF Growth % | 48.65% | -51.15% | -371.21% | 133.13% | 18.06% | -19.36% | 87.75% | -188.36% | 1607.67% | -446.3% | 315.3% | - |
| Net Income | -14.09M | -20.25M | -36.77M | -43.89M | 4.43M | -24.46M | -42.4M | -12.31M | 55.91M | 1.87M | 3.86M | 411.67K |
| Depreciation & Amortization | 2.55M | 2.6M | 3.52M | 10.71M | 6.26M | 7.15M | 8.86M | 4.8M | 3.24M | 1.47M | 999.18K | 958.04K |
| Stock-Based Compensation | 0 | 0 | -153.03K | 3.9M | 707K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -320.98K | -42.55K | -1.03M | -80.6K | -2.85M | 8.63M | 0 | -9.67M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.29M | 1.22M | 25.88M | 38.55M | 8.1M | -504.56K | -43.72M | -100.72M | -37.57M | 14.74M | 5.53M | 353.63K |
| Working Capital Changes | -475.95K | -1.14M | -3.1M | -4.9M | -29.62M | -6.64M | 64M | 30.44M | 53.7M | -11.63M | -3.02M | -2.81M |
| Change in Receivables | 260.01K | 49.13K | 2.61M | 2.88M | -2.69M | -1.35M | 13.25M | -7.05M | -111.32M | -6.6M | -3.74M | -2.04M |
| Change in Inventory | -3.15M | -170.63K | 106.92K | -364.14K | -5.39M | 9.73M | 50.75M | 37.48M | -37.54M | -4.95M | -1.28M | -775.63K |
| Change in Payables | 144.4K | -112.41K | -1.13M | -1.79M | 559.82K | -9.23M | -31.55M | 13.63M | 202.56M | -75.26K | 2M | 0 |
| Cash from Investing | -5.37M | -9.89M | 2.75M | 5.75M | -6.51M | -63.18M | -5.81M | -6.28M | -9.56M | 454.43K | -63.8K | 784.28K |
| Capital Expenditures | -4.5M | -4.94M | -10.15M | -14.06M | -8.52M | -22.76M | -5.83M | -5.94M | -9.84M | -613.68K | -118.69K | -272.22K |
| CapEx % of Revenue | 68.8% | 84.16% | 209.03% | 43.51% | 16.56% | 119.77% | 5.35% | 1.86% | 6.67% | 3.25% | 0.79% | 3.22% |
| Acquisitions | 184.72K | -317.39K | 7.52K | -5.87M | 357.26K | 53.44K | 25.76K | 5.14K | 8.43K | 1.03M | 1.75K | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 15.25K | 7.2M | -856.55K | -357.26K | 362.31K | 0 | -343.74K | 0 | 52.41K | 54.77K | 1.06M |
| Cash from Financing | 0 | 0 | 0 | -20K | 247.18M | 92.06M | 8.55M | 13.96M | 4.78M | 4.27M | 11.2M | 483.71K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -1.87M | 5.53M | 859.34K | 20.27M | -9.98M | 5.4M | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 254.73M | 114.19M | 0 | 585.74K | 14.76M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.5M | 0 | -1.37M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -20K | -5.67M | -27.66M | 7.69M | -388.45K | 0 | 970.71K | 11.2M | 483.71K |
| Net Change in Cash | -14.18M | -27.32M | -9.31M | 11.28M | 225.97M | 8.35M | -13.7M | -113.18M | 122.67M | -3.79M | 13.5M | 174.58K |
| Free Cash Flow | -13.54M | -22.55M | -21.8M | -9.77M | -21.49M | -38.59M | -19.09M | -114.17M | 112.65M | -8.74M | 2.23M | -1.36M |
| FCF Margin % | -207.16% | -384.29% | -449.04% | -30.21% | -41.77% | -203.05% | -17.51% | -35.79% | 76.31% | -46.22% | 14.81% | -16.12% |
| FCF Growth % | 39.95% | -3.45% | -123.2% | 54.54% | 44.31% | -102.11% | 83.28% | -201.35% | 1389.16% | -492.3% | 263.55% | - |
| FCF per Share | -2.16 | -3.59 | -3.47 | -1.56 | -3.62 | -9.49 | -3.77 | -101.31 | 2.07 | -0.08 | 0.02 | -0.03 |
| FCF Conversion (FCF/Net Income) | 0.64x | 0.87x | 0.32x | -0.10x | -2.93x | 0.52x | 0.31x | 8.79x | 2.19x | -4.34x | 0.61x | -2.65x |
| Interest Paid | 0 | 0 | 0 | 0 | 4.38K | 1.49M | 1.32M | 480.54K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 7.67K | 928 | 293.03K | 8.12M | 11.76M | 0 | 0 | 0 | 0 |
Persistent operational cash burn
According to recent financial disclosures, Ebang's operating cash flow consistently tracks net losses, with the 2025Q4 period showing a net loss of $9.6 million alongside a $9.0 million cash outflow, suggesting that the company lacks the ability to generate positive cash flow from its core operations.
The near-parity between net income and operating cash flow indicates that the company is not benefiting from significant non-cash add-backs that would otherwise mask operational weakness. This suggests that the reported losses are a direct reflection of cash-based expenditures, leaving little room for accounting-driven optimism regarding the firm's underlying profitability.
As reported in financial statements, Ebang's free cash flow has remained persistently negative, with the company recording a $13.5 million outflow in 2025Q4, highlighting a structural inability to fund its capital requirements through internal revenue generation rather than relying on its existing cash reserves.
The consistent negative free cash flow margin, which reached -4.6% in the most recent quarter, underscores the difficulty the company faces in scaling its operations. Investors should monitor whether this trend continues, as the lack of self-sustaining cash flow necessitates a reliance on external capital or the depletion of the balance sheet.
Based on Ebang's reported figures, capital expenditures reached 152.2% of revenue in 2025Q4, a ratio that appears unsustainable for a hardware manufacturer struggling to maintain market share against more efficient, larger-scale competitors in the ASIC mining sector.
This high level of capital intensity relative to revenue suggests that the company is forced to invest heavily in manufacturing or infrastructure just to maintain its current, albeit shrinking, operational footprint. Such spending may indicate that the company is attempting to modernize its hardware offerings, though the lack of corresponding revenue growth warrants further investigation into the efficacy of these investments.
Analysis of recent filings indicates that Ebang has refrained from dividends or share repurchases, instead utilizing its cash reserves to cover operating deficits and minor acquisitions, which suggests a management focus on survival rather than returning capital to shareholders during this period of intense operational pressure.
The absence of shareholder-friendly capital deployment is consistent with a company in a defensive posture, prioritizing the preservation of its remaining liquidity. The small net acquisitions reported suggest an attempt to pivot toward new service models, though the impact of these deployments on long-term value creation remains unproven.
Quick answers to the most common questions about buying EBON stock.
Ebang International Holdings Inc. (EBON) generated $-9.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ebang International Holdings Inc. (EBON) reported negative free cash flow of $13.5M in 2025, indicating capital requirements exceeded cash from operations.
Ebang International Holdings Inc. (EBON) spent $4.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.