Free cash flow remains deeply negative at -$11.8 million for 2026Q1, with capital expenditures continuing to outpace revenue generation despite a reduction in the overall asset base.
| Cash from Operations | -29.22M | -32.79M | -50.83M | -60.35M | -26.09M | -22.04M | -5.46M | -7.33M |
| Operating CF Margin % | - | -173.31% | -162.49% | -209.53% | - | - | - | - |
| Operating CF Growth % | 76.64% | 35.48% | 15.78% | -131.32% | -18.37% | -303.64% | 25.48% | - |
| Net Income | -240.91M | -249.7M | -83.7M | 23.8M | 78.57M | 42.09M | -30.3M | -479.41K |
| Depreciation & Amortization | 9.58M | 11.04M | 10.71M | 3.36M | 1.29M | 824K | 479K | 645.76K |
| Stock-Based Compensation | 7.67M | 8.91M | 10.08M | 9.4M | 7.24M | 5.77M | 1.63M | 43.77K |
| Deferred Taxes | 563K | 621K | 640K | -1.25M | 0 | 0 | 0 | 383.88K |
| Other Non-Cash Items | 185.32M | 190.54M | 22.03M | -67.24M | -106.98M | -67.71M | 19.78M | -10.04M |
| Working Capital Changes | 8.55M | 5.79M | -10.6M | -28.43M | -6.21M | -3.02M | 2.96M | 2.51M |
| Change in Receivables | 9.91M | 5.81M | -3.36M | -15.23M | -1.73M | -2.56M | 1.09M | -427.65K |
| Change in Inventory | 184K | 182K | 46K | -912K | 0 | 0 | 0 | 0 |
| Change in Payables | -830K | -1.16M | 373K | 909K | 0 | -395K | 1.2M | 0 |
| Cash from Investing | -1.36M | -1.07M | 28.56M | 26.23M | 88.85M | -411.64M | -2.05M | -7.15M |
| Capital Expenditures | -30.18M | -30.21M | -8.95M | -102.19M | -83.69M | -12.27M | -1.79M | -7.15M |
| CapEx % of Revenue | 216.06% | 159.64% | 28.62% | 354.76% | - | - | - | - |
| Acquisitions | 0 | 2.46M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 2.49M | 0 | 0 | -7.91M | -245K | -201K | -268K | 0 |
| Cash from Financing | 6.56M | 10.66M | 3.56M | 146K | 1.25M | 478.95M | 5.83M | 4.42M |
| Debt Issued (Net) | 13.27M | 8.73M | -4.79M | 0 | 0 | 10.8M | 3.17M | 879.64K |
| Equity Issued (Net) | 196K | 253K | 0 | 0 | 399K | 74K | 1K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.91M | 1.68M | 8.35M | 146K | 849K | 468.07M | 2.66M | 3.54M |
| Net Change in Cash | -24.64M | -23.38M | -19.2M | -32.85M | 61.22M | 45.25M | -1.74M | -9.64M |
| Free Cash Flow | -59.4M | -63M | -59.78M | -170.46M | -109.78M | -34.51M | -7.51M | -14.48M |
| FCF Margin % | -425.25% | -332.95% | -191.11% | -591.76% | - | - | - | - |
| FCF Growth % | -5.06% | -5.38% | 64.93% | -55.27% | -218.1% | -359.24% | 48.09% | - |
| FCF per Share | -11.05 | -12.75 | -12.53 | -35.85 | -23.17 | -9.75 | -3.60 | -11.28 |
| FCF Conversion (FCF/Net Income) | 0.25x | 0.13x | 0.61x | -2.54x | -0.33x | -0.52x | 0.18x | 15.29x |
| Interest Paid | 0 | 0 | 1.71M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 26K | 0 | 23K | 129K | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
As reported in quarterly financial filings, Origin Materials consistently exhibits a wide gap between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching 0.28 in 2026Q1, which suggests that accounting losses are not fully capturing the underlying cash burn of the business.
The divergence between net income and operating cash flow indicates that non-cash charges and working capital adjustments are masking the true severity of the company's cash consumption. Investors should monitor whether this trend reflects a structural inability to convert operational activity into actual liquidity, as the current conversion metrics appear highly volatile.
Based on the company's historical cash flow statements, free cash flow has remained stubbornly negative across all observed periods, with a 2026Q1 outflow of $11.8 million, highlighting the ongoing difficulty in achieving self-sustaining operations while the firm continues to fund its development-stage chemical processing infrastructure.
The persistent negative free cash flow trajectory suggests that the company is far from reaching a break-even point, necessitating constant external capital injections. This trend warrants further investigation into whether the recent strategic pivot toward caps and closures will provide the necessary cash flow relief to offset the high burn rate.
According to recent SEC filings, the company's capital expenditure relative to revenue has been highly erratic, peaking at 149.9% in 2025Q2, which indicates that the firm is heavily reliant on capital-intensive investments that have yet to yield a commensurate increase in top-line revenue growth.
The high capital intensity relative to revenue suggests that the company is still in a heavy asset-building phase, which may be unsustainable given the current liquidity constraints. Analysts should interpret these high capex levels as a sign of significant execution risk, as the firm attempts to scale its proprietary technology without a proven revenue base.
As indicated by the quarterly cash flow data, working capital changes have been inconsistent, swinging from a $4.2 million inflow in 2026Q1 to a $5.8 million outflow in 2024Q1, which may suggest significant instability in the company's ability to manage its inventory and accounts payable cycles.
The erratic nature of working capital changes implies that the company's operational processes are not yet optimized for steady-state production. This volatility may indicate challenges in managing supply chain logistics or fulfilling offtake agreements, which could further exacerbate the firm's already strained liquidity position.
Based on reported financial statements, stock-based compensation has remained a consistent add-back to cash flow, averaging over $2 million per quarter, which effectively masks the true economic cost of talent acquisition and retention in a period of significant revenue contraction and operational uncertainty.
The reliance on stock-based compensation as a non-cash adjustment to operating cash flow warrants further investigation, as it may be inflating the perceived cash-generative capacity of the business. Investors should consider the dilutive impact of these grants, which may be necessary to retain staff but ultimately erode shareholder value in the absence of profitability.
Quick answers to the most common questions about buying ORGN stock.
Origin Materials, Inc. (ORGN) generated $-32.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Origin Materials, Inc. (ORGN) reported negative free cash flow of $63.0M in 2025, indicating capital requirements exceeded cash from operations.
Origin Materials, Inc. (ORGN) spent $30.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.