Free cash flow remains consistently negative, with FCF margins reaching -118.3% in 2025Q4, indicating that the firm is unable to generate internal cash to support its current business model.
| Cash from Operations | -10.91M | -10.59M | -11.46M | -15.49M | -19.83M | -22.71M | -14.88M | -13.65M | -10.68M | -8.97M | -8.31M |
| Operating CF Margin % | - | -93.36% | -70.83% | -61.76% | -100.76% | -194.54% | -720.74% | -1258.86% | -1020.72% | -4458.1% | -3080.66% |
| Operating CF Growth % | -40.03% | 7.62% | 26% | 21.88% | 12.69% | -52.64% | -9.01% | -27.77% | -19.08% | -7.87% | - |
| Net Income | -20.54M | -20.72M | -16.64M | -30.33M | -85.45M | -20.75M | -18.73M | -30.68M | -20.63M | -14.96M | -12.37M |
| Depreciation & Amortization | 2.19M | 2.19M | 2.61M | 5.38M | 5.4M | 3.32M | 1.37M | 862K | 1.11M | 1.24M | 963.05K |
| Stock-Based Compensation | 1.09M | 0 | 1.29M | 2.73M | 4.26M | 2.38M | 2M | 6.22M | 3.94M | 4.67M | 3.3M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 9.26M | 9M | -92K | 6.61M | 50.97M | -4.29M | 0 | 9.75M | 4.53M | 333.33K | 5.43M |
| Working Capital Changes | -2.91M | -1.07M | 1.36M | 116K | 4.99M | -3.38M | 484K | 203K | 367.94K | -251.33K | -211.03K |
| Change in Receivables | -865K | 505K | 4.52M | -2.11M | 193K | -4.27M | -295K | 199K | -373.7K | -113.7K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 266.39K | -2.29M | 0 |
| Change in Payables | -1.46M | -1.82M | -3.96M | 3.41M | 1.4M | 1.33M | 977K | 40K | 430.24K | -65.41K | -206.34K |
| Cash from Investing | -7.09M | 833K | -283K | -825K | -1.69M | -4.2M | -1.19M | -3.16M | -865.37K | -437.07K | -1.59M |
| Capital Expenditures | -260K | -325K | -23K | -8K | -649K | -22K | -9K | -73K | -865.37K | -437.07K | -1.59M |
| CapEx % of Revenue | 2.24% | 2.87% | 0.14% | 0.03% | 3.3% | 0.19% | 0.44% | 6.73% | 82.7% | 217.25% | 589.85% |
| Acquisitions | 335K | 1.16M | 192K | -150K | 0 | -2.91M | 0 | -1.51M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -644K | -667K | -1.04M | -1.27M | -1.18M | -1.58M | -611K | -109.72K | -232.02K |
| Cash from Financing | 21.48M | 22.84M | 5.45M | 21.44M | 9.46M | 33.5M | 15.57M | 22.48M | 12.61M | 8.24M | 10.41M |
| Debt Issued (Net) | 1.33M | 2.34M | 2.86M | -539K | 219K | 0 | 1.2M | 0 | 12.61M | 0 | 5.05M |
| Equity Issued (Net) | 20.46M | 20.69M | 3.39M | 21.18M | 9.25M | 33.39M | 14.36M | 22.46M | 0 | 8.24M | 5.43M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -312K | -190K | -808K | 800K | 0 | 111K | 10K | 20K | 0 | 0 | -67.88K |
| Net Change in Cash | 3.48M | 13.08M | -6.3M | 5.13M | -12.05M | 6.59M | -500K | 5.67M | 1.06M | -1.16M | 507.25K |
| Free Cash Flow | -8.5M | -10.59M | -11.94M | -16.16M | -21.52M | -24M | -16.07M | -15.3M | -11.55M | -9.41M | -9.91M |
| FCF Margin % | -73.07% | -93.36% | -73.77% | -64.45% | -109.35% | -205.61% | -778.39% | -1411.81% | -1103.42% | -4675.35% | -3670.51% |
| FCF Growth % | 18.09% | 11.29% | 26.15% | 24.87% | 10.35% | -49.38% | -4.98% | -32.55% | -22.75% | 5.05% | - |
| FCF per Share | -3.49 | -257.82 | -16.02 | -69.30 | -138.85 | -192.74 | -337.34 | -465.27 | -319.28 | -260.11 | -273.95 |
| FCF Conversion (FCF/Net Income) | 0.41x | 0.51x | 0.69x | 0.51x | 0.23x | 1.09x | 0.79x | 0.44x | 0.52x | 0.60x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800 | 800 | 800 |
Liquidity and dilution risk
According to the provided quarterly data, SLE consistently reports negative net income while operating cash flow remains similarly depressed, with the OCF/NI ratio fluctuating significantly and reaching 0.62 in 2026Q1, suggesting that non-cash charges are insufficient to bridge the gap between accounting losses and actual cash burn.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely driven by non-cash items like depreciation or stock-based compensation. Investors should monitor this relationship closely, as the inability to generate positive operating cash flow despite significant non-cash adjustments suggests a fundamental lack of operational efficiency.
As reported in financial statements, Super League Enterprise has failed to achieve positive free cash flow in any of the last ten quarters, with FCF margins frequently exceeding -100% and reaching -118.3% in 2025Q4, highlighting the company's ongoing reliance on external financing to sustain its current operations.
The consistent negative FCF trajectory underscores the structural challenges in the company's business model, where revenue generation is insufficient to cover even basic operating expenses. This trend suggests that the company may continue to face significant liquidity pressure unless it can achieve a drastic reduction in its cost base or a meaningful improvement in revenue scale.
Based on the company's reported figures, working capital changes have been highly erratic, swinging from a $2.5M inflow in 2023Q4 to a $2.2M outflow in 2025Q4, which complicates the assessment of the company's underlying ability to manage its short-term assets and liabilities effectively.
The volatility in working capital suggests that the company's cash flow is highly sensitive to the timing of project-based advertising campaigns and potential delays in collections. This instability warrants further investigation into the company's credit terms and the quality of its accounts receivable, as these fluctuations may mask deeper issues with cash conversion.
Analysis of the cash flow statement reveals that stock-based compensation and depreciation charges, which totaled over $1.1M in 2025Q3 alone, are significant components of the company's financial profile, effectively obscuring the true extent of the cash burn required to maintain the current organizational structure.
While these non-cash charges are standard in tech-adjacent firms, their magnitude relative to the company's negative operating cash flow suggests that the business is heavily reliant on equity-based incentives to retain talent. Investors should consider whether these expenses represent a sustainable way to manage costs or if they are merely delaying the inevitable need for cash-based compensation.
Quick answers to the most common questions about buying SLE stock.
Super League Enterprise, Inc. (SLE) generated $-10.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Super League Enterprise, Inc. (SLE) reported negative free cash flow of $10.6M in 2025, indicating capital requirements exceeded cash from operations.
Super League Enterprise, Inc. (SLE) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.