Persistent negative free cash flow, which peaked at an outflow of $12.4 million in 2025Q4, underscores the ongoing financial burden of maintaining the refinery without commercial revenue offsets.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 |
|---|
| Cash from Operations | -19.2M | -15.9M | -17.01M | -23.05M | -15.85M | -16.88M | -5.68M | -9.11M | -24.94M | -7.62M | -1.42M | 27.74K | -1.46K | -62.73K | -110.81K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -2280.74% | 6.55% | 26.18% | -45.45% | 6.11% | -197.01% | 37.63% | 63.48% | -227.26% | -435.82% | -5228.46% | 2002.47% | 97.68% | 43.39% | - |
| Net Income | -99.25M | -133.36M | -29.45M | -64.67M | 12.55M | -34.92M | -2.39M | -116.44M | -26.82M | -8.61M | -2.25M | -147.94K | -1.41M | -240.27K | -104.33K |
| Depreciation & Amortization | 57.13K | 0 | 65K | 56K | 48K | 2K | 0 | 214 | 461.3K | 493.24K | 0 | 60K | 1.3M | 0 | 0 |
| Stock-Based Compensation | 252K | 0 | 1.77M | 1.23M | 1.28M | 731K | 689.64K | 1.38M | 4.05M | 1.68M | 1.01M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 14K | 13.88M | 0 | -214 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 72.16M | 114.08M | 16.28M | 49.72M | -28.61M | 3.21M | -4.78M | 108.06M | -976.93K | 1.52M | 223.15K | 60K | 1.3M | 45.5K | 0 |
| Working Capital Changes | -1.82M | 3.38M | -5.68M | -9.38M | -1.13M | 216K | 794K | -2.12M | -1.19M | -145.01K | -408.59K | 115.68K | 106.15K | 177.54K | -6.48K |
| Change in Receivables | 32.33K | 643.47K | -229K | 1.85M | -2.12M | -587K | 33.1K | 1.47M | -784.09K | -384.64K | -30.24K | 1.64K | -1.85K | 9.05K | -11.48K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -154.53K | 91.95K | 123.35K | 45.5K | 0 |
| Cash from Investing | -7.56M | -4.47M | 1.26M | -14.05M | -43.55M | -8.08M | 12K | 2.23M | -2.37M | 382.17K | -699.96K | -18K | -18K | 61.57K | 113K |
| Capital Expenditures | -7.56M | -4.49M | -555K | -13.71M | -47.62M | -2.1M | 0 | -307.26K | -2.26M | -1.39M | -164.96K | -18K | -18K | -210.43K | -20K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 500K | 0 | 99.5K | 1.17M | 1.78M | -535K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 16.98K | 888K | -1.16M | 3.54M | -6.13M | 12K | 2.54M | -64.76K | 0 | 0 | 0 | 0 | 272K | 405K |
| Cash from Financing | 63.66M | 55.65M | 11.9M | 36.54M | 8.48M | 78.88M | 5.54M | 8.16M | 518.93K | 31.72M | 7.46M | -12.5K | -100K | 125K | 0 |
| Debt Issued (Net) | 1.64M | -26.98K | 10.68M | 20.62M | 3.9M | 54.25M | 0 | 6.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 60.69M | 55.73M | 1.22M | 19.96M | 6.82M | 18.27M | 4.43M | 0 | 452.43K | 0 | 7.45M | 0 | 0 | 125K | 0 |
| Dividends Paid | 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 |
| Other Financing | 1.33M | -49.96K | 0 | -4.04M | -2.24M | 6.37M | 1.11M | 1.6M | 66.5K | 37.77M | 9.82K | -12.5K | -100K | 0 | 0 |
| Net Change in Cash | 36.37M | 35.45M | -3.84M | -392K | -50.67M | 54.45M | -246K | 1.16M | -26.55M | 29.81M | 5.34M | -2.76K | -119.46K | 123.84K | 2.19K |
| Free Cash Flow | -26.76M | -20.39M | -17.57M | -36.75M | -63.47M | -18.97M | -5.68M | -9.42M | -27.21M | -9.02M | -1.59M | 9.74K | -19.46K | -273.16K | -130.81K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -99.57% | -16.04% | 52.2% | 42.09% | -234.51% | -233.91% | 39.67% | 65.39% | -201.79% | -467.92% | -16402.07% | 150.05% | 92.88% | -108.82% | - |
| FCF per Share | -0.21 | -0.63 | -1.23 | -3.38 | -6.23 | -2.73 | -1.04 | -1.87 | -6.77 | -9.01 | -6.96 | 0.15 | -0.29 | -4.86 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.27x | 0.12x | 577.72x | 0.36x | -1.26x | 0.48x | 2.38x | 0.08x | 0.93x | 0.89x | 0.63x | -0.19x | 0.00x | 0.26x | 1.07x |
| Interest Paid | 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 |
Refinery commissioning execution risk
According to recent financial disclosures, the company's OCF/NI ratio has fluctuated wildly, reaching a high of 6.49 in 2025Q2, which suggests that reported net income figures are currently poor proxies for the underlying cash reality of this pre-revenue development-stage industrial entity.
The extreme variance in the conversion ratio highlights that net income is being driven by non-operating items rather than core business performance. Investors should monitor this divergence, as it indicates that accounting profits are not currently reflective of the actual cash resources required to sustain operations.
As reported in financial statements, the company has consistently generated negative free cash flow over the last ten quarters, with a peak outflow of $12.4 million in 2025Q4, underscoring the ongoing financial strain of maintaining the Ontario refinery without commercial revenue streams.
The trajectory of FCF remains firmly in negative territory, reflecting the heavy burden of fixed costs and development expenditures. This trend suggests that the company remains entirely dependent on external financing to bridge the gap until the refinery reaches nameplate capacity.
Based on reported figures, the company's capital expenditure has been erratic, peaking at $3.5 million in 2026Q1, which indicates that the firm is still in the midst of heavy asset development rather than maintenance-level spending typical of an established industrial producer.
The lack of consistent capital intensity relative to revenue is a direct consequence of the pre-revenue status. The current spending pattern appears to be driven by project milestones rather than operational scaling, which warrants further investigation into the remaining capital requirements for full commissioning.
As indicated by the quarterly data, working capital changes have been highly inconsistent, ranging from a $3.3 million inflow in 2025Q1 to a $2.3 million outflow in 2023Q4, reflecting the unpredictable nature of managing supply chain inputs during the pre-production phase.
These fluctuations suggest that the company is struggling to stabilize its cash conversion cycle, likely due to the timing of feedstock procurement and administrative payments. Investors should monitor these swings as they directly impact the company's limited cash reserves and overall liquidity position.
According to the provided cash flow data, stock-based compensation has remained a consistent feature, peaking at $695,000 in 2024Q1, which effectively masks the true cash cost of talent acquisition and retention during this capital-constrained development period.
By utilizing equity-based incentives, the company is preserving cash that would otherwise be required for payroll, yet this practice dilutes existing shareholders. This strategy appears to be a necessary trade-off for a firm with limited cash flow, but it complicates the assessment of true operational burn rates.
Quick answers to the most common questions about buying ELBM stock.
Electra Battery Materials Corporation (ELBM) generated $-15.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Electra Battery Materials Corporation (ELBM) reported negative free cash flow of $20.4M in 2025, indicating capital requirements exceeded cash from operations.
Electra Battery Materials Corporation (ELBM) 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.