Free cash flow remains deeply negative at -58.3% of revenue in 2026Q1, highlighting a total dependence on external funding to sustain clinical development activities.
| Cash from Operations | -84.99M | -77.8M | -61.24M | -34.63M | -29.42M | -14.44M | -11.08M |
| Operating CF Margin % | - | -4067.07% | -2265.67% | -1266.32% | -919.07% | -247.63% | -203.05% |
| Operating CF Growth % | -110.6% | -27.04% | -76.84% | -17.73% | -103.74% | -30.29% | - |
| Net Income | -95.3M | -94.22M | -76.29M | -46.76M | -30.56M | -17.17M | -11.78M |
| Depreciation & Amortization | 1.69M | 1.66M | 1.97M | 1.16M | 774.08K | 640.09K | 1.01M |
| Stock-Based Compensation | 4.48M | 7.78M | 0 | 5.76M | 2.94M | 254.85K | 323.98K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.56M | 715K | 14.06M | 1.23M | -817.14K | 861.55K | -6.01M |
| Working Capital Changes | -569K | 6.26M | -982K | 3.99M | -1.75M | 976.4K | 5.38M |
| Change in Receivables | -1.13M | -515K | -911K | -345.01K | -533.8K | 85.45K | 4.53M |
| Change in Inventory | 242K | 362K | -71K | -86.72K | 194.2K | -15.71K | 862.78K |
| Change in Payables | 320K | 6.42M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.89M | -596K | -2.28M | -2.58M | -992.57K | -886.07K | 5.99M |
| Capital Expenditures | -1.89M | 0 | -2.27M | -2.39M | -1.57M | -572.87K | -222.45K |
| CapEx % of Revenue | 102% | 102.14% | 83.83% | 87.33% | 49.2% | 9.83% | 4.08% |
| Acquisitions | 0 | 0 | 0 | -213K | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | -596K | -14K | 19.59K | 582.2K | -1.4K | 6.21M |
| Cash from Financing | 321.16M | 20.55M | 112.83M | 49.34M | 23.27M | 27.42M | 1.46M |
| Debt Issued (Net) | -1.25M | -1.24M | -2.24M | -808.05K | -975.45K | 1.74M | -280.7K |
| Equity Issued (Net) | 323.58M | 23.02M | 0 | 52.82M | 25.3M | 26.91M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -97K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.17M | -1.23M | 115.07M | -2.68M | -1.05M | -1.23M | 1.74M |
| Net Change in Cash | 234.25M | -57.88M | 49.37M | 11.74M | -6.1M | 12.1M | -2.94M |
| Free Cash Flow | -86.69M | -79.76M | -63.51M | -37.03M | -31.08M | -15.02M | -11.3M |
| FCF Margin % | -4683.31% | -4169.21% | -2349.5% | -1353.89% | -971.12% | -257.62% | -207.12% |
| FCF Growth % | -25.62% | -25.59% | -71.52% | -19.12% | -106.94% | -32.87% | - |
| FCF per Share | -3.68 | -3.38 | -3.14 | -1.03 | -0.86 | -0.42 | -0.31 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.83x | 0.80x | 0.75x | 0.96x | 0.84x | 0.94x |
| Interest Paid | 0 | 0 | 0 | 38.47K | 33.4K | 50.27K | 203.2K |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent capital dilution risk
As reported in recent financial filings, Anteris Technologies exhibits an OCF/NI ratio of 1.25 in 2026Q1, suggesting that operating cash outflows are currently outpacing net losses, a trend that highlights the disconnect between accounting accruals and the actual cash requirements of the firm's clinical-stage operations.
The divergence between net income and operating cash flow suggests that non-cash expenses are not sufficient to bridge the gap created by heavy working capital requirements. Investors should monitor this ratio closely, as it indicates that the company's cash burn is accelerating faster than its reported accounting losses would otherwise imply.
Based on the company's quarterly cash flow statements, free cash flow margins have remained deeply negative, reaching -58.3% in 2026Q1, which underscores the company's total reliance on external financing to fund its ongoing clinical development and regulatory activities for the DurAVR system.
The consistent negative FCF trajectory confirms that the business is currently in a capital-intensive phase with no self-sustaining revenue base. This trend suggests that until the DurAVR system achieves commercial scale, the company will likely continue to experience significant cash outflows that correlate directly with its R&D spending.
According to the latest financial data, working capital changes have been highly erratic, swinging from a $6.9M inflow in 2025Q4 to an $8.1M outflow in 2026Q1, which may indicate significant instability in inventory management or the timing of payments to clinical trial vendors.
Such volatility in working capital suggests that the company lacks a predictable operational rhythm, likely due to the project-based nature of its clinical trial expenditures. This inconsistency warrants further investigation into whether these fluctuations are driven by temporary supply chain bottlenecks or broader inefficiencies in managing vendor relationships.
As indicated by the cash flow statements, the company's reliance on stock-based compensation and capitalized costs appears to obscure the true magnitude of its operational burn, with SBC reaching $2.9M in 2025Q4 alone, potentially masking the full extent of the firm's human capital expenses.
While SBC is a non-cash item, its inclusion in the operating cash flow calculation may provide a misleading picture of the company's actual cash-based operational costs. Analysts should adjust for these items to better understand the true cash runway available before the next necessary capital raise.
Quick answers to the most common questions about buying AVR stock.
Anteris Technologies Global Corp. (AVR) generated $-77.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Anteris Technologies Global Corp. (AVR) reported negative free cash flow of $79.8M in 2025, indicating capital requirements exceeded cash from operations.
Anteris Technologies Global Corp. (AVR) 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.