Free cash flow remains consistently negative, with quarterly outflows reaching $8.3 million in 2024Q4, highlighting an unsustainable burn rate that threatens the firm's status as a going concern.
| Cash from Operations | -7.47M | -6.01M | -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 % | -148.8% | 33.49% | -21.99% | 17.31% | 18.26% | -15.61% | -94.12% | - |
| Net Income | -9.56M | -2.89M | -7.23M | -11.71M | -17.21M | -14.73M | -12.33M | -6.11M |
| Depreciation & Amortization | 439K | 439K | 622K | 792K | 856K | 523K | 156K | 64K |
| Stock-Based Compensation | 1.46M | 1.49M | 1.93M | 2.31M | 4.02M | 2.17M | 1.32M | 1.17M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 556K | -5.04M | -3.03M | 2.06M | -3.76M | 301K | 1.02M | 725K |
| Working Capital Changes | -365K | 0 | -1.32M | 1.21M | 3.39M | 793K | 363K | -733K |
| Change in Receivables | 0 | 0 | -235K | 1.94M | -1.99M | 40K | -76K | 20K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | -44K | -515K |
| Change in Payables | 416K | 1.25M | -860K | -743K | 6.24M | 0 | 257K | -268K |
| Cash from Investing | 26K | 0 | 0 | -48K | -65K | -87K | -752K | -108K |
| Capital Expenditures | 0 | 0 | 0 | -48K | -65K | -12K | -762K | -108K |
| CapEx % of Revenue | - | - | - | 39.34% | 3.2% | 2.5% | 34.62% | 6.41% |
| Acquisitions | 26K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | -75K | 10K | 0 |
| Cash from Financing | 10.12M | 3.07M | 11.16M | 849K | 9.78M | -180K | 17.67M | 11.93M |
| Debt Issued (Net) | 1.84M | 0 | 2.89M | 1.22M | -207K | -180K | 0 | 0 |
| Equity Issued (Net) | 871K | 0 | 10.36M | 0 | 9.99M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -30K |
| Other Financing | 7.41M | 3.07M | -2.09M | -371K | 0 | 0 | 17.67M | 11.93M |
| Net Change in Cash | 2.68M | -2.91M | 2.13M | -6.6M | 767K | 6.7M | 7.45M | 6.94M |
| Free Cash Flow | -7.47M | -6.01M | -9.03M | -7.45M | -9.02M | -10.96M | -10.23M | -4.99M |
| FCF Margin % | - | - | -4934.43% | -6106.56% | -444.41% | -2284.17% | -465.02% | -296.02% |
| FCF Growth % | 17.32% | 33.49% | -21.21% | 17.38% | 17.76% | -7.12% | -105.19% | - |
| FCF per Share | -0.00 | -0.00 | -28.83 | -23.89 | -29.05 | -35.47 | -26.10 | -12.86 |
| FCF Conversion (FCF/Net Income) | 0.78x | 2.08x | 1.25x | 0.63x | 0.52x | 0.74x | 0.77x | 0.89x |
| Interest Paid | 19K | 0 | 1K | 16K | 30K | 30K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Immediate liquidity insolvency risk
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from 41.61 in 2023Q3 to -10.27 in 2024Q3, suggesting that GAAP earnings provide little insight into the company's actual cash-based operational performance.
The extreme variance in the conversion ratio indicates that non-cash adjustments and lumpy milestone recognition dominate the income statement. Investors should monitor this divergence, as it suggests that reported net income is not a reliable proxy for the company's underlying cash burn or operational health.
Based on reported figures, Abpro Holdings consistently records negative free cash flow, with quarterly outflows reaching as high as $8.3 million in 2024Q4, confirming that the business model is currently incapable of self-funding its clinical development programs through internal operations.
The lack of a positive FCF trajectory underscores the company's reliance on external capital markets to sustain its R&D pipeline. This trend appears to be accelerating the depletion of liquidity, leaving the firm highly sensitive to any delays in milestone-based revenue recognition.
According to recent SEC filings, working capital changes have been highly inconsistent, ranging from a $1.5 million inflow in 2024Q3 to a $2.5 million outflow in 2024Q4, reflecting the unpredictable timing of milestone payments and the company's limited control over its cash conversion cycle.
These fluctuations suggest that the company's liquidity is heavily dependent on the timing of partner payments rather than operational efficiency. Such volatility warrants further investigation into the contractual terms governing these inflows, as they appear to be the primary, albeit unreliable, source of cash.
Based on the provided data, stock-based compensation consistently adds back hundreds of thousands of dollars to the cash flow statement each quarter, with $558,000 recorded in 2024Q2, effectively masking the true economic cost of talent retention in a cash-constrained environment.
While SBC is a non-cash expense, its prevalence suggests that the company is utilizing equity to preserve its minimal cash reserves. Analysts should interpret this as a potential signal of future dilution, which may be necessary to offset the ongoing operational cash deficit.
Quick answers to the most common questions about buying ABPWW stock.
Abpro Holdings Inc (ABPWW) generated $-6.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Abpro Holdings Inc (ABPWW) reported negative free cash flow of $6.0M in 2025, indicating capital requirements exceeded cash from operations.
Abpro Holdings Inc (ABPWW) 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.