Free cash flow remains deeply negative, with quarterly outflows reaching $3.9 million in 2026Q1, highlighting a structural inability to self-fund operations.
HeartBeam, Inc. (BEAT) cash flow statement — 20-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Cash from Operations | -13.02M | -13.99M | -14.47M | -12.09M | -9.95M | -3.23M | -600K | -218K | 72.75M | 23.78M | 38.85M | 14.35M | 8.81M | 11.26M | 5.74M | 5.03M | 10.36M | 7.9M | 10.31M | -237.64K | -2.91M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | 18.21% | 8.29% | 18.65% | 8.04% | 5.29% | 8.69% | 5.15% | 4.23% | 8.64% | 5.62% | 8.56% | -0.33% | -8.59% |
| Operating CF Growth % | 56.78% | 3.34% | -19.66% | -21.56% | -207.99% | -438.33% | -175.23% | -100.3% | 205.89% | -38.79% | 170.74% | 62.86% | -21.74% | 96.05% | 14.17% | -51.46% | 31.1% | -23.32% | 4437.67% | 91.84% | - |
| Net Income | -20.3M | -21.02M | -19.45M | -14.64M | -12.96M | -4.43M | -1.07M | -536K | 42.82M | -15.96M | 53.44M | 7.43M | -9.79M | -7.32M | -12.2M | -61.42M | -19.86M | -20.48M | 9.21M | -358.07K | -7.64M |
| Depreciation & Amortization | 106K | 40K | 7K | 15.31M | 13.03M | 0 | 788K | 294K | 40.17M | 28.56M | 14.27M | 12.49M | 12.55M | 12.32M | 9.38M | 12.13M | 12.07M | 10.94M | 8.69M | 4.55M | 2.66M |
| Stock-Based Compensation | 5.78M | 5.15M | 4.3M | 3.21M | 1.12M | 192K | 10K | 0 | 0 | 7.68M | 6.5M | 4.95M | 4.04M | 3.3M | 3.75M | 4.01M | 3.94M | 16.63M | 3.39M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.29M | 6.05M | -38.14M | 245K | -2.5M | 53K | -1.03M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 771K | 226K | 0 | -15.31M | -13.03M | 2.14M | -512K | -52K | -75.09M | -13.65M | -2.11M | -19.77M | 15.58M | 2.62M | 38.1M | 53.77M | 28.95M | 9.44M | -65.61M | -52.52M | 4.97M |
| Working Capital Changes | 622K | 1.61M | 671K | -662K | 1.89M | -1.14M | 182K | 76K | 57.88M | 11.1M | 4.9M | 9.01M | -11.06M | 283K | -32.24M | -3.46M | -14.75M | -8.62M | 54.63M | 48.09M | -2.89M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.92M | -19.1M | -25.55M | -7.68M | -12.79M | -4.6M | -3.63M | -6.65M | -3.06M | -21.44M | -29.73M | 0 | 0 |
| Change in Inventory | -7K | -103K | 0 | 0 | 0 | 0 | 0 | 0 | -1.99M | 665K | -753K | 188K | 299K | 340K | -885K | -548K | -71.14M | -65.89M | 491.62K | 0 | 0 |
| Change in Payables | -788K | 0 | 428K | -471K | 1.53M | 0 | 0 | 0 | 3.76M | -9.62M | 3.15M | -4.7M | 47K | 2.37M | 552K | -3.03M | -1.18M | 3.32M | -134K | 0 | 0 |
| Cash from Investing | 804K | -600K | -201K | -256K | 0 | 0 | 0 | 0 | -28.85M | -177.19M | -36.18M | -13.6M | -26.88M | -8.17M | -6.42M | -5.71M | -42.29M | -19.94M | -16.64M | -58.96M | -913.67K |
| Capital Expenditures | -993K | -600K | -201K | -256K | 0 | 0 | 0 | 0 | -24.64M | -13.7M | -10.9M | -13.6M | -12.78M | -8.17M | -5.96M | -3.95M | -5.25M | -19.94M | -11.8M | -13.05M | -913.67K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | 6.17% | 4.78% | 5.23% | 7.62% | 7.67% | 6.31% | 5.35% | 3.32% | 4.38% | 14.18% | 9.8% | 17.88% | 2.69% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.21M | -162.17M | -25.28M | 0 | -14.1M | 0 | -28.16M | 0 | -9.85M | 0 | -4.84M | -45.91M | 0 |
| Cash from Financing | 17.68M | 16.59M | 866K | 24.99M | 350K | 16.4M | 619K | 206K | 601K | 166.46M | 1.43M | -1.77M | 15.93M | 763K | 440K | 509K | 1.48M | 3.02M | 46.41M | 73.38M | 4.98M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 1.69M | 619K | 206K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 1.09M | 16.59M | 730K | 24.99M | 348K | 14.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -180 |
| Other Financing | 16.59M | 0 | 136K | 0 | 2K | 0 | 0 | 0 | 601K | 166.46M | 1.43M | -1.77M | 15.93M | 763K | 440K | 509K | 1.48M | 3.02M | 46.41M | 73.38M | 4.98M |
| Net Change in Cash | 5.47M | 2M | -13.81M | 12.64M | -9.6M | 13.17M | 19K | -12K | 44.87M | 12.97M | 4.07M | -1.02M | -2.14M | 3.85M | -233K | -174K | -30.45M | -9.02M | 40.08M | 14.18M | 1.15M |
| Free Cash Flow | -14.01M | -14.59M | -14.67M | -12.35M | -9.95M | -3.23M | -600K | -218K | 48.11M | 10.09M | 27.95M | 750K | -3.97M | 3.09M | -219K | 1.08M | 5.12M | -12.03M | -1.5M | -13.29M | -3.83M |
| FCF Margin % | - | - | - | - | - | - | - | - | 12.04% | 3.52% | 13.42% | 0.42% | -2.38% | 2.39% | -0.2% | 0.9% | 4.27% | -8.56% | -1.24% | -18.21% | -11.28% |
| FCF Growth % | 10.1% | 0.57% | -18.81% | -24.14% | -207.99% | -438.33% | -175.23% | -100.45% | 377.04% | -63.92% | 3626.93% | 118.89% | -228.48% | 1510.96% | -120.35% | -78.96% | 142.5% | -704.41% | 88.74% | -247.29% | - |
| FCF per Share | -0.27 | -0.43 | -0.55 | -0.61 | -1.22 | -0.41 | -0.07 | -0.03 | 1.34 | 0.33 | 0.92 | 0.03 | -0.15 | 0.12 | -0.01 | 0.04 | 0.21 | -0.51 | -0.07 | -0.89 | -0.26 |
| FCF Conversion (FCF/Net Income) | 0.69x | 0.67x | 0.74x | 0.83x | 0.77x | 0.73x | 0.56x | 0.41x | 1.70x | -1.49x | 0.73x | 1.93x | -0.90x | -1.54x | -0.47x | -0.08x | -0.52x | -0.39x | 1.12x | 0.66x | 0.38x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying BEAT stock.
HeartBeam, Inc. (BEAT) generated $-14.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
HeartBeam, Inc. (BEAT) reported negative free cash flow of $14.6M in 2025, indicating capital requirements exceeded cash from operations.
HeartBeam, Inc. (BEAT) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Binary Regulatory Approval Risk
Metrics are mathematically derived from official filings.
Persistent Cash Burn Outpaces Earnings
As reported in financial statements, HeartBeam's operating cash flow consistently trails net losses, with the OCF/NI ratio fluctuating between 0.55 and 0.85 over the last ten quarters, highlighting the structural disconnect between accounting losses and the actual cash required to sustain ongoing clinical development activities.
The persistent gap between net income and operating cash flow suggests that non-cash expenses, primarily stock-based compensation, are masking the true magnitude of the company's cash-based operational requirements. Investors should monitor this ratio closely, as it indicates that the company's cash burn is fundamentally tied to its developmental stage rather than operational efficiency.
Negative Free Cash Flow Trajectory
Based on HeartBeam's reported figures, the company has maintained a negative free cash flow trajectory for ten consecutive quarters, with quarterly outflows reaching $3.9 million in 2026Q1, underscoring the absence of self-sustaining capital generation as the firm navigates its pre-revenue clinical and regulatory milestones.
The lack of positive free cash flow is an expected outcome for a pre-revenue medical technology firm, yet the consistency of these outflows suggests that the company remains entirely dependent on external financing. This trajectory implies that any delay in regulatory clearance could exacerbate the existing cash runway constraints.
Volatile Working Capital Management Trends
According to recent SEC filings, HeartBeam's working capital changes have exhibited significant quarterly volatility, swinging from a $726,000 inflow in 2025Q4 to a $151,000 outflow in 2026Q1, which reflects the irregular timing of payments and accruals inherent in a developmental-stage business model.
This volatility suggests that working capital is not currently being managed for efficiency but is instead a byproduct of the company's fluctuating R&D and clinical trial payment cycles. Analysts should interpret these shifts as evidence of the company's limited control over its cash conversion cycle during this pre-commercial phase.
SBC Obscures True Operational Burn
As indicated by historical data, stock-based compensation consistently adds over $1 million per quarter to the company's expense profile, effectively obscuring the underlying cash burn rate and complicating the assessment of the firm's true operational viability prior to achieving any meaningful commercial revenue.
The reliance on equity-based incentives appears to be a strategic mechanism to preserve cash, yet it creates a divergence between reported net losses and the actual cash drain. This warrants further investigation into how much of the company's operational survival is contingent upon the continued issuance of equity rather than organic cash generation.