Free cash flow remains deeply negative with quarterly outflows of $2.6 million in 2026Q1, confirming that the firm's operations are currently entirely dependent on external funding rather than organic cash generation.
| Cash from Operations | -7.3M | -7.16M | -5.27M | -3.65M | -4.95M | -2.35M | -1.79M | -4.17M |
| Operating CF Margin % | - | -9460.19% | -11529.19% | -4836.54% | -8187.93% | -3897.61% | -3687.01% | -15508.17% |
| Operating CF Growth % | -155.91% | -35.9% | -44.55% | 26.31% | -110.61% | -31% | 57% | - |
| Net Income | -8.05M | -7.23M | -6.99M | -4.91M | -7.07M | -4.95M | -4.64M | -4.02M |
| Depreciation & Amortization | 233.15K | 227.41K | 193.14K | 162.67K | 143.62K | 189.37K | 196.28K | 178.21K |
| Stock-Based Compensation | 49.47K | 0 | 287.45K | 456K | 1.29M | 177.49K | 26.13K | 28.04K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 4.59K | 199.92K | 1.8M | 22.88K | 1.3M | 1.56M | 2.08M | 0 |
| Working Capital Changes | 467.29K | -357.9K | -564.24K | 622.87K | -616.1K | 676.29K | 539.9K | -358.23K |
| Change in Receivables | -21.41K | -11.35K | 7.27K | -1.49K | -12.29K | 16.22K | -7.81K | -14.7K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 58.89K | -198.64K | -156.4K | 220.63K | -603.1K | 199.6K | 342.23K | -249.96K |
| Cash from Investing | -174.96K | -203.9K | -321.94K | -119.52K | -207.87K | -152K | -179.03K | -267.21K |
| Capital Expenditures | -174.96K | -203.9K | -321.94K | -119.52K | -208.87K | -152K | -4.74K | -22.36K |
| CapEx % of Revenue | 224.65% | 269.25% | 704.09% | 158.51% | 345.56% | 252.11% | 9.74% | 83.12% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 1 | 0 | 0 | 0 | 1K | 0 | -174.28K | -244.86K |
| Cash from Financing | 11.74M | 18.95M | 5.03M | 3.31M | 6.19M | 2.94M | 1.86M | 2.95M |
| Debt Issued (Net) | 0 | 0 | -300.97K | 2.25M | -2M | 2.94M | 1.86M | 515.55K |
| Equity Issued (Net) | 11.9M | 18.95M | 6.57M | 1.46M | 8.55M | 0 | 0 | 2.43M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -1.21M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -164.65K | 0 | -1.25M | -398.22K | -365.06K | 0 | 0 | 0 |
| Net Change in Cash | 4.27M | 11.58M | -567.41K | -451.74K | 1.03M | 437.55K | -113.18K | -1.49M |
| Free Cash Flow | -7.34M | -7.19M | -5.59M | -3.77M | -5.16M | -2.35M | -1.97M | -4.44M |
| FCF Margin % | -9430.56% | -9488.62% | -12233.28% | -4995.05% | -8533.49% | -3897.61% | -4054.98% | -16501.65% |
| FCF Growth % | -57.84% | -28.46% | -48.51% | 26.98% | -119.49% | -19.12% | 55.55% | - |
| FCF per Share | -3.45 | -13.51 | -5932.66 | -61183.95 | -122259.39 | -47360.88 | -39760.38 | -89452.45 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.99x | 0.75x | 0.74x | 0.70x | 0.47x | 0.39x | 1.04x |
| Interest Paid | 0 | 0 | 13.07K | 10.71K | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital dilution
According to quarterly financial data, Aclarion consistently reports net losses that closely track operating cash outflows, with OCF/NI ratios frequently hovering near parity, suggesting that the company's cash burn is driven primarily by core operational deficits rather than non-cash accounting adjustments or significant working capital swings.
The tight correlation between net income and operating cash flow indicates that the company lacks the non-cash expenses, such as significant depreciation or amortization, that typically provide a buffer for early-stage firms. This suggests that the reported losses are a direct reflection of cash leaving the business, leaving little room for operational improvement without a fundamental change in the cost structure.
As reported in recent financial statements, Aclarion’s free cash flow remains deeply negative, with quarterly outflows often exceeding $2 million, highlighting a trajectory that is entirely dependent on external financing to sustain its ongoing clinical and regulatory development efforts in the absence of meaningful revenue generation.
The consistent negative FCF margins, which have reached as low as -227.6% in past periods, underscore the company's inability to self-fund its operations. Investors should monitor whether the company can achieve any meaningful reduction in cash burn as it attempts to scale, or if the current trajectory necessitates further dilutive capital raises.
Based on Aclarion's reported figures, capital expenditures remain relatively low, typically representing a small fraction of revenue, which suggests that the company's primary financial burden is not the maintenance of physical assets but rather the high fixed costs associated with R&D and regulatory compliance.
While the low capital intensity might appear favorable, it reflects the company's asset-light software model rather than operational efficiency. The lack of significant investment in tangible infrastructure may indicate that the company is not yet building the necessary scale to support widespread commercial adoption of its diagnostic suite.
As indicated by the quarterly cash flow statements, working capital changes have been highly erratic, swinging from significant inflows to outflows, which suggests that the company's cash position is sensitive to the timing of payments and the lack of a stable, predictable revenue collection cycle.
These fluctuations in working capital appear to be a byproduct of the company's nascent commercial stage rather than a deliberate strategy. The inability to maintain a consistent working capital trend warrants further investigation into the company's accounts receivable management and its ability to effectively convert clinical interest into cash.
Quick answers to the most common questions about buying ACON stock.
Aclarion, Inc. (ACON) generated $-7.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Aclarion, Inc. (ACON) reported negative free cash flow of $7.2M in 2025, indicating capital requirements exceeded cash from operations.
Aclarion, Inc. (ACON) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Aclarion, Inc. (ACON) spent $1.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.