Free cash flow remains consistently negative, with a $3.4M deficit in 2026Q1 highlighting an unsustainable burn rate that outpaces historical expenditure levels.
| Cash from Operations | -9.04M | -2.84M | -862.1K | -908.49K | -683.16K | -332.54K |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | -1759.78% | -229.18% | 5.11% | -32.98% | -105.44% | - |
| Net Income | -19.23M | -6.55M | -870.54K | -56.84K | 47.11K | -277.2K |
| Depreciation & Amortization | 1.83M | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 2.84M | 2.64M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.82M | -213.27K | -806.99K | -1.78M | -1.27M | -118.5K |
| Working Capital Changes | 1.19M | 1.29M | 815.43K | 926.14K | 541.07K | 63.16K |
| Change in Receivables | -127.86K | -120K | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 9.76K | 0 | 0 | 0 | 0 |
| Change in Payables | 91.54K | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.2M | 114.38K | 29.15M | 41.07M | -640.99K | -69.69M |
| Capital Expenditures | -59.08K | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | -1.09M | 0 | 588.13K | 747.49K | 49.01K | 0 |
| Cash from Financing | 22.2M | 5.01M | -28.51M | -39.95M | 913.96K | 70.45M |
| Debt Issued (Net) | 16.56M | 4.97M | 14.98K | 1.12M | 713.96K | 1.32M |
| Equity Issued (Net) | 5.24M | 4.98M | -28.92M | -41.08M | 200K | 69.13M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.57M | 0 | -28.92M | -41.08M | 0 | 0 |
| Other Financing | 1.98M | -4.95M | 401.42K | 0 | 0 | 0 |
| Net Change in Cash | 11.96M | 2.28M | -222.52K | 213.02K | -410.19K | 429.44K |
| Free Cash Flow | -9.17M | -2.84M | -862.1K | -908.49K | -683.16K | -332.54K |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | -1036.75% | -229.18% | 5.11% | -32.98% | -105.44% | - |
| FCF per Share | -0.47 | -0.24 | -0.24 | -0.15 | -0.07 | -0.04 |
| FCF Conversion (FCF/Net Income) | 0.48x | 0.43x | 1.30x | 15.98x | -14.50x | 1.20x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Pre-commercial liquidity exhaustion
According to reported financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating from 0.26 in 2026Q1 to as high as 5.75 in 2024Q1, indicating that accruals and non-cash adjustments dominate the company's reported bottom-line performance metrics.
The extreme volatility in the OCF/NI ratio suggests that net income is not a reliable proxy for the company's actual cash-generating capability. Investors should interpret these wide swings as evidence of a business model that is currently driven by accounting adjustments rather than sustainable operational cash inflows.
Based on the provided cash flow data, VisionWave has consistently reported negative free cash flow across all ten observed quarters, with the 2026Q1 deficit of $3.4M highlighting an accelerating cash burn that significantly outpaces the company's historical quarterly expenditure levels observed in previous fiscal periods.
The lack of positive free cash flow trajectory underscores the company's ongoing reliance on external capital to fund its R&D-heavy operations. This persistent cash drain suggests that the firm has yet to achieve the necessary scale to reach a self-sustaining financial profile.
As reported in recent filings, working capital changes have frequently provided a temporary cash buffer, such as the $1.9M inflow in 2026Q1, which appears to partially offset the underlying operational losses that would otherwise result in a more rapid depletion of the company's limited cash reserves.
These periodic working capital inflows may indicate timing differences in contract-related payments or payables management rather than genuine operational efficiency. Analysts should monitor whether these inflows are sustainable or if they represent a temporary deferral of cash obligations that will eventually pressure liquidity.
Based on the historical data, capital deployment has been characterized by significant share repurchases totaling over $20M across the observed period, a trend that appears incongruous with the company's current $2.28M cash position and its ongoing struggle to maintain a positive operating cash flow profile.
The decision to allocate substantial capital to share repurchases while simultaneously burning through cash reserves warrants further investigation into management's capital allocation strategy. This pattern may suggest a focus on supporting equity valuation that potentially compromises the firm's ability to fund critical R&D milestones.
Quick answers to the most common questions about buying VWAV stock.
VisionWave Holdings, Inc. (VWAV) generated $-2.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
VisionWave Holdings, Inc. (VWAV) reported negative free cash flow of $2.8M in 2025, indicating capital requirements exceeded cash from operations.
VisionWave Holdings, Inc. (VWAV) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.