Free cash flow remains deeply negative with quarterly outflows frequently exceeding $8 million, reflecting a persistent burn rate that continues to deplete the company's cash reserves.
| Cash from Operations | -27.71M | -27.95M | -38.77M | -41.81M | -72.34M | -47.18M | -21.52M | -18.37M |
| Operating CF Margin % | - | -206.06% | -300.75% | -378.98% | -1061.62% | -3153.88% | -7321.43% | - |
| Operating CF Growth % | 90.46% | 27.91% | 7.28% | 42.2% | -53.32% | -119.2% | -17.16% | - |
| Net Income | -34.78M | -35.57M | -40.72M | -44.24M | -73.16M | -64.85M | -23.43M | -19.41M |
| Depreciation & Amortization | 1.38M | 1.09M | 1.01M | 1.05M | 1.01M | 726K | 289K | 141K |
| Stock-Based Compensation | 1.86M | 2.8M | 4.36M | 4.74M | 10.65M | 6.9M | 1.12M | 896K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 1.6M | -677K | 204K | 249K | 91K | 1.07M | 169K | 4K |
| Working Capital Changes | 2.23M | 4.41M | -3.62M | -3.62M | -10.93M | 8.97M | 327K | 2K |
| Change in Receivables | 1.47M | 1.78M | -2.77M | -1.57M | -1.55M | 981K | -956K | 309K |
| Change in Inventory | -1.91M | -1.48M | 562K | -2.21M | -312K | -2.67M | -1.93M | -651K |
| Change in Payables | 2.33M | 2.43M | 382K | 533K | -1.57M | 1.44M | -377K | 467K |
| Cash from Investing | -955K | -1.19M | -383K | -804K | -585K | -2.71M | -1.57M | -244K |
| Capital Expenditures | -955K | -1.19M | -383K | -804K | -585K | -2.71M | -1.57M | -244K |
| CapEx % of Revenue | 6.23% | 8.74% | 2.97% | 7.29% | 8.59% | 181.22% | 533.33% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 36.41M | 27.5M | 1.02M | 174K | 7K | 176.77M | 60.94M | 4.74M |
| Debt Issued (Net) | 13.64M | 0 | 0 | 0 | 0 | -178K | 178K | -1M |
| Equity Issued (Net) | 22.77M | 27.5M | 848K | 174K | 7K | 30.47M | 59.77M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 171K | 0 | 0 | 146.48M | 991K | 5.74M |
| Net Change in Cash | 7.74M | -1.63M | -38.13M | -42.44M | -72.92M | 126.87M | 37.84M | -13.88M |
| Free Cash Flow | -28.66M | -29.13M | -39.15M | -42.61M | -72.92M | -49.89M | -23.09M | -18.62M |
| FCF Margin % | -186.98% | -214.8% | -303.72% | -386.27% | -1070.21% | -3335.09% | -7854.76% | - |
| FCF Growth % | 20.86% | 25.59% | 8.13% | 41.57% | -46.16% | -116.05% | -24.05% | - |
| FCF per Share | -0.29 | -0.31 | -0.54 | -0.60 | -1.04 | -0.71 | -0.92 | -4.03 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.79x | 0.95x | 0.95x | 0.99x | 0.73x | 0.92x | 0.98x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 6K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and capital exhaustion
According to quarterly cash flow statements, Hyperfine's operating cash flow consistently tracks net losses, with OCF/NI ratios fluctuating between 0.51 and 1.27, suggesting that the company's reported earnings are heavily influenced by non-cash adjustments rather than genuine cash-generative operational performance during this early commercialization phase.
The persistent gap between net income and operating cash flow indicates that the company is not yet converting its accounting profits into tangible liquidity. Investors should monitor whether this volatility in conversion stems from aggressive revenue recognition or simply the high cash-burn nature of its current R&D-heavy business model.
As reported in financial statements, Hyperfine's free cash flow trajectory remains firmly in negative territory, with quarterly outflows frequently exceeding $8 million, which underscores the significant capital intensity required to sustain the company's current market penetration strategy without achieving a self-sustaining cash flow profile.
The lack of a clear path toward positive free cash flow suggests that the company is currently reliant on external financing to fund its ongoing operations. This trajectory warrants further investigation into how long the current cash runway can support these levels of expenditure before requiring additional capital.
Based on the provided cash flow data, working capital changes have swung from a $2.1 million inflow to a $4 million outflow, indicating that the company's cash management is highly sensitive to the timing of inventory procurement and the collection of receivables from hospital systems.
This erratic working capital behavior may imply that the company is struggling to optimize its supply chain or that hospital procurement cycles are creating unpredictable cash flow lulls. Such instability in cash conversion cycles often complicates short-term liquidity planning for firms with limited cash reserves.
Data from recent filings reveals that stock-based compensation remains a recurring non-cash expense, often exceeding $1 million per quarter, which effectively masks the true extent of the company's cash burn by inflating the reported net income relative to actual cash outflows from operations.
While stock-based compensation is a standard tool for talent retention, its consistent presence in the cash flow statement suggests that the company's operational losses are even more severe than the headline net income figures might imply. Analysts should adjust for these non-cash charges to better understand the true cash-based cost of operations.
Quick answers to the most common questions about buying HYPR stock.
Hyperfine, Inc. (HYPR) generated $-27.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Hyperfine, Inc. (HYPR) reported negative free cash flow of $29.1M in 2025, indicating capital requirements exceeded cash from operations.
Hyperfine, Inc. (HYPR) spent $1.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.