Free cash flow remains consistently negative, highlighted by a $2.4 million outflow in 2025Q4 that underscores the company's ongoing struggle to achieve self-sustaining liquidity.
| Metric | Dec'25 | 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 |
|---|
| Cash from Operations | -5.82M | 3.99M | 5.26M | 8.29M | -8.09M | 14.17M | 14.7M | 14.66M | 2.3M | -7.03M | 4.45M | 2.46M | -1.95M | 11.12M |
| Operating CF Margin % | -15.16% | 9.28% | 11.12% | 15.5% | -14.64% | 33.52% | 29.85% | 49.61% | 5.35% | -14.75% | 7.57% | 3.76% | -3.18% | 22% |
| Operating CF Growth % | -245.95% | -24.24% | -36.57% | 202.5% | -157.09% | -3.57% | 0.22% | 536.49% | 132.76% | -258.03% | 80.89% | 226.3% | -117.52% | - |
| Net Income | -30.96M | -3.57M | 5.58M | 2.59M | -10.69M | -6.52M | -7.48M | 996.63K | 2.98M | 4.61M | 8.93M | 14.72M | 9.58M | 10.41M |
| Depreciation & Amortization | 169.4K | 1.63M | 447.25K | 700.34K | 961.57K | 877.92K | 904.13K | 1.07M | 814.94K | 1.36M | 1.44M | 1.51M | 1.03M | 505.38K |
| Stock-Based Compensation | 0 | 0 | 0 | 0 | 1.84M | 33.81K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -4.52M | 0 | 0 | 0 | 5.44M | -1.8M | -165.5K | 0 | 0 | -98.47K | 163.99K | 329.59K | -109.9K | 99.99K |
| Other Non-Cash Items | 39.11M | 6.94M | -201.49K | 833.34K | 535.39K | 7.35M | 15.37M | 6.46M | 3.55M | -84.41K | 156.78K | -43.45K | 1.55M | -142.85K |
| Working Capital Changes | -9.62M | -1.02M | -568.32K | 4.17M | -6.17M | 14.23M | 6.07M | 6.14M | -5.05M | -15.03M | -7.2M | -12.88M | -14M | 239.1K |
| Change in Receivables | -13.06M | 4.85M | -3.51M | 673.74K | -9.57M | 8.02M | -9.88M | 10.27M | -1.38M | -3.19M | -212.55K | -13.87M | -7.86M | 9.52M |
| Change in Inventory | 45.99K | 14.65K | -360.06K | 43.81K | -737.55K | -125.49K | 242.14K | -147.49K | 845.5K | -97.37K | 20.3K | 42.44K | -6.14M | -914.59K |
| Change in Payables | 477.44K | -817.72K | 1.67M | 671.67K | -16.27K | -206.26K | -751.36K | -2.62M | -955.97K | -965.21K | -486.41K | 602.06K | 140.66K | -3.47M |
| Cash from Investing | -1.08M | -1.92M | -2.58M | -45M | 524.08K | -122.96K | -5.93M | -18M | -3.49M | -1.88M | -7.15M | 533.16K | 3.96M | -3.3M |
| Capital Expenditures | 0 | -80.53K | -182.99K | -81.97K | -224.53K | -144.81K | -92.37K | -561.62K | -82.26K | -10.82K | -242.55K | -1.59M | -4.45M | -2.03M |
| CapEx % of Revenue | - | 0.19% | 0.39% | 0.15% | 0.41% | 0.34% | 0.19% | 1.9% | 0.19% | 0.02% | 0.41% | 2.43% | 7.26% | 4.03% |
| Acquisitions | 79.69K | -889 | 0 | 35.79K | 748.61K | 21.84K | 854.57K | 54.09K | -4.55M | -3.37M | 32.94K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.16M | -1.84M | -2.39M | -44.95M | 744.39K | 0 | 15.06K | 14.11K | 1.14M | 1.51M | -6.94M | 2.13M | 8.41M | -1.26M |
| Cash from Financing | 3.42M | 3.47M | 7.43M | 15.29M | 12.81M | 8.94M | -5.46M | -810K | 4.94M | 9.06M | 8.84M | -4.23M | -994.81K | -7.32M |
| Debt Issued (Net) | 3.5M | -1.46M | 1.6M | 5.18M | -6.56M | -115.16K | -5.46M | 0 | 2.38M | 1.44M | 0 | -4.23M | -994.81K | -8.65M |
| Equity Issued (Net) | -76.68K | 1.72M | 5.83M | 10.12M | 19.36M | 9.06M | 0 | 0 | 5.97M | 7.96M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -520K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.21K | 3.21M | 11.7K | -4.57K | 0 | 0 | 0 | -810K | -14.78K | 0 | 8.84M | 0 | 0 | 1.34M |
| Net Change in Cash | -2.13M | 6.09M | 10.14M | -24.59M | 6.23M | 24.69M | 2.78M | -3.75M | 4M | -330.55K | 5.86M | -1.24M | 1.04M | 508.68K |
| Free Cash Flow | -5.82M | 3.9M | 4.86M | 8.21M | -8.31M | 14.03M | 14.6M | 14.1M | 2.22M | -7.04M | 4.21M | 865.96K | -6.39M | 9.08M |
| FCF Margin % | -15.16% | 9.09% | 10.28% | 15.35% | -15.05% | 33.17% | 29.67% | 47.71% | 5.16% | -14.78% | 7.15% | 1.32% | -10.45% | 17.98% |
| FCF Growth % | -248.96% | -19.73% | -40.76% | 198.75% | -159.28% | -3.96% | 3.55% | 534.78% | 131.54% | -267.39% | 385.93% | 113.54% | -170.42% | - |
| FCF per Share | -2.52 | 9.23 | 1.76 | 8.16 | -48.10 | 113.86 | 121.48 | 117.75 | 20.53 | -73.44 | 47.55 | 9.62 | -30.70 | 100.90 |
| FCF Conversion (FCF/Net Income) | 0.19x | -1.23x | 0.94x | 2.75x | 0.97x | -2.17x | -1.52x | 7.42x | 0.61x | -1.64x | 0.53x | 0.18x | -0.20x | 1.12x |
| Interest Paid | 0 | 254.78K | 92.18K | 474.58K | 265.25K | 308.69K | 439.87K | 608.05K | 479.36K | 261.63K | 411.81K | 534.23K | 836.25K | 585.46K |
| Taxes Paid | 0 | 1.84M | 2.29M | 2.59M | 2.28M | 436.57K | 1.11M | 1.04M | 1.16M | 696.43K | 2.89M | 2.25M | 1.69M | 2.34M |
Unsustainable cash burn rate
As reported in recent financial filings, the persistent disconnect between net income and operating cash flow, exemplified by the 2025Q4 net loss of $40.5M against a $2.4M cash outflow, suggests that reported earnings provide little insight into the company's actual ability to generate liquidity.
The extreme volatility in the OCF/NI ratio indicates that accounting profits are frequently decoupled from cash reality, likely due to significant non-cash adjustments or lumpy revenue recognition. Investors should monitor whether this pattern of negative operating cash flow persists, as it suggests that the core business model is currently unable to self-fund its operations.
Based on the provided cash flow statements, Tantech's free cash flow trajectory has been consistently negative, with the most recent quarter showing a $2.4M outflow, highlighting the company's ongoing struggle to achieve positive cash generation despite its pivot into the specialty electric vehicle sector.
The inability to maintain positive FCF margins suggests that the capital-intensive nature of the EV business is not being offset by sufficient operational efficiency. This trend warrants further investigation into whether the company can reach a break-even point before its existing cash reserves are fully depleted.
According to historical cash flow data, working capital changes have been a primary driver of cash volatility, including a $3.8M outflow in 2025Q4, which suggests that the company faces significant challenges in managing its receivables and inventory cycles effectively within its current operating environment.
The erratic nature of these working capital swings implies that the company may be struggling with collection cycles or inventory build-ups related to its project-based EV sales. Such instability in cash conversion cycles makes it difficult to forecast future liquidity needs with any degree of certainty.
Analysis of the 10-quarter cumulative data reveals a stark divergence between reported net income and operating cash flow, indicating that the company's accounting performance has failed to translate into meaningful cash accumulation, as evidenced by the recurring negative cash flow periods observed since 2021.
This long-term gap suggests that the company's reported profitability is often offset by cash-draining operational realities that are not immediately apparent on the income statement. The persistent failure to bridge this gap raises concerns about the underlying quality of the company's earnings and its long-term financial sustainability.
Quick answers to the most common questions about buying TANH stock.
Tantech Holdings Ltd (TANH) generated $-5.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tantech Holdings Ltd (TANH) reported negative free cash flow of $5.8M in 2025, indicating capital requirements exceeded cash from operations.
Tantech Holdings Ltd (TANH) 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, Tantech Holdings Ltd (TANH) spent $0.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.