Persistent free cash flow deficits, reaching an outflow of $19.4 million in 2026Q1, underscore a reliance on capital reserves to fund ongoing commercial infrastructure expansion.
| Cash from Operations | -48.85M | -40.81M | -35.04M | -29.16M | -32M |
| Operating CF Margin % | - | -45.82% | -53.55% | -64.48% | -123.45% |
| Operating CF Growth % | -116.9% | -16.45% | -20.18% | 8.88% | - |
| Net Income | -60.37M | -53.41M | -40.45M | -29.46M | -37.16M |
| Depreciation & Amortization | 640K | -670K | 1.14M | 847K | 497K |
| Stock-Based Compensation | 6.53M | 12.22M | 5.41M | 2.68M | 7.93M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 5.31M | 418K | 2.03M | 477K | 621K |
| Working Capital Changes | -958K | 633K | -3.17M | -3.7M | -3.88M |
| Change in Receivables | -4.41M | -4.17M | -3.51M | -3.43M | -3.96M |
| Change in Inventory | -348K | -351K | -1.07M | -1.79M | -1.9M |
| Change in Payables | 543K | 1.75M | 250K | 309K | 124K |
| Cash from Investing | -66.09M | -118.14M | -1.6M | -1.76M | -1.4M |
| Capital Expenditures | -1.7M | -767K | -1.34M | -983K | -516K |
| CapEx % of Revenue | 1.78% | 0.86% | 2.05% | 2.17% | 1.99% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -373K | -755K | -258K | -780K | -883K |
| Cash from Financing | 6.83M | 5.05M | 196.52M | -2.82M | 49.8M |
| Debt Issued (Net) | 0 | 0 | 7.91M | -3.75M | -39K |
| Equity Issued (Net) | 6.92M | 5.44M | 188.91M | 0 | 49.69M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -86K | -386K | -304K | 932K | 154K |
| Net Change in Cash | -108.11M | -153.89M | 159.88M | -33.74M | 16.4M |
| Free Cash Flow | -49.6M | -41.58M | -36.38M | -30.14M | -32.52M |
| FCF Margin % | -52.17% | -46.68% | -55.59% | -66.65% | -125.45% |
| FCF Growth % | -29.21% | -14.27% | -20.71% | 7.31% | - |
| FCF per Share | -1.32 | -1.14 | -3.04 | -1.29 | -1.39 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.76x | 0.87x | 0.99x | 0.86x |
| Interest Paid | 0 | 0 | 1.95M | 1.73M | 1.63M |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Liquidity and Burn Rate
According to the provided quarterly data, the company consistently reports negative operating cash flow that tracks closely with net losses, as evidenced by an OCF/NI ratio that fluctuated between 0.55 and 1.09 over the last ten quarters, indicating a lack of meaningful non-cash accrual offsets.
The tight correlation between net income and operating cash flow suggests that the company's losses are primarily driven by cash-based operating expenses rather than non-cash accounting charges. Investors should note that the absence of significant divergence implies that the current burn is a direct result of high cash-outflow commercial activities rather than accounting-driven volatility.
As reported in financial statements, the company's free cash flow trajectory remains deeply negative, with quarterly outflows reaching $19.4 million in 2026Q1, reflecting a persistent inability to generate self-sustaining cash flow despite the company's ongoing revenue expansion efforts within the acute care hospital market.
The consistent FCF margin contraction, which hit -73.3% in the most recent quarter, highlights the significant capital intensity required to maintain the current growth trajectory. This trend suggests that the company remains in a high-stakes investment phase where cash consumption is likely to continue until the installed base reaches a critical mass of recurring consumable revenue.
Based on the reported figures, capital expenditures remain relatively modest, with CapEx/Revenue ratios generally staying below 3.5%, suggesting that the company's primary cash drain is not the physical manufacturing of recorders but rather the aggressive deployment of human capital and sales infrastructure.
The low capital intensity relative to revenue indicates that the business model is not burdened by heavy maintenance capex, which is typical for a software-enabled device company. However, the lack of significant investment in tangible assets may imply that the company is prioritizing rapid market penetration over building a long-term, capital-heavy competitive moat in manufacturing.
Analysis of the cash flow statements reveals erratic working capital movements, with a notable $3.0 million outflow in 2026Q1, suggesting that the company's cash conversion cycle is currently sensitive to the timing of inventory procurement and the scaling of its hospital-focused sales operations.
The fluctuations in working capital appear to reflect the challenges of managing a growing inventory of medical devices and consumables alongside expanding accounts receivable. Investors should monitor whether these swings stabilize as the company matures, as persistent working capital outflows could further exacerbate the existing liquidity pressure.
Data from recent filings indicates that stock-based compensation has been a recurring non-cash add-back, reaching as high as $3.4 million in 2025Q4, which effectively masks the true extent of the company's cash-based operating losses by inflating the reported cash flow from operations.
While stock-based compensation is a standard accounting adjustment, its role in the company's cash flow profile warrants caution, as it represents a real economic cost to shareholders through dilution. Analysts should adjust for these non-cash expenses to gain a clearer view of the actual cash burn required to sustain the current commercial infrastructure.
Quick answers to the most common questions about buying CBLL stock.
CeriBell, Inc. (CBLL) generated $-40.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CeriBell, Inc. (CBLL) reported negative free cash flow of $41.6M in 2025, indicating capital requirements exceeded cash from operations.
CeriBell, Inc. (CBLL) spent $0.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.