Liquidity is rapidly depleting, with cash reserves falling to $1.4 million in 2026Q1, failing to cover the $6.3 million free cash flow deficit observed in the same period.
| Cash from Operations | -39.55M | -45.08M | -49.96M | -62.3M | -61.21M | -33.3M | -12.04M | -8.71M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 62.72% | 9.77% | 19.82% | -1.79% | -83.83% | -176.61% | -38.19% | - |
| Net Income | -42.12M | -50.18M | -63.22M | -71.07M | 5.16M | -35.21M | -12.88M | -9.31M |
| Depreciation & Amortization | 1.24M | 1.43M | 2.11M | 1.85M | 1.11M | 316K | 157K | 104K |
| Stock-Based Compensation | 2.17M | 8.13M | 11.9M | 13.27M | 12.26M | 3.69M | 448K | 337K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | -3.08M | 188.07K | 0 |
| Other Non-Cash Items | 4.51M | 451K | -150K | -5.61M | -83.1M | 21K | -188.07K | 64K |
| Working Capital Changes | -5.35M | -4.91M | -594K | -746K | 3.36M | 955K | 232K | 98K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 8.34K | -272K | -96K | -473K | 135K | 1.13M | 170K | 0 |
| Cash from Investing | 32.53M | 32.15M | 6.86M | -45.78M | -5.35M | -1.29M | 13.2M | -1.85M |
| Capital Expenditures | -135.71K | -132K | -180K | -1.67M | -5.35M | -1.29M | -120K | -246K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 344.99M | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 133K | 0 | 0 | 0 | 0 | 0 | 13.32K | -1.6M |
| Cash from Financing | 5.59M | 5.76M | 8K | 44.7M | 9.14M | 192.16M | 13.52M | 10M |
| Debt Issued (Net) | 372.24K | 525K | 0 | -16K | -1.4M | 1.3M | -48K | -27K |
| Equity Issued (Net) | 5.23M | 5.24M | 8K | 47.24M | 10M | 0 | 13.52M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -13.77K | 0 | 0 | -2.53M | 542K | 190.86M | 43K | 10.03M |
| Net Change in Cash | -1.45M | -7.17M | -43.09M | -63.39M | -57.42M | 157.58M | 14.68M | -559K |
| Free Cash Flow | -39.68M | -45.21M | -50.14M | -63.98M | -66.56M | -34.59M | -12.16M | -8.96M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 16.35% | 9.83% | 21.63% | 3.89% | -92.45% | -184.48% | -35.74% | - |
| FCF per Share | -5.92 | -7.61 | -8.52 | -13.14 | -15.67 | -10.74 | -3.55 | -1.64 |
| FCF Conversion (FCF/Net Income) | 0.94x | 0.90x | 0.79x | 0.88x | -11.87x | 0.95x | 0.93x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 1K | 41K | 36K | 3K | 2K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity insolvency risk
According to recent financial disclosures, the company's operating cash flow consistently tracks below net losses, with an OCF/NI ratio of 0.86 in 2026Q1, indicating that non-cash expenses like stock-based compensation are the primary factors preventing the cash burn from perfectly mirroring the reported net income figures.
The persistent gap between net income and operating cash flow suggests that the company relies heavily on non-cash accounting adjustments to manage the optics of its quarterly losses. Investors should monitor this relationship, as the inability to generate positive operating cash flow remains a fundamental barrier to long-term viability.
As reported in quarterly filings, the company has maintained a negative free cash flow trajectory for ten consecutive periods, with the most recent 2026Q1 outflow of $6.3 million underscoring the structural inability to fund development activities through internal operations rather than external capital infusions or existing reserves.
The lack of a positive FCF trajectory is expected for a pre-revenue medical device firm, yet the magnitude of these outflows relative to the remaining cash balance is concerning. This trend suggests that the company is effectively consuming its remaining runway without achieving the commercial milestones necessary to reach self-sustainability.
Based on historical cash flow statements, working capital changes have fluctuated significantly, ranging from a $2.1 million inflow in 2024Q2 to a $3.0 million outflow in 2025Q2, reflecting the inherent instability of managing payables and accruals in a pre-revenue environment devoid of predictable operational cycles.
These swings in working capital appear to be driven by timing differences in vendor payments and R&D-related accruals rather than genuine operational efficiency. The volatility warrants further investigation, as it may indicate management's attempts to preserve cash by delaying obligations during periods of heightened liquidity pressure.
Data from recent SEC filings reveals that stock-based compensation, which reached $3.1 million in several prior quarters, serves as a critical non-cash buffer that masks the true economic cost of talent retention, thereby artificially softening the reported cash burn figures presented to shareholders in the quarterly statements.
While SBC is a standard tool for preserving cash in early-stage firms, its reliance suggests that the company's actual operational cost is significantly higher than the cash flow statement implies. Analysts should adjust for these non-cash charges to understand the true magnitude of the capital required to sustain the current engineering roadmap.
Quick answers to the most common questions about buying RBOT stock.
Vicarious Surgical Inc. (RBOT) generated $-45.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Vicarious Surgical Inc. (RBOT) reported negative free cash flow of $45.2M in 2025, indicating capital requirements exceeded cash from operations.
Vicarious Surgical Inc. (RBOT) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.