Free cash flow remains consistently negative, with outflows reaching $5.9 million in 2025Q1, while stock-based compensation as high as $15.0 million per quarter effectively masks the underlying cash burn.
| Cash from Operations | -14.05M | -17.62M | -11.28M | -8.2M | -8.22M | -9.61M | -2.7M | -3.54M | -8.43M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -1229.7% | -56.24% | -37.57% | 0.25% | 14.48% | -255.98% | 23.75% | 58.01% | - |
| Net Income | -59.59M | -72.88M | -46.41M | -13.21M | -32.62M | -4.03M | -16.34M | -25.84M | -14.37M |
| Depreciation & Amortization | 4.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 21.35M | 0 | 35.73M | 4.7M | 24.47M | 357.19K | 0 | 0 | 0 |
| Deferred Taxes | 456.95K | 491.08K | 187.74K | 160.84K | 155.36K | 93.28K | 0 | 0 | 0 |
| Other Non-Cash Items | 23.59M | 54.64M | -404.71K | -302.72K | -259.02K | 400.19K | 10.22M | 21M | 8.21M |
| Working Capital Changes | 130.06K | 129.19K | -384.93K | 449.07K | 31.21K | -6.43M | 3.42M | 1.3M | -2.27M |
| Change in Receivables | 579.55K | 483.98K | -449.67K | 19.56K | 890.29K | -539.4K | -127.74K | -197.93K | 8.02K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.56M | -15.18M | -3.77M | -3.64M | -3.47M | -1.16M | -4.67M | -4.72M | -5.9M |
| Capital Expenditures | -14.77M | -15.18M | -3.78M | -3.94M | -3.73M | -1.17M | -4.67M | -4.75M | -6.35M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 8.56K | 8.49K | 0 | 0 | 0 | 0 | 2.67K | 27.39K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 203.96K | 0 | 17.81K | 302.72K | 259.02K | 5.06K | 0 | 0 | 456.15K |
| Cash from Financing | 42.91M | 45.34M | 31.61M | 2.5M | 8.35M | 25.88M | 6.31M | 5.96M | 17.86M |
| Debt Issued (Net) | -122K | 0 | -42.29K | 0 | 0 | -2.41M | 2M | -201.57K | 0 |
| Equity Issued (Net) | 45.61M | 45.67M | 27.98M | 0 | 8.35M | 28.29M | 4.31M | 6.16M | 17.86M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -2.57M | -321.25K | 3.67M | 2.5M | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 13.99M | 11M | 16.41M | -9.35M | -3.34M | 15.07M | -1.52M | 0 | 0 |
| Free Cash Flow | -20.31M | -17.65M | -15.06M | -12.13M | -11.95M | -10.78M | -2.7M | -3.54M | -8.74M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -3.24% | -17.19% | -24.11% | -1.56% | -10.85% | -299.08% | 23.75% | 59.47% | - |
| FCF per Share | -0.38 | -0.42 | -0.42 | -0.32 | -0.31 | -0.30 | -0.08 | -0.10 | -0.24 |
| FCF Conversion (FCF/Net Income) | 0.34x | 0.24x | 0.24x | 0.62x | 0.25x | 1.90x | 0.17x | 0.14x | 0.59x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory and Permitting Delays
As reported in financial statements, Brazil Potash Corp. consistently exhibits a significant divergence between net losses and operating cash flow, with the OCF/NI ratio fluctuating wildly, such as the 0.16 observed in 2026Q1, highlighting the impact of non-cash charges on the company's reported bottom line.
The persistent gap between net income and operating cash flow suggests that accounting losses are heavily influenced by non-cash items, likely including stock-based compensation. Investors should monitor this relationship closely, as it obscures the true cash-based burn rate required to sustain the Autazes Project during its pre-revenue phase.
Based on the company's quarterly filings, free cash flow remains consistently negative, with outflows reaching $5.9 million in 2025Q1, reflecting the ongoing capital requirements of a development-stage mining entity that has yet to generate any commercial revenue from its potash assets.
The trajectory of free cash flow indicates a structural reliance on external financing to cover both administrative overhead and essential project development costs. This trend appears likely to continue until the company secures the necessary environmental permits to transition into the construction and production phases.
According to recent SEC filings, Brazil Potash Corp.'s capital expenditures have remained relatively modest, peaking at $5.4 million in 2025Q4, which suggests that the company is currently prioritizing permitting and administrative milestones over the massive capital outlays required for full-scale mine construction.
The current level of capital expenditure appears to be focused on maintaining the project's viability rather than active infrastructure development. Analysts should anticipate a significant step-up in capital intensity once the installation license is granted, which may necessitate substantial equity or debt financing.
As evidenced by historical data, the company has utilized stock-based compensation as a primary tool for managing expenses, with quarterly charges reaching $15.0 million in 2025Q1, a practice that effectively shifts the burden of operational costs from cash reserves to shareholder dilution.
The reliance on equity-based incentives may provide temporary relief to the cash balance but warrants further investigation regarding the long-term impact on shareholder value. This accounting treatment complicates the assessment of the company's true operational efficiency and the sustainability of its current burn rate.
Quick answers to the most common questions about buying GRO stock.
Brazil Potash Corp. (GRO) generated $-17.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brazil Potash Corp. (GRO) reported negative free cash flow of $17.6M in 2025, indicating capital requirements exceeded cash from operations.
Brazil Potash Corp. (GRO) spent $15.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.