Liquidity is under severe pressure as cash and equivalents have plummeted to $617,000 in 2026Q1, down from $2.2 million in 2023Q4, reflecting unstable free cash flow generation.
| Cash from Operations | 842.96K | 672.63K | -942.83K | 2.79M | 1.93M | -274.02K |
| Operating CF Margin % | - | 2.4% | -3.31% | 9.48% | 6.93% | -1.03% |
| Operating CF Growth % | 75.23% | 171.34% | -133.77% | 44.77% | 803.87% | - |
| Net Income | -3.01M | -1.79M | -2.48M | 1.98M | -434.57K | -169.49K |
| Depreciation & Amortization | 6.57M | 2.61M | 2.77M | 2.77M | 3.14M | 0 |
| Stock-Based Compensation | 375K | 300K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 439.94K | 439.94K | -514.83K | -1.2M | -507.91K | 0 |
| Other Non-Cash Items | -2.8M | 112.04K | 220.29K | -188.17K | -321.03K | -1.68K |
| Working Capital Changes | 414.47K | -999.35K | -934.63K | -565.82K | 51.63K | -102.85K |
| Change in Receivables | 567.57K | -518.43K | 1.18M | -848.52K | -656.52K | 0 |
| Change in Inventory | -235.99K | -1.01M | -1.31M | -2.33M | 1.27M | 0 |
| Change in Payables | -193.06K | 381.37K | -231.16K | 2.49M | -597.71K | 0 |
| Cash from Investing | -723.89K | -644.29K | -930.87K | -1.92M | -685.43K | -146.63M |
| Capital Expenditures | -2.19M | -644.29K | -1.24M | -1.92M | -1.24M | 0 |
| CapEx % of Revenue | 7.95% | 2.29% | 4.36% | 6.53% | 4.46% | 0% |
| Acquisitions | 0 | 0 | 309K | 0 | 515.37K | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 1.46M | 0 | 0 | 0 | 40.84K | 0 |
| Cash from Financing | -42.97K | -268.26K | 314.24K | 761.02K | -3.02M | 147.39M |
| Debt Issued (Net) | 164.15K | -268.26K | 314.24K | -1.03M | -2.74M | 300K |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 147.39M |
| Dividends Paid | 0 | 0 | 0 | -62.06K | -280.77K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -207.12K | 0 | 0 | 1.85M | 0 | -300K |
| Net Change in Cash | 76.1K | -239.92K | -1.56M | 1.63M | 31.58K | 494.6K |
| Free Cash Flow | -1.34M | 28.34K | -2.18M | 871.04K | 687.08K | -274.02K |
| FCF Margin % | -4.88% | 0.1% | -7.67% | 2.96% | 2.47% | -1.03% |
| FCF Growth % | 21.53% | 101.3% | -350.59% | 26.77% | 350.74% | - |
| FCF per Share | -0.04 | 0.00 | -0.06 | 0.03 | 0.02 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.45x | -0.38x | 0.38x | 1.41x | -4.44x | -0.08x |
| Interest Paid | 0 | 0 | 0 | 652.78K | 319.06K | 0 |
| Taxes Paid | 0 | 0 | 0 | 283.56K | 159.97K | 0 |
Liquidity and operational scale
According to the provided cash flow data, the relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from a negative 31.40 in 2024Q3 to a positive 3.32 in 2023Q4, indicating significant disconnects between accounting profits and actual cash generation.
The frequent divergence between net income and operating cash flow suggests that non-cash items and working capital swings are masking the underlying cash-generating capability of the business. Investors should interpret these fluctuations as a sign of inconsistent earnings quality, where reported profitability is often decoupled from the actual cash inflows required to sustain operations.
As reported in financial statements, OPTX's free cash flow trajectory is characterized by extreme volatility, ranging from a negative $1.9 million in 2024Q2 to a positive $1.4 million in 2023Q4, reflecting the company's inability to maintain a consistent cash-positive operational state over the last ten quarters.
The lack of a stable free cash flow trend suggests that the company is struggling to balance its high fixed-cost manufacturing requirements with its current revenue scale. This inconsistency implies that the business remains highly susceptible to project-based lulls, which may continue to pressure liquidity until a more predictable revenue stream is established.
Based on the reported figures, working capital changes have been a primary driver of cash flow volatility, with a notable $1.4 million inflow in 2024Q4 followed by a $844,000 outflow in 2025Q4, highlighting the company's sensitivity to timing differences in customer collections and inventory management.
The significant swings in working capital suggest that the company's cash position is heavily dependent on the timing of specific OEM project milestones. This reliance on working capital management to bridge operational gaps warrants further investigation into the company's credit terms and the potential for future cash flow disruptions if receivables are delayed.
As indicated by recent SEC filings, the company's capital expenditure as a percentage of revenue reached as high as 23.2% in 2023Q4, demonstrating that the firm must commit substantial capital to maintain its specialized optical fabrication equipment despite its current negative operating margin profile.
The high capital intensity relative to revenue suggests that the company is locked into a cycle of continuous reinvestment to keep its manufacturing capabilities competitive. This ongoing requirement for capital expenditure, combined with thin cash reserves, implies that the company may face difficulty funding future growth without external financing.
Quick answers to the most common questions about buying OPTX stock.
Syntec Optics Holdings, Inc. (OPTX) generated $0.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Syntec Optics Holdings, Inc. (OPTX) generated $0.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Syntec Optics Holdings, Inc. (OPTX) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.