ClearPoint Neuro, Inc. (CLPT) Cash Flow Statement

Because CLPT's net losses are partly cushioned by non-cash stock-based compensation of roughly $2M per quarter, operating cash outflows of -$5.1M in 2026Q3 against a net loss of -$7.5M suggest the business consumes cash at a rate that accounting losses alone do not fully capture. The 2025Q4 ratio of 1.55, where cash outflow of -$12.1M far exceeded the -$7.8M net loss, warrants further investigation into working capital timing rather than being read as a one-off. Investors should monitor whether the conversion ratio improves as revenue scales or whether cash losses persist structurally.

The most negative quarter, 2025Q4 at -116.5%, coincided with a -$7.4M working capital drag, indicating that FCF volatility is driven substantially by working capital swings rather than steady operating deterioration. The narrowing of margins from -71.0% in 2026Q1 to -43.5% in 2026Q3 suggests some progress toward cash breakeven, though it remains far from self-funding. Whether this improvement is sustainable depends on continued revenue growth outpacing cash operating costs.

Large working capital outflows in 2026Q1 (-$2.2M) and 2025Q4 (-$7.4M) appear to reflect timing of receivables collection or inventory build rather than structural cash consumption, though the reported data does not isolate these components. The reversal into inflows in 2024 suggests the balance can move meaningfully in either direction. Investors should monitor receivables and inventory trends to determine whether these swings are timing-related or indicative of weakening collections.

Low capital intensity means that cash burn is driven by operating costs and not by asset build-out, which is consistent with a device company that outsources or light-manufactures. Depreciation and amortization have fluctuated between small negative and positive values, so the reported D&A figures do not provide a clean read on asset replacement needs. The low CapEx base suggests limited near-term reinvestment pressure, though it may also reflect deferred spending that warrants further investigation.

The absence of distributions is consistent with a company consuming cash in operations rather than generating surplus capital. The single $1.1M acquisition outflow in 2025Q4 is small relative to the period's cash burn and does not appear to have altered the overall deployment picture. Capital allocation is therefore best understood as funding operations rather than returning or redeploying excess cash.