Cash flow generation remains highly erratic, evidenced by a -12.88 OCF/NI ratio in 2026Q2 and a substantial $11.7 million outflow driven by working capital volatility.
Genasys Inc. (GNSS) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | -2.54M | -8.76M | -19.45M | -9.59M | 468K | 6.15M | 6.92M | 9.86M | 1.25M | -666.77K | -1.15M | 135.81K | 8.4M | 1.76M | 194.18K | 4.02M | 369.97K | 2.58M | -3.41M | -4.13M | -10.79M | -8.8M | -6.03M | -5.46M | -2.69M | -3.63M | -3.69M | -2.9M | -2.5M | -1.57M | -611.35K |
| Operating CF Margin % | - | -21.5% | -81.03% | -20.56% | 0.87% | 13.08% | 16.08% | 26.65% | 4.76% | -3.28% | -7.02% | 0.81% | 34.17% | 10.27% | 1.31% | 15.16% | 2.22% | 16.94% | -30.47% | -41.74% | -119.84% | -86.05% | -104.82% | -414.87% | -266.39% | -424.19% | -257.53% | -362.5% | -833.33% | -162.54% | -65.48% |
| Operating CF Growth % | 1014.48% | 54.96% | -102.79% | -2149.79% | -92.39% | -11.1% | -29.8% | 687.25% | 287.74% | 41.97% | -946.1% | -98.38% | 378.6% | 804.17% | -95.17% | 985.95% | -85.65% | 175.62% | 17.49% | 61.69% | -22.55% | -45.97% | -10.49% | -102.68% | 25.79% | 1.69% | -27.26% | -16% | -58.99% | -157.21% | - |
| Net Income | -6.18M | -18.11M | -31.73M | -18.4M | -16.21M | 704K | 11.87M | 2.79M | -3.75M | -876.75K | -1.28M | 9.69M | 3.33M | 1.26M | 1.46M | 4.95M | 3.03M | -1.04M | -6.36M | -5.56M | -7.71M | -9.24M | -6.44M | -8.23M | -8.22M | -5.05M | -3.07M | -3M | -4.6M | -2.14M | -560.45K |
| Depreciation & Amortization | 3.52M | 3.55M | 3.72M | 3.33M | 3.3M | 2.29M | 1.4M | 825K | 483.09K | 153.28K | 167.69K | 238.31K | 209.97K | 146.31K | 93.93K | 138.19K | 206.01K | 312.38K | 352.51K | 479.2K | 463.2K | 1.17M | 239.95K | 954.61K | 2.36M | 621.97K | 226.99K | 100K | 100K | 97.92K | 74.49K |
| Stock-Based Compensation | 1.64M | 1.66M | 1.65M | 1.64M | 2.23M | 1.42M | 980K | 735K | 584.87K | 1.12M | 605.43K | 619.2K | 585.75K | 736.38K | 684.45K | 422.64K | 475.47K | 1.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | -525K | 7.37M | 666K | 433K | -5.71M | 570K | 2.37M | 196K | -188K | -8.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.05M | 80K | 4.02M | 387K | 13.7M | 414K | 503K | 190K | 339.01K | -44.7K | 239.91K | 108.34K | 197.99K | -38.59K | 166.54K | 212.51K | -204.68K | 414.9K | 3.1M | 2.34M | 1.17M | 394.49K | 712.66K | 1.49M | 2.39M | 188.98K | -895K | 300K | 1.8M | 625.67K | -29.34K |
| Working Capital Changes | -4.57M | 4.06M | 3.41M | -3.93M | -3.22M | 884K | -2.13M | 4.75M | 1.22M | -1.21M | -692.52K | -2.18M | 4.08M | -351.21K | -2.21M | -1.71M | -3.14M | 1.33M | -500.85K | -1.39M | -4.71M | -1.13M | -542.06K | 321.23K | 782.01K | 607.02K | 45.46K | -300K | 200K | -151.66K | -96.05K |
| Change in Receivables | -4.57M | -10.27M | 2.82M | 827K | 836K | -2.14M | -1.77M | -855K | 3.15M | -2.27M | -1.29M | 2.17M | 678.25K | 559.96K | -424.12K | -910.15K | -2.75M | 772.07K | -1.29M | 1.47M | -1.75M | -56.02K | -742.59K | -77.48K | 6.1K | 116.19K | -91.38K | -100K | 200K | -111.72K | -82.17K |
| Change in Inventory | -411K | -1.94M | -816K | -788K | 75K | -846K | -521K | 771K | -1.65M | -519.57K | 2.31K | -1.1M | 655.05K | -1.33M | -524.83K | 64.83K | -199.68K | -325.16K | 695.2K | -679.17K | -2.69M | -1.93M | -332.15K | -272.06K | 60.13K | -24.54K | 114.85K | -200K | -100K | 124.12K | -28.55K |
| Change in Payables | 882K | 4.11M | 2.23M | 425K | 199K | 600K | 477K | -2.1M | 192.64K | 537.8K | -129.38K | -126.56K | -765.91K | 600.69K | -44.48K | 75.16K | 9.4K | -3.61K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 39K | 7.9M | -8.67M | 5.54M | -89K | -15.55M | -3.13M | -610K | -2.79M | -129.05K | -999.39K | -4.65M | -341.85K | -150.46K | -205.44K | -60.18K | -81.72K | -181.37K | -309.74K | -209.13K | -653.32K | -756.51K | -742.75K | -220.25K | -378K | -688.29K | 309.41K | -300K | -200K | -278K | -72.72K |
| Capital Expenditures | -83K | -255K | -191K | -239K | -381K | -208K | -140K | -343K | -625.85K | -182.33K | -173.59K | -354.74K | -341.85K | -147.5K | -201.8K | -57.89K | -64.34K | -142.72K | -310.4K | -245.63K | -659.93K | -480.93K | -395.93K | -108.25K | -84.08K | -441.62K | -204.63K | -100K | -100K | -176.77K | -42.72K |
| CapEx % of Revenue | 0.15% | 0.63% | 0.8% | 0.51% | 0.71% | 0.44% | 0.33% | 0.93% | 2.38% | 0.9% | 1.06% | 2.11% | 1.39% | 0.86% | 1.36% | 0.22% | 0.39% | 0.94% | 2.77% | 2.48% | 7.33% | 4.7% | 6.88% | 8.23% | 8.32% | 51.63% | 14.28% | 12.5% | 33.33% | 18.27% | 4.58% |
| Acquisitions | 0 | 0 | -908K | 0 | 0 | -15.85M | 0 | 0 | -2.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -764K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.96K | -3.63K | -2.29K | -17.38K | -38.65K | 665 | 36.5K | 6.61K | -275.59K | -346.82K | -112.01K | -293.92K | -246.67K | -474.28K | -200K | -100K | -101.23K | -30.01K |
| Cash from Financing | 144K | 4.03M | 23.87M | -114K | -1.06M | 13K | 679K | -1.49M | 596.89K | 133K | -2.7M | -1.06M | 28.54K | 340.45K | 0 | 4.49M | 30.42K | 10.38K | 0 | 860.26K | 10.99M | 15.73M | 1.1M | 13.72M | 5.01M | 1.02M | 7.44M | 2.8M | 300K | 4.53M | 1.28M |
| Debt Issued (Net) | -962K | 4M | 13.7M | 0 | -277K | -18K | -17K | -17K | -1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.13K | -10.97K | -9.91K | 172.88K | 2.72M | 800K | 0 | 0 | 0 | 1M | 850.42K |
| Equity Issued (Net) | 152K | 49K | 10.45M | 138K | -716K | 0 | -398K | -2.17M | -725.45K | 0 | -1.75M | -1.56M | -516.35K | 0 | 0 | 0 | 0 | 0 | 0 | 860.26K | 11.59M | 16.57M | 1.11M | 14.27M | 2.29M | 225K | 7.44M | 2.8M | 300K | 3.68M | 432.08K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -954.65K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | -998K | 0 | -398K | -2.17M | -725.45K | 0 | -1.75M | -1.56M | -516.35K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 954K | -18K | -274K | -252K | -70K | 31K | 1.09M | 703K | 2.43M | 133K | 2.2K | 504.37K | 544.89K | 340.45K | 0 | 4.49M | 30.42K | 10.38K | 0 | 0 | -592.7K | -828.18K | 0 | -721.23K | 0 | 0 | 0 | 0 | 0 | -153.25K | 0 |
| Net Change in Cash | -2.37M | 3.26M | -4.23M | -4.14M | -869K | -9.47M | 4.48M | 7.71M | -997.81K | -662.82K | -4.85M | -5.58M | 8.09M | 1.95M | -11.26K | 8.45M | 318.67K | 2.41M | -3.72M | -3.48M | -451.44K | 6.17M | -5.67M | 8.04M | 453.65K | -3.29M | 4.06M | -400K | -2.3M | 2.68M | 598.43K |
| Free Cash Flow | -2.62M | -9.02M | -19.64M | -9.83M | 87K | 5.94M | 6.78M | 9.51M | 625.97K | -849.1K | -1.32M | -218.93K | 8.06M | 1.61M | -11.26K | 3.96M | 288.15K | 2.4M | -3.72M | -4.38M | -11.45M | -9.28M | -6.43M | -5.57M | -4.26M | -4.07M | -3.9M | -3M | -2.6M | -1.75M | -654.07K |
| FCF Margin % | -4.61% | -22.12% | -81.83% | -21.07% | 0.16% | 12.64% | 15.76% | 25.72% | 2.38% | -4.18% | -8.08% | -1.3% | 32.78% | 9.39% | -0.08% | 14.93% | 1.73% | 15.75% | -33.25% | -44.22% | -127.17% | -90.75% | -111.71% | -423.1% | -421.8% | -475.82% | -271.81% | -375% | -866.67% | -180.81% | -70.06% |
| FCF Growth % | 76.08% | 54.1% | -99.81% | -11401.15% | -98.54% | -12.33% | -28.74% | 1419.55% | 173.72% | 35.81% | -504.16% | -102.72% | 402.17% | 14359.93% | -100.28% | 1273.44% | -87.98% | 164.44% | 15.03% | 61.75% | -23.31% | -44.46% | -15.46% | -30.55% | -4.75% | -4.48% | -29.84% | -15.38% | -48.64% | -167.43% | - |
| FCF per Share | -0.06 | -0.20 | -0.44 | -0.27 | 0.00 | 0.17 | 0.20 | 0.28 | 0.02 | -0.03 | -0.04 | -0.01 | 0.24 | 0.05 | -0.00 | 0.12 | 0.01 | 0.08 | -0.12 | -0.14 | -0.46 | -0.43 | -0.33 | -0.35 | -0.30 | -0.30 | -0.33 | -0.26 | -0.24 | -0.19 | -0.09 |
| FCF Conversion (FCF/Net Income) | 0.42x | 0.48x | 0.61x | 0.52x | -0.03x | 8.74x | 0.58x | 3.54x | -0.33x | 0.76x | 0.90x | 0.01x | 2.53x | 1.39x | 0.13x | 0.80x | 0.12x | -2.47x | 0.54x | 0.74x | 1.40x | 0.95x | 0.94x | 0.66x | 0.33x | 0.72x | 1.20x | 0.97x | 0.54x | 0.73x | 1.09x |
| Interest Paid | 886K | 1.57M | 603K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 108 | 1.56K | 1.56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 305K | 235K | 52K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.45K | 0 | 152.34K | 222.18K | 104.13K | 3.4K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying GNSS stock.
Genasys Inc. (GNSS) generated $-8.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Genasys Inc. (GNSS) reported negative free cash flow of $9.0M in 2025, indicating capital requirements exceeded cash from operations.
Genasys Inc. (GNSS) spent $0.3M 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
Liquidity and cash burn
Metrics are mathematically derived from official filings.
Earnings and Cash Flow Disconnect
As reported in recent financial statements, the OCF/NI ratio reached -12.88 in 2026Q2, highlighting a profound disconnect between accounting profitability and actual cash generation that warrants significant investor caution regarding the quality of earnings during periods of rapid revenue expansion.
The extreme volatility in the relationship between net income and operating cash flow suggests that Genasys's earnings are heavily influenced by non-cash items and timing differences. Investors should interpret this divergence as a sign that reported net income may not be a reliable proxy for the company's underlying cash-generating capability.
Free Cash Flow Volatility Persists
Based on Genasys's reported figures, FCF margins have swung violently from -118.1% to 42.2% over the last ten quarters, indicating that the company's cash flow trajectory remains highly sensitive to the lumpy nature of government-funded hardware contract deliveries.
The inability to maintain consistent positive free cash flow suggests that the business model is currently reliant on intermittent large-scale contract wins rather than steady-state operations. This pattern implies that the company may face recurring liquidity pressure during quarters where hardware shipments do not align with milestone payments.
Working Capital Swings Drive Liquidity
According to recent SEC filings, working capital changes have been the primary driver of cash flow volatility, with a massive $11.7 million outflow in 2026Q2 alone, suggesting that the company's cash position is highly vulnerable to fluctuations in accounts receivable and inventory management.
The significant swings in working capital indicate that Genasys is struggling to manage the cash conversion cycle effectively as it scales. This suggests that the company's liquidity is frequently tied up in operational assets, which may necessitate further external financing if these cycles do not stabilize.
Minimal Capital Intensity Observed
As indicated by the data, Genasys maintains a very low capital intensity, with CapEx/Revenue ratios consistently below 3.3%, suggesting that the company's primary cash burn is driven by operating expenses rather than heavy investment in physical manufacturing infrastructure.
The low level of capital expenditure implies that the company is not currently burdened by significant maintenance or growth-related asset replacement costs. This may indicate that the business model is more focused on software development and sales overhead than on expanding its physical production capacity.