Operational liquidity remains under extreme pressure, evidenced by a 2025Q2 free cash flow margin of -92.2% and a current ratio that has compressed to 0.72.
| Cash from Operations | -14.43M | -5.35M | -7.28M | -9.57M | -5.23M | 7.07M | 1.24M | 5.76M | 2.86M |
| Operating CF Margin % | -31.09% | -8.23% | -16.17% | -25.11% | -70.63% | 30.48% | 6.9% | 42.57% | 125.06% |
| Operating CF Growth % | -169.58% | 26.51% | 23.92% | -82.94% | -174.06% | 471.66% | -78.55% | 101.5% | - |
| Net Income | -26.66M | -17.98M | -24.23M | -22.64M | -8.4M | 12.09M | 9.75M | 7.48M | -669.73K |
| Depreciation & Amortization | 6.38M | 5.72M | 4.29M | 2.28M | 1.08M | 1.22M | 496.17K | 20.88K | 9.21K |
| Stock-Based Compensation | 322.39K | 972.74K | 2.15M | 2.73M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -446 | -446 | -454 | 807.41K | -232.36K | -312.78K | -201.64K | 165.32K | -157.1K |
| Other Non-Cash Items | 23.57M | 4.04M | 13.24M | 15.73M | 5.65M | 1.61M | -190.57K | -1.73M | 79K |
| Working Capital Changes | -18.04M | 1.9M | -2.72M | -8.48M | -3.33M | -7.55M | -8.61M | -614.67K | 3.6M |
| Change in Receivables | 18.46M | -22.39M | -4.28M | -3.01M | 1.84M | -8.54M | -6.68M | -614.67K | -11.34K |
| Change in Inventory | -10.64M | -6.24M | -5.1M | -18.75M | -331.49K | 667.76K | -823.82K | 1.18M | -458.61K |
| Change in Payables | -12.49M | 17.84M | 6.13M | 12.66M | 0 | -79.43K | 73.47K | 25.95K | 76 |
| Cash from Investing | -11.22M | 632.46K | -7M | -45.61M | -22.1M | -6.37M | -3.29M | -363.53K | -191.99K |
| Capital Expenditures | -6.39M | -2.46M | -7.16M | -44.09M | -8.32M | -4.46M | -3.55M | -49.96K | -41.66K |
| CapEx % of Revenue | 13.77% | 3.79% | 15.89% | 115.64% | 112.29% | 19.24% | 19.8% | 0.37% | 1.82% |
| Acquisitions | 0 | 0 | 0 | 37.02M | 3.32M | 120.39K | 238.39K | 127.13K | 37.97K |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -4.83M | 16.68K | -723.07K | -38.55M | -6.16M | -4.99M | -82.27K | -313.57K | -37.97K |
| Cash from Financing | 43.73M | 10.63M | 13.68M | 45.76M | 30.84M | 120K | 238.13K | 340.65K | 2.36M |
| Debt Issued (Net) | 36.98M | 11.95M | 13.53M | 12.75M | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 7.64M | 0 | 0 | 0 | 27.5M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -892.94K | -1.32M | 148.08K | 33.01M | 3.33M | 120K | 238.13K | 340.65K | 2.36M |
| Net Change in Cash | 12.48M | 5.74M | -673.35K | -10.32M | 3.65M | 1.53M | -2.22M | 5.23M | 5.3M |
| Free Cash Flow | -35.31M | -7.82M | -14.44M | -57.67M | -13.55M | 2.38M | -2.31M | 5.71M | 2.82M |
| FCF Margin % | -76.07% | -12.03% | -32.06% | -151.27% | -182.92% | 10.26% | -12.9% | 42.2% | 123.24% |
| FCF Growth % | -351.69% | 45.87% | 74.96% | -325.55% | -669.75% | 202.85% | -140.48% | 102.71% | - |
| FCF per Share | -1.31 | -0.29 | -0.56 | -2.32 | -0.57 | 0.10 | -0.14 | 0.34 | 0.12 |
| FCF Conversion (FCF/Net Income) | 0.87x | 0.45x | 0.30x | 0.42x | 0.62x | 0.58x | 0.13x | 0.77x | -4.24x |
| Interest Paid | 3.45M | 1.87M | 1.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 7.85K | 0 | 42 | 564.34K | 3.7M | 638.18K | 0 | 312.7K | 0 |
Operational insolvency and liquidity
According to historical financial data, EPOW's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 13.64 in 2025Q2, suggesting that reported losses are being exacerbated by significant cash outflows rather than being mitigated by non-cash accounting adjustments or accruals.
The erratic relationship between net income and operating cash flow indicates that the company's earnings quality is severely compromised by its ongoing industrial transition. Investors should monitor this volatility, as the inability to generate consistent cash from operations suggests that the business model remains fundamentally unproven.
As reported in recent quarterly filings, EPOW's free cash flow trajectory remains highly unstable, with a massive -92.2% FCF margin observed in 2025Q2, highlighting the company's struggle to achieve self-sustaining operations while simultaneously funding its capital-intensive pivot into the graphite anode manufacturing sector.
The lack of a positive FCF trend suggests that the company is burning through its limited liquidity to maintain operations. This trajectory warrants further investigation into whether the current capital expenditure levels are actually yielding any meaningful improvements in production capacity or market share.
Based on the company's reported figures, capital expenditures have fluctuated significantly, peaking at a 30.9% revenue intensity in 2025Q2, which indicates that the firm is aggressively deploying capital into infrastructure despite failing to demonstrate a clear path to profitable revenue growth in its new industrial segment.
The high capital intensity relative to revenue suggests that the company is heavily front-loading its investment in manufacturing assets. This strategy appears risky given the negative gross margins, as it implies that the company is building capacity for a business that has yet to prove it can cover its variable costs.
Financial statements reveal that working capital changes have been a persistent drain on liquidity, notably with a $19.6M outflow in 2024Q2, suggesting that the company is struggling to manage its inventory and receivables effectively during its transition to a product-based industrial business model.
The recurring negative impact of working capital on cash flow may indicate inefficiencies in the supply chain or difficulties in collecting payments from customers in the competitive graphite market. This trend suggests that the company's cash conversion cycle is likely lengthening, further pressuring its already strained liquidity position.
Quick answers to the most common questions about buying EPOW stock.
E-Power Inc. Class A (EPOW) generated $-14.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
E-Power Inc. Class A (EPOW) reported negative free cash flow of $35.3M in 2025, indicating capital requirements exceeded cash from operations.
E-Power Inc. Class A (EPOW) spent $6.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.