Free cash flow remains highly erratic, swinging from a positive 114.5% margin in 2025Q4 to a negative 146.1% in 2026Q1 due to lumpy project-based deployments.
Richtech Robotics Inc. Class B Common Stock (RR) cash flow statement — 5-year operating, investing & financing cash flows
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 |
|---|
| Cash from Operations | -1.41M | -9.04M | -5.06M | -2.91M | -2.65M | -4.23M |
| Operating CF Margin % | - | -179.25% | -119.34% | -33.21% | -43.74% | -70.07% |
| Operating CF Growth % | 370% | -78.72% | -73.94% | -9.94% | 37.39% | - |
| Net Income | -22.25M | -15.75M | -8.14M | -339K | -507K | -5.04M |
| Depreciation & Amortization | 1.76M | 2.32M | 82K | 13K | 7K | 16K |
| Stock-Based Compensation | 9.09M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.92M | 3.62M | -1K | -13K | 50K | -142K |
| Working Capital Changes | -2.01M | 776K | 3M | -2.57M | -2.2M | 936K |
| Change in Receivables | -114K | -421K | 4.22M | -3.92M | -1.61M | 979K |
| Change in Inventory | -931K | -232K | -326K | 551K | -389K | -312K |
| Change in Payables | 17K | 247K | -976K | 951K | -305K | 480K |
| Cash from Investing | 126.23M | -48M | -22.73M | -13K | -44K | 230K |
| Capital Expenditures | -22.25M | -5.6M | -6.2M | 0 | 0 | -53K |
| CapEx % of Revenue | 407.12% | 111% | 146.11% | - | - | 0.88% |
| Acquisitions | -3K | 0 | 0 | 13K | 64K | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -785K | -523K | 134K | -26K | -108K | 283K |
| Cash from Financing | 278.03M | 236.1M | 41.92M | 3.03M | 1.66M | 320K |
| Debt Issued (Net) | -32K | -37K | 2.46M | 798K | 164K | -80K |
| Equity Issued (Net) | 269.64M | 236.07M | 39.47M | 2.23M | 1.5M | 400K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -5.65M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 8.43M | 65K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 402.86M | 179.06M | 14.13M | 106K | -1.03M | 1.35M |
| Free Cash Flow | -24.15M | -14.05M | -11.26M | -2.91M | -2.65M | -4.28M |
| FCF Margin % | -441.88% | -278.53% | -265.45% | -33.21% | -43.74% | -70.95% |
| FCF Growth % | -24.03% | -24.85% | -286.9% | -9.94% | 38.16% | - |
| FCF per Share | -0.11 | -0.12 | -0.16 | -0.05 | -0.04 | -0.07 |
| FCF Conversion (FCF/Net Income) | 1.09x | 0.57x | 0.62x | 8.58x | 5.22x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RR stock.
Richtech Robotics Inc. Class B Common Stock (RR) generated $-9.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Richtech Robotics Inc. Class B Common Stock (RR) reported negative free cash flow of $14.1M in 2025, indicating capital requirements exceeded cash from operations.
Richtech Robotics Inc. Class B Common Stock (RR) spent $5.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Unsustainable cash burn rate
Metrics are mathematically derived from official filings.
Earnings Quality Obscured by Compensation
As reported in recent financial filings, the relationship between net income and operating cash flow is heavily distorted by non-cash items, most notably the $8.3M in stock-based compensation recorded in 2026Q1, which masks the underlying cash-generative capacity of the company's core robotics operations.
The wide divergence between net losses and operating cash flow suggests that traditional earnings metrics are currently poor indicators of the company's actual liquidity health. Investors should monitor whether the reliance on equity-based incentives continues to decouple reported losses from the actual cash burn required to sustain operations.
Volatile Free Cash Flow Path
Based on the provided quarterly data, Richtech Robotics exhibits a highly erratic free cash flow trajectory, with margins swinging from a positive 114.5% in 2025Q4 to a negative 146.1% in 2026Q1, reflecting the lumpy, project-based nature of its current hardware deployment model.
This volatility suggests that the company has yet to achieve a predictable cash flow cadence, likely due to the timing of large-scale installations. The inability to maintain positive free cash flow indicates that the business remains in a capital-intensive growth phase that is highly sensitive to sales cycle fluctuations.
Capital Intensity Remains Highly Variable
According to historical cash flow statements, capital expenditure intensity has fluctuated significantly, peaking at 34.6% of revenue in 2025Q4, which highlights the company's ongoing need to invest in specialized manufacturing and testing infrastructure to support its evolving robotics product lines.
The inconsistent nature of these capital outlays may indicate that the company is still refining its production capabilities rather than operating at a steady-state maintenance level. Future analysis should focus on whether these investments are successfully driving down unit costs or if they represent recurring costs of rapid innovation.
Working Capital Swings Impact Liquidity
As indicated by the quarterly cash flow data, working capital changes have been a significant driver of liquidity, with a $1.8M outflow in 2026Q1 following a $1.4M inflow in 2025Q4, suggesting that inventory management and receivables collection are currently highly sensitive to project timing.
These swings imply that the company's cash position is vulnerable to the timing of customer payments and the accumulation of inventory for upcoming deployments. Investors should monitor the cash conversion cycle to determine if the company can stabilize its working capital requirements as it scales its service-based revenue.
Hidden Costs of Rapid Scaling
Based on the provided financial statements, the cash flow profile obscures the true cost of scaling, as significant stock-based compensation and fluctuating working capital requirements mask the underlying cash burn necessary to maintain the company's current competitive position in the robotics market.
The reliance on non-cash adjustments to bridge the gap between net income and operating cash flow warrants further investigation into the sustainability of the current operating model. It appears that the company is effectively subsidizing its growth through equity dilution rather than operational efficiency, which may limit long-term shareholder value.