Liquidity is under pressure as the company continues to burn cash, with free cash flow deficits reaching $7.9 million in 2025Q4, despite anomalous working capital inflows of $88.2 million in 2025Q2.
| Cash from Operations | 60.73M | 49.11M | -58.39M | -38.31M | -58.39M | -46.66M | -14.11M | -4.66M | -2.76M | -1.83M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 960.1% | 184.1% | -52.41% | 34.38% | -25.13% | -230.65% | -203.11% | -68.88% | -51.03% | - |
| Net Income | -30.42M | -42.97M | -77.08M | -41.08M | -58.72M | -56.86M | -25.99M | -2.78M | -1.92M | -1.92M |
| Depreciation & Amortization | 1.28M | 1.12M | 963.41K | 928K | 783K | 408K | 68K | 13.3K | 5.69K | 2.07K |
| Stock-Based Compensation | 1.91M | 0 | 4M | 5.13M | 3.51M | 4.9M | 1.59M | 212 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.08M | 8.52M | 6.36M | 100K | -1.83M | -1.96M | 7.55M | -2.47M | -829.43K | -2.07K |
| Working Capital Changes | 82.91M | 82.44M | 7.37M | -3.39M | -2.14M | 6.85M | 2.67M | 601.67K | 25.62K | 93.24K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30.37K | 6.22K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -928K | 0 | 0 | -3.4M | -2.54M | 7.47M | 2.8M | 0 | 0 | 0 |
| Cash from Investing | -10.36M | -3.1M | -2.66M | -347K | -1.35M | -1.09M | -684K | -78.79K | -7.59K | 38.33K |
| Capital Expenditures | -9.31M | -2.32M | -250K | -89K | -1.12M | -1.68M | -684K | -7.16K | -7.59K | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38.33K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 867.64K | 1.15M | -2.17M | -258K | -239K | 596K | 0 | -70K | 0 | 0 |
| Cash from Financing | -52.12M | -52.76M | 54.47M | 62.27M | 41.25M | 7.21M | 81.17M | 10.67M | 2.91M | 1.78M |
| Debt Issued (Net) | -37.77M | -45.79M | 14.76M | 29.84M | -155K | -265K | -44K | 714K | 0 | 0 |
| Equity Issued (Net) | -6.97M | -6.66M | 39.63M | 10M | 0 | 0 | 78.55M | 9.78M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -7.38M | -308.3K | 86K | 22.43M | 41.41M | 7.48M | 2.67M | -66K | 2.91M | 1.78M |
| Net Change in Cash | -1.27M | -6.55M | -7.13M | 24.09M | -19.13M | -39.7M | 67.5M | 5.85M | 149K | -3.11K |
| Free Cash Flow | 58.97M | 46.79M | -61.05M | -38.4M | -59.51M | -48.34M | -14.8M | -4.66M | -2.76M | -1.83M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 185.96% | 176.64% | -58.97% | 35.46% | -23.09% | -226.74% | -217.31% | -68.68% | -51.45% | - |
| FCF per Share | 0.35 | 0.28 | -0.39 | -0.27 | -0.52 | -0.45 | -0.19 | -0.10 | -0.04 | -0.02 |
| FCF Conversion (FCF/Net Income) | -1.94x | -1.14x | 0.76x | 0.93x | 1.00x | 0.82x | 0.54x | 1.68x | 1.44x | 0.95x |
| Interest Paid | 0 | 0 | 4.75M | 87K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ecuadorian political and regulatory risk
As reported in financial statements, Solaris Resources exhibits a highly irregular relationship between net income and operating cash flow, highlighted by a massive $88.2 million working capital inflow in 2025Q2 that temporarily distorted the company's otherwise consistent pattern of negative cash conversion and persistent net losses.
The extreme OCF/NI ratio of -22.07 in 2025Q2 suggests that cash flow metrics for this pre-revenue entity are driven by balance sheet movements rather than operational performance. Investors should monitor these non-recurring working capital swings, as they obscure the underlying reality of a business that consistently consumes cash to fund exploration.
Based on the provided quarterly data, Solaris Resources maintains a consistent free cash flow deficit, with the company reporting a negative $7.9 million in 2025Q4, underscoring its status as a pure-play exploration firm that remains entirely dependent on external capital to sustain its ongoing development activities.
The lack of positive free cash flow is expected for a company in the exploration phase, yet the trend indicates a deepening reliance on financing. Without commercial revenue, the trajectory of cash depletion appears tied strictly to the intensity of the drilling program at the Warintza project.
According to recent SEC filings, the company's working capital dynamics are characterized by significant, non-linear fluctuations, most notably the $88.2 million inflow in 2025Q2, which stands in stark contrast to the typical quarterly cash outflows required to manage the company's operational and community-related obligations.
These erratic working capital shifts suggest that the company's liquidity position is subject to timing differences in project funding or vendor settlements rather than operational efficiency. Analysts should exercise caution when interpreting these figures, as they do not reflect a sustainable improvement in the cash conversion cycle.
As evidenced by the historical data, Solaris Resources utilizes share-based compensation as a recurring non-cash expense, with figures reaching $1.3 million in 2024Q3, which effectively masks the true economic cost of management incentives while simultaneously contributing to the ongoing dilution of existing shareholder equity positions.
The reliance on equity-linked compensation warrants further investigation, as it suggests that the company's cash flow statement may understate the total cost of operations. Investors should consider that these non-cash adjustments are a standard feature of the Augusta Group's model, which prioritizes rapid asset development over immediate cash preservation.
Quick answers to the most common questions about buying SLSR stock.
Solaris Resources Inc. (SLSR) generated $49.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Solaris Resources Inc. (SLSR) generated $46.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Solaris Resources Inc. (SLSR) spent $2.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.