In Q4'25, SMR's Operating Cash Flow recorded a negative value of $203.7M, reflecting continued operational cash outflows, while Free Cash Flow was slightly worse at -$204.1M, indicating ongoing capital expenditures amid challenging market conditions. Over the period from Q1'23 to Q4'25, both Operating and Free Cash Flow have remained consistently negative, with values ranging from -$43.1M to -$203.7M for Operating Cash Flow and -$43.5M to -$204.1M for Free Cash Flow, showing an overall declining trend marked by a sharp deterioration in the latter half of 2025—particularly a steep drop to -$199.8M and -$199.9M in Q3'25—suggesting escalating cash burn rates and potential liquidity pressures for the company. Earlier quarters in 2023 and 2024 exhibited relatively milder losses, peaking negatively at -$73.3M in Q4'23, but no positive cash generation occurred throughout the timeframe.