Despite the lack of transparent cash flow statements, the company maintains a $53.4 million cash balance that remains the primary, albeit opaque, buffer against ongoing operational losses.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | -188.1M | -121.45M | -118.94M | -27.53M | 8.61M | -108.82M | -31.73M | 163.08M | 301.7M | 496.05M | 347.7M | 175.34M | 180.02M | 46.46M |
| Operating CF Margin % | -18104.33% | -10.37% | -8.65% | -1.97% | 0.7% | -5.73% | -1.55% | 7.82% | 17.2% | 32.63% | 29.52% | 20.95% | 32% | 13.1% |
| Operating CF Growth % | -54.88% | -2.12% | -332.05% | -419.72% | 107.91% | -242.96% | -119.46% | -45.95% | -39.18% | 42.67% | 98.3% | -2.6% | 287.47% | - |
| Net Income | -40.03M | -535.43M | 22.33M | -2.06M | -509.29M | -771.19M | -1.04B | -592.2M | -147K | 226.12M | 178.76M | 151.85M | 85.13M | 59.62M |
| Depreciation & Amortization | 3.81M | 128.87M | 168.18M | 204.58M | 221.29M | 347.5M | 413.12M | 158.76M | 100.76M | 73.64M | 54.98M | 43.48M | 28.2M | 15.14M |
| Stock-Based Compensation | 0 | 1.34M | 2.74M | 11.38M | 14.11M | 36.25M | 59.17M | 124.25M | 77.42M | 67.82M | 32.92M | 24.98M | 4.63M | 807.88K |
| Deferred Taxes | 0 | 28.04M | -9.84M | -18.3M | 115.79M | -42.43M | -46.04M | -46.59M | -1.17M | -1.55M | -21.61M | -4.19M | -6.38M | -132.27K |
| Other Non-Cash Items | -144.3M | 378.05M | -133.88M | -29.81M | 79M | 22.13M | 7.73M | 33.87M | 17.06M | -33.18M | 93.1M | 40.5M | 7.3M | 2.58M |
| Working Capital Changes | -7.58M | -122.33M | -168.47M | -193.32M | 87.7M | 298.93M | 573.16M | 485M | 107.78M | 163.19M | 9.55M | -81.27M | 61.13M | -31.56M |
| Change in Receivables | 0 | 11.35M | 29K | 45K | -708K | -8.03M | 17.59M | 3M | -32.43M | 241K | -66.9M | -102.97M | 6.77M | -68.69M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 699K | -3.55M | -971K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 7.16M | -531K | 1.08M | -283K | 821K | 55K | -390K | -196K | -248K | 533K | -269K | -42.65K | -832.6K |
| Cash from Investing | -76.45M | -91.04M | 72.05M | -22.71M | 33.69M | -657K | -51.22M | -91.98M | -236.54M | -128.47M | -72.31M | -734.54M | -118.4M | -49.4M |
| Capital Expenditures | -76.26M | -65.55M | -34.71M | -29.4M | -46.91M | -79.41M | -161.28M | -276.25M | -176.82M | -383.68M | -99.96M | -48.41M | -55.2M | -44.87M |
| CapEx % of Revenue | 7339.94% | 5.6% | 2.52% | 2.1% | 3.79% | 4.18% | 7.86% | 13.25% | 10.08% | 25.24% | 8.49% | 5.78% | 9.81% | 12.65% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -46.28M | 0 | -4.21M | -1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -190K | -25.79M | 107.05M | 6.69M | 80.61M | 5.52M | 35M | -34.06M | -24.06M | -15.04M | 1.42M | -335K | 2.44M | -3.94M |
| Cash from Financing | 139.53M | 10.84M | -35.78M | -2.1M | 23.24M | -68.3M | 74.4M | -222.68M | -184.22M | -78.04M | -26.9M | 655.03M | -3.58M | -1.42M |
| Debt Issued (Net) | 0 | 26.29M | -30M | 0 | 19.29M | -71.95M | 75.37M | 13.23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 185.82M | -7.36M | -2.43M | -17.1M | 3.95M | 0 | -5.06M | -196.96M | -143.39M | -44.41M | -49.35M | 675.21M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -42.95M | -63.09M | -54.03M | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -7.36M | -2.43M | -17.1M | 0 | 0 | -5.06M | -196.96M | -143.39M | -44.41M | -49.35M | 0 | 0 | 0 |
| Other Financing | -46.29M | -8.09M | -3.35M | 15M | 3.95M | 3.65M | 4.08M | 4M | 22.25M | 20.39M | 22.46M | -20.19M | -3.58M | -1.42M |
| Net Change in Cash | -33.3M | -201.56M | -84.11M | -50.05M | 65.47M | -179.15M | -7.98M | -141.01M | -123.98M | 296.73M | 252.9M | 101.67M | 60.25M | -4.07M |
| Free Cash Flow | -264.37M | -187.01M | -153.64M | -56.93M | -38.3M | -188.24M | -193M | -113.17M | 124.89M | 112.37M | 247.74M | 126.94M | 124.82M | 1.59M |
| FCF Margin % | -25444.27% | -15.97% | -11.17% | -4.07% | -3.1% | -9.92% | -9.41% | -5.43% | 7.12% | 7.39% | 21.03% | 15.17% | 22.19% | 0.45% |
| FCF Growth % | -41.37% | -21.71% | -169.89% | -48.64% | 79.65% | 2.47% | -70.54% | -190.62% | 11.14% | -54.64% | 95.16% | 1.7% | 7749.28% | - |
| FCF per Share | -340.96 | -16.90 | -13.88 | -4.93 | -3.40 | -17.32 | -18.08 | -10.30 | 10.48 | 9.52 | 21.08 | 13.16 | 12.32 | 0.16 |
| FCF Conversion (FCF/Net Income) | -0.11x | 0.21x | -13.32x | -0.33x | -0.02x | 0.14x | 0.03x | -0.28x | -2052.41x | 2.19x | 1.95x | 1.15x | 2.11x | 0.78x |
| Interest Paid | 0 | 473K | 626K | 1.34M | 463K | 4.95M | 419K | 163K | 166K | 0 | 0 | 0 | 0 | 37.24K |
| Taxes Paid | 0 | 837K | 229K | 45K | 0 | 615K | 6.65M | 37.22M | 9.62M | 2.72M | 2.25M | 3.48M | 11.19M | 6.48M |
Total business model collapse
As reported in financial statements, VSA's cash flow data is currently unavailable, preventing a meaningful assessment of the relationship between net income and operating cash flow, which is critical given the company's recent 99.91% revenue decline and the resulting distortion in reported net margin figures.
The absence of cash flow data makes it impossible to determine if the reported net income is supported by actual cash generation or if it is merely an accounting artifact. Investors should monitor future filings for a reconciliation between net income and operating cash flow to understand if the business is truly generating cash or merely liquidating assets.
Based on EDBL's reported figures, the lack of cash flow transparency leaves the free cash flow trajectory entirely opaque, making it difficult to ascertain whether the company's pivot to K-12 STEM education is consuming or generating the liquidity required to sustain its remaining physical learning centers.
Without visibility into capital expenditures or operating cash flow, the sustainability of the current business model remains speculative. The extreme revenue contraction suggests that any historical free cash flow trends are likely irrelevant to the company's current, significantly diminished operational state.
According to recent SEC filings, VSA holds a cash balance of $53.4 million, yet the lack of detailed cash flow statements obscures how this capital is being deployed, whether toward operational restructuring, debt service, or potential liquidation of the legacy adult vocational training business assets.
The preservation of cash appears to be the primary focus given the collapse of the core revenue base. Analysts should investigate whether this capital is being utilized to fund the high fixed costs of the new STEM centers or if it is being held as a buffer against potential legacy liabilities.
As noted in financial disclosures, the reported net margin of over 165,000% suggests significant non-operating accounting adjustments, which likely mask the underlying cash burn rate and complicate any attempt to derive a normalized cash flow profile from the company's current, highly distressed financial position.
The disconnect between the headline profitability and the catastrophic revenue decline warrants extreme caution. It is highly probable that the cash flow statement, if available, would reveal a significant divergence between accounting earnings and the actual cash-generating capacity of the business.
Quick answers to the most common questions about buying VSA stock.
VisionSys AI Inc. (VSA) generated $-188.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VisionSys AI Inc. (VSA) reported negative free cash flow of $264.4M in 2025, indicating capital requirements exceeded cash from operations.
VisionSys AI Inc. (VSA) spent $76.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.