Free cash flow remains deeply negative, bottoming at -136.2% margin in 2025Q1, while working capital outflows, such as the $6.9M drain in 2025Q3, continue to strain liquidity.
| Cash from Operations | -14.75M | -18.54M | -9.5M | -15.36M | -5.99M | -363.03K | -90.54K | -424.11K | -443.29K | -446.86K | -190.23K |
| Operating CF Margin % | - | -43.65% | -46.02% | -261.27% | -411.05% | - | - | - | - | - | - |
| Operating CF Growth % | -315.3% | -95.13% | 38.14% | -156.26% | -1551.22% | -300.97% | 78.65% | 4.33% | 0.8% | -134.9% | - |
| Net Income | -10.03M | -12.13M | -19.15M | -20.88M | -3.21M | -1.48M | -1.12M | -3.39M | -960.32K | -1.04M | -484.98K |
| Depreciation & Amortization | 1.19M | 1.08M | 436K | 152.74K | 96.58K | 18.79K | 37.43K | 37.7K | 19.46K | 789 | 0 |
| Stock-Based Compensation | 5.75M | 8.13M | 14.34M | 9.72M | 0 | 767.24K | 434.18K | 1.07M | 0 | 0 | 0 |
| Deferred Taxes | -448.26K | -512.87K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.37M | 687.28K | 950.61K | 5.3M | 285.86K | 1.18M | 20.7K | 1.48M | -283.32K | 218.06K | -17.33K |
| Working Capital Changes | -14.58M | -15.79M | -6.08M | -9.66M | -3.16M | -849.64K | 541.83K | 374.35K | 310.5K | 324.18K | 166.66K |
| Change in Receivables | -14.56M | -13.04M | -4.89M | -3.07M | -1.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.98M | -8.07M | -7.69M | -6.11M | -780.68K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 844.02K | 2.88M | 1.41M | 736.08K | 128.84K | 0 | 0 | 0 | 509.31K | 49.42K | 145.41K |
| Cash from Investing | -2.84M | -3.66M | -661.48K | -453.33K | 240.82K | 38.15K | -44K | -50.12K | -23.57K | -4.17K | -43.55K |
| Capital Expenditures | -2.84M | -3.66M | -661.48K | -453.33K | 0 | 0 | -4K | -50K | -23.57K | -4.17K | -43.55K |
| CapEx % of Revenue | 5.86% | 8.61% | 3.2% | 7.71% | 312.6% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 240.82K | 38.15K | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -122 | 0 | 0 | 0 |
| Cash from Financing | 21.92M | 26.17M | 9.43M | 22.8M | 5.9M | 569.95K | 266.77K | 466.99K | 50K | 655.38K | 481.9K |
| Debt Issued (Net) | 21.92M | 26.17M | 9.43M | 22.33M | 5.9M | 0 | 69.83K | 427.5K | 30K | -21.88K | 480K |
| Equity Issued (Net) | 0 | 0 | 0 | 412.06K | 0 | 557.05K | 194.84K | 0 | 20K | 677.26K | 1.9K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -26K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 50K | 0 | 12.9K | 2.1K | 39.48K | 0 | 0 | 0 |
| Net Change in Cash | 1.99M | 2.98M | -464.31K | 6.81M | -131.15K | 245.06K | 132.24K | -7.24K | -416.86K | 204.35K | 248.12K |
| Free Cash Flow | -17.59M | -22.2M | -10.16M | -15.81M | -1.44M | -363.03K | -94.54K | -474.23K | -466.86K | -451.03K | -233.78K |
| FCF Margin % | -36.31% | -52.26% | -49.22% | -268.98% | -98.46% | - | - | - | - | - | - |
| FCF Growth % | -22.66% | -118.43% | 35.73% | -1001.44% | -295.51% | -284% | 80.06% | -1.58% | -3.51% | -92.93% | - |
| FCF per Share | -0.09 | -0.11 | -0.06 | -0.12 | -0.36 | -0.13 | -0.04 | -0.22 | -0.22 | -0.23 | -0.12 |
| FCF Conversion (FCF/Net Income) | 1.75x | 1.53x | 0.50x | 0.73x | 1.07x | 0.24x | 0.08x | 0.13x | 0.46x | 0.43x | 0.39x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 1.06K | 3.53K | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient liquidity for scale
According to the reported quarterly financial statements, SSII exhibits a persistent disconnect between net income and operating cash flow, with OCF/NI ratios frequently deviating from unity, most notably reaching 13.45 in 2025Q2, which suggests that non-cash items and working capital swings heavily distort the company's reported profitability metrics.
The significant variance between net income and operating cash flow indicates that the company's bottom line is not a reliable proxy for its actual cash-generating capacity. Investors should monitor these fluctuations as they may imply that reported losses are being exacerbated by aggressive working capital consumption rather than purely operational inefficiencies.
As reported in financial filings, SSII has consistently generated negative free cash flow across the observed ten-quarter period, with FCF margins bottoming out at -136.2% in 2025Q1, highlighting the company's ongoing reliance on external financing to sustain its aggressive capital equipment rollout and operational infrastructure expansion.
The persistent negative FCF trajectory suggests that the company is currently in a high-burn phase where capital expenditures and operating losses are outpacing revenue growth. This trend warrants further investigation into whether the company can achieve a self-sustaining cash flow profile before its current liquidity reserves are fully exhausted.
Based on the provided cash flow data, SSII has experienced significant working capital outflows, including a $6.9M drain in 2025Q3, which suggests that the company is struggling to manage its cash conversion cycle effectively as it scales its inventory and accounts receivable in emerging market territories.
The recurring negative impact of working capital changes on operating cash flow implies that the company's growth is inherently cash-intensive. This dynamic may indicate that the company is forced to offer extended payment terms to secure hospital contracts, thereby delaying cash collection and increasing the risk of liquidity shortfalls.
As indicated by the quarterly cash flow statements, SSII frequently utilizes stock-based compensation, such as the $7.1M recorded in 2024Q1, to manage its cash position, which suggests that the company's reported operating cash flow figures may be artificially bolstered by non-cash equity-based accounting adjustments.
The reliance on stock-based compensation as a substitute for cash-based operational funding may obscure the true extent of the company's cash burn. Investors should be wary that this practice, while preserving cash in the short term, leads to significant shareholder dilution that may not be fully reflected in the headline cash flow metrics.
Quick answers to the most common questions about buying SSII stock.
SS Innovations International, Inc. (SSII) generated $-18.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
SS Innovations International, Inc. (SSII) reported negative free cash flow of $22.2M in 2025, indicating capital requirements exceeded cash from operations.
SS Innovations International, Inc. (SSII) spent $3.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.