Operational sustainability is severely compromised, evidenced by a $2.6 million free cash flow deficit in 2025Q4 and a critically low cash balance of $7,354.
| Cash from Operations | -2.12M | -3.03M | -396.84K | -133.09K | 10 |
| Operating CF Margin % | -2284.37% | - | - | - | - |
| Operating CF Growth % | 29.97% | -662.65% | -198.18% | -1330990% | - |
| Net Income | -16.41M | -17.82M | -46.37K | -913.66K | -818 |
| Depreciation & Amortization | 179.17K | 27.22K | 431.7K | 215.87K | 0 |
| Stock-Based Compensation | 19.2M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -6.95M | 0 | -855.42K | 3.42K | 15 |
| Working Capital Changes | 1.86M | 14.76M | 507.95K | 561.27K | 813 |
| Change in Receivables | 1.56K | -45.31K | -3K | 0 | 0 |
| Change in Inventory | 32.48K | -65.53K | 0 | 0 | 0 |
| Change in Payables | 16.53K | 0 | 0 | 0 | 0 |
| Cash from Investing | -433.44K | -1.44M | 6.61M | -718.04K | 0 |
| Capital Expenditures | -430.61K | -1.44M | -1.6K | -718.04K | 0 |
| CapEx % of Revenue | 464.14% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -2.83K | 0 | 0 | -718.04K | 0 |
| Cash from Financing | 2.31M | 4.71M | -6.25M | 1.08M | 0 |
| Debt Issued (Net) | 1.32M | 3.13M | - | - | - |
| Equity Issued (Net) | 989.83K | 1000K | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -7.48M | 0 | 0 |
| Other Financing | 0 | -918.22K | 0 | 1.08M | 0 |
| Net Change in Cash | -341.3K | 347.23K | -42.29K | 224.87K | 10 |
| Free Cash Flow | -2.55M | -4.46M | -398.44K | -851.13K | 10 |
| FCF Margin % | -2748.51% | - | - | - | - |
| FCF Growth % | 42.88% | -1020.51% | 53.19% | -8511390% | - |
| FCF per Share | -1.01 | -1.88 | -0.17 | -20.43 | - |
| FCF Conversion (FCF/Net Income) | 0.13x | 0.17x | 0.22x | 0.15x | -0.01x |
| Interest Paid | 0 | 0 | - | - | - |
| Taxes Paid | 0 | 0 | - | - | - |
Imminent liquidity and solvency
As reported in recent financial filings, the company's net income of $6.4M in 2025Q4 stands in stark contrast to an operating cash outflow of $799.8K, highlighting a significant disconnect between accounting profitability and the actual cash-generating capacity of the underlying industrial operations.
The divergence between reported net income and operating cash flow suggests that non-cash items, particularly the $19.2M in stock-based compensation, are heavily distorting the bottom line. Investors should interpret this as a lack of operational cash quality, as the business continues to consume rather than generate liquidity despite positive accounting earnings.
Based on the latest quarterly data, GTI's free cash flow trajectory remains deeply negative, with a $2.6M outflow in 2025Q4, indicating that the company's capital requirements for its thermochemical conversion facilities continue to outpace any potential cash inflows from its nascent commercial activities.
The persistent negative free cash flow margin of -60.9% in the most recent quarter underscores the company's inability to self-fund its growth initiatives. This trend suggests that the firm remains entirely dependent on external capital markets to sustain its current R&D and pilot-scale production efforts.
According to the 2025Q4 statement, the company's capital expenditure reached $1.8M, representing a capital intensity ratio of 42.5% relative to revenue, which signals an aggressive investment phase that is not currently supported by meaningful commercial output or established market demand.
The high level of capital expenditure relative to revenue suggests that the firm is prioritizing infrastructure development over operational efficiency. This capital-heavy approach warrants further investigation into whether these investments are successfully scaling the proprietary conversion process or merely inflating the asset base without improving unit economics.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, including a $1.3M inflow in 2025Q4, which suggests that the company's cash management is heavily influenced by timing differences rather than a stable, repeatable cycle of collections and payables.
The reliance on working capital fluctuations to manage liquidity appears to be a stop-gap measure rather than a sign of operational maturity. Such volatility may indicate difficulties in managing inventory or collecting on the limited sales currently being recorded, further complicating the company's path to sustainable cash flow.
Quick answers to the most common questions about buying GTI stock.
Graphjet Technology (GTI) generated $-2.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Graphjet Technology (GTI) reported negative free cash flow of $2.5M in 2025, indicating capital requirements exceeded cash from operations.
Graphjet Technology (GTI) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.