Free cash flow remains consistently negative, with a quarterly low of -$32.7M in 2024Q4, reflecting the heavy capital expenditure requirements necessary to sustain ongoing drilling programs.
| Cash from Operations | -18.62M | -6.99M | -14.48M | -12.31M | -14.18M | -6.39M | -3.03M | -223.66K | -35.5K |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -269.94% | 51.73% | -17.67% | 13.19% | -121.79% | -110.87% | -1255.56% | -529.97% | - |
| Net Income | -165.26M | -7.85M | -15.95M | -13.59M | -15.27M | -11.1M | -4.21M | -889.73K | -44.46K |
| Depreciation & Amortization | 155.26K | 249.33K | 328.98K | 269.19K | 62.29K | 11.1K | 5.06K | 946 | 0 |
| Stock-Based Compensation | 13.93M | 9.67M | 5.84M | 4.09M | 11.94M | 4.66M | 1.44M | 260.13K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -4.87K | -50.06K | 0 |
| Other Non-Cash Items | 146.13M | -14.1M | 691.7K | 560.06K | -4.88M | 159.72K | 44.66K | 435.38K | 0 |
| Working Capital Changes | -13.59M | 5.05M | -5.39M | -3.63M | -6.03M | -126.48K | -314.01K | 19.69K | 8.96K |
| Change in Receivables | -11.25M | 5.87M | 256.06K | -442 | -334 | 0 | -239 | -23 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -44.66K | -29.73K | 0 |
| Change in Payables | -5.94M | 13.62K | -3.65M | 1.22M | 0 | 985.63K | 44.66K | 35.61K | 0 |
| Cash from Investing | -172.42M | -40.23M | 4.92M | -83.21M | -47.48M | -11.87M | -3.05M | -314.45K | -130.96K |
| Capital Expenditures | -69.47M | -28.14M | -2.03M | -11.85M | -19.01M | -73.13K | -2.05M | -293.18K | -130.96K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.63K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.6M | -187K | -33.16M | -30.75M | -28.47M | -11.8M | -998.75K | -65.9K | 0 |
| Cash from Financing | 605.23M | 145.79M | 33.73M | 74.68M | 72.75M | 35.08M | 8.52M | 597.55K | 257.25K |
| Debt Issued (Net) | 405.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 166.76M | 108.12M | 31.6M | 73.97M | 68.86M | 32.54M | 8.52M | 597.55K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 33.46M | 37.67M | 2.13M | 704.22K | 3.89M | 2.54M | 0 | 0 | 257.25K |
| Net Change in Cash | 406.21M | 95.07M | 24.94M | -17.87M | 11.08M | 16.81M | 2.43M | 59.44K | 90.78K |
| Free Cash Flow | -88.75M | -35.32M | -49.68M | -24.16M | -33.19M | -6.47M | -5.08M | -516.84K | -166.47K |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -865.22% | 28.9% | -105.62% | 27.21% | -413.3% | -27.21% | -883.51% | -210.47% | - |
| FCF per Share | -0.26 | -0.13 | -0.23 | -0.14 | -0.24 | -0.08 | -0.13 | -0.04 | -0.02 |
| FCF Conversion (FCF/Net Income) | 0.54x | 0.89x | 0.92x | 0.90x | 0.93x | 0.58x | 0.72x | 0.25x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Intensive Exploration Burn
As evidenced by the company's financial disclosures, the relationship between net income and operating cash flow remains highly erratic, with the OCF/NI ratio fluctuating from -2.17 in 2025Q1 to 0.06 in 2025Q3, reflecting the inherent volatility of a pre-revenue exploration entity managing significant non-cash adjustments.
The lack of a stable correlation between net income and operating cash flow is typical for a firm in the development phase where exploration expenditures are heavily capitalized or expensed irregularly. Investors should monitor this divergence as it suggests that traditional earnings metrics provide little insight into the actual cash-burning nature of the Panuco project.
Based on reported financial statements, VZLA's free cash flow has remained consistently negative, reaching a quarterly low of -$32.7M in 2024Q4, which underscores the aggressive capital deployment required to sustain the current pace of exploration and technical development across the Panuco-Copala district.
The persistent negative free cash flow trajectory indicates that the company is entirely reliant on external financing to fund its operations. This trend appears likely to continue until the project reaches a definitive feasibility stage, necessitating careful scrutiny of the remaining cash runway.
According to recent SEC filings, the company's capital expenditures have been substantial, peaking at $27.7M in 2024Q4, which reflects the high-intensity drilling programs necessary to expand the resource base and de-risk the asset for potential future production scenarios.
These capital outlays are primarily growth-oriented rather than maintenance-focused, as the company lacks existing production infrastructure. The high level of spending suggests that management is prioritizing rapid resource definition, which may accelerate the depletion of current cash reserves.
As reported in financial statements, working capital changes have been highly inconsistent, ranging from a $7.9M inflow in 2024Q3 to a $9.7M outflow in 2025Q3, indicating that the company's cash position is sensitive to the timing of exploration-related payables and vendor settlements.
The volatility in working capital movements appears to be a function of the irregular nature of exploration contracts and technical study payments. This suggests that short-term cash flow visibility remains limited, as these fluctuations are not driven by operational sales cycles.
Based on the provided data, stock-based compensation has been a recurring feature of the company's cash flow statement, with quarterly figures reaching as high as $5.0M in 2025Q1, effectively masking the true economic cost of human capital in the firm's pre-revenue development phase.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk to shareholders that is not captured in the operating cash flow. Analysts should adjust for this to understand the true cost of maintaining the technical and administrative team required to advance the Panuco project.
Quick answers to the most common questions about buying VZLA stock.
Vizsla Silver Corp. (VZLA) generated $-7.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Vizsla Silver Corp. (VZLA) reported negative free cash flow of $35.3M in 2024, indicating capital requirements exceeded cash from operations.
Vizsla Silver Corp. (VZLA) spent $28.1M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.