The company faces a critical liquidity shortfall with cash reserves dwindling to a nominal $8,700 as of 2026Q1, while continuing to burn cash with a $353.3K free cash flow deficit in the same period.
| Cash from Operations | -1.24M | -1.51M | -1.23M | -2.58M | -528.18K | -506.99K |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -93.02% | -23.37% | 52.43% | -388.44% | -4.18% | - |
| Net Income | -1.86M | -2.12M | -2.5M | 1.34M | 404.62K | -923.82K |
| Depreciation & Amortization | 17.14K | 17.14K | 28.97K | 31.08K | 65.89K | 119.79K |
| Stock-Based Compensation | 0 | 0 | 1.01M | 0 | 16.68K | 17.46K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.35M | 588.24K | 0 | -4.26M | -1.31M | 1 |
| Working Capital Changes | 0 | 0 | 238.42K | 315.36K | 376.46K | 279.57K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 0 | -1.4K | 929.3K | 50.11M | -99.22M | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 929.3K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 1.4K | 0 | 0 | -1.68M | 0 | 0 |
| Cash from Financing | 1.23M | 1.47M | 153.66K | -48.06M | 100.29M | 500K |
| Debt Issued (Net) | 0 | 0 | 646.56K | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 102.25M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -50.23M | 0 | 0 |
| Other Financing | 1.23M | 1.47M | -492.9K | -48.06M | -1.96M | 500K |
| Net Change in Cash | -43.95K | -42.52K | -144.29K | -528.3K | 546.4K | -6.99K |
| Free Cash Flow | -1.24M | -1.51M | -1.23M | -2.58M | -528.18K | -506.99K |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 16.55% | -23.37% | 52.43% | -388.44% | -4.18% | - |
| FCF per Share | -0.02 | -0.03 | -0.03 | -0.25 | -0.00 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.67x | 0.71x | 0.49x | -1.93x | -1.31x | 0.55x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and going-concern
According to the provided financial data, AIEV exhibits a highly erratic relationship between net income and operating cash flow, with the OCF/NI ratio fluctuating wildly from -6.41 in 2023Q4 to 11.46 in 2024Q4, reflecting the absence of a stable, revenue-generating operational core.
The extreme volatility in the OCF/NI ratio suggests that cash outflows are driven by irregular administrative and development costs rather than predictable operational activities. Investors should interpret this lack of correlation as a sign that the company's accounting losses do not capture the full extent of its liquidity-draining operational requirements.
As reported in financial statements, AIEV has consistently burned cash to fund operations, with quarterly free cash flow reaching a deficit of $353.3K in 2026Q1, confirming that the company remains in a state of perpetual capital consumption without any offsetting commercial inflows.
The lack of positive free cash flow over the ten-quarter period indicates that the business model is currently incapable of self-funding its development roadmap. This trajectory suggests that the company is entirely dependent on external financing to maintain its existence, which poses a significant risk to equity holders.
Based on reported figures, AIEV's working capital changes have been highly inconsistent, swinging from a $541.4K inflow in 2024Q3 to a $301.0K outflow in 2025Q3, which suggests a lack of disciplined control over payables and operational accruals during this pre-revenue phase.
These fluctuations in working capital appear to be a byproduct of sporadic vendor payments or timing differences in administrative expenses rather than a reflection of efficient inventory or receivables management. Such volatility warrants further investigation into the company's ability to manage its short-term liabilities as cash reserves dwindle.
As indicated by the company's recent filings, the reported cash balance of $10,093 is critically low, masking the severity of the company's operational distress and the potential for immediate insolvency if additional capital is not secured through highly dilutive means.
The cash flow statement obscures the reality that the company is essentially operating on a month-to-month basis with no margin for error. Analysts should monitor the potential for off-balance-sheet liabilities or deferred obligations that could further accelerate the depletion of the remaining nominal cash reserves.
Quick answers to the most common questions about buying AIEV stock.
Thunder Power Holdings, Inc. (AIEV) generated $-1.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Thunder Power Holdings, Inc. (AIEV) reported negative free cash flow of $1.5M in 2025, indicating capital requirements exceeded cash from operations.
Thunder Power Holdings, Inc. (AIEV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.