Free cash flow remains deeply negative, highlighted by a $10.9 million burn in 2024Q4 and a concerning -0.64 OCF/NI ratio that indicates a failure to convert accounting profits into actual liquidity.
| Metric | TTM | 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 | Dec'11 | Dec'10 |
|---|
| Cash from Operations | -82.58M | -8.85M | -32.74M | -28.41M | -63.56M | -34.27M | -9.81M | -23.3M | -23.33M | -194.85M | -16.47M | 6.53M | 40.39M | 4.81M | 14.82M | 11.05M | 12.51M |
| Operating CF Margin % | - | -38.39% | -13.63% | -65.92% | -16.16% | -10.03% | -69.33% | -64.84% | -17.81% | -271.16% | -313.11% | 6.56% | 6.97% | 11.24% | 53.93% | 29.88% | 52.73% |
| Operating CF Growth % | 200% | 72.96% | -15.24% | 55.3% | -85.47% | -249.45% | 57.91% | 0.13% | 88.03% | -1083.29% | -352.27% | -83.84% | 739.16% | -67.52% | 34.16% | -11.72% | - |
| Net Income | -19.43M | -33.97M | -6.85M | -28.71M | -158.43M | -72.49M | -33.84M | -93.51M | -66.78M | -48.42M | -30.14M | -49.94M | 25.32M | 17.5M | 539.11K | 2.16M | 1.58M |
| Depreciation & Amortization | 0 | 18.08M | 0 | 12.55M | 34.77M | 21.55M | 8.11M | 11.3M | 9.3M | 6.05M | 2.84M | 1.78M | 1.66M | 1.4M | 165.34K | 607.8K | 518.95K |
| Stock-Based Compensation | 1.99M | 0 | 1.21M | 1.03M | 4.47M | 6.45M | 8.05M | 11.33M | 15.79M | 13.96M | 23.52M | 24.44M | 14.5M | 1.25M | 79.14K | 7.98M | 1.66M |
| Deferred Taxes | 0 | 0 | 0 | 0 | -359K | -359K | -559.9K | -1.09M | -872 | 62.03K | -71.43K | 6.17M | -3.86M | -16.03M | -144.67K | 3.27M | 440.1K |
| Other Non-Cash Items | -45.83M | 10.12M | 10.57M | 4.97M | 124.49M | 42.92M | 6.25M | 51.71M | 21.2M | -160.08M | -19.33M | 3.74M | 276.48K | 5.16M | 15.34M | 15.28K | 1.16M |
| Working Capital Changes | -19.27M | -3.09M | -37.67M | -18.25M | -68.51M | -32.34M | 2.18M | -3.04M | -2.84M | -6.42M | 6.71M | 20.34M | 2.5M | -4.47M | -1.16M | -2.99M | 7.16M |
| Change in Receivables | 1.22M | -917.42K | 1.28M | -2.59M | -3.8M | 1.68M | 0 | 0 | 0 | 0 | -627.9K | 7.87M | -1.92M | -6.49M | -694.67K | -2.55M | 4.31M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.9M | 465.32K | -7.56M | -19M | -306.72K | -852.07K | -777.39K |
| Change in Payables | 0 | 542.43K | -1.52M | 625K | -16.86M | -7.7M | -79.29K | -179.8K | -3.59M | -3.01M | -351.1K | 421.14K | 2.24M | 3.05M | -11.54K | 178.52K | 189.67K |
| Cash from Investing | 69.9M | 15.95M | 28.85M | 26.16M | 24.39M | -75.41M | 3.33M | 9.98M | -1.38M | 105.63M | 72.56M | -142.03M | -63.8M | 8.57M | -20.01M | -5.62M | -17.13M |
| Capital Expenditures | -1.18M | -220.58K | 0 | -1.43M | -13.78M | -56.6M | -225K | -536.96K | -5.33M | -11.49M | -3.87M | -1.71M | -2.77M | -1.57M | -161.01K | -1.61M | -2.84M |
| CapEx % of Revenue | 1.67% | 0.96% | 0.49% | 3.31% | 3.5% | 16.56% | 1.59% | 1.49% | 4.07% | 15.99% | 73.63% | 1.72% | 0.48% | 3.67% | 0.59% | 4.36% | 11.98% |
| Acquisitions | 0 | 14.04K | 0 | 0 | 5.01M | -26.68M | -2.12M | 453.21K | 2.68M | -46.34M | 31.35M | -14.36M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 71.07M | -21.06K | 28.85M | 22.54M | 33.92M | -2.26M | 1.89M | -1.8M | -888.73K | 43.27M | -3.09M | -8.68M | -61.03M | 10.15M | -19.84M | -4.01M | -14.28M |
| Cash from Financing | 8.2M | 10.72M | 2.37M | 0 | 29.77M | 77.67M | 4K | 2.44M | 7.96M | -11.41M | -16.86M | 115.29M | 13.69M | 72.02M | -801 | -450.28K | 241.23K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 6.31M | 19.01M | 0 | 0 | 0 | 0 | 0 | 0 | -2.06M | 136.11M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 10.72M | 2.37M | 0 | 23.46M | 56.14M | 3.77K | 17.06M | 1.94M | -2.65M | -18.87M | 112.5M | 0 | 90.56M | 568.1K | 0 | -111.69M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -32.1M | -2.62M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.65M | -18.87M | -8.77M | 0 | 0 | -6.32M | 0 | -5.93M |
| Other Financing | 8.2M | 0 | 0 | 0 | 0 | 2.52M | 234 | -14.61M | 6.03M | -8.76M | 2.01M | 2.79M | 15.75M | -122.56M | 2.05M | -450.28K | 111.93M |
| Net Change in Cash | -2.3M | -389.99K | -1.47M | -2.3M | -12.23M | -30.09M | -4.65M | -10.09M | -13.66M | -163.1M | 39.24M | -13.08M | -9.47M | 84.61M | 464.45K | 4.97M | -4.37M |
| Free Cash Flow | -21.77M | -9.07M | -33.92M | -44.08M | -77.34M | -90.87M | -10.03M | -23.84M | -28.66M | -41.66M | -20.34M | 4.82M | 37.62M | 3.24M | 9.68M | 9.43M | 9.67M |
| FCF Margin % | -31% | -39.35% | -14.12% | -102.27% | -19.67% | -26.59% | -70.92% | -66.34% | -21.88% | -57.98% | -386.74% | 4.84% | 6.49% | 7.57% | 35.22% | 25.52% | 40.75% |
| FCF Growth % | -79.32% | 73.25% | 23.05% | 43.01% | 14.89% | -805.8% | 57.92% | 16.83% | 31.2% | -104.85% | -522.16% | -87.19% | 1060.67% | -66.51% | 2.59% | -2.44% | - |
| FCF per Share | -9.52 | -3.68 | -20.26 | -27.99 | -62.16 | -102.21 | -16.33 | -38.94 | -47.90 | -71.43 | -34.32 | 8.75 | 73.59 | 8.74 | 28.99 | 25.69 | 27.69 |
| FCF Conversion (FCF/Net Income) | 1.12x | 0.26x | -2.71x | 0.99x | 0.41x | 0.61x | 0.30x | 0.04x | 0.05x | 0.61x | 0.56x | -0.02x | 1.60x | 0.28x | 21.80x | 5.12x | 2.17x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 57.39K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.37M | 7.34K | 1.45M | 2.55M | 389.92K | 0 | 1.62M | 8.08M |
Imminent liquidity exhaustion risk
According to recent financial filings, SLAI exhibits a profound divergence between net income and operating cash flow, with the company reporting a -0.64 OCF/NI ratio in 2024Q2, indicating that accounting profits are failing to translate into actual cash generation for the business.
The persistent gap between reported net income and operating cash flow suggests that the company's earnings quality is severely compromised by non-cash items or aggressive accounting treatments. Investors should monitor this trend closely, as the inability to convert income into cash flow often precedes significant liquidity events or capital raises.
As reported in financial statements, SLAI's free cash flow trajectory has deteriorated significantly, with the company burning $10.9M in FCF during 2024Q4, a trend that underscores the unsustainable nature of its current AI-native infrastructure business model and high operational overhead.
The consistent negative FCF margins, reaching as low as -160.5% in 2024Q3, imply that the company is consuming capital at an accelerating rate relative to its revenue base. This trajectory suggests that the firm's current strategy is not self-funding and relies entirely on external capital to maintain operations.
Based on the company's reported figures, working capital changes have become a major drag on cash flow, with a $9.6M outflow in 2024Q4 alone, suggesting significant inefficiencies in managing receivables or an inability to effectively defer payables during periods of revenue contraction.
The sharp swings in working capital indicate that the company's cash cycle is highly unstable and potentially misaligned with its operational requirements. This volatility warrants further investigation into whether the firm is facing collection difficulties or if it is being forced to settle liabilities faster than it can generate cash.
Financial disclosures reveal that SLAI continues to issue stock-based compensation, with $1.0M recorded in 2024Q4, which effectively obscures the true extent of the company's cash burn by inflating non-cash expenses while the core business continues to consume liquid assets at an alarming rate.
The reliance on equity-based incentives during a period of severe revenue decline suggests a misalignment between management compensation and shareholder value creation. Analysts should adjust for these non-cash charges to understand the true cash-based operating deficit, which appears significantly worse than the headline net income figures suggest.
Quick answers to the most common questions about buying SLAI stock.
SOLAI Limited (SLAI) generated $-8.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SOLAI Limited (SLAI) reported negative free cash flow of $9.1M in 2025, indicating capital requirements exceeded cash from operations.
SOLAI Limited (SLAI) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.