Free cash flow remains deeply negative, with a 2026Q1 margin of -85.5%, highlighting a structural inability to fund operations through internal cash generation.
| Cash from Operations | -19.3M | -16.34M | -68.92M | -125.18M | -124.82M | -71.93M | -38.31M | -29.53M | -19.94M | -20.82M | -23.5M |
| Operating CF Margin % | - | -57.33% | -223.95% | -346.61% | -448.95% | -400.02% | -450.59% | -291.52% | -166.19% | -219.02% | -345.9% |
| Operating CF Growth % | 68.98% | 76.28% | 44.94% | -0.29% | -73.53% | -87.73% | -29.75% | -48.06% | 4.2% | 11.4% | - |
| Net Income | -31.6M | -26.39M | -112.02M | -232.49M | -132.6M | -72.44M | -41.11M | -29.82M | -18.5M | -23.37M | -18.85M |
| Depreciation & Amortization | 9.61M | 9.73M | 14.23M | 13.91M | 9.84M | 3.37M | 1.48M | 1.13M | 1.32M | 1.5M | 1.12M |
| Stock-Based Compensation | 2.01M | 4.53M | 9.74M | 15.18M | 22.42M | 9.72M | 1.55M | 1.35M | 1.31M | 382.83K | 130.64K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 1.76M | -5.78M | 0 | 1.9M | -2.46M | 479.01K | -3.01M |
| Other Non-Cash Items | 2.82M | -4.73M | 14.73M | 92.99M | 1.7M | 848K | 3.2M | 883.27K | 750.47K | 96.58K | 73.9K |
| Working Capital Changes | -2.14M | 514K | 4.4M | -14.77M | -27.94M | -7.65M | -3.44M | -4.97M | -2.37M | 85.1K | -2.96M |
| Change in Receivables | -779K | -448K | 4.14M | -2.3M | -2.25M | -493K | 2.09M | -2.37M | -900.12K | -1.77M | -856.1K |
| Change in Inventory | 3.7M | 4.92M | -587K | -4.15M | -23.68M | -15.93M | -4.2M | -3.64M | -418.98K | -336.05K | -726.14K |
| Change in Payables | -1.5M | -1.37M | -3.42M | -2M | 1.95M | 6.78M | -1.81M | 1.36M | -954.38K | 1.54M | -608.65K |
| Cash from Investing | 6.78M | -12.75M | 73.84M | 24.16M | 82.77M | -278.06M | -2.45M | -61.06K | -331.72K | -1.02M | -1.35M |
| Capital Expenditures | 0 | 0 | -103K | -1.69M | -3.2M | -1.46M | 0 | -61.06K | -331.72K | -1.02M | -1.35M |
| CapEx % of Revenue | 0% | - | 0.33% | 4.68% | 11.51% | 8.12% | - | 0.6% | 2.76% | 10.71% | 19.87% |
| Acquisitions | 0 | 0 | 0 | 96K | -31.34M | -49.09M | -2.45M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 618K | -607K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.8M | 24.04M | -13.69M | 113.81M | 23.01M | 336.11M | 61.9M | 30.38M | 35.78M | 17.61M | 25.43M |
| Debt Issued (Net) | -3.45M | -4.95M | -48.06M | 70.95M | -36K | -15.01M | -4.72M | 9.82M | 16.38M | 0 | 1.89M |
| Equity Issued (Net) | 17.36M | 28.98M | 44.43M | 57.7M | 23.13M | 342.71M | 39.93M | 19.56M | 19.39M | 17.59M | 23.54M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -104K | 0 | -10.06M | -14.84M | -85K | 8.4M | 26.69M | 1M | 3.5K | 14.29K | 1.96K |
| Net Change in Cash | 10.07M | -5.06M | -8.78M | 12.86M | -19.08M | -13.88M | 21.14M | 788.64K | 15.5M | -4.23M | 584.85K |
| Free Cash Flow | -19.3M | -16.34M | -69.03M | -126.87M | -128.12M | -73.39M | -38.31M | -29.59M | -20.28M | -21.84M | -24.85M |
| FCF Margin % | -67.15% | -57.33% | -224.28% | -351.29% | -460.82% | -408.14% | -450.59% | -292.12% | -168.95% | -229.73% | -365.77% |
| FCF Growth % | 57.19% | 76.32% | 45.59% | 0.97% | -74.58% | -91.54% | -29.48% | -45.94% | 7.14% | 12.12% | - |
| FCF per Share | -3.54 | -3.00 | -36.28 | -218.54 | -260.58 | -155.97 | -216.19 | -69728.55 | -101117.44 | - | - |
| FCF Conversion (FCF/Net Income) | 0.61x | 0.62x | 0.62x | 0.54x | 0.94x | 0.99x | 0.93x | 0.99x | 1.08x | 0.89x | 1.25x |
| Interest Paid | 442K | 0 | 10.65M | 1.65M | 298K | 1.91M | 1.25M | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Acute liquidity and dilution
According to the provided financial data, the company consistently reports negative net income that significantly exceeds operating cash outflows, with OCF/NI ratios fluctuating between 0.30 and 1.38, suggesting that non-cash charges and working capital volatility are masking the true extent of the underlying cash burn.
The wide variance in the OCF/NI ratio indicates that accounting accruals and non-cash expenses, such as depreciation and stock-based compensation, are heavily influencing the reported cash flow figures. Investors should monitor this divergence, as it suggests that the company's operating cash flow is not yet a reliable proxy for its core business performance.
As reported in recent quarterly filings, the company's free cash flow remains deeply negative, with margins reaching as low as -85.5% in 2026Q1, highlighting a structural inability to generate self-sustaining cash flow despite ongoing efforts to scale the Saphyr platform and expand the installed base.
The persistent negative FCF trajectory suggests that the company is currently in a capital-intensive phase where cash outflows are required to fund both operations and market penetration. This trend warrants further investigation into whether the current business model can achieve positive cash flow before the existing liquidity is exhausted.
Based on the quarterly cash flow statements, working capital changes have been highly erratic, swinging from a $5.3M source of cash in 2024Q1 to a $6.2M use of cash in 2023Q4, which indicates significant instability in inventory management and accounts receivable collection cycles.
This volatility in working capital suggests that the company may be struggling to align its inventory procurement with actual customer demand, leading to inefficient cash usage. Such fluctuations often indicate operational friction that can exacerbate liquidity pressures during periods of slowing revenue growth.
Analysis of the cash flow statements reveals that stock-based compensation and depreciation charges are significant non-cash adjustments, with SBC reaching $3.4M in 2023Q4, which effectively obscures the true economic cost of operations and the dilution impact on existing shareholders over the observed period.
By relying on these non-cash adjustments to bridge the gap between net income and operating cash flow, the company may be presenting a more favorable liquidity picture than the underlying cash burn suggests. Analysts should be cautious of these adjustments, as they do not represent actual cash generation and may mask the true cost of talent retention and asset maintenance.
Quick answers to the most common questions about buying BNGO stock.
Bionano Genomics, Inc. (BNGO) generated $-16.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Bionano Genomics, Inc. (BNGO) reported negative free cash flow of $16.3M in 2025, indicating capital requirements exceeded cash from operations.
Bionano Genomics, Inc. (BNGO) 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.