Free cash flow has deteriorated to -$77.1M in 2025Q4, indicating that the company's aggressive market expansion is currently consuming cash at a rate that significantly exceeds its operational earnings capacity.
| Cash from Operations | -63.15M | -21.64M | -13M | -26.79M | -20.44M |
| Operating CF Margin % | -134.93% | -11525.23% | -8963.66% | -23262.54% | -523.61% |
| Operating CF Growth % | -191.77% | -66.46% | 51.47% | -31.03% | - |
| Net Income | -101.41M | -172.65M | -30.74M | -110.71M | -37.72M |
| Depreciation & Amortization | 6.97M | 225.25K | 242.44K | 244.21K | 460.49K |
| Stock-Based Compensation | 9.13M | 86.37M | 8.73M | 60.03M | 17.72M |
| Deferred Taxes | -18.59M | 0 | 0 | -243.84K | -49.96K |
| Other Non-Cash Items | 38.9M | 63.76M | 6.32M | 19.61M | 1.02M |
| Working Capital Changes | 1.86M | 649.21K | 2.44M | 4.28M | -1.87M |
| Change in Receivables | -18.53M | -8.74K | -3.68K | 881.31K | -1.27M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 15.01M | 1.35M | 2.31M | 3.34M | 1.54M |
| Cash from Investing | -24.71M | -3.53M | -1.78M | -36.85K | -117.94K |
| Capital Expenditures | -90.22K | -4.77K | -14.38K | -36.85K | -117.94K |
| CapEx % of Revenue | 0.19% | 2.54% | 9.91% | 32% | 3.02% |
| Acquisitions | -762.53K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -23.86M | -3.52M | -1.77M | 0 | 0 |
| Cash from Financing | 188.81M | 34.59M | 14.71M | 24M | 18.79M |
| Debt Issued (Net) | -61.73M | 16.26M | 6.74M | 21.5M | 2.5M |
| Equity Issued (Net) | 266.41M | 17.75M | -129.18M | 2.5M | 14.37M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -100K | 0 | 0 | 0 |
| Other Financing | -15.87M | 579K | 137.14M | 0 | 1.92M |
| Net Change in Cash | 101.38M | 9.44M | -28.94K | -2.65M | -1.85M |
| Free Cash Flow | -87.09M | -25.17M | -14.78M | -26.83M | -20.56M |
| FCF Margin % | -186.1% | -13403.94% | -10191.86% | -23294.54% | -526.63% |
| FCF Growth % | -246.01% | -70.27% | 44.89% | -30.46% | - |
| FCF per Share | -0.32 | -3.53 | -1.14 | -1.30 | -0.94 |
| FCF Conversion (FCF/Net Income) | 0.62x | 0.13x | 0.42x | 0.24x | 0.54x |
| Interest Paid | 3M | 114.97K | 0 | 0 | 0 |
| Taxes Paid | 111.79K | 0 | 0 | 0 | 0 |
Unsustainable Operating Burn Rate
According to the latest financial statements, RZLV's operating cash flow of -$53.2M in 2025Q4 significantly trails its net loss of -$43.6M, suggesting that the company's cash conversion remains deeply negative as it prioritizes aggressive market expansion over the generation of self-sustaining operational cash flows.
The persistent gap between net income and operating cash flow indicates that the company is consuming cash at a rate that exceeds its accounting losses. Investors should monitor whether this divergence is driven by high cash-based operating expenses or timing differences in working capital, as the current trend suggests a lack of operational efficiency.
As reported in recent filings, RZLV's free cash flow reached a low of -$77.1M in 2025Q4, reflecting a substantial deterioration in cash generation capacity that appears to be accelerating in tandem with the company's aggressive pursuit of enterprise-scale platform deployments and market share acquisition.
The negative FCF margin of -190.6% highlights the extreme capital intensity required to maintain the BrainPowa engine's infrastructure. This trajectory suggests that the company is currently in a high-burn phase where cash outflows are decoupled from revenue growth, necessitating a pivot toward improved unit economics to stabilize the balance sheet.
Based on the provided data, RZLV maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently below 1% in recent periods, suggesting that the company's primary costs are operational rather than asset-heavy, which may indicate a reliance on third-party cloud infrastructure for its AI processing needs.
The minimal investment in physical assets implies that the company's cash burn is driven by software development and customer acquisition rather than hardware maintenance. While this preserves liquidity, it also suggests that the company may be vulnerable to rising cloud service costs as it attempts to scale its transaction volume.
As indicated by the financial disclosures, RZLV recorded $9.1M in stock-based compensation during 2025Q4, which serves to mask the true extent of the company's cash-based operating expenses and complicates the assessment of its underlying operational performance relative to its reported net losses.
The reliance on equity-based incentives suggests that management is attempting to preserve cash while attracting the engineering talent necessary for AI development. However, this practice warrants further investigation, as it may lead to significant shareholder dilution and obscures the true cost of maintaining the company's competitive position.
Quick answers to the most common questions about buying RZLV stock.
Rezolve AI PLC (RZLV) generated $-63.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rezolve AI PLC (RZLV) reported negative free cash flow of $87.1M in 2025, indicating capital requirements exceeded cash from operations.
Rezolve AI PLC (RZLV) 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.