Tessera Defense and Homeland Security Inc. (HLSQ) Cash Flow Statement
Where HLSQ’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$26.4M
- Capital expenditures
- $2,000
- Free cash flow
- −$26.4M
- Returned to shareholders
- —
- Change in cash
- −$13.1M cash at year-end $5.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HLSQ operating cash flow, capex and free cash flow
HLSQ cash flow trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$29.1M2022 | −$26.4M2025 | — | |
| Capital expenditures | $112,0002022 | $2,0002025 | −73.9%/yr | |
| Free cash flow | −$29.2M2022 | −$26.4M2025 | — | |
| Stock-based compensation | $1.5M2022 | $2.1M2025 | +11.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HLSQ cash flow by activity
HLSQ net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HLSQ cash flow statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −$36.2M | −$17.7M | −$26.2M | −$28.3M |
| Depreciation & amortization | $2.9M | $1.8M | $871,000 | $2.5M |
| Stock-based compensation | $2.1M | $1.8M | $1.1M | $1.5M |
| Change in working capital | −$23,000 | −$3.0M | $2.5M | −$4.4M |
| Other non-cash items | $4.8M | −$19.9M | $477,000 | −$396,000 |
| Cash from operating activities | −$26.4M | −$37.0M | −$21.3M | −$29.1M |
| Investing activities | ||||
| Capital expenditures | −$2,000 | −$30,000 | −$50,000 | −$112,000 |
| Investments (net) | — | $0 | $2.0M | −$2.0M |
| Financing activities | ||||
| Net borrowing (repayment) | $0 | −$10.7M | −$4.3M | $0 |
| Shares issued | $8.8M | $21.3M | $7.5M | $273,000 |
| Other financing | $4.4M | $27.8M | −$333,000 | $19,000 |
| Cash from financing activities | $13.2M | $38.4M | $2.9M | $292,000 |
| Summary | ||||
| Net change in cash | −$13.1M | $2.1M | −$16.4M | −$30.9M |
| Cash at end of period | $5.0M | $18.0M | $15.9M | $32.3M |
| Free cash flow | −$26.4M | −$37.0M | −$21.3M | −$29.2M |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$3.8M | −$19.1M | −$13.3M | −$9.2M | −$6.0M |
| Depreciation & amortization | $5,000 | $0 | $1.2M | $1.2M | $292,000 |
| Stock-based compensation | $4.0M | −$1.9M | $298,000 | $438,000 | $696,000 |
| Change in working capital | $284,000 | −$2.3M | $1.4M | −$399,000 | $29,000 |
| Other non-cash items | −$1.7M | $18.0M | $6.1M | $703,000 | −$1.1M |
| Cash from operating activities | −$1.2M | −$5.4M | −$4.4M | −$7.2M | −$6.1M |
| Investing activities | |||||
| Capital expenditures | $0 | $0 | $0 | $0 | $0 |
| Financing activities | |||||
| Net borrowing (repayment) | — | — | $0 | $0 | $0 |
| Shares issued | $290,000 | $2.6M | $1.3M | $54,000 | $0 |
| Other financing | $615,000 | $0 | $0 | $0 | −$29,000 |
| Cash from financing activities | $905,000 | $2.6M | $1.3M | $54,000 | −$29,000 |
| Summary | |||||
| Net change in cash | −$821,000 | −$3.8M | −$3.1M | −$7.1M | −$6.1M |
| Cash at end of period | $347,000 | $1.2M | $5.0M | $8.1M | $15.2M |
| Free cash flow | −$1.2M | −$5.4M | −$4.4M | −$7.2M | −$6.1M |
| Free cash flow margin | −353.0% | — | — | — | — |
| Capex / revenue | 0.0% | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HLSQ cash generation
In fiscal 2025 (ended December 31, 2025), Tessera Defense and Homeland Security generated -$26.4 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$26.4 million. Cash and equivalents fell by $13.1 million over the year.
Related: HLSQ income statement, HLSQ balance sheet. See the HLSQ stock overview for the latest quote and news.
HLSQ cash flow FAQ
What is Tessera Defense and Homeland Security's free cash flow?
Tessera Defense and Homeland Security's free cash flow was -$26.4 million in fiscal 2025: -$26.4 million of operating cash flow minus $0.0 million of capital expenditures It was -$37.0 million a year earlier..
How much cash does Tessera Defense and Homeland Security generate from operations?
Tessera Defense and Homeland Security generated -$26.4 million of cash from operating activities in fiscal 2025.
How much does Tessera Defense and Homeland Security spend on capital expenditures?
Tessera Defense and Homeland Security spent $0.0 million on capital expenditures in fiscal 2025, compared with $0.0 million the year before.