Operating cash flow remains deeply negative at $9.4M for 2025Q2, reflecting a free cash flow margin of negative 93.6% that necessitates constant external financing.
| Cash from Operations | -18.32M | -33.09M |
| Operating CF Margin % | - | - |
| Operating CF Growth % | 0% | - |
| Net Income | 0 | -42.99M |
| Depreciation & Amortization | 0 | 172.43K |
| Stock-Based Compensation | 0 | 0 |
| Deferred Taxes | 0 | 0 |
| Other Non-Cash Items | -18.32M | 9.73M |
| Working Capital Changes | 0 | 0 |
| Change in Receivables | 0 | 100K |
| Change in Inventory | 0 | 0 |
| Change in Payables | 0 | -792.87K |
| Cash from Investing | -40.49K | -510.39K |
| Capital Expenditures | 0 | 0 |
| CapEx % of Revenue | 0% | - |
| Acquisitions | 0 | 0 |
| Investments | - | - |
| Other Investing | -40.49K | -510.39K |
| Cash from Financing | 14.67M | 37.66M |
| Debt Issued (Net) | 0 | 0 |
| Equity Issued (Net) | 0 | 0 |
| Dividends Paid | 0 | 0 |
| Share Repurchases | 0 | 0 |
| Other Financing | 14.67M | 37.66M |
| Net Change in Cash | 0 | 3.92M |
| Free Cash Flow | -18.32M | -33.09M |
| FCF Margin % | -4572.75% | - |
| FCF Growth % | - | - |
| FCF per Share | -1.86 | -4.23 |
| FCF Conversion (FCF/Net Income) | 0.94x | - |
| Interest Paid | 0 | 0 |
| Taxes Paid | 0 | 0 |
Unsustainable cash burn rate
According to recent financial disclosures, VSAI reported a net loss of $9.9M in 2025Q2, with operating cash flow trailing at negative $9.4M, indicating that the company's cash burn is almost entirely driven by its underlying operational losses rather than non-cash accounting adjustments or working capital volatility.
The tight correlation between net income and operating cash flow suggests that the company lacks significant non-cash expenses to buffer its liquidity position. Investors should monitor this narrow gap, as it implies that any improvement in cash flow must come from fundamental operational profitability rather than accounting maneuvers.
As reported in quarterly filings, VSAI's free cash flow margin deteriorated to negative 93.6% in 2025Q2, reflecting a deepening reliance on external financing to sustain operations as the company struggles to generate meaningful cash from its current pilot-heavy business model and limited commercial software deployments.
The consistent negative free cash flow trajectory highlights the company's current inability to self-fund its research and development initiatives. This trend warrants further investigation into whether the company can achieve a pivot toward positive cash generation before its existing liquidity reserves are exhausted.
Based on the provided financial data, VSAI reported zero capital expenditures for both 2025Q1 and 2025Q2, suggesting that the firm is currently operating as a pure-play software entity with negligible investment in physical infrastructure or tangible assets to support its spatial computing and AI development.
While the absence of capital expenditure preserves cash in the short term, it may also indicate a lack of investment in the hardware or infrastructure necessary to scale its industrial solutions. Analysts should consider whether this lack of investment is a strategic choice or a symptom of constrained capital availability.
Based on reported figures, the absence of stock-based compensation and depreciation data in the cash flow statement obscures the true economic cost of talent retention and asset utilization, potentially masking the full extent of the company's structural cash burn and long-term dilution risks for shareholders.
The lack of transparency regarding non-cash expenses makes it difficult to assess the true 'owner's earnings' of the business. Investors should be cautious, as the current cash flow statement may be understating the true cost of maintaining the company's specialized scientific workforce.
Quick answers to the most common questions about buying VSAI stock.
VERSES AI Inc. Common Stock (VSAI) generated $-33.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
VERSES AI Inc. Common Stock (VSAI) reported negative free cash flow of $33.1M in 2024, indicating capital requirements exceeded cash from operations.
VERSES AI Inc. Common Stock (VSAI) 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.