Free cash flow remains deeply negative, with quarterly outflows reaching $2.7M in 2025Q4, further complicated by a $731.1K share repurchase program in 2026Q1 that appears misaligned with the company's cash-burning profile.
| Cash from Operations | -6.45M | -6.22M | -4.1M | -2M | 1.08M |
| Operating CF Margin % | - | -1024.65% | -188.8% | -218.35% | 93.78% |
| Operating CF Growth % | -238.61% | -51.79% | -104.38% | -285.7% | - |
| Net Income | -13.15M | -14.32M | -7.43M | -6.31M | -507.64K |
| Depreciation & Amortization | 205.85K | 381.33K | 341.08K | 239.01K | 105.36K |
| Stock-Based Compensation | 3.11M | 6.91M | 2.85M | 3.62M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.34M | 830.87K | 440.2K | 213.33K | 224.57K |
| Working Capital Changes | 47.78K | -12.89K | -300.9K | 241.73K | 1.26M |
| Change in Receivables | -45.94K | 23.66K | 39.64K | -61.15K | 1.56M |
| Change in Inventory | -140.1K | -272.96K | 17.1K | 5.08K | -297.1K |
| Change in Payables | 174.96K | 278.87K | -49.27K | 118.04K | -44.14K |
| Cash from Investing | -199.69K | -241.35K | -436.39K | -30.17K | 169.56K |
| Capital Expenditures | -81.46K | -48.81K | -63.8K | -30.17K | -26.34K |
| CapEx % of Revenue | 4.96% | 8.05% | 2.94% | 3.29% | 2.29% |
| Acquisitions | 0 | 0 | 0 | 0 | 195.9K |
| Investments | - | - | - | - | - |
| Other Investing | -118.23K | -192.54K | -372.59K | 0 | 0 |
| Cash from Financing | 20.54M | 21.28M | 5.8M | 985.15K | 503.61K |
| Debt Issued (Net) | 0 | 0 | 275K | 475K | 50K |
| Equity Issued (Net) | 20.51M | 21.67M | 4.67M | 1.01M | 1.18M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -731.08K | -613.41K | 0 | 0 | 0 |
| Other Financing | 36.39K | -393.32K | 855.67K | -495.1K | -721.89K |
| Net Change in Cash | 13.89M | 14.82M | 1.27M | -1.05M | 1.75M |
| Free Cash Flow | -6.62M | -6.46M | -4.53M | -2.03M | 1.05M |
| FCF Margin % | -402.93% | -1064.43% | -208.92% | -221.64% | 91.5% |
| FCF Growth % | -61.02% | -42.5% | -122.8% | -293.21% | - |
| FCF per Share | -0.32 | -0.38 | -0.31 | -0.15 | 0.14 |
| FCF Conversion (FCF/Net Income) | 0.50x | 0.43x | 0.55x | 0.32x | -2.13x |
| Interest Paid | 3.66K | 8.56K | 0 | 5.03K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Persistent Cash Burn Rate
According to the provided quarterly cash flow data, SPAI consistently reports net losses that significantly exceed operating cash outflows, with the OCF/NI ratio fluctuating between 0.06 and 0.78, suggesting that non-cash charges and stock-based compensation are masking the true extent of the company's underlying cash consumption.
The persistent gap between GAAP net income and operating cash flow indicates that the company's reported losses are heavily influenced by non-cash accounting entries. Investors should monitor whether this divergence narrows as the company attempts to scale, as the current reliance on stock-based compensation to bridge the cash flow deficit may lead to significant shareholder dilution.
As reported in financial statements, SPAI's free cash flow trajectory remains consistently negative, with quarterly outflows reaching as high as $2.7M in 2025Q4, reflecting a business model that has yet to achieve the scale necessary to generate self-sustaining cash flow from its core operations.
The absence of positive free cash flow over the last ten quarters underscores the speculative nature of the current business model. Without a clear path to positive margins, the company remains entirely dependent on its existing cash reserves to fund ongoing development and operational overhead.
Based on reported figures, working capital changes have been highly erratic, swinging from a $391K source of cash in 2023Q4 to an $847.7K use of cash in 2024Q3, which suggests significant instability in the company's ability to manage its receivables and inventory cycles effectively.
This volatility likely stems from the lumpy nature of government and municipal contract procurement cycles. Such fluctuations make it difficult to forecast future cash requirements and may indicate that the company is struggling to align its inventory procurement with actual project delivery timelines.
Data indicates that SPAI utilized $731.1K for share repurchases in 2026Q1, a move that appears counterintuitive given the company's ongoing operational cash burn and the critical need to preserve capital for R&D and market expansion within the competitive defense and drone services sector.
The decision to allocate capital toward buybacks while the company is still in a heavy cash-burning phase warrants further investigation by shareholders. It may suggest a management focus on supporting the stock price rather than reinvesting in the core business to achieve long-term commercial viability.
Quick answers to the most common questions about buying SPAI stock.
Safe Pro Group Inc. Common Stock (SPAI) generated $-6.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Safe Pro Group Inc. Common Stock (SPAI) reported negative free cash flow of $6.5M in 2025, indicating capital requirements exceeded cash from operations.
Safe Pro Group Inc. Common Stock (SPAI) 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.
In 2025, Safe Pro Group Inc. Common Stock (SPAI) spent $0.6M on share repurchases. This shows the company's commitment to returning capital to its equity investors.