The firm exhibits a structural inability to generate positive free cash flow, recording a $7.7M outflow in 2025Q4 alongside a 25.4% capital intensity ratio.
| Cash from Operations | -10.28M | -3.12M | -2.38M | -917.44K | 26.85K | 26.81K |
| Operating CF Margin % | -238.63% | -108.15% | -207.06% | -564.9% | 6.39% | 13.41% |
| Operating CF Growth % | -229.27% | -31.37% | -158.98% | -3517.02% | 0.16% | - |
| Net Income | -360.69M | -5.05M | -4.91M | -1.23M | -87.06K | 2.33K |
| Depreciation & Amortization | 1.13M | 620.76K | 297.38K | 96.31K | 68.88K | 2.83K |
| Stock-Based Compensation | 0 | 170.32K | 170.32K | 0 | 0 | 0 |
| Deferred Taxes | -1.58M | 0 | 262.68K | -262.68K | 0 | 0 |
| Other Non-Cash Items | 347.88M | 677.13K | 214.81K | -2.07K | -3.8K | 3.84K |
| Working Capital Changes | 2.99M | 459.29K | 1.59M | 477.86K | 48.82K | 17.8K |
| Change in Receivables | -3.06M | -677.07K | -249.91K | 82.5K | -38.25K | -20.63K |
| Change in Inventory | 0 | -12.16K | 0 | 0 | 0 | 0 |
| Change in Payables | 4.49M | 0 | 0 | 0 | 0 | 38.43K |
| Cash from Investing | -105.1M | -294.85K | -1.97M | -26.21K | -16.35K | 0 |
| Capital Expenditures | -102.78M | -199.18K | -199.95K | -1.21K | -16.35K | 0 |
| CapEx % of Revenue | 2386.35% | 6.9% | 17.42% | 0.74% | 3.89% | - |
| Acquisitions | - | - | - | - | - | - |
| Investments | 0 | 2.5M | 426.32K | 998 | 15.85K | 13.92K |
| Other Investing | -30.74K | -14.77K | 31.36K | 0 | 0 | 0 |
| Cash from Financing | 127.26M | 2.68M | 6.25M | 1.24M | -36.91K | 21.74K |
| Debt Issued (Net) | - | - | - | - | - | - |
| Equity Issued (Net) | 126.65M | 2.62M | 6.78M | 1.35M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -13.45K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 468.74K | -28.79K | -125.57K | -3.86K | -2.15K | -1.53K |
| Net Change in Cash | 14.85M | -761.52K | 1.97M | 320.27K | -26.41K | 53.3K |
| Free Cash Flow | -10.29M | -3.34M | -2.62M | -918.64K | 10.5K | 26.81K |
| FCF Margin % | -238.96% | -115.56% | -228.54% | -565.64% | 2.5% | 13.41% |
| FCF Growth % | -208.58% | -27.18% | -185.47% | -8852.33% | -60.84% | - |
| FCF per Share | -1.26 | -0.98 | -0.69 | -0.25 | 0.00 | 0.01 |
| FCF Conversion (FCF/Net Income) | 0.03x | 0.70x | 0.54x | 0.75x | -0.31x | 11.49x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
According to recent financial filings, Brera Holdings exhibits a profound divergence between net income and operating cash flow, with the 2025Q4 period showing a net loss of $371.4M against an operating cash outflow of $7.7M, indicating that accounting losses significantly outpace actual cash depletion.
The wide gap between reported net losses and cash outflows suggests that non-cash charges, likely related to asset impairments or valuation adjustments, are heavily distorting the bottom line. Investors should monitor whether this disconnect persists, as it obscures the true cash-generative capacity of the underlying asset management platform.
As reported in quarterly statements, Brera Holdings has consistently failed to generate positive free cash flow, with the 2025Q4 period recording a $7.7M outflow, underscoring a structural inability to cover operational and capital requirements through internal revenue generation in the current market environment.
The persistent negative FCF trajectory suggests that the firm remains in a capital-intensive growth phase that is not yet self-sustaining. This trend warrants further investigation into whether the company can reach a break-even point before its current cash reserves are exhausted by ongoing operational deficits.
Based on the company's reported figures, capital expenditures surged to $106.2M in 2025Q4, representing a 25.4% capital intensity ratio relative to revenue, which suggests a significant and potentially aggressive investment in infrastructure or product seeding that far exceeds historical maintenance levels.
This spike in capital intensity appears to be a departure from previous quarters where spending was negligible, implying a strategic shift toward scaling infrastructure. Analysts should consider whether this level of investment is a one-time requirement for regulatory compliance or a recurring burden that will continue to pressure liquidity.
Data from recent cash flow statements indicates that Brera Holdings is utilizing its limited capital primarily for acquisitions and product seeding, with $448.0K in net acquisition inflows noted in 2025Q4, while avoiding shareholder returns such as dividends or buybacks during this high-burn phase.
The focus on acquisition-related activities suggests management is attempting to build scale through inorganic means to justify its regulatory overhead. This strategy appears to prioritize long-term market positioning over immediate cash preservation, which may be a risky trade-off given the firm's current negative operating margins.
Quick answers to the most common questions about buying SLMT stock.
Brera Holdings PLC (SLMT) generated $-10.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Brera Holdings PLC (SLMT) reported negative free cash flow of $10.3M in 2025, indicating capital requirements exceeded cash from operations.
Brera Holdings PLC (SLMT) spent $102.8M 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, Brera Holdings PLC (SLMT) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.