Free cash flow remains consistently negative, with quarterly outflows reaching $7.1 million in 2026Q2, highlighting a critical dependence on external financing to sustain operations.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'07 | Sep'05 |
|---|
| Cash from Operations | -16.09M | -7.6M | -12.83M | -10.35M | -6.92M | -6.85M | -3.91M | -3.1M | -1.12M | -1.26M | -3.37M | -239.88K | -1.38M | -3.5M | -58.17K | -1.31M | -440.97K | -317.45K | -788.51K |
| Operating CF Margin % | - | - | - | - | -158.71% | - | -3209.64% | -171.97% | -25.96% | -25.94% | -56.01% | -3.81% | -17.28% | -40.87% | -0.73% | -14.36% | -17.34% | - | - |
| Operating CF Growth % | -533.71% | 40.79% | -23.91% | -49.63% | -1.01% | -75.04% | -26.09% | -177.86% | 11.64% | 62.52% | -1306.44% | 82.61% | 60.63% | -5922.69% | 95.57% | -197.59% | -38.91% | 59.74% | - |
| Net Income | -66.89M | -22.12B | -16.58M | -15.29M | -20.07M | -25.36M | -13.56M | -7.61M | -3.26M | -3.9M | -1.75M | -2.63M | -1.02M | -6.62M | -2.73M | -2.41M | -1.15M | -1.63M | -868.64K |
| Depreciation & Amortization | 150.6M | 150.59M | 270.17K | 313.02K | 321K | 200.81K | 242.99K | 259.35K | 132.62K | 81.28K | 178.76K | 353.23K | 418.27K | 405.79K | 356.35K | 384.92K | 89.6K | 0 | 0 |
| Stock-Based Compensation | 7.41B | 7.41B | 2.96M | 0 | 0 | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -195.32M | -172.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 14.79B | 14.56B | 1.7M | 4.45M | 11.82M | 16.47M | 9.12M | 4.06M | 1.8M | 2.32M | -1.13M | 353.18K | -1.24M | 2.26M | 945.62K | 818.61K | 389.92K | 546.72K | 61.49K |
| Working Capital Changes | 2.44M | 1.88M | -1.18M | 167.37K | 987.02K | 808.75K | 283.19K | 189.25K | 205.37K | 239.81K | -671.44K | 1.68M | 457.08K | 452.91K | 1.37M | -106.06K | 228.43K | 770.82K | 18.64K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 63.05K | 257.49K | 362.04K | -20.58K | -189.11K | 196.94K | 191.76K | -24.11K | -209.21K | 59.34K | -64.18K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 7.1K | 196.48K | 22.33K | 69.31K | -77.39K | 195.01K | 87.96K | -256.1K | 109.9K | 168.18K | -218.16K | 0 | 0 |
| Change in Payables | 3.76M | 2.09M | -866.42K | 317.08K | 1.01M | 797.34K | 218.02K | -215.87K | -176.5K | 134.38K | -406.39K | 1.29M | 144.81K | 383.34K | 749.25K | -81.76K | 544.37K | 776.36K | -5.36K |
| Cash from Investing | 0 | 0 | -66.35K | -80.8K | -855.47K | -299.52K | -70.13K | -79.93K | -97.25K | 33.88K | -16.85K | 21.45K | 29.3K | -11.93K | -100.11K | -107.63K | 53.4K | 0 | -12.31K |
| Capital Expenditures | 0 | 0 | -66.35K | -80.8K | -855.47K | -299.52K | -70.13K | -79.93K | -97.25K | 0 | -23.44K | 0 | 0 | -25.84K | -109.17K | -121.06K | -22.82K | 0 | -12.31K |
| CapEx % of Revenue | - | - | - | - | 19.62% | - | 57.52% | 4.43% | 2.26% | 25.94% | 0.39% | 3.81% | 0% | 0.3% | 1.38% | 1.33% | 0.9% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.88K | 6.58K | 21.45K | 29.3K | 13.91K | 9.06K | 13.38K | 76.22K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 17.68M | 13.31M | 7.98M | 5.86M | 8.11M | 15.11M | 6.38M | 4.15M | 2.05M | 1.15M | 3.5M | 230.31K | 673.35K | 3.12M | 1.21M | 1.43M | 466.18K | 310.38K | 1.31M |
| Debt Issued (Net) | 2.42M | -2.76M | 2.78M | 0 | -179.1K | 13.69M | 5.51M | 4.15M | 215.46K | 595.32K | 600.06K | -119.69K | 702.44K | -1.73M | -907.51K | 489.82K | 486.18K | 310.38K | 1.29M |
| Equity Issued (Net) | 15.26M | 16.07M | 5.2M | 5.86M | 8.29M | 1.34M | 85.58K | 0 | 1.83M | 550K | 2.9M | 350K | 0 | 4.85M | 2.63M | 943.23K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20K | 0 | 0 |
| Share Repurchases | -514.07K | -514.07K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -505K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 86.2K | 785K | 0 | 0 | 0 | 0 | 0 | -29.08K | 0 | -512.02K | -4.75K | 0 | 0 | 15K |
| Net Change in Cash | 1.59M | 5.71M | -4.91M | -4.57M | 335.47K | 7.96M | 2.4M | 966.43K | 831.23K | -85.13K | 106.04K | 11.88K | -676.74K | 747.13K | -92.31K | 8.38K | 83.94K | 0 | 0 |
| Free Cash Flow | -16.09M | -7.6M | -12.9M | -10.43M | -7.78M | -7.15M | -3.98M | -3.18M | -1.21M | 0 | -3.4M | 0 | -1.38M | -3.53M | -167.34K | -1.43M | -463.78K | -317.45K | -800.82K |
| FCF Margin % | - | - | - | - | -178.33% | - | -3267.16% | -176.4% | -28.22% | - | -56.4% | - | -17.28% | -41.17% | -2.11% | -15.69% | -18.24% | - | - |
| FCF Growth % | -78.08% | 41.1% | -23.58% | -34.2% | -8.74% | -79.48% | -25.12% | -162.19% | - | 100% | - | 100% | 60.92% | -2009.13% | 88.33% | -209.06% | -46.1% | 60.36% | - |
| FCF per Share | -0.04 | -0.12 | -5.99 | -8.42 | -7.70 | -9.74 | -7.31 | -7.05 | -5.63 | - | -95.11 | - | -49.75 | -172.26 | -15.32 | -201.51 | -90.56 | -114.31 | -279.03 |
| FCF Conversion (FCF/Net Income) | 0.24x | 0.34x | 0.77x | 0.68x | 0.34x | 0.27x | 0.29x | 0.41x | 0.34x | 0.32x | 1.93x | 0.09x | 1.36x | 0.53x | 0.02x | 0.54x | 0.38x | 0.19x | 0.91x |
| Interest Paid | -41K | 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 | 0 |
Regulatory and Dilution Risk
According to recent SEC filings, USBC's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.17 and 0.98, suggesting that the company's reported net income is heavily influenced by non-cash accounting adjustments rather than actual operational cash generation or efficiency.
The wide variance in the OCF/NI ratio indicates that the company's cash burn is not perfectly correlated with its accounting losses, likely due to the timing of R&D expenditures and non-cash charges. Investors should monitor this divergence as it suggests that the company's cash position is highly sensitive to external financing rather than internal operational performance.
As reported in financial statements, USBC has maintained a consistently negative free cash flow trajectory, with quarterly outflows reaching $7.1 million in 2026Q2, underscoring the company's ongoing reliance on external capital to sustain its pre-revenue R&D activities and operational overhead.
The lack of positive free cash flow is characteristic of a pre-revenue entity, yet the deepening quarterly burn rate warrants further investigation into the company's runway. Without a clear path to commercialization, this trajectory suggests that the firm remains entirely dependent on dilutive equity markets to fund its existence.
Based on USBC's reported figures, working capital changes have been erratic, swinging from a $737.8K outflow in 2024Q1 to a $1.3M inflow in 2025Q4, which may indicate inconsistent management of payables or timing differences in the settlement of R&D-related liabilities.
These fluctuations in working capital appear to provide temporary, albeit insufficient, relief to the company's cash position. The inconsistency suggests that the firm lacks a stable operational cycle, making it difficult to forecast future liquidity needs based on historical working capital trends.
As disclosed in recent filings, the company's cash flow statement is significantly impacted by massive stock-based compensation figures, such as the $7.4 billion recorded in 2025Q4, which effectively masks the true economic cost of talent acquisition and retention in a pre-revenue environment.
The reliance on equity-based incentives rather than cash compensation appears to be a strategic necessity to preserve limited liquidity. However, this practice creates a significant overhang of potential dilution that may not be fully captured by traditional cash flow metrics, warranting caution from long-term investors.
Quick answers to the most common questions about buying USBC stock.
USBC, Inc. (USBC) generated $-7.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
USBC, Inc. (USBC) reported negative free cash flow of $7.6M in 2025, indicating capital requirements exceeded cash from operations.
USBC, Inc. (USBC) 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, USBC, Inc. (USBC) spent $0.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.