Cash burn remains a critical concern, as evidenced by the company's inability to generate positive free cash flow, with a notable $15.8 million outflow recorded in 2024Q2.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Cash from Operations | -4.85M | -6.8M | -7.2M | -8.07M | -9.35M | -4.85M | -4.65M | -3.45M | -1.65K | -1.78M | -394.7K | -280.83K | -560.2K | -528 | -217.46K | -331.15K | -286.26K | -310.68K | -226.12K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 33.28% | 5.46% | 10.79% | 13.65% | -92.76% | -4.17% | -34.98% | -208604.32% | 99.91% | -351.35% | -40.55% | 49.87% | -105935% | 99.76% | 34.33% | -15.68% | 7.86% | -37.39% | - |
| Net Income | -11.94M | 0 | -7.85M | -6.39M | -9.13M | -7.7M | -3.65M | 0 | -1.85K | 0 | 0 | 0 | 0 | -4.55K | 0 | 0 | 0 | 0 | 0 |
| Depreciation & Amortization | 177.37K | 0 | 260.95K | 51.77K | 173K | 125.97K | 0 | 0 | 89 | 0 | 0 | 0 | 0 | 3.96K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 985 | 0 | 0 | 0 | 0 | 1.8M | 0 | 0 | 205 | 0 | 0 | 0 | 0 | 101 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -1.16M | -6.97M | 394.84K | -1.5M | -1.53M | 1.1M | -1M | 0 | -48 | 0 | 0 | 0 | 0 | 20 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Changes | 214.02K | 161K | -110 | -226K | 1.14M | -172.47K | 0 | 0 | -52 | 0 | 0 | 0 | 0 | -62 | 0 | 0 | 0 | 0 | 0 |
| Change in Receivables | -409.77K | 127K | 0 | -96K | 118.21K | -172.47K | 0 | 0 | -52 | 0 | 0 | 0 | 0 | -62 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 782.11K | 0 | 0 | 0 | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.82M | -13.83M | -35.38M | -32.47M | -28.39M | -17.67M | -30.48M | -21.29M | -4.92K | -2.28M | -428.9K | -381.16K | -1.14M | -1.14K | -1.68M | -3.39M | -1.24M | -1M | -854.17K |
| Capital Expenditures | -993.88K | 0 | -36.64K | -601K | -25.03M | -5K | -30.99M | -33.62K | -5.21K | -2.99M | -593.46K | -496.94K | -1.19K | -1 | -1.64M | -67.14K | -2.56K | -14.09K | -25.41K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.37K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -13.83M | -13.83M | -35.35M | -31.87M | -3.36M | -17.66M | 513.28K | -21.26M | 293 | -2.3M | -443.18K | 0 | -1.14M | -1.14K | 0 | -3.32M | -1.24M | -998.76K | -828.76K |
| Cash from Financing | 3.15M | 10.2M | 25.49M | -225K | 75.39M | 58.69M | 26.58M | 394.29K | 60.69K | 9.07M | 957.18K | 405.38K | 1.29M | 1.29K | 1.17M | 4.02M | 1.58M | 0 | 3.56M |
| Debt Issued (Net) | 1.06M | -1.34M | 1.07M | -213K | -162K | -80.23K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 1000K | 1000K | -11.95K | 1000K | 1000K | 1000K | 481.83K | 0 | 1000K | 970.25K | 431.37K | 1000K | 0 | 1000K | 1000K | 1000K | 0 | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1.8M | -125K | 0 | -458.59K | -17.5K | -33.89K | -69.34K | 0 | -28.86K | -249.85K | -128.9K | 0 | -670.12K |
| Other Financing | -602.76K | -4.87M | -725K | -54 | 3.76M | -2.7M | -909.75K | -87.54K | 60.69K | -352.4K | -13.07K | -26K | -65.28K | 1.29K | -29.54K | -267.04K | -109.55K | 0 | -659.93K |
| Net Change in Cash | -40.97M | -10.66M | -16.99M | -41.47M | 31.7M | 36.21M | -7.1M | -22.37M | 53.92K | 5.42M | 233.53K | -191.17K | -374.68K | -64.55K | -729.3K | 277.61K | 97.7K | -1.25M | 2.49M |
| Free Cash Flow | -12.31M | -6.8M | -43.84M | -8.67M | -34.38M | -4.85M | -35.64M | -3.48M | -6.86K | -4.77M | -988.16K | -777.77K | -561.39K | -530 | -1.86M | -398.3K | -288.83K | -324.77K | -251.53K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 76.29% | 84.48% | -405.59% | 74.78% | -608.36% | 86.38% | -923.84% | -50646.57% | 99.86% | -382.84% | -27.05% | -38.54% | -105921.05% | 99.97% | -367.18% | -37.9% | 11.07% | -29.12% | - |
| FCF per Share | -0.20 | -2.89 | -0.82 | -0.17 | -0.68 | -0.11 | -0.89 | -0.09 | -0.00 | -0.18 | -0.07 | -0.12 | -2.91 | -0.00 | -0.49 | -0.13 | -0.15 | -0.26 | -0.18 |
| FCF Conversion (FCF/Net Income) | 1.03x | 712.27x | 0.92x | 1.27x | 1.02x | 0.63x | 1.27x | 5.12x | 0.00x | 0.15x | 0.11x | 0.25x | 0.12x | 0.00x | 0.15x | 0.48x | 0.38x | 0.74x | 0.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 |
Regulatory and Permitting Delays
As evidenced by the company's financial statements, ioneer Ltd continues to report negative free cash flow, with a notable outflow of $15.8 million in 2024Q2, underscoring the significant capital requirements necessary to advance the Rhyolite Ridge project toward its eventual commercial production phase in the Nevada region.
The consistent negative free cash flow trajectory reflects the heavy burden of development-stage expenditures that currently lack any offsetting revenue streams. Investors should monitor whether the company can successfully transition from this cash-burning phase to positive cash generation without further exhausting its liquidity reserves.
Based on historical financial data, ioneer Ltd has maintained substantial capital expenditure levels, peaking at $15.1 million in 2022Q2, which highlights the intensive investment required for site development and processing infrastructure before the company can realize any meaningful operational returns from its lithium and boron assets.
These capital outlays are essential for project de-risking but represent a significant drain on cash balances in the absence of internal funding. The reliance on these high-intensity investments suggests that the company's financial health remains highly sensitive to the timing and successful execution of its construction milestones.
According to the provided quarterly data, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio reaching an extreme of 1493.71 in 2025Q2, illustrating the lack of meaningful correlation between accounting losses and actual cash movements during this pre-revenue period.
This divergence is typical for a development-stage mining entity where non-cash items and working capital fluctuations dominate the cash flow statement. Analysts should focus on the absolute cash burn rather than earnings metrics, as the latter provide little insight into the company's actual liquidity position.
Financial filings suggest that the company's cash flow statement obscures the true cost of ongoing environmental litigation and permitting hurdles, as these expenses are often embedded within broader operating outflows rather than being explicitly isolated for investors to evaluate the impact of regulatory friction on liquidity.
The lack of transparency regarding specific permitting-related costs makes it difficult to quantify the exact financial damage caused by delays in the federal approval process. This ambiguity warrants further investigation into how much of the current cash burn is attributable to administrative friction versus actual project development.
Quick answers to the most common questions about buying IONR stock.
ioneer Ltd (IONR) generated $-6.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ioneer Ltd (IONR) reported negative free cash flow of $6.8M in 2025, indicating capital requirements exceeded cash from operations.
ioneer Ltd (IONR) 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.