Liquidity is under significant pressure, as evidenced by a $25.2 million free cash flow deficit in 2026Q1 and a $8.2 million working capital outflow that highlights the friction of rapid commercial scaling.
| Cash from Operations | -46.16M | 0 | -48.27M | -32.45M | -60.21M |
| Operating CF Margin % | - | - | -74.12% | -270.49% | -33635.75% |
| Operating CF Growth % | 89.89% | 100% | -48.78% | 46.11% | - |
| Net Income | -66.44M | -73.2M | -54.76M | -44.1M | -64.75M |
| Depreciation & Amortization | 2.01M | 0 | 2.28M | 2.09M | 2.09M |
| Stock-Based Compensation | 18.99M | 16.38M | 6.38M | 5.66M | 6.1M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.69M | 56.82M | 9.96M | 10.27M | -854K |
| Working Capital Changes | -9.4M | 0 | -12.15M | -6.36M | -2.79M |
| Change in Receivables | -1.14M | 0 | -7.62M | -4.49M | 0 |
| Change in Inventory | -6.86M | 0 | -11.44M | -1.19M | 0 |
| Change in Payables | -1.67M | 0 | 1.51M | 0 | -77K |
| Cash from Investing | 37.5M | 0 | -3.48M | -69.69M | -769K |
| Capital Expenditures | -4.44M | 0 | -3.4M | -402K | -772K |
| CapEx % of Revenue | 4.03% | - | 5.21% | 3.35% | 431.28% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 50K | -69.29M | 3K |
| Cash from Financing | 3.32M | 0 | 55.62M | 101.03M | 56.78M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 3.32M | 0 | 55.62M | 0 | 56.39M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 101.03M | 389K |
| Net Change in Cash | -43.92M | -30.53M | 3.87M | -1.11M | -4.2M |
| Free Cash Flow | -50.59M | 0 | -51.67M | -32.85M | -60.98M |
| FCF Margin % | -45.89% | - | -79.34% | -273.84% | -34067.04% |
| FCF Growth % | 14.59% | 100% | -57.3% | 46.13% | - |
| FCF per Share | -1.14 | - | -8.12 | -6.19 | -12.20 |
| FCF Conversion (FCF/Net Income) | 0.76x | - | 0.88x | 0.74x | 0.93x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
According to recent financial disclosures, BBNX reported an OCF/NI ratio of 1.09 in 2026Q1, which masks the underlying reality that the company is burning cash to fund operations rather than generating organic liquidity from its reported net losses of $21.9 million during the same period.
The alignment between net income and operating cash flow appears superficial, as both metrics remain deeply negative. Investors should monitor whether the company can decouple its cash burn from its aggressive commercial expansion, as the current reliance on external financing to cover operating deficits remains a primary concern.
As reported in quarterly filings, BBNX experienced a free cash flow deficit of $25.2 million in 2026Q1, reflecting a significant deterioration from the $6.7 million outflow observed in 2023Q4 as the company accelerates its commercial rollout and increases its capital intensity to support market penetration.
The widening FCF margin of -91.3% suggests that the cost of acquiring new patients and maintaining the iLet infrastructure is currently outpacing the company's ability to monetize its installed base. This trajectory warrants further investigation into the scalability of the current business model before the company reaches a sustainable cash-flow inflection point.
Based on the provided cash flow statements, BBNX faced a significant working capital outflow of $8.2 million in 2026Q1, which highlights the operational friction inherent in managing inventory and receivables during a period of rapid commercial scaling within the US medical device market.
The recurring negative working capital changes suggest that the company is likely building inventory to support future demand or experiencing delays in cash collection from payers. This trend indicates that the company's cash conversion cycle is currently a net drain on liquidity, further pressuring the already thin cash reserves.
Data from recent financial statements indicates that stock-based compensation reached $5.4 million in 2026Q1, a figure that effectively masks the true magnitude of the company's cash-based operating expenses and highlights the reliance on equity-linked incentives to retain talent during this high-burn commercial phase.
While SBC is a non-cash expense, its rising trend suggests that the company is utilizing equity to preserve its limited cash position. Investors should interpret this as a potential signal of future dilution, as the company may need to continue issuing shares to fund its ongoing operational requirements.
Quick answers to the most common questions about buying BBNX stock.
Beta Bionics, Inc. (BBNX) generated $0.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Beta Bionics, Inc. (BBNX) reported negative free cash flow of $0.0M in 2025, indicating capital requirements exceeded cash from operations.
Beta Bionics, Inc. (BBNX) 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.