Persistent free cash flow deficits, averaging between $2.3 million and $2.6 million per quarter, underscore the firm's inability to achieve self-funded operations.
| Cash from Operations | -9.75M | -9.68M | -10.52M | -9.98M | -9.95M | -7.2M | -8.2M |
| Operating CF Margin % | - | -744.77% | -7407.04% | -2370.78% | -1120.27% | - | - |
| Operating CF Growth % | -15.59% | 7.95% | -5.38% | -0.33% | -38.17% | 12.24% | - |
| Net Income | -12.06M | -30.71M | -11.15M | -10.47M | -10.22M | -10.71M | -10.03M |
| Depreciation & Amortization | 122K | 147K | 171K | 150K | 142K | 190K | 183K |
| Stock-Based Compensation | 733K | 398K | 273K | 505K | 0 | 2.28M | 1.36M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.61M | 21.46M | -78K | -159K | 964K | 134K | 0 |
| Working Capital Changes | -152K | -977K | 264K | -2K | -834K | 902K | 288K |
| Change in Receivables | 40K | -495K | 115K | 0 | 0 | 0 | 0 |
| Change in Inventory | -462K | -327K | -977K | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | -78K | 129K | -83K | 87K | -86K | 36K |
| Cash from Investing | -34K | -30K | -152K | -29K | -273K | -122K | -152K |
| Capital Expenditures | -34K | -30K | -152K | -29K | -273K | -122K | -152K |
| CapEx % of Revenue | 4.38% | 2.31% | 107.04% | 6.89% | 30.74% | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 22.4M | 23.92M | 5.4M | 16.65M | 5.13M | 4.96M | 13.41M |
| Debt Issued (Net) | 0 | 500K | 0 | 1M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 22.4M | 9.69M | 0 | 0 | 0 | 0 | 3.47M |
| Net Change in Cash | -9.91M | 14.18M | -5.2M | 6.64M | -5.09M | -2.36M | 5.06M |
| Free Cash Flow | -9.78M | -9.71M | -10.67M | -10.01M | -10.22M | -7.32M | -8.36M |
| FCF Margin % | -1260.57% | -747.08% | -7514.08% | -2377.67% | -1151.01% | - | - |
| FCF Growth % | -0.59% | 8.98% | -6.59% | 2.06% | -39.59% | 12.37% | - |
| FCF per Share | -0.19 | -0.58 | -4.12 | -0.71 | -0.64 | -6.41 | -8.32 |
| FCF Conversion (FCF/Net Income) | 0.81x | 0.32x | 0.94x | 0.95x | 0.97x | 0.67x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital Runway and Dilution
As reported in recent financial filings, RVSN exhibits a persistent disconnect between net income and operating cash flow, with the OCF/NI ratio fluctuating significantly and reaching 0.82 in 2025Q2, which underscores the company's inability to generate cash from its reported accounting losses.
The consistent gap between net losses and operating cash outflows suggests that the company's accounting earnings are not reflective of its actual cash burn. Investors should monitor this divergence, as it indicates that the business model is currently structured to consume capital rather than convert operational activity into liquidity.
Based on the provided cash flow statements, RVSN has maintained a negative free cash flow trajectory, with quarterly outflows consistently hovering around $2.3 million to $2.6 million, indicating that the firm remains in a deep cash-burning phase without a clear path to self-funded operations.
The lack of positive free cash flow margins suggests that the company is entirely dependent on external financing to sustain its R&D and administrative overhead. This trajectory warrants further investigation into how long the current cash reserves can support the existing burn rate before additional dilution becomes inevitable.
According to historical data, working capital changes have been highly erratic, swinging from a $513K inflow in 2023Q4 to a $209K outflow in 2024Q4, which suggests that the company struggles to manage its cash conversion cycle effectively amidst its project-based revenue model.
These fluctuations in working capital appear to be driven by the timing of hardware deliveries and customer payments rather than operational efficiency. Such volatility makes it difficult to forecast cash needs, as the company's liquidity position is highly sensitive to the timing of individual contract milestones.
As indicated by the quarterly cash flow data, stock-based compensation has remained a consistent feature of the company's expense structure, reaching $215K in 2025Q2, which effectively serves as a non-cash subsidy that masks the true magnitude of the firm's operational cash requirements.
By utilizing equity-based compensation, the company preserves cash but shifts the burden of its operational losses onto shareholders through dilution. Analysts should view these figures as a critical component of the total cost of operations, as they represent a real economic cost that is excluded from standard cash flow metrics.
Quick answers to the most common questions about buying RVSN stock.
Rail Vision Ltd. (RVSN) generated $-9.7M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Rail Vision Ltd. (RVSN) reported negative free cash flow of $9.7M in 2024, indicating capital requirements exceeded cash from operations.
Rail Vision Ltd. (RVSN) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.