Operational cash flow remains disconnected from earnings, evidenced by a 2025Q2 OCF/NI ratio of 22.86, while the company continues to record negative free cash flow, including a -18.5% FCF margin in 2025Q4.
| Cash from Operations | -1.9M | -3.21M | -4.15M | -4.53M | -1.87M | -1.9M | -3.62M | -3.14M | -3.87M | -536.13K | -213.57K |
| Operating CF Margin % | -56.59% | -100.83% | -189.25% | -280.45% | -50.47% | -102.6% | -106.82% | -112.38% | -254.37% | -41.79% | -21.49% |
| Operating CF Growth % | 40.65% | 22.76% | 8.42% | -142.44% | 1.69% | 47.46% | -15.14% | 18.65% | -621.03% | -151.03% | - |
| Net Income | -23.72M | -8.05M | -4.68M | -346.47K | -2.8M | -2.5M | -2.53M | -3.37M | -4.75M | -845.51K | -1.13M |
| Depreciation & Amortization | 248.98K | 247.03K | 280.76K | 381.01K | 232.08K | 255.95K | 0 | 21.98K | 0 | 20.08K | 22.08K |
| Stock-Based Compensation | 0 | 0 | 600.94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -82.76K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 19.87M | 4.7M | 300.21K | -3.92M | 442.23K | 327.76K | -711.63K | 239.11K | 884.45K | 287.5K | 696.64K |
| Working Capital Changes | 1.7M | -110K | -569.14K | -646.05K | 256.13K | 10K | -378.61K | -38.75K | 0 | 1.8K | 201.83K |
| Change in Receivables | 601.17K | 28.49K | -600.86K | 89.61K | -248.1K | 715.18K | -717.79K | -77.8K | 0 | 87K | -80.23K |
| Change in Inventory | 152.84K | 42.09K | -527.98K | -352.76K | 323.05K | -249.39K | -86.4K | -141.54K | 0 | -92.92K | 0 |
| Change in Payables | 925.94K | -187.25K | 0 | 464.09K | 136.94K | -370.14K | 439.3K | 147.7K | 0 | -39.64K | 86.66K |
| Cash from Investing | -36.61K | -26.93K | -1.46K | -27.02K | -31.61K | 0 | -436.23K | -7.91K | -24.05K | -11.32K | 27.68K |
| Capital Expenditures | -36.61K | -26.93K | -1.46K | -27.02K | -31.61K | 0 | -176.8K | -7.91K | -24.05K | -11.32K | -20.97K |
| CapEx % of Revenue | 1.09% | 0.85% | 0.07% | 1.67% | 0.85% | 0% | 5.22% | 0.28% | 1.58% | 0.88% | 2.11% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -259.43K | 0 | 0 | 0 | 0 |
| Cash from Financing | 12.37M | 3.48M | -271.62K | 19.76M | 3.49M | -112.54K | 3.79M | 0 | 8.04M | -33.72K | 1.1M |
| Debt Issued (Net) | -210.81K | -219K | -251.32K | -346.1K | 0 | 0 | 0 | 0 | 876.84K | 0 | 0 |
| Equity Issued (Net) | 13.01M | 2.95M | -20.29K | 20.13M | 3.75M | 0 | 3.74M | 0 | 7.8M | -35K | 1.08M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -20.38K | 0 | 0 | 0 | 0 | 0 | 0 | -35K | 0 |
| Other Financing | -429.98K | 744K | -251.32K | -19.5K | -259.86K | -112.54K | 50.44K | 0 | -634.06K | 1.29K | 28.79K |
| Net Change in Cash | 10.43M | 241.68K | -4.42M | 14.62M | 1.38M | -1.84M | -248.98K | -4.01M | 4.36M | -580.1K | 1.99M |
| Free Cash Flow | -1.94M | -3.23M | -4.18M | -4.56M | -1.9M | -1.9M | -3.8M | -3.15M | -4.77M | -547.46K | -234.54K |
| FCF Margin % | -57.68% | -101.65% | -190.33% | -282.12% | -51.32% | -102.6% | -112.04% | -112.67% | -314.15% | -42.67% | -23.6% |
| FCF Growth % | 39.99% | 22.57% | 8.45% | -139.83% | 0.03% | 49.91% | -20.46% | 33.97% | -772.06% | -133.42% | - |
| FCF per Share | -0.22 | -0.53 | -0.86 | -1.89 | -1.76 | -2.03 | -2.33 | -3.99 | -4.85 | -0.16 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.08x | 0.40x | 0.91x | 13.28x | 0.67x | 0.76x | 1.01x | 0.93x | 0.63x | 0.63x | 0.19x |
| 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 |
Persistent operating cash burn
According to the provided financial data, Mobilicom's operating cash flow consistently fails to track with net income, as evidenced by the 2025Q2 OCF/NI ratio of 22.86, which suggests that accounting losses are not being mitigated by meaningful cash generation from core business operations.
The extreme volatility in the OCF/NI ratio indicates that the company's reported net income is heavily influenced by non-cash items or timing differences that do not reflect actual liquidity. Investors should monitor this divergence, as it implies that the company's earnings quality is currently poor and provides little insight into the underlying cash-generating capability of the business.
As reported in financial statements, Mobilicom has consistently recorded negative free cash flow across all ten observed quarters, with the 2025Q4 FCF margin of -18.5% highlighting the ongoing challenge of funding operations through internal cash generation rather than external capital raises.
The persistent FCF burn suggests that the company remains in a capital-intensive development phase where cash outflows are structurally higher than inflows. This trajectory warrants further investigation into whether the current R&D spend is yielding the necessary commercial traction to eventually reach a cash-flow-positive state.
Based on the provided figures, Mobilicom maintains a low capital intensity, with CapEx/Revenue ratios consistently hovering near 1%, which suggests that the company's primary cash drain is operational overhead rather than the physical maintenance or expansion of its manufacturing infrastructure.
While the low capital intensity may appear favorable, it may also indicate that the company is not investing sufficiently in the physical assets required to scale production. This strategy appears to prioritize R&D over hardware capacity, which may limit the company's ability to meet sudden surges in demand from Tier-1 defense OEMs.
As indicated by the cash flow statements, the absence of significant working capital adjustments or stock-based compensation suggests that the company's cash burn is driven primarily by core operating expenses, rather than accounting maneuvers or non-cash equity incentives that often cloud the view of early-stage tech firms.
The lack of meaningful working capital movement implies that the company is not yet managing large-scale inventory or receivables, which is consistent with a business still in the early stages of commercial deployment. Investors should monitor for future changes in these line items, as they will likely signal the transition from R&D-focused operations to a more complex, high-volume manufacturing model.
Quick answers to the most common questions about buying MOB stock.
Mobilicom Ltd (MOB) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mobilicom Ltd (MOB) reported negative free cash flow of $1.9M in 2025, indicating capital requirements exceeded cash from operations.
Mobilicom Ltd (MOB) 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.