Operational liquidity is under pressure as the firm reported a $24.4 million negative free cash flow in 2026Q1, exacerbated by $14.2 million in capital expenditures and $26.4 million in acquisition-related outflows.
| Cash from Operations | -19.5M | -10.44M | -4.76M | -17.31M | -21.7M | -26.4M | -26.6M |
| Operating CF Margin % | - | - | -11895% | -96183.33% | -7589.16% | -5986.17% | - |
| Operating CF Growth % | -1336.55% | -119.36% | 72.52% | 20.23% | 17.78% | 0.76% | - |
| Net Income | -506.66M | -462.76M | -10.34M | -28.69M | -27.26M | -32.86M | -52.22M |
| Depreciation & Amortization | 5M | 3.53M | 188K | 361K | 293K | 198K | 550K |
| Stock-Based Compensation | 55.03M | 57.1M | 6.96M | 7.98M | 4.41M | 9.5M | 0 |
| Deferred Taxes | -1.82M | -1.25M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 429.37M | 392.87M | -1.93M | 2.27M | 388K | 209K | 22.72M |
| Working Capital Changes | -435K | 67K | 363K | 769K | 464K | -3.45M | 2.35M |
| Change in Receivables | -51K | -36K | 18K | 86K | -229K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | -498K | 284K | -1.11M | -287K |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -25.75M | -24.25M | 0 | -186K | -168K | -542K | -87K |
| Capital Expenditures | -14.22M | 0 | 0 | -186K | -168K | -542K | -87K |
| CapEx % of Revenue | - | - | - | 1033.33% | 58.74% | 122.9% | - |
| Acquisitions | 0 | - | - | - | - | - | - |
| Investments | 23.77M | 9.71M | 13K | 103K | 101K | 0 | 0 |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 48.54M | 54.88M | 4.71M | 17.33M | 10.57M | 10.33M | 42.85M |
| Debt Issued (Net) | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 50.98M | 10.22M | 4.21M | 15.36M | 10.35M | 10.3M | 42.85M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 36.61M | -701K | 0 | 1.97M | 218K | 28K | 0 |
| Net Change in Cash | 3.13M | 20.17M | -48K | -167K | -11.3M | -16.61M | 16.16M |
| Free Cash Flow | -33.73M | -10.44M | -4.76M | -17.5M | -21.87M | -26.94M | -26.69M |
| FCF Margin % | - | - | -11895% | -97216.67% | -7647.9% | -6109.07% | - |
| FCF Growth % | -669.3% | -119.36% | 72.81% | 20% | 18.81% | -0.95% | - |
| FCF per Share | -0.70 | -0.22 | -0.34 | -2.38 | -5.08 | -8.04 | -9.56 |
| FCF Conversion (FCF/Net Income) | 0.07x | 0.02x | 0.46x | 0.60x | 0.80x | 0.83x | 0.51x |
| Interest Paid | 0 | 0 | 0 | 1K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash burn rate
As reported in recent financial statements, STEX exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly, reaching a low of 0.01 in 2025Q4, which suggests that accounting losses are not fully capturing the underlying cash consumption of the business.
The wide variance in the OCF/NI ratio indicates that non-cash charges and accruals are heavily distorting the company's reported profitability metrics. Investors should monitor this divergence closely, as it implies that the firm's cash-based operational reality is often decoupled from the headline net income figures.
Based on the company's historical cash flow data, STEX has consistently reported negative free cash flow, culminating in a $24.4 million outflow in 2026Q1, which highlights the company's ongoing struggle to achieve self-sustaining operations following its pivot to the Streamex Exchange business model.
The consistent negative FCF trajectory suggests that the company is currently in a capital-intensive phase with no immediate path to cash generation. This trend warrants further investigation into how long the current cash position can support such outflows without requiring additional dilutive financing.
According to recent SEC filings, STEX recorded a significant $14.2 million in capital expenditures during 2026Q1, a sharp departure from previous quarters where capex was effectively zero, indicating a sudden shift toward heavy investment in infrastructure to support its new gold-denominated treasury and exchange platform.
This spike in capital intensity appears to reflect the high costs of building institutional-grade custody and settlement infrastructure. Analysts should evaluate whether these investments will lead to scalable revenue or if they represent sunk costs in a highly competitive and regulatory-sensitive fintech environment.
As indicated by the company's cash flow statements, STEX utilized $26.4 million for acquisitions in 2026Q1, a move that significantly impacted the firm's liquidity position and underscores a strategy of inorganic growth to compensate for the lack of organic revenue generation since the corporate rebranding.
The reliance on acquisitions to drive the business model suggests that management is attempting to buy its way into the RWA tokenization market rather than building it from within. This approach introduces significant integration risk and further strains the company's limited cash reserves.
Quick answers to the most common questions about buying STEX stock.
Streamex Corp. (STEX) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Streamex Corp. (STEX) reported negative free cash flow of $10.4M in 2025, indicating capital requirements exceeded cash from operations.
Streamex Corp. (STEX) 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.