Persistent cash burn remains a critical concern, with the firm reporting a $2.1 million free cash flow outflow in 2025Q4 and an OCF/NI ratio of 0.70, indicating poor conversion of earnings to liquidity.
| Cash from Operations | -3.41M | -2.22M | -3.87M | -4.86M | -875K | -418.49K | -553.94K |
| Operating CF Margin % | -254.54% | -36.51% | -96.03% | -193.9% | -42.15% | -42.36% | -62.03% |
| Operating CF Growth % | -53.81% | 42.66% | 20.3% | -455.09% | -109.09% | 24.45% | - |
| Net Income | -5.41M | -1.23M | -2.71M | -3.69M | -824.22K | -640.34K | -548.24K |
| Depreciation & Amortization | 116.36K | 97.21K | 60.65K | 17.21K | 5.06K | 3.52K | 3.73K |
| Stock-Based Compensation | 0 | 154.45K | 126.77K | 75.9K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 130.66K | -6.4K | 18.24K | -73.36K | 37.82K | 48.76K | 40.9K |
| Working Capital Changes | 1.75M | -1.23M | -1.37M | -1.19M | -93.65K | 169.57K | -50.33K |
| Change in Receivables | 2.91M | -504.4K | -1.38M | -1.04M | -443.94K | 108.32K | -87.31K |
| Change in Inventory | -251.77K | -649.66K | -977.92K | -590.25K | -140.42K | 102.71K | -13.02K |
| Change in Payables | -525.1K | -58.05K | 131.28K | 619.69K | 213.86K | -61.37K | -188.66K |
| Cash from Investing | -22.7K | 2.96M | 5.82M | -9.3M | -29.42K | -33.54K | -27.61K |
| Capital Expenditures | -22.7K | -190.99K | -90.51K | -284.49K | -7.97K | -6.04K | -2.61K |
| CapEx % of Revenue | 1.69% | 3.14% | 2.25% | 11.36% | 0.38% | 0.61% | 0.29% |
| Acquisitions | 0 | 0 | 0 | 9.02B | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 3.15M | -91.14K | -9.02B | -21.46K | 0 | 0 |
| Cash from Financing | 3.69M | -489.44K | -119.54K | 14.37M | 899.18K | 455.36K | 563.96K |
| Debt Issued (Net) | 3.67M | -489.44K | 0 | -1.36M | 200.7K | 455.36K | 563.96K |
| Equity Issued (Net) | 29.29K | 0 | -119.54K | 17.82M | 1.32M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -119.54K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -2.1M | -621.61K | 0 | 0 |
| Net Change in Cash | 251.14K | 252.05K | 1.83M | 206.4K | -5.25K | 3.33K | -17.59K |
| Free Cash Flow | -3.44M | -2.41M | -3.96M | -5.14M | -882.97K | -424.53K | -556.55K |
| FCF Margin % | -256.23% | -39.65% | -98.28% | -205.26% | -42.54% | -42.97% | -62.32% |
| FCF Growth % | -42.56% | 39.15% | 22.95% | -482.3% | -107.99% | 23.72% | - |
| FCF per Share | -0.43 | -0.30 | -0.50 | -0.64 | -0.29 | -0.06 | -0.08 |
| FCF Conversion (FCF/Net Income) | 0.63x | 1.80x | 1.43x | 1.32x | 1.06x | 0.65x | 1.01x |
| Interest Paid | 0 | 2.57K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
As reported in financial statements, MTEK's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly, including a notable 0.70 reading in 2025Q4, which suggests that accounting accruals are failing to translate into actual liquidity for the firm's ongoing operations.
The recurring gap between net income and operating cash flow indicates that the company's reported losses are being compounded by an inability to generate cash from its core business activities. This divergence suggests that the firm's earnings quality is poor, as the cash flow statement reveals a persistent reliance on external financing to cover operational deficits.
Based on the company's quarterly filings, MTEK has maintained a consistently negative free cash flow trajectory, with the 2025Q4 period showing a $2.1 million outflow, highlighting the structural inability of the current business model to self-fund its research and development requirements.
The persistent negative FCF margins, which reached -3.4% in the most recent quarter, underscore the company's dependence on capital raises to sustain its operations. Investors should monitor whether the firm can achieve a pivot toward positive cash generation, as the current trend suggests a continued erosion of shareholder value.
According to recent SEC filings, MTEK's working capital changes have been highly erratic, swinging from a $1.3 million outflow in 2023Q4 to an $800.9K inflow in 2025Q4, which suggests that the timing of inventory procurement and customer collections remains a significant source of cash flow instability.
This volatility in working capital management appears to be a byproduct of the company's lumpy, project-based defense contracting model. The inability to stabilize these flows suggests that the firm lacks the operational maturity to manage its cash conversion cycle effectively, leaving it vulnerable to sudden liquidity crunches.
As indicated by the provided financial data, MTEK's capital intensity remains low, with CapEx/Revenue ratios often below 2%, suggesting that the company is not investing heavily in physical production capacity despite its stated focus on high-end hardware manufacturing and specialized encoding platforms.
The low level of capital expenditure may indicate that the company is either outsourcing its manufacturing or is currently in a state of operational stagnation. This lack of investment in tangible assets warrants further investigation, as it may imply that the firm is not scaling its infrastructure to meet potential future demand.
Quick answers to the most common questions about buying MTEK stock.
Maris-Tech Ltd. (MTEK) generated $-3.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Maris-Tech Ltd. (MTEK) reported negative free cash flow of $3.4M in 2025, indicating capital requirements exceeded cash from operations.
Maris-Tech Ltd. (MTEK) 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.