The balance sheet is heavily reliant on cash, which comprises the bulk of $16.7M in total assets, while accumulated retained earnings have deteriorated to -$31.4M as of 2026Q1.
| Total Current Assets | 15.57M | 17.93M | 2.75M | 1.27M | 2.35M |
| Cash & Short-Term Investments | 14.8M | 16.79M | 1.97M | 703.37K | 1.75M |
| Cash Only | 14.8M | 16.79M | 1.97M | 703.37K | 1.75M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 61.72K | 100.03K | 123.69K | 163.33K | 102.18K |
| Days Sales Outstanding | 13.38 | 60.18 | 20.81 | 64.96 | 32.41 |
| Inventory | 453.81K | 615.02K | 342.06K | 359.16K | 364.24K |
| Days Inventory Outstanding | 71.72 | 554.96 | 98.85 | 216.1 | 210.34 |
| Other Current Assets | 249.21K | 420.31K | 0 | 48.05K | 136.1K |
| Total Non-Current Assets | 1.17M | 1.19M | 2.2M | 2.16M | 1.88M |
| Property, Plant & Equipment | 347.32K | 342.1K | 416.5K | 474.33K | 566.65K |
| Fixed Asset Turnover | 4.55x | 1.77x | 5.21x | 1.93x | 2.03x |
| Goodwill | 0 | 0 | 684.87K | 684.87K | 684.87K |
| Intangible Assets | 812.67K | 834.46K | 1.09M | 987.29K | 622.6K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 9.8K | 9.8K | 9.8K | 9.8K | 9.8K |
| Total Assets | 16.74M | 19.11M | 4.95M | 3.43M | 4.24M |
| Asset Turnover | 0.13x | 0.03x | 0.44x | 0.27x | 0.27x |
| Asset Growth % | 734.44% | 286.16% | 44.3% | -19.07% | - |
| Total Current Liabilities | 1.17M | 1.25M | 893.93K | 1.42M | 1.35M |
| Accounts Payable | 463.65K | 461.31K | 119.81K | 169.08K | 51.04K |
| Days Payables Outstanding | 52 | 416.26 | 34.62 | 101.73 | 29.48 |
| Short-Term Debt | 36.55K | 0 | 421.62K | 343.8K | 0 |
| Deferred Revenue (Current) | 92.53K | 18.9K | 0 | 84.67K | 43.98K |
| Other Current Liabilities | 644.2K | 7.19K | 83.77K | 203.45K | 134.41K |
| Current Ratio | 13.28x | 14.33x | 3.08x | 0.90x | 1.74x |
| Quick Ratio | 12.89x | 13.84x | 2.69x | 0.65x | 1.47x |
| Cash Conversion Cycle | 33.1 | 198.89 | 85.04 | 179.33 | 213.28 |
| Total Non-Current Liabilities | 146K | 146.95K | 181.59K | 237.11K | 305.63K |
| Long-Term Debt | 146K | 146K | 146K | 146K | 146K |
| Capital Lease Obligations | 18.88K | 947 | 35.59K | 91.11K | 159.63K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.32M | 1.4M | 1.08M | 1.65M | 1.66M |
| Total Debt | 182.55K | 202.11K | 666.33K | 649.43K | 368.17K |
| Net Debt | -14.62M | -16.59M | -1.3M | -53.94K | -1.38M |
| Debt / Equity | 0.01x | 0.01x | 0.17x | 0.37x | 0.14x |
| Debt / EBITDA | -0.02x | - | - | - | - |
| Net Debt / EBITDA | 1.20x | - | - | - | - |
| Interest Coverage | -935.07x | -1115.09x | -23.24x | -766.55x | -103.84x |
| Total Equity | 15.42M | 17.72M | 3.87M | 1.78M | 2.58M |
| Equity Growth % | 1323% | 357.28% | 118.11% | -31.17% | - |
| Book Value per Share | 0.75 | 1.04 | 0.27 | 0.13 | 0.34 |
| Total Shareholders' Equity | 15.42M | 17.72M | 3.87M | 1.78M | 2.58M |
| Common Stock | 2.09K | 2.09K | 1.45K | 873 | 751 |
| Retained Earnings | -31.37M | -28.57M | -14.25M | -6.82M | -507.64K |
| Treasury Stock | -1.41M | -676.03K | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Capital Dilution and Burn
According to recent balance sheet filings, SPAI's total assets expanded to $16.7M in 2026Q1 from $3.4M in 2023Q4, yet this growth is primarily driven by cash infusions rather than organic asset accumulation, suggesting a business model that remains heavily reliant on external capital to sustain its operations.
The trajectory of the balance sheet appears to be one of artificial stabilization, where cash reserves are bolstered by equity financing rather than operational success. Investors should monitor whether this capital is being deployed effectively to generate revenue or if it is merely serving as a bridge for persistent, high-level operating losses.
As reported in financial statements, SPAI maintains a current ratio of 13.28 as of 2026Q1, reflecting a significant liquidity buffer that provides a temporary cushion against the company's ongoing cash burn, though this metric is heavily skewed by the recent accumulation of cash relative to minimal liabilities.
While the current ratio suggests a strong ability to meet short-term obligations, the underlying reality is that the company lacks a self-sustaining revenue stream to replenish these reserves. The high liquidity position appears to be a strategic choice to avoid insolvency, but it does not mitigate the fundamental risk of long-term capital depletion.
Based on reported figures, SPAI's retained earnings have deteriorated to -$31.4M in 2026Q1, indicating that years of accumulated operating losses have significantly eroded shareholder equity, despite the company's efforts to maintain a positive book value through periodic capital raises and equity-based financing activities.
The persistent decline in retained earnings suggests that the company's core business activities have consistently failed to generate value for shareholders. This trend warrants further investigation into whether management can pivot toward profitability before the equity base is further compromised by continued operational deficits.
As indicated by the balance sheet, SPAI's asset base is heavily concentrated in cash, with minimal investment in productive PPE, which suggests that the company's valuation is currently decoupled from its physical manufacturing capabilities and is instead driven by speculative expectations regarding its AI-driven drone service technology.
The reliance on cash as the primary asset highlights a lack of tangible infrastructure, which may limit the company's ability to scale production if demand for its ballistic hardware were to materialize. Investors should be cautious, as the lack of significant PPE may indicate that the company is not yet equipped to handle large-scale industrial contracts.
Quick answers to the most common questions about buying SPAI stock.
As of 2025, Safe Pro Group Inc. Common Stock (SPAI) had total assets of $19.1M including $17.9M in current assets.
Safe Pro Group Inc. Common Stock (SPAI) carries total debt of $0.2M, offset by $16.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Safe Pro Group Inc. Common Stock (SPAI) has total shareholders' equity (book value) of $17.7M ($1.04 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Safe Pro Group Inc. Common Stock (SPAI) reported a current ratio of 14.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.