Operational viability is threatened by consistent negative free cash flow, which reached an outflow of $141.9K in 2026Q1, further exacerbated by a reliance on stock-based compensation to mask underlying cash burn.
| Cash from Operations | -2.34M | -4.54M | -7.38M | -4.07M | -725.1K | -2.83M |
| Operating CF Margin % | - | -33982.79% | - | -58587.3% | - | - |
| Operating CF Growth % | 261.96% | 38.51% | -81.35% | -461.07% | 74.38% | - |
| Net Income | -51.63M | -41M | -25.93M | -5.32M | 593.9K | -3.47M |
| Depreciation & Amortization | 291.9K | 294.44K | 350.51K | 552.86K | 606.91K | 657.18K |
| Stock-Based Compensation | 2.47M | 2.95M | 4.34M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 43.72M | 31.92M | 12.57M | 0 | -2.44M | 0 |
| Working Capital Changes | 2.81M | 1.3M | 1.28M | 703.47K | 513.31K | -12.54K |
| Change in Receivables | -14.63K | -4.11K | 1.17K | -188.63K | 1.06M | 32.72K |
| Change in Inventory | 0 | 0 | -1.7K | 0 | 0 | 19.44K |
| Change in Payables | 2.58M | 1.4M | 1.34M | 31.78K | 424.91K | 357 |
| Cash from Investing | -224.56K | -240.74K | -246.07K | -376.15K | -125.97M | -261.5K |
| Capital Expenditures | -101.63K | -117.81K | -246.07K | -376.15K | -10.14K | -19.75K |
| CapEx % of Revenue | 102.89% | 882.49% | - | 5416.91% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -122.93K | -122.93K | 0 | 0 | -125.96M | -241.75K |
| Cash from Financing | 1.43M | 1.63M | 10.98M | 3.82M | 127.24M | 3.06M |
| Debt Issued (Net) | 1M | 957.33K | -191.65K | 0 | 0 | 0 |
| Equity Issued (Net) | 671.09K | 671.09K | 8.34M | 3.82M | 123.5M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -476 | -476 | 0 | 0 | 0 | 0 |
| Other Financing | -241.55K | 0 | 2.83M | 0 | 3.74M | 3.06M |
| Net Change in Cash | -1.13M | -3.15M | 3.35M | -620.79K | 545.65K | -34.31K |
| Free Cash Flow | -2.41M | -4.65M | -7.62M | -4.44M | -725.1K | -3.09M |
| FCF Margin % | -2443.86% | -34865.27% | - | -64004.21% | - | - |
| FCF Growth % | 69.34% | 38.95% | -71.54% | -512.94% | 76.55% | - |
| FCF per Share | -0.31 | -1.18 | -3.82 | -3.04 | -0.50 | -2.11 |
| FCF Conversion (FCF/Net Income) | 0.05x | 0.11x | 0.28x | 0.76x | -1.22x | 1979.07x |
| Interest Paid | -7.33K | 0 | 169.91K | 0 | 0 | 0 |
| Taxes Paid | -6.37K | 0 | 89.96K | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in financial statements, the persistent gap between net income and operating cash flow, exemplified by the 2025Q1 net income of $9.2M against a $2.3M cash outflow, suggests that reported earnings are heavily distorted by non-cash accounting adjustments rather than actual operational cash generation.
The lack of correlation between net income and operating cash flow indicates that the company's bottom line is not a reliable proxy for its underlying financial health. Investors should monitor the high reliance on non-cash items, which obscures the reality that the firm is consistently consuming, rather than generating, liquid resources.
Based on the provided quarterly data, Solidion Technology's free cash flow remains consistently negative, with the 2026Q1 outflow of $141.9K highlighting a structural inability to self-fund operations, a trend that has persisted throughout the observed ten-quarter period without any meaningful movement toward positive cash flow margins.
The persistent negative free cash flow trajectory confirms that the company is in a deep R&D phase where capital requirements far exceed internal cash generation. This trend suggests that the firm will remain dependent on external financing or parent-company support to sustain its ongoing research and development activities.
According to recent SEC filings, the company's capital expenditure patterns are erratic, with a 2026Q1 investment of $24.0K representing 28.1% of revenue, a ratio that fluctuates wildly due to the negligible and irregular nature of the firm's top-line revenue generation during this pre-commercial stage.
The high capital intensity relative to revenue suggests that the company is still in the process of building out its pilot-scale manufacturing capabilities. Analysts should interpret these expenditures as necessary costs for technical validation rather than investments in a mature, revenue-generating asset base.
Based on the provided data, stock-based compensation (SBC) has been a significant non-cash expense, reaching $2.3M in 2024Q4, which effectively masks the true economic cost of talent acquisition and retention while simultaneously diluting existing shareholders to fund the company's ongoing operational cash burn.
The heavy reliance on stock-based compensation suggests that the company is attempting to preserve its limited cash reserves by paying employees in equity. This practice warrants further investigation, as it may lead to significant future dilution and does not address the fundamental issue of the company's underlying cash-consuming business model.
Quick answers to the most common questions about buying STI stock.
Solidion Technology Inc. (STI) generated $-4.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Solidion Technology Inc. (STI) reported negative free cash flow of $4.7M in 2025, indicating capital requirements exceeded cash from operations.
Solidion Technology Inc. (STI) 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.
In 2025, Solidion Technology Inc. (STI) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.