Operational cash flow remains disconnected from reported earnings, evidenced by a 2025Q4 OCF/NI ratio of -2.66 and a negative free cash flow margin of 4.5%.
| 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 | -1.9M | 986.95K | 182.84K | -5.65M | 71.6K | -577.85K | -569.29K | 263.47K | -1.22M | -1.17M | -1.55M | -1.12M | -56.57K | -1.54M |
| Operating CF Margin % | -9.55% | 10.48% | 1.4% | -18.13% | 0.42% | -156.57% | -72.65% | 15.31% | -272.35% | -781.84% | -428% | -480.84% | -29.8% | -637.13% |
| Operating CF Growth % | -292.3% | 439.77% | 103.24% | -7986.48% | 112.39% | -1.5% | -316.07% | 121.55% | -4.11% | 24.39% | -39.27% | -1871.25% | 96.33% | - |
| Net Income | -1.54M | -4.48M | -3.13M | 1.4M | 348.22K | -1.73M | -1.17M | -183.54K | -1.45M | -1.3M | -1.54M | -1.67M | -314.27K | -4.78M |
| Depreciation & Amortization | 312.16K | 123.07K | 127.93K | 42.28K | 18.89K | 304.34K | 408.68K | 263.56K | 116.58K | 274.62K | 640.61K | 230.06K | 13.95K | 39.93K |
| Stock-Based Compensation | 132.01K | 103.81K | 0 | 0 | 0 | 290.39K | 122.56K | 70.56K | 218.62K | 125.76K | 77.43K | 287.8K | 827.97K | 1.19M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.02K | 336.82K | 399.13K | 20.08K | 157.65K | 568.34K | 24.8K | -41.56K | 140.72K | -269.77K | -726.67K | 93.95K | -584.23K | 1.82M |
| Working Capital Changes | -798.4K | 4.9M | 2.79M | -7.1M | -453.16K | -10.4K | 43.85K | 154.46K | -247.5K | 0 | 0 | -53.52K | 0 | 187.64K |
| Change in Receivables | -6.98M | 515.82K | 832.13K | -56.13K | -1.8M | -10.4K | 43.85K | 154.46K | -247.5K | 0 | 0 | -53.52K | 0 | 187.64K |
| Change in Inventory | -1.49M | 3.44M | 4.21M | -6.78M | 95.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 9.74M | 867.26K | -609.31K | -718.8K | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -622.55K | 938.46K | -2.59M | -395.06K | -124.66K | -1.05M | -698.3K | -369.08K | -3.14M | -189.42K | -44.42K | -1.14M | 1.12M | -13.55M |
| Capital Expenditures | -8.75K | -126.59K | -544.71K | -395.06K | -124.66K | -1.01M | -543.61K | -369.08K | -3.14M | -189.42K | -142.54K | -2.15M | -667.24K | -15.31M |
| CapEx % of Revenue | 0.04% | 1.34% | 4.16% | 1.27% | 0.73% | 273.36% | 69.37% | 21.45% | 699.96% | 126.11% | 39.28% | 925.82% | 351.42% | 6328.73% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -631.29K | 1.07M | 0 | 0 | 0 | -41.37K | -154.69K | 0 | 0 | 0 | 98.12K | 1.01M | 1.79M | 1.76M |
| Cash from Financing | 628.95K | -161.31K | 2.52M | 5.93M | 366.83K | 2.39M | 751.1K | 371.16K | 4.3M | -123.1K | -32.54K | 0 | 0 | 12.56M |
| Debt Issued (Net) | 1.54M | 1.18M | -4.41M | 3.54M | 705.02K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 3.35M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -72K | -250K | -154.96K | -180.91K | -174.5K | -100K | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123.1K | -32.54K | 0 | 0 | 0 |
| Other Financing | -912.17K | -1.34M | 3.57M | -34.82K | -88.2K | 2.55M | 932.01K | 545.66K | 4.4M | -123.1K | -32.54K | 0 | 0 | 12.56M |
| Net Change in Cash | -1.89M | 1.76M | 117.95K | -113.86K | 313.77K | 759.03K | -504.12K | 278.48K | -111.39K | -1.43M | -1.28M | -1.66M | 930.99K | 3.31M |
| Free Cash Flow | -2.54M | -66.6K | -361.86K | -6.04M | -53.06K | -1.59M | -1.11M | -105.61K | -4.36M | -1.36M | -1.7M | -3.26M | -723.82K | -16.85M |
| FCF Margin % | -12.77% | -0.71% | -2.76% | -19.4% | -0.31% | -429.93% | -142.02% | -6.14% | -972.3% | -907.95% | -467.28% | -1406.66% | -381.22% | -6965.86% |
| FCF Growth % | -3710.95% | 81.6% | 94.01% | -11288.14% | 96.66% | -42.58% | -953.81% | 97.58% | -220.05% | 19.57% | 48.02% | -350.73% | 95.71% | - |
| FCF per Share | -1.15 | -0.03 | -0.18 | -2.74 | -0.02 | -1.14 | -1.05 | -0.11 | -5.06 | -1.66 | -2.03 | -3.91 | -0.87 | -27.15 |
| FCF Conversion (FCF/Net Income) | 1.64x | -0.30x | -0.09x | -5.49x | 0.27x | 0.20x | 0.26x | -0.74x | 0.79x | 0.49x | 0.48x | 0.40x | 0.03x | 0.05x |
| Interest Paid | 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 |
Liquidity and Working Capital
As reported in recent financial statements, the company's operating cash flow frequently decouples from net income, evidenced by a 2025Q4 OCF/NI ratio of -2.66, which suggests that reported profits are not currently translating into the liquidity necessary to sustain the firm's aggressive growth trajectory.
The persistent divergence between accounting income and cash generation indicates that earnings quality remains low, likely driven by non-cash accruals or timing differences in revenue recognition. Investors should monitor whether this gap narrows, as the current reliance on non-cash items to bolster net income may mask underlying operational inefficiencies.
Based on the provided quarterly data, Turbo Energy's free cash flow trajectory remains consistently negative, with a 2025Q4 FCF margin of -4.5%, highlighting a structural inability to fund operations through internal cash generation despite the company's rapid expansion in the Iberian residential solar market.
The inability to achieve positive free cash flow suggests that the business model is currently capital-consumptive rather than self-sustaining. This trend warrants further investigation into whether the company can reach a pivot point where scale efficiencies begin to offset the high costs of hardware procurement and distribution.
According to historical cash flow filings, working capital changes have been highly erratic, swinging from a $5.3 million inflow in 2024Q2 to a $698.5K outflow in 2025Q4, which suggests that the company's cash position is heavily dependent on the timing of inventory procurement and customer collections.
The extreme volatility in working capital cycles implies that the company lacks a stable cash conversion process, potentially leaving it exposed to liquidity crunches during periods of high inventory build-up. This instability appears to be a primary driver of the company's precarious cash position and may necessitate frequent external financing.
As indicated by the latest quarterly data, the company's capital expenditure relative to revenue reached 1.4% in 2025Q4, reflecting a persistent need to invest in hardware infrastructure that continues to weigh on the firm's limited cash reserves and overall financial flexibility.
While capital intensity appears relatively low, the absolute dollar amounts spent on capex are significant relative to the company's sub-$500,000 cash balance. This suggests that even modest investments in hardware or equipment could rapidly deplete available liquidity, leaving little room for error in capital allocation.
Quick answers to the most common questions about buying TURB stock.
Turbo Energy, S.A. American Depositary Shares (TURB) generated $-1.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Turbo Energy, S.A. American Depositary Shares (TURB) reported negative free cash flow of $2.5M in 2025, indicating capital requirements exceeded cash from operations.
Turbo Energy, S.A. American Depositary Shares (TURB) 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.