The company's liquidity position remains fragile, evidenced by a negative $18.5 million change in working capital and a free cash flow margin of -4.1% in 2025Q4.
| Cash from Operations | -23.53M | -11.73M | -1.61M | -3.84M | -112K |
| Operating CF Margin % | -188.17% | -131.09% | -18.6% | -43.52% | -1.81% |
| Operating CF Growth % | -100.57% | -627.85% | 58.03% | -3329.46% | - |
| Net Income | -17.45M | -18.68M | -12.87M | -4.96M | -1.24M |
| Depreciation & Amortization | 613K | 559K | 402K | 301K | 273K |
| Stock-Based Compensation | 11.1M | 10.35M | 6.96M | 0 | 0 |
| Deferred Taxes | -32K | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -321K | 440K | 1.83M | 0 | 1K |
| Working Capital Changes | -17.44M | -4.4M | 2.07M | 818K | 854K |
| Change in Receivables | -21K | 19K | 52K | -42.78K | -8.19K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 874K | -1.38M | 1.9M | 390.87K | 639.95K |
| Cash from Investing | -9.95M | -580K | -422K | -482K | -329K |
| Capital Expenditures | -4K | -28K | -3K | -349.53K | -244.82K |
| CapEx % of Revenue | 0.03% | 0.31% | 0.03% | 3.96% | 3.95% |
| Acquisitions | 0 | 0 | 63K | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -9.94M | -552K | -482K | -132.47K | -84.18K |
| Cash from Financing | 32.96M | 16.14M | 721K | 4.7M | 500K |
| Debt Issued (Net) | 0 | -4.76M | 2.8M | 4.7M | 500K |
| Equity Issued (Net) | 32.96M | 20.96M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -62K | -2.08M | 0 | 0 |
| Net Change in Cash | -517K | 3.83M | -1.31M | 377K | 59K |
| Free Cash Flow | -24.14M | -12.31M | -2.1M | -3.13M | -328.16K |
| FCF Margin % | -192.99% | -137.58% | -24.2% | -35.52% | -5.3% |
| FCF Growth % | -96.01% | -487.17% | 33.11% | -855.31% | - |
| FCF per Share | -0.88 | -0.58 | -0.11 | -0.27 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.33x | 0.63x | 0.13x | 0.78x | 0.09x |
| Interest Paid | 0 | 62K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
According to the latest quarterly data, Ryde's operating cash flow to net income ratio reached 2.14 in 2025Q4, indicating that cash outflows are significantly outpacing reported losses and suggesting that accruals are failing to capture the true, rapid depletion of the company's liquid resources.
The persistent divergence between net income and operating cash flow suggests that the company's accounting losses may actually understate the severity of its cash burn. Investors should monitor this gap closely, as it implies that operational activities are consuming cash at a rate that exceeds the headline loss figures.
As reported in recent financial statements, Ryde's free cash flow margin plummeted to -4.1% in 2025Q4, reflecting a consistent inability to generate positive cash flow from operations despite the company's ongoing efforts to scale its mobility and quick commerce transaction volumes.
The trajectory of free cash flow remains deeply negative, which may indicate that the business model is structurally incapable of self-funding its growth. This trend warrants further investigation into whether the company can reach a sustainable cash-flow-positive state before its current capital reserves are fully exhausted.
Based on the provided quarterly figures, Ryde experienced a massive negative working capital change of $18.5 million in 2025Q4, which highlights the extreme sensitivity of the company's cash position to fluctuations in payables and receivables management within its transactional business model.
Such significant swings in working capital suggest that the company may be struggling to manage its cash conversion cycle effectively. This volatility appears to be a primary driver of the recent cash burn, potentially indicating that the platform's liquidity is highly dependent on timing differences in payments.
As indicated by the historical data, Ryde's reliance on stock-based compensation, which reached $4.9 million in 2024Q1, masks the true economic cost of operations by shifting the burden of employee retention away from cash-based outflows and onto the dilution of existing shareholders.
The use of non-cash adjustments to bolster the appearance of operating cash flow may obscure the underlying reality of the company's cash-burning operations. Analysts should be cautious, as these adjustments do not change the fundamental fact that the business is currently consuming cash to maintain its market presence.
Quick answers to the most common questions about buying RYDE stock.
Ryde Group Ltd. (RYDE) generated $-23.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ryde Group Ltd. (RYDE) reported negative free cash flow of $24.1M in 2025, indicating capital requirements exceeded cash from operations.
Ryde Group Ltd. (RYDE) 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.