Richtech Robotics Inc. Class B Common Stock (RR) Cash Flow Statement

The size of the residual matters because 2026Q3 is the largest loss quarter in the sample, and the itemized bridge items (D&A of $433.0K, SBC of $422.0K, working capital of -$1.7M) would on their face have pushed operating cash flow toward, not away from, the reported loss. The gap may reflect non-cash items not itemized in the data provided, so investors should treat the apparent cushion as unexplained rather than as evidence of earnings quality until a fuller reconciliation is available.

Reported FCF margins swing from -146.1% in 2026Q1 to +80.5% in 2025Q4, which is largely arithmetic noise from revenue oscillating between $525K and $1.5M rather than a signal about operating leverage. The decision-relevant trend is that outflows have deepened materially in 2026 — from -$4.5M in 2025Q2 to -$23.0M in 2026Q3 — even though quarterly net losses remain in the same $8M-$10M neighborhood, implying capital spending rather than operating losses is now the dominant driver of the burn.

Earlier spikes — $6.2M in 2024Q4 and $4.4M in 2025Q3 — were followed by quarters of near-zero spending, a lumpy pattern consistent with project-based or facility-level investment rather than a steady maintenance program. Because D&A never exceeded $684K across the entire sample, no meaningful depreciation burden has yet reached the P&L, so investors should monitor whether carrying costs and depreciation begin to press on reported results while gross profit runs below $1M per quarter.

The sequencing stands out: the buyback lands one quarter before the $21.4M capex surge, meaning two large discretionary uses of cash occurred back-to-back while operations were self-funding nothing. This may indicate management confidence in available liquidity, but the funding source is not visible in the data provided; the trade-off between returning capital and self-financing the expansion warrants monitoring given cumulative free cash outflow of roughly $44.5M.

Through 2025 the operating cash outflow tracked net losses closely — OCF/NI between 0.77 and 1.01 across five consecutive quarters — implying the losses were genuinely cash-consuming rather than accounting artifacts. The 2026 divergence, where that ratio fell to 0.15-0.19, coincides with the $8.3M stock compensation charge and the unreconciled residual in 2026Q3, so the cumulative cushion reads more like non-cash relief than improving economics, especially since capital expenditure of about $32.9M pushed cumulative free cash flow far below the net loss itself.