Operational sustainability is absent, with the company recording a $1.1 million free cash flow outflow in 2025Q4 while continuing to rely on stock-based compensation to obscure true cash burn.
| Cash from Operations | -2.58M | -3.02M | -2.11M | -2.39M | -2.1M | -1.14M | 160K | -9.75M | -124.91K |
| Operating CF Margin % | -2002.33% | - | -6.68% | -2.89% | -0.83% | -94.03% | 0.05% | -2.26% | - |
| Operating CF Growth % | 14.47% | -43.26% | 11.95% | -13.84% | -85.29% | -809.38% | 101.64% | -7705.13% | - |
| Net Income | -53.91M | -40.97M | -53.56M | -84.71M | -196.58M | -166K | -110K | -88.62M | 337.25K |
| Depreciation & Amortization | 4.04M | 3.94M | 25.74M | 24.6M | 5M | 5K | 3K | 161K | 0 |
| Stock-Based Compensation | 25.41M | 10.86M | 11.97M | 39.31M | 41.59M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -2.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 25.15M | 22.79M | 12.06M | 15.79M | 152.8M | 240K | -370K | 75.02M | -422.92K |
| Working Capital Changes | -540K | 364K | 1.68M | 2.61M | -4.92M | -1.21M | 637K | 3.69M | -39.24K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -227K | 0 |
| Change in Inventory | -35K | 35K | -35K | 373K | -404K | 0 | 44K | 30.15M | 0 |
| Change in Payables | 0 | -93K | 0 | 0 | 0 | 0 | 0 | -2.43M | 15.57K |
| Cash from Investing | 0 | -26K | -3.13M | -156K | 4.27M | -290K | 0 | 109.86M | -206.36M |
| Capital Expenditures | 0 | -18K | -396K | -59K | 0 | 0 | 0 | -764K | 0 |
| CapEx % of Revenue | - | - | 1.26% | 0.07% | - | - | - | 0.18% | - |
| Acquisitions | 0 | -8K | 2K | 0 | 4.3M | 0 | 0 | 923K | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -2.74M | -97K | -32K | -290K | 0 | 109.7M | 0 |
| Cash from Financing | 1.04M | 4.51M | 1.01M | 5.41M | 2M | 2.13M | -318K | -149.51M | 206.65M |
| Debt Issued (Net) | 1.04M | 286K | -50K | 2M | 2M | 0 | 405K | -35.86M | 0 |
| Equity Issued (Net) | 0 | 4.22M | 0 | 0 | 0 | -5.96M | 0 | 0 | 31.14K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -5.96M | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 1.06M | 3.41M | 0 | 8.1M | -723K | -113.65M | 206.62M |
| Net Change in Cash | -1.53M | 303K | -5.02M | 1.84M | 4.66M | 603K | 4K | -193.18M | 206.95M |
| Free Cash Flow | -2.58M | -3.04M | -2.5M | -2.45M | -2.1M | -1.14M | 160K | -10.51M | -124.9K |
| FCF Margin % | -2002.33% | - | -7.94% | -2.96% | -0.83% | -94.03% | 0.05% | -2.44% | - |
| FCF Growth % | 14.98% | -21.33% | -2.08% | -16.64% | -85.29% | -809.38% | 101.52% | -8317.13% | - |
| FCF per Share | -17.39 | -869.24 | -2952.83 | -4965.59 | -7431.10 | -6202.19 | 874.32 | -5391.28 | -640.51 |
| FCF Conversion (FCF/Net Income) | 0.05x | 0.07x | 0.04x | 0.03x | 0.01x | 6.84x | -1.45x | 0.11x | -0.37x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 26K | 0 | 0 | 254K | 0 | 0 |
Existential liquidity and delisting
According to the provided financial data, Kaixin's operating cash flow consistently fails to track with net losses, as evidenced by the 2025Q4 period where a $45.5 million net loss resulted in a $1.1 million cash outflow, suggesting minimal correlation between accounting results and actual liquidity.
The persistent gap between net income and operating cash flow indicates that non-cash charges, such as stock-based compensation and depreciation, are the primary drivers of the company's financial reporting. Investors should monitor this divergence, as it suggests that the reported net losses may understate the actual cash-burning nature of the underlying business operations.
As reported in recent financial statements, Kaixin's free cash flow trajectory remains firmly in negative territory, with the company recording a $1.1 million outflow in 2025Q4, highlighting a structural inability to generate self-sustaining cash flow to support its ongoing pivot toward electric vehicle manufacturing.
The consistent negative free cash flow trend suggests that the company is reliant on external financing to maintain its corporate existence. Without a clear path to positive cash generation, the current trajectory appears unsustainable and warrants further investigation into the company's remaining runway.
Based on reported figures, stock-based compensation has been a recurring feature of the cash flow statement, with $4.7 million recorded in 2024Q4 alone, which effectively masks the true extent of the company's operational cash burn by inflating the non-cash expense profile of the business.
The reliance on equity-based compensation suggests that management is attempting to preserve limited cash reserves by diluting shareholders. This practice obscures the underlying operational inefficiency, as the cash flow statement reflects a lower burn rate than what would be required if these expenses were settled in cash.
Analysis of the multi-period data reveals a significant cumulative divergence between reported net income and operating cash flow, indicating that the company's accounting losses have not been fully reflected in the cash balance, likely due to heavy reliance on non-cash accounting adjustments and equity-based financing.
This long-term disconnect suggests that the company's financial health is more precarious than the net income figures alone might imply. The persistent inability to convert operations into positive cash flow suggests that the business model has failed to achieve the scale necessary for financial viability.
Quick answers to the most common questions about buying KXIN stock.
Kaixin Auto Holdings (KXIN) generated $-2.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Kaixin Auto Holdings (KXIN) reported negative free cash flow of $2.6M in 2025, indicating capital requirements exceeded cash from operations.
Kaixin Auto Holdings (KXIN) 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.