Operational liquidity is non-existent, with the company burning $2.5 million in free cash flow during 2025Q4 while maintaining a cash balance of only $3,678.
| Cash from Operations | -5.54M | -3.82M | -1.23M | 1.62M | 1.17M | 59.34K | -138.43K | -1K | 48.64K | 0 | -59.49K | -30.81K | -87.84K |
| Operating CF Margin % | - | -64.57% | -7.6% | 7.51% | 6.05% | 0.31% | -0.72% | -0.01% | 0.2% | - | -183.21% | -29.92% | -732% |
| Operating CF Growth % | -155.22% | -209.81% | -176.28% | 38.44% | 1866.77% | 142.86% | -13674.23% | -102.07% | - | 100% | -93.1% | 64.93% | - |
| Net Income | -71.18M | -8.52M | -17.43M | -11.85M | -936.85K | -100.56K | -730.11K | -212.19K | -136.85K | -260.27K | -45.18K | -50.26K | -137.38K |
| Depreciation & Amortization | 2.51K | 13.81K | 2.38M | 2.69M | 469.29K | 2.29K | 2.29K | 0 | 9.16K | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 5.6K | 229.6K | 370.88K | 1.91M | 42.08K | 0 | 0 | 0 | 0 | 230 | 0 | 8.4K | 28.5K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -749 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 59.03M | 651.58K | 13.48M | 5M | 1.54K | -18.59K | 8.28K | 211.18K | 185.49K | 2.98K | -14.31K | 19.45K | 0 |
| Working Capital Changes | 6.19M | 3.81M | 0 | 3.86M | 720.57K | 176.2K | 581.11K | 0 | 0 | 257.06K | 0 | 0 | 19.15K |
| Change in Receivables | -111.83K | -4.14M | -1.34M | 1.74M | -12.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 87.42K | 280.46K | 82.37K | 7.28K | 113.71K | 14.91K | 0 | 0 | 0 | 0 | -14.31K | 11.05K | 0 |
| Cash from Investing | -4.45M | 132.83K | -1.11M | -35K | -23.3K | -46M | -95.69K | 960K | 0 | -1M | 0 | 0 | 0 |
| Capital Expenditures | -18.69K | 0 | -41.83K | 0 | 0 | 0 | 0 | -50K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | 0.26% | - | - | - | - | 0.26% | - | - | - | - | - |
| Acquisitions | -4.5M | 0 | 0 | 0 | -23.3K | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 64K | 132.83K | 0 | 0 | 1.38M | 0 | -95.69K | 10K | 0 | -1M | 0 | 0 | 0 |
| Cash from Financing | 17.41M | 3M | 418.32K | 0 | 0 | 0 | 0 | -750K | 0 | 1M | 46.58K | 21.05K | 223.8K |
| Debt Issued (Net) | 8.51M | 1.96M | 418.32K | 1.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.48M | 890.08K | 0 | 0 | 0 | 0 | 0 | -750K | 0 | 1000K | 0 | 1.05K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -287.85K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -42.45M | 0 | 0 | 0 | -750K | 0 | 0 | 0 | 0 | 40K |
| Other Financing | -799.79K | 149.76K | 0 | 970.1K | -13.73M | 0 | 75K | 0 | 0 | 0 | 46.58K | 20K | 223.8K |
| Net Change in Cash | 6.22M | -656.36K | -1.69M | 1.18M | 1.12M | 59.34K | -234.12K | 209K | 48.64K | 0 | -12.9K | -9.76K | 30K |
| Free Cash Flow | -5.56M | -3.82M | -1.27M | 1.62M | 295.89K | 59.34K | -138.43K | -51.01K | 48.64K | 0 | -59.49K | -30.81K | -87.84K |
| FCF Margin % | - | -64.57% | -7.85% | 7.51% | 1.53% | 0.31% | -0.72% | -0.27% | 0.2% | - | -183.21% | -29.92% | -732% |
| FCF Growth % | -45.56% | -199.64% | -178.87% | 446.02% | 398.67% | 142.86% | -171.41% | -204.86% | - | 100% | -93.1% | 64.93% | - |
| FCF per Share | -0.68 | -2.21 | -0.13 | 0.00 | 0.04 | 0.00 | -0.00 | -0.01 | 0.00 | - | -0.01 | -0.01 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.08x | 0.45x | 0.07x | -0.14x | -1.25x | -0.59x | 0.19x | 0.00x | -0.36x | - | 1.32x | 0.61x | 0.64x |
| Interest Paid | 0 | 1.44K | 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 |
Existential liquidity and solvency
As reported in financial statements, NUKK's net income frequently diverges from operating cash flow, with the company recording a $103 million net gain in 2025Q2 while simultaneously reporting a $1.3 million cash outflow, highlighting a complete disconnect between accounting profits and actual liquidity generation.
The persistent inability to convert reported net income into positive operating cash flow suggests that the company's earnings are heavily influenced by non-cash accounting adjustments or non-operating items. Investors should monitor this gap, as it indicates that the business model is not currently generating the cash required to sustain its own operations.
Based on NUKK's reported figures, the company has consistently burned cash, with free cash flow remaining negative across nearly every observed quarter, including a $2.5 million outflow in 2025Q4, underscoring the structural inability of the current business model to reach self-sustaining cash flow levels.
The consistent negative free cash flow trajectory suggests that the company's operational expenses and acquisition activities far exceed its revenue-generating capacity. This trend appears to be accelerating the depletion of the company's already minimal cash reserves, leaving little room for operational error.
According to recent SEC filings, NUKK's working capital changes have been highly erratic, swinging from a $3.1 million inflow in 2025Q1 to a $2.7 million inflow in 2025Q4, which suggests that cash flow is being driven by balance sheet management rather than core operational efficiency.
These fluctuations in working capital appear to be the primary mechanism keeping the company afloat, rather than organic cash generation from trading services. Such reliance on working capital shifts may indicate that the company is struggling to manage its payables and receivables in a predictable manner.
As indicated by the cash flow statements, NUKK continued to deploy capital toward acquisitions, including a $2.0 million outflow in 2025Q4, despite holding a cash balance of only $3,678, which suggests a highly aggressive and potentially unsustainable approach to inorganic growth.
The decision to prioritize acquisitions while the core business is burning cash warrants further investigation into the strategic rationale behind these investments. It appears that management is attempting to buy growth or technology to offset the decline in its primary business, despite the severe liquidity constraints.
Based on the provided data, the cash flow statement obscures the true cost of operations by masking the impact of significant acquisition-related outflows and non-cash adjustments, which collectively hide the fact that the company's core business is failing to generate any meaningful cash flow.
The reliance on non-operating cash movements to offset operational losses suggests that the company's financial health is more fragile than the headline figures might imply. Investors should be wary of the company's ability to continue these activities without further dilutive financing, given the near-zero cash balance.
Quick answers to the most common questions about buying NUKK stock.
Nukkleus Inc. (NUKK) generated $-3.8M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Nukkleus Inc. (NUKK) reported negative free cash flow of $3.8M in 2024, indicating capital requirements exceeded cash from operations.
Nukkleus Inc. (NUKK) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.