T Stamp Inc. continues to burn cash at an unsustainable rate, reporting a $1.9M free cash flow outflow in 2026Q1 while relying on stock-based compensation, which reached $370.6K in 2025Q4, to mask operational cash deficits.
| Cash from Operations | -6.11M | -5.69M | -8.92M | -7.85M | -6.34M | -6.7M | -4.48M | -1.68M | -2.29M | -1.4M |
| Operating CF Margin % | - | -181.09% | -289.37% | -172.19% | -117.68% | -182.23% | -169.26% | -79.62% | -274.04% | -296.11% |
| Operating CF Growth % | 100.25% | 36.26% | -13.59% | -23.91% | 5.44% | -49.51% | -166.96% | 26.59% | -63.81% | - |
| Net Income | -8.4M | -8.33M | -10.61M | -7.64M | -12.09M | -9.06M | -10.68M | -2.14M | -2.62M | -2.33M |
| Depreciation & Amortization | 793.51K | 767.07K | 730K | 789K | 760.5K | 573.75K | 406.24K | 303.05K | 179.72K | 77.74K |
| Stock-Based Compensation | 838.45K | 971K | 1.32M | 763.29K | 2.4M | 2.78M | 2.52M | 40.22K | 293.25K | 51.43K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10.33K | 7.42K |
| Other Non-Cash Items | 1.16M | 907.26K | 1.42M | 104.87K | 309.07K | 359.25K | 1.95M | -66.03K | 430.82K | 241.48K |
| Working Capital Changes | -500.28K | -5.38K | -1.78M | -1.87M | 2.29M | -1.36M | 1.32M | 187.12K | -577.88K | 551.14K |
| Change in Receivables | 86.71K | 255.35K | -624.45K | 309.41K | 269.91K | -1.14M | -51.28K | 11.78K | -17.97K | 100K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 209.98K | -180.73K |
| Change in Payables | 36.94K | -154.16K | -933.91K | 260.52K | 630.49K | -73.56K | 985.35K | 50.58K | -1.47K | 5.62K |
| Cash from Investing | -1.03M | -929.48K | -906.67K | -401.68K | -998.19K | -768.35K | -512.16K | -559.15K | -674.83K | -778.77K |
| Capital Expenditures | -239.94K | -46.07K | -14.67K | -4.71K | -981.55K | -34.22K | -130.13K | -4.39K | -674.83K | -280.11K |
| CapEx % of Revenue | 7.16% | 1.47% | 0.48% | 0.1% | 18.23% | 0.93% | 4.91% | 0.21% | 80.85% | 59.4% |
| Acquisitions | -4.22K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -498.66K |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -748.46K | -883.41K | -892K | -396.97K | 13.36K | -734.14K | -382.04K | -554.76K | -653.29K | 0 |
| Cash from Financing | 10.1M | 9.89M | 9.49M | 10.21M | 5.1M | 9.34M | 6.09M | 2.4M | 1.5M | 3.33M |
| Debt Issued (Net) | -310.6K | -3.33M | 2.63M | -29.71K | -28.17K | 574.79K | -262.18K | 700K | 0 | 2.1M |
| Equity Issued (Net) | 10.29M | 13.22M | 6.97M | 7.39M | 983.2K | 7.63M | 7.05M | 1.7M | 1.5M | 1.02M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.35K | -19.39K | -56.99K | -78.9K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 118.42K | 0 | -106.75K | 2.86M | 4.15M | 1.13M | -703.11K | 0 | 0 | 211.5K |
| Net Change in Cash | 2.76M | 3.26M | -357.43K | 1.89M | -2.22M | 2.01M | 1.14M | 164.06K | -1.46M | 1.16M |
| Free Cash Flow | -7.57M | -5.73M | -9.73M | -8.63M | -7.32M | -7.47M | -4.99M | -2.24M | -2.96M | -1.68M |
| FCF Margin % | -225.9% | -182.55% | -315.54% | -189.28% | -135.91% | -203.12% | -188.6% | -106.14% | -354.89% | -355.52% |
| FCF Growth % | 17.57% | 41.07% | -12.68% | -17.94% | 2.03% | -49.57% | -123.15% | 24.44% | -76.69% | - |
| FCF per Share | -2.43 | -1.84 | -8.81 | -18.17 | -23.20 | -29.74 | -31.70 | -19.77 | -36.02 | -20.38 |
| FCF Conversion (FCF/Net Income) | 0.90x | 0.68x | 0.84x | 1.03x | 0.52x | 0.74x | 0.42x | 0.78x | 0.87x | 0.60x |
| Interest Paid | 124 | 0 | 180.56K | 580 | 0 | 30.21K | 128 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
According to the provided financial data, T Stamp Inc. consistently reports negative net income alongside operating cash outflows, with the OCF/NI ratio frequently failing to provide a positive signal, as evidenced by the -3.55 ratio observed in 2024Q3, highlighting a fundamental lack of cash-generative operational efficiency.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are not merely non-cash adjustments but reflect actual cash-consuming operations. Investors should monitor whether the company can ever achieve positive cash conversion, as current figures imply that every dollar of revenue is insufficient to cover the underlying cost structure.
As reported in recent quarterly filings, T Stamp Inc. exhibits a consistently negative free cash flow trajectory, with quarterly outflows frequently exceeding $2 million, which underscores the company's inability to fund its own operations through internal cash generation despite its focus on proprietary identity token technology.
The consistent FCF burn suggests that the business model remains in a pre-scale phase where capital requirements far outstrip revenue inflows. This trajectory warrants further investigation into whether the company's current cost base is permanently misaligned with its market opportunity or if it is merely a temporary byproduct of aggressive R&D investment.
Based on the reported figures, working capital changes have been highly erratic, swinging from a $754.7K outflow in 2025Q3 to a $681.2K inflow in 2025Q2, which suggests that the company's cash cycle is heavily influenced by lumpy project-based billing rather than predictable, recurring operational cash flows.
Such volatility in working capital often indicates challenges in managing accounts receivable or timing of project milestones. This instability complicates cash flow forecasting and may suggest that the company is struggling to maintain a consistent rhythm in its collections and payables management.
As evidenced by the quarterly cash flow statements, stock-based compensation (SBC) consistently adds back hundreds of thousands of dollars to the cash flow calculation, with a peak of $370.6K in 2025Q4, effectively obscuring the true extent of the company's operational cash burn from its core business activities.
While SBC is a standard non-cash expense, its consistent presence in the cash flow reconciliation suggests that the company relies heavily on equity to retain talent, which may be diluting shareholders while failing to improve the underlying cash-generating capacity of the firm. Analysts should interpret these adjustments as a significant factor in the company's ongoing reliance on external financing.
Quick answers to the most common questions about buying IDAI stock.
T Stamp Inc. (IDAI) generated $-5.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
T Stamp Inc. (IDAI) reported negative free cash flow of $5.7M in 2025, indicating capital requirements exceeded cash from operations.
T Stamp Inc. (IDAI) 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.
In 2025, T Stamp Inc. (IDAI) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.