Free cash flow remains deeply negative, with quarterly outflows reaching $2.5M in 2025Q1, reflecting a persistent inability to achieve self-sustaining operations despite revenue gains.
| Cash from Operations | -6.92M | -3.28M | -5.72M | -10.92M | -9.02M | -1.45M |
| Operating CF Margin % | -136.54% | -240.25% | -941.68% | -2233.54% | -2141.81% | -1595.6% |
| Operating CF Growth % | -111.08% | 42.67% | 47.67% | -21.13% | -521.01% | - |
| Net Income | -8.46M | -6.54M | -9.01M | -11.63M | -9.32M | -1.83M |
| Depreciation & Amortization | 89K | 72K | 209K | 196K | 34K | 3K |
| Stock-Based Compensation | 2.33M | 2.04M | 1.15M | 1.31M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -3K | 0 | 1K | 1K | 736K | 352K |
| Working Capital Changes | -870K | 1.15M | 1.93M | -802K | -465K | 19K |
| Change in Receivables | -678K | 155K | -50K | -8K | -271K | -5K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -98K | 601K | -119K | -250K | 294K | 66K |
| Cash from Investing | -315K | -27K | -43K | -1.8M | -337K | -51K |
| Capital Expenditures | -315K | -27K | -43K | -131K | -337K | -51K |
| CapEx % of Revenue | 6.22% | 1.98% | 7.08% | 26.79% | 80.05% | 56.04% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | -1.67M | 0 | 0 |
| Cash from Financing | 15.63M | -685K | 387K | 8.49M | 20.16M | 4.34M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | -954K | 305K |
| Equity Issued (Net) | 17.38M | 7K | 387K | 8.49M | 21.49M | 4.03M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -169K | 0 | 0 |
| Other Financing | -1.75M | -692K | 0 | 0 | -373K | 0 |
| Net Change in Cash | 8.4M | -3.99M | -5.37M | -4.23M | 10.81M | 2.83M |
| Free Cash Flow | -7.23M | -3.3M | -5.76M | -12.73M | -9.35M | -1.5M |
| FCF Margin % | -142.76% | -242.23% | -948.76% | -2602.66% | -2221.85% | -1651.65% |
| FCF Growth % | -118.89% | 42.63% | 54.75% | -36.06% | -522.36% | - |
| FCF per Share | -0.38 | -0.23 | -0.39 | -0.87 | -0.64 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.50x | 0.63x | 0.94x | 0.97x | 0.80x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
According to quarterly financial disclosures, Cloudastructure consistently reports negative net income alongside operating cash flow deficits, with the OCF/NI ratio fluctuating between 0.32 and 0.99, suggesting that the company's accrual-based losses are closely mirrored by actual cash outflows rather than being mitigated by non-cash accounting adjustments.
The tight correlation between net losses and operating cash burn indicates that the company lacks significant non-cash expenses that would otherwise bridge the gap between accounting profitability and cash generation. Investors should interpret this as a sign that the business model is currently unable to decouple its growth from immediate cash consumption.
As reported in recent SEC filings, Cloudastructure's free cash flow remains deeply negative, with quarterly outflows reaching as high as $2.5M in 2025Q1, highlighting a persistent inability to generate self-sustaining cash flow despite the company's rapid top-line revenue expansion observed over the last ten quarters.
The consistent negative FCF margins suggest that the company is effectively subsidizing its growth through external capital rather than operational efficiency. This trajectory warrants close monitoring, as the lack of a clear path to positive cash flow may necessitate further dilutive financing to maintain current operations.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $613K outflow in 2025Q1 to a $551K inflow in 2024Q4, which suggests that the company's cash conversion cycle is currently unstable and highly sensitive to timing differences in customer payments.
Such volatility in working capital often indicates inconsistent collection cycles or lumpy inventory procurement patterns typical of early-stage hardware-heavy businesses. Analysts should view these fluctuations as a potential risk to liquidity, as the company cannot rely on predictable cash inflows from its existing customer base.
Analysis of the reported figures reveals that stock-based compensation, which averaged over $500K per quarter, serves as a significant non-cash add-back that masks the severity of the underlying cash burn, effectively inflating the reported operating cash flow figures relative to the company's actual cash-based operational performance.
By relying on equity-based incentives to manage cash expenses, the company is effectively shifting the burden of its operational costs onto shareholders through dilution. This practice warrants further investigation to determine if the core business can ever achieve cash-flow break-even without the continued reliance on equity-based compensation.
Quick answers to the most common questions about buying CSAI stock.
Cloudastructure Inc. (CSAI) generated $-6.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cloudastructure Inc. (CSAI) reported negative free cash flow of $7.2M in 2025, indicating capital requirements exceeded cash from operations.
Cloudastructure Inc. (CSAI) spent $0.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.