Rezolve AI Limited (RZLV) Cash Flow Statement
Where RZLV’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- −$63.1M
- Capital expenditures
- $23.9M 51.2% of revenue
- Free cash flow
- −$87.1M −186.1% margin
- Returned to shareholders
- $100,000
- Change in cash
- $101.4M cash at year-end $111.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
RZLV operating cash flow, capex and free cash flow
RZLV cash flow trends, FY2021–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$20.4MFY2021 | −$63.1MFY2025 | — | |
| Capital expenditures | $117,936FY2021 | $23.9MFY2025 | +277.5%/yr | |
| Free cash flow | −$20.6MFY2021 | −$87.1MFY2025 | — | |
| Free cash flow margin | −526.6%FY2021 | −186.1%FY2025 | +340.5 pts | |
| Stock-based compensation | $17.7MFY2021 | $9.1MFY2025 | −15.3%/yr | |
| Share buybacks (net) | $0FY2023 | $100,000FY2025 | — | |
| Capex / revenue | 3.0%FY2021 | 51.2%FY2025 | +48.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
RZLV cash flow by activity
RZLV 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).
RZLV cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | −$101.4M | −$172.6M | −$30.7M | −$110.7M | −$37.7M |
| Depreciation & amortization | $7.0M | $226,305 | $242,436 | $244,208 | $460,491 |
| Stock-based compensation | $9.1M | $86.4M | $8.7M | $60.0M | $17.7M |
| Change in working capital | $1.9M | $512,607 | $2.4M | $4.3M | −$1.9M |
| Other non-cash items | $20.3M | $63.2M | $6.3M | $19.4M | $966,552 |
| Cash from operating activities | −$63.1M | −$22.4M | −$13.0M | −$26.8M | −$20.4M |
| Investing activities | |||||
| Capital expenditures | −$23.9M | −$3.5M | −$1.8M | −$36,854 | −$117,936 |
| Investments (net) | — | −$3.5M | −$1.8M | −$36,854 | −$117,936 |
| Acquisitions & other investing | −$762,532 | — | $1.8M | $36,854 | $117,936 |
| Cash from investing activities | −$24.7M | — | −$1.8M | −$36,854 | −$117,936 |
| Financing activities | |||||
| Share repurchases & issuance (net) | −$100,000 | −$100,000 | $0 | — | — |
| Net borrowing (repayment) | −$61.7M | $16.3M | $6.7M | $21.5M | $2.5M |
| Shares issued | $251.4M | $19.7M | $8.0M | $2.5M | $14.4M |
| Other financing | −$773,000 | −$416,089 | $0 | $0 | $1.9M |
| Cash from financing activities | $188.8M | $35.4M | $14.7M | $24.0M | $18.8M |
| Summary | |||||
| Net change in cash | $101.4M | $9.6M | −$28,939 | −$2.6M | −$1.8M |
| Cash at end of period | $111.1M | $9.7M | $10,441 | $39,380 | $2.7M |
| Free cash flow | −$87.1M | −$25.9M | −$14.8M | −$26.8M | −$20.6M |
| Free cash flow margin | −186.1% | −1,287.0% | −10,191.9% | −23,294.5% | −526.6% |
| Capex / revenue | 51.2% | 175.4% | 1,228.2% | 32.0% | 3.0% |
| Jun '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$139.5M | −$72.5M | −$28.9M | −$28.9M | −$28.9M | −$79.9M | −$79.9M | −$1.4M | −$380,846 | −$720,628 | −$340,450 | −$17.3M |
| Depreciation & amortization | $20.4M | $5.4M | $775,389 | $1.6M | $775,389 | $104,410 | $52,205 | — | — | — | — | $1.3M |
| Stock-based compensation | — | $9.1M | — | — | $41.3M | $41.3M | $41.3M | — | — | — | — | $4.9M |
| Change in working capital | −$21.2M | $2.6M | −$774,184 | −$774,184 | −$774,184 | −$445,000 | −$445,000 | $624,368 | $244,273 | $1.0M | $230,742 | −$819,492 |
| Other non-cash items | $48.2M | $12.0M | $19.0M | $18.2M | −$22.3M | $30.6M | $30.6M | $539,632 | −$241,484 | −$558,098 | −$359,148 | $3.1M |
| Cash from operating activities | −$92.0M | −$43.3M | −$9.9M | −$9.9M | −$9.9M | −$8.4M | −$8.4M | −$259,000 | −$378,057 | −$230,678 | −$468,856 | −$8.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.2M | −$23.9M | −$45,109 | −$45,109 | −$45,109 | −$462 | −$462 | −$3 | −$2 | −$6,316 | −$4 | −$8,060 |
| Acquisitions & other investing | −$150.3M | −$853,376 | $90,844 | $90,844 | $90,844 | −$1.1M | −$1.1M | −$148,854 | $10.2M | −$419,086 | $12.2M | −$104,604 |
| Cash from investing activities | −$152.5M | −$24.8M | $45,735 | $45,735 | $45,735 | −$1.1M | −$1.1M | −$148,857 | $10.2M | −$425,402 | $12.2M | −$112,664 |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −$10.4M | — | −$12.1M | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $232.5M | $168.8M | $10.0M | $10.0M | $10.0M | $14.2M | $14.2M | $313,134 | $652,161 | $644,322 | $362,685 | $9.2M |
| Cash from financing activities | $232.5M | $168.8M | $10.0M | $10.0M | $10.0M | $14.2M | $14.2M | $313,134 | −$9.7M | $644,322 | −$11.7M | $9.2M |
| Summary | ||||||||||||
| Net change in cash | −$10.6M | $101.3M | — | — | — | — | — | −$94,480 | $47,438 | — | — | $121,091 |
| Cash at end of period | $100.5M | $111.1M | $9.9M | $9.9M | — | — | $204,701 | $13,242 | $107,722 | $54,405 | $60,284 | $121,091 |
| Free cash flow | −$94.2M | −$77.1M | −$10.0M | −$10.0M | −$10.0M | −$8.4M | −$8.4M | −$259,000 | −$262,720 | −$230,680 | −$468,860 | −$8.8M |
| Free cash flow margin | −72.0% | −190.6% | −315.0% | −157.5% | −315.0% | −12,460.9% | −12,460.9% | −970.0% | −984.0% | −234.7% | — | −18,874.3% |
| Capex / revenue | 1.7% | 59.0% | 1.4% | 0.7% | 1.4% | 0.7% | 0.7% | 0.0% | 0.0% | 6.4% | — | 17.2% |
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.
RZLV cash generation
In fiscal 2025 (ended September 30, 2025), Rezolve AI generated -$63.1 million of cash from operations and spent $23.9 million on capital expenditures, leaving free cash flow of -$87.1 million, −186.1% of revenue. It returned $0.1 million to shareholders through dividends ($0) and net share buybacks ($0.1 million). Cash and equivalents rose by $101.4 million over the year.
Related: RZLV income statement, RZLV balance sheet. See the RZLV stock overview for the latest quote and news.
RZLV cash flow FAQ
What is Rezolve AI's free cash flow?
Rezolve AI's free cash flow was -$87.1 million in fiscal 2025: -$63.1 million of operating cash flow minus $23.9 million of capital expenditures It was -$25.9 million a year earlier..
How much cash does Rezolve AI generate from operations?
Rezolve AI generated -$63.1 million of cash from operating activities in fiscal 2025.
How much does Rezolve AI spend on capital expenditures?
Rezolve AI spent $23.9 million on capital expenditures in fiscal 2025, 51.2% of revenue, compared with $3.5 million the year before.
How much stock does Rezolve AI buy back?
Rezolve AI spent $0.1 million on net share repurchases in fiscal 2025.