Solesence, Inc. (SLSN) Cash Flow Statement
Where SLSN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$8.6M −534.7% vs 2024
- Capital expenditures
- $2.1M 3.5% of revenue
- Free cash flow
- −$10.7M −17.3% margin
- Returned to shareholders
- —
- Change in cash
- −$121,000 cash at year-end $1.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
SLSN operating cash flow, capex and free cash flow
SLSN cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.3M2021 | −$8.6M2025 | — | |
| Capital expenditures | $1.9M2021 | $2.1M2025 | +3.4%/yr | |
| Free cash flow | $447,0002021 | −$10.7M2025 | — | |
| Free cash flow margin | 1.5%2021 | −17.3%2025 | −18.8 pts | |
| Operating cash flow / net income | 1.002021 | −4.792025 | −5.79 | |
| Stock-based compensation | $160,0002021 | $575,0002025 | +37.7%/yr | |
| Capex / revenue | 6.4%2021 | 3.5%2025 | −2.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SLSN cash flow by activity
SLSN 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).
SLSN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $1.8M | $4.2M | −$4.4M | −$2.6M | $2.3M |
| Depreciation & amortization | $897,000 | $928,000 | $742,000 | $567,000 | $454,000 |
| Stock-based compensation | $575,000 | $725,000 | $773,000 | $625,000 | $160,000 |
| Change in working capital | −$11.8M | −$3.9M | $869,000 | −$2.8M | −$564,000 |
| Other non-cash items | $0 | $0 | $0 | $2.6M | −$49,000 |
| Cash from operating activities | −$8.6M | $2.0M | −$2.0M | −$1.6M | $2.3M |
| Investing activities | |||||
| Capital expenditures | −$2.1M | −$4.6M | −$1.1M | −$2.8M | −$1.9M |
| Investments (net) | — | −$4.6M | −$1.1M | −$2.8M | −$1.9M |
| Acquisitions & other investing | $0 | $4.6M | $1.1M | $2.8M | $1.9M |
| Cash from investing activities | −$2.1M | −$4.6M | −$1.1M | −$2.8M | −$1.9M |
| Financing activities | |||||
| Net borrowing (repayment) | $10.3M | −$5.8M | $2.5M | $5.8M | −$981,000 |
| Shares issued | $0 | $6.0M | $0 | $0 | $0 |
| Other financing | $323,000 | $2.1M | $73,000 | $182,000 | $234,000 |
| Cash from financing activities | $10.6M | $2.3M | $2.6M | $6.0M | −$747,000 |
| Summary | |||||
| Net change in cash | −$121,000 | −$313,000 | −$464,000 | $1.5M | −$300,000 |
| Cash at end of period | $1.3M | $1.4M | $1.7M | $2.2M | $657,000 |
| Free cash flow | −$10.7M | −$2.6M | −$3.1M | −$4.5M | $447,000 |
| Free cash flow margin | −17.3% | −4.9% | −8.2% | −12.0% | 1.5% |
| Capex / revenue | 3.5% | 8.7% | 2.8% | 7.6% | 6.4% |
| Operating cash flow / net income | −4.79 | 0.47 | — | — | 1.00 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||||
| Net income | −$354,000 | −$766,000 | $163,000 | −$1.1M | $2.7M | $80,000 | −$558,000 | $3.0M | $854,000 | $893,000 | −$2.1M |
| Depreciation & amortization | $323,000 | $313,000 | $221,000 | $225,000 | $225,000 | $226,000 | $228,000 | $231,000 | $235,000 | $234,000 | $218,000 |
| Stock-based compensation | $79,000 | $83,000 | $206,000 | $122,000 | $120,000 | $127,000 | $248,000 | $160,000 | $157,000 | $160,000 | $180,000 |
| Change in working capital | $1.9M | $1.9M | $1.2M | −$1.7M | −$3.7M | −$7.7M | $2.3M | $765,000 | −$1.8M | −$5.1M | −$920,000 |
| Other non-cash items | −$1.8M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$6,000 |
| Cash from operating activities | $191,000 | $1.5M | $1.8M | −$2.5M | −$654,000 | −$7.2M | $2.2M | $4.2M | −$565,000 | −$3.9M | −$2.6M |
| Investing activities | |||||||||||
| Capital expenditures | −$469,000 | −$528,000 | −$1.4M | −$418,000 | −$1.3M | $0 | −$2.6M | −$1.4M | −$477,000 | −$85,000 | −$199,000 |
| Investments (net) | — | — | — | −$418,000 | −$1.4M | $133,000 | −$2.6M | −$1.4M | −$477,000 | −$85,000 | −$199,000 |
| Acquisitions & other investing | $0 | $0 | $958,000 | $418,000 | $1.3M | $0 | $2.6M | $1.4M | $477,000 | $85,000 | $199,000 |
| Cash from investing activities | −$469,000 | −$528,000 | −$450,000 | −$418,000 | −$1.4M | $133,000 | −$2.6M | −$1.4M | −$477,000 | −$85,000 | −$199,000 |
| Financing activities | |||||||||||
| Net borrowing (repayment) | $740,000 | −$1.7M | −$547,000 | −$786,000 | $4.1M | $7.5M | −$1.2M | −$2.3M | — | — | — |
| Shares issued | $0 | $0 | $0 | $286,000 | $0 | $0 | $0 | $2.0M | $0 | $6.0M | $0 |
| Other financing | $11,000 | $16,000 | $37,000 | −$250,000 | $246,000 | $4,000 | $88,000 | −$2.0M | $1.4M | −$1.8M | $3.4M |
| Cash from financing activities | $751,000 | −$1.7M | −$510,000 | −$750,000 | $4.4M | $7.5M | −$1.1M | −$2.2M | $1.4M | $4.2M | $3.4M |
| Summary | |||||||||||
| Net change in cash | $473,000 | −$715,000 | $859,000 | −$3.7M | $2.3M | $408,000 | −$1.5M | $567,000 | $340,000 | $296,000 | $534,000 |
| Cash at end of period | $1.0M | $573,000 | $1.3M | $429,000 | $4.1M | $1.8M | $1.4M | $2.9M | $2.4M | $2.0M | $1.7M |
| Free cash flow | −$278,000 | $989,000 | $411,000 | −$2.9M | −$1.9M | −$7.2M | −$404,000 | $2.8M | −$1.0M | −$3.9M | −$2.8M |
| Free cash flow margin | −1.8% | 7.6% | 3.3% | −20.1% | −9.5% | −49.4% | −3.2% | 16.6% | −8.0% | −39.9% | −35.6% |
| Capex / revenue | 3.1% | 4.1% | 11.3% | 2.9% | 6.3% | 0.0% | 20.6% | 8.3% | 3.7% | 0.9% | 2.5% |
| Operating cash flow / net income | — | — | 11.16 | — | −0.25 | −90.26 | — | 1.38 | −0.66 | −4.32 | — |
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.
SLSN cash generation
In fiscal 2025 (ended December 31, 2025), Solesence generated -$8.6 million of cash from operations (down 534.7%) and spent $2.1 million on capital expenditures, leaving free cash flow of -$10.7 million, −17.3% of revenue. Cash and equivalents fell by $0.1 million over the year.
Related: SLSN income statement, SLSN balance sheet. See the SLSN stock overview for the latest quote and news.
SLSN cash flow FAQ
What is Solesence's free cash flow?
Solesence's free cash flow was -$10.7 million in fiscal 2025: -$8.6 million of operating cash flow minus $2.1 million of capital expenditures It was -$2.6 million a year earlier..
How much cash does Solesence generate from operations?
Solesence generated -$8.6 million of cash from operating activities in fiscal 2025, −4.79 times its net income of $1.8 million.
How much does Solesence spend on capital expenditures?
Solesence spent $2.1 million on capital expenditures in fiscal 2025, 3.5% of revenue, compared with $4.6 million the year before.