Free cash flow remains consistently negative, with quarterly outflows reaching as high as $5.0 million, further exacerbated by questionable capital allocation such as the $403.5K dividend and buyback outflow in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 |
|---|
| Cash from Operations | -7.31M | -7.7M | -13.32M | -26.18M | -18.73M | -26.63M | -10.02M | -4.1M | -10.68M | -4.22M | -1.37M | -2.68M | -870.41K | -1.44M | -3.18M | -1.19M | 111.58K | 2.38M | 5.04M | -1.25M | 6.17M | 508.69K | -2.68M | 936.57K |
| Operating CF Margin % | - | - | -20878.06% | -5247.66% | -626.27% | -992.38% | -624.62% | -461.08% | -201.46% | -98.43% | -8.17% | -18.43% | -3.56% | -6.79% | -7.52% | -1.29% | 0.12% | 2.25% | 4.7% | -1.23% | 8.81% | 0.98% | -6.68% | 4.24% |
| Operating CF Growth % | 92.92% | 42.21% | 49.14% | -39.79% | 29.67% | -165.8% | -144.12% | 61.58% | -153.27% | -208.51% | 49.02% | -208.14% | 39.75% | 54.6% | -166.4% | -1170.34% | -95.3% | -52.85% | 504.58% | -120.19% | 1112.76% | 118.97% | -386.32% | - |
| Net Income | -25.46M | -21.09M | -1.76M | -34.16M | -22.94M | -33.08M | -10.76M | -8.66M | -4.3M | -7.64M | -1.22M | -3.65M | -6.71M | -11.05M | -6.82M | -20.57M | -37.01M | 0 | 1.67M | 4.08M | 4.59M | -1.62M | 1.33M | -124.19K |
| Depreciation & Amortization | 226.99K | 227.93K | 1.91M | 1.24M | 955.69K | 733.96K | 559.14K | 722.57K | 359.65K | 218.66K | 115.45K | 64.74K | 60.21K | 752.11K | 1.43M | 2.33M | 2.75M | 0 | 2.58M | 2.4M | 1.24M | 837.79K | 682.4K | 382.51K |
| Stock-Based Compensation | 2.51M | 1.9M | 713.75K | 918.06K | 1.24M | 7.56M | 1.83M | 3.37M | 586.37K | 86.01K | 602.43K | 2.51M | 170.56K | 24.54K | 111.68K | 43.92K | 86.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.1K | -352.86B | 480.97K | 1.6M | -266.23K | 295.82K | 2.7M | 550.97K | 4.2M | -6.7M | 0 | -126.58K | 11.67K | 161K | -43K | -134K | -218.8K |
| Other Non-Cash Items | 15.05M | 11.71M | -10.4M | 9.88M | 2.32M | 99.31K | 623.07K | 152.24K | -8.3M | 1.37M | -866.34K | 1.95M | 4.44M | 8.83M | 894.78K | 7.13M | 38.86M | 0 | 914.32K | -7.73M | 175.13K | 1.34M | -4.56M | 300.16K |
| Working Capital Changes | -753.82K | -441.99K | -3.78M | -4.06M | -310.64K | -1.94M | -2.27M | 283.77K | 1.08M | 1.26M | -1.6M | -1.25M | 1.85M | -2.7M | 642.41K | 5.67M | 2.12M | 0 | 3.27M | -6.23M | 204.33K | -2.96M | -2.77M | 596.89K |
| Change in Receivables | 0 | 0 | 29.91K | -53.42K | 454.87K | -302.89K | -732.45K | 159.99K | -107.97K | -168.01K | -1.31M | 3.67M | -1.97M | -4.67M | 2.53M | -2.1M | 2.58M | 0 | 3.26M | -5.38M | 2.32M | -2.27M | -1.9M | -2.42M |
| Change in Inventory | 0 | 0 | -1.79M | -5.51M | 830.85K | -2.67M | -4.97K | 532.09K | 1.36M | -2.92M | 0 | 0 | 0 | 0 | -14.75K | 414.71K | 474.14K | 0 | 299.26K | -397.02K | 229.36K | -318.92K | -536.77K | -1.37M |
| Change in Payables | -867.28K | -946.36K | -618.36K | 1.35M | 445.17K | -120.16K | -59.49K | -715.27K | 1.31M | 1.17M | -281.51K | -3.34M | 1.58M | 1.96M | -1.87M | 7.36M | -941.27K | 0 | -294.56K | -452.23K | -2.35M | -376.94K | -337.36K | 2.35M |
| Cash from Investing | -4.83M | -2.86M | -3.06M | 8.89M | -11.34M | -600.36K | 2.54M | -374.35K | 6.45M | -257.92K | -77.27K | 1.19M | 1.45M | 0 | 0 | 0 | 0 | -3.2M | 0 | 0 | 0 | -239.1K | -7.02M | -1.42M |
| Capital Expenditures | 0 | 0 | -199.32K | -2.14M | -1.59M | -538.01K | -504.33K | -505.39K | -463.53K | -257.92K | 0 | -139.55K | -108.29K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -86.01K |
| CapEx % of Revenue | - | - | 312.53% | 429.5% | 53.12% | 20.05% | 31.44% | 56.78% | 8.74% | 6.02% | - | 0.96% | 0.44% | - | - | - | - | - | - | - | - | - | - | 0.39% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 3.06M | 90.75K | 6.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.68M | 0 | 0 | 0 | 0 | 0 | -831.37K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 29.8K | -57.05K | -62.35K | -14.39K | 40.29K | -497.1K | -8.13K | -77.27K | 1.33M | 1.56M | 0 | 0 | 0 | 0 | -1.52M | 0 | 0 | 0 | -239.1K | -7.02M | -497.68K |
| Cash from Financing | 2.59M | -551.88K | -10.86M | 21.63M | 0 | 59.86M | 43.37M | 5.08M | 8.17M | 4.8M | 1.37M | 1.28M | -440.56K | 0 | 0 | 0 | 0 | -112.25K | 0 | 0 | 0 | 11.02M | 8.71M | 2.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -21.61K | -426.68K | 2.56M | 0 | 0 | 0 | 60.65K | 0 | 0 | 0 | 0 | 0 | -53.31K | 0 | 0 | 0 | 1.43M | -403.28K | 221.31K |
| Equity Issued (Net) | 2.19M | -8.43M | -10.86M | 21.63M | 0 | 58.27M | 39.86M | 2.52M | 8.22M | 0 | 0 | 1.57M | 0 | 0 | 0 | 0 | 0 | 29.63K | 0 | 0 | 0 | 9.6M | 9.11M | 2.17M |
| Dividends Paid | -403.53K | 0 | -1.88M | 0 | 0 | 0 | 0 | -57.88B | -1.4T | 0 | 0 | 0 | -146.52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -403.53K | -7.88M | -10.86M | 0 | 0 | 0 | 0 | 0 | -500 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 807.06K | 7.88M | 1.88M | 0 | 0 | 1.61M | 3.94M | 0 | -50.26K | 1.28M | 1.37M | -360K | -294.04K | 0 | -439.18K | 0 | 0 | -88.56K | 0 | 0 | 0 | 0 | 0 | -100K |
| Net Change in Cash | -9.55M | -11.11M | -27.24M | 4.34M | -30.06M | 32.62M | 35.9M | 602.58K | 3.52M | -1.86M | -76.25K | -128.76K | 187.29K | -1.44M | -3.18M | -1.19M | 111.58K | -812.5K | 5.04M | -1.25M | 6.17M | 11.29M | -995.38K | 0 |
| Free Cash Flow | -7.31M | -7.7M | -13.51M | -28.37M | -20.37M | -27.23M | -10.54M | -4.61M | -11.15M | -4.48M | -1.37M | -2.82M | -978.7K | -1.44M | -3.18M | -1.19M | 111.58K | 2.38M | 5.04M | -1.25M | 6.17M | 508.69K | -2.68M | 850.55K |
| FCF Margin % | - | - | -21190.59% | -5685.32% | -681.3% | -1014.75% | -656.96% | -517.85% | -210.21% | -104.45% | -8.17% | -19.39% | -4.01% | -6.79% | -7.52% | -1.29% | 0.12% | 2.25% | 4.7% | -1.23% | 8.81% | 0.98% | -6.68% | 3.85% |
| FCF Growth % | 29.04% | 43.06% | 52.35% | -39.22% | 25.18% | -158.41% | -128.61% | 58.65% | -149.03% | -227.37% | 51.54% | -188.31% | 32.25% | 54.6% | -166.4% | -1170.34% | -95.3% | -52.85% | 504.58% | -120.19% | 1112.76% | 118.97% | -415.28% | - |
| FCF per Share | -5.02 | -8.79 | -2.19 | -5.95 | -4.40 | -6.19 | -2.92 | -12.54 | -27.26 | -10.95 | -3.69 | -6.91 | -13.97 | -20.64 | -25.62 | -13.74 | 1.28 | 27.27 | 56.34 | -12.71 | 77.00 | 10.03 | -78.59 | 0.83 |
| FCF Conversion (FCF/Net Income) | 0.29x | 0.27x | 7.59x | 0.77x | 0.82x | 0.80x | 0.93x | 0.46x | 0.67x | 0.55x | 1.12x | 0.74x | 0.09x | 0.13x | 0.46x | 0.06x | -0.00x | 2.78x | 3.01x | -0.31x | 1.34x | -0.31x | -2.02x | -7.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 1.97K | 102.91K | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Rapid cash depletion risk
As reported in recent SEC filings, SBLX exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio frequently fluctuating between 0.19 and 0.71, suggesting that reported earnings are heavily influenced by non-cash adjustments rather than actual operational cash generation.
The wide variance in the OCF/NI ratio indicates that net income is an unreliable proxy for the company's true economic health. Investors should monitor the reliance on stock-based compensation and other non-cash items, which appear to be the primary drivers of the accounting results while the underlying business fails to generate positive cash flow.
Based on the provided financial data, SBLX has consistently reported negative free cash flow, with quarterly outflows ranging from $1.1 million to $5.0 million, confirming that the company is currently in a state of sustained cash burn without any offsetting revenue streams to support operations.
The absence of positive FCF margins highlights the structural inability of the current business model to cover its operating expenses. This trajectory suggests that the company is consuming its remaining liquidity at an unsustainable pace, necessitating a strategic pivot or external capital infusion to avoid further balance sheet erosion.
According to historical cash flow statements, working capital changes have been highly erratic, swinging from a $1.2 million inflow to a $2.2 million outflow, which reflects the company's struggle to manage inventory and payables during a period of total commercial inactivity.
These fluctuations in working capital suggest that the company is likely liquidating remaining assets or settling legacy obligations rather than managing a healthy operating cycle. The lack of consistent working capital management further complicates the assessment of the firm's liquidity position as it attempts to navigate its current distressed state.
As indicated by the company's financial statements, SBLX has utilized its limited cash reserves for share repurchases and dividend payments, such as the $403.5K outflow in 2026Q1, despite the absence of operational revenue and the ongoing depletion of its core liquidity position.
The decision to return capital to shareholders while the business is burning cash and generating zero revenue appears highly questionable from a fundamental perspective. This allocation strategy warrants further investigation, as it may indicate a lack of viable internal investment opportunities or a misalignment between management's capital deployment and the company's survival needs.
Based on reported figures, stock-based compensation has remained a significant non-cash expense, reaching as high as $1.4 million in 2025Q4, which effectively obscures the true magnitude of the company's operating losses and the ongoing dilution of existing shareholders during this period of inactivity.
The reliance on equity-based compensation in the absence of revenue suggests that the company is preserving cash by shifting the burden of compensation to shareholders. Analysts should adjust for these non-cash charges to understand the true cash-based burn rate, which is likely higher than the headline operating cash flow figures suggest.
Quick answers to the most common questions about buying SBLX stock.
StableX Technologies, Inc. - Common Stock (SBLX) generated $-7.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
StableX Technologies, Inc. - Common Stock (SBLX) reported negative free cash flow of $7.7M in 2025, indicating capital requirements exceeded cash from operations.
StableX Technologies, Inc. - Common Stock (SBLX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, StableX Technologies, Inc. - Common Stock (SBLX) spent $7.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.