Liquidity remains a critical concern, as evidenced by a $1.8 million negative free cash flow in 2025Q3 and a questionable $4.8 million dividend payment despite the company's limited cash reserves.
Stablecoin Development Corp. (SDEV) cash flow statement — 21-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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Cash from Operations | -11.16M | -8.43M | -7.5M | -4.26M | -6.65M | -9.19M | -4.79M | -8.18M | -5.57M | -6.27M | -12.13M | -18.56M | -15.05M | -12.97M | -6.53M | -3.14M | 2.03M | -1.65M | -9.94M | -6.27M | 4.74M | -3.23M |
| Operating CF Margin % | - | - | - | -40.76% | -46.2% | -90.08% | -48.26% | -123.88% | -44.52% | -34.39% | -102% | -423.62% | -1428.37% | -372.99% | -93.97% | -28.51% | 20.79% | -10.51% | -147.9% | -106.05% | 309.46% | - |
| Operating CF Growth % | -142.29% | -12.45% | -75.94% | 35.96% | 27.61% | -91.74% | 41.36% | -46.82% | 11.2% | 48.33% | - | -23.27% | -16.08% | -98.67% | -107.77% | -254.93% | 223.06% | 83.42% | -58.54% | -232.19% | 246.87% | - |
| Net Income | 535.1M | -33.22M | -8.75M | -6.14M | -16.27M | -5.82M | -11.04M | -9.69M | -6.54M | -7.4M | -13.15M | -18.97M | -15.19M | -16.04M | -7.03M | -5.08M | -4.31M | 2.7M | -8.11M | -5.4M | -5.29M | -3.46M |
| Depreciation & Amortization | 13K | 140K | 341K | 356K | 483K | 119K | 51K | 65K | 266K | 95K | 114K | 164K | 232K | 314K | 341K | 425K | 427K | 373K | 304K | 183K | 74K | 48K |
| Stock-Based Compensation | 3.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.38M | 1.04M | 1.02M | 1.54M | 1.22M | 1.4M | 1.28M | 983K | 428K | 0 | 0 |
| Deferred Taxes | 5.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -442K | 0 | 37K | 0 | 34K | -35K | -428K | 0 | 0 |
| Other Non-Cash Items | -553.85M | 25.62M | 1.38M | 1.96M | 8.6M | -3.45M | 6.06M | 489K | -639K | 2.64M | 4.06M | -2.15M | -1.68M | 1.18M | -1.13M | 732K | 3.26M | 8K | -23K | 392K | 356K | 83K |
| Working Capital Changes | -1.28M | -965K | -463K | -433K | 533K | -38K | 137K | 958K | 1.35M | -1.6M | -3.16M | 1.02M | 543K | 999K | -252K | -472K | 1.25M | -6.04M | -3.06M | -1.45M | 9.6M | 102K |
| Change in Receivables | 368K | 0 | 291K | 846K | -305K | 452K | -317K | 2.32M | 774K | -1.51M | -1.58M | -299K | 555K | 159K | -940K | 497K | 3.25M | -3.8M | 0 | 0 | 0 | 0 |
| Change in Inventory | 467K | 0 | -272K | 162K | -217K | -243K | -116K | -212K | 198K | 369K | 472K | -751K | -451K | -208K | -23K | -13.03M | 1.57M | -2.2M | 0 | 0 | 0 | 0 |
| Change in Payables | -355K | -37K | -195K | -1.13M | 667K | -163K | 321K | -1.8M | 516K | -260K | -2.16M | 1.66M | -252K | 1.41M | 665K | 345K | -319K | -70K | 289K | 397K | 0 | 0 |
| Cash from Investing | -33.5M | 0 | 0 | -19K | -112K | -12.04M | -26K | -19K | -44K | -244K | -160K | -86K | 2.6M | 1.41M | 1.36M | -4.67M | -1.19M | -1.07M | 10.86M | -5.66M | -5.51M | -1.14M |
| Capital Expenditures | -84.5M | 0 | 0 | -19K | -112K | -52K | -26K | -19K | -44K | -244K | -160K | -123K | -68K | -141K | -148K | -119K | -203K | -731K | -610K | -663K | -362K | -123K |
| CapEx % of Revenue | 129.77% | - | - | 0.18% | 0.78% | 0.51% | 0.26% | 0.29% | 0.35% | 1.34% | 1.34% | 2.81% | 6.45% | 4.06% | 2.13% | 1.08% | 2.08% | 4.66% | 9.07% | 11.21% | 23.61% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -11.99M | 0 | 0 | 0 | 0 | 0 | 37K | 0 | 21K | 0 | 25K | 0 | 0 | -35K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 37K | 128K | -21K | 6K | -25K | 0 | 2K | 35K | 1K | 1K | 1K |
| Cash from Financing | 49.29M | 4.62M | 1.5M | 1.91M | 4.63M | 16.79M | 9.84M | 11.95M | 5.6M | 201K | 19.42M | 15.6M | 7.39M | 9.33M | 9.47M | 4.7M | -292K | 1.61M | 236K | 17.97M | 3.46M | 2.53M |
| Debt Issued (Net) | -3.78M | -500K | -1.49M | 1.53M | -105K | 105K | -2.49M | 2.39M | 0 | 0 | -1.66M | 1.66M | 0 | 0 | -71K | -35K | -371K | -408K | 83K | -31K | 0 | -20K |
| Equity Issued (Net) | 53.07M | 10.46M | 3.1M | 565K | 4.74M | 16.68M | 12.32M | 9.56M | 5.6M | 249K | 21.08M | 1000K | 227K | 1000K | 1000K | 0 | 81K | 1000K | 0 | 1000K | 1000K | 1000K |
| Dividends Paid | -2K | -4.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -537K | -2.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2K | -525K | -115K | -181K | 0 | 0 | 0 | 0 | 0 | -48K | 0 | 2.43M | 7.16M | 3.25M | 6.74M | 4.74M | -2K | 74K | 153K | 716K | -93K | 873K |
| Net Change in Cash | 10.65M | 7.53M | -2.49M | -2.44M | -2.14M | -4.45M | 5.01M | 3.75M | -16K | -6.31M | 7.13M | -3.04M | -5.07M | -2.23M | 4.31M | -3.11M | 542K | -1.11M | 1.16M | 6.04M | 2.69M | -1.84M |
| Free Cash Flow | -88.08M | -8.43M | -7.5M | -4.28M | -6.77M | -9.24M | -4.82M | -8.19M | -5.61M | -6.51M | -12.29M | -18.68M | -15.12M | -13.11M | -6.68M | -3.26M | 1.82M | -2.38M | -10.55M | -6.93M | 4.38M | -3.35M |
| FCF Margin % | -135.27% | - | - | -40.94% | -46.97% | -90.59% | -48.52% | -124.17% | -44.87% | -35.73% | -103.35% | -426.43% | -1434.82% | -377.05% | -96.1% | -29.59% | 18.71% | -15.17% | -156.98% | -117.27% | 285.84% | - |
| FCF Growth % | -1041.85% | -12.45% | -75.16% | 36.74% | 26.81% | -91.78% | 41.18% | -46.01% | 13.85% | 47.02% | - | -23.53% | -15.35% | -96.38% | -104.72% | -278.68% | 176.71% | 77.45% | -52.18% | -258.24% | 230.69% | - |
| FCF per Share | -0.40 | -1.45 | -11.04 | -178.33 | -735.51 | -1297.40 | -841.77 | -2319.28 | -2015.80 | -2604.56 | -8004.56 | -683.97 | -553.67 | -479.97 | -198.37 | -110.72 | 68.46 | -90.06 | -433.24 | -676.09 | 670.95 | -604.69 |
| FCF Conversion (FCF/Net Income) | -0.16x | 0.01x | 1.04x | 0.69x | 0.63x | 1.58x | 0.43x | 0.85x | 0.85x | 0.85x | 0.92x | 0.98x | 0.99x | 0.81x | 0.93x | 0.62x | -0.47x | -0.61x | 1.23x | 1.16x | -0.90x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 18K | 18K | 32K | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 2K | 23K | 52K | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying SDEV stock.
Stablecoin Development Corp. (SDEV) generated $-8.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Stablecoin Development Corp. (SDEV) reported negative free cash flow of $8.4M in 2025, indicating capital requirements exceeded cash from operations.
Stablecoin Development Corp. (SDEV) 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, Stablecoin Development Corp. (SDEV) returned $4.8M to shareholders via cash dividends and spent $2.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Existential liquidity crisis
Metrics are mathematically derived from official filings.
Earnings Disconnect Signals Cash Strain
As reported in recent financial statements, NovaBay's operating cash flow consistently trails net income, with an OCF/NI ratio reaching 1.39 in 2025Q3, suggesting that the company's reported earnings are not supported by actual cash generation and that accruals are masking a deeper underlying cash burn.
The persistent gap between net income and operating cash flow indicates that the company is struggling to convert its revenue into liquid assets. This divergence suggests that investors should monitor whether the company is relying on non-cash accounting adjustments to mitigate the appearance of its ongoing operational losses.
Persistent Negative Free Cash Flow
Based on the company's quarterly filings, free cash flow has remained consistently negative, with a 2025Q3 outflow of $1.8 million, highlighting a structural inability to fund operations through internal cash generation and a reliance on external financing to maintain the current business model.
The trajectory of free cash flow indicates that the company is consuming its limited capital reserves at an unsustainable rate. This trend suggests that without a significant pivot in operational efficiency, the company may continue to face severe liquidity pressures that threaten its long-term viability.
Volatile Working Capital Management Trends
According to historical data, working capital changes have been highly erratic, swinging from a $1.3 million inflow in 2025Q1 to a $1.1 million outflow in 2025Q2, which suggests that the company lacks a stable process for managing its receivables and payables effectively.
This volatility in working capital management may indicate difficulties in timing collections from retail partners or managing inventory levels relative to demand. Such instability complicates cash flow forecasting and suggests that the company's liquidity position is highly sensitive to short-term operational fluctuations.
Capital Allocation Amidst Liquidity Crisis
As indicated by recent disclosures, the company utilized $4.8 million for dividends in 2025Q3 despite a negative cash flow position, a decision that appears highly questionable given the company's precarious $430,000 cash balance and the urgent need for capital to sustain core operations.
The allocation of capital toward dividends while the company is actively burning cash warrants further investigation into management's strategic priorities. This approach appears to exacerbate the company's liquidity crisis and may signal a disconnect between capital distribution policies and the firm's actual financial health.