The firm continues to burn cash at an unsustainable rate, with quarterly free cash flow outflows of $1.6 million in 2026Q1 and capital expenditures representing 65.7% of revenue.
| Cash from Operations | -5.89M | -5.73M | -4.99M | -5.67M | -5.09M | -585.29K | 25.86K |
| Operating CF Margin % | - | -38629.56% | -14310.99% | -33238.65% | -535891.37% | -64960.16% | - |
| Operating CF Growth % | -59.62% | -14.69% | 11.97% | -11.42% | -769.82% | -2363.39% | - |
| Net Income | -6.65M | -6.5M | -8.38M | -8.38M | -4.66M | -620.45K | -605.16K |
| Depreciation & Amortization | 406.21K | 160.06K | 276.35K | 111.62K | 16K | 16K | 10.67K |
| Stock-Based Compensation | 104.36K | 110.23K | 2.59M | 1.28M | 0 | 60K | 589.26K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -38.75K | 238.06K | 0 | 1.1M | 112.53K | -3.28K | 0 |
| Working Capital Changes | 290.5K | 262.97K | 522.84K | 208.81K | -558.52K | -37.56K | 31.09K |
| Change in Receivables | 5.28K | 10.49K | -13.65K | -4.96K | 0 | -901 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 14.79K | 9.78K | 0 | 0 | 136.35K | 0 | 0 |
| Cash from Investing | -435.59K | -419.31K | -404.19K | -794.29K | -368K | -364.03K | -29.91K |
| Capital Expenditures | -373.65K | -187.32K | -214.76K | -597.01K | -76.15K | -114.03K | -29.91K |
| CapEx % of Revenue | 2255.69% | 1263.52% | 615.55% | 3498.48% | 8016.21% | 12655.83% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 141.49K | -250K | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -61.94K | -231.99K | -189.43K | -197.28K | -433.33K | 0 | 0 |
| Cash from Financing | 3.71M | 3.43M | 11.94M | 3.63M | 9.06M | 1.23M | 240K |
| Debt Issued (Net) | -360.35K | -374.21K | 0 | 4.5M | -188.67K | 0 | 0 |
| Equity Issued (Net) | 4.07M | 3.8M | 12.55M | 0 | 11.99M | 1.12M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | -605.69K | -867.53K | -2.73M | 105K | 240K |
| Net Change in Cash | -2.61M | -2.72M | 6.54M | -2.83M | 3.6M | 275.68K | 235.95K |
| Free Cash Flow | -6.09M | -5.91M | -5.4M | -6.47M | -5.09M | -699.32K | -4.05K |
| FCF Margin % | -36759.75% | -39893.09% | -15469.46% | -37893.15% | -535891.58% | -77615.98% | - |
| FCF Growth % | -12.71% | -9.58% | 16.53% | -27.02% | -627.99% | -17162.9% | - |
| FCF per Share | -2.14 | -3.38 | -0.20 | -15.29 | -1.65 | -2.20 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.88x | 0.60x | 0.68x | 1.09x | 0.94x | -0.04x |
| Interest Paid | 0 | 0 | 18.64K | 30.49K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for operations
According to quarterly cash flow statements, the OCF/NI ratio frequently fluctuates between 0.81 and 0.94, suggesting that reported net losses are closely mirrored by actual cash outflows, leaving little room for non-cash adjustments to mask the underlying severity of the company's persistent operational cash burn.
The tight correlation between net income and operating cash flow indicates that the company lacks significant non-cash expenses that would otherwise bridge the gap between accounting losses and cash reality. Investors should monitor this relationship, as it confirms that the business is consuming cash at a rate nearly identical to its reported net losses.
As reported in financial statements, CDIO consistently generates negative free cash flow, with quarterly outflows frequently exceeding $1.4 million, highlighting a structural inability to reach self-sustaining operations despite the company's ongoing efforts to commercialize its proprietary epigenetic diagnostic platform in the competitive cardiovascular testing market.
The consistent negative FCF trajectory underscores the company's reliance on external financing to fund its day-to-day operations. This trend suggests that the current business model remains far from achieving the scale necessary to cover its fixed operating costs, warranting caution regarding future liquidity.
Based on reported figures, the company's capital expenditure as a percentage of revenue has reached as high as 97.1% in recent periods, indicating that even minimal investments in laboratory infrastructure represent a massive financial burden relative to the negligible revenue currently generated by the firm's diagnostic tests.
The high capital intensity relative to revenue suggests that the company is struggling to achieve operating leverage. This level of spending on assets, while likely necessary for regulatory compliance, appears disproportionate to the current commercial output and may indicate inefficient capital allocation.
Analysis of recent SEC filings reveals erratic working capital changes, including a $382.8K inflow in 2024Q1 followed by significant outflows, which suggests that the company's cash position is highly sensitive to timing differences in payables and receivables rather than a stable, predictable operational cash cycle.
The volatility in working capital changes may indicate that the company is managing its cash position by delaying payments to vendors or experiencing inconsistent collection cycles. Such fluctuations warrant further investigation to determine if the company is relying on vendor credit to extend its limited cash runway.
Quick answers to the most common questions about buying CDIO stock.
Cardio Diagnostics Holdings, Inc. (CDIO) generated $-5.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cardio Diagnostics Holdings, Inc. (CDIO) reported negative free cash flow of $5.9M in 2025, indicating capital requirements exceeded cash from operations.
Cardio Diagnostics Holdings, Inc. (CDIO) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.