Liquidity is under severe pressure as cash and equivalents plummeted from $31.3 million in 2025Q2 to just $990,000 by 2025Q4, reflecting a persistent and unsustainable free cash flow burn rate.
| Cash from Operations | -25.47M | -23.58M | -9.49M | -19.48M | -16.3M | -8.64M | -7.92M | -9.37M |
| Operating CF Margin % | - | -10766.78% | -2578.79% | -1307.82% | -6221.08% | - | - | -7527.61% |
| Operating CF Growth % | -389.4% | -148.35% | 51.26% | -19.5% | -88.6% | -9.12% | 15.49% | - |
| Net Income | -26.04M | -23.47M | -29.25M | -22.81M | -19.24M | -7.8M | -8.34M | -9.34M |
| Depreciation & Amortization | 970.01K | 1.19M | 669.41K | 961.28K | 604.87K | 85.86K | 159.04K | 159.28K |
| Stock-Based Compensation | 811.74K | 1.62M | 2.45M | 3.21M | 2.87M | 1.14M | 131.73K | 213.19K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -31.36K | -493.15K | -413.15K |
| Other Non-Cash Items | -2.48M | -555.66K | 6.54M | -443.39K | -90.22K | -1.6M | 493.15K | 413.15K |
| Working Capital Changes | -2.37M | -2.36M | 10.1M | -392.37K | -445.07K | -433.7K | 127.97K | -409.25K |
| Change in Receivables | -1.19M | -321.32K | 0 | 0 | 0 | 0 | 0 | 166K |
| Change in Inventory | 255.34K | -1.89M | 0 | 0 | 0 | 0 | 0 | 47.4K |
| Change in Payables | 91.05K | -30.34K | 100.81K | 41.02K | 43.67K | 39.26K | -43.34K | -47.4K |
| Cash from Investing | -23.4M | -34.13M | 2.94M | 6.36M | -13.35M | -20.02K | 0 | 0 |
| Capital Expenditures | -1.38M | -1.23M | -1.05M | -1.05M | -1.38M | -62.2K | 0 | 0 |
| CapEx % of Revenue | 497.68% | 561.95% | 285.62% | 70.22% | 524.86% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 456.82K | 42.19K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -2.71M | -29.06K | -688.29K | -537.81K | -456.82K | 0 | 0 | 0 |
| Cash from Financing | 53M | 35.08M | 26.58M | 6.12M | 18.24M | 24.2M | 695.7K | 2.82K |
| Debt Issued (Net) | 0 | 0 | -2.57M | 0 | 0 | 892.12K | 695.08K | 0 |
| Equity Issued (Net) | 38.36M | 29.61M | 29.16M | 6.13M | 18.12M | 23.3M | 623 | 550 |
| Dividends Paid | 0 | 0 | -597 | -16.18K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.64M | 5.47M | 0 | 8.53K | 116.83K | 14.22K | 0 | 2.27K |
| Net Change in Cash | 4.13M | -22.63M | 20.03M | -6.99M | -11.41M | 15.54M | -7.22M | -9.37M |
| Free Cash Flow | -26.84M | -24.81M | -10.54M | -21.24M | -17.67M | -8.7M | -7.92M | -9.37M |
| FCF Margin % | -9711.67% | -11328.73% | -2864.41% | -1426.3% | -6745.94% | - | - | -7527.61% |
| FCF Growth % | -88.66% | -135.25% | 50.36% | -20.19% | -103.05% | -9.91% | 15.49% | - |
| FCF per Share | -2.44 | -5.46 | -7.98 | -48.29 | -50.57 | -135.00 | -758.26 | -905.50 |
| FCF Conversion (FCF/Net Income) | 1.03x | 1.00x | 0.32x | 0.85x | 0.85x | 1.11x | 0.95x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 10.13K | 16.72K | 10.81K | 0 |
Imminent liquidity and solvency risk
As reported in recent financial statements, Cyngn's operating cash flow consistently trails net income, with the OCF/NI ratio frequently exceeding 1.0, which suggests that the company's reported losses are being exacerbated by cash-intensive operational requirements rather than non-cash accounting adjustments or depreciation benefits.
The persistent gap between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its accounting losses. This pattern suggests that the business model is struggling to achieve the operational efficiency necessary to bridge the divide between development-stage spending and actual cash generation.
Based on the company's quarterly filings, free cash flow has remained consistently negative, with the most recent period showing an outflow of $8.7 million, highlighting a trajectory that suggests the firm is burning through its remaining capital reserves to fund ongoing R&D and administrative overhead.
The lack of a positive free cash flow trend indicates that the company has yet to reach a stage where its autonomous software platform can self-fund its operations. Investors should monitor the rapid depletion of cash, as the current trajectory appears unsustainable without significant external capital injections.
According to historical data, working capital changes have been highly erratic, including a notable $11 million swing in 2024Q4, which suggests that the company's cash position is heavily influenced by lumpy, non-recurring project milestones rather than a stable, predictable cycle of customer collections and vendor payments.
This volatility in working capital suggests that the company's cash flow is highly sensitive to the timing of specific contract payments. Such unpredictability complicates the assessment of the company's liquidity and may indicate that the underlying business lacks a consistent operational rhythm.
As indicated by the provided cash flow data, the company's reliance on stock-based compensation, which reached $615.7K in 2024Q2, suggests that the cash flow statement may be masking the true cost of talent acquisition and the potential for significant future shareholder dilution.
While stock-based compensation is a non-cash expense, its prevalence in the company's cost structure warrants further investigation into the long-term impact on equity value. The reliance on non-cash incentives appears to be a necessary strategy to preserve limited cash, yet it creates a structural overhang for existing investors.
Quick answers to the most common questions about buying CYN stock.
Cyngn Inc. (CYN) generated $-23.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cyngn Inc. (CYN) reported negative free cash flow of $24.8M in 2025, indicating capital requirements exceeded cash from operations.
Cyngn Inc. (CYN) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.