The firm faces a persistent liquidity challenge, having failed to generate positive free cash flow in any of the last ten quarters, with quarterly burn rates often exceeding $1.5 million.
| Cash from Operations | -6.12M | -5.75M | -6.03M | -7.57M | -8.58M | -7.78M | -7.11M | -8.06M | -9.13M | -9.32M | -6.7M | -3.67M | -2.53M |
| Operating CF Margin % | - | -258.89% | -324.88% | -634.2% | -841.71% | -1350.52% | -2755.04% | -5634.97% | -3073.74% | -17925% | -2105.66% | -1521.16% | -1269.85% |
| Operating CF Growth % | -31.54% | 4.69% | 20.26% | 11.79% | -10.26% | -9.44% | 11.79% | 11.73% | 2.06% | -39.2% | -82.65% | -45.07% | - |
| Net Income | -6.78M | -6.38M | -6.18M | -7.71M | -9.7M | -8.27M | -7.94M | -10.02M | -11.91M | -12.29M | -10.79M | -18.17M | -7.2M |
| Depreciation & Amortization | 127K | 135K | 156K | 135K | 183K | 303K | 288K | 413K | 447K | 391K | 196K | 182K | 125K |
| Stock-Based Compensation | 149K | 264K | 326K | 555K | 711K | 765K | 645K | 873K | 3.41M | 3.73M | 2.69M | 11.31M | 2.51M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167K | 1M | 902K |
| Other Non-Cash Items | 173K | 119K | -26K | -2K | 34K | -646K | -21K | 126K | -21K | -88K | 705K | 1.36M | 954K |
| Working Capital Changes | 210K | 115K | -305K | -544K | 190K | 67K | -83K | 548K | -1.06M | -1.07M | 342K | 648K | 182K |
| Change in Receivables | 316K | 121K | -242K | 20K | -42K | -52K | 124K | -133K | -123K | -6K | 3K | 18K | -31K |
| Change in Inventory | -295K | -200K | 1K | 58K | 148K | -56K | 235K | 81K | -721K | -483K | -57K | 388K | 119K |
| Change in Payables | -49K | -32K | 65K | -390K | 206K | -71K | 139K | 92K | -218K | 40K | -193K | 393K | 48K |
| Cash from Investing | -66K | -1.1M | -56K | -149K | -170K | -99K | -67K | -71K | 5.02M | -5.9M | -57K | -130K | -614K |
| Capital Expenditures | -102K | -138K | -84K | -149K | -174K | -100K | -114K | -71K | -239K | -898K | -57K | -130K | -614K |
| CapEx % of Revenue | 4.58% | 6.21% | 4.52% | 12.49% | 17.08% | 17.36% | 44.19% | 49.65% | 80.47% | 1726.92% | 17.92% | 53.94% | 308.54% |
| Acquisitions | 0 | 0 | 0 | 0 | 4K | 1K | 47K | 0 | 185K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.96M | 0 | 28K | 0 | 0 | 0 | 0 | 0 | 185K | -5M | -57K | 0 | 0 |
| Cash from Financing | 11.34M | 13.12M | 2M | 8.34M | 4.2M | 13.56M | 8.88M | 5.14M | 6.93M | 5.5M | 18.44M | 3.12M | 3.82M |
| Debt Issued (Net) | -57K | -56K | -17K | 108K | -32K | -93K | 511K | -220K | -355K | 245K | -1.64M | 1.12M | 715K |
| Equity Issued (Net) | 11.39M | 13.18M | 38K | 5.41M | 4.23M | 12.42M | 5.74M | 3.63M | 5.13M | 5.25M | 19.73M | 155K | 3.1M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -436K | 0 | 0 | 0 | -176K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.98M | 2.82M | 0 | 1.23M | 3.07M | 1.73M | 2.15M | 0 | 521K | 1.84M | 0 |
| Net Change in Cash | 5.15M | 6.27M | -4.09M | 620K | -4.55M | 5.68M | 1.71M | -2.98M | 2.82M | -9.72M | 11.69M | -680K | 679K |
| Free Cash Flow | -6.22M | -5.89M | -6.12M | -7.71M | -8.75M | -7.88M | -7.22M | -8.13M | -9.37M | -10.22M | -6.75M | -3.8M | -3.14M |
| FCF Margin % | -279.23% | -265.11% | -329.4% | -646.69% | -858.78% | -1367.88% | -2799.22% | -5684.62% | -3154.21% | -19651.92% | -2123.58% | -1575.1% | -1578.39% |
| FCF Growth % | -5.87% | 3.74% | 20.71% | 11.84% | -11.07% | -9.1% | 11.16% | 13.23% | 8.33% | -51.33% | -77.9% | -20.85% | - |
| FCF per Share | -1.18 | -0.18 | -8.76 | -115.17 | -1679.33 | -1689.68 | -5768.37 | -14960.83 | -23176.06 | -44914.94 | -50505.96 | -17989.48 | -14885.39 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.90x | 0.98x | 0.98x | 0.88x | 0.94x | 0.90x | 0.80x | 0.77x | 0.76x | 0.62x | 0.20x | 0.35x |
| Interest Paid | 6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent operating cash burn
According to quarterly financial data, SenesTech consistently reports operating cash flow that closely tracks net losses, with an OCF/NI ratio frequently hovering near 1.0, indicating that the company's reported losses are largely realized in cash rather than being mitigated by non-cash accounting adjustments.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its bottom line. Investors should monitor this trend, as it implies that every dollar of net loss represents a direct and immediate depletion of the company's limited cash reserves.
As reported in recent financial statements, SenesTech has failed to generate positive free cash flow in any of the last ten quarters, with quarterly burn rates often exceeding $1.5 million, underscoring the structural difficulty in achieving self-sustaining operations within the current specialty chemical business model.
The persistent negative FCF trajectory suggests that the company remains in a high-intensity investment phase where capital expenditures and operating losses continue to outpace revenue generation. This trend warrants further investigation into whether the company can reach a cash-flow-neutral state before its current liquidity is exhausted.
Based on the provided cash flow tables, working capital changes have been highly erratic, swinging from a $297,000 inflow in 2025Q2 to a $407,000 outflow in 2023Q4, which suggests significant instability in the company's ability to manage its receivables and inventory cycles effectively.
This volatility in working capital appears to reflect the challenges of scaling a nascent product line where customer payment cycles and inventory stocking requirements are not yet standardized. Such fluctuations may indicate that the company is struggling to align its cash conversion cycle with its broader operational growth objectives.
As evidenced by the quarterly cash flow statements, stock-based compensation remains a recurring non-cash add-back, yet it fails to offset the substantial cash burn, suggesting that the company's reliance on equity-based incentives has not yet successfully preserved sufficient liquidity for core operational needs.
While stock-based compensation is a standard practice, its presence in the cash flow statement highlights the company's reliance on dilutive measures to manage its human capital costs. Analysts should consider whether this reliance on equity compensation masks the true cost of talent acquisition in a highly specialized chemical industry.
Quick answers to the most common questions about buying SNES stock.
SenesTech, Inc. (SNES) generated $-5.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SenesTech, Inc. (SNES) reported negative free cash flow of $5.9M in 2025, indicating capital requirements exceeded cash from operations.
SenesTech, Inc. (SNES) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.