The firm exhibits a persistent cash burn, evidenced by ten consecutive quarters of negative free cash flow and a 2024Q4 FCF margin of -114.6%.
Indonesia Energy Corporation Limited (INDO) cash flow statement — 10-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Cash from Operations | -2.39M | -5.43M | -3.09M | -2.98M | -3.21M | -3.55M | -5.19M | -439.79K | 1.92M | -182.74K | -2.14M |
| Operating CF Margin % | - | -270.05% | -115.73% | -84.5% | -78.3% | -144.69% | -261.82% | -10.51% | 32.79% | -4.93% | -87.35% |
| Operating CF Growth % | -44.85% | -76.05% | -3.63% | 7.14% | 9.6% | 31.57% | -1079.2% | -122.9% | 1150.81% | 91.45% | - |
| Net Income | -4.24M | -5.1M | -6.34M | -2.64M | -3.12M | -6.08M | -6.95M | -1.67M | 140.99K | -1.62M | -3.19M |
| Depreciation & Amortization | 1.05M | 1.2M | 1.46M | 1.17M | 1.49M | 889.85K | 698.85K | 934.09K | 1.2M | 1.2M | 940.87K |
| Stock-Based Compensation | 1.3M | 0 | 1.46M | 0 | 737.27K | 1.51M | 3.16M | 247.82K | 0 | 228.93K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -889.85K | -698.85K | -876.68K | 0 | 68.92K | 0 |
| Other Non-Cash Items | -353.82K | 757.63K | 614.41K | -781.63K | -1.51M | 967.24K | 578.14K | 876.68K | 1.97K | 3 | 1.63M |
| Working Capital Changes | -128.86K | -2.29M | -276.37K | -729.6K | -801.77K | 53.12K | -1.98M | 52.03K | 579.55K | -65.02K | 141.43K |
| Change in Receivables | 99.94K | 1.3K | 238K | -114.18K | 529.59K | 134.21K | -1.05M | 409.6K | 244.79K | -510.76K | -418.07K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -523.68K | -221.06K | 60.07K | 108.85K | 0 |
| Change in Payables | 145.81K | -303.42K | 145.81K | 102.92K | -255.15K | 0 | -473.5K | -109.43K | -180.78K | 214.24K | 642.46K |
| Cash from Investing | -1.84M | -244.02K | -2.82M | -419.46K | -5.42M | -2.76M | -357.33K | -1.05M | -853.58K | -1.59M | -1.16M |
| Capital Expenditures | -1.84M | -44.69K | -2.82M | -419.46K | -1.68K | -311.56K | -357.33K | -545.58K | -230.56K | -1.38M | -995.73K |
| CapEx % of Revenue | - | 2.22% | 105.76% | 11.9% | 0.04% | 12.7% | 18.04% | 13.04% | 3.94% | 37.37% | 40.7% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -199.33K | 0 | 0 | -5.41M | -2.45M | 0 | -500K | -623.02K | -210.57K | -160.1K |
| Cash from Financing | 8.08M | 6.56M | 8.41M | 0 | 12.93M | 0 | -1.13M | 13.12M | 1.17M | 1.61M | 2.54M |
| Debt Issued (Net) | -796.5K | 0 | -796.5K | -472.78K | 6.61M | 0 | -1.13M | 174 | 1.61M | 1.61M | 0 |
| Equity Issued (Net) | 8.41M | 6.56M | 8.41M | 0 | 4.37M | 0 | 0 | 13.65M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 472.89K | 0 | 796.5K | 472.78K | 1.95M | 0 | 0 | -525.93K | -443.31K | 0 | 2.54M |
| Net Change in Cash | 2.5M | 885.31K | 2.5M | -3.4M | 4.3M | -6.31M | -6.67M | 11.64M | 2.24M | -162.93K | -755.54K |
| Free Cash Flow | -1.4M | -5.48M | -3.09M | -3.4M | -3.21M | -3.86M | -5.54M | -985.37K | 1.69M | -1.57M | -3.13M |
| FCF Margin % | - | -272.27% | -115.73% | -96.4% | -78.34% | -157.4% | -279.86% | -23.55% | 28.85% | -42.3% | -128.05% |
| FCF Growth % | - | -77.5% | 9.16% | -5.87% | 16.85% | 30.36% | -462.57% | -158.32% | 207.84% | 49.99% | - |
| FCF per Share | -0.09 | -0.37 | -0.30 | -0.34 | -0.36 | -0.52 | -0.75 | -0.16 | 0.23 | -0.21 | -0.43 |
| FCF Conversion (FCF/Net Income) | 0.12x | 1.07x | 0.49x | 1.13x | 1.03x | 0.59x | 0.75x | 0.26x | 13.18x | 0.11x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying INDO stock.
Indonesia Energy Corporation Limited (INDO) generated $-5.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Indonesia Energy Corporation Limited (INDO) reported negative free cash flow of $5.5M in 2025, indicating capital requirements exceeded cash from operations.
Indonesia Energy Corporation Limited (INDO) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent Negative Operating Cash
Persistent Disconnect Between Earnings Reality
According to the company's historical cash flow statements, the relationship between net income and operating cash flow remains consistently negative, with the 2024Q4 OCF/NI ratio of 0.56 highlighting a structural inability to convert accounting losses into positive cash generation from core exploration activities.
The persistent gap between net losses and operating cash outflows suggests that the company's accounting losses are not merely non-cash accounting artifacts but reflect actual cash-consuming operations. Investors should monitor whether this trend indicates that the underlying cost structure of the Kruh Block is fundamentally misaligned with current production volumes.
Negative Free Cash Flow Trajectory
As reported in financial statements, INDO has maintained a negative free cash flow trajectory for ten consecutive quarters, with the 2024Q4 FCF margin of -114.6% underscoring the company's ongoing reliance on external capital to fund its capital-intensive drilling and exploration programs.
The consistent failure to achieve positive free cash flow suggests that the company is currently in a capital-intensive phase where investment requirements significantly outpace operational inflows. This trajectory warrants further investigation into whether the current exploration strategy can eventually reach a self-sustaining production scale.
Capital Intensity Outpacing Revenue Generation
Based on reported figures, the company's capital intensity remains elevated, with a 2024Q4 CapEx/Revenue ratio of 150.1%, indicating that the firm is spending significantly more on asset development than it is currently generating from its existing oil production assets.
This high level of capital intensity relative to revenue suggests that the company is aggressively prioritizing growth or maintenance drilling over immediate cash preservation. Such a strategy appears to prioritize long-term reserve replacement at the expense of short-term liquidity, which may increase the firm's vulnerability to market volatility.
Working Capital Volatility and Efficiency
Analysis of recent SEC filings reveals that working capital changes have been consistently negative in most periods, including a $128.9K outflow in 2024Q4, which suggests that the company is struggling to optimize its cash conversion cycle amidst its current operational challenges.
The recurring negative working capital adjustments may indicate inefficiencies in receivables collection or an inability to effectively manage payables in alignment with production cycles. This trend appears to exacerbate the company's overall cash burn, further tightening the liquidity runway available for future exploration.
Cash Flow Obscured by Compensation
Based on the provided data, stock-based compensation of $1.3 million in 2024Q4 significantly masks the true cash cost of operations, as these non-cash adjustments are added back to net income to arrive at operating cash flow figures that remain deeply negative.
The reliance on stock-based compensation as a significant component of the company's financial structure suggests that management is attempting to preserve cash by utilizing equity-based incentives. However, this practice may dilute existing shareholders without addressing the fundamental issue of negative cash flow from operations.