Operating cash flow remains structurally negative, highlighted by a $1.3 million cash outflow in 2025Q2 and an OCF/NI ratio of 2.36, indicating that accounting losses fail to capture the full extent of the firm's cash burn.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Jan'09 | Jan'08 |
|---|
| Cash from Operations | -2.83M | -2.03M | -4.42M | -2.6M | -5.41M | -1.97M | -145.57K | 304.47K | -2.66M | -5.03M | -3.61M | -3.33M | -2.11M | -2.11M | -1.23M | 459.96K | -532K |
| Operating CF Margin % | - | -38.4% | -73.41% | -40.1% | -121.05% | -102.82% | -9.81% | 8.12% | -86.69% | -230.14% | -107.96% | -92.21% | -74.81% | -224.89% | -187.16% | 90.96% | - |
| Operating CF Growth % | -516.44% | 54.13% | -69.69% | 51.84% | -174.26% | -1254.76% | -147.81% | 111.43% | 47.06% | -39.3% | -8.53% | -57.79% | 0.24% | -71.2% | -368.46% | 186.46% | - |
| Net Income | -2.94M | -3.2M | -3.98M | -3.24M | -3.35M | -3M | -1.6M | -914.11K | -3.79M | -5.66M | -6.8M | -3.84M | -4.46M | -1.95M | -1.78M | -36.5K | -50.57K |
| Depreciation & Amortization | 20.17K | 21.58K | 31.8K | 19.75K | 17.8K | 15.02K | 25.7K | 24.51K | 191.51K | 225.53K | 221.9K | 218.23K | 255.69K | 82.84K | 80.55K | 0 | 0 |
| Stock-Based Compensation | 388K | 376K | 122.6K | 104.6K | 120.58K | 801.91K | 176.64K | 131.71K | 216.7K | 373K | 336.4K | 372.01K | 1.03M | 267.23K | 61.8K | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 218.21K | 147.59K | 988.73K | 220.92K | 0 | 1.2M | -343.53K | 5.42M | 0 | -61.8K | 0 | 0 |
| Other Non-Cash Items | 155K | 135K | 90K | 141.25K | 225.46K | 69.73K | 94.1K | -1.07M | 277.02K | 907.69K | 222.21K | 372.01K | -4.44M | 68.75K | 61.8K | 6K | 6K |
| Working Capital Changes | -454.56K | 638.03K | -683.33K | 364.88K | -2.43M | -78.31K | 1.01M | 1.14M | 215.64K | -654.28K | 1.21M | -104.5K | 88.73K | -584.56K | 400.87K | 490.46K | -487.43K |
| Change in Receivables | 54.44K | 1.02M | -996.59K | 930.8K | -785.97K | -266.14K | 669.15K | -600.69K | -677.89K | -11.02K | 1.18M | -970.34K | -30K | -324.95K | -9.77K | 0 | 0 |
| Change in Inventory | -30.35K | -87.84K | 176.4K | 199.12K | -214.9K | -122.79K | -89.12K | 998.75K | 73.38K | -109.1K | -212.92K | -68.38K | 20.53K | -4.65K | 13.53K | 489.84K | -489.84K |
| Change in Payables | 241.84K | -810.3K | 439.94K | -522.46K | -1.24M | 452.64K | 367.1K | 771.4K | 788.66K | -627.16K | 366.51K | 1.45M | 184.02K | -17.18K | 149.07K | 617 | 0 |
| Cash from Investing | -109 | 0 | -2.61K | -878.21K | -14.16K | -24.51K | -21.91K | 4.66K | -9.31K | -268.65K | -157.23K | -338.82K | 586.99K | -135.07K | 100.34K | 0 | 0 |
| Capital Expenditures | -109 | 0 | -2.61K | -878.21K | -14.16K | -24.51K | -21.91K | -1.5K | -27.44K | -268.65K | -157.23K | -338.82K | -153.57K | -135.07K | -8.81K | 0 | 0 |
| CapEx % of Revenue | 0% | - | 0.04% | 13.52% | 0.32% | 1.28% | 1.48% | 0.04% | 0.89% | 12.29% | 4.7% | 9.39% | 5.45% | 14.37% | 1.34% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66K | 18.13K | 0 | 0 | 0 | 740.56K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5K | 18.13K | 0 | 0 | 0 | 0 | 0 | 109.15K | 0 | 0 |
| Cash from Financing | 5.98M | 4.56M | 2.26M | 924.1K | 11.41M | 3.12M | 113.72K | -207.34K | 2.8M | 4.83M | 4.22M | 2.92M | 2.04M | 2.59M | 816.94K | -395.75K | 549.75K |
| Debt Issued (Net) | -199.08K | -372.29K | 576.45K | -299.05K | 194.79K | 447.85K | 0 | 0 | -917.2K | 2.92M | -337.52K | 1.11M | 5.14K | -26.25K | 521.98K | 0 | 0 |
| Equity Issued (Net) | 6.56M | 4.93M | 1.68M | 1.32M | 11.51M | 2.82M | 0 | 63.58K | 0 | 0 | 5.21M | 2.19M | 2.08M | 2.61M | 294.96K | 0 | 169K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.96K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -372.29K | 0 | 0 | -99.73K | -300.21K | -148.58K | 113.72K | -270.92K | 3.72M | 1.91M | -653.28K | -385.11K | -41.72K | 0 | 0 | -395.75K | 380.75K |
| Net Change in Cash | 3.18M | 2.56M | -2.21M | -2.56M | 5.93M | 1.14M | -7.45K | -31.29K | 119.03K | -471.83K | 445.27K | -735.9K | 495.02K | 337.67K | -317.52K | 64.21K | 17.75K |
| Free Cash Flow | -2.83M | -2.03M | -4.42M | -3.48M | -5.42M | -2M | -167.48K | 302.97K | -2.69M | -5.3M | -3.77M | -3.67M | -2.26M | -2.25M | -1.24M | 459.96K | -532K |
| FCF Margin % | -53.38% | -38.4% | -73.45% | -53.62% | -121.37% | -104.1% | -11.29% | 8.08% | -87.59% | -242.43% | -112.67% | -101.59% | -80.26% | -239.26% | -188.49% | 90.96% | - |
| FCF Growth % | 12.9% | 54.15% | -26.98% | 35.77% | -171.61% | -1092.12% | -155.28% | 111.26% | 49.23% | -40.62% | -2.79% | -62.06% | -0.6% | -80.85% | -370.37% | 186.46% | - |
| FCF per Share | -0.93 | -0.67 | -2.01 | -1.74 | -3.38 | -1.79 | -0.21 | 0.38 | -6.25 | -12.42 | -9.08 | -1.54 | -1.14 | -1.29 | -0.80 | 1.10 | -1.43 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.63x | 1.11x | 0.63x | 1.62x | 0.66x | 0.09x | -0.33x | 0.70x | 0.89x | 0.53x | 0.87x | 0.47x | 1.09x | 0.69x | -12.60x | 10.52x |
| Interest Paid | 19.31K | 25.37K | 15.32K | 9.79K | 0 | 0 | 0 | 0 | 33.49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 27.76K | 28.24K | 38.54K | 28.78K | 0 | 0 | 0 | 0 | 11.01K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in quarterly financial statements, IVDA consistently exhibits an OCF/NI ratio exceeding 1.0, with a 2025Q2 peak of 2.36, indicating that operating cash outflows are significantly outpacing net losses and suggesting that accounting earnings are failing to capture the full extent of the company's cash burn.
The persistent divergence between net income and operating cash flow suggests that the company's accrual-based accounting may be masking deeper liquidity pressures. Investors should monitor this gap, as it implies that the firm's operational activities are consuming cash at a rate that exceeds the headline loss figures.
Based on recent SEC filings, IVDA's free cash flow trajectory remains firmly in negative territory, with quarterly outflows reaching as high as $1.3 million in 2025Q2, highlighting a structural inability to generate self-sustaining cash flow from its current project-based revenue model and high operating cost base.
The consistent failure to achieve positive free cash flow suggests that the business model is currently dependent on external financing to fund ongoing operations. This trend warrants further investigation into whether the company can reach a break-even point before its existing cash reserves are fully depleted.
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $917.4K inflow in 2025Q4 to a $773.9K outflow in 2025Q2, which suggests that the company struggles with unpredictable collection cycles and inventory management inherent in its municipal project deployments.
These fluctuations in working capital appear to be a primary driver of the company's inconsistent cash position. The inability to stabilize these flows may indicate that the firm lacks sufficient leverage over its customers or suppliers to manage its cash conversion cycle effectively.
As noted in financial disclosures, stock-based compensation reached $376.0K in 2025Q4, a significant non-cash adjustment that obscures the true economic cost of talent acquisition while the company continues to report substantial operating cash outflows, suggesting that equity dilution is being used to subsidize operational cash shortfalls.
The reliance on stock-based compensation to manage personnel costs may be a necessary strategy given the firm's limited cash reserves, but it effectively shifts the burden of funding operations onto shareholders. This practice warrants careful monitoring as it may lead to significant dilution if the company fails to achieve a path to profitability.
Quick answers to the most common questions about buying IVDA stock.
Iveda Solutions, Inc. (IVDA) generated $-2.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Iveda Solutions, Inc. (IVDA) reported negative free cash flow of $2.0M in 2025, indicating capital requirements exceeded cash from operations.
Iveda Solutions, Inc. (IVDA) 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.