Free cash flow remains deeply negative with quarterly outflows of $2.2M in 2026Q1, highlighting a persistent inability to achieve self-sustaining operations.
CXApp Inc. (CXAI) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 |
|---|
| Cash from Operations | -10.85M | -10.38M | -7.33M | -17.91M | -18.89M | -595.32K | -514.7K |
| Operating CF Margin % | - | -226.51% | -102.56% | -243.14% | -223.08% | - | - |
| Operating CF Growth % | -168.31% | -41.72% | 59.1% | 5.21% | -3073.92% | -15.66% | - |
| Net Income | -21.34M | -13.47M | -19.41M | -53.62M | -29.18M | 9.21M | -4.08M |
| Depreciation & Amortization | 34K | 3.16M | 3.2M | 3.61M | 4.8M | 0 | 0 |
| Stock-Based Compensation | -567K | 2.78M | 2.83M | 0 | 1.64M | 0 | 0 |
| Deferred Taxes | -651K | -46K | -635K | -3.57M | 0 | 0 | 0 |
| Other Non-Cash Items | 11.4M | -1.7M | 6.4M | 41.97M | 3.7M | -10.71M | 3.83M |
| Working Capital Changes | 280K | -1.11M | 281K | -6.3M | 147K | 902.52K | -261.93K |
| Change in Receivables | -413K | 825K | 372K | -557K | 109K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 117K | 0 | 0 |
| Change in Payables | -384K | 264K | -453K | -297K | 400K | 572.55K | 0 |
| Cash from Investing | -3.28M | -23K | -30K | 9.89M | -482K | 0 | -278.76M |
| Capital Expenditures | -40K | -23K | -30K | -111K | -88K | 0 | 0 |
| CapEx % of Revenue | 1.09% | 0.5% | 0.42% | 1.51% | 1.04% | - | - |
| Acquisitions | -3.22M | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | -23K | 0 | 0 | 10M | -394K | 0 | 0 |
| Cash from Financing | 20.96M | 16.64M | 5.98M | 16.51M | 20.73M | -17.58K | 280.29M |
| Debt Issued (Net) | 2M | 0 | -500K | 2.67M | 0 | 0 | 0 |
| Equity Issued (Net) | 3.45M | 16.64M | 6.48M | 0 | 25.97M | -17.58K | 280.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 15.5M | 0 | 0 | 13.84M | -5.24M | 0 | -80.16K |
| Net Change in Cash | 6.82M | 6.22M | -1.4M | -33K | 1.28M | -612.9K | 1.02M |
| Free Cash Flow | -10.88M | -10.38M | -7.36M | -17.98M | -19.38M | -595.32K | -514.7K |
| FCF Margin % | -296.92% | -226.51% | -102.98% | -244.04% | -228.77% | - | - |
| FCF Growth % | -24.03% | -41.14% | 59.08% | 7.23% | -3154.89% | -15.66% | - |
| FCF per Share | -13.01 | -22.17 | -23.12 | -78.82 | -49.82 | -0.86 | -3.15 |
| FCF Conversion (FCF/Net Income) | 0.51x | 0.77x | 0.38x | 0.33x | 0.65x | -0.06x | 0.05x |
| Interest Paid | 0 | 0 | 56K | 0 | 1K | 0 | 0 |
| Taxes Paid | 2K | 0 | 29K | 0 | 119K | 0 | 0 |
Quick answers to the most common questions about buying CXAI stock.
CXApp Inc. (CXAI) generated $-10.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CXApp Inc. (CXAI) reported negative free cash flow of $10.4M in 2025, indicating capital requirements exceeded cash from operations.
CXApp Inc. (CXAI) 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.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
According to quarterly financial disclosures, CXApp consistently reports net losses that significantly exceed operating cash outflows, with OCF/NI ratios fluctuating between 0.10 and 0.96, suggesting that non-cash charges and working capital volatility are masking the true extent of the company's underlying cash-generative deficiencies.
The persistent gap between net income and operating cash flow indicates that the company's accounting losses are not merely non-cash adjustments but reflect a fundamental inability to generate positive cash from core operations. Investors should monitor whether this divergence narrows as the company attempts to rationalize its cost structure, though current trends suggest that cash burn remains structurally embedded in the business model.
Negative Free Cash Flow Trajectory
As reported in recent SEC filings, CXApp's free cash flow remains deeply negative, with quarterly outflows frequently exceeding $2M, a trend that underscores the company's inability to achieve self-sustaining operations despite its pivot toward an AI-native platform and various cost-cutting initiatives implemented over the last ten quarters.
The consistent negative FCF margins, which reached -2.3% in 2026Q1, highlight the company's reliance on external capital to fund its ongoing operating requirements. This trajectory suggests that without a significant improvement in revenue quality or a drastic reduction in operating expenses, the company will continue to deplete its cash reserves at an unsustainable rate.
Volatile Working Capital Management Trends
Based on the company's reported cash flow statements, working capital changes have been highly erratic, swinging from a $1.5M inflow in 2024Q1 to a $1.1M outflow in 2023Q4, which indicates significant instability in the timing of customer collections and the management of short-term operational liabilities.
This volatility in working capital suggests that the company lacks a predictable cash conversion cycle, likely exacerbated by the complexity of its professional services and implementation-heavy revenue model. Such fluctuations warrant further investigation into whether these swings are indicative of deteriorating customer credit quality or merely the result of lumpy, project-based billing cycles.
SBC Masking True Cash Burn
Financial statements reveal that stock-based compensation has been a recurring feature of the company's expense profile, with quarterly adjustments often reaching nearly $1M, which effectively obscures the true economic cost of talent acquisition and retention in an environment where cash-based compensation would be prohibitive.
While SBC is a non-cash expense, its consistent use suggests that the company is compensating for its inability to pay competitive cash salaries, thereby diluting existing shareholders to fund operations. Analysts should treat these adjustments with caution, as they represent a real economic cost that is not captured in the headline operating cash flow figures.