Vast Renewables Financials
This page shows Vast Renewables (VSTTF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Vast Renewables’ finances show a capital-funded operating model, with customer revenue still far too small to carry cash needs.
The FY2024 cash balance of$11.1M was financed, not earned: a$49.5M financing inflow was largely consumed by-$40.3M of operating cash burn, so the move in current ratio from 0.1x in FY2023 to 1.3x in FY2024 reflects fresh capital rather than self-funding. Liquidity improved faster than solvency, because equity remained negative at-$8.3M even after the cash rebuild.
Revenue kept shrinking from
Free cash flow was almost identical to operating cash flow in FY2024, with only
Financial Health Signals
Based on FY2024 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Vast Renewables's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Vast Renewables's revenue declined 62.8% year-over-year, from $919K to $342K. This contraction results in a growth score of 0/100.
Vast Renewables's current ratio of 1.35 is below the typical benchmark, resulting in a score of 22/100. However, the company holds substantial cash reserves (108% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Vast Renewables generated -$40.3M in operating cash flow, capex of $115K consumed most of it, leaving -$40.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Key Financial Metrics
Earnings & Revenue
Vast Renewables generated $342K in revenue in fiscal year 2024. This represents a decrease of 62.8% from the prior year.
Cash & Balance Sheet
Vast Renewables generated -$40.4M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 345.0% from the prior year.
Vast Renewables held $11.1M in cash against $299K in long-term debt as of fiscal year 2024.
Vast Renewables had 30M shares outstanding in fiscal year 2024.
Margins & Returns
Capital Allocation
Vast Renewables invested $115K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 248.5% from the prior year.
VSTTF Income Statement
| Metric | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Revenue | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A |
| Interest Expense | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A |
| Net Income | N/A | N/A | N/A |
| EPS (Diluted) | N/A | N/A | N/A |
VSTTF Balance Sheet
| Metric | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Total Assets | $12.3M-22.3% | $15.8M+238.7% | $4.7M |
| Current Assets | $10.3M-25.5% | $13.8M+351.8% | $3.1M |
| Cash & Equivalents | $6.9M-37.7% | $11.1M+437.9% | $2.1M |
| Inventory | $721K | $0 | N/A |
| Accounts Receivable | $1.4M+67.1% | $839K+167.2% | $314K |
| Goodwill | N/A | $0 | N/A |
| Total Liabilities | $16.3M-32.5% | $24.1M-29.3% | $34.1M |
| Current Liabilities | $9.2M-9.6% | $10.2M-61.5% | $26.6M |
| Long-Term Debt | $408K+36.5% | $299K+967.9% | $28K |
| Total Equity | -$4.0M+51.7% | -$8.3M+71.8% | -$29.4M |
| Retained Earnings | -$338.7M-1.7% | -$333.1M-740.1% | -$39.6M |
VSTTF Cash Flow Statement
| Metric | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Operating Cash Flow | N/A | N/A | N/A |
| Capital Expenditures | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A |
| Financing Cash Flow | N/A | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A |
VSTTF Financial Ratios
| Metric | Q2'25 | Q4'24 | Q4'23 |
|---|---|---|---|
| Gross Margin | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A |
| Return on Assets | N/A | N/A | N/A |
| Current Ratio | 1.11-0.2 | 1.35+1.2 | 0.11 |
| Debt-to-Equity | -0.10-0.1 | -0.04-0.0 | -0.00 |
| FCF Margin | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$8.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Frequently Asked Questions
What is Vast Renewables's annual revenue?
Vast Renewables (VSTTF) reported $342K in total revenue for fiscal year 2024. This represents a -62.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vast Renewables's revenue growing?
Vast Renewables (VSTTF) revenue declined by 62.8% year-over-year, from $919K to $342K in fiscal year 2024.
How much debt does Vast Renewables have?
As of fiscal year 2024, Vast Renewables (VSTTF) had $11.1M in cash and equivalents against $299K in long-term debt.
What is Vast Renewables's free cash flow?
Vast Renewables (VSTTF) generated -$40.4M in free cash flow during fiscal year 2024. This represents a -345.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vast Renewables's operating cash flow?
Vast Renewables (VSTTF) generated -$40.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Vast Renewables's total assets?
Vast Renewables (VSTTF) had $15.8M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Vast Renewables's capital expenditures?
Vast Renewables (VSTTF) invested $115K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Vast Renewables's current ratio?
Vast Renewables (VSTTF) had a current ratio of 1.35 as of fiscal year 2024, which is considered adequate.
What is Vast Renewables's debt-to-equity ratio?
Vast Renewables (VSTTF) had a debt-to-equity ratio of -0.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vast Renewables's cash runway?
Based on fiscal year 2024 data, Vast Renewables (VSTTF) had $11.1M in cash against an annual operating cash burn of $40.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Vast Renewables's debt-to-equity ratio negative or unusual?
Vast Renewables (VSTTF) has negative shareholder equity of -$8.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
How financially healthy is Vast Renewables?
Vast Renewables (VSTTF) scores 4 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.