Persistent liquidity pressure is evident in the 2026Q1 free cash flow margin of -71.0%, reflecting a fundamental disconnect between accounting losses and actual cash consumption.
| 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 |
|---|
| Cash from Operations | -25.72M | -23.93M | -8.95M | -13.72M | -16.17M | -12.7M | -7.81M | -2.85M | -4.63M | -5.99M | -5.82M | -8.64M | -7.25M | -7.78M | -7.43M | -6.24M |
| Operating CF Margin % | - | -64.71% | -28.51% | -57.27% | -78.67% | -77.9% | -60.86% | -25.4% | -62.97% | -81.2% | -101.23% | -188.01% | -201.15% | -197.88% | -146.96% | -163.42% |
| Operating CF Growth % | -1056.88% | -167.32% | 34.77% | 15.14% | -27.33% | -62.62% | -174.01% | 38.46% | 22.73% | -2.96% | 32.62% | -19.14% | 6.78% | -4.63% | -19.14% | - |
| Net Income | -29.07M | -25.54M | -18.91M | -22.09M | -16.43M | -14.41M | -6.78M | -5.54M | -6.16M | -7.17M | -8.07M | -8.45M | -4.52M | -7.09M | -5.71M | -8.31M |
| Depreciation & Amortization | 1.76M | 982K | 1.9M | 1.51M | 777K | 692K | 553K | 250.56K | 109.44K | 116.45K | 155.71K | 211.95K | 377.26K | 426.18K | 416.97K | 354.88K |
| Stock-Based Compensation | 6.27M | 8.18M | 6.91M | 6.08M | 0 | 2.08M | 1.09M | 799.11K | 1.23M | 1.25M | 959.59K | 1.68M | 880.76K | 1.46M | 2.03M | 989.9K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 202K | -896K | 0 | -64.32K | -24.18K | -252.34K | -1.54M | -5.64M | -664.15K | 2.06M | 0 |
| Other Non-Cash Items | 4.74M | 2.27M | -245K | 2.18M | 3.78M | 425K | 893K | 729.29K | 640.03K | 928.39K | 714.68K | 617.13K | 411.46K | 140.26K | 124.63K | 1.36M |
| Working Capital Changes | -9.43M | -9.81M | 1.4M | -1.4M | -4.29M | -1.68M | -2.67M | 911.32K | -383.65K | -1.09M | 672.22K | -1.16M | 1.24M | -2.05M | -6.36M | -632.66K |
| Change in Receivables | -3.13M | -268K | -1.21M | -1.8M | -211K | 627K | -791K | 143.98K | -284.48K | -83.47K | 352.1K | -749.09K | 301.4K | -324.92K | -43.85K | -370.04K |
| Change in Inventory | -306K | -103K | 743K | 1.25M | -4.42M | -1.71M | -25K | -1.02M | 122.22K | -469.92K | 72.34K | 68.63K | -345.99K | -309.55K | -270.69K | 91.52K |
| Change in Payables | -5.77M | -7.52M | 3.1M | 0 | 1.59M | -762K | -453K | 928.16K | -316.18K | -512.36M | 178.42M | -436.42M | -77.84M | -477.26M | -2.74B | 2.24M |
| Cash from Investing | 153K | 615K | -275K | 8.95M | -10.74M | -168K | -482K | -160.19K | -63.49K | -26.75K | -101K | -76.88K | -48.13K | -174.47K | -127.45K | -26.1K |
| Capital Expenditures | -984K | -522K | -275K | -717K | -1.15M | -168K | -482K | -160.19K | -63.49K | -26.75K | -101K | -76.88K | -48.13K | -174.47K | -127.45K | -26.1K |
| CapEx % of Revenue | 2.42% | 1.41% | 0.88% | 2.99% | 5.58% | 1.03% | 3.76% | 1.43% | 0.86% | 0.36% | 1.76% | 1.67% | 1.34% | 4.44% | 2.52% | 0.68% |
| Acquisitions | 1.14M | 1.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 9.67M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Cash from Financing | 49.7M | 50.18M | 6.19M | 296K | 409K | 46.88M | 22.69M | 5.6M | -1.49M | 11.99M | 3.83M | 4.88M | 13.03M | 9.85M | 9.04M | 4.83M |
| Debt Issued (Net) | 19.43M | 48.09M | -10M | 0 | 0 | 0 | 22.32M | -2.14M | -2M | 0 | 0 | 0 | 3.5M | 0 | 3.42M | 2M |
| Equity Issued (Net) | 4.15M | 3.95M | 16.15M | -210K | 745K | 46.78M | 376K | 7.43M | 0 | 11.99M | 3.83M | 4.88M | 0 | 9.83M | 5.52M | 2.83M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -210K | 0 | 0 | 0 | 0 | 0 | 0 | -4.76K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 26.11M | -1.86M | 40K | 506K | -336K | 90K | 1K | 313.29K | 505.38K | 0 | -4.76K | 0 | 9.52M | 19.63K | 94.35K | 2.25K |
| Net Change in Cash | 24.26M | 26.87M | -3.04M | -4.47M | -26.49M | 34.01M | 14.4M | 2.59M | -6.19M | 5.97M | -2.09M | -3.84M | 5.73M | 1.9M | 1.47M | -1.43M |
| Free Cash Flow | -26.7M | -24.45M | -9.22M | -14.44M | -16.42M | -12.87M | -8.29M | -3.01M | -4.69M | -6.02M | -5.92M | -8.71M | -7.3M | -7.95M | -7.56M | -6.27M |
| FCF Margin % | -65.75% | -66.12% | -29.39% | -60.27% | -79.9% | -78.93% | -64.62% | -26.83% | -63.84% | -81.57% | -102.98% | -189.69% | -202.48% | -202.32% | -149.48% | -164.1% |
| FCF Growth % | -127.46% | -165.01% | 36.1% | 12.08% | -27.63% | -55.19% | -175.44% | 35.88% | 22.02% | -1.66% | 32.06% | -19.4% | 8.22% | -5.17% | -20.68% | - |
| FCF per Share | -0.90 | -0.86 | -0.34 | -0.59 | -0.68 | -0.62 | -0.52 | -0.23 | -0.43 | -0.78 | -2.15 | -4.62 | -4.93 | -5.56 | -7.49 | -15.62 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.94x | 0.47x | 0.62x | 0.98x | 0.88x | 1.15x | 0.51x | 0.75x | 0.84x | 0.72x | 1.02x | 1.60x | 1.10x | 1.30x | 0.75x |
| Interest Paid | 490K | 0 | 480K | 743K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 69K | 0 | 62K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent cash burn trajectory
According to quarterly financial data, CLPT consistently reports negative operating cash flow that frequently exceeds net losses, with the OCF/NI ratio fluctuating significantly, reaching 0.83 in 2026Q1, which suggests that accounting earnings do not capture the full extent of the company's cash-based operational requirements.
The persistent gap between net income and operating cash flow indicates that the company's accrual-based profitability metrics are heavily influenced by non-cash items and working capital volatility. Investors should monitor whether this divergence narrows as the biologics segment scales, or if it reflects a structural inability to convert revenue into realized cash.
As reported in recent filings, CLPT's free cash flow margin reached -71.0% in 2026Q1, reflecting a deepening cash burn trend that has persisted over the last ten quarters, with the company failing to generate positive free cash flow in any period during the observed timeframe.
The consistent negative FCF trajectory underscores the company's reliance on external financing to fund its ongoing R&D and clinical specialist infrastructure. This trend suggests that the current business model is not yet self-sustaining, and the path to positive cash flow remains highly dependent on future revenue inflection points.
Based on the provided cash flow statements, working capital changes have been highly erratic, including a significant $7.4 million outflow in 2025Q4, which indicates that the company's cash position is frequently pressured by the timing of inventory builds and accounts receivable collections.
The volatility in working capital suggests that the company's cash management is sensitive to the lumpy nature of its capital equipment sales and biologics partnership milestones. This instability warrants further investigation into whether these fluctuations are temporary timing issues or indicative of deeper inefficiencies in the cash conversion cycle.
Analysis of the cash flow statements reveals that stock-based compensation, which reached $2.0 million in 2025Q4, consistently offsets a portion of the reported net loss, effectively obscuring the true cash cost of talent acquisition and retention required to maintain the company's specialized workforce.
While SBC is a non-cash expense, it represents a real economic cost to shareholders through dilution that is not fully reflected in the operating cash flow figures. The reliance on equity-based incentives suggests that management is prioritizing cash preservation at the expense of long-term shareholder equity dilution.
Quick answers to the most common questions about buying CLPT stock.
ClearPoint Neuro, Inc. (CLPT) generated $-23.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
ClearPoint Neuro, Inc. (CLPT) reported negative free cash flow of $24.4M in 2025, indicating capital requirements exceeded cash from operations.
ClearPoint Neuro, Inc. (CLPT) spent $0.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.