Persistent cash burn is evident as quarterly free cash flow outflows frequently exceed $2.5 million, further strained by $933,000 in stock-based compensation during 2025Q4.
| 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 |
|---|
| Cash from Operations | -9.76M | -8.57M | -8.64M | -14.12M | -10.26M | -10.13M | -9.11M | -6.43M | -9.35M | -4.68M | -7.17M | -9.06M | -14.52M | -9.95M | -9.73M | -14.91M |
| Operating CF Margin % | - | -841.94% | -693.58% | -537.3% | -1707.65% | -1671.12% | -1534.01% | -933.96% | -9840% | -41.69% | -47.09% | -46.59% | -63.79% | -44.59% | -42.19% | -73.58% |
| Operating CF Growth % | -206.71% | 0.82% | 38.77% | -37.53% | -1.34% | -11.14% | -41.6% | 31.16% | -99.74% | 34.73% | 20.89% | 37.59% | -45.96% | -2.25% | 34.73% | - |
| Net Income | -17.61M | -10.36M | -11.02M | -8.26M | -12.04M | -9.31M | -7.03M | -4.8M | -9.69M | -9.33M | -16.6M | -23.91M | -32.58M | -8.29M | -35.03M | -23.75M |
| Depreciation & Amortization | 609K | 643K | 1.38M | 1.66M | 963K | 650K | 498K | 470K | 109K | 1.11M | 1.94M | 2.15M | 2.34M | 2.21M | 4.26M | 5.71M |
| Stock-Based Compensation | 1.21M | 1.39M | 0 | 0 | 369K | 0 | 45K | 2K | 42K | 219K | 273K | 911K | 10.22M | 555K | 1M | 826.36K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.31M | 729K | 1.49M | 2.66M | 397K | 5.46M | 1.82M | 16.86M | 598.56K |
| Other Non-Cash Items | 598K | 483K | 1.23M | -5.27M | 499K | -985K | -2.43M | -1.21M | 870K | 952K | 3.63M | 10.62M | 3.88M | -3.96M | 3.24M | 5.19M |
| Working Capital Changes | -1.29M | -723K | -228K | -2.24M | -55K | -483K | -194K | 403K | -1.41M | 870K | 925K | 768K | -3.84M | -2.29M | -61.53K | -3.48M |
| Change in Receivables | -277K | -69K | 490K | -420K | -26K | -61K | 94K | 131K | -139K | 339K | 1.04M | -120K | 239K | 1.19M | -541.5K | -652.67K |
| Change in Inventory | -524K | -85K | 72K | -485K | -140K | -110K | 153K | 37K | -8K | 287K | 749K | 1.36M | -3.44M | -2.55M | 1.53M | -2.89M |
| Change in Payables | 676K | -200K | -756K | -12K | 0 | 264K | 0 | 216K | -5.9M | 196K | -861K | -3.54M | -11.33M | 3.29M | -1.04M | 168.24K |
| Cash from Investing | 969K | 913K | -194K | -501K | -1.1M | -1.66M | 1.75M | 1.38M | -145K | -1.14M | -617K | -658K | -1.74M | 253K | 4.27M | -9.17M |
| Capital Expenditures | -133K | -185K | -690K | -530K | -1.41M | -3.74M | -360K | -147K | -61K | -1.19M | -671K | -695K | -2.17M | -2.33M | -592.89K | -1.36M |
| CapEx % of Revenue | 12.93% | 18.17% | 55.38% | 20.18% | 233.78% | 617.82% | 60.61% | 21.34% | 64.21% | 10.56% | 4.41% | 3.57% | 9.54% | 10.45% | 2.57% | 6.72% |
| Acquisitions | 0 | 1.1M | 20K | 29K | 303K | 144K | 0 | 0 | 0 | 49K | 54K | 37K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.1M | 0 | 476K | 0 | 1K | 1.94M | 2.11M | 1.53M | -84K | 49K | 54K | 37K | 435K | -95K | -260.46K | 0 |
| Cash from Financing | 4.18M | 8.2M | 9.09M | 11.71M | 3.34M | 705K | 30.93M | 1.39M | 14.4M | -559K | 3.22M | 2.96M | 32.23M | 9.23M | 4.87M | 23.75M |
| Debt Issued (Net) | 28K | -206K | -349K | 6.54M | -509K | 509K | 379K | -3K | 705K | -6.82M | -8.37M | -2.95M | 7.8M | 0 | 23.25M | 140K |
| Equity Issued (Net) | 4.36M | 8.41M | 9.44M | 5.17M | 3.85M | 196K | 23.11M | 1.45M | 6.75M | 3.13M | 0 | 10.08M | 26.69M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.28M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -47K | -133K | 0 | -2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -120K | 0 | 0 | 0 | 0 |
| Other Financing | -206K | 0 | 0 | 0 | 0 | 0 | 7.44M | -54K | 6.95M | 3.13M | 17.87M | -4.17M | -2.26M | 9.23M | -18.38M | 23.61M |
| Net Change in Cash | -4.61M | 542K | 258K | -2.9M | -8.03M | -11.08M | 23.56M | -3.66M | 4.91M | -6.38M | -4.57M | -6.76M | 15.97M | -462K | -589.63K | -328.56K |
| Free Cash Flow | -9.89M | -8.76M | -9.33M | -14.64M | -11.67M | -13.87M | -9.47M | -6.58M | -9.41M | -5.87M | -7.84M | -9.76M | -16.69M | -12.28M | -10.32M | -16.27M |
| FCF Margin % | -961.13% | -860.12% | -748.96% | -557.48% | -1941.43% | -2288.94% | -1594.61% | -955.3% | -9904.21% | -52.25% | -51.5% | -50.16% | -73.33% | -55.04% | -44.76% | -80.3% |
| FCF Growth % | -26.97% | 6.17% | 36.28% | -25.51% | 15.88% | -46.44% | -43.91% | 30.05% | -60.4% | 25.19% | 19.65% | 41.55% | -35.93% | -18.97% | 36.55% | - |
| FCF per Share | -2.46 | -3.16 | -12.53 | -34.44 | -36.77 | -56.13 | -54.29 | -423.03 | -2451.19 | -5907.54 | -15237.66 | -43562.50 | -347791.67 | -558227.27 | -469229.77 | -739524.82 |
| FCF Conversion (FCF/Net Income) | 0.56x | 0.50x | 0.78x | 1.71x | 0.85x | 1.09x | 1.30x | 1.34x | 1.08x | 0.50x | 0.43x | 0.38x | 0.45x | 1.20x | 0.28x | 0.63x |
| Interest Paid | -13K | 0 | 0 | 0 | 1K | 0 | 2K | 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 |
Imminent liquidity and dilution
According to quarterly financial data, the company's OCF/NI ratio frequently deviates from unity, with 2025Q3 showing a 0.25 ratio, suggesting that reported net losses significantly understate the actual cash requirements needed to sustain the firm's current operational footprint and high-fixed-cost manufacturing infrastructure.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital fluctuations are masking the true severity of the cash burn. Investors should monitor this divergence, as it suggests that the company's accounting losses are not merely paper-based but are accompanied by a steady, tangible depletion of liquid assets.
Based on reported cash flow statements, the company has consistently generated negative free cash flow, with quarterly outflows often exceeding $2.5 million, indicating that the business model remains unable to self-fund operations or achieve the scale necessary to reach a cash-flow-positive trajectory.
The consistent FCF margin contraction, reaching -12.5% in 2025Q3, highlights a structural inability to convert revenue into cash. This trajectory suggests that without a fundamental change in throughput or cost management, the company will remain reliant on external capital to bridge the gap between its operating expenses and its limited cash inflows.
As reported in recent filings, working capital changes have been highly erratic, swinging from a $731,000 inflow in 2025Q1 to an $896,000 outflow in 2025Q4, which implies that the company lacks a stable mechanism for managing its cash conversion cycle or inventory commitments.
These sharp fluctuations in working capital suggest that the company is struggling to align its procurement and payment cycles with its unpredictable revenue streams. Such volatility complicates cash forecasting and may indicate that the firm is forced to prioritize immediate liquidity needs over efficient supply chain management.
Based on the provided cash flow data, the company's reliance on stock-based compensation and periodic asset acquisitions obscures the true cash cost of operations, with SBC reaching $933,000 in 2025Q4, effectively diluting shareholders to cover expenses that are not captured in traditional operating cash flow metrics.
The use of equity-based incentives to preserve cash suggests that management is attempting to extend the company's runway at the expense of existing equity holders. Analysts should scrutinize these non-cash adjustments, as they represent a significant, albeit indirect, cost of maintaining the current business structure.
Quick answers to the most common questions about buying SINT stock.
Sintx Technologies, Inc. (SINT) generated $-8.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sintx Technologies, Inc. (SINT) reported negative free cash flow of $8.8M in 2025, indicating capital requirements exceeded cash from operations.
Sintx Technologies, Inc. (SINT) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Sintx Technologies, Inc. (SINT) spent $0.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.