Operational cash flow remains disconnected from accounting results, highlighted by a 2025Q3 OCF/NI ratio of -0.04 and a history of extreme cash burn.
| Cash from Operations | -5.84M | -6.62M | -5.43M | -3.68M | -2.66M |
| Operating CF Margin % | - | -1221.4% | - | - | - |
| Operating CF Growth % | -147.66% | -21.86% | -47.7% | -38.25% | - |
| Net Income | -10.01M | -23.07M | -35.53M | -15.28M | -11.76M |
| Depreciation & Amortization | 32.56M | 32.56K | 36.63K | 52.55K | 56.21K |
| Stock-Based Compensation | 39.28M | 38.49K | 99.36K | 17.39K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 22.98B | 1.65M | 15.87M | 2.3M | 1.02M |
| Working Capital Changes | 10.86M | 14.72M | 14.09M | 9.23M | 8.02M |
| Change in Receivables | 443.51K | 111.94K | 122.01K | 119.73K | -90.78K |
| Change in Inventory | 46.08K | -1.18M | -249.84K | 0 | 0 |
| Change in Payables | 5.95M | 1.56M | 1.03M | 42.65K | 126.12K |
| Cash from Investing | -1.92M | -1.91K | -5.23K | -53.93K | -26.88K |
| Capital Expenditures | -1.92M | -1.91K | -5.23K | -53.93K | -26.88K |
| CapEx % of Revenue | 102.28% | 0.35% | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 5.84M | 6.31M | 5.68M | 3.81M | 2.7M |
| Debt Issued (Net) | 5.62M | 6.4M | 5.69M | 3.82M | 2.7M |
| Equity Issued (Net) | 30.55K | -4.11K | -10.12K | -5.71K | -3.69K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 536 | -4.11K | -10.12K | -5.71K | -3.69K |
| Other Financing | 218.82K | -80.65K | 0 | 0 | 0 |
| Net Change in Cash | -23.79K | -310.77K | 240.11K | 76.97K | 11.38K |
| Free Cash Flow | -6.62B | -6.62M | -5.44M | -3.73M | -2.69M |
| FCF Margin % | -352142.19% | -1221.75% | - | - | - |
| FCF Growth % | -104748.19% | -21.78% | -45.71% | -38.87% | - |
| FCF per Share | -112.33 | -0.34 | -0.28 | -0.19 | -0.14 |
| FCF Conversion (FCF/Net Income) | 661.93x | 0.29x | 0.15x | 0.24x | 0.23x |
| Interest Paid | -496K | 0 | 2.66M | 1.89K | 3.54K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Immediate insolvency and dilution
As reported in recent financial statements, STAI's operating cash flow consistently fails to track with net income, evidenced by a 2025Q3 OCF/NI ratio of -0.04, which underscores a fundamental inability to convert accounting profits into actual liquidity for the business.
The persistent divergence between net income and operating cash flow suggests that the company's reported earnings are heavily influenced by non-cash items or accounting adjustments rather than operational success. Investors should monitor this gap, as it indicates that the business model is not generating the cash required to sustain its own R&D and administrative overhead.
Based on the provided quarterly data, STAI's free cash flow trajectory is characterized by extreme volatility and persistent outflows, with the company recording a massive $6.6 billion FCF burn in 2024Q4, highlighting a structural inability to achieve self-funding status.
The erratic nature of these cash flows suggests that the company is reliant on sporadic, non-recurring events rather than a predictable revenue stream. This trajectory warrants further investigation, as the lack of consistent positive free cash flow makes the firm highly susceptible to liquidity shocks.
According to historical cash flow filings, STAI consistently reports positive working capital changes, such as the $2.9 million inflow in 2025Q3, which appears to be the primary mechanism preventing an even faster depletion of the company's limited cash reserves.
These working capital inflows may indicate aggressive collection efforts or deferred payment schedules that are likely unsustainable in the long term. Analysts should be wary of relying on these temporary balance sheet shifts to fund ongoing operations, as they do not represent true operational profitability.
As indicated by the company's cash flow statements, stock-based compensation, including the $311,200 recorded in 2025Q3, frequently serves as a significant non-cash add-back that masks the true extent of the company's operational cash burn and dilutes existing shareholders.
The reliance on equity-based incentives in the absence of positive cash flow suggests that management is attempting to preserve cash at the expense of long-term shareholder value. This practice warrants further investigation, as it may indicate that the company's true cost of talent is not being fully reflected in its cash-based operating expenses.
Quick answers to the most common questions about buying STAI stock.
ScanTech AI Systems Inc. (STAI) generated $-6.6M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
ScanTech AI Systems Inc. (STAI) reported negative free cash flow of $6.6M in 2024, indicating capital requirements exceeded cash from operations.
ScanTech AI Systems Inc. (STAI) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, ScanTech AI Systems Inc. (STAI) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.