Liquidity remains under severe pressure, with free cash flow outflows reaching $10.5 million in 2026Q1, significantly exacerbated by $2.2 million in stock-based compensation.
| Cash from Operations | -11.25M | -11.27M | -22.53M | -26.18M | -24.9M | -16.18M | -10.67M | -8.23M | -3.28M |
| Operating CF Margin % | - | -2602.31% | -2224.38% | - | - | - | - | - | - |
| Operating CF Growth % | 184.49% | 49.99% | 13.92% | -5.12% | -53.88% | -51.73% | -29.63% | -151.08% | - |
| Net Income | -18.21M | -18.29M | -23.73M | -29.28M | -30.33M | -21.77M | -13.03M | -8.44M | -3.49M |
| Depreciation & Amortization | 456K | 149K | 166K | 158K | 147K | 74K | 13K | 11K | 3K |
| Stock-Based Compensation | 2.96M | 2.91M | 3.23M | 2.98M | 3.1M | 1.93M | 713K | 90K | 25.09K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 1.31M | 947K | 0 | 0 |
| Other Non-Cash Items | 5.71M | 3.75M | 308K | 237K | 134K | 937K | 1.42M | -13K | 25K |
| Working Capital Changes | -2.26M | 207K | -2.5M | -269K | 2.05M | 1.34M | -725K | 124K | 189K |
| Change in Receivables | -217K | -55K | 567K | 427K | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -335K | -505K | -932K | -1.11M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -570K | 1.3M | -1.1M | 2.56M | 246K | 65K | 231K | 8K | 0 |
| Cash from Investing | 30.44M | 0 | -8K | -64K | 15.72M | -16.7M | 0 | -13K | -52K |
| Capital Expenditures | -6.24M | 0 | -8K | -64K | -105K | -565K | 0 | -13K | -52K |
| CapEx % of Revenue | 846.4% | - | 0.79% | - | - | - | - | - | - |
| Acquisitions | 36.68M | 0 | 0 | 0 | 0 | 16.13K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 15.83K | -16.13K | 0 | 0 | 0 |
| Cash from Financing | 5.79M | 6.19M | 24.32M | 21.6M | 2.26M | 44.85M | 12.09M | 9.36M | 6.5M |
| Debt Issued (Net) | 1.47M | 1.5M | 0 | 0 | 0 | 0 | 12.1M | 0 | 0 |
| Equity Issued (Net) | 4.32M | 4.69M | 24.32M | 21.6M | 2.26M | 44.85M | 676K | 9.36M | 6.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | -695K | 0 | 0 |
| Net Change in Cash | 24.97M | -5.08M | 1.78M | -4.64M | -6.92M | 11.96M | 1.42M | 1.12M | 3.17M |
| Free Cash Flow | -17.49M | -11.27M | -22.54M | -26.24M | -25.01M | -16.75M | -10.67M | -8.24M | -3.33M |
| FCF Margin % | -2373.27% | -2602.31% | -2225.17% | - | - | - | - | - | - |
| FCF Growth % | 22.97% | 50.01% | 14.1% | -4.93% | -49.31% | -57.02% | -29.43% | -147.55% | - |
| FCF per Share | -0.01 | -0.01 | -0.37 | -0.57 | -0.76 | -0.51 | -0.33 | -0.26 | -0.10 |
| FCF Conversion (FCF/Net Income) | 0.96x | 0.62x | 0.95x | 0.89x | 0.82x | 0.72x | 0.76x | 0.97x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and regulatory failure
According to the provided quarterly cash flow data, Movano's operating cash flow consistently tracks net losses, with an OCF/NI ratio that frequently fluctuates between 0.72 and 1.32, suggesting that non-cash expenses and working capital swings are the primary drivers of the company's reported cash position.
The tight correlation between net income and operating cash flow indicates that the company lacks significant non-cash revenue recognition or deferred tax benefits that might otherwise decouple accounting earnings from cash reality. Investors should monitor whether the recent volatility in this ratio reflects genuine operational improvements or merely the timing of vendor payments and inventory management.
As reported in financial statements, Movano's free cash flow trajectory remains deeply negative, with quarterly outflows reaching as high as $10.5 million in 2026Q1, underscoring the company's inability to fund its ongoing R&D and commercialization efforts through internal cash generation.
The consistent FCF burn suggests that the company is currently in a high-intensity capital phase where every dollar of revenue is eclipsed by the costs of hardware production and regulatory compliance. This trajectory implies that the business model is not yet self-sustaining and remains entirely dependent on external financing to bridge the gap between development and profitability.
Based on the company's reported figures, capital expenditures spiked to $6.2 million in 2026Q1, representing a significant 12.2% of revenue, which indicates a shift toward scaling manufacturing infrastructure that was previously absent in earlier, lower-intensity quarters.
This sudden increase in capital intensity suggests that the company is attempting to transition from pilot-scale production to a more robust manufacturing footprint. Analysts should investigate whether this investment will lead to improved unit economics or if it represents a sunk cost in a market where the product has yet to achieve meaningful commercial traction.
Data from recent filings reveals erratic working capital movements, with a $1.9 million outflow in 2026Q1 following a $530,000 inflow in 2025Q1, highlighting the challenges of managing inventory and payables during the initial commercial launch of the Evie Ring.
The lack of a stable working capital cycle suggests that the company is struggling to balance inventory procurement with the unpredictable demand for its hardware. This volatility may indicate that the company is forced to carry excess inventory or is experiencing delays in collections, both of which exacerbate the existing liquidity constraints.
Analysis of the cash flow statement indicates that stock-based compensation remains a significant non-cash add-back, reaching $2.2 million in 2026Q1, which effectively masks the true extent of the company's cash-based operating expenses and dilutes the value of existing equity holders.
By relying heavily on equity-based compensation to attract and retain talent, the company is avoiding immediate cash outflows at the expense of long-term shareholder dilution. This practice warrants further investigation, as it may be the only factor preventing an even more rapid depletion of the company's limited cash reserves.
Quick answers to the most common questions about buying MOVE stock.
Corvex, Inc. (MOVE) generated $-11.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Corvex, Inc. (MOVE) reported negative free cash flow of $11.3M in 2025, indicating capital requirements exceeded cash from operations.
Corvex, Inc. (MOVE) 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.