The company's cash burn is accelerating, with capital expenditures reaching $81.3 million in 2026Q1, resulting in a deeply negative free cash flow profile.
| 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 |
|---|
| Cash from Operations | -71.82M | -77.18M | -24.09M | -52.62M | -20.18M | -16.79M | -10.63M | -12.81M | -8.45M | -11.14M | -8.02M | -2.7M | -2.03M | -2.89M | -98.29K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -23608.76% | - |
| Operating CF Growth % | -1767.64% | -220.44% | 54.22% | -160.79% | -20.18% | -57.96% | 17.01% | -51.51% | 24.16% | -38.87% | -197.46% | -32.97% | 29.81% | -2840.65% | - |
| Net Income | -415.14M | -309.42M | -77.56M | 70.17M | -60.27M | -126.95M | -114.49M | -16.55M | 1.49M | -56.83M | -17.53M | -4.65M | -8.37M | -3.37M | -236.67K |
| Depreciation & Amortization | 2.08M | 2.2M | 2.25M | 1.8M | 1.81M | 2.13M | 2.28M | 2.38M | 1.53M | 758.06K | 626.96K | 246.13K | 135K | 12.24K | 557 |
| Stock-Based Compensation | 14.88M | 0 | 29.53M | 37.14M | 35.15M | 31.39M | 9.75M | 10.87M | 13.74M | 9.18M | 8.1M | 2.11M | 1.32M | 1.2M | 83.33K |
| Deferred Taxes | 833.12K | 14.1M | -4.57M | -1.41M | -1.04M | 1.12M | 702K | 932.28K | -309.3K | -33.31K | 290.03K | -99.12K | 5.17M | 10.42K | 0 |
| Other Non-Cash Items | 346.28M | 228.72M | 32.34M | -147.62M | 4.32M | 75.57M | 90.94M | -8.73M | -24.56M | 36.03M | 223.59K | -212.14K | -143.34K | -181K | -557 |
| Working Capital Changes | -20.76M | -12.78M | -6.09M | -12.7M | -143K | -51K | 195K | -1.71M | -340.54K | -253.3K | 265.92K | -98.32K | -134.87K | -560.59K | 55.04K |
| Change in Receivables | -1.16M | -502.59K | 127K | -132K | -623K | -873K | 306K | 28.36K | 161.13K | 259.38K | -501.15K | -215.17K | 130 | 0 | -8.14K |
| Change in Inventory | 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 |
| Cash from Investing | -635.65M | -523.42M | -130.68M | -160.14M | -68.05M | -46.71M | -18.23M | -57.68M | -37.77M | 9.63M | -91.29M | -22.43M | -12.92M | -4.63M | -1.53M |
| Capital Expenditures | -238.74M | -185.45M | -2.36M | -6.07M | -354K | -46.91M | -186K | -57.68M | -37.77M | -37.82M | -44.03M | -22.64M | -12.92M | -5.56M | -1.53M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 45390.27% | - |
| Acquisitions | -12M | 0 | 0 | -42.33M | 0 | 192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 931 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -128.32M | -109.74M | -67.7M | 9K | -18.05M | 0 | 0 | 47.45K | 193.8K | 208.6K | 0 | 930.8K | 0 |
| Cash from Financing | 929.42M | 928.42M | 344.64M | 368.89M | 19.86M | 191.35M | 51.23M | -1.41M | 2.43M | 135.11M | 95.14M | 45.59M | 21.23M | 12.35M | 451.98K |
| Debt Issued (Net) | -1.02M | -1.04M | -1.03M | 147.03M | 4.38M | -1M | 27.84M | -784.4K | 0 | 73.04M | 74.12M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 931.62M | 937.67M | 346.02M | 197.46M | 6.24M | 164.33M | 24.59M | 3.42M | 0 | 62.48M | 2.29M | 44.78M | 23.04M | 13.68M | 500K |
| Dividends Paid | 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 |
| Other Financing | -1.17M | -8.21M | -342K | 24.4M | 9.23M | 28.02M | -1.19M | -4.04M | 2.43M | -414.26K | 18.72M | 811.85K | -1.81M | -1.33M | -48.02K |
| Net Change in Cash | 213.91M | 347.5M | 185.84M | 156.3M | -67.36M | 127.78M | 21.9M | -72.94M | -39.88M | 133.85M | -3.21M | 20.46M | 6.28M | 4.83M | 353.69K |
| Free Cash Flow | -193.38M | -77.69M | -154.77M | -168.42M | -20.53M | -63.7M | -28.87M | -70.49M | -46.22M | -48.97M | -52.06M | -25.34M | -14.95M | -8.45M | -1.63M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | -68999.03% | - |
| FCF Growth % | -11.41% | 49.8% | 8.11% | -720.38% | 67.77% | -120.64% | 59.04% | -52.5% | 5.61% | 5.94% | -105.46% | -69.51% | -76.94% | -418.28% | - |
| FCF per Share | -0.29 | -0.13 | -0.28 | -0.32 | -0.04 | -0.14 | -0.08 | -0.18 | -0.12 | -0.15 | -0.17 | -0.11 | -0.11 | -0.09 | -0.38 |
| FCF Conversion (FCF/Net Income) | 0.47x | 0.25x | 0.31x | -0.65x | 0.36x | 0.14x | 0.12x | 1.07x | -3.72x | 0.20x | 0.48x | 0.58x | 0.24x | 0.86x | 0.41x |
| Interest Paid | 0 | 0 | 1.93M | 773K | 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 |
Capital intensive project execution
As reported in financial statements, NexGen's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating significantly, reaching 0.07 in 2026Q1, which highlights the structural disconnect between accounting losses and the actual cash burn required to advance the Rook I project toward production.
The persistent gap between net income and operating cash flow suggests that the company's bottom-line results are heavily influenced by non-cash items and accounting adjustments rather than operational cash generation. Investors should monitor this divergence, as it confirms that the firm remains in a pre-revenue development phase where cash burn is the primary metric of operational activity.
Based on recent SEC filings, NexGen's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $40.1 million in 2025Q4, underscoring the substantial capital requirements necessary to sustain the development of the Arrow deposit before any potential transition to a revenue-generating operational state.
The consistent negative free cash flow trend appears to be accelerating in line with the company's transition toward mine construction. This trajectory warrants further investigation into the company's liquidity runway, as the current rate of cash consumption may necessitate additional financing to reach the project's commissioning phase.
According to quarterly data, NexGen's capital expenditures have surged to $81.3 million in 2026Q1, reflecting the intensive investment phase required to build out the Rook I infrastructure, which is a critical, non-discretionary outlay for the company's long-term viability as a future uranium producer.
The high level of capital expenditure relative to the company's current financial position suggests that management is prioritizing the physical development of the mine over cash preservation. This capital intensity is expected to remain elevated, and investors should monitor whether these outlays remain within the projected feasibility study budgets to avoid future cost overruns.
As indicated by recent financial disclosures, NexGen utilizes stock-based compensation, such as the $11.1 million recorded in 2025Q3, which effectively masks the true cash cost of operations and creates a persistent risk of equity dilution for existing shareholders during this capital-intensive development cycle.
The reliance on equity-based incentives appears to be a strategic choice to preserve cash, yet it obscures the total cost of talent and management overhead. Analysts should adjust for these non-cash expenses when evaluating the company's true burn rate, as the cumulative impact of these grants may significantly dilute future per-share value.
Quick answers to the most common questions about buying NXE stock.
NexGen Energy Ltd. (NXE) generated $-77.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
NexGen Energy Ltd. (NXE) reported negative free cash flow of $77.7M in 2025, indicating capital requirements exceeded cash from operations.
NexGen Energy Ltd. (NXE) spent $185.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.