Free cash flow remains consistently negative, with quarterly outflows reaching $2.3 million in 2025Q3, highlighting a structural inability to fund operations through internal cash generation.
| Cash from Operations | -13.64M | -9.03M | -7.4M | -8.95M | -10.95M | -9.47M | -4.88M |
| Operating CF Margin % | - | -4934.43% | -6067.21% | -441.2% | -2281.67% | -430.4% | -289.61% |
| Operating CF Growth % | -167.8% | -21.99% | 17.31% | 18.26% | -15.61% | -94.12% | - |
| Net Income | -14.04M | -7.23M | -11.71M | -17.21M | -14.73M | -12.33M | -6.11M |
| Depreciation & Amortization | 436K | 622K | 792K | 856K | 523K | 156K | 64K |
| Stock-Based Compensation | 872K | 1.93M | 2.31M | 4.02M | 2.17M | 1.32M | 1.17M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.98M | -3.03M | 0 | 0 | 301K | 1.02M | 725K |
| Working Capital Changes | -2.89M | -1.32M | 1.21M | 3.39M | 793K | 363K | -733K |
| Change in Receivables | 0 | -235K | 1.94M | -1.99M | 40K | -76K | 20K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -44K | -515K |
| Change in Payables | 787K | -860K | -743K | 6.24M | 0 | 257K | -268K |
| Cash from Investing | -29.61M | 0 | -48K | -65K | -87K | -752K | -108K |
| Capital Expenditures | 0 | 0 | -48K | -65K | -12K | -762K | -108K |
| CapEx % of Revenue | 0% | - | 39.34% | 3.2% | 2.5% | 34.62% | 6.41% |
| Acquisitions | 26K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -29.64M | 0 | 0 | 0 | -75K | 10K | 0 |
| Cash from Financing | 42.99M | 11.16M | 849K | 9.78M | -180K | 17.67M | 11.93M |
| Debt Issued (Net) | 1.84M | 2.89M | 1.22M | -207K | -180K | 0 | 0 |
| Equity Issued (Net) | 1.87M | 1000K | 0 | 1000K | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -30K |
| Other Financing | 184.95K | -2.09M | -371K | 0 | 0 | 17.67M | 11.93M |
| Net Change in Cash | 329.4K | 2.13M | -6.6M | 767K | 6.7M | 7.45M | 6.94M |
| Free Cash Flow | -13.64M | -9.03M | -7.45M | -9.02M | -10.96M | -10.23M | -4.99M |
| FCF Margin % | -7453.56% | -4934.43% | -6106.56% | -444.41% | -2284.17% | -465.02% | -296.02% |
| FCF Growth % | -102.99% | -21.21% | 17.38% | 17.76% | -7.12% | -105.19% | - |
| FCF per Share | -5.22 | -28.83 | -23.89 | -29.05 | -35.47 | -26.10 | -12.86 |
| FCF Conversion (FCF/Net Income) | 0.97x | 1.25x | 0.63x | 0.52x | 0.74x | 0.77x | 0.89x |
| Interest Paid | 19K | 1K | 16K | 30K | 30K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity insolvency risk
As reported in financial statements, Abpro's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching an extreme 1.38 in 2025Q3, suggesting that accounting losses are being compounded by significant cash outflows rather than mitigated by non-cash accruals or working capital adjustments.
The persistent gap between net income and operating cash flow indicates that the company's reported losses are not merely accounting artifacts but reflect actual cash depletion. Investors should monitor this trend, as the inability to align cash generation with operational milestones suggests a fundamental lack of earnings quality.
Based on Abpro's reported figures, the company's free cash flow remains consistently negative, with quarterly outflows reaching $2.3 million in 2025Q3, highlighting a structural inability to fund research and development activities through internal operations without relying on external capital markets for survival.
The absence of positive free cash flow margins underscores the company's reliance on milestone-based revenue that fails to cover the high fixed costs of clinical development. This trajectory appears unsustainable, as the company continues to burn through its limited cash reserves without achieving a self-funding commercial state.
According to recent SEC filings, Abpro exhibits erratic working capital fluctuations, including a $1.4 million outflow in 2025Q3, which suggests that the timing of milestone payments and vendor obligations creates significant, unpredictable pressure on the company's already strained liquidity position during critical clinical trial phases.
The volatility in working capital changes indicates that the company lacks a stable cash conversion cycle, likely due to the lumpy nature of its partnership-driven revenue model. This instability warrants further investigation, as it complicates cash flow forecasting and increases the risk of sudden liquidity shortfalls.
As indicated by the company's financial data, the reliance on stock-based compensation, which reached $512,000 in 2025Q1, masks the true extent of the company's cash burn by substituting equity for cash-based operating expenses, thereby delaying the inevitable need for dilutive financing to sustain ongoing research operations.
While stock-based compensation provides a temporary reprieve for cash reserves, it does not address the underlying structural deficit in the company's operating model. Investors should be wary of how these non-cash adjustments may obscure the true rate at which the company is exhausting its capital base.
Quick answers to the most common questions about buying ABP stock.
Abpro Corporation (ABP) generated $-9.0M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Abpro Corporation (ABP) reported negative free cash flow of $9.0M in 2024, indicating capital requirements exceeded cash from operations.
Abpro Corporation (ABP) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.