Persistent negative free cash flow, averaging approximately $1.4 million in quarterly outflows during 2025, highlights a structural inability to achieve self-sustaining operations.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -6.9M | -8.46M | -12.73M | -14.76M | -13.96M | -3.83M | -741.02K | -1.01M | -457.76K | 42.38K | -302.28K | -87.83K | -702.37K | -3.62M | -9.65M | -9.34M | -4.2M | -3.69M |
| Operating CF Margin % | - | -84580% | - | - | - | - | - | -2048.11% | -111.57% | 13.31% | -96.17% | - | - | -1471.46% | -2437.52% | -2620.49% | -4321.2% | - |
| Operating CF Growth % | -289568.3% | 33.54% | 13.79% | -5.75% | -264.3% | -417.13% | 26.34% | -119.78% | -1180.27% | 114.02% | -244.17% | 87.5% | 80.57% | 62.51% | -3.31% | -122.38% | -13.75% | - |
| Net Income | -8.03M | -8.52M | -16.86M | -21.77M | -18.02M | -18.52M | -3.13M | -1.59M | -1.1M | 614.05K | -626.59K | -124.81K | -67.19K | -3.79M | -12.69M | -12.94M | -5.02M | -3.49M |
| Depreciation & Amortization | 720K | 467K | 503K | 837K | 380K | 213K | 16.46K | 11.68K | 28.2K | 15.86K | 7.68K | 2.05K | 2.87K | 249.47K | 312.66K | 186.58K | 103.48K | 207.47K |
| Stock-Based Compensation | 328K | 377K | 1.86M | 3.36M | 3.8M | 3.96M | 143.81K | 156.13K | 11.22K | 20.8K | 0 | 0 | 0 | 0 | 802.42K | 729.14K | 404.44K | 510.1K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -110K | -229.29K | 129.57K | 21.58K | 57.19K | 106.57K | 0 | 0 | 0 | 1.8M | 1.06M | -105.6K | -1.98M |
| Other Non-Cash Items | 1.99M | 131K | 1.21M | -6.54K | 18K | 10.16M | 2.37M | 604.06K | 574.29K | -1.05M | 780.55K | 6.93K | -595.26K | 1.24M | -2.89K | 1.44M | 281.15K | 849.99K |
| Working Capital Changes | -1.9M | -912K | 563K | 2.82M | -135K | 467K | 91.54K | -320.75K | 7.77K | 381.12K | -146.02K | 27.99K | -42.78K | -1.31M | 129.79K | 186.3K | 138.33K | 210.38K |
| Change in Receivables | 0 | 0 | 0 | 1.88M | -2.35M | 5K | 33.79K | -45.14K | -108.76K | 108.93K | -48.42K | 17.72K | -59.44K | -248.93K | 18.65K | -61.73K | -27.19K | 0 |
| Change in Inventory | 0 | 0 | 0 | -1.88M | 2.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 340.74K | 206.25K | -562.29K | -131.73K | 0 |
| Change in Payables | 0 | -950K | 517K | 444K | -97K | 126K | 17.33K | -95.85K | -72.22K | 74.09K | 18.7K | 0 | 0 | -127.68K | -565.95K | 721.82K | -16.1K | 96.73K |
| Cash from Investing | -2.04M | -956K | -764K | -3.53M | -9.34M | -1.88M | -1.94M | -52.57K | -575 | 59.01K | -100.42K | -770 | 49.1K | 31.32K | 1.34M | -1.6M | 103.48K | -948.83K |
| Capital Expenditures | -714K | -985K | -270K | -2.93M | -1.83M | -681K | -126.41K | -3.98K | -575 | -1.04K | -98.88K | -770 | 0 | 0 | -182.87K | -660.37K | -431.1K | -305.79K |
| CapEx % of Revenue | 7140% | 9850% | - | - | - | - | - | 8.11% | 0.14% | 0.33% | 31.46% | - | - | - | 46.22% | 185.36% | 443.75% | - |
| Acquisitions | 0 | 32.15K | -163K | -838K | -6.81M | -1.19M | 126.41K | 0 | 0 | 0 | 14.35K | 0 | -33.31K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.32M | -68.15K | 15.11K | 928K | -704K | 1.13M | 0 | -66.38K | 0 | 60.05K | -15.88K | 770 | 0 | 31.32K | 0 | 63.98K | -52.8K | 0 |
| Cash from Financing | 4.76M | 6.38M | 11.26M | 5.57M | 29.02M | 17.34M | 2.55M | 1.19M | 413.45K | -65.77K | 407.31K | 80.38K | 244.36K | 2.61M | 348.66K | 14.31M | 5.87M | 3.67M |
| Debt Issued (Net) | 0 | 0 | 0 | -514K | -346K | -140K | -14K | 0 | 413.45K | -65.77K | 407.31K | 52.65K | -178.32K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 422K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 15.92K | 0 | 1000K | 348.66K | 1000K | 1000K | 754.84K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4.76M | 5.96M | -1.24M | -214K | 87K | 2.38M | 898.29K | 33.53K | 0 | 0 | 0 | -11.26K | 422.68K | 0 | 0 | 5.16M | 376.98K | 3.15M |
| Net Change in Cash | -5.44M | -2.99M | -2.04M | -12.89M | 5.62M | 12.28M | -123.31K | 132.49K | -44.88K | 35.62K | 4.61K | -7.45K | -408.9K | -957.99K | -7.89M | 3.01M | 1.82M | -1.09M |
| Free Cash Flow | -7.61M | -9.44M | -13M | -17.24M | -15.79M | -4.51M | -867.42K | -1.01M | -458.34K | 41.34K | -401.16K | -88.6K | -702.37K | -3.62M | -9.83M | -10M | -4.63M | -4M |
| FCF Margin % | -76110% | -94430% | - | - | - | - | - | -2056.22% | -111.71% | 12.98% | -127.63% | - | - | -1471.46% | -2483.73% | -2805.85% | -4764.95% | - |
| FCF Growth % | -77169.04% | 27.34% | 24.62% | -9.2% | -249.83% | -420.28% | 14.12% | -120.37% | -1208.84% | 110.3% | -352.78% | 87.39% | 80.57% | 63.21% | 1.68% | -115.94% | -15.83% | - |
| FCF per Share | -6.99 | -113.05 | -274.61 | -634.33 | -680.78 | -375.40 | -222.65 | -338.60 | -179.74 | 17.50 | -155.85 | -162.87 | -1295.88 | -15789.04 | -62999.38 | -76305.97 | -50869.28 | -48150.23 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.99x | 0.75x | 0.68x | 0.77x | 0.21x | 0.24x | 0.63x | 0.42x | 0.07x | 0.48x | 0.70x | 10.45x | 0.95x | 0.82x | 0.78x | 0.86x | 1.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 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 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, STKH exhibits a persistent disconnect between net income and operating cash flow, with the company burning approximately $1.4 million per quarter in 2025 despite nominal revenue, suggesting that accrual-based accounting provides little insight into the firm's actual cash-based survival requirements.
The OCF/NI ratio of 0.73 in recent quarters indicates that non-cash charges, primarily depreciation and stock-based compensation, are insufficient to bridge the gap between accounting losses and actual cash outflows. This suggests that the company's operational reality is defined by cash-intensive R&D activities that are not being offset by any meaningful commercial cash inflows.
Based on the company's reported figures, STKH's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $1.4 million, which highlights a structural inability to generate self-sustaining cash flow while the firm remains in its current pre-commercial, high-overhead research and development phase.
The lack of positive FCF margins underscores the company's reliance on external capital to fund its ongoing operations. Investors should monitor whether the recent pivot to a B2B licensing model can eventually reduce this cash burn, though current data provides no evidence of such a transition taking hold.
According to recent SEC filings, STKH experienced a significant working capital outflow of $1.2 million in the first half of 2025, indicating that the company's efforts to manage its operational cycle are currently consuming, rather than providing, the liquidity necessary to sustain its ongoing bioprinting research initiatives.
The erratic swings in working capital changes suggest that the company is struggling to optimize its inventory and payables in a pre-revenue environment. This volatility may indicate that management is forced to prioritize immediate operational needs over efficient cash management, further straining the company's limited liquidity position.
As indicated by the company's financial history, the reliance on stock-based compensation and depreciation to mask the true cost of operations suggests that the cash flow statement is the only reliable metric for assessing the company's actual survival runway in the absence of commercial revenue.
The consistent use of equity-based incentives appears to be a mechanism to preserve cash, yet it simultaneously dilutes existing shareholders without providing a clear path to operational profitability. Analysts should remain cautious, as the reported cash flow figures likely understate the true economic cost of maintaining the firm's specialized laboratory infrastructure.
Quick answers to the most common questions about buying STKH stock.
Steakholder Foods Ltd. (STKH) generated $-8.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Steakholder Foods Ltd. (STKH) reported negative free cash flow of $9.4M in 2024, indicating capital requirements exceeded cash from operations.
Steakholder Foods Ltd. (STKH) spent $1.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.