TG-17, Inc. (OBAI) Cash Flow Statement
Where OBAI’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- −$6.9M
- Capital expenditures
- $34,000 0.3% of revenue
- Free cash flow
- −$7.0M −69.8% margin
- Returned to shareholders
- $88,000
- Change in cash
- −$127,000 cash at year-end $599,000
Drawn to scale: where the cash came from and how it was used. Hover for values.
OBAI operating cash flow, capex and free cash flow
OBAI cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$7.0M2023 | −$6.9M2025 | — | |
| Capital expenditures | $89,0002023 | $34,0002025 | −38.2%/yr | |
| Free cash flow | −$7.1M2023 | −$7.0M2025 | — | |
| Free cash flow margin | −98.5%2023 | −69.8%2025 | +28.7 pts | |
| Dividends paid | $02024 | $88,0002025 | — | |
| Capex / revenue | 1.2%2023 | 0.3%2025 | −0.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OBAI cash flow by activity
OBAI net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
OBAI cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | −$10.5M | −$11.0M | −$12.3M |
| Depreciation & amortization | $53,000 | $58,000 | $42,000 |
| Stock-based compensation | $1.1M | — | — |
| Change in working capital | $1.2M | $335,000 | $707,000 |
| Other non-cash items | $1.2M | $2.5M | $4.5M |
| Cash from operating activities | −$6.9M | −$8.2M | −$7.0M |
| Investing activities | |||
| Capital expenditures | −$34,000 | −$61,999 | −$89,000 |
| Acquisitions & other investing | $0 | −$1 | $3,000 |
| Cash from investing activities | −$34,000 | −$62,000 | −$86,000 |
| Financing activities | |||
| Dividends paid | −$88,000 | $0 | — |
| Net borrowing (repayment) | −$1.2M | — | — |
| Shares issued | $8.7M | $0 | $0 |
| Other financing | −$483,000 | $7.5M | $6.8M |
| Cash from financing activities | $6.9M | $7.5M | $6.8M |
| Summary | |||
| Net change in cash | −$127,000 | −$711,000 | $1.4M |
| Cash at end of period | $599,000 | $726,000 | $1.4M |
| Free cash flow | −$7.0M | −$8.2M | −$7.1M |
| Free cash flow margin | −69.8% | −84.4% | −98.5% |
| Capex / revenue | 0.3% | 0.6% | 1.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | |
|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||
| Net income | −$4.8M | −$6.7M | −$2.7M | −$2.6M | −$3.0M | −$2.2M | −$3.0M | −$3.0M |
| Depreciation & amortization | $11,000 | $10,000 | $16,000 | $12,000 | $13,000 | $12,000 | $33,000 | −$10,000 |
| Stock-based compensation | $800,000 | $2.2M | $123,000 | $230,000 | $713,000 | $82,000 | $244,000 | $240,000 |
| Change in working capital | −$110,000 | −$181,000 | $556,000 | −$29,000 | $368,000 | $284,000 | −$6,000 | $722,000 |
| Other non-cash items | $143,000 | $226,000 | $211,000 | $306,000 | $362,000 | $368,000 | $294,000 | $454,000 |
| Cash from operating activities | −$3.9M | −$4.4M | −$1.8M | −$2.1M | −$1.6M | −$1.4M | −$2.5M | −$1.6M |
| Investing activities | ||||||||
| Capital expenditures | −$16,000 | −$11,000 | −$16,000 | −$10,000 | −$8,000 | $0 | −$16,000 | −$2,000 |
| Acquisitions & other investing | $0 | $0 | $0 | $0 | $0 | — | $0 | $0 |
| Cash from investing activities | −$16,000 | −$11,000 | −$16,000 | −$10,000 | −$8,000 | — | −$16,000 | −$2,000 |
| Financing activities | ||||||||
| Dividends paid | — | −$250,000 | −$22,000 | — | — | — | — | — |
| Net borrowing (repayment) | $5.1M | $1.9M | −$390,000 | −$445,000 | $31,000 | −$350,000 | $85,000 | $0 |
| Shares issued | $0 | $3.0M | $2.0M | $820,000 | $3.3M | $2.5M | $2.8M | $1.6M |
| Other financing | $310,000 | $3.0M | −$127,000 | −$122,000 | −$242,000 | −$58,000 | −$37,000 | −$60,000 |
| Cash from financing activities | $5.4M | $7.6M | $1.5M | $253,000 | $3.1M | $2.1M | $2.8M | $1.5M |
| Summary | ||||||||
| Net change in cash | $1.4M | $3.2M | −$326,000 | −$1.9M | $1.4M | $694,000 | $305,000 | −$59,000 |
| Cash at end of period | $5.2M | $3.8M | $599,000 | $925,000 | $2.8M | $1.4M | $726,000 | $421,000 |
| Free cash flow | −$3.9M | −$4.4M | −$1.8M | −$2.1M | −$1.6M | −$1.4M | −$2.5M | −$1.6M |
| Free cash flow margin | −186.0% | −188.4% | −67.3% | −77.7% | −69.8% | −63.0% | −98.4% | −62.0% |
| Capex / revenue | 0.8% | 0.5% | 0.6% | 0.4% | 0.4% | 0.0% | 0.6% | 0.1% |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
OBAI cash generation
In fiscal 2025 (ended December 31, 2025), TG-17 generated -$6.9 million of cash from operations and spent $0.0 million on capital expenditures, leaving free cash flow of -$7.0 million, −69.8% of revenue. It returned $0.1 million to shareholders through dividends ($0.1 million) and net share buybacks ($0). Cash and equivalents fell by $0.1 million over the year.
Related: OBAI income statement, OBAI balance sheet. See the OBAI stock overview for the latest quote and news.
OBAI cash flow FAQ
What is TG-17's free cash flow?
TG-17's free cash flow was -$7.0 million in fiscal 2025: -$6.9 million of operating cash flow minus $0.0 million of capital expenditures It was -$8.2 million a year earlier..
How much cash does TG-17 generate from operations?
TG-17 generated -$6.9 million of cash from operating activities in fiscal 2025.
How much does TG-17 spend on capital expenditures?
TG-17 spent $0.0 million on capital expenditures in fiscal 2025, 0.3% of revenue, compared with $0.1 million the year before.
How much does TG-17 pay in dividends?
TG-17 paid $0.1 million in dividends in fiscal 2025.