The firm demonstrates chronic cash-burning tendencies, highlighted by a $239.2 million working capital outflow in 2025Q2 and a persistent inability to maintain positive free cash flow.
SOS Limited (SOS) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Cash from Operations | -253.85M | -63.56M | 9.71M | -72.92M | -218.56M | -43.55M | -14.9M | -45K | -5.69M | -26.74M | -16.93M | -7.67M |
| Operating CF Margin % | -164.53% | -27.46% | 10.5% | -28.04% | -75.16% | -86.6% | -30.6% | -0.06% | -6.13% | -46.93% | -26.68% | -12.51% |
| Operating CF Growth % | -299.41% | -754.7% | 113.31% | 66.64% | -401.84% | -192.35% | -33004.44% | 99.21% | 78.72% | -57.91% | -120.87% | - |
| Net Income | -97.32M | -13.61M | -3.65M | -229.19M | -49.25M | 4.4M | -9.9M | -137K | -36.65M | -33.37M | -30.03M | 131K |
| Depreciation & Amortization | 8.71M | 11.28M | 5.78M | 8.65M | 6.05M | 2K | 1.88M | 1K | 2.33M | 1.38M | 1.02M | 800K |
| Stock-Based Compensation | 0 | 7.74M | 7.26M | 14.71M | 33.54M | 506K | 4.33M | 0 | 2.5M | 1M | 592K | 180K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 2.16M | 159K | 0 | 0 | 0 | -388K | 5.96M | -180K |
| Other Non-Cash Items | 79.09M | 2.51M | 7.48M | 220.93M | 152K | 5.62M | 3.29M | 7.11M | 12K | 626K | 843K | 421K |
| Working Capital Changes | -244.33M | -71.48M | -7.16M | -88.03M | -211.2M | -54.24M | -14.49M | -7.02M | 26.12M | 4M | 4.68M | -9.02M |
| Change in Receivables | -243.01M | -41.54M | 5.43M | 17.91M | -15.89M | -2.06M | -825K | -713K | 2.46M | -273K | -4.32M | 357K |
| Change in Inventory | 3.45M | -5.28M | 13.2M | -5.27M | -96.07M | -40.78M | -3.85M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 6.84M | -24.23M | -94K | 1.46M | 28.41M | -11.94M | 3.85M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -38K | 0 | 0 | -16.03M | -33.03M | 3M | -1.97M | 2K | -2.19M | -3.09M | -2.7M | -2.09M |
| Capital Expenditures | -38K | 0 | 0 | -16.03M | -33.03M | -501K | -68K | 0 | -2.19M | -3.09M | -2.7M | -2.09M |
| CapEx % of Revenue | 0.02% | - | - | 6.16% | 11.36% | 1% | 0.14% | - | 2.36% | 5.42% | 4.25% | 3.4% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 3.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 177K | 2K | 0 | 0 | 0 | 0 |
| Cash from Financing | 15.79M | 24.55M | 17.6M | 34.7M | 584.08M | 43.55M | 0 | 0 | 84.68M | 24M | 39.14M | 1.89M |
| Debt Issued (Net) | 0 | -288K | -288K | -768K | -1.76M | 0 | 0 | 0 | 500K | 5.43M | 28.47M | 1.89M |
| Equity Issued (Net) | 15.79M | 24.84M | 17.88M | 18.46M | 585.84M | 47.13M | 0 | 0 | 107.88M | 18.57M | 10.68M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 2K | 0 | 0 | 17M | 0 | -3.58M | 0 | 0 | -23.7M | 10.45K | 1.53K | -4.67K |
| Net Change in Cash | -224.9M | -41.69M | 19.68M | -73.59M | 334.3M | 3.68M | -16.34M | -40.69M | 75.9M | -6.06M | 19.23M | -8.13M |
| Free Cash Flow | -253.89M | -63.56M | 9.71M | -88.94M | -251.6M | -44.05M | -14.96M | -45K | -7.88M | -29.83M | -19.63M | -9.75M |
| FCF Margin % | -164.56% | -27.46% | 10.5% | -34.21% | -86.52% | -87.6% | -30.74% | -0.06% | -8.49% | -52.34% | -30.92% | -15.91% |
| FCF Growth % | -299.47% | -754.7% | 110.91% | 64.65% | -471.12% | -194.37% | -33155.56% | 99.43% | 73.58% | -51.94% | -101.26% | - |
| FCF per Share | -157.01 | -20.94 | 0.14 | -25.05 | -90.66 | -9.01 | -25.23 | -0.07 | -16.06 | -47.19 | -31.06 | -15.43 |
| FCF Conversion (FCF/Net Income) | 2.61x | 4.67x | -2.66x | 0.32x | 4.44x | -9.89x | -10.13x | 0.00x | 0.16x | 0.80x | 0.56x | -58.53x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 172K | 0 | 0 | 0 | 281K | 43K |
| Taxes Paid | 0 | 12K | 684K | 1.03M | 3.48M | 1.96B | 587.17M | 0 | 675K | 7K | 2K | 10K |
Quick answers to the most common questions about buying SOS stock.
SOS Limited (SOS) generated $-253.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SOS Limited (SOS) reported negative free cash flow of $253.9M in 2025, indicating capital requirements exceeded cash from operations.
SOS Limited (SOS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and operational insolvency
Earnings Disconnect Signals Operational Strain
As reported in financial statements, the extreme volatility in the relationship between net income and operating cash flow, including instances where OCF/NI ratios reached 4908.11, suggests that reported earnings provide little insight into the actual cash-generating capacity of the company's underlying business activities.
The persistent divergence between accounting losses and cash flow fluctuations indicates that accruals and non-cash adjustments are likely masking the true economic cost of operations. Investors should monitor this disconnect, as it suggests that the company's reported net income is not a reliable proxy for its ability to sustain operations through internal cash generation.
Free Cash Flow Remains Chronically Negative
Based on historical data, SOS has struggled to maintain positive free cash flow, with recent periods showing a trajectory of zero or deeply negative margins that highlight the company's inability to fund its capital-intensive mining operations through its own core business activities.
The lack of consistent free cash flow generation appears to force a reliance on external financing to cover both operating deficits and necessary infrastructure investments. This pattern suggests that the business model may be fundamentally incapable of achieving self-sufficiency under current energy and operational cost structures.
Working Capital Volatility Impairs Liquidity
According to recent SEC filings, the company has experienced massive swings in working capital, including a $239.2M outflow in 2025Q2, which indicates significant instability in managing short-term assets and liabilities relative to the company's operational scale.
These erratic working capital movements suggest potential inefficiencies in inventory management or collection cycles, which may be exacerbated by the company's pivot between disparate business segments. Such instability warrants further investigation into whether these outflows represent genuine operational requirements or structural weaknesses in the company's cash management processes.
Stock-Based Compensation Obscures Cash Reality
Analysis of historical cash flow statements reveals that stock-based compensation has reached billions in certain periods, a factor that significantly obscures the true cash cost of talent and management incentives while diluting existing shareholders to support ongoing operations.
The reliance on equity-based incentives appears to be a primary mechanism for preserving cash, yet it fails to address the underlying operational losses. This strategy may provide a temporary buffer for liquidity, but it raises concerns regarding the long-term alignment of management interests with the preservation of shareholder value.