Free cash flow remains deeply negative with a $5.2M burn in 2026Q1, highlighting a persistent disconnect between accrual-based net losses and immediate liquidity requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Cash from Operations | -805.75K | 955K | -6.3M | -667.18K | -7.58M | -4.61M | -4.68M | -770M | -706.8M | -263.5M | -15.3M | 347.6M | 33M | 640M | 917M | 527.84M | 321M | 283.04M | 127.22M |
| Operating CF Margin % | - | 1.33% | -11.08% | -0.84% | -27.53% | -12086.35% | -57.97% | -30.99% | -35.21% | -10.42% | -0.56% | 15.52% | 2.84% | 31.95% | 47.74% | 34.26% | 28.99% | 27.53% | 16.29% |
| Operating CF Growth % | 588.16% | 115.15% | -844.68% | 91.19% | -64.28% | 1.52% | 99.39% | -8.94% | -168.24% | -1622.22% | -104.4% | 953.33% | -94.84% | -30.21% | 73.73% | 64.44% | 13.41% | 122.48% | - |
| Net Income | -11.49M | -10.89M | -15.85M | -6.94M | -3.28M | -8.18M | -4.71M | -1.18B | -586.7M | -150.6M | -1.54B | 34.4M | -58M | 387M | 826M | 369.29M | 249.35M | 226.2M | 116.62M |
| Depreciation & Amortization | 72.31K | 0 | 3.15M | 5.14M | 3.23M | 821.98K | 808.04K | 357.4M | 268.3M | 246.9M | 227.1M | 164.8M | 124M | 104M | 80M | 70.26M | 57.18M | 44.13M | 31.05M |
| Stock-Based Compensation | -43.79K | 0 | 29K | 1.21M | 309.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -41.58K | 41.58K | 0 | 0 | 9.53K | -50M | 24.2M | 10.5M | 60M | 44.7M | -32M | 54M | 24M | 47.13M | -44.11M | -105.31M | 12.33M |
| Other Non-Cash Items | -1.12M | 10.32M | 6.86M | 613.82K | -6.74M | 771.84K | 2.57M | 955.8M | -584.9M | -244.7M | 1.24B | 390.5M | 241M | 258M | -516.3M | -389.16M | 21.91M | 64.6M | -140.77M |
| Working Capital Changes | 875.09K | 1.53M | -450.38K | -732.06K | -1.1M | 1.97M | -3.37M | -852.8M | 172.3M | -125.6M | -4.2M | -286.8M | -242M | -163M | 503.3M | 430.33M | 36.66M | 53.41M | 107.99M |
| Change in Receivables | 540.5K | 575.86K | 5.97K | 623.98K | -899.8K | 2.56M | -3.88M | -12.3M | -103.9M | -19.6M | 73.6M | -117.2M | 26M | -4M | 6M | -69.78M | 27.83M | -27.04M | -3.17M |
| Change in Inventory | -481.02K | 36.82K | 853.52K | 2.48M | 392.66K | -58.24K | 14.11K | 15.2M | -900K | 94.8M | -108.2M | -65M | -43M | -43M | 45M | 42.56M | 1.26M | -14.04M | -18.5M |
| Change in Payables | -1.79M | 499.08K | 355.51K | 83.08K | -706.35K | 89.23K | 283.69K | -117.5M | 300.8M | -343.7M | 226.2M | 443.3M | 17M | 24M | 19M | -8.5M | 6.45M | 27.43M | 22.09M |
| Cash from Investing | -45.89K | -49K | -26.67K | 3.57M | -3.1M | 30.54M | 3.93M | -2.64B | -868.4M | -514.5M | -1.26B | -521.8M | -299M | -335M | -688M | -174.23M | -152.61M | -206.95M | -85.03M |
| Capital Expenditures | 0 | 0 | -32.78K | -655.69K | -116.91K | -34.84K | -169.1K | -229.6M | -133.1M | -139M | -452.5M | -352M | 0 | 0 | 0 | 0 | 21K | 91K | 200K |
| CapEx % of Revenue | 0% | 0.07% | 0.06% | 0.82% | 0.42% | 91.3% | 2.09% | 9.24% | 6.63% | 5.49% | 16.66% | 15.72% | - | - | - | - | 0% | 0.01% | 0.03% |
| Acquisitions | 2.7K | 0 | 0 | 0 | -10.99M | 862.13K | -4.37M | -719M | -7.3M | 0 | -164M | -73.5M | -188M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -48.59K | -49K | 6.12K | 1.35M | 7.78M | 23.63M | 8.62M | -1.71B | -982.6M | -375M | -636.8M | -278.5M | -373M | -303M | -275M | -144.47M | -152.63M | -207.04M | -85.23M |
| Cash from Financing | 798.43K | 5.13M | 2.08M | -2.76M | 15.91M | -35.59M | -799.87K | 3.8B | 1.59B | 764.8M | 1.15B | 243.2M | -91M | -153M | 76M | 0 | -94.44M | -83.14M | -68.46M |
| Debt Issued (Net) | -1.01M | -10.06M | 8.64K | 537.51K | -4.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 351.37K | 18.22M | 3.46M | 87K | 32M | -999.08K | -235.99K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -276K | -276K | 0 | 0 | 0 | -34.04M | -563.88K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -267.39K | 0 | -6.1K | -38.4K | 0 | -4.81M | -354.9K | 15.3M | 239.6M | -500K | -3.6M | -2.8M | -15M | -321M | -111M | 0 | 0 | 0 | 0 |
| Other Financing | 1.74M | -2.77M | -1.39M | -3.38M | -11.44M | -550K | 0 | 3.8B | 1.59B | 764.8M | 1.15B | 243.2M | -91M | -153M | 76M | 0 | -94.44M | -83.14M | -68.46M |
| Net Change in Cash | -53.63K | 6.03M | -4.24M | 139.87K | 5.24M | -9.3M | -1.82M | 370.2M | 19.7M | -13.2M | -121.5M | 74.6M | -356M | 129M | 332M | 353.61M | 76.97M | -4.54M | -22.79M |
| Free Cash Flow | -805.75K | 906.38K | -6.34M | -1.32M | -7.69M | -4.65M | -4.85M | -999.6M | -839.9M | -402.5M | -467.8M | -4.4M | 33M | 640M | 917M | 527.84M | 321.02M | 283.13M | 127.42M |
| FCF Margin % | -1.21% | 1.26% | -11.14% | -1.66% | -27.96% | -12177.66% | -60.06% | -40.24% | -41.84% | -15.91% | -17.23% | -0.2% | 2.84% | 31.95% | 47.74% | 34.26% | 28.99% | 27.54% | 16.31% |
| FCF Growth % | 88.63% | 114.31% | -378.92% | 82.81% | -65.56% | 4.23% | 99.51% | -19.01% | -108.67% | 13.96% | -10531.82% | -113.33% | -94.84% | -30.21% | 73.73% | 64.43% | 13.38% | 122.2% | - |
| FCF per Share | -0.24 | 0.36 | -2336.09 | -19771.90 | -171197.13 | -288185.56 | -312311.47 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -313741.60 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 45436.71 | 20981.05 |
| FCF Conversion (FCF/Net Income) | 0.07x | -0.09x | 0.40x | 0.08x | 0.73x | 0.74x | 27.28x | 0.65x | 1.20x | 1.75x | 0.01x | 10.10x | -0.57x | 1.65x | 1.11x | 1.43x | 1.29x | 1.25x | 1.09x |
| Interest Paid | 193.13K | 0 | 1.6M | 1.12M | 1.07M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 14.36K | 0 | 76.7K | 58.86K | 11.3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
As evidenced by recent financial disclosures, SUNE exhibits a persistent disconnect between net income and operating cash flow, with the 2026Q1 period showing a $5.2M cash outflow despite a $4.1M net loss, suggesting that accrual-based accounting fails to capture the immediate liquidity strain of operations.
The erratic OCF/NI ratios across the ten-quarter lookback period indicate that earnings are not being converted into cash, likely due to the timing of project-based revenue recognition versus cash-heavy installation costs. Investors should monitor whether this divergence stems from aggressive revenue booking or simply the inherent working capital intensity of the residential solar installation model.
Based on reported quarterly data, SUNE has struggled to maintain positive free cash flow, with the most recent 2026Q1 period recording a $5.2M burn, highlighting a trajectory that remains deeply negative and inconsistent with the requirements for a sustainable, self-funding industrial growth model.
The company's inability to generate consistent positive FCF margins suggests that the current business model is structurally dependent on external financing. Without a clear path to positive FCF, the company remains highly vulnerable to capital market volatility and the high cost of debt in the current interest rate environment.
According to the cash flow statements, working capital changes have been highly volatile, swinging from a $2.0M contribution in 2025Q3 to a $1.6M drain in 2026Q1, which underscores the difficulty in managing inventory and receivables within the company's regional, project-heavy installation business structure.
This volatility suggests that SUNE is struggling to optimize its cash conversion cycle, likely due to the lag between hardware procurement and final utility interconnection. The reliance on working capital fluctuations to bridge cash gaps may indicate that the company lacks the operational scale to smooth out seasonal installation cycles.
Financial statements indicate that depreciation and amortization, often exceeding $600K per quarter, provide a non-cash buffer that masks the underlying cash burn, while stock-based compensation adjustments remain relatively minor, suggesting that the cash flow statement is not being significantly distorted by non-cash equity-based accounting.
The consistent D&A figures suggest that the company is maintaining a significant asset base, yet this does not appear to be translating into operational efficiency. Analysts should investigate whether these capitalized costs are truly representative of productive assets or if they reflect legacy investments that are failing to generate adequate returns on invested capital.
Quick answers to the most common questions about buying SUNE stock.
SUNation Energy Inc. (SUNE) generated $1.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SUNation Energy Inc. (SUNE) generated $0.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
SUNation Energy Inc. (SUNE) 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.
In 2025, SUNation Energy Inc. (SUNE) returned $0.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.