Cash burn remains extreme, as evidenced by the $17.2M working capital outflow in 2023Q4 and a reliance on $5.8M in stock-based compensation to mask operational deficits.
| Cash from Operations | -4.22M | -5.07M | 33.58M | -138.05M | -178.37M | -6.11M | -662.97K | -465.11K | -14.78K |
| Operating CF Margin % | - | -533.26% | 279.92% | -369.77% | - | - | - | - | - |
| Operating CF Growth % | -4225.95% | -115.09% | 124.32% | 22.61% | -2820.76% | -821.14% | -42.54% | -3047.29% | - |
| Net Income | -164.85M | -167.34M | -172.73M | -265.29M | -41.25M | -13.06M | -12.65M | 551.05K | -14.83K |
| Depreciation & Amortization | 1.51M | 1.6M | 3.54M | 3.18M | 748.59K | 16.15K | 61.18K | 0 | 0 |
| Stock-Based Compensation | 5.82M | 0 | 0 | 0 | 3.2M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -407.19K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 136.24M | 154M | 142.37M | 162.55M | 445.03K | -62.01K | 1.17M | -826.97K | 0 |
| Working Capital Changes | -17.18M | 6.67M | 60.39M | -38.49M | -141.1M | 7M | 10.75M | -189.18K | 50 |
| Change in Receivables | -3.13M | 0 | 901K | -10.1M | -36.41M | 0 | -30.23K | 0 | 0 |
| Change in Inventory | 8.21M | 1.82M | 28.92M | 2.63M | -1.67M | 0 | 30.23K | 0 | 0 |
| Change in Payables | 0 | 3.76M | -24.25M | -4.13M | -2.46M | 249.17K | 124.94K | 0 | 0 |
| Cash from Investing | -8.44M | 76K | -656K | -21.23M | -6.84M | -21.7K | 266.98K | -138M | 0 |
| Capital Expenditures | -1.78M | -2K | -160K | -5.55M | -1.21M | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 6.91% | 0.21% | 1.33% | 14.87% | - | - | - | - | - |
| Acquisitions | 0 | 189K | 0 | 0 | 0 | -21.7K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -6.66M | -111K | -496K | -15.68M | -2.66M | 0 | 266.98K | 0 | 0 |
| Cash from Financing | -12.27M | 8.83M | -55M | -26.98M | 392.59M | 6.18M | 217.26K | 138.81M | 62.5K |
| Debt Issued (Net) | 0 | 8.08M | 0 | -12.57M | 2.06M | 6.15M | 217.26K | -100K | 0 |
| Equity Issued (Net) | 0 | 751K | 0 | 588K | 400M | 30.8K | 0 | 138.91M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -12.27M | 0 | -55M | -15M | -9.47M | 0 | 0 | 0 | 62.5K |
| Net Change in Cash | -69.28K | 4.04M | -22.1M | 0 | 211.95M | 54.18K | -176.85K | 341.64K | 47.72K |
| Free Cash Flow | -6M | -5.07M | 33.4M | -143.56M | -179.58M | -6.11M | -662.97K | -465.11K | -14.78K |
| FCF Margin % | -23.28% | -533.26% | 278.45% | -384.53% | - | - | - | - | - |
| FCF Growth % | -590.44% | -115.17% | 123.27% | 20.06% | -2840.64% | -821.14% | -42.54% | -3047.29% | - |
| FCF per Share | -0.41 | -0.32 | 2.29 | -10.01 | -14.61 | -0.43 | -0.05 | -0.03 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.04x | 0.03x | -0.19x | 0.52x | 4.38x | 0.49x | 0.06x | -0.84x | 1.00x |
| Interest Paid | 374K | 0 | 10M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency risk
As reported in financial statements, Robo.ai's operating cash flow consistently fails to track with net losses, with the OCF/NI ratio hovering near zero in recent periods, suggesting that the company's reported earnings are entirely disconnected from any underlying cash-generating capability or operational efficiency.
The persistent gap between net income and operating cash flow indicates that the company is not merely unprofitable but is failing to convert any portion of its business activities into liquidity. This suggests that the reported net losses are exacerbated by cash-draining operational requirements that show no signs of narrowing.
Based on recent SEC filings, Robo.ai's free cash flow trajectory is characterized by persistent outflows, with the company reporting zero cash flow in the most recent quarters, which implies a total cessation of productive activity or a complete reliance on external financing to sustain operations.
The lack of positive free cash flow, combined with the historical trend of negative margins, suggests that the company is currently in a state of operational paralysis. Investors should monitor whether the recent zero-flow figures represent a strategic pause or an inability to fund necessary development cycles.
According to historical cash flow data, Robo.ai has experienced erratic working capital swings, including a significant $17.2 million outflow in 2023Q4, which indicates that the company struggles to manage its payables and inventory cycles effectively during periods of attempted operational scaling.
These large, non-linear fluctuations in working capital suggest that the company lacks a stable supply chain or predictable payment terms with vendors. Such volatility often precedes liquidity crises, as the company appears unable to align its cash outflows with its limited revenue generation.
As evidenced by the provided cash flow tables, Robo.ai has utilized stock-based compensation, reaching $5.8 million in 2023Q4, to effectively subsidize its operational expenses, a practice that obscures the true extent of the company's cash burn and dilutes existing shareholders without improving core cash flow.
The reliance on non-cash adjustments to manage the appearance of expenses warrants further investigation into the company's long-term sustainability. This strategy suggests that management is attempting to preserve limited cash reserves by shifting compensation burdens to equity, which may not be a viable long-term solution.
Quick answers to the most common questions about buying AIIO stock.
Robo.ai Inc. (AIIO) generated $-5.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Robo.ai Inc. (AIIO) reported negative free cash flow of $5.1M in 2025, indicating capital requirements exceeded cash from operations.
Robo.ai Inc. (AIIO) 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.