Cash flow is characterized by a deepening free cash flow deficit, which averaged -$60.1M over the last four quarters, reflecting the accelerating capital intensity of the Rook I project as CapEx inflected to over $40M per quarter.
NexGen Energy Ltd. (NXE) cash flow statement — 14-year operating, investing & financing cash flows
| 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 | -70.9M | -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 % | -1400.11% | -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 | -253.9M | -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 | 1.97M | 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 | 19.39M | 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 | -543.88K | 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 | 175.39M | 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 | -13.21M | -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 | -2.12M | -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 | -522.67M | -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 | -256.23M | -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 | 0 | 0 | 0 | -42.33M | 0 | 192K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 931 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -31.53M | 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 | 976.63M | 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) | -1.01M | -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) | 992.2M | 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 | -14.56M | -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 | 377.73M | 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 | -240.61M | -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 % | -16.04% | 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 | -0.34 | -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) | 0.95x | 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 |
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.
Key Metrics
Top Statement Risk
Pre-revenue capital burn
Earnings Quality Severely Distorted
The relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from 0.02 to -0.28, indicating that reported earnings are driven by non-cash items rather than operational cash generation.
The dramatic volatility in the OCF/NI ratio, including a negative ratio in 2026Q2 despite a $74.5M net profit, suggests that net income is heavily influenced by non-cash gains or fair value adjustments unrelated to core operations. This disconnect confirms that traditional earnings metrics are unreliable for assessing the company's financial health during its development phase, and investors must focus on the consistent negative operating cash flow as the true measure of cash consumption.
FCF Deepens with Project Advancement
Free cash flow has deteriorated significantly, with the quarterly deficit expanding from an average of -$13.3M in early 2024 to -$60.1M in the last four quarters, reflecting the accelerating capital intensity of the Rook I project.
The FCF trajectory shows a clear and material worsening, with the most recent quarter (2026Q2) posting a deficit of $84.1M. This trend is driven by a sharp increase in capital expenditures, which jumped from sub-$1M levels in mid-2024 to over $40M per quarter in 2025 and 2026. The deepening cash burn is a direct consequence of advancing the project toward a construction decision, but it also highlights the growing gap between the company's current liquidity and the total capital required for development.
Capex Inflection Signals Construction Phase
Capital expenditures have surged from negligible levels to over $40M per quarter, with the 2026Q1 spend of $81.3M marking a clear inflection point toward project construction and development.
The shift in capex character is stark; the company has moved from minimal exploration spending to significant, sustained capital outlays. This acceleration, particularly the $81.3M in 2026Q1, indicates that NexGen is likely funding detailed engineering, procurement, and early-stage construction activities. The scale of this spending relative to the company's zero revenue underscores the massive capital commitment required and the execution risk inherent in transitioning from a developer to a builder.
Working Capital Swings Mask Project Funding
Working capital changes are volatile and inconsistent, with a large $192.5M outflow in 2026Q1 followed by a $3.1M inflow, suggesting these movements are driven by project financing timing rather than operational efficiency.
The erratic working capital pattern, especially the massive Q1 2026 outflow, does not reflect typical operational cycles for a pre-revenue company. Instead, these swings likely relate to the timing of payments to contractors, advances for equipment, or movements in project-related deposits. This volatility obscures the underlying cash burn from operations and investing, requiring analysts to look through these items to assess the true rate of capital deployment.
Capital Deployment Purely for Project Advancement
All capital deployment is directed toward the Rook I project, with zero dividends or buybacks, and recent quarters showing net cash used in acquisitions, indicating a singular focus on asset development.
The cash flow statement confirms a complete absence of shareholder returns, which is appropriate for a pre-revenue developer. The net cash used in acquisitions in 2025Q1 and Q2 suggests the company may have been consolidating land or mineral rights around its core project. The primary use of cash is clearly the escalating capital expenditure program, which is the sole driver of the company's negative free cash flow and the critical metric for monitoring project progress.
Cash Burn Obscures True Project Cost
The reported cash burn does not capture the full future capital requirement, as the total estimated cost for Rook I likely exceeds the company's current liquidity, creating a significant future financing gap.
While the quarterly cash burn is substantial, it represents only a fraction of the multi-billion dollar capital expenditure needed to reach production. The cash flow statement does not disclose the total project budget or the company's planned financing mix, which will likely involve significant debt and/or equity raises. This creates a material overhang, as the current cash burn rate is unsustainable without additional capital infusions, the terms of which could be dilutive or increase financial leverage.