Free cash flow remains consistently negative, with a -194.8% FCF margin in 2026Q1, highlighting a structural reliance on external capital to fund ongoing operations.
| Cash from Operations | -45.72M | -42.89M | -58.82M | -41.38M | -44.5M | -41.7M | -20.63M | -17.61M |
| Operating CF Margin % | - | -93.41% | -70.61% | -52.08% | -117.27% | -175.68% | -174.07% | -1043.63% |
| Operating CF Growth % | 52.28% | 27.08% | -42.16% | 7.01% | -6.71% | -102.18% | -17.15% | - |
| Net Income | -133.91M | -116.95M | -84.6M | -145.95M | 72.89M | -152.69M | -19.04M | -17.35M |
| Depreciation & Amortization | 22.58M | 22.39M | 21.89M | 20.98M | 7.84M | 755K | 511K | 385K |
| Stock-Based Compensation | 17.38M | 14.48M | 43.03M | 54.03M | 63.29M | 41.4M | 1.03M | 116K |
| Deferred Taxes | -23K | -36K | -599K | -784K | -23.29M | 0 | 0 | 561K |
| Other Non-Cash Items | 28.97M | 20.12M | -36.69M | 33.15M | -167.9M | 83.64M | 66K | -79K |
| Working Capital Changes | 19.28M | 17.1M | -1.86M | -2.8M | 2.68M | -14.81M | -3.19M | -679K |
| Change in Receivables | 8.2M | 9.52M | 4.19M | -16.73M | 1.25M | -4.11M | -3.45M | -480K |
| Change in Inventory | 1.14M | 2.19M | 6.76M | -3.17M | -4.75M | -8.57M | -2.71M | -197K |
| Change in Payables | 7.96M | 6.23M | -2.8M | 13.68M | 7.14M | 361K | 3.55M | 0 |
| Cash from Investing | -1.73M | -1.39M | -9.27M | -5.78M | -107.61M | -3.47M | -215K | -68K |
| Capital Expenditures | -1.82M | -1.48M | -6.77M | -4.78M | -4.64M | -2.07M | -223K | -66K |
| CapEx % of Revenue | 4.51% | 3.22% | 8.13% | 6.02% | 12.24% | 8.71% | 1.88% | 3.91% |
| Acquisitions | 46K | 92K | 0 | 0 | -101.56M | -724K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 46K | 0 | 0 | 0 | 97K | -674K | 8K | -2K |
| Cash from Financing | 195.21M | 194.64M | 3.5M | 89.66M | -5.81M | 274.55M | 53.59M | 3.61M |
| Debt Issued (Net) | -155K | -206K | 0 | 0 | -6.93M | 933K | 1.2M | 800K |
| Equity Issued (Net) | 96.25M | 194.84M | 3.5M | 86.94M | -550K | -24.45M | 53.12M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -550K | 0 | 0 | 0 |
| Other Financing | 99.11M | 0 | 0 | 2.72M | 1.67M | 298.07M | -726K | 2.81M |
| Net Change in Cash | 147.24M | 150.36M | -64.6M | 42.5M | -157.91M | 229.38M | 32.75M | 6.12M |
| Free Cash Flow | -47.55M | -44.37M | -65.59M | -46.16M | -49.14M | -43.77M | -20.85M | -17.67M |
| FCF Margin % | -117.41% | -96.63% | -78.74% | -58.1% | -129.51% | -184.4% | -175.95% | -1047.54% |
| FCF Growth % | 15.83% | 32.36% | -42.1% | 6.06% | -12.28% | -109.94% | -17.97% | - |
| FCF per Share | -0.21 | -0.22 | -0.36 | -0.27 | -0.34 | -1.12 | -1.28 | -1.22 |
| FCF Conversion (FCF/Net Income) | 0.36x | 0.37x | 0.70x | 0.28x | -0.60x | 0.27x | 1.08x | 1.01x |
| Interest Paid | 0 | 0 | 0 | 0 | 290K | 265K | 0 | 0 |
| Taxes Paid | 123K | 0 | 296K | 160K | 193K | 32K | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial statements, NVTS consistently reports net losses that far exceed operating cash outflows, with the OCF/NI ratio fluctuating wildly, including a 0.48 reading in 2026Q1, which suggests that accounting accruals and non-cash charges are masking the underlying severity of the cash burn.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect a fundamental inability to generate positive cash from core operations. Investors should monitor whether the reliance on stock-based compensation and other non-cash adjustments continues to obscure the true magnitude of the cash-based operating deficit.
Based on the provided quarterly data, NVTS has failed to achieve positive free cash flow in any of the last ten quarters, with FCF margins consistently deep in negative territory, reaching -194.8% in 2026Q1, which underscores the company's ongoing reliance on external capital to fund operations.
The trajectory of free cash flow suggests that the business model is currently incapable of self-funding its R&D and operating requirements. This trend warrants further investigation into whether the company can reach a cash-flow-positive inflection point before its existing liquidity runway is exhausted by persistent operational losses.
According to historical cash flow data, working capital changes have been highly erratic, swinging from a $16.4M inflow in 2024Q4 to a $15.8M outflow in 2023Q4, which suggests that the company's cash position is highly sensitive to the timing of inventory procurement and customer payment cycles.
Such volatility in working capital often indicates a lack of control over the supply chain or aggressive efforts to manage cash balances through payment deferrals. This instability may imply that the company's cash flow is vulnerable to sudden shifts in demand or supplier credit terms, adding another layer of risk to the current financial profile.
As evidenced by the provided cash flow statements, stock-based compensation frequently exceeds $10M per quarter, which serves as a significant non-cash add-back that artificially improves the appearance of operating cash flow while diluting existing shareholders to fund the company's high-cost engineering talent requirements.
By relying heavily on equity-based incentives, the company effectively shifts the burden of its operating expenses from the cash flow statement to the equity base. Analysts should interpret these figures with caution, as the true cost of operations is likely higher than the reported cash burn suggests when accounting for the economic impact of this dilution.
Quick answers to the most common questions about buying NVTS stock.
Navitas Semiconductor Corporation (NVTS) generated $-42.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Navitas Semiconductor Corporation (NVTS) reported negative free cash flow of $44.4M in 2025, indicating capital requirements exceeded cash from operations.
Navitas Semiconductor Corporation (NVTS) spent $1.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.