Free cash flow remains deeply negative with quarterly outflows consistently exceeding $10 million, as capital expenditures for facility construction continue to outpace operational progress.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | -41.12M | -44.82M | -51.95M | -39.52M | -44.88M | -34.33M | -18.05M | -5.14M | 948.35K | -2.64M | -1.24M | -963.44K | -604.72K | -565.83K | -814.56K | -49.25K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 84% | 13.74% | -31.48% | 11.96% | -30.75% | -90.18% | -251.15% | -641.99% | 135.98% | -111.97% | -29.05% | -59.32% | -6.87% | 30.54% | -1554.04% | - |
| Net Income | -97.22M | -105.09M | -73.28M | -55.98M | -47.71M | -39.89M | -17.98M | -6.83M | -8.06M | -5.03M | -1.96M | -1.32M | -1.2M | -1.55M | -1.4M | -103.34K |
| Depreciation & Amortization | 5.5M | 7.34M | 9.09M | 8.15M | 4.56M | 1.09M | 1.2M | 724.03K | 493.07K | 22.82K | 18.31K | 11.54K | 11.54K | 11.54K | 10.1K | 650 |
| Stock-Based Compensation | 114K | 0 | 3.93M | 3.06M | 8.71M | 6.68M | 2.03M | 518.97K | 844.95K | 856.74K | 273.71K | 353.54K | 159.89K | 206.62K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 775.79K | 2.82M | 897.32K | -97.31K | -89.7K | -91.28K | -52.33K | -50.13K | -17.37K |
| Other Non-Cash Items | 47.63M | 52.46M | 9.81M | 3.18M | -7.36M | 1.04M | -3.17M | 134.13K | 35.36K | 829.24K | 168.19K | 256.95K | 507.82K | 681.4K | 649.31K | 0 |
| Working Capital Changes | 2.85M | 476.61K | -1.5M | 2.08M | -3.07M | -3.25M | -135K | -461.84K | 4.81M | -215.68K | 357.76K | -177.92K | 11.38K | 138.51K | -19.06K | 70.82K |
| Change in Receivables | 154.49K | 852.3K | -789K | 236K | 78K | -3.08M | -2.07M | 314K | -786.44K | -223.99K | 188.41K | -227.99K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -14.58M | -13.67M | -14.05M | -10.07M | -28M | -34.58M | -661K | -15.19M | -18.55M | -4.49M | -1.99M | -2.3M | -824.64K | -534.88K | -711.79K | -52.28K |
| Capital Expenditures | -14.58M | -13.67M | -14.05M | -10.07M | -26.68M | -36.98M | -1.27M | -15.42M | -17.94M | -4.56M | -2.1M | -2.35M | -848.06K | -560.28K | -711.79K | -52.28K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 1.18M | 2.41M | 608K | 235.84K | -612.85K | 76.6K | 114.78K | 55.14K | 178 | 25K | 0 | 0 |
| Cash from Financing | 24.05M | 23.99M | 135.46M | 26.29M | 70.29M | 125.73M | 19.15M | 20.61M | 11.25M | 14.86M | 5.42M | 3.37M | 682.35K | 1.13M | 1.95M | 459.01K |
| Debt Issued (Net) | -628.11K | -249.8K | -1.2M | -712K | 66.61M | -1.22M | 15.66M | 711K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 24.48M | 24.86M | 139.06M | 29.57M | 3.99M | 114.24M | 0 | 20.25M | 11.25M | 14.83M | 4.75M | 3.5M | 695K | 1.23M | 2.03M | 476.5K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 189.15K | -626.49K | -2.4M | -2.57M | -304K | 12.71M | 3.49M | -351K | 3.31M | 24.06K | 666.78K | -128.48K | -12.65K | -96.57K | -85.57K | -17.49K |
| Net Change in Cash | -31.21M | -29.71M | 69.96M | -23.59M | -2.43M | 57.84M | 443K | 283K | -6.35M | 7.74M | 2.19M | 107.06K | -747K | 32.34K | 421.77K | 459.01K |
| Free Cash Flow | -55.71M | -58.48M | -66.01M | -49.59M | -71.56M | -71.31M | -19.32M | -20.56M | -16.99M | -7.2M | -3.34M | -3.31M | -1.45M | -1.13M | -1.53M | -101.53K |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 17.87% | 11.4% | -33.11% | 30.7% | -0.35% | -269.13% | 6.05% | -21.01% | -136.1% | -115.19% | -0.89% | -128.18% | -29.01% | 26.22% | -1403.43% | - |
| FCF per Share | -0.34 | -0.38 | -0.58 | -0.83 | -1.29 | -1.66 | -0.73 | -0.90 | -1.13 | -0.75 | -0.54 | -0.81 | -0.50 | -0.58 | -1.28 | -1.02 |
| FCF Conversion (FCF/Net Income) | 0.57x | 0.43x | 708.92x | 0.71x | 0.94x | 0.86x | 1.00x | 0.39x | -0.12x | 0.52x | 0.63x | 0.73x | 0.50x | 0.36x | 0.58x | 0.48x |
| Interest Paid | 0 | 0 | 73K | 70K | 69K | 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 |
Commercialization and Dilution Risk
As reported in financial statements, NMG's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating wildly, including a 2.77 reading in 2026Q1, which suggests that non-cash accounting adjustments are masking the underlying cash burn inherent in the company's current pre-revenue development phase.
The lack of a stable relationship between net income and operating cash flow indicates that earnings volatility is driven by non-operational items rather than core business performance. Investors should monitor this divergence, as it suggests that reported net income figures provide little insight into the actual cash requirements needed to sustain operations.
Based on recent SEC filings, NMG's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $10 million, reflecting the heavy capital intensity required to advance the Matawinie mine and Bécancour facility toward commercial production without any offsetting revenue to stabilize the cash burn.
The persistent negative FCF trajectory highlights the company's reliance on external financing to fund its development roadmap. Until the company achieves commercial-scale production, this cash burn appears likely to continue, necessitating ongoing capital raises that may further dilute existing shareholders.
According to the provided cash flow data, NMG's quarterly capital expenditures have remained elevated, peaking at $5.4 million in 2025Q3, which underscores the significant financial burden of building out the necessary infrastructure for graphite processing in a high-cost, Tier-1 jurisdiction like Quebec.
These capital outlays are essential for project de-risking but represent a significant drain on liquidity. The company's ability to manage these expenditures without further straining its balance sheet warrants close investigation as construction timelines evolve.
As noted in recent financial disclosures, NMG's working capital changes have been inconsistent, swinging from a $3.2 million inflow in 2025Q3 to a $2.6 million outflow in 2024Q4, which suggests that the company has yet to establish a predictable cycle for managing its operational cash requirements.
This volatility in working capital appears to be a byproduct of the company's transition from exploration to development. Investors should monitor whether these fluctuations stabilize as the company moves closer to full-scale commercial operations and begins to manage inventory and payables more systematically.
Quick answers to the most common questions about buying NMG stock.
Nouveau Monde Graphite Inc. (NMG) generated $-44.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Nouveau Monde Graphite Inc. (NMG) reported negative free cash flow of $58.5M in 2025, indicating capital requirements exceeded cash from operations.
Nouveau Monde Graphite Inc. (NMG) spent $13.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.