Free cash flow has been negative in 7 of the last 10 quarters, with a burn of $3.5M in Q2 2026, indicating that operating cash flow is consistently consumed by working capital swings and stock-based compensation.
Cerus Corporation (CERS) cash flow statement — 29-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 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 2.42M | 11.36M | 11.36M | -43.17M | -25.61M | -33.92M | -41.81M | -65.5M | -31.25M | -52.23M | -53.53M | -51.13M | -39.81M | -26.8M | -13.92M | -15.63M | -14.11M | -14.66M | -34.55M | -37.4M | -14.69M | -14.95M | -12.73M | -58.62M | -55.65M | -44M | -32.03M | -33.3M | -9.7M | -16.6M |
| Operating CF Margin % | - | 5.51% | 6.3% | -27.61% | -15.81% | -25.92% | -45.49% | -87.74% | -51.3% | -119.89% | -143.96% | -149.4% | -109.06% | -67.57% | -37.93% | -47.31% | -61.06% | -81.55% | -209.27% | -338.66% | -41.27% | -61.33% | -91.5% | -606.47% | -655.51% | -970.23% | -1730.52% | -1387.5% | -334.48% | -240.58% |
| Operating CF Growth % | -296.91% | 0% | 126.31% | -68.53% | 24.49% | 18.87% | 36.17% | -109.62% | 40.18% | 2.42% | -4.69% | -28.43% | -48.57% | -92.55% | 10.97% | -10.78% | 3.77% | 57.55% | 7.64% | -154.7% | 1.75% | -17.43% | 78.29% | -5.32% | -26.48% | -37.36% | 3.81% | -243.3% | 41.57% | - |
| Net Income | -6.78M | -15.63M | -20.96M | -37.49M | -42.83M | -54.38M | -59.86M | -71.24M | -57.56M | -60.59M | -62.91M | -55.87M | -38.76M | -43.34M | -15.92M | -16.98M | -16.91M | -24.14M | -29.18M | -45.3M | -4.78M | 13.06M | -31.15M | -58.27M | -57.19M | -49.37M | -36.03M | -22.6M | -29.6M | -14.7M |
| Depreciation & Amortization | 2.11M | 1.85M | 1.85M | 2.6M | 2.98M | 3.15M | 3.11M | 2.4M | 1.45M | 1.81M | 1.82M | 1.7M | 1.42M | 557K | 744K | 922K | 845K | 915K | 651K | 774K | 716K | 652K | 2.15M | 3.29M | 2.5M | 1.19M | 634K | 600K | 700K | 700K |
| Stock-Based Compensation | 20.95M | 22.87M | 22.87M | 20.27M | 24.46M | 23.57M | 18.03M | 13.31M | 10.39M | 9.36M | 8.06M | 6.73M | 5.15M | 3.27M | 2.54M | 1.85M | 1.83M | 2.05M | 2.15M | 2.6M | 0 | 0 | 193K | -401K | 673K | 0 | 7.09M | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 462K | 0 | 0 | 4K | 3.71M | 28K | -3.82M | 26K | 27K | 62K | -600K | -291K | 0 | 0 | -2.37M | 0 | 0 | -193K | 401K | -673K | 0 | -7.27M | 0 | 0 | 0 |
| Other Non-Cash Items | -11.73M | 9.09M | 2.37M | 3.49M | 5.82M | 2.67M | 1.11M | 2.33M | 1.25M | -2.92M | 417K | -2.62M | -7.57M | 15.13M | -2.04M | 5K | 152K | 840K | -34K | 12.05M | -7.46M | -21.88M | 322K | -10K | 33K | 756K | -1K | -500K | 100K | 200K |
| Working Capital Changes | -2.09M | -6.83M | 5.23M | -32.03M | -16.05M | -9.4M | -4.2M | -12.3M | 13.22M | -3.61M | -950K | 2.75M | -76K | -2.44M | 692K | -827K | 266K | 5.67M | -8.13M | -5.15M | -3.16M | -6.78M | 15.95M | -3.63M | -991K | 3.42M | 3.54M | -10.8M | 19.1M | -2.8M |
| Change in Receivables | 53K | -396K | 5.5M | -1.1M | -9.2M | -4.21M | -4.13M | -8.07M | 3.66M | -5.55M | -1.07M | -301K | 632K | -1.68M | 1.65M | -1.3M | -1.17M | 696K | 660K | -2.49M | 0 | 0 | 4K | -25K | 241K | 0 | -267.02M | 0 | 0 | 0 |
| Change in Inventory | -12.89M | -14.68M | 7.03M | -14.95M | -1.77M | -19.61M | -4.03M | -6.04M | 806K | -2.09M | -1.78M | 3.99M | 3.03M | -1.81M | -3.74M | -487K | 2.02M | 3.37M | -4.05M | -5.23M | 0 | 0 | 18.84M | -48.04M | -4.51M | -1.12M | -1.07B | 0 | 0 | 0 |
| Change in Payables | 3.97M | 5.72M | -1.48M | -7.33M | -4.91M | 12.2M | 1.98M | 4.94M | 5.68M | 2.49M | 3.26M | -3.87M | -973K | -1.51M | 2.51M | 1.45M | -1.19M | 102K | -2.15M | 3.44M | 0 | 0 | -2.96M | -5.38M | 3.24M | 0 | 1.26B | 0 | 0 | 0 |
| Cash from Investing | 18.84M | -8.13M | -8.13M | 8.62M | 8.46M | 12.69M | -49.56M | 28.18M | -43.85M | 421K | -19.92M | 1.41M | -3.35M | -29.06M | 205K | 563K | -87K | 9.44M | 23.89M | 9.3M | -7.94M | 15.36M | 28.52M | -45.25M | 12.04M | -41.78M | 15.87M | -23.9M | -4M | -10.4M |
| Capital Expenditures | -3.35M | -2.84M | -2.84M | -4.6M | -2M | -910K | -1.61M | -8.94M | -1.14M | -353K | -563K | -722K | -2.11M | -663K | -81K | -158K | -1.71M | -191K | -1.19M | -700K | -1.11M | -856K | -594K | -297K | -5.03M | -1.24M | -2.62M | -700K | -300K | -400K |
| CapEx % of Revenue | 1.47% | 1.38% | 1.57% | 2.94% | 1.23% | 0.7% | 1.76% | 11.97% | 1.88% | 0.81% | 1.51% | 2.11% | 5.77% | 1.67% | 0.22% | 0.48% | 7.4% | 1.06% | 7.23% | 6.34% | 3.11% | 3.51% | 4.27% | 3.07% | 59.27% | 27.25% | 141.6% | 29.17% | 10.34% | 5.8% |
| Acquisitions | 0 | 0 | 0 | 0 | -10.46M | 910K | 0 | 0 | 0 | -3.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 191K | 1.19M | 700K | 0 | 0 | 0 | 10K | 0 | 25K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.97M | 0 | 0 | 0 | 10.46M | -910K | 0 | 0 | -42.7M | 3.47M | -19.36M | -104K | -175K | -15K | -1K | 55K | -11K | -191K | -1.19M | -700K | 0 | 51K | -1.24M | 63.64M | 64.2M | 27.32M | -1K | 100K | 0 | 0 |
| Cash from Financing | -19.56M | 4.96M | 4.96M | 10.67M | 4.19M | 34.29M | 91.78M | 43.49M | 92.75M | 43M | 24.57M | 97.95M | 36.45M | 58.64M | 14.91M | 11.62M | 25.86M | 12.21M | 1.33M | 1.44M | 63.13M | -33.81M | 207K | 104.59M | 1.54M | 78.41M | 84.5M | 54.6M | 8.3M | 32.6M |
| Debt Issued (Net) | 226K | -329K | 4.3M | 9.92M | 212K | 21.18M | 3.5M | 13.35M | -133K | 10.38M | -622K | 9.89M | 6.37M | -4.47M | 353K | 2.2M | 6.34M | -5K | 65K | -84K | -4.54M | -34.5M | -19K | 49.97M | -31K | -33K | -31K | 0 | -100K | -100K |
| Equity Issued (Net) | 242K | 560K | 667K | -175K | -104K | 2.74M | 76.53M | 26.93M | 85.04M | 30.2M | 22.12M | 75.3M | 18.49M | 61.42M | 14.23M | 9.27M | 19.29M | 12.21M | 1.29M | 1.52M | 67.67M | 693K | 226K | 54.63M | 1.57M | 78.44M | 85.16M | 54.7M | 8.3M | 32.6M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -639K | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -175K | -104K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -500K | 0 | 0 | 0 |
| Other Financing | -20.03M | 4.73M | 0 | 925K | 4.08M | 10.37M | 11.75M | 3.21M | 7.85M | 2.43M | 3.07M | 12.77M | 11.59M | 1.68M | 332K | 143K | 230K | 0 | -25K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | -100K | 100K | 100K |
| Net Change in Cash | 1.98M | 8M | 8M | -24M | -13.69M | 12.14M | 1.48M | 5.83M | 17.66M | -8.81M | -48.89M | 48.24M | -6.7M | 2.79M | 1.2M | -3.45M | 11.66M | 6.98M | -9.32M | -26.66M | 40.51M | -33.39M | 16M | 730K | -42.07M | -7.37M | 68.33M | -2.7M | -5.4M | 5.6M |
| Free Cash Flow | -1.83M | 8.52M | 8.52M | -47.77M | -27.61M | -34.83M | -43.43M | -74.43M | -32.39M | -52.59M | -54.09M | -51.85M | -41.92M | -27.46M | -14M | -15.79M | -15.82M | -14.86M | -35.74M | -38.1M | -15.79M | -15.8M | -13.32M | -58.91M | -60.69M | -45.24M | -34.65M | -34M | -10M | -17M |
| FCF Margin % | -0.8% | 4.13% | 4.73% | -30.55% | -17.04% | -26.62% | -47.24% | -99.71% | -53.18% | -120.7% | -145.48% | -151.51% | -114.83% | -69.24% | -38.15% | -47.78% | -68.46% | -82.61% | -216.51% | -345% | -44.39% | -64.84% | -95.77% | -609.54% | -714.78% | -997.49% | -1872.12% | -1416.67% | -344.83% | -246.38% |
| FCF Growth % | -153.43% | 0% | 117.84% | -72.97% | 20.72% | 19.79% | 41.66% | -129.81% | 38.41% | 2.78% | -4.32% | -23.7% | -52.65% | -96.17% | 11.35% | 0.19% | -6.5% | 58.43% | 6.2% | -141.26% | 0.06% | -18.62% | 77.39% | 2.92% | -34.15% | -30.54% | -1.92% | -240% | 41.18% | - |
| FCF per Share | -0.01 | 0.04 | 0.05 | -0.26 | -0.16 | -0.20 | -0.26 | -0.53 | -0.25 | -0.49 | -0.53 | -0.54 | -0.55 | -0.41 | -0.25 | -0.33 | -0.39 | -0.43 | -1.10 | -1.20 | -0.55 | -0.66 | -0.60 | -3.04 | -3.83 | -2.99 | -2.65 | -3.06 | -1.07 | -2.04 |
| FCF Conversion (FCF/Net Income) | 0.27x | -0.73x | -0.54x | 1.15x | 0.60x | 0.62x | 0.70x | 0.92x | 0.54x | 0.86x | 0.85x | 0.92x | 1.03x | 0.62x | 0.87x | 0.92x | 0.83x | 0.61x | 1.18x | 0.83x | 3.07x | -1.14x | 0.41x | 1.01x | 0.97x | 0.89x | 0.89x | 1.47x | 0.33x | 1.13x |
| Interest Paid | 0 | 0 | 0 | 9.21M | 5.1M | 4.18M | 3.27M | 3.08M | 2.73M | 2.03M | 1.37M | 1.09M | 563K | 294K | 460K | 1.02M | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 356K | 322K | 270K | 278K | 265K | 229K | 254K | 160K | 157K | 153K | 177K | 146K | 162K | 125K | 114K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying CERS stock.
Cerus Corporation (CERS) generated $11.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cerus Corporation (CERS) generated $8.5M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cerus Corporation (CERS) spent $2.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent cash burn despite revenue growth
Metrics are mathematically derived from official filings.
SBC Masks Underlying Cash Burn
Cerus's operating cash flow is consistently negative, with the OCF/NI ratio swinging wildly due to large stock-based compensation, suggesting reported net losses understate the true cash consumption of operations.
The relationship between net income and operating cash flow is distorted by substantial non-cash stock-based compensation, which averaged over $5M per quarter in recent periods. In quarters like 2025Q4, a $6.2M operating cash flow was generated despite a $2.2M net loss, entirely due to $10.6M in SBC. This indicates the core business is not generating cash from operations, and the reported losses are a more accurate reflection of the cash reality than the OCF figure.
Negative FCF Trajectory Persists
Free cash flow has been negative in 7 of the last 10 quarters, with the most recent two quarters showing a deepening burn of over $3M each, indicating the business is consuming cash faster than it generates.
Despite accelerating revenue growth, the FCF trajectory remains firmly negative, with the most recent quarter (2026Q2) showing a -$3.5M result. The FCF margin has been volatile, swinging from positive 8.5% in 2025Q4 to -6.2% in 2026Q2, suggesting that any operational cash generation is being overwhelmed by working capital swings and ongoing investment. This pattern implies the company is not yet on a path to self-funding its growth.
Working Capital Swings Drive Volatility
Massive quarterly swings in working capital, such as a $7.2M use in 2026Q1 followed by a $7.2M source in 2026Q2, are the primary driver of operating cash flow volatility, obscuring underlying operational trends.
The working capital line is the most volatile component of Cerus's cash flow, with swings of over $7M in consecutive quarters. This suggests lumpy collections or inventory management, possibly tied to large customer orders or supply chain timing. Investors should monitor whether these swings are a normal part of the business cycle or indicate potential issues with receivables collection or inventory control, as they make the operating cash flow highly unpredictable.
SBC and Capex Mask True Cash Needs
The cash flow statement obscures the full economic cost of growth, as stock-based compensation is a real dilutive expense and minimal capital expenditure may understate the investment required to scale the business.
A significant portion of Cerus's operating cash flow is inflated by non-cash stock-based compensation, which is a real cost to shareholders via dilution. Furthermore, capital expenditure has been minimal, averaging less than 1.5% of revenue, which may not reflect the full investment needed to support the accelerating revenue growth reported in the income statement. This combination suggests the reported cash burn may understate the true capital intensity of achieving its growth targets.