Free cash flow remains persistently negative, with quarterly outflows averaging between $2.6 million and $3.6 million, indicating a structural inability to achieve self-sustaining operations.
| Cash from Operations | -11.23M | -10.54M | -11.05M | -14.93M | -17.06M | -12.13M | -11.49M | -11.86M | -11.47M | -5.07M | -2.43M | -157K |
| Operating CF Margin % | - | -2647.22% | -2535.55% | -3003.22% | -3101.27% | -10104.17% | - | - | - | - | - | - |
| Operating CF Growth % | 21.69% | 4.7% | 25.93% | 12.49% | -40.68% | -5.48% | 3.09% | -3.38% | -126.16% | -108.55% | -1449.39% | - |
| Net Income | -12.2M | -12.2M | -11.14M | -18.41M | -21.68M | -15.04M | -15.32M | -15.44M | -14.66M | -15.94M | -13.35M | -157K |
| Depreciation & Amortization | 174.5K | 162.28K | 200K | 263K | 218K | 159K | 254K | 259K | 235K | 49K | 10.14K | 0 |
| Stock-Based Compensation | 951.5K | 0 | 788K | 1.44M | 1.83M | 2.46M | 1.16M | 1.64M | 2.04M | 2.46M | 1.97M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 73.83K | 0 |
| Other Non-Cash Items | -414K | 890K | -1.26M | 2.22M | 3.06M | 67K | 2.5M | 1.35M | 754K | 8.05M | 8.1M | -315.86K |
| Working Capital Changes | 320K | 610.81K | 354K | -438K | -481K | 221K | -92K | 335K | 155K | 312K | 757.29K | 315.86K |
| Change in Receivables | 334K | 77.61K | 195K | -308K | 0 | 0 | 0 | 0 | 0 | 0 | -15.08K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -193K | -48.38K | 161K | -179K | 62K | -138K | -296K | 367K | 14K | 226K | 334.06K | 0 |
| Cash from Investing | -35K | -25.2K | 1.78M | 7.09M | 8.98M | -12.58M | 85K | 7.19M | -6.13M | -12.05M | -1.74M | 0 |
| Capital Expenditures | -35K | -25.2K | -62K | -124K | -313K | -235K | -50K | -103K | -733K | -271K | -72.53K | 0 |
| CapEx % of Revenue | 7.61% | 6.33% | 14.22% | 24.95% | 56.91% | 195.83% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | -9.3M | 0 | 0 | 0 | -5.07M | 0 | -1.34M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 9.3M | -12.35M | 135K | 7.29M | -5.4M | -11.78M | 0 | 0 |
| Cash from Financing | 5.48M | 9.55M | 903K | 4.18M | 0 | 14.16M | 45.28M | 6.52M | 11.37M | 23.39M | 7.53M | 157K |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1M | 9.55M | 903K | 4.18M | 0 | 13.51M | 45.02M | 6.52M | 11.21M | 10.74M | 6.26M | 256 |
| Dividends Paid | 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 |
| Other Financing | 4.48M | 0 | 0 | 0 | 0 | 652K | 263K | 0 | 159K | 12.65M | 1.25M | 156.74K |
| Net Change in Cash | -14.52M | -893.1K | -8.55M | -3.54M | -8.91M | -10.58M | 33.95M | 1.67M | -6.48M | 6.27M | 7.53M | 0 |
| Free Cash Flow | -11.26M | -10.56M | -11.12M | -15.05M | -17.37M | -12.36M | -11.54M | -11.96M | -12.21M | -5.34M | -2.51M | -157K |
| FCF Margin % | -2447.93% | -2653.55% | -2549.77% | -3028.17% | -3158.18% | -10300% | - | - | - | - | - | - |
| FCF Growth % | 7.13% | 5% | 26.13% | 13.36% | -40.53% | -7.06% | 3.5% | 1.98% | -128.41% | -113.33% | -1495.59% | - |
| FCF per Share | -77.31 | -9.43 | -95.33 | -181.73 | -215.28 | -153.27 | -147.69 | -309.52 | -370.16 | -226.50 | -148.91 | -17.51 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.87x | 0.99x | 0.81x | 0.79x | 0.81x | 0.76x | 0.79x | 0.78x | 0.32x | 0.18x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
According to the provided cash flow statements, the company exhibits a persistent disconnect between net losses and operating cash outflows, with OCF/NI ratios frequently fluctuating near parity, suggesting that reported losses are not merely accounting artifacts but reflect genuine, ongoing cash consumption in the business.
The tight correlation between net income and operating cash flow indicates that the company lacks significant non-cash expenses to bridge the gap between accounting losses and actual cash burn. This suggests that the business model is currently incapable of generating the internal cash flow required to fund its own R&D-heavy operations.
As reported in financial statements, Foresight’s free cash flow remains consistently negative, with quarterly outflows averaging approximately $2.6 million to $3.6 million, underscoring a structural inability to achieve self-sustaining operations despite the company's focus on high-margin software and engineering pilot programs.
The trajectory of free cash flow shows no meaningful improvement over the last ten quarters, indicating that the company is trapped in a cycle of high cash burn. Investors should monitor whether the company can reach a commercial inflection point before its current cash reserves are exhausted.
Based on reported figures, working capital changes have been highly erratic, swinging from a $295,000 inflow in 2024Q2 to a $217,000 outflow in 2024Q3, which suggests that the company’s cash position is sensitive to the timing of milestone payments and project-based billing cycles.
This volatility in working capital highlights the lack of a predictable, recurring revenue stream. The reliance on these fluctuations to manage short-term liquidity warrants further investigation into the stability of the company's customer base and the reliability of its contract-based cash inflows.
Data from the cash flow statement reveals that stock-based compensation, which reached as high as $425,000 in 2023Q3, serves as a critical mechanism for preserving cash, effectively shifting the burden of compensation from the balance sheet to the equity holders through ongoing dilution.
While this practice helps mitigate immediate cash outflows, it does not address the underlying lack of commercial viability. The reliance on equity-based incentives appears to be a necessary survival tactic that may continue to pressure shareholder value as long as the core business remains pre-revenue.
Quick answers to the most common questions about buying FRSX stock.
Foresight Autonomous Holdings Ltd. (FRSX) generated $-10.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Foresight Autonomous Holdings Ltd. (FRSX) reported negative free cash flow of $10.6M in 2025, indicating capital requirements exceeded cash from operations.
Foresight Autonomous Holdings Ltd. (FRSX) 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.