Liquidity is under pressure as the cash position declined to $65.7M in 2026Q1, compounded by a negative free cash flow margin of -11.1%.
| Cash from Operations | -7.3M | -4.69M | 25.38M | 5.28M | -12.23M | 4.63M | 15.16M | -13.75M |
| Operating CF Margin % | - | -2.33% | 12.66% | 2.74% | -7.46% | 3.62% | 16.32% | -23.75% |
| Operating CF Growth % | -2455.15% | -118.46% | 380.57% | 143.18% | -364.17% | -69.45% | 210.25% | - |
| Net Income | -74M | -66.54M | -6.02M | -12.15M | 2.48M | 3.03M | 19.41M | -16.83M |
| Depreciation & Amortization | 11.9M | 11.97M | 10.49M | 9.23M | 5.66M | 1.24M | 603K | 309K |
| Stock-Based Compensation | 22.82M | 24.59M | 26.85M | 22.05M | 16.59M | 6.59M | 611K | 269K |
| Deferred Taxes | 33.71M | 33.56M | -2.89M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.9M | -3.47M | -10.77M | -3.34M | 2.96M | 2.42M | 2.07M | 1.34M |
| Working Capital Changes | 1.18M | -4.79M | 7.71M | -10.51M | -39.93M | -8.65M | -7.54M | 1.16M |
| Change in Receivables | 3.56M | 368K | -5.43M | -7.33M | -19.74M | -12.37M | 334K | -12.61M |
| Change in Inventory | -5.37M | -5.24M | 14.76M | 4.29M | -17.65M | -7.07M | -5.7M | -14.61M |
| Change in Payables | 428K | 448K | 2.58M | -1.78M | 1.86M | -256K | -55K | 1.21M |
| Cash from Investing | -26.41M | 10.12M | -82.97M | -93.89M | -55.91M | -20.99M | -1.55M | -973K |
| Capital Expenditures | -5.4M | -4.08M | -3.52M | -4.65M | -9.75M | -4.36M | -1.55M | -973K |
| CapEx % of Revenue | 2.65% | 2.03% | 1.76% | 2.41% | 5.94% | 3.41% | 1.67% | 1.68% |
| Acquisitions | 0 | 252K | -471K | -45.13M | 0 | -16.63M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 87K | -107K | 84K | -179K | -120K | 0 | 0 | 0 |
| Cash from Financing | 2.09M | -13.43M | -15.82M | -41.81M | 5.51M | 213.56M | 122.61M | 93K |
| Debt Issued (Net) | 5.86M | 837K | 3.62M | -565K | 2.93M | -2.77M | 2.77M | 0 |
| Equity Issued (Net) | -3.13M | -13.6M | -21.61M | -44.15M | 0 | 215.69M | 119.67M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.45M | -15.07M | -21.61M | -44.15M | 0 | 0 | 0 | 0 |
| Other Financing | -642K | -669K | 2.17M | 2.9M | 2.58M | 642K | 169K | 93K |
| Net Change in Cash | -29.63M | -7.89M | -68.89M | -131.87M | -65.12M | 198.5M | 135.63M | -14.66M |
| Free Cash Flow | -12.7M | -8.77M | 21.85M | 454K | -22.1M | 266K | 13.61M | -14.72M |
| FCF Margin % | -6.22% | -4.35% | 10.9% | 0.24% | -13.47% | 0.21% | 14.66% | -25.43% |
| FCF Growth % | -172.42% | -140.13% | 4713.66% | 102.05% | -8407.89% | -98.05% | 192.45% | - |
| FCF per Share | -0.10 | -0.07 | 0.17 | 0.00 | -0.16 | 0.00 | 0.10 | -0.11 |
| FCF Conversion (FCF/Net Income) | 0.17x | 0.07x | -4.22x | -0.43x | -4.75x | 1.54x | 0.78x | 0.82x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 25K | 0 | 3.83M | 5.3M | 10.39M | 2.86M | 2.07M | 144K |
Negative operating leverage
As reported in recent financial statements, Cytek's operating cash flow to net income ratio has fluctuated wildly, reaching a low of 0.01 in 2025Q1, which suggests that reported accounting losses are not being fully mitigated by non-cash adjustments or efficient working capital management during this period.
The significant gap between net income and operating cash flow indicates that the company's earnings quality remains strained. Investors should monitor whether this divergence is a result of aggressive accrual accounting or simply the operational difficulty of converting hardware sales into cash in a high-cost environment.
Based on the company's quarterly filings, FCF margins have trended into negative territory, hitting -11.1% in 2026Q1, which highlights a deteriorating ability to self-fund operations as the company struggles to maintain positive cash generation amidst its current growth and R&D investment cycle.
The shift from positive FCF in 2024 to consistent outflows in recent quarters suggests that the business model is currently consuming rather than generating capital. This trajectory warrants further investigation into whether the current cost structure is sustainable without additional external financing or a significant pivot in revenue mix.
According to historical cash flow data, working capital changes have been highly inconsistent, swinging from a $9.0M inflow in 2026Q1 to a $10.0M outflow in 2024Q3, indicating that the company's cash conversion cycle is subject to significant, unpredictable fluctuations in inventory and receivables management.
Such volatility in working capital suggests that Cytek may be struggling to align its inventory procurement with actual customer demand. This lack of predictability in cash flow timing complicates the company's ability to manage its liquidity effectively during periods of stagnant top-line growth.
As evidenced by recent SEC filings, Cytek consistently records stock-based compensation expenses, with figures reaching $4.9M in 2026Q1, which effectively masks the true extent of the company's cash burn by providing a non-cash adjustment that inflates operating cash flow relative to actual economic reality.
While SBC is a standard tool for talent retention, its persistent use in the face of negative operating margins suggests that the company is relying on equity dilution to preserve its cash balance. Investors should consider the impact of this ongoing dilution on long-term shareholder value as the company attempts to reach break-even.
Quick answers to the most common questions about buying CTKB stock.
Cytek Biosciences, Inc. (CTKB) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cytek Biosciences, Inc. (CTKB) reported negative free cash flow of $8.8M in 2025, indicating capital requirements exceeded cash from operations.
Cytek Biosciences, Inc. (CTKB) spent $4.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cytek Biosciences, Inc. (CTKB) spent $15.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.