Free cash flow remains consistently negative, with a $876K outflow in 2025Q3 highlighting the firm's inability to generate surplus cash after accounting for fleet maintenance.
| Cash from Operations | -1.31M | 500.3K | 7.24K | 557.84K | -9.16M | -3.94M | -6.45M | -6.26M | -775.3K | 1.32M | -241 |
| Operating CF Margin % | - | 14.76% | 0.17% | 6.9% | -186.43% | -179.82% | -41.18% | -245.24% | -156.66% | 1808.44% | - |
| Operating CF Growth % | -2419.3% | 6809.31% | -98.7% | 106.09% | -132.7% | 38.95% | -3.06% | -706.94% | -158.54% | 549663.9% | - |
| Net Income | -4.05M | -3.89M | -4.61M | -3.79M | -5.61M | -12.6M | -4.35M | -4.54M | -9.86M | -509.77K | -18.72K |
| Depreciation & Amortization | 999.31K | 1.28M | 1.4M | 1.99M | 2.07M | 4.68M | 1.66M | 330.89K | 663.14K | 325.67K | 0 |
| Stock-Based Compensation | 250K | 0 | 444.3K | 0 | 653K | 445K | 133.15K | 44.2K | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -29.22K | 0 | 0 | 0 | 0 | -44.2K | 0 | 0 | 0 |
| Other Non-Cash Items | 1.72M | 2.06M | 1.95M | -673.44K | -5.81M | 96.08K | -235.17K | 1.23M | 8.18M | -793 | 0 |
| Working Capital Changes | -65.54K | 1.06M | 857.58K | 3.03M | -464.7K | 3.44M | -3.65M | -3.27M | 241.15K | 1.51M | 18.48K |
| Change in Receivables | 249.37K | 199.79K | 99.39K | 477.28K | 638.56K | 49.62K | -3.05M | -274.51K | -52.74K | 0 | 0 |
| Change in Inventory | 0 | 0 | 6.83K | 316.14K | -260.46K | 172.63K | 437.01K | -1.49M | 0 | 0 | 0 |
| Change in Payables | -35.59K | 67.69K | 136.42K | 170.7K | -31.43K | -10.25K | 4.14K | -1.53M | 0 | 0 | 0 |
| Cash from Investing | -240.33K | -464.78K | -569.61K | 320.53K | -3.48M | -2.51M | -963.42K | -532.63K | -2.99K | -1.25M | 0 |
| Capital Expenditures | 5 | -1.6K | -671.68K | -1.15M | -3.22M | -2.52M | -965.24K | -500.43K | -2.99K | -1.98K | 0 |
| CapEx % of Revenue | 0% | 0.05% | 15.55% | 14.24% | 65.62% | 114.98% | 6.17% | 19.62% | 0.6% | 2.7% | - |
| Acquisitions | 0 | - | - | - | - | - | - | - | - | - | - |
| Investments | 0 | 0 | 0 | -14.24M | -19.88M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -239.5K | -319.59K | 102.07K | 1.47M | -253.13K | -2.28K | 1.82K | -32.2K | 0 | -59.43K | 0 |
| Cash from Financing | 3.95M | -123.72K | -168.34K | -373.83K | 9.76M | 10.26M | 3.43M | 701.21K | 11.74M | 341.74K | 0 |
| Debt Issued (Net) | 0 | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | 3.87M | 0 | 0 | 0 | 10.14M | 11.01M | 5.14M | -1.9M | 10.33M | 341.74K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.9M | -105.63K | 0 | 0 |
| Other Financing | -82.49K | -67.44K | 55.55K | 144.15K | -95.75K | 1.59M | -1.95M | 2.31M | 1.41M | -341.74K | 0 |
| Net Change in Cash | 2.6M | 38.94K | -815.45K | 424.87K | -3.26M | 3.6M | -4.18M | -6.12M | 10.98M | 161.13K | -258 |
| Free Cash Flow | -1.32M | 498.7K | -664.44K | -619.66K | -12.53M | -6.45M | -7.41M | -6.76M | -778.29K | 1.26M | -241 |
| FCF Margin % | -43.9% | 14.71% | -15.38% | -7.67% | -254.93% | -294.8% | -47.35% | -264.85% | -157.26% | 1724.6% | - |
| FCF Growth % | -585.82% | 175.06% | -7.23% | 95.05% | -94.1% | 12.95% | -9.71% | -768.13% | -161.62% | 524183.82% | - |
| FCF per Share | -0.37 | 0.47 | -0.75 | -0.86 | -21.87 | -16.36 | -26.45 | -26.11 | -3.54 | 4.95 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.32x | -0.13x | -0.00x | -0.18x | 17.07x | 0.38x | 0.74x | 1.38x | 0.08x | -2.25x | 0.02x |
| Interest Paid | 0 | 0 | 525 | 0 | 5.89K | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 39 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity exhaustion and platform dependency
According to quarterly financial data, Senmiao's operating cash flow frequently diverges from net income, with the 2025Q3 period showing a net loss of $1.5M against an operating cash outflow of $876K, suggesting that non-cash charges like depreciation are insufficient to bridge the gap to positive cash generation.
The consistent inability to convert revenue into operating cash flow indicates that the company's core business model is structurally cash-consumptive rather than self-sustaining. Investors should monitor the OCF/NI ratio, as the current trend suggests that accounting losses are being compounded by actual cash leakage from operations.
As reported in recent financial statements, Senmiao's free cash flow trajectory has remained firmly in negative territory, with the company recording a $876K outflow in 2025Q3, highlighting a persistent inability to generate surplus cash after accounting for the maintenance requirements of its ride-hailing vehicle fleet.
The lack of a positive FCF margin suggests that the business is currently unable to fund its own operations, let alone provide a return on invested capital. This trajectory implies that the company remains dependent on external financing to cover its ongoing operating deficits.
Based on the provided cash flow tables, working capital changes have been highly erratic, swinging from a $377K contribution in 2024Q3 to a $443.4K drain in 2025Q3, which suggests that the company is struggling to manage its receivables and payables effectively amidst a shrinking revenue base.
This volatility in working capital often indicates difficulty in collecting payments from drivers or managing vendor obligations in a timely manner. Such fluctuations may obscure the underlying cash burn, making it difficult to predict the company's true liquidity runway without further transparency into its collection cycles.
Analysis of the cash flow statement reveals that stock-based compensation of $250K in 2025Q3, while non-cash, effectively dilutes shareholders without providing the cash relief necessary to offset the company's $876K operating cash outflow, as noted in recent regulatory filings and supplemental financial disclosures.
The reliance on non-cash compensation during a period of significant cash burn warrants investigation into management's alignment with shareholder interests. Furthermore, the absence of meaningful capital expenditure in recent quarters may suggest a strategic pause in fleet expansion, which could further limit future revenue growth potential.
Quick answers to the most common questions about buying AIHS stock.
Senmiao Technology Limited (AIHS) generated $0.5M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Senmiao Technology Limited (AIHS) generated $0.5M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Senmiao Technology Limited (AIHS) 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.