The company's financial position is increasingly precarious, evidenced by a deep equity deficit of $41.3 million as of 2025Q3 and a critical current ratio of 0.18.
| Total Current Assets | 5.06M | 2.07M | 1.27M | 687.26K | 728.62K |
| Cash & Short-Term Investments | 157.65K | 22.32K | 333.08K | 92.97K | 16.01K |
| Cash Only | 157.65K | 22.32K | 333.08K | 92.97K | 16.01K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 38.48K | 452.21K | 276.7K | 398.72K | 518.45K |
| Days Sales Outstanding | 35.21 | 304.44 | - | - | - |
| Inventory | 1.54M | 1.43M | 249.84K | 0 | 0 |
| Days Inventory Outstanding | 346.75 | 1.16K | - | - | - |
| Other Current Assets | 2.87M | 0 | 163.51K | 163.22K | 163.22K |
| Total Non-Current Assets | 81.35K | 87.72K | 82.04K | 113.44K | 112.05K |
| Property, Plant & Equipment | 45.02K | 51.39K | 82.04K | 113.44K | 112.05K |
| Fixed Asset Turnover | 38.25x | 10.55x | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 36.33K | 36.33K | 0 | 0 | 0 |
| Total Assets | 5.15M | 2.15M | 1.35M | 800.7K | 840.67K |
| Asset Turnover | 0.45x | 0.25x | - | - | - |
| Asset Growth % | 673.72% | 59.56% | 68.5% | -4.75% | - |
| Total Current Liabilities | 28.71M | 157.73M | 133.85M | 91.19M | 71.82M |
| Accounts Payable | 3.53M | 4.73M | 3.17M | 2.14M | 2.19M |
| Days Payables Outstanding | 1.17K | 3.86K | - | - | - |
| Short-Term Debt | 7.7M | 49.99M | 43.65M | 28.28M | 27.76M |
| Deferred Revenue (Current) | 4.36M | 1.62M | 1.02M | 0 | 0 |
| Other Current Liabilities | 950.02K | 26.26M | 24.56M | 9.23M | 7.53M |
| Current Ratio | 0.18x | 0.01x | 0.01x | 0.01x | 0.01x |
| Quick Ratio | 0.12x | 0.00x | 0.01x | 0.01x | 0.01x |
| Cash Conversion Cycle | -785.45 | -2.39K | - | - | - |
| Total Non-Current Liabilities | 17.71M | 28.9M | 26.69M | 31.27M | 25.86M |
| Long-Term Debt | 17.7M | 0 | 0 | 6.62M | 3.08M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 6.36K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 8K | 28.9M | 26.69M | 24.65M | 22.77M |
| Total Liabilities | 46.42M | 186.63M | 160.53M | 122.46M | 97.68M |
| Total Debt | 25.4M | 49.99M | 43.65M | 34.91M | 30.86M |
| Net Debt | 25.24M | 49.97M | 43.31M | 34.81M | 30.84M |
| Debt / Equity | -0.62x | - | - | - | - |
| Debt / EBITDA | -0.95x | - | - | - | - |
| Net Debt / EBITDA | -0.94x | - | - | - | - |
| Interest Coverage | -0.90x | -0.87x | -2.47x | -0.76x | -0.67x |
| Total Equity | -41.27M | -184.48M | -159.18M | -121.66M | -96.84M |
| Equity Growth % | 145.84% | -15.89% | -30.85% | -25.63% | - |
| Book Value per Share | -0.70 | -9.42 | -8.13 | -6.21 | -4.95 |
| Total Shareholders' Equity | -41.27M | -184.48M | -159.18M | -121.66M | -96.84M |
| Common Stock | 6.51K | 0 | 0 | 0 | 0 |
| Retained Earnings | -219M | -184.48M | -159.18M | -121.62M | -96.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Immediate insolvency and dilution
According to quarterly financial data, STAI's equity position has deteriorated into a deep deficit, reaching -$41.3 million by 2025Q3, which signals a long-term trajectory of value destruction that appears to be driven by the company's inability to achieve commercial scale or operational profitability.
The consistent expansion of the accumulated deficit suggests that the business model is fundamentally unable to cover its operating costs. Investors should monitor the widening gap between assets and liabilities, as this trend indicates that the company is increasingly reliant on external financing to remain a going concern.
As reported in recent balance sheets, STAI maintains a significant debt load of $25.4 million as of 2025Q3, which appears to be a necessity-driven burden rather than a strategic choice, given the company's inability to generate sufficient cash flow to service these obligations.
The high debt-to-asset ratio implies that the company's capital structure is heavily skewed toward creditors, leaving little room for error in its commercialization efforts. This leverage profile suggests that refinancing risk is elevated, particularly if the company fails to secure additional capital to meet its upcoming debt maturities.
Based on the reported figures for 2025Q3, STAI's current ratio of 0.18 highlights a severe liquidity crisis, as the company's cash reserves of $157,600 are insufficient to cover its immediate short-term liabilities, leaving the firm with virtually no buffer against operational shocks.
The consistently low current ratio across multiple quarters suggests that the company is operating in a state of perpetual liquidity stress. This lack of working capital may force management to pursue highly dilutive equity raises or emergency financing, which would further erode shareholder value.
Analysis of the balance sheet reveals that the company's equity deficit, which stood at -$41.3 million in 2025Q3, is the most significant non-obvious risk, as it suggests that the firm's liabilities far exceed its tangible assets, rendering the company technically insolvent by traditional accounting standards.
The reliance on deferred revenue as a primary liability component warrants further investigation, as it may represent future performance obligations that the company lacks the cash to fulfill. This distortion makes the headline asset figures misleading, as they do not account for the significant operational costs required to clear these obligations.
Quick answers to the most common questions about buying STAI stock.
As of 2024, ScanTech AI Systems Inc. (STAI) had total assets of $2.2M including $2.1M in current assets.
ScanTech AI Systems Inc. (STAI) carries total debt of $50.0M, offset by $0.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ScanTech AI Systems Inc. (STAI) has total shareholders' equity (book value) of $-184.5M ($-9.42 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ScanTech AI Systems Inc. (STAI) reported a current ratio of 0.01x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.