Operating cash flow remains deeply negative with a -53.2% free cash flow margin in 2025Q4, indicating that current liquidity is being rapidly consumed by research-heavy operational requirements.
| Cash from Operations | -29.21M | -34.41M | -35.02M | -28.37M | -23.13M | -12.36M | -8.39M | -7.83M |
| Operating CF Margin % | -2874.7% | -2044.33% | -1287.5% | -2378.04% | -5140.67% | -3912.03% | -9868.24% | - |
| Operating CF Growth % | 15.11% | 1.75% | -23.44% | -22.64% | -87.13% | -47.38% | -7.18% | - |
| Net Income | -29.44M | -34.94M | -33.84M | -24.96M | -26.49M | -13.57M | -9.45M | -11.56M |
| Depreciation & Amortization | 462K | 418K | 523K | 507K | 459K | 203K | 23K | 14K |
| Stock-Based Compensation | 175K | 598K | 978K | 1.16M | 3.35M | 4.39M | 211K | 177K |
| Deferred Taxes | 0 | 0 | 0 | -779K | 0 | -3.24M | 1.19M | 2.66M |
| Other Non-Cash Items | -1.14M | 2.02M | -194K | -3.41M | -152K | -691K | -171K | 29K |
| Working Capital Changes | 741K | -2.5M | -2.49M | -885K | -298K | 539K | -189K | 855K |
| Change in Receivables | 787K | -320K | -1.01M | -596K | -789K | -645K | -21K | 78K |
| Change in Inventory | 1.2M | -479K | -2.51M | -1.2M | -715K | -16K | -94K | 0 |
| Change in Payables | -1.22M | -2.48M | 2.35M | 1.01M | 54K | 476K | -167K | 242K |
| Cash from Investing | -7K | -84K | 9.94M | -5.12M | -5.2M | -231K | -53K | 70K |
| Capital Expenditures | -7K | -79K | -128K | -62K | -144K | -121K | -33K | -20K |
| CapEx % of Revenue | 0.69% | 4.69% | 4.71% | 5.2% | 32% | 38.29% | 38.82% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -5K | 10.07M | -5.06M | -41K | -110K | -20K | 90K |
| Cash from Financing | 32.07M | 30.54M | 22.49M | 41.97M | -611K | 50.11M | 8.28M | 6.16M |
| Debt Issued (Net) | 4.18M | 10.18M | 2.38M | -467K | -440K | -143K | 0 | 0 |
| Equity Issued (Net) | 27.94M | 20.5M | 20.11M | 37.3M | 0 | 48.71M | 108K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -50K | -144K | -126.63K | 5.14M | -171K | 1.54M | 8.17M | 6.16M |
| Net Change in Cash | 846K | -3.81M | -2.13M | 10.56M | -28.94M | 37.52M | -164K | -1.6M |
| Free Cash Flow | -29.21M | -34.48M | -35.15M | -28.43M | -23.28M | -12.48M | -8.42M | -7.85M |
| FCF Margin % | -2875.39% | -2049.02% | -1292.21% | -2383.24% | -5172.67% | -3950.32% | -9907.06% | - |
| FCF Growth % | 15.28% | 1.89% | -23.62% | -22.15% | -86.47% | -48.24% | -7.33% | - |
| FCF per Share | -315.00 | -11.70 | -44.80 | -65.74 | -116.97 | -86.12 | -119.68 | -112.37 |
| FCF Conversion (FCF/Net Income) | 0.99x | 0.98x | 1.04x | 1.14x | 0.87x | 0.91x | 0.89x | 0.68x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
As reported in recent financial statements, SaverOne's operating cash flow consistently mirrors its net losses, with an OCF/NI ratio hovering near 1.0, indicating that the company lacks any meaningful non-cash accruals to bridge the gap between accounting losses and actual cash outflows from core operations.
The tight correlation between net income and operating cash flow suggests that the company's losses are almost entirely cash-based rather than driven by non-cash accounting charges. This lack of divergence implies that the business is currently unable to generate any operational efficiencies that would decouple cash burn from its reported bottom-line deficits.
Based on the provided quarterly data, SaverOne's free cash flow margins have remained deeply negative, reaching -53.2% in 2025Q4, which underscores the company's ongoing struggle to achieve a self-sustaining financial trajectory while continuing to fund its research-heavy operational model through existing capital reserves.
The persistent negative free cash flow trajectory indicates that the company is not yet in a position to fund its own growth, necessitating a reliance on external financing. Investors should monitor whether the widening FCF margin gap reflects an inability to control operating expenses as the company attempts to scale its pilot programs.
According to historical cash flow filings, SaverOne maintains a remarkably low capital intensity, with CapEx/Revenue ratios often remaining below 5%, suggesting that the company's primary cash drain is operational R&D rather than the physical build-out of manufacturing infrastructure or heavy equipment assets.
The low level of capital expenditure relative to revenue suggests that the company is not currently investing in significant physical production capacity, which may imply a reliance on third-party manufacturing or a focus on software-centric development. This asset-light approach may preserve cash in the short term but warrants investigation regarding the company's ability to scale production if demand were to materialize.
As evidenced by the quarterly cash flow data, fluctuations in working capital, such as the -$625.0K outflow in 2025Q4, frequently exacerbate the company's cash burn, highlighting the challenges of managing inventory and receivables within an early-stage, project-based hardware business model.
The inconsistent nature of working capital changes suggests that the company faces significant friction in its cash conversion cycle, likely due to the timing of pilot program payments and inventory procurement. This volatility adds an unpredictable layer to the company's cash runway, making it difficult to forecast the exact timing of future liquidity needs.
Quick answers to the most common questions about buying SVRE stock.
SaverOne 2014 Ltd (SVRE) generated $-29.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SaverOne 2014 Ltd (SVRE) reported negative free cash flow of $29.2M in 2025, indicating capital requirements exceeded cash from operations.
SaverOne 2014 Ltd (SVRE) 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.