Free cash flow remains deeply negative, with a $4.9 million outflow in 2026Q1 highlighting a structural inability to generate self-sustaining cash from operations.
Azio AI, Inc. (EVTV) cash flow statement — 12-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'13 |
|---|
| Cash from Operations | -8.93M | -5.59M | -3.5M | -4.25M | -7.43M | -12.94M | 1.53M | -4.58M | -5.63M | -5.58M | -2.91M | -2.1M | -1.43M |
| Operating CF Margin % | - | -94.08% | -187.41% | -148.28% | -164.99% | -633.27% | 1720.1% | -36.48% | -112.39% | -1312.47% | -4276.47% | - | -5136.55% |
| Operating CF Growth % | -112.01% | -59.43% | 17.44% | 42.88% | 42.55% | -947.57% | 133.31% | 18.64% | -0.97% | -91.82% | -38.28% | -47.47% | - |
| Net Income | -30.57M | -39.13M | -8.85M | -12.68M | -43.8M | -7.65M | -279.52K | -5.15M | -11.05M | -21.9M | -10.69M | -6.04M | -1.65M |
| Depreciation & Amortization | 578.37K | 960.54K | 190.55K | 128.8K | 97.24K | 70.28K | 17.67K | 48.58K | 43.35K | 18.6K | 12.8K | 7.1K | 4.89K |
| Stock-Based Compensation | 1.76M | 639.82K | 1.89M | 1.32M | 1.61M | 3.41M | 347K | 769K | 6.41M | 15.04M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 2.35T | 308.55K | 0 | 83K | 670K | -13K | 0 | 0 | 0 |
| Other Non-Cash Items | 16.99M | 27.73M | 672.17K | 5.13M | -2.35T | -290.52K | -347K | 1.31M | 6.45M | 16.79M | 8.37M | 3.47M | 176.4K |
| Working Capital Changes | 2.31M | 4.21M | 2.59M | 1.86M | -2.67M | -8.79M | 1.79M | -582K | -516K | -367K | -461K | 466K | 45.78K |
| Change in Receivables | 546.06K | -39.51K | 381.35K | 1.36M | -525.6K | -1.65M | -116.3K | 308K | -997K | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.17M | 388.4K | 414.22K | 370.28K | -1.82M | -3.2M | 140K | -494K | 210K | 89K | -314K | 0 | 0 |
| Change in Payables | 1.88M | 2.11M | 709.3K | 111.84K | 365.28B | -235.31B | -409K | 76K | 312K | -76K | 199K | 0 | 0 |
| Cash from Investing | -4.71M | -176.83K | -4.71M | 2.31M | 5.51M | -4.68M | -73.09K | 1.13M | -3.71M | -614K | -871K | -113K | -36.87K |
| Capital Expenditures | -4.71M | -176.83K | -430.33K | -35.81K | -168.58K | -27.96K | -73.09K | -13K | -79K | -114K | -411K | -3K | -36.87K |
| CapEx % of Revenue | 71.95% | 2.98% | 23.01% | 1.25% | 3.74% | 1.37% | 82.37% | 0.1% | 1.58% | 26.82% | 604.41% | - | 132.81% |
| Acquisitions | 0 | 0 | -4.28M | 0 | -5.68M | 3.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 5.68M | 3.37M | -2.77M | -38K | 300K | -500K | -450K | 0 | 0 |
| Cash from Financing | 12.85M | 4.18M | 9.7M | -430.48K | -156.69K | 20.59M | 152.84K | 4.13M | 10.65M | 7.7M | 180K | 6.63M | 1.46M |
| Debt Issued (Net) | 3.81M | 4.53M | 3.62M | -430.48K | -276.69K | -328.41K | 152.84K | 4.12M | -449K | -4.85M | 46K | 4.65M | 88.1K |
| Equity Issued (Net) | 3.1M | 426.34K | 6.08M | 0 | 120K | 21.11M | 0 | 7K | 11.1M | 12.55M | 188K | 1.98M | 1.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.93M | -770K | 0 | 0 | 0 | -188.01K | 0 | 0 | 0 | 0 | -54K | 0 | 0 |
| Net Change in Cash | -800.29K | -1.58M | 1.48M | -2.37M | -2.08M | 2.98M | 1.61M | 673K | 1.31M | 1.51M | -3.6M | 4.42M | 0 |
| Free Cash Flow | -13.65M | -5.76M | -3.94M | -4.28M | -7.6M | -12.96M | 1.45M | -4.59M | -5.71M | -5.69M | -3.32M | -2.11M | -1.46M |
| FCF Margin % | -208.34% | -97.06% | -210.42% | -149.53% | -168.73% | -634.64% | 1637.73% | -36.58% | -113.97% | -1339.29% | -4880.88% | - | -5249.14% |
| FCF Growth % | -78.12% | -46.49% | 8.08% | 43.68% | 41.37% | -992.12% | 131.63% | 19.54% | -0.33% | -71.5% | -57.6% | -44.51% | - |
| FCF per Share | -0.95 | -0.36 | -0.24 | -0.28 | -0.51 | -1.13 | 0.37 | -1.26 | -1.58 | -1.71 | -0.98 | -0.62 | -0.43 |
| FCF Conversion (FCF/Net Income) | 0.45x | 0.14x | 0.40x | 0.33x | 0.17x | 1.69x | -5.46x | 0.89x | 0.51x | 0.25x | 0.27x | 0.35x | 0.86x |
| Interest Paid | 0 | 0 | 26.17K | 0 | 0 | 7.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 2.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying EVTV stock.
Azio AI, Inc. (EVTV) generated $-5.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Azio AI, Inc. (EVTV) reported negative free cash flow of $5.8M in 2025, indicating capital requirements exceeded cash from operations.
Azio AI, Inc. (EVTV) 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.
Key Metrics
Top Statement Risk
Imminent liquidity and solvency risk
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Accruals
Based on reported quarterly filings, the persistent gap between net income and operating cash flow suggests that EVTV's earnings quality is severely compromised, as the company consistently fails to convert accounting losses into meaningful cash generation, with OCF/NI ratios frequently deviating from standard operational expectations.
The disconnect between net income and operating cash flow indicates that the company's reported losses are not fully capturing the cash-burn reality of its assembly operations. Investors should monitor whether this divergence is driven by aggressive working capital management or if it reflects underlying structural inefficiencies in the production cycle.
FCF Trajectory Reflects Structural Burn
As reported in financial statements, EVTV's free cash flow trajectory remains deeply negative, with the company recording a cash outflow of $4.9 million in 2026Q1 alone, highlighting a persistent inability to achieve self-sustaining operations despite the company's strategic pivot toward a localized assembly model.
The consistent negative free cash flow suggests that the current business model is fundamentally capital-consumptive rather than capital-generative. Without a significant shift in unit economics, the company appears to be reliant on external financing to bridge the gap between its operational costs and its limited revenue inflows.
Working Capital Volatility Signals Instability
According to recent SEC filings, working capital changes have been highly erratic, with fluctuations ranging from a $3.3 million inflow in 2025Q2 to a $1.4 million outflow in 2025Q1, suggesting that the company's cash position is heavily dependent on the timing of lumpy, non-recurring fleet deliveries.
This volatility in working capital management implies that the company lacks a predictable cash conversion cycle, which is typical for firms reliant on project-based municipal contracts. The reliance on these swings to manage liquidity warrants further investigation into the sustainability of the company's current inventory and accounts receivable management.
Capital Intensity Outpacing Revenue Growth
Based on the provided data, the company's capital expenditure relative to revenue reached as high as 81.6% in 2024Q4, indicating that the firm is investing heavily in its assembly infrastructure while failing to generate the top-line volume necessary to justify such high capital intensity.
The high ratio of CapEx to revenue suggests that the company is in a heavy investment phase that has yet to yield a return on invested capital. This capital-intensive approach appears to be a significant drag on liquidity, especially given the company's limited cash reserves and ongoing operational losses.
Cash Flow Statement Obscures Reality
As indicated by the financial data, the cash flow statement obscures the true extent of the company's financial distress by masking the impact of stock-based compensation and capitalized costs, which may be artificially inflating the company's perceived operational stability in the face of massive net losses.
The reliance on non-cash adjustments to reconcile the cash flow statement suggests that the company's operational health is weaker than the headline figures might imply. Investors should be wary of these adjustments, as they may be hiding the true cost of maintaining the company's current assembly-based business model.