Liquidity is under pressure due to erratic working capital cycles and a 93.4% CapEx-to-revenue ratio in 2026Q1, which highlights the heavy capital burden of deploying DeepView hardware.
| Cash from Operations | -12.14M | -9.92M | -9.2M | -13.24M | -1.16M | -2.92M |
| Operating CF Margin % | - | -50.48% | -31.1% | -73.33% | -4.58% | -19.15% |
| Operating CF Growth % | -808.36% | -7.84% | 30.52% | -1039.41% | 60.18% | - |
| Net Income | -14.29M | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Depreciation & Amortization | 669K | 635K | 588K | 722K | 568K | 1K |
| Stock-Based Compensation | 915K | 1.11M | 1.03M | 1.24M | 1.16M | 1.36M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.52M | -2.07M | 6.37M | 4.01M | -57K | -298K |
| Working Capital Changes | -3.37M | -2.03M | -1.87M | 1.63M | 84K | 2K |
| Change in Receivables | 918K | 1.24M | -159K | 566K | -1.41M | 1.19M |
| Change in Inventory | -394K | -413K | -195K | -230K | 0 | 0 |
| Change in Payables | -1.67M | -1.02M | 1.43M | -935K | 1.34M | -2.4M |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | -7K |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | -7K |
| CapEx % of Revenue | 0% | - | - | - | - | 0.05% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 9.73M | 20.12M | 9.57M | 3.84M | -785K | 13.92M |
| Debt Issued (Net) | -602K | 6.71M | 5.34M | -483K | -785K | -701K |
| Equity Issued (Net) | 10.33M | 13.41M | 4.06M | 3.35M | 0 | 14.62M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 177K | 976K | 0 | 4K |
| Net Change in Cash | -2.41M | 10.24M | 367K | -9.38M | -1.95M | 11M |
| Free Cash Flow | -8.41M | -9.92M | -9.2M | -13.24M | -1.16M | -2.92M |
| FCF Margin % | -50.4% | -50.48% | -31.1% | -73.33% | -4.58% | -19.19% |
| FCF Growth % | -4.87% | -7.84% | 30.52% | -1039.41% | 60.27% | - |
| FCF per Share | -0.26 | -0.37 | -0.51 | -0.94 | -0.06 | -0.16 |
| FCF Conversion (FCF/Net Income) | 0.59x | 1.31x | 0.60x | 0.63x | 0.40x | 0.73x |
| Interest Paid | 278K | 0 | 11K | 29K | 23K | 12K |
| Taxes Paid | -5K | 0 | 11K | 114K | 53K | 255K |
BARDA funding dependency risk
As reported in financial statements, Spectral AI's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching -3.98 in 2025Q4, suggesting that reported accounting profits are not translating into actual liquidity as the company navigates its early-stage development and clinical trial phases.
The persistent gap between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash items or timing differences in government contract recognition. Investors should monitor this divergence closely, as it implies that the underlying business model is consuming cash at a rate that accounting profitability metrics fail to capture.
Based on EDBL's reported figures, the company's free cash flow remains consistently negative, with the exception of a single anomalous quarter, highlighting a structural inability to self-fund operations through current revenue streams while maintaining the high R&D spending required for its medical device pipeline.
The lack of a positive FCF trend suggests that the company is currently in a deep investment phase where cash outflows are dictated by clinical trial requirements rather than commercial scale. Without a clear path to positive FCF margins, the company appears reliant on external financing or continued government grants to sustain its current operational footprint.
According to recent SEC filings, Spectral AI's working capital changes are highly erratic, with a significant $1.9M outflow in 2026Q1, reflecting the inherent difficulty in managing cash cycles when revenue is tied to lumpy, milestone-based government contracts rather than predictable commercial sales.
The volatility in working capital suggests that the company's cash position is highly sensitive to the timing of contract payments and the accumulation of inventory for its DeepView hardware. This lack of predictability in cash conversion cycles warrants further investigation into the company's ability to manage liquidity during periods of delayed milestone achievement.
As indicated by the company's financial history, the 93.4% CapEx-to-revenue ratio observed in 2026Q1 underscores the heavy capital burden required to manufacture and deploy the DeepView imaging carts, which currently outweighs the revenue generated from these assets.
The high capital intensity relative to revenue suggests that the company is still in the process of building out its hardware infrastructure, which may continue to pressure cash flows in the near term. Investors should monitor whether future revenue growth can outpace these capital requirements to justify the current hardware-heavy business model.
Quick answers to the most common questions about buying MDAI stock.
Spectral AI, Inc. (MDAI) generated $-9.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Spectral AI, Inc. (MDAI) reported negative free cash flow of $9.9M in 2025, indicating capital requirements exceeded cash from operations.
Spectral AI, Inc. (MDAI) 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.